What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-05-09 compared with 2021-11-03 · 1608 added, 1440 removed, 2331 unchanged (57% of the section changed)

3 unchanged sentences

(in thousands, except shares and per share data)

September 30, 2021 December 31, 2020

March 31, 2022 December 31, 2021

Investments at fair value

6 unchanged sentences

Interest and dividend receivable 34,760 30,868

Receivable from unsettled securities sold 8,990 9,019

Receivable from affiliates — 117

Deferred tax asset — 101

Other assets 15,341 11,081

Total assets $ 3,361,843 $ 3,295,812

Unsecured Notes $ 511,500 $ 453,250

Holdings Credit Facility $ 576,263 $ 545,263

Unsecured Notes 511,500 511,500

SBA-guaranteed debentures 300,000 300,000

Convertible Notes 201,443 201,520

DB Credit Facility 224,300 226,300

Convertible Notes 201,391 201,417

NMFC Credit Facility 131,860 127,192

2 unchanged sentences

Net borrowings 1,942,518 1,907,188

Payable for unsettled securities purchased 24,658 26,842

Management fee payable 20,625 10,164

Interest payable 9,528 15,587

Incentive fee payable 14,980 7,503

Interest payable 10,201 17,388

Payable for unsettled securities purchased 2,000 7,910

Payable to affiliates 1,234 556

6 unchanged sentences

Paid in capital in excess of par 1,294,300 1,272,796

Accumulated undistributed (overdistributed) earnings 13,217 (48,764)

Accumulated undistributed earnings 54,073 47,470

Total net assets of New Mountain Finance Corporation $ 1,349,368 $ 1,321,245

8 unchanged sentences

(in thousands, except shares and per share data)

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Three Months Ended

March 31, 2022 March 31, 2021

Investment income

8 unchanged sentences

PIK interest income 251 —

Dividend income 288 687 288 2,096

Non-cash dividend income 982 1,505

14 unchanged sentences

Total expenses 40,290 42,350

management and incentive fees waived (See Note 5) (3,752) (3,341) (11,193) (10,067)

management fee waived (See Note 5) (1,092) (3,637)

expenses waived and reimbursed (See Note 5) (238) —

1 unchanged sentence

Net investment income before income taxes 30,003 28,995

Income tax (benefit) expense (8) 123 15 116

Income tax expense 95 1

Net investment income 29,908 28,994

3 unchanged sentences

Controlled investments 19,242 1,535

New Mountain Net Lease Corporation — — — 812

Foreign currency 345 —

Net change in unrealized (depreciation) appreciation:

2 unchanged sentences

Controlled investments (16,168) (3,841)

New Mountain Net Lease Corporation — — — (812)

Securities purchased under collateralized agreements to resell (2,021) —

Foreign currency (422) —

Benefit (provision) for taxes 1 257 (114) 778

Net realized and unrealized (losses) gains (7,740) 60,546 65,109 (94,032)

Net increase (decrease) in net assets resulting from operations 22,905 89,588 153,938 (6,102)

Provision for taxes (2) (115)

Net realized and unrealized gains 7,139 22,861

Net increase in net assets resulting from operations 37,047 51,855

Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation (855) (365)

Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation $ 21,847 $ 88,190 $ 149,149 $ (7,686)

Basic earnings (loss) per share $ 0.23 $ 0.91 $ 1.54 $ (0.08)

Net increase in net assets resulting from operations related to New Mountain Finance Corporation $ 36,192 $ 51,490

Basic earnings per share $ 0.37 $ 0.53

Weighted average shares of common stock outstanding - basic (See Note 11)

98,413,476 96,827,342

Diluted earnings (loss) per share $ 0.22 $ 0.82 $ 1.42 $ (0.08)

Diluted earnings per share $ 0.34 $ 0.49

Weighted average shares of common stock outstanding - diluted (See Note 11)

5 unchanged sentences

(in thousands, except shares and per share data)

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Three Months Ended

March 31, 2022 March 31, 2021

Increase (decrease) in net assets resulting from operations:

Net investment income $ 29,908 $ 28,994

Net realized gains (losses) on investments and New Mountain Net Lease Corporation ("NMNLC") 23,008 47 12,692 (3,595)

Net change in unrealized (depreciation) appreciation of investments, NMNLC and foreign currency (30,749) 60,242 52,531 (91,215)

Benefit (provision) for taxes 1 257 (114) 778

Net increase (decrease) in net assets resulting from operations 22,905 89,588 153,938 (6,102)

Net increase in net assets resulting from operations related to non-controlling interest in NMNLC (1,058) (1,398) (4,789) (1,584)

Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation 21,847 88,190 149,149 (7,686)

Net realized gains (losses) on investments and foreign currency 19,517 (10,496)

Net change in unrealized (depreciation) appreciation of investments and foreign currency (10,355) 33,472

Net change in unrealized depreciation of securities purchased under collateralized agreements to resell (2,021) —

Provision for taxes (2) (115)

Net increase in net assets resulting from operations 37,047 51,855

Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC") (855) (365)

Net increase in net assets resulting from operations related to New Mountain Finance Corporation 36,192 51,490

Capital transactions

Net proceeds from shares sold 20,474 —

Offering costs (52) —

Distributions declared to stockholders from net investment income (29,589) (29,048)

1 unchanged sentence

Total net decrease in net assets resulting from capital transactions (8,069) (29,048)

Net (decrease) increase in net assets (7,225) 59,141 63,030 (98,704)

Net increase in net assets 28,123 22,442

New Mountain Finance Corporation net assets at the beginning of the period 1,321,245 1,221,875

3 unchanged sentences

Capital share activity

Shares sold 1,511,836 —

Shares issued from the reinvestment of distributions 79,285 —

4 unchanged sentences

(in thousands)

Nine Months Ended

September 30, 2021 September 30, 2020

Three Months Ended

March 31, 2022 March 31, 2021

Cash flows from operating activities

Net increase (decrease) in net assets resulting from operations $ 153,938 $ (6,102)

Adjustments to reconcile net decrease (increase) in net assets resulting from operations to net cash provided by (used in) operating activities:

Net realized (gains) losses on investments and New Mountain Net Lease Corporation ("NMNLC") (12,692) 3,595

Net change in unrealized (appreciation) depreciation of investments and NMNLC (52,544) 91,215

Net increase in net assets resulting from operations $ 37,047 $ 51,855

Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:

Net realized (gains) losses on investments (19,172) 10,496

Net realized gains on translation of assets and liabilities in foreign currencies (345) —

Net change in unrealized depreciation (appreciation) of investments 9,933 (33,472)

Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies 422 —

Net change in unrealized depreciation of securities purchased under collateralized agreements to resell 2,021 —

Amortization of purchase discount

5 unchanged sentences

(Increase) decrease in operating assets:

Proceeds from sale of non-controlling interest in NMNLC — 11,315

Purchase of investments and delayed draw facilities

4 unchanged sentences

Cash paid for purchase of drawn portion of revolving credit facilities

(832) (13,996)

Cash paid on drawn revolvers

1 unchanged sentence

Cash repayments on drawn revolvers

24,980 35,251

Deferred tax asset — 101

12 unchanged sentences

Other liabilities (58) 1,550

Contributions (distributions) related to non-controlling interest in NMNLC 250 (503)

Net cash flows provided by operating activities 84,690 269,618

Contributions related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC") — 3,102

Net cash flows (used in) provided by operating activities (45,170) 44,289

Cash flows from financing activities

Distributions paid (86,119) (91,018)

Net proceeds from shares sold 20,474 —

Offering costs paid (21) —

Distributions paid (28,491) (29,048)

Proceeds from Holdings Credit Facility 55,000 —

2 unchanged sentences

Repayment of Unsecured Notes — (141,750)

Proceeds from SBA-guaranteed debentures — 75,000

Proceeds from NMFC Credit Facility 61,349 157,000

2 unchanged sentences

Repayment of DB Credit Facility (22,000) (83,000)

Proceeds from NMNLC Credit Facility II 9,025 —

Repayment of NMNLC Credit Facility II (3,180) —

Distributions related to non-controlling interest in NMNLC (3,750) —

Deferred financing costs paid (14) (3,658)

Net cash flows used in by financing activities (80,405) (249,528)

Net increase in cash and cash equivalents 4,285 20,090

Net cash flows provided by (used in) by financing activities 22,547 (75,956)

Net decrease in cash and cash equivalents (22,623) (31,667)

Effect of foreign exchange rate changes on cash and cash equivalents (78) —

5 unchanged sentences

Non-cash financing activities:

Value of shares issued in connection with the distribution reinvestment plan $ 1,049 $ —

Value of shares reissued from repurchase program in connection with the distribution reinvestment plan $ 1,098 $ —

Accrual for offering costs 42 —

3 unchanged sentences

Consolidated Schedule of Investments

September 30, 2021

March 31, 2022

(in thousands, except shares)

3 unchanged sentences

Non-Controlled/Non-Affiliated Investments

Funded Debt Investments - Jersey

Tennessee Bidco Limited **

Business Services First lien (3)(12)(35) 7.33% (Sonia + 7.00%/D) 8/6/2021 8/3/2028 £ 12,879 $ 17,600 $ 17,093

First lien (3)(12) 7.15% (L + 7.00%/S) 8/6/2021 8/3/2028 $ 10,184 10,033 10,032

27,633 27,125 2.08 %

Total Funded Debt Investments - Jersey $ 27,633 $ 27,125 2.08 %

Funded Debt Investments - United Arab Emirates

GEMS Menasa (Cayman) Limited**

Education First lien (8) 6.00% (L + 5.00%/S) 7/30/2019 7/31/2026 $ 10,560 $ 10,527 $ 10,591 0.81 %

Total Funded Debt Investments - United Arab Emirates $ 10,527 $ 10,591 0.81 %

Funded Debt Investments - United Kingdom

Aston FinCo S.a r.l.

/ Aston US Finco, LLC**

Software Second lien (8)(12) 8.33% (L + 8.25%/M) 10/8/2019 10/8/2027 $ 34,459 $ 34,234 $ 34,459 2.64 %

Total Funded Debt Investments - United Kingdom $ 34,234 $ 34,459 2.64 %

Funded Debt Investments - United States

2 unchanged sentences

First lien (5)(15) 7.25% (L + 5.75%/S) 8/7/2019 5/22/2026 21,912 21,839 21,912

First lien (5)(12) 6.75% (L + 5.75%/S) 8/7/2019 5/22/2026 22,024 21,943 22,024

First lien (2)(12) 6.75% (L + 5.75%/S) 8/7/2019 5/22/2026 12,554 12,498 12,554

First lien (2)(12) 6.75% (L + 5.75%/S) 8/13/2021 5/22/2026 3,395 3,387 3,395

First lien (3)(15)(18) - Drawn 7.25% (L + 5.75%/S) 8/7/2019 5/22/2026 5,029 4,998 5,029

94,389 94,734 6.93 %

PhyNet Dermatology LLC

Healthcare Services First lien (2)(12) 7.00% (L + 5.50% + 0.50% PIK/M)* 9/17/2018 8/16/2024 49,682 49,417 49,682

First lien (3)(12) 7.00% (L + 5.50% + 0.50% PIK/M)* 9/17/2018 8/16/2024 19,013 18,884 19,013

Healthcare Services First lien (2)(15) 7.00% (L + 5.50% + 0.50% PIK/Q)* 9/17/2018 8/16/2024 49,551 49,331 49,551

First lien (3)(15) 7.00% (L + 5.50% + 0.50% PIK/Q)* 9/17/2018 8/16/2024 18,919 18,812 18,919

68,143 68,470 5.01 %

Associations, Inc.

Consumer Services First lien (2)(15) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 35,113 34,967 34,937

First lien (8)(15) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 8,644 8,604 8,601

First lien (3)(15) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 8,644 8,602 8,600

First lien (8)(15) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 5,221 5,197 5,195

First lien (8)(15) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 4,153 4,134 4,133

61,504 61,466 4.49 %

Software First lien (8)(15) 7.50% (L + 6.50%/S) 9/12/2018 9/12/2024 41,635 41,431 41,635

2 unchanged sentences

52,939 53,217 3.89 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

Frontline Technologies Group Holdings, LLC

4 unchanged sentences

52,381 52,473 3.84 %

Integro Parent Inc.

Business Services First lien (2)(12) 6.75% (L + 5.75%/M) 10/9/2015 10/31/2022 34,112 34,062 34,112

First lien (3)(12)(13) - Drawn 4.33% (L + 4.25%/M) 6/8/2018 4/30/2022 6,743 6,709 6,743

Second lien (8)(12) 10.25% (L + 9.25%/M) 10/9/2015 10/30/2023 10,000 9,966 10,000

50,737 50,855 3.90 %

CentralSquare Technologies, LLC

2 unchanged sentences

54,889 51,326 3.75 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (19) Acquisition Date Maturity / Expiration Date Principal

or Shares (17) Cost Fair

Value Percent of Net

NM GRC Holdco, LLC

Business Services First lien (2)(12) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 38,512 38,428 38,512

First lien (2)(12) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 10,704 10,679 10,704

Business Services First lien (2)(15) 8.50% (L + 6.00% + 1.50% PIK/M)* 2/9/2018 2/9/2024 $ 38,609 $ 38,542 $ 38,609

First lien (2)(15) 8.50% (L + 6.00% + 1.50% PIK/M)* 2/9/2018 2/9/2024 10,731 10,711 10,731

49,253 49,340 3.61 %

Paw Midco, Inc.

AAH Topco, LLC

Consumer Services First lien (8)(15) 6.25% (L + 5.50%/M) 12/22/2021 12/22/2027 20,791 20,591 20,583

First lien (4)(15) 6.25% (L + 5.50%/M) 1/13/2022 12/22/2027 9,871 9,776 9,773

Subordinated (3)(15) 11.50% PIK/Q* 12/22/2021 12/22/2031 11,461 11,298 11,290

Subordinated (4)(15) 11.50% PIK/Q* 1/13/2022 12/22/2031 4,495 4,430 4,427

46,095 46,073 3.37 %

Affinity Dental Management, Inc.

Healthcare Services First lien (2)(15) 7.03% (L + 6.00%/S) 9/15/2017 9/15/2023 33,194 33,173 33,194

First lien (4)(15) 7.03% (L + 6.00%/S) 9/17/2019 9/15/2023 10,454 10,454 10,454

First lien (3)(15)(18) - Drawn 7.00% (L + 6.00%/S) 9/15/2017 3/15/2023 1,738 1,720 1,738

45,347 45,386 3.32 %

Brave Parent Holdings, Inc.

3 unchanged sentences

44,921 45,124 3.30 %

Quest Software US Holdings Inc.

Software Second lien (2) 8.38% (L + 8.25%/Q) 5/17/2018 5/18/2026 43,697 43,404 43,675 3.35 %

Integro Parent Inc.

Insurance Services First lien (2)(15) 6.75% (L + 5.75%/S) 10/9/2015 10/31/2022 33,986 33,958 31,349

First lien (3)(15)(18) - Drawn 2.80% (L + 2.50%/S) 6/8/2018 4/30/2022 6,743 6,709 6,219

Second lien (8)(15) 10.25% (L + 9.25%/S) 10/9/2015 10/30/2023 10,000 9,973 6,500

50,640 44,068 3.22 %

Software First lien (8)(15) 7.50% (L + 5.50% + 1.00% PIK/Q)* 5/9/2019 5/2/2025 29,170 29,014 29,170

First lien (8)(12) 8.00% (L + 4.00% + 3.00% PIK/M)* 9/8/2021 5/2/2025 7,780 7,713 7,780

First lien (8)(15) 7.50% (L + 5.50% + 1.00% PIK/Q)* 9/8/2021 5/2/2025 7,816 7,757 7,816

39,758 40,031 3.07 %

Affinity Dental Management, Inc.

Healthcare Services First lien (2)(12) 7.00% (L + 6.00%/S) 9/15/2017 9/15/2023 26,017 25,990 26,017

First lien (4)(12) 7.00% (L + 6.00%/S) 9/17/2019 9/15/2023 10,509 10,509 10,509

First lien (3)(12)(13) - Drawn 7.00% (L + 6.00%/S) 9/15/2017 3/15/2023 1,738 1,721 1,738

First lien (3)(15) 7.50% (L + 5.50% + 1.00% PIK/Q)* 5/9/2019 5/2/2025 3,414 3,391 3,414

First lien (3)(15)(18) - Drawn 7.50% (L + 5.50% + 1.00% PIK/Q)* 9/8/2021 5/2/2025 1,908 1,893 1,908

42,055 42,308 3.09 %

2 unchanged sentences

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

4 unchanged sentences

Healthcare Services First lien (2)(15) 6.76% (L + 5.75%/Q) 8/26/2021 8/28/2028 $ 38,148 $ 37,793 $ 37,766

Associations, Inc.

Business Services First lien (2)(12) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 30,000 29,854 29,850

First lien (3)(12) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 5,154 5,129 5,128

First lien (3)(12)(13) - Drawn 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 618 615 615

First lien (3)(15)(18) - Drawn 6.76% (L + 5.75%/Q) 8/26/2021 8/28/2028 4,016 3,977 3,975

41,770 41,741 3.05 %

GC Waves Holdings, Inc.

Business Services First lien (5)(12) 6.25% (L + 5.50%/Q) 8/13/2021 8/13/2026 22,163 22,042 22,163

Financial Services First lien (5)(15) 6.25% (L + 5.50%/M) 8/13/2021 8/13/2026 22,053 21,943 22,053

First lien (2)(15) 6.25% (L + 5.50%/M) 8/13/2021 8/13/2026 13,311 13,220 13,311

First lien (2)(15)(18) - Drawn 6.28% (L + 5.50%/M) 8/13/2021 8/13/2026 6,301 6,242 6,301

41,405 41,665 3.05 %

Recorded Future, Inc.

Software First lien (8)(15) 6.26% (L + 5.25%/Q) 8/26/2019 7/3/2025 24,655 24,504 24,532

First lien (8)(15) 6.26% (L + 5.25%/Q) 3/26/2021 7/3/2025 12,748 12,667 12,685

37,171 37,217 2.72 %

KAMC Holdings, Inc

Business Services Second lien (2)(12) 8.12% (L + 8.00%/Q) 8/14/2019 8/13/2027 18,750 18,638 16,827

Second lien (8)(12) 8.12% (L + 8.00%/Q) 8/14/2019 8/13/2027 18,750 18,638 16,827

Stamps.com Inc.

Software First lien (8)(15) 6.50% (L + 5.75%/Q) 10/5/2021 10/5/2028 37,273 36,922 36,900 2.70 %

OEC Holdco, LLC (22)

OEConnection LLC

Business Services Second lien (2)(15) 7.50% (L + 7.00%/M) 12/17/2021 9/25/2027 23,406 23,181 23,171

Second lien (2)(15) 7.50% (L + 7.00%/M) 9/25/2019 9/25/2027 12,044 11,953 11,924

35,134 35,095 2.57 %

Diamond Parent Holdings Corp.

Diligent Corporation

MRI Software LLC

Software First lien (5)(15) 6.51% (L + 5.50%/Q) 1/31/2020 2/10/2026 22,048 21,972 22,048

1 unchanged sentence

First lien (2)(15) 6.51% (L + 5.50%/Q) 1/31/2020 2/10/2026 3,197 3,186 3,197

33,487 33,578 2.57 %

EAB Global, Inc.

Education Second lien (2)(12) 7.00% (L + 6.50%/M) 8/16/2021 8/16/2029 33,452 32,957 32,951 2.53 %

Finalsite Holdings, Inc.

Software First lien (4)(12) 7.50% (L + 6.50%/Q) 9/28/2018 9/25/2024 21,256 21,169 21,469

First lien (3)(15) 6.51% (L + 5.50%/Q) 1/31/2020 2/10/2026 816 812 816

33,736 33,846 2.47 %

Ansira Holdings, Inc.

Business Services First lien (8)(12) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 31,195 31,146 25,325

First lien (3)(12) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 7,883 7,873 6,399

IG Investments Holdings, LLC

Business Services First lien (2)(15) 7.01% (L + 6.00%/Q) 9/22/2021 9/22/2028 29,355 29,079 29,061

First lien (2)(15) 7.01% (L + 6.00%/Q) 2/25/2022 9/22/2028 4,289 4,268 4,246

First lien (3)(15)(18) - Drawn 8.50% (P + 5.00%/Q) 9/22/2021 9/22/2027 460 455 455

33,802 33,762 2.47 %

2 unchanged sentences

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Granicus, Inc.

Diamond Parent Holdings Corp.

Diligent Corporation

Software First lien (2)(15) 6.76% (L + 5.75%/Q) 3/30/2021 8/4/2025 $ 17,717 $ 17,647 $ 17,717

1 unchanged sentence

First lien (3)(15) 7.26% (L + 6.25%/Q) 12/19/2018 8/4/2025 5,872 5,846 5,907

First lien (3)(12)(13) - Drawn 7.00% (L + 6.00%/Q) 4/23/2021 1/29/2027 2,778 2,751 2,751

33,334 33,504 2.45 %

IG Investments Holdings, LLC

Business Services First lien (2) 6.75% (L + 6.00%/Q) 9/22/2021 9/22/2028 29,502 29,208 29,207 2.24 %

MRI Software LLC

Software First lien (5)(12) 6.50% (L + 5.50%/S) 1/31/2020 2/10/2026 22,160 22,076 22,160

First lien (2)(12) 6.50% (L + 5.50%/S) 1/31/2020 2/10/2026 6,221 6,196 6,221

First lien (3)(12) 6.50% (L + 5.50%/S) 1/31/2020 2/10/2026 320 318 320

28,590 28,701 2.20 %

Keystone Acquisition Corp.

Healthcare Services First lien (2) 6.25% (L + 5.25%/Q) 5/10/2017 5/1/2024 24,044 23,974 23,608

EAB Global, Inc.

Education Second lien (2)(15) 7.00% (L + 6.50%/S) 8/16/2021 8/16/2029 33,452 32,981 32,951 2.41 %

KAMC Holdings, Inc

Business Services Second lien (2)(15) 8.47% (L + 8.00%/Q) 8/14/2019 8/13/2027 18,750 18,646 16,279

Second lien (8)(15) 8.47% (L + 8.00%/Q) 8/14/2019 8/13/2027 18,750 18,646 16,279

37,292 32,558 2.38 %

Foundational Education Group, Inc.

Education Second lien (5)(12) 7.00% (L + 6.50%/S) 8/19/2021 8/31/2029 22,500 22,388 22,388

Second lien (2)(12) 7.00% (L + 6.50%/S) 8/19/2021 8/31/2029 5,009 4,984 4,984

Ansira Holdings, Inc.

Business Services First lien (8)(15) 7.50% (L + 6.50% PIK/Q)* 12/19/2016 12/20/2024 32,553 32,511 24,599

First lien (3)(15) 7.50% (L + 6.50% PIK/Q)* 12/19/2016 12/20/2024 8,182 8,173 6,182

40,684 30,781 2.25 %

HS Purchaser, LLC / Help/Systems Holdings, Inc.

Software Second lien (5) 7.50% (L + 6.75%/Q) 11/14/2019 11/19/2027 22,500 22,400 22,781

Second lien (2) 7.50% (L + 6.75%/Q) 11/14/2019 11/19/2027 4,208 4,173 4,261

DCA Investment Holding, LLC

Healthcare Services First lien (2)(15) 6.75% (SOFR + 6.00%/S) 3/12/2021 4/3/2028 19,823 19,696 19,823

First lien (2)(15) 6.75% (SOFR + 6.00%/S) 2/25/2022 4/3/2028 7,099 7,064 7,099

First lien (3)(15) 6.75% (SOFR + 6.00%/S) 3/12/2021 4/3/2028 3,298 3,273 3,298

30,033 30,220 2.21 %

Confluent Health, LLC

Healthcare Services First lien (2) 5.08% (L + 5.00%/M) 6/21/2019 6/24/2026 26,881 26,784 26,948 2.07 %

Tenawa Resource Holdings LLC (16)

Tenawa Resource Management LLC

Specialty Chemicals & Materials First lien (3)(12) 10.50% (Base + 8.00%/Q)(33) 5/12/2014 10/30/2024 38,500 38,465 24,166

First lien (3)(12) 10.50% (Base + 8.00%/Q)(33) 7/6/2021 10/30/2024 4,400 4,400 2,762

Granicus, Inc.

Software First lien (4)(15) 7.50% (L + 6.50%/Q) 1/27/2021 1/29/2027 15,483 15,385 15,483

First lien (8)(15) 7.50% (L + 6.50%/Q) 1/27/2021 1/29/2027 5,989 5,949 5,989

First lien (2)(15) 7.50% (L + 6.50%/Q) 1/27/2021 1/29/2027 5,907 5,870 5,907

First lien (3)(15)(18) - Drawn 7.01% (L + 6.00%/Q) 4/23/2021 1/29/2027 2,771 2,746 2,744

29,950 30,123 2.20 %

New Trojan Parent, Inc.

Healthcare Services Second lien (2) 7.75% (L + 7.25%/Q) 1/22/2021 1/5/2029 26,762 26,637 26,829 2.06 %

TigerConnect, Inc.

Healthcare Services First lien (2)(15) 7.75% (SOFR + 6.75%/Q) 2/16/2022 2/16/2028 29,868 29,574 29,570 2.16 %

Foundational Education Group, Inc.

Education Second lien (5) 7.00% (L + 6.50%/M) 8/19/2021 8/31/2029 22,500 22,393 22,373

Second lien (2) 7.00% (L + 6.50%/M) 8/19/2021 8/31/2029 7,009 6,985 6,969

29,378 29,342 2.15 %

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

VT Topco, Inc.

Business Services Second lien (2)(12) 7.50% (L + 6.75%/M) 7/30/2021 7/31/2026 $ 16,183 $ 16,124 $ 16,124

Second lien (4)(12) 6.83% (L + 6.75%/M) 8/14/2018 7/31/2026 10,000 9,983 10,000

Software Second lien (4)(15) 8.75% (L + 8.00%/S) 12/14/2020 12/15/2028 $ 22,500 $ 22,351 $ 22,500

Second lien (2)(15) 8.75% (L + 8.00%/S) 2/16/2022 12/15/2028 5,697 5,711 5,697

28,062 28,197 2.06 %

CRCI Longhorn Holdings, Inc.

Business Services Second lien (3)(12) 7.34% (L + 7.25%/M) 8/2/2018 8/10/2026 18,266 18,219 18,266

Second lien (8)(12) 7.34% (L + 7.25%/M) 8/2/2018 8/10/2026 7,500 7,481 7,500

OA Topco, L.P.

OA Buyer, Inc.

Healthcare Information Technology First lien (2)(15) 6.75% (L + 6.00%/M) 12/20/2021 12/20/2028 28,201 27,927 27,918 2.04 %

TMK Hawk Parent, Corp.

Distribution & Logistics First lien (2) 4.50% (L + 3.50%/M) 6/24/2019 8/28/2024 16,521 15,206 14,125

First lien (8) 4.50% (L + 3.50%/M) 10/23/2019 8/28/2024 15,934 14,332 13,624

29,538 27,749 2.03 %

New Trojan Parent, Inc.

Healthcare Services Second lien (2)(15) 7.75% (L + 7.25%/M) 1/22/2021 1/5/2029 26,762 26,643 26,762 1.96 %

HS Purchaser, LLC / Help/Systems Holdings, Inc.

Software Second lien (5) 7.50% (L + 6.75%/M) 11/14/2019 11/19/2027 22,500 22,407 22,317

1 unchanged sentence

26,583 26,491 1.94 %

RealPage, Inc.

VT Topco, Inc.

Business Services Second lien (2)(15) 7.76% (L + 6.75%/Q) 7/30/2021 7/31/2026 16,183 16,129 16,183

Second lien (4)(15) 7.76% (L + 6.75%/Q) 8/14/2018 7/31/2026 10,000 9,984 10,000

26,113 26,183 1.91 %

CRCI Longhorn Holdings, Inc.

Business Services Second lien (3)(15) 7.70% (L + 7.25%/M) 8/2/2018 8/10/2026 18,266 18,223 18,266

TMK Hawk Parent, Corp.

Distribution & Logistics First lien (2)(12) 3.58% (L + 3.50%/M) 6/24/2019 8/28/2024 16,606 15,034 12,993

First lien (8)(12) 3.58% (L + 3.50%/M) 10/23/2019 8/28/2024 16,016 14,104 12,533

Second lien (8)(15) 7.70% (L + 7.25%/M) 8/2/2018 8/10/2026 7,500 7,482 7,500

25,705 25,766 1.88 %

Galway Borrower LLC

Financial Services First lien (2) 6.00% (L + 5.25%/Q) 9/30/2021 9/29/2028 24,340 24,096 24,096 1.85 %

Software Second lien (4)(15) 7.50% (L + 6.75%/S) 6/27/2019 3/2/2029 22,500 22,220 22,500

Second lien (3)(15) 7.50% (L + 6.75%/S) 4/29/2021 3/2/2029 3,000 2,986 3,000

25,206 25,500 1.86 %

NMC Crimson Holdings, Inc.

Healthcare Services First lien (8)(12) 6.75% (L + 6.00%/S) 3/1/2021 3/1/2028 19,259 18,989 19,028

First lien (2)(12) 6.75% (L + 6.00%/S) 3/2/2021 3/1/2028 4,913 4,844 4,854

Healthcare Services First lien (8)(15) 6.75% (L + 6.00%/M) 3/1/2021 3/1/2028 19,259 19,006 19,259

First lien (2)(15) 6.75% (L + 6.00%/M) 3/2/2021 3/1/2028 4,913 4,848 4,913

23,854 24,172 1.77 %

Software Second lien (4) 8.75% (L + 8.00%/S) 12/14/2020 12/15/2028 22,500 22,343 22,528 1.73 %

Astra Acquisition Corp.

Software First lien (5)(12) 5.50% (L + 4.75%/M) 2/26/2020 3/1/2027 22,220 22,084 22,220 1.70 %

ACI Parent Inc.

ACI Group Holdings, Inc.

Healthcare Services First lien (2)(12) 6.25% (L + 5.50%/Q) 8/2/2021 8/2/2028 22,362 22,142 22,138 1.70 %

Cardinal Parent, Inc.

Software First lien (4) 5.25% (L + 4.50%/Q) 10/30/2020 11/12/2027 12,127 12,045 12,112

Second lien (4)(12) 8.50% (L + 7.75%/Q) 11/12/2020 11/13/2028 9,767 9,677 9,962

Convey Health Solutions, Inc.**

Healthcare Services First lien (4)(15) 5.50% (L + 4.75%/M) 9/9/2019 9/4/2026 19,263 19,116 19,263

First lien (4)(15) 5.50% (L + 4.75%/M) 2/1/2022 9/4/2026 3,233 3,186 3,233

22,302 22,496 1.64 %

Spring Education Group, Inc (fka SSH Group Holdings, Inc.)

Education Second lien (2) 8.38% (L + 8.25%/Q) 7/26/2018 7/30/2026 21,959 21,919 21,667 1.66 %

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

MED Parentco, LP

Healthcare Services Second lien (8) 8.33% (L + 8.25%/M) 8/2/2019 8/30/2027 $ 20,857 $ 20,730 $ 21,014 1.61 %

DCA Investment Holding, LLC

AmeriVet Partners Management, Inc.

Consumer Services First lien (2)(15) 6.30% (SOFR + 5.50%/Q) 2/25/2022 2/25/2028 $ 22,490 $ 22,379 $ 22,378 1.64 %

ACI Parent Inc.

ACI Group Holdings, Inc.

Healthcare Services First lien (2)(15) 6.51% (L + 5.50%/Q) 8/2/2021 8/2/2028 22,250 22,045 22,028

1 unchanged sentence

22,103 22,086 1.61 %

DG Investment Intermediate Holdings 2, Inc.

Business Services Second lien (3) 7.50% (L + 6.75%/M) 3/18/2021 3/30/2029 20,313 20,264 20,465 1.57 %

YLG Holdings, Inc.

Business Services First lien (5)(12) 7.00% (L + 6.00%/S) 11/1/2019 10/31/2025 18,091 18,026 18,091

First lien (5)(12) 7.00% (L + 6.00%/S) 11/1/2019 10/31/2025 2,357 2,346 2,357

20,372 20,448 1.57 %

DiversiTech Holdings, Inc.

Distribution & Logistics Second lien (2) 8.50% (L + 7.50%/Q) 5/18/2017 6/2/2025 12,000 11,934 12,030

Second lien (8) 8.50% (L + 7.50%/Q) 5/18/2017 6/2/2025 7,500 7,459 7,519

19,393 19,549 1.50 %

Convey Health Solutions, Inc.**

Healthcare Services First lien (4)(12) 5.50% (L + 4.75%/Q) 9/9/2019 9/4/2026 19,263 19,101 19,456 1.49 %

Xactly Corporation

Software First lien (4)(12) 8.25% (L + 7.25%/S) 7/31/2017 7/31/2023 19,047 18,999 19,047 1.46 %

Infogain Corporation

Cardinal Parent, Inc.

Software First lien (4) 5.25% (L + 4.50%/Q) 10/30/2020 11/12/2027 12,066 11,990 12,052

Bluefin Holding, LLC

Software Second lien (8)(12) 7.83% (L + 7.75%/M) 9/6/2019 9/3/2027 18,000 18,000 18,000

First lien (3)(12)(13) - Drawn 4.38% (L + 4.25%/Q) 9/6/2019 9/6/2024 909 895 909

Second lien (4)(15) 8.50% (L + 7.75%/Q) 11/12/2020 11/13/2028 9,767 9,682 9,864

21,672 21,916 1.60 %

Spring Education Group, Inc (fka SSH Group Holdings, Inc.)

Education Second lien (2) 9.26% (L + 8.25%/Q) 7/26/2018 7/30/2026 21,959 21,922 21,337 1.56 %

MED Parentco, LP

Healthcare Services Second lien (8) 8.71% (L + 8.25%/M) 8/2/2019 8/30/2027 20,857 20,739 20,788 1.52 %

Bullhorn, Inc.

3 unchanged sentences

First lien (3)(15) 6.76% (L + 5.75%/Q) 9/24/2019 9/30/2026 777 771 777

First lien (3)(15) 6.76% (L + 5.75%/Q) 9/24/2019 9/30/2026 348 346 348

First lien (3)(15) 6.76% (L + 5.75%/Q) 9/24/2019 9/30/2026 277 276 277

20,333 20,434 1.49 %

YLG Holdings, Inc.

Business Services First lien (5)(15) 6.25% (L + 5.25%/S) 11/1/2019 10/31/2025 17,999 17,941 17,999

First lien (5)(15) 6.25% (L + 5.25%/S) 11/1/2019 10/31/2025 2,344 2,335 2,344

20,276 20,343 1.49 %

Fortis Solutions Group, LLC

Packaging First lien (8)(15) 6.51% (L + 5.50%/Q) 10/15/2021 10/13/2028 10,273 10,175 10,170

First lien (2)(15) 6.51% (L + 5.50%/Q) 10/15/2021 10/13/2028 10,273 10,175 10,170

20,350 20,340 1.49 %

DG Investment Intermediate Holdings 2, Inc.

Business Services Second lien (3)(15) 7.50% (L + 6.75%/M) 3/18/2021 3/30/2029 20,313 20,266 20,313 1.49 %

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Infogain Corporation

Software First lien (2)(15) 6.75% (L + 5.75%/S) 7/30/2021 7/28/2028 $ 19,042 $ 18,910 $ 18,899

First lien (3)(15)(18) - Drawn 6.75% (L + 5.75%/Q) 7/30/2021 7/30/2026 765 760 760

19,670 19,659 1.44 %

Xactly Corporation

Software First lien (4)(15) 8.25% (L + 7.25%/S) 7/31/2017 7/31/2023 19,047 19,011 19,047 1.39 %

Bluefin Holding, LLC

Software Second lien (8)(15) 8.26% (L + 7.75%/Q) 9/6/2019 9/3/2027 18,000 18,000 18,000 1.32 %

AAC Lender Holdings, LLC (33)

4 unchanged sentences

29,356 17,554 1.28 %

Trinity Air Consultants Holdings Corporation

Business Services First lien (2)(15) 6.00% (L + 5.25%/S) 6/30/2021 6/29/2027 15,382 15,244 15,326

First lien (3)(15)(18) - Drawn 6.15% (L + 5.25%/S) 6/30/2021 6/29/2027 1,876 1,857 1,869

17,101 17,195 1.26 %

The Kleinfelder Group, Inc.

Business Services First lien (4)(15) 6.25% (L + 5.25%/Q) 12/18/2018 11/29/2024 16,664 16,623 16,664 1.22 %

Kele Holdco, Inc.

2 unchanged sentences

16,480 16,539 1.21 %

The Kleinfelder Group, Inc.

Business Services First lien (4)(12) 6.25% (L + 5.25%/Q) 12/18/2018 11/29/2024 16,751 16,703 16,751 1.28 %

Coyote Buyer, LLC

2 unchanged sentences

16,335 16,403 1.20 %

Mamba Purchaser, Inc.

Healthcare Services Second lien (3) 7.00% (L + 6.50%/M) 9/29/2021 10/14/2029 16,291 16,185 16,185 1.24 %

Instructure, Inc.

Software First lien (8)(12) 6.50% (L + 5.50%/M) 3/24/2020 3/24/2026 15,252 15,177 15,252 1.17 %

Trinity Air Consultants Holdings Corporation

Business Services First lien (2)(12) 6.00% (L + 5.25%/M) 6/30/2021 6/29/2027 15,382 15,232 15,229 1.17 %

Pioneer Topco I, L.P.

Pioneer Buyer I, LLC

Software First lien (8)(15) 7.75% (L + 7.00% PIK/Q)* 11/1/2021 11/1/2028 13,892 13,764 13,753

First lien (8)(15) 7.75% (L + 7.00% PIK/Q)* 3/11/2022 11/1/2028 1,904 1,885 1,885

15,649 15,638 1.14 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (19) Acquisition Date Maturity / Expiration Date Principal

or Shares (17) Cost Fair

Value Percent of Net

Hill International, Inc.

Business Services First lien (2)(12) 6.75% (L + 5.75%/M) 6/21/2017 6/21/2023 15,129 15,103 15,129 1.16 %

Business Services First lien (2)(15) 6.76% (L + 5.75%/Q) 6/21/2017 11/5/2023 $ 15,050 $ 15,031 $ 15,050 1.10 %

CFS Management, LLC

Healthcare Services First lien (2)(12) 6.50% (L + 5.50%/S) 8/6/2019 7/1/2024 11,527 11,492 11,527

First lien (3)(12) 6.50% (L + 5.50%/S) 8/6/2019 7/1/2024 3,433 3,421 3,433

Healthcare Services First lien (2)(15) 7.25% (SOFR + 6.25%/Q) 8/6/2019 7/1/2024 11,468 11,440 11,468

First lien (3)(15) 7.25% (SOFR + 6.25%/Q) 8/6/2019 7/1/2024 3,416 3,406 3,416

14,846 14,884 1.09 %

FR Arsenal Holdings II Corp.

Business Services First lien (2)(12) 8.50% (L + 7.50%/S) 9/29/2016 9/8/2022 14,999 14,968 14,662 1.12 %

Wealth Enhancement Group, LLC

Financial Services First lien (3)(15) 6.75% (L + 5.75%/S) 1/10/2022 10/4/2027 1,263 1,251 1,263

First lien (3)(15) 6.75% (L + 5.75%/M) 1/10/2022 10/4/2027 847 839 847

First lien (3)(15)(18) - Drawn 6.75% (L + 5.75%/M) 8/13/2021 10/4/2027 11,821 11,799 11,821

First lien (3)(15)(18) - Drawn 6.75% (L + 5.75%/M) 8/13/2021 10/4/2027 293 292 293

14,181 14,224 1.04 %

FS WhiteWater Holdings, LLC (38)

FS WhiteWater Borrower, LLC

Consumer Services First lien (5)(15) 6.76% (L + 5.75%/Q) 12/20/2021 12/21/2027 10,474 10,373 10,369

First lien (5)(15) 6.71% (L + 5.75%/Q) 12/20/2021 12/21/2027 3,493 3,460 3,459

First lien (3)(15)(18) - Drawn 6.50% (L + 5.75%/Q) 12/20/2021 12/21/2027 357 353 353

14,186 14,181 1.04 %

Galway Borrower LLC

Insurance Services First lien (2)(15) 6.26% (L + 5.25%/Q) 9/30/2021 9/29/2028 13,652 13,523 13,515

First lien (3)(15)(18) - Drawn 6.26% (L + 5.25%/Q) 9/30/2021 9/29/2028 186 185 185

13,708 13,700 1.00 %

Transcendia Holdings, Inc.

Packaging Second lien (8)(15) 9.00% (L + 8.00%/M) 6/28/2017 5/30/2025 14,500 14,403 13,447 0.98 %

Alegeus Technologies Holding Corp.

Healthcare Services First lien (8)(15) 9.25% (L + 8.25%/S) 9/5/2018 9/5/2024 13,444 13,412 13,444 0.98 %

Castle Management Borrower LLC

Business Services First lien (2)(15) 3.19% (L + 2.19%/Q) 5/31/2018 2/15/2025 14,590 14,563 13,433 0.98 %

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)

Software First lien (2)(12) 5.00% (L + 4.00%/M) 12/7/2016 12/2/2022 $ 2,880 $ 2,876 $ 2,880

Second lien (8)(12) 10.25% (L + 9.25%/M) 12/7/2016 6/2/2023 7,840 7,821 7,840

Second lien (3)(12) 10.25% (L + 9.25%/M) 12/7/2016 6/2/2023 2,160 2,155 2,160

Daxko Acquisition Corporation

Software First lien (8)(15) 6.25% (L + 5.50%/Q) 10/15/2021 10/16/2028 $ 13,244 $ 13,118 $ 13,111

First lien (3)(15)(18) - Drawn 6.25% (L + 5.50%/S) 10/15/2021 10/16/2028 295 292 292

13,410 13,403 0.98 %

Castle Management Borrower LLC

Business Services First lien (2)(12) 3.19% (L + 2.19%/Q) 5/31/2018 2/15/2025 14,590 14,559 12,843 0.98 %

Geo Parent Corporation

Business Services First lien (2) 5.33% (L + 5.25%/M) 12/13/2018 12/19/2025 12,835 12,793 12,771 0.98 %

Transcendia Holdings, Inc.

Packaging Second lien (8)(12) 9.00% (L + 8.00%/M) 6/28/2017 5/30/2025 14,500 14,389 12,634 0.97 %

FR Arsenal Holdings II Corp.

Business Services First lien (2)(15) 8.50% (L + 7.50%/S) 9/29/2016 9/8/2022 14,770 14,755 13,201 0.97 %

USRP Holdings, Inc.

Federal Services First lien (2)(15) 6.50% (L + 5.50%/Q) 7/22/2021 7/23/2027 11,397 11,294 11,283

First lien (3)(15) 6.50% (L + 5.50%/Q) 7/22/2021 7/23/2027 1,484 1,469 1,469

First lien (3)(15)(18) - Drawn 6.51% (L + 5.50%/Q) 7/22/2021 7/23/2027 15 15 15

12,778 12,767 0.93 %

Calabrio, Inc.

Software First lien (5)(15) 8.01% (L + 7.00%/Q) 4/16/2021 4/16/2027 12,347 12,267 12,267 0.90 %

OEConnection LLC

Business Services Second lien (2)(12) 8.33% (L + 8.25%/M) 9/25/2019 9/25/2027 12,044 11,947 12,044 0.92 %

Software First lien (8)(12) 8.25% (L + 7.25%/S) 1/10/2019 1/10/2025 11,203 11,065 11,203

First lien (3)(12)(13) - Drawn 8.25% (L + 7.25%/S) 1/10/2019 1/10/2025 827 810 827

Software First lien (8)(15) 8.25% (L + 7.25%/Q) 1/10/2019 1/10/2025 11,203 11,084 11,203

First lien (3)(15)(18) - Drawn 8.25% (L + 7.25%/Q) 1/10/2019 1/10/2025 827 810 827

11,894 12,030 0.88 %

3 unchanged sentences

11,395 11,465 0.84 %

USRP Holdings, Inc.

Federal Services First lien (2)(12) 6.25% (L + 5.50%/Q) 7/22/2021 7/23/2027 11,454 11,342 11,340 0.87 %

Alert Holding Company, Inc.

Appriss Holdings, Inc.

Business Services First lien (8) 7.00% (L + 6.00%/Q) 5/24/2019 5/29/2026 10,887 10,821 10,887

First lien (3)(13) - Drawn 8.25% (P + 5.00%/Q) 5/24/2019 5/30/2025 230 228 230

11,049 11,117 0.85 %

Recorded Future, Inc.

Software First lien (8)(12) 7.00% (L + 6.00%/Q) 8/26/2019 7/3/2025 6,234 6,213 6,234

First lien (8)(12) 7.00% (L + 6.00%/Q) 3/26/2021 7/3/2025 4,788 4,760 4,788

Specialtycare, Inc.

Healthcare Services First lien (2)(15) 6.75% (L + 5.75%/Q) 6/18/2021 6/18/2028 10,537 10,407 10,411 0.76 %

Business Products Second lien (8) 7.71% (L + 7.25%/M) 2/23/2018 3/8/2026 10,788 10,765 10,393 0.76 %

Notorious Topco, LLC

Consumer Products First lien (8)(15) 8.00% (L + 6.50%/S) 11/23/2021 11/23/2027 10,127 10,055 10,051

First lien (3)(15)(18) - Drawn 8.00% (L + 6.50%/S) 11/23/2021 5/24/2027 235 233 233

10,288 10,284 0.75 %

Quartz Holding Company

Software Second lien (3)(15) 8.46% (L + 8.00%/M) 4/2/2019 4/2/2027 10,000 9,860 10,000 0.73 %

Geo Parent Corporation

Business Services First lien (2)(15) 5.71% (L + 5.25%/M) 12/13/2018 12/19/2025 9,785 9,756 9,785 0.72 %

PPVA Black Elk (Equity) LLC

Business Services Subordinated (3)(15) — 5/3/2013 — 14,500 14,500 9,377 0.69 %

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Business Products Second lien (8)(12) 7.33% (L + 7.25%/M) 2/23/2018 3/8/2026 $ 10,788 $ 10,762 $ 10,788 0.83 %

Masergy Holdings, Inc.

Business Services Second lien (2) 8.50% (L + 7.50%/M) 12/14/2016 12/16/2024 10,500 10,471 10,448 0.80 %

PPVA Black Elk (Equity) LLC

Business Services Subordinated (3)(12) — 5/3/2013 — 14,500 14,500 10,354 0.79 %

Quartz Holding Company

Software Second lien (3)(12) 8.09% (L + 8.00%/M) 4/2/2019 4/2/2027 10,000 9,848 10,000 0.77 %

AgKnowledge Holdings Company, Inc.

1 unchanged sentence

CG Group Holdings, LLC

Specialty Chemicals & Materials First lien (2)(12) 6.25% (L + 5.25%/M) 7/19/2021 7/19/2027 8,302 8,211 8,209

Specialty Chemicals & Materials First lien (2)(15) 6.26% (L + 5.25%/Q) 7/19/2021 7/19/2027 8,281 8,197 8,188

First lien (3)(15)(18) - Drawn 6.25% (L + 5.25%/M) 7/19/2021 7/19/2026 906 895 896

9,092 9,084 0.66 %

Cloudera, Inc.**

Software Second lien (2)(12) 6.50% (L + 6.00%/M) 8/10/2021 10/8/2029 8,494 8,472 8,472 0.65 %

Specialtycare, Inc.

Healthcare Services First lien (2)(12) 6.75% (L + 5.75%/Q) 6/18/2021 6/18/2028 7,224 7,119 7,115 0.55 %

Restaurant Technologies, Inc.

Energize Holdco LLC

Business Services Second lien (2)(15) 7.25% (L + 6.75%/M) 11/19/2021 12/7/2029 7,950 7,911 7,910 0.58 %

KPSKY Acquisition Inc.

Industrial Services First lien (8)(15) 6.25% (L + 5.50%/M) 10/19/2021 10/19/2028 7,021 6,955 6,951

First lien (3)(15)(18) - Drawn 8.00% (P + 4.50%/Q) 10/19/2021 10/19/2028 401 397 397

7,352 7,348 0.54 %

Community Brands ParentCo, LLC

Software First lien (2)(15) 6.50% (SOFR + 5.75%/Q) 2/24/2022 2/24/2028 7,217 7,146 7,145 0.52 %

Restaurant Technologies, Inc.

Business Services Second lien (4) 9.00% (P + 5.50%/M) 9/24/2018 10/1/2026 6,722 6,711 6,722 0.49 %

Healthcare Services Second lien (3)(15) 11.00% (L + 10.00% PIK/Q)* 10/3/2016 3/28/2024 6,772 6,746 6,249 0.46 %

Appriss Health Holdings, Inc.

Appriss Health, LLC

Business Services First lien (8)(12) 8.25% (L + 7.25%/Q) 5/6/2021 5/6/2027 6,250 6,191 6,223 0.48 %

Healthcare Services Second lien (3)(12) 11.00% (L + 10.00% PIK/Q)* 10/3/2016 3/28/2024 6,410 6,379 5,935 0.45 %

Stats Intermediate Holdings, LLC**

Business Services First lien (2) 5.37% (L + 5.25%/Q) 5/22/2019 7/10/2026 5,835 5,796 5,835 0.45 %

Healthcare Information Technology First lien (8)(15) 8.25% (L + 7.25%/Q) 5/6/2021 5/6/2027 6,250 6,195 6,188 0.45 %

Safety Borrower Holdings LLC

Information Services First lien (2) 6.75% (L + 5.75%/S) 9/1/2021 9/1/2027 5,756 5,728 5,728 0.44 %

Information Services First lien (2)(15) 6.76% (L + 5.75%/Q) 9/1/2021 9/1/2027 5,742 5,716 5,713

First lien (3)(15)(18) - Drawn 8.25% (P + 4.75%/Q) 9/1/2021 9/1/2027 128 127 127

5,843 5,840 0.43 %

Sun Acquirer Corp.

2 unchanged sentences

5,549 5,540 0.41 %

Wealth Enhancement Group, LLC**

Pye-Barker Fire & Safety, LLC

Business Services First lien (3)(15)(18) - Drawn 6.46% (L + 5.50%/Q) 11/26/2021 11/26/2027 3,722 3,686 3,722 0.27 %

2 unchanged sentences

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

15 unchanged sentences

Total Funded Debt Investments - United States $ 2,138,640 $ 2,093,764 153.10 %

Funded Debt Investments - Netherlands

Tahoe Finco, LLC**

Information Technology First lien (2)(15) 6.75% (L + 6.00%/Q) 10/1/2021 9/29/2028 $ 35,000 $ 34,670 $ 34,650

First lien (8)(15) 6.75% (L + 6.00%/Q) 10/1/2021 9/29/2028 24,189 23,961 23,947

58,631 58,597 4.28 %

Total Funded Debt Investments - Netherlands $ 58,631 $ 58,597 4.28 %

Funded Debt Investments - Jersey

Tennessee Bidco Limited **

Business Services First lien (3)(15)(16) 7.97% (SONIA + 7.00%/D) 8/6/2021 8/3/2028 £ 12,879 $ 17,615 $ 16,667

First lien (3)(15) 7.53% (L + 7.00%/S) 8/6/2021 8/3/2028 $ 10,184 10,041 10,045

First lien (3)(15)(16)(18) - Drawn 7.97% (SONIA + 7.00%/D) 8/6/2021 8/3/2028 £ 4,992 6,563 6,423

First lien (3)(15)(18) - Drawn 7.36% (L + 7.00%/S) 8/6/2021 8/3/2028 $ 3,983 3,925 3,928

38,144 37,063 2.71 %

Total Funded Debt Investments - Jersey $ 38,144 $ 37,063 2.71 %

Funded Debt Investments - United Kingdom

Aston FinCo S.a r.l.

/ Aston US Finco, LLC**

Software Second lien (8)(15) 8.71% (L + 8.25%/M) 10/8/2019 10/8/2027 $ 34,459 $ 34,249 $ 34,459 2.52 %

Total Funded Debt Investments - United Kingdom $ 34,249 $ 34,459 2.52 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (19) Acquisition Date Maturity / Expiration Date Principal

or Shares (17) Cost Fair

Value Percent of Net

Funded Debt Investments - United Arab Emirates

GEMS Menasa (Cayman) Limited**

Education First lien (8) 6.00% (L + 5.00%/S) 7/30/2019 7/31/2026 $ 10,507 $ 10,472 $ 10,494 0.77 %

Total Funded Debt Investments - United Arab Emirates $ 10,472 $ 10,494 0.77 %

Total Funded Debt Investments $ 2,280,136 $ 2,234,377 163.38 %

Equity - Hong Kong

Bach Special Limited (Bach Preference Limited)**

Education Preferred shares (3)(12)(24) — 9/1/2017 — 93,136 $ 9,234 $ 9,407 0.72 %

Total Shares - Hong Kong $ 9,234 $ 9,407 0.72 %

Equity - United States

7 unchanged sentences

Healthcare Services Preferred shares (3)(15) — 8/2/2021 — 12,500 13,375 13,365 0.98 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

Diamond Parent Holdings Corp.

3 unchanged sentences

Software Preferred shares (3)(15) — 4/20/2021 — 10,000 10,879 10,864 0.79 %

Alert Holding Company, Inc.

Alert Intermediate Holdings I, Inc.

OEC Holdco, LLC (22)

Business Services Preferred shares (12)(15) — 12/17/2021 — 7,214 7,142 7,142 0.52 %

FS WhiteWater Holdings, LLC (38)

Consumer Services Ordinary shares (5)(15) — 12/20/2021 — 50,000 5,000 5,000 0.37 %

HB Wealth Management, LLC (37)

2 unchanged sentences

Appriss Health Intermediate Holdings, Inc.

Business Services Preferred shares (3)(12) — 5/6/2021 — 2,333 2,401 2,400 0.18 %

Healthcare Information Technology Preferred shares (3)(15) — 5/6/2021 — 2,333 2,537 2,534 0.19 %

OA Topco, L.P.

Healthcare Information Technology Ordinary shares (3)(15) — 12/20/2021 — 2,000,000 2,000 2,000 0.15 %

Pioneer Topco I, L.P.

Software Ordinary shares (13)(15) — 11/1/2021 — 199,980 2,000 2,000 0.15 %

Ancora Acquisition LLC

Education Preferred shares (9)(15) — 8/12/2013 — 372 83 158 0.01 %

Tenawa Resource Holdings LLC (16)

Specialty Chemicals & Materials Preferred shares (6)(12) — 10/30/2017 — 1,623,385 1,623 —

Preferred shares (6)(12) — 11/24/2020 — 44,668 45 —

Ordinary shares (6)(12) — 5/12/2014 — 5,290,997 5,291 —

Ordinary shares (6)(12) — 7/6/2021 — 20 — —

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (19) Acquisition Date Maturity / Expiration Date Principal

or Shares (17) Cost Fair

Value Percent of Net

Education Management Corporation (20)

6 unchanged sentences

Total Shares - United States $ 134,250 $ 135,855 9.94 %

Equity - Hong Kong

Bach Special Limited (Bach Preference Limited)**

Education Preferred shares (3)(15)(29) — 9/1/2017 — 99,124 $ 9,833 $ 10,012 0.73 %

Total Shares - Hong Kong $ 9,833 $ 10,012 0.73 %

Total Shares $ 144,083 $ 145,867 10.67 %

Total Funded Investments $ 2,424,219 $ 2,380,244 174.05 %

Unfunded Debt Investments - United States

NMC Crimson Holdings, Inc.

Healthcare Services First lien (3)(15)(18) - Undrawn — 3/1/2021 3/1/2023 $ 10,664 $ — $ — — %

AAC Lender Holdings, LLC (33)

American Achievement Corporation (aka AAC Holding Corp.)

Education First lien (3)(15)(18) - Undrawn — 1/25/2021 9/30/2026 2,652 — — — %

DCA Investment Holding, LLC

Healthcare Services First lien (3)(15)(18) - Undrawn — 3/12/2021 3/10/2023 3,286 — — — %

Wealth Enhancement Group, LLC

Financial Services First lien (3)(15)(18) - Undrawn — 8/13/2021 10/4/2027 892 (2) —

First lien (3)(15)(18) - Undrawn — 8/13/2021 6/3/2022 7,240 (18) —

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Unfunded Debt Investments - Jersey

Tennessee Bidco Limited (35)**

Business Services First lien (3)(12)(13) - Undrawn — 8/6/2021 7/9/2023 £ 16,100 $ — $ (335) (0.03) %

Total Unfunded Debt Investments - Jersey $ — $ (335) (0.03) %

Unfunded Debt Investments - United States

AAC Lender Holdings, LLC (28)

American Achievement Corporation (aka AAC Holding Corp.)

Education First lien (3)(12)(13) - Undrawn — 1/25/2021 9/30/2026 $ 2,652 $ — $ — — %

AgKnowledge Holdings Company, Inc.

Business Services First lien (3)(15)(18) - Undrawn — 11/30/2018 7/21/2023 $ 526 $ (3) $ — — %

Recorded Future, Inc.

Software First lien (3)(12)(13) - Undrawn — 8/26/2019 7/3/2025 750 (4) — — %

Kele Holdco, Inc.

Distribution & Logistics First lien (3)(12)(13) - Undrawn — 2/20/2020 2/20/2026 832 (4) — — %

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)

GS Acquisitionco, Inc.

Software First lien (3)(15)(18) - Undrawn — 8/7/2019 5/22/2026 888 (5) — — %

1 unchanged sentence

Specialty Chemicals & Materials First lien (3)(15)(18) - Undrawn — 3/13/2020 2/6/2025 1,013 (5) — — %

Bullhorn, Inc.

Software First lien (3)(12)(13) - Undrawn — 9/24/2019 9/30/2026 852 (6) — — %

Alert Holding Company, Inc.

Appriss Holdings, Inc.

Kele Holdco, Inc.

Distribution & Logistics First lien (3)(15)(18) - Undrawn — 2/20/2020 2/20/2026 1,169 (6) — — %

Pye-Barker Fire & Safety, LLC

Business Services First lien (3)(15)(18) - Undrawn — 11/26/2021 11/26/2023 1,474 — —

Bluefin Holding, LLC

First lien (3)(15)(18) - Undrawn — 11/26/2021 11/26/2024 905 (9) —

Bullhorn, Inc.

Software First lien (3)(15)(18) - Undrawn — 10/5/2021 11/8/2022 1,221 (3) —

First lien (3)(15)(18) - Undrawn — 9/24/2019 9/30/2026 852 (6) —

Xactly Corporation

Software First lien (3)(15)(18) - Undrawn — 7/31/2017 7/31/2023 992 (10) — — %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

MRI Software LLC

2 unchanged sentences

First lien (3)(15)(18) - Undrawn — 1/31/2020 2/10/2026 2,002 (10) —

Calabrio, Inc.

Software First lien (3)(12)(13) - Undrawn — 4/16/2021 4/16/2027 1,487 (11) — — %

Instructure, Inc.

Software First lien (3)(12)(13) - Undrawn — 3/24/2020 3/24/2026 2,036 (13) — — %

Diamond Parent Holdings Corp.

1 unchanged sentence

Software First lien (3)(15)(18) - Undrawn — 3/30/2021 8/4/2025 3,624 (18) — — %

Finalsite Holdings, Inc.

Software First lien (3)(12)(13) - Undrawn — 9/25/2018 9/25/2024 2,521 (19) — — %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (19) Acquisition Date Maturity / Expiration Date Principal

or Shares (17) Cost Fair

Value Percent of Net

YLG Holdings, Inc.

Business Services First lien (5)(15)(18) - Undrawn — 10/22/2021 10/22/2023 $ 2,078 $ — $ —

First lien (3)(15)(18) - Undrawn — 11/1/2019 10/31/2025 3,968 (20) —

Bluefin Holding, LLC

Software First lien (3)(15)(18) - Undrawn — 9/6/2019 9/6/2024 1,515 (23) — — %

Software First lien (3)(15)(18) - Undrawn — 1/10/2019 1/10/2025 1,239 (25) — — %

GC Waves Holdings, Inc.

Business Services First lien (2)(12)(13) - Undrawn — 8/13/2021 8/11/2023 10,643 — —

Financial Services First lien (2)(15)(18) - Undrawn — 8/13/2021 8/11/2023 4,319 — —

First lien (3)(15)(18) - Undrawn — 10/31/2019 8/13/2026 3,951 (30) —

GS Acquisitionco, Inc.

Software First lien (3)(15)(18) - Undrawn — 9/8/2021 9/8/2023 1,762 (15) —

First lien (3)(15)(18) - Undrawn — 5/9/2019 5/2/2025 2,312 (23) —

CG Group Holdings, LLC

Specialty Chemicals & Materials First lien (3)(15)(18) - Undrawn — 7/19/2021 7/19/2026 226 (3) (3) (0.00) %

KPSKY Acquisition Inc.

Industrial Services First lien (3)(15)(18) - Undrawn — 10/19/2021 10/19/2023 403 — (4) (0.00) %

Appriss Health Holdings, Inc.

Appriss Health, LLC

Healthcare Information Technology First lien (3)(15)(18) - Undrawn — 5/6/2021 5/6/2027 417 (4) (4) (0.00) %

Safety Borrower Holdings LLC

Information Services First lien (3)(15)(18) - Undrawn — 9/1/2021 9/1/2027 384 (2) (2)

First lien (3)(15)(18) - Undrawn — 9/1/2021 9/1/2022 1,279 — (6)

(2) (8) (0.00) %

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

USRP Holdings, Inc.

Federal Services First lien (3)(15)(18) - Undrawn — 7/22/2021 7/23/2027 $ 878 $ (9) $ (9) (0.00) %

Calabrio, Inc.

Software First lien (3)(15)(18) - Undrawn — 4/16/2021 4/16/2027 1,487 (11) (10) (0.00) %

First lien (3)(12)(13) - Undrawn — 9/8/2021 9/8/2023 3,670 (32) —

Appriss Health Holdings, Inc.

Appriss Health, LLC

Business Services First lien (3)(12)(13) - Undrawn — 5/6/2021 5/6/2027 417 (4) (2) (0.00)%

CG Group Holdings, LLC

Specialty Chemicals & Materials First lien (3)(12)(13) - Undrawn — 7/19/2021 7/19/2026 679 (8) (8) (0.00)%

Safety Borrower Holdings LLC

Information Services First lien (3)(13) - Undrawn — 9/1/2021 9/1/2027 512 (3) (3)

Community Brands ParentCo, LLC

Software First lien (3)(15)(18) - Undrawn — 2/24/2022 2/24/2028 425 (4) (4)

First lien (3)(15)(18) - Undrawn — 2/24/2022 2/26/2024 849 — (8)

(4) (12) (0.00) %

DCA Investment Holding, LLC

Healthcare Services First lien (3)(13) - Undrawn — 3/12/2021 3/10/2023 3,962 — (15) (0.00)%

Specialtycare, Inc.

Healthcare Services First lien (3)(12)(13) - Undrawn — 6/18/2021 6/18/2026 559 (8) (8)

Recorded Future, Inc.

Software First lien (3)(15)(18) - Undrawn — 8/26/2019 7/3/2025 2,981 (20) (15) (0.00) %

Notorious Topco, LLC

Consumer Products First lien (3)(15)(18) - Undrawn — 11/23/2021 5/24/2027 645 (5) (5)

First lien (3)(15)(18) - Undrawn — 11/23/2021 11/23/2023 1,467 — (11)

(5) (16) (0.00) %

IG Investments Holdings, LLC

Trinity Air Consultants Holdings Corporation

Business Services First lien (3)(15)(18) - Undrawn — 6/30/2021 6/29/2027 1,501 (15) (5)

USRP Holdings, Inc.

Federal Services First lien (3)(12)(13) - Undrawn — 7/22/2021 7/23/2027 893 (9) (9)

First lien (3)(15)(18) - Undrawn — 6/30/2021 6/29/2023 3,377 — (12)

(15) (17) (0.00) %

Sun Acquirer Corp.

Associations, Inc.

Consumer Services First lien (3)(15)(18) - Undrawn — 7/2/2021 7/2/2027 3,543 (18) (18) (0.00) %

Specialtycare, Inc.

Healthcare Services First lien (3)(15)(18) - Undrawn — 6/18/2021 6/18/2026 559 (8) (7)

First lien (3)(15)(18) - Undrawn — 6/18/2021 6/18/2023 946 (3) (11)

(11) (18) (0.00) %

Granicus, Inc.

Software First lien (3)(15)(18) - Undrawn — 1/27/2021 1/29/2027 2,414 (18) —

First lien (3)(15)(18) - Undrawn — 4/23/2021 4/21/2023 1,822 — (18)

(18) (18) (0.00) %

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Infogain Corporation

Software First lien (3)(12)(13) - Undrawn — 7/30/2021 7/30/2026 $ 3,827 $ (29) $ (29) (0.00)%

Granicus, Inc.

Software First lien (3)(12)(13) - Undrawn — 1/27/2021 1/29/2027 2,414 (18) (18)

First lien (3)(12)(13) - Undrawn — 4/23/2021 4/21/2023 1,822 — (18)

(18) (36) (0.00)%

Wealth Enhancement Group, LLC**

IG Investments Holdings, LLC

Business Services First lien (3)(15)(18) - Undrawn — 9/22/2021 9/22/2027 $ 1,838 $ (18) $ (18) (0.00) %

Sun Acquirer Corp.

Consumer Services First lien (3)(15)(18) - Undrawn — 9/8/2021 9/8/2027 559 (5) (6)

First lien (3)(15)(18) - Undrawn — 9/8/2021 9/8/2023 1,378 (10) (14)

(15) (20) (0.00) %

Trinity Air Consultants Holdings Corporation

Business Services First lien (3)(12)(13) - Undrawn — 6/30/2021 6/29/2027 1,501 (15) (15)

Infogain Corporation

Software First lien (3)(15)(18) - Undrawn — 7/30/2021 7/30/2026 3,062 (23) (23) (0.00) %

Daxko Acquisition Corporation

Software First lien (3)(15)(18) - Undrawn — 10/15/2021 10/15/2027 986 (10) (10)

First lien (3)(15)(18) - Undrawn — 10/15/2021 10/16/2023 1,343 — (13)

(10) (23) (0.00) %

Pioneer Topco I, L.P.

Pioneer Buyer I, LLC

Software First lien (3)(15)(18) - Undrawn — 11/1/2021 11/1/2027 2,446 (24) (24) (0.00) %

Galway Borrower LLC

Financial Services First lien (3)(13) - Undrawn — 9/30/2021 9/30/2027 1,865 (19) (19)

Insurance Services First lien (3)(15)(18) - Undrawn — 9/30/2021 9/30/2027 984 (10) (10)

First lien (3)(15)(18) - Undrawn — 9/30/2021 9/29/2023 1,879 — (19)

(10) (29) (0.00) %

ACI Parent Inc.

ACI Group Holdings, Inc.

Healthcare Services First lien (3)(12)(13) - Undrawn — 8/2/2021 8/2/2027 2,354 (24) (24)

OA Topco, L.P.

OA Buyer, Inc.

Healthcare Information Technology First lien (3)(15)(18) - Undrawn — 12/20/2021 12/20/2028 3,600 (36) (36) (0.00) %

FS WhiteWater Holdings, LLC (38)

FS WhiteWater Borrower, LLC

Consumer Services First lien (3)(15)(18) - Undrawn — 12/20/2021 12/21/2027 1,043 (10) (10)

First lien (5)(15)(18) - Undrawn — 12/20/2021 12/21/2023 3,500 — (35)

3 unchanged sentences

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

Associations, Inc.

Business Services First lien (3)(12)(13) - Undrawn — 7/2/2021 7/2/2027 $ 3,543 $ (18) $ (18)

First lien (3)(12)(13) - Undrawn — 7/2/2021 7/2/2022 3,505 (18) (18)

TigerConnect, Inc.

Healthcare Services First lien (2)(15)(18) - Undrawn — 2/16/2022 2/16/2023 $ 1,232 $ — $ (12)

First lien (3)(15)(18) - Undrawn — 2/16/2022 2/16/2028 4,267 (43) (43)

(43) (55) (0.00) %

AmeriVet Partners Management, Inc.

Consumer Services First lien (3)(15)(18) - Undrawn — 2/25/2022 2/25/2028 1,969 (10) (10)

First lien (3)(15)(18) - Undrawn — 2/25/2022 2/25/2024 15,755 — (79)

(10) (89) (0.01) %

NMC Crimson Holdings, Inc.

ACI Parent Inc.

ACI Group Holdings, Inc.

Healthcare Services First lien (3)(15)(18) - Undrawn — 8/2/2021 8/2/2027 2,354 (24) (24)

First lien (3)(15)(18) - Undrawn — 8/2/2021 8/2/2023 8,180 — (82)

(24) (106) (0.01) %

Fortis Solutions Group, LLC

Packaging First lien (3)(15)(18) - Undrawn — 10/15/2021 10/15/2027 2,861 (29) (29)

First lien (3)(15)(18) - Undrawn — 10/15/2021 10/13/2023 8,343 — (83)

(29) (112) (0.01) %

Deca Dental Holdings LLC

2 unchanged sentences

(30) (121) (0.01) %

Paw Midco, Inc.

AAH Topco, LLC

Consumer Services First lien (3)(15)(18) - Undrawn — 12/22/2021 12/22/2027 3,659 (37) (37)

First lien (4)(15)(18) - Undrawn — 1/13/2022 12/22/2023 8,247 — (82)

First lien (3)(15)(18) - Undrawn — 12/22/2021 12/22/2023 25,420 — (254)

(37) (373) (0.03) %

Total Unfunded Debt Investments - United States $ (670) $ (1,226) (0.07) %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (19) Acquisition Date Maturity / Expiration Date Principal

or Shares (17) Cost Fair

Value Percent of Net

Unfunded Debt Investments - Jersey

Tennessee Bidco Limited **

Business Services First lien (3)(15)(16)(18) - Undrawn — 8/6/2021 7/9/2023 £ 8,091 $ — $ (121) (0.01) %

Total Unfunded Debt Investments - Jersey $ — $ (121) (0.01) %

Unfunded Debt Investments - Netherlands

Tahoe Finco, LLC**

Information Technology First lien (3)(15)(18) - Undrawn — 10/1/2021 10/1/2027 $ 4,439 $ (44) $ (44) (0.00) %

Total Unfunded Debt Investments - Netherlands $ (44) $ (44) (0.00) %

Total Unfunded Debt Investments $ (714) $ (1,391) (0.08) %

12 unchanged sentences

Total Funded Debt Investments - United States $ 15,563 $ 15,684 1.15 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

Equity - United States

7 unchanged sentences

Total Non-Controlled/Affiliated Investments $ 82,039 $ 146,772 10.73 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (19) Acquisition Date Maturity / Expiration Date Principal

or Shares (17) Cost Fair

Value Percent of Net

Controlled Investments (44)

7 unchanged sentences

60,910 60,134 4.40 %

Haven Midstream Holdings LLC (21)

Haven Midstream LLC

Specialty Chemicals & Materials First lien (3)(15) 14.00% PIK/Q* 12/17/2021 10/30/2026 32,730 19,928 23,921

First lien (3)(15) 10.50% (L + 8.50%/Q) 12/17/2021 10/30/2026 16,000 16,000 16,000

35,928 39,921 2.92 %

UniTek Global Services, Inc.

Business Services First lien (2)(12) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 12,610 12,610 12,285

First lien (3)(12) 8.50% (L + 5.50% + 2.00% PIK/S)* 3/16/2020 8/20/2024 9,341 8,548 9,099

First lien (2)(12) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 2,522 2,522 2,456

First lien (3)(12) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 1,349 1,191 1,314

Business Services First lien (2)(15) 8.50% (L + 5.50% + 2.00% PIK/Q)* 6/29/2018 8/20/2024 12,675 12,675 12,675

First lien (3)(15) 8.50% (L + 5.50% + 2.00% PIK/Q)* 3/16/2020 8/20/2024 9,384 8,709 9,384

First lien (2)(15) 8.50% (L + 5.50% + 2.00% PIK/Q)* 6/29/2018 8/20/2024 2,535 2,535 2,535

First lien (3)(15) 8.50% (L + 5.50% + 2.00% PIK/Q)* 6/29/2018 8/20/2024 1,359 1,225 1,359

Second lien (3)(15) 15.00% PIK/Q* 12/16/2020 2/20/2025 10,344 10,344 10,344

35,488 36,297 2.65 %

New Permian Holdco, Inc.

New Permian Holdco, L.L.C.

Energy First lien (3)(15) 18.00% PIK/M* 10/30/2020 12/31/2024 19,036 19,036 19,036

First lien (3)(15)(18) - Drawn 10.00% (L + 9.00% PIK/M)* 10/30/2020 12/31/2024 5,690 5,690 5,690

24,726 24,726 1.81 %

NHME Holdings Corp.

3 unchanged sentences

34,761 13,505 0.99 %

Total Funded Debt Investments - United States $ 191,813 $ 174,583 12.77 %

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

2 unchanged sentences

Value Percent of Net

New Permian Holdco, Inc.

New Permian Holdco, L.L.C.

Energy First lien (3)(12) 18.00% PIK/M* 10/30/2020 12/31/2024 $ 17,422 $ 17,422 $ 17,422

First lien (3)(12)(13) - Drawn 10.00% (L + 9.00% PIK/M)* 10/30/2020 12/31/2024 5,399 5,399 5,399

22,821 22,821 1.75 %

Total Funded Debt Investments - United States $ 144,089 $ 139,919 10.72 %

Equity - Canada

NM APP Canada Corp.**

Net Lease Membership interest (7)(12) — 9/13/2016 — — $ 7,345 $ 14,494 1.11 %

Total Shares - Canada $ 7,345 $ 14,494 1.11 %

Equity - United States

11 unchanged sentences

Net Lease Membership interest (7)(15) — 10/6/2017 — — 12,538 23,247 1.70 %

Net Lease Membership interest (7)(12) — 10/6/2017 — — 12,538 25,352 1.94 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

UniTek Global Services, Inc.

7 unchanged sentences

77,902 23,007 1.68 %

New Permian Holdco, Inc.

Energy Ordinary shares (3)(12) — 10/30/2020 — 100 11,155 11,000 0.84 %

NM APP US LLC

1 unchanged sentence

Net Lease Membership interest (7)(15) — 2/1/2018 — — — 16,852 1.23 %

New Permian Holdco, Inc.

Energy Ordinary shares (3)(15) — 10/30/2020 — 100 11,155 11,000 0.80 %

Net Lease Membership interest (7)(15) — 11/18/2016 — — 5,152 9,023 0.66 %

NHME Holdings Corp.

Healthcare Services Ordinary shares (3)(12) — 11/27/2018 — 640,000 4,000 4,000 0.31 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (19) Acquisition Date Maturity / Expiration Date Principal

or Shares (17) Cost Fair

Value Percent of Net

Net Lease Membership interest (7)(15) — 9/30/2019 — — $ 6,272 $ 8,381 0.61 %

Net Lease Membership interest (7)(15) — 8/12/2016 — — 2,043 4,223 0.31 %

NM GP Holdco, LLC**

1 unchanged sentence

Net Lease Membership interest (7)(15) — 11/15/2016 — — 9,318 60 0.00 %

NHME Holdings Corp.(28)

Healthcare Services Ordinary shares (3)(15) — 11/27/2018 — 640,000 4,000 — — %

QID TRH Holdings LLC (21)

Haven Midstream Holdings LLC

Specialty Chemicals & Materials Ordinary shares (14)(15) — 10/1/2021 — 80 — —

Profit Interest (6)(15) — 10/1/2021 — 5 — —

Total Shares - United States $ 514,007 $ 527,523 38.57 %

Equity - Canada

NM APP Canada Corp.**

Net Lease Membership interest (7)(15) — 9/13/2016 — — 7,345 10,002 0.73 %

Total Shares - Canada $ 7,345 $ 10,002 0.73 %

Total Shares $ 521,352 $ 537,525 39.30 %

6 unchanged sentences

Total Funded Investments $ 714,165 $ 731,340 53.48 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry (1) Type of Investment Interest Rate (14) Acquisition Date Maturity / Expiration Date Principal

or Shares (36) Cost Fair

Value Percent of Net

Unfunded Debt Investments - United States

2 unchanged sentences

Energy First lien (3)(15)(18) - Undrawn — 10/30/2020 12/31/2024 $ 4,977 $ — $ — — %

Haven Midstream Holdings LLC (21)

Haven Midstream LLC

Specialty Chemicals & Materials First lien (3)(15)(18) - Undrawn — 12/17/2021 10/30/2026 8,000 — — — %

Total Unfunded Debt Investments - United States $ — $ — — %

1 unchanged sentence

Total Investments $ 3,219,709 $ 3,256,965 238.18 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(1) New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act").

14 unchanged sentences

(11) Investment is held in NMF HB, Inc.

(12) Investment is held in NMF OEC, Inc.

(13) Investment is held in NMF Pioneer, Inc.

(14) Investment is held in NMF TRM, LLC

(15) The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement.

Fair Value, for details.

(16) Investment is denominated in foreign currency and is translated into U.S.

dollars as of the valuation date.

As of March 31, 2022, the par value U.S.

dollar equivalent of the first lien term loan, drawn first lien term loan and the undrawn first lien term loan is $16,921, $6,560 and $10,629, respectively.

Summary of Significant Accounting Policies , for details.

(17) Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£").

(18) Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws.

1 unchanged sentence

(19) All interest is payable in cash unless otherwise indicated.

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (Sonia), and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A).

For each investment the current interest rate provided reflects the rate in effect as of September 30, 2021.

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA), Secured Overnight Financing Rate (SOFR), and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A).

For each investment the current interest rate provided reflects the rate in effect as of March 31, 2022.

(20) The Company holds investments in Education Management Corporation and one related entity of Education Management Corporation.

The Company holds series A-1 convertible preferred stock and common stock in Education Management Corporation and holds tranche A first lien term loans and a tranche B first lien term loan in Education Management II LLC, which is an indirect subsidiary of Education Management Corporation.

(16) The Company holds investments in two related entities of Tenawa Resource Holdings LLC.

The Company holds 4.77% of the common units in QID NGL LLC (which at closing represented 98.1% of the ownership in the common units in Tenawa Resource Holdings LLC), class A and class B preferred units in QID NGL LLC, and holds common units and a first lien investment in Tenawa Resource Management LLC, a wholly-owned subsidiary of Tenawa Resource Holdings LLC.

(17) The Company holds investments in two wholly-owned subsidiaries of Alert Holding Company, Inc.

The Company holds a first lien term loan and a first lien revolver in Appriss Holdings, Inc.

and preferred equity in Alert Intermediate Holdings I, Inc.

The preferred equity is entitled to receive preferential dividends at a rate of L + 10.5% per annum.

(21) The Company holds investments in multiple entities of Haven Midstream Holdings LLC.

The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Haven Midstream Holdings LLC, and holds a tranche A first lien term loan, a tranche B first lien term loan and a first lien revolver in Haven Midstream LLC.

Subsequent to March 31, 2022, Haven Midstream LLC ceased operations at its Haven KS natural gas processing plant due to a fire;

Haven Midstream LLC is currently working with various experts to determine the cause and extent of the fire in order to determine next steps.

(22) The Company holds preferred equity in OEC Holdco, LLC, and two second lien term loans in OEConnection LLC, a wholly-owned subsidiary of OEC Holdco, LLC.

The preferred equity is entitled to receive prefenential dividends of 11.00% per annum.

(23) The Company holds investments in two wholly-owned subsidiaries of Appriss Health Holdings, Inc.

1 unchanged sentence

The preferred equity is entitled to receive preferential dividends at a rate of 11.00% per annum.

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2021

(in thousands, except shares)

(24) The Company holds ordinary shares in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC.

2 unchanged sentences

that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(26) The Company holds preferred equity in UniTek Global Services, Inc.

4 unchanged sentences

(29) The Company holds preferred equity in Bach Special Limited (Bach Preference Limited) that is entitled to receive cumulative preferential dividends at a rate of 12.25% per annum payable in additional shares.

(25) The Company holds preferred equity in Dealer Tire Holdings, LLC.

The preferred equity is entitled to receive cumulative preferential dividends at a rate of 7.00% per annum.

(30) The Company holds preferred equity in Dealer Tire Holdings, LLC that is entitled to receive cumulative preferential dividends at a rate of 7.00% per annum.

(31) The Company holds preferred equity in Symplr Software Intermediate Holdings, Inc.

14 unchanged sentences

(37) The Company holds preferred equity in HB Wealth Management, LLC that is entitled to receive cumulative preferential dividends at a rate of 4.00% per annum.

(38) The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and two first lien delayed draws in FS WhiteWater Borrwer, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.

(39) The Company holds ordinary shares in Pioneer Topco I, L.P., and a first lien term loan and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.

(40) The Company holds ordinary shares in OA Topco, L.P., and a first lien term loan and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidary of OA Topco, L.P.

(41) Investment or a portion of the investment is on non-accrual status.

Investments , for details.

(34) The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $21,422 as of September 30, 2021.

Summary of Significant Accounting Policies , for details.

(35) Investment is denominated in foreign currency and is translated into U.S.

dollars as of the valuation date.

As of September 30, 2021, the par value U.S.

dollar equivalent of the first lien term loan and the undrawn first lien term loan is $17,354 and $21,693, respectively.

(42) The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $19,401 as of March 31, 2022.

Summary of Significant Accounting Policies , for details.

(36) Par amount is denominated in USD unless otherwise noted, British Pound ("£").

(43) Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company.

Fair value as of September 30, 2021 and December 31, 2020 along with transactions during the nine months ended September 30, 2021 in which the issuer was a non-controlled/affiliated investment is as follows:

Fair value as of March 31, 2022 and December 31, 2021 along with transactions during the three months ended March 31, 2022 in which the issuer was a non-controlled/affiliated investment is as follows:

Portfolio Company Fair Value at December 31, 2021 Gross

(Losses) Net Change In

(Depreciation) Fair Value at September 30, 2021 Interest

Appreciation Fair Value at March 31, 2022 Interest

Income Dividend

Permian Holdco 3, Inc.

/ Permian Holdco 2, Inc.

/ Permian Holdco 3, Inc.

/ Permian Trust $ — $ — $ — $ — $ — $ — $ — $ — $ —

7 unchanged sentences

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

(in thousands, except shares)

(44) Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment.

Fair value as of September 30, 2021 and December 31, 2020, along with transactions during the nine months ended September 30, 2021 in which the issuer was a controlled investment, is as follows:

Fair value as of March 31, 2022 and December 31, 2021, along with transactions during the three months ended March 31, 2022 in which the issuer was a controlled investment, is as follows:

Portfolio Company Fair Value at December 31, 2021 Gross

(Losses) Net Change In

(Depreciation) Fair Value at September 30, 2021 Interest

Gains Net Change In

(Depreciation) Fair Value at March 31, 2022 Interest

Income Dividend

Edmentum Inc.

$ — $ — $ — $ 1,557 $ — $ — $ — $ — $ 1,200

National HME, Inc./NHME Holdings Corp.

16 unchanged sentences

NM YI LLC 8,286 — — — 95 8,381 — 209 —

NMFC Senior Loan Program I LLC 23,000 10,000 (33,000) — — — — 741 —

NMFC Senior Loan Program II LLC 79,400 — (79,400) — — — — 2,410 —

NMFC Senior Loan Program III LLC 140,000 — — — — 140,000 — 4,638 —

NMFC Senior Loan Program IV LLC 112,400 — — — — 112,400 — 3,372 —

Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC 34,821 1,106 — — 3,994 39,921 1,527 — 223

UniTek Global Services, Inc.

4 unchanged sentences

* All or a portion of interest contains PIK interest.

Summary of Significant Accounting Policies-Revenue Recognition , for details.

** Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act.

Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets.

As of September 30, 2021, 16.7% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

As of March 31, 2022, 16.3% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (Continued)

September 30, 2021

March 31, 2022

Investment Type Percent of Total

5 unchanged sentences

Total investments 100.00 %

September 30, 2021

March 31, 2022

Industry Type Percent of Total

3 unchanged sentences

Healthcare Services 15.78 %

Investment Funds (includes investments in joint ventures) 8.38 %

Education 8.12 %

Investment Funds (includes investments in joint ventures) 7.75 %

Net Lease 6.16 %

Consumer Services 4.73 %

Distribution & Logistics 3.27 %

Specialty Chemicals & Materials 2.01 %

Energy 1.26 %

Financial Services 1.86 %

Information Technology 1.80 %

Insurance Services 1.77 %

Healthcare Information Technology 1.64 %

Energy 1.22 %

Packaging 1.03 %

1 unchanged sentence

Business Products 0.32 %

Consumer Products 0.32 %

Industrial Services 0.23 %

Information Services 0.18 %

Consumer Services 0.15 %

Total investments 100.00 %

September 30, 2021

March 31, 2022

Interest Rate Type Percent of Total

13 unchanged sentences

Non-Controlled/Non-Affiliated Investments

Funded Debt Investments - Canada

Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC)**

Healthcare Services Second lien (3) 8.50% (L + 7.50%/M) 6/1/2018 6/8/2026 $ 28,612 $ 28,417 $ 28,612

Second lien (8) 8.50% (L + 7.50%/M) 6/1/2018 6/8/2026 7,500 7,452 7,500

36,112 35,869 36,112 2.92 %

Total Funded Debt Investments - Canada $ 36,112 $ 35,869 $ 36,112 2.92 %

Funded Debt Investments - United Arab Emirates

GEMS Menasa (Cayman) Limited**

Education First lien (8) 6.00% (L + 5.00%/S) 7/30/2019 7/31/2026 $ 15,678 $ 15,614 $ 15,658 1.27 %

Total Funded Debt Investments - United Arab Emirates $ 15,678 $ 15,614 $ 15,658 1.27 %

Funded Debt Investments - United Kingdom

Shine Acquisition Co.

S.à.r.l / Boing US Holdco Inc.**

Consumer Services Second lien (2)(10) 8.50% (L + 7.50%/M) 9/25/2017 10/3/2025 $ 37,853 $ 37,697 $ 37,853

Second lien (8)(10) 8.50% (L + 7.50%/M) 9/25/2017 10/3/2025 6,000 5,975 6,000

43,853 43,672 43,853 3.54 %

Aston FinCo S.a r.l.

/ Aston US Finco, LLC**

Software Second lien (8)(10) 8.40% (L + 8.25%/M) 10/8/2019 10/8/2027 34,459 34,213 34,459 2.79 %

Total Funded Debt Investments - United Kingdom $ 78,312 $ 77,885 $ 78,312 6.33 %

Funded Debt Investments - United States

2 unchanged sentences

First lien (5)(15) 6.75% (L + 5.75%/S) 8/7/2019 5/22/2026 21,968 21,891 21,968

First lien (5)(10) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 22,193 22,091 22,193

First lien (2)(10) 6.75% (L + 5.75%/S) 8/7/2019 5/24/2024 12,649 12,578 12,649

First lien (3)(15)(18) - Drawn 6.75% (L + 5.75%/Q) 8/7/2019 5/22/2026 2,811 2,793 2,811

92,397 92,745 6.91 %

PhyNet Dermatology LLC

Healthcare Services First lien (2)(10) 6.50% (L + 5.50%/M) 9/17/2018 8/16/2024 49,857 49,528 48,844

First lien (3)(10) 6.50% (L + 5.50%/M) 9/17/2018 8/16/2024 27,857 27,623 27,291

Healthcare Services First lien (2)(15) 7.00% (L + 5.50% + 0.50% PIK/Q)* 9/17/2018 8/16/2024 49,617 49,374 49,617

First lien (3)(15) 7.00% (L + 5.50% + 0.50% PIK/Q)* 9/17/2018 8/16/2024 18,966 18,848 18,966

68,222 68,583 5.11 %

Associations, Inc.

Business Services First lien (2)(10) 8.00% (L + 4.00% + 3.00% PIK/Q)* 7/30/2018 7/30/2024 45,932 45,751 45,932

Consumer Services First lien (2)(15) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 30,196 30,056 30,045

First lien (3)(15) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 8,590 8,547 8,547

First lien (2)(10)(11) - Drawn 8.00% (L + 4.00% + 3.00% PIK/Q)* 7/30/2018 7/30/2024 10,419 10,371 10,419

First lien (2)(10)(11) - Drawn 7.00% (L + 6.00%/Q) 7/30/2018 7/30/2024 2,033 2,020 2,033

First lien (8)(15) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 8,590 8,548 8,547

First lien (8)(15) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 5,188 5,163 5,162

First lien (8)(15) 7.50% (L + 4.00% + 2.50% PIK/Q)* 7/2/2021 7/2/2027 4,127 4,107 4,106

56,421 56,407 4.20 %

Software First lien (8)(15) 7.50% (L + 6.50%/S) 9/12/2018 9/12/2024 41,636 41,413 41,636

First lien (8)(15) 7.50% (L + 6.50%/S) 6/14/2019 9/12/2024 8,667 8,618 8,666

First lien (3)(15)(18) - Drawn 7.50% (L + 6.50%/S) 9/12/2018 9/12/2024 2,915 2,886 2,915

52,917 53,217 3.97 %

Frontline Technologies Group Holdings, LLC

Software First lien (4)(15) 6.25% (L + 5.25%/Q) 9/18/2017 9/18/2023 21,718 21,664 21,718

First lien (2)(15) 6.25% (L + 5.25%/Q) 9/18/2017 9/18/2023 18,303 18,275 18,303

First lien (2)(15) 6.25% (L + 5.25%/Q) 9/18/2017 9/18/2023 7,555 7,530 7,555

First lien (2)(15) 6.25% (L + 5.25%/Q) 6/15/2021 9/18/2023 5,031 5,031 5,031

52,500 52,607 3.92 %

CentralSquare Technologies, LLC

Software Second lien (3) 7.72% (L + 7.50%/Q) 8/15/2018 8/31/2026 47,838 47,431 43,293

Second lien (8) 7.72% (L + 7.50%/Q) 8/15/2018 8/31/2026 7,500 7,436 6,788

54,867 50,081 3.73 %

Integro Parent Inc.

Insurance Services First lien (2)(15) 6.75% (L + 5.75%/S) 10/9/2015 10/31/2022 33,986 33,947 33,239

First lien (3)(15)(18) - Drawn 4.80% (L + 4.50%/S) 6/8/2018 4/30/2022 6,743 6,709 6,685

Second lien (8)(15) 10.25% (L + 9.25%/S) 10/9/2015 10/30/2023 10,000 9,969 9,534

50,625 49,458 3.69 %

The accompanying notes are an integral part of these consolidated financial statements.

7 unchanged sentences

or Shares (17) Cost Fair Value Percent of

ConnectWise, LLC

Software First lien (2)(10) 6.25% (L + 5.25%/Q) 11/26/2019 2/28/2025 $ 55,054 $ 54,772 $ 55,054

First lien (3)(10)(11) - Drawn 6.25% (L + 5.25%/M) 11/26/2019 2/28/2025 1,062 1,055 1,062

NM GRC Holdco, LLC

Business Services First lien (2)(15) 8.50% (L + 6.00% + 1.50% PIK/M)* 2/9/2018 2/9/2024 $ 38,561 $ 38,485 $ 38,561

First lien (2)(15) 8.50% (L + 6.00% + 1.50% PIK/M)* 2/9/2018 2/9/2024 10,718 10,695 10,718

49,180 49,279 3.67%

Software First lien (8)(10) 7.50% (L + 6.50%/S) 9/12/2018 9/12/2024 41,636 41,340 41,794

Affinity Dental Management, Inc.

Healthcare Services First lien (2)(15) 7.00% (L + 6.00%/S) 9/15/2017 9/15/2023 33,281 33,256 33,281

First lien (4)(15) 7.00% (L + 6.00%/S) 9/17/2019 9/15/2023 10,482 10,482 10,482

First lien (3)(10)(11) - Drawn 7.50% (L + 6.50%/Q) 9/12/2018 9/12/2024 2,915 2,886 2,915

First lien (3)(15)(18) - Drawn 7.00% (L + 6.00%/S) 9/15/2017 3/15/2023 1,738 1,720 1,738

45,458 45,501 3.39 %

CentralSquare Technologies, LLC

Software Second lien (3) 7.75% (L + 7.50%/Q) 8/15/2018 8/31/2026 47,838 47,361 46,164

Second lien (8) 7.75% (L + 7.50%/Q) 8/15/2018 8/31/2026 7,500 7,425 7,237

Brave Parent Holdings, Inc.

Software Second lien (5) 7.60% (L + 7.50%/M) 4/17/2018 4/17/2026 22,500 22,430 22,613

Second lien (2) 7.60% (L + 7.50%/M) 4/17/2018 4/17/2026 16,624 16,518 16,707

Second lien (8) 7.60% (L + 7.50%/M) 4/17/2018 4/17/2026 6,000 5,962 6,030

44,910 45,350 3.38 %

DCA Investment Holding, LLC

Deca Dental Holdings LLC

Healthcare Services First lien (2)(15) 6.50% (L + 5.75%/Q) 8/26/2021 8/28/2028 38,244 37,877 37,861

First lien (2)(10) 6.25% (L + 5.25%/Q) 7/2/2015 7/2/2021 16,916 16,900 16,634

First lien (8)(10) 6.25% (L + 5.25%/Q) 12/20/2017 7/2/2021 8,801 8,782 8,654

First lien (2)(10) 6.25% (L + 5.25%/Q) 12/20/2017 7/2/2021 4,142 4,135 4,073

First lien (3)(15)(18) - Drawn 6.50% (L + 5.75%/Q) 8/26/2021 8/28/2028 4,026 3,985 3,985

41,862 41,846 3.13 %

Salient CRGT Inc.

Federal Services First lien (2)(10) 7.50% (L + 6.50%/S) 1/6/2015 2/28/2022 37,348 37,209 37,348

First lien (8)(10) 7.50% (L + 6.50%/S) 6/6/2019 2/28/2022 12,762 12,528 12,762

Software First lien (8)(15) 7.50% (L + 5.50% + 1.00% PIK/Q)* 5/9/2019 5/2/2025 29,094 28,926 29,094

First lien (8)(15) 7.50% (L + 5.50% + 1.00% PIK/Q)* 9/8/2021 5/2/2025 7,795 7,733 7,795

First lien (3)(15) 7.50% (L + 5.50% + 1.00% PIK/Q)* 5/9/2019 5/2/2025 3,405 3,380 3,405

First lien (3)(15)(18) - Drawn 7.50% (L + 5.50% + 1.00% PIK/Q)* 9/8/2021 5/2/2025 1,541 1,528 1,541

41,567 41,835 3.12 %

Frontline Technologies Group Holdings, LLC

Software First lien (4)(10) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 21,940 21,856 21,940

First lien (2)(10) 6.75% (L + 5.75%/Q) 9/18/2017 9/18/2023 18,490 18,447 18,490

GC Waves Holdings, Inc.**

Financial Services First lien (5)(15) 6.25% (L + 5.50%/Q) 8/13/2021 8/13/2026 22,108 21,993 22,108

First lien (2)(15) 6.25% (L + 5.50%/Q) 8/13/2021 8/13/2026 13,345 13,250 13,345

48,062 47,897 48,062 3.88 %

NM GRC Holdco, LLC

Business Services First lien (2)(10) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 38,368 38,258 36,929

First lien (2)(10) 8.50% (L + 6.00% + 1.50% PIK/Q)* 2/9/2018 2/9/2024 10,664 10,631 10,264

First lien (2)(15)(18) - Drawn 6.25% (L + 5.50%/Q) 8/13/2021 8/13/2026 5,643 5,588 5,643

40,831 41,096 3.06 %

Brave Parent Holdings, Inc.

Software Second lien (5)(10) 7.65% (L + 7.50%/M) 4/17/2018 4/17/2026 22,500 22,417 22,500

Second lien (2)(10) 7.65% (L + 7.50%/M) 4/17/2018 4/17/2026 16,624 16,498 16,624

Stamps.com Inc.

Software First lien (8)(15) 6.50% (L + 5.75%/Q) 10/5/2021 10/5/2028 37,273 36,911 36,900 2.75 %

OEC Holdco, LLC (22)

OEConnection LLC

Business Services Second lien (2) 7.50% (L + 7.00%/M) 12/17/2021 9/25/2027 23,406 23,173 23,171

Second lien (2) 7.50% (L + 7.00%/M) 9/25/2019 9/25/2027 12,044 11,950 11,924

9 unchanged sentences

or Shares (17) Cost Fair Value Percent of

Integro Parent Inc.

Business Services First lien (2)(10) 6.75% (L + 5.75%/M) 10/9/2015 10/31/2022 $ 34,490 $ 34,405 $ 34,490

Second lien (8)(10) 10.25% (L + 9.25%/M) 10/9/2015 10/30/2023 10,000 9,955 10,000

44,490 44,360 44,490 3.60 %

Quest Software US Holdings Inc.

Software Second lien (2)(10) 8.46% (L + 8.25%/Q) 5/17/2018 5/18/2026 43,697 43,367 43,697 3.53 %

Tenawa Resource Holdings LLC (14)

Tenawa Resource Management LLC

Specialty Chemicals & Materials First lien (3)(10) 10.50% (Base + 8.00%/Q) 5/12/2014 10/30/2024 38,600 38,559 38,600 3.12 %

Trader Interactive, LLC

Business Services First lien (2)(10) 7.25% (L + 6.25%/M) 6/15/2017 6/17/2024 31,605 31,482 31,605

First lien (8)(10) 7.25% (L + 6.25%/M) 6/15/2017 6/17/2024 4,899 4,880 4,899

First lien (3)(10)(11) - Drawn 7.25% (L + 6.25%/M) 6/15/2017 6/15/2023 502 498 502

37,006 36,860 37,006 2.99 %

CoolSys, Inc.

Industrial Services First lien (5) 7.00% (L + 6.00%/Q) 11/20/2019 11/20/2026 22,275 22,177 22,275

Diamond Parent Holdings Corp.

Diligent Corporation

Software First lien (2)(15) 6.75% (L + 5.75%/Q) 3/30/2021 8/4/2025 $ 17,762 $ 17,687 $ 17,673

First lien (2)(15) 6.75% (L + 5.75%/Q) 3/4/2021 8/4/2025 9,905 9,863 9,855

1 unchanged sentence

33,410 33,473 2.49 %

EAB Global, Inc.

Education Second lien (2)(15) 7.00% (L + 6.50%/S) 8/16/2021 8/16/2029 33,452 32,969 32,951 2.46 %

KAMC Holdings, Inc

2 unchanged sentences

37,284 32,704 2.44 %

Affinity Dental Management, Inc.

Healthcare Services First lien (2)(10) 7.00% (L + 6.00%/Q) 9/15/2017 9/15/2023 26,222 26,182 24,397

First lien (4)(10) 7.00% (L + 6.00%/Q) 9/17/2019 9/15/2023 10,592 10,592 9,854

First lien (3)(10)(11) - Drawn 7.00% (L + 6.00%/Q) 9/15/2017 3/15/2023 1,738 1,720 1,617

Paw Midco, Inc.

AAH Topco, LLC

Consumer Services First lien (8) 6.25% (L + 5.50%/Q) 12/22/2021 12/22/2027 20,843 20,635 20,634

Subordinated (3) 11.50% PIK/Q* 12/22/2021 12/22/2031 11,110 10,944 10,944

31,579 31,578 2.36 %

GC Waves Holdings, Inc.**

IG Investments Holdings, LLC

Business Services First lien (2)(15) 6.75% (L + 6.00%/Q) 9/22/2021 9/22/2028 29,429 29,144 29,133

First lien (3)(15)(18) - Drawn 6.75% (L + 6.00%/M) 9/22/2021 9/22/2027 1,149 1,137 1,137

30,281 30,270 2.25 %

Ansira Holdings, Inc.

Business Services First lien (8)(15) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 31,793 31,748 24,025

First lien (3)(15) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 8,033 8,024 6,071

39,772 30,096 2.24 %

Granicus, Inc.

Software First lien (4)(15) 7.50% (L + 6.50%/Q) 1/27/2021 1/29/2027 15,522 15,420 15,406

First lien (3)(15) 7.50% (L + 6.50%/Q) 1/27/2021 1/29/2027 6,004 5,963 5,959

First lien (2)(15) 7.50% (L + 6.50%/Q) 1/27/2021 1/29/2027 5,922 5,883 5,878

35,811 35,555 35,811 2.89 %

Definitive Healthcare Holdings, LLC

Healthcare Information Technology First lien (8)(10) 6.50% (L + 5.50%/Q) 8/7/2019 7/16/2026 33,615 33,477 33,615

First lien (3)(15)(18) - Drawn 7.00% (L + 6.00%/Q) 4/23/2021 1/29/2027 2,778 2,752 2,751

30,018 29,994 2.23 %

MRI Software LLC

Software First lien (5)(15) 6.50% (L + 5.50%/S) 1/31/2020 2/10/2026 22,104 22,024 22,104

First lien (2)(15) 6.50% (L + 5.50%/S) 1/31/2020 2/10/2026 6,205 6,182 6,205

First lien (3)(15) 6.50% (L + 5.50%/S) 1/31/2020 2/10/2026 818 814 818

First lien (2)(15) 6.50% (L + 5.50%/Q) 3/24/2021 2/10/2026 319 318 319

29,338 29,446 2.19 %

Keystone Acquisition Corp.

Healthcare Services First lien (2) 6.25% (L + 5.25%/Q) 5/10/2017 5/1/2024 23,981 23,918 23,861

Second lien (2)(15) 10.25% (L + 9.25%/Q) 5/10/2017 5/1/2025 4,500 4,476 4,500

28,394 28,361 2.11 %

The accompanying notes are an integral part of these consolidated financial statements.

7 unchanged sentences

or Shares (17) Cost Fair Value Percent of

TDG Group Holding Company

Consumer Services First lien (2)(10) 5.40% (L + 5.25%/M) 5/22/2018 5/31/2024 $ 24,607 $ 24,532 $ 24,607

First lien (8)(10) 5.40% (L + 5.25%/M) 5/22/2018 5/31/2024 4,900 4,884 4,900

First lien (2)(10) 5.40% (L + 5.25%/M) 5/22/2018 5/31/2024 3,287 3,277 3,287

First lien (2)(10)(11) - Drawn 5.40% (L + 5.25%/M) 5/22/2018 5/31/2024 1,891 1,882 1,891

OA Topco, L.P.

OA Buyer, Inc.

Healthcare Information Technology First lien (2) 6.75% (L + 6.00%/Q) 12/20/2021 12/20/2028 $ 28,201 $ 27,920 $ 27,919 2.08 %

Foundational Education Group, Inc.

Education Second lien (5) 7.00% (L + 6.50%/S) 8/19/2021 8/31/2029 22,500 22,391 22,500

Second lien (2) 7.00% (L + 6.50%/S) 8/19/2021 8/31/2029 5,009 4,985 5,009

27,376 27,509 2.05 %

Software First lien (8)(10) 8.00% (L + 4.00% + 3.00% PIK/S)* 5/9/2019 5/2/2025 28,225 28,014 28,508

First lien (3)(10) 8.00% (L + 4.00% + 3.00% PIK/S)* 5/9/2019 5/2/2025 3,315 3,284 3,348

First lien (3)(10)(11) - Drawn 7.50% (L + 6.50%/S) 5/9/2019 5/2/2025 1,133 1,121 1,133

TMK Hawk Parent, Corp.

Distribution & Logistics First lien (2)(15) 3.60% (L + 3.50%/M) 6/24/2019 8/28/2024 16,563 15,121 13,968

First lien (8)(15) 3.60% (L + 3.50%/M) 10/23/2019 8/28/2024 15,975 14,219 13,473

29,340 27,441 2.04 %

Finalsite Holdings, Inc.

Software First lien (4)(10) 6.00% (L + 5.00%/Q) 9/28/2018 9/25/2024 21,994 21,883 21,994

First lien (2)(10) 6.00% (L + 5.00%/Q) 9/28/2018 9/25/2024 10,863 10,809 10,863

New Trojan Parent, Inc.

Healthcare Services Second lien (2) 7.75% (L + 7.25%/Q) 1/22/2021 1/5/2029 26,762 26,640 26,762 1.99 %

HS Purchaser, LLC / Help/Systems Holdings, Inc.

Software Second lien (5) 7.50% (L + 6.75%/Q) 11/14/2019 11/19/2027 22,500 22,404 22,509

Second lien (2) 7.50% (L + 6.75%/Q) 11/14/2019 11/19/2027 4,208 4,174 4,210

26,578 26,719 1.99 %

Integral Ad Science, Inc.

Software First lien (8)(10) 8.25% (L + 6.00% + 1.25% PIK/S)* 7/19/2018 7/19/2024 27,127 26,943 27,127

First lien (3)(10) 8.25% (L + 6.00% + 1.25% PIK/S)* 8/27/2019 7/19/2024 3,544 3,517 3,544

VT Topco, Inc.

Business Services Second lien (2) 7.50% (L + 6.75%/M) 7/30/2021 7/31/2026 16,183 16,127 16,224

Second lien (4) 6.85% (L + 6.75%/M) 8/14/2018 7/31/2026 10,000 9,984 10,025

26,111 26,249 1.96 %

Ansira Holdings, Inc.

Business Services First lien (8)(10) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 29,511 29,451 24,146

First lien (3)(10) 7.50% (L + 6.50% PIK/S)* 12/19/2016 12/20/2024 7,452 7,440 6,097

CRCI Longhorn Holdings, Inc.

Business Services Second lien (3)(15) 7.35% (L + 7.25%/M) 8/2/2018 8/10/2026 18,266 18,221 18,266

Second lien (8)(15) 7.35% (L + 7.25%/M) 8/2/2018 8/10/2026 7,500 7,481 7,500

25,702 25,766 1.92 %

MRI Software LLC

Software First lien (5)(10) 6.50% (L + 5.50%/Q) 1/31/2020 2/10/2026 22,329 22,232 22,358

First lien (3)(10) 6.50% (L + 5.50%/Q) 1/31/2020 2/10/2026 4,654 4,632 4,660

Galway Borrower LLC

Insurance Services First lien (2)(15) 6.00% (L + 5.25%/Q) 9/30/2021 9/29/2028 24,279 24,043 24,036

First lien (3)(15) 6.00% (L + 5.25%/Q) 9/30/2021 9/29/2028 1,674 1,658 1,658

25,701 25,694 1.91 %

Keystone Acquisition Corp.

Healthcare Services First lien (2) 6.25% (L + 5.25%/Q) 5/10/2017 5/1/2024 24,231 24,143 22,899

Second lien (2)(10) 10.25% (L + 9.25%/Q) 5/10/2017 5/1/2025 4,500 4,471 4,500

Software Second lien (4) 7.50% (L + 6.75%/S) 6/27/2019 3/2/2029 22,500 22,212 22,613

Second lien (3) 7.50% (L + 6.75%/S) 4/29/2021 3/2/2029 3,000 2,986 3,015

25,198 25,628 1.91 %

Confluent Health, LLC

Healthcare Services First lien (2) 5.15% (L + 5.00%/M) 6/21/2019 6/24/2026 27,088 26,976 26,783 2.17 %

HS Purchaser, LLC / Help/Systems Holdings, Inc.

Software Second lien (5) 9.00% (L + 8.00%/Q) 11/14/2019 11/19/2027 22,500 22,391 22,275

Second lien (2) 9.00% (L + 8.00%/Q) 11/14/2019 11/19/2027 4,208 4,170 4,166

NMC Crimson Holdings, Inc.

Healthcare Services First lien (8)(15) 6.75% (L + 6.00%/S) 3/1/2021 3/1/2028 19,259 18,998 18,970

First lien (2)(15) 6.75% (L + 6.00%/S) 3/2/2021 3/1/2028 4,913 4,846 4,839

23,844 23,809 1.77 %

Instructure, Inc.

Software First lien (8)(10) 8.00% (L + 7.00%/Q) 3/24/2020 3/24/2026 24,090 23,955 23,940 1.93 %

Software Second lien (4) 8.75% (L + 8.00%/S) 12/14/2020 12/15/2028 22,500 22,347 22,528 1.68 %

ACI Parent Inc.

ACI Group Holdings, Inc.

Healthcare Services First lien (2)(15) 6.25% (L + 5.50%/Q) 8/2/2021 8/2/2028 22,306 22,094 22,083

First lien (3)(15)(18) - Drawn 6.25% (L + 5.50%/Q) 8/2/2021 8/2/2028 59 58 58

22,152 22,141 1.65 %

The accompanying notes are an integral part of these consolidated financial statements.

7 unchanged sentences

or Shares (17) Cost Fair Value Percent of

Astra Acquisition Corp.

Software First lien (5) 6.50% (L + 5.50%/M) 2/26/2020 3/1/2027 $ 22,331 $ 22,179 $ 22,555 1.82 %

Software Second lien (4) 8.75% (L + 8.00%/S) 12/14/2020 12/15/2028 22,500 22,331 22,331 1.80 %

Convey Health Solutions, Inc.

Healthcare Services First lien (4)(10) 6.25% (L + 5.25%/Q) 9/9/2019 9/4/2026 22,219 22,008 22,219 1.80 %

Cardinal Parent, Inc.

Software First lien (4) 5.25% (L + 4.50%/S) 10/30/2020 11/12/2027 12,188 12,097 12,066

Second lien (4)(10) 8.50% (L + 7.75%/S) 11/12/2020 11/13/2028 9,767 9,670 9,962

21,955 21,767 22,028 1.78 %

CRCI Longhorn Holdings, Inc.

Business Services Second lien (3)(10) 7.40% (L + 7.25%/M) 8/2/2018 8/10/2026 14,349 14,307 14,349

Second lien (8)(10) 7.40% (L + 7.25%/M) 8/2/2018 8/10/2026 7,500 7,478 7,500

Software First lien (4) 5.25% (L + 4.50%/Q) 10/30/2020 11/12/2027 $ 12,096 $ 12,017 $ 12,083

Second lien (4)(15) 8.50% (L + 7.75%/Q) 11/12/2020 11/13/2028 9,767 9,679 9,864

21,696 21,947 1.63%

Avatar Topco, Inc.

EAB Global, Inc.

Education Second lien (3)(10) 8.50% (L + 7.50%/S) 11/17/2017 11/17/2025 13,950 13,805 13,950

Second lien (8)(10) 8.50% (L + 7.50%/S) 11/17/2017 11/17/2025 7,500 7,422 7,500

DCA Investment Holding, LLC

Healthcare Services First lien (2) 7.00% (L + 6.25%/Q) 3/12/2021 3/12/2027 19,878 19,746 19,803

First lien (3)(18) - Drawn 7.00% (L + 6.25%/Q) 3/12/2021 3/12/2027 1,919 1,905 1,912

21,651 21,715 1.62 %

Spring Education Group, Inc (fka SSH Group Holdings, Inc.)

Education Second lien (2) 8.47% (L + 8.25%/Q) 7/26/2018 7/30/2026 21,959 21,921 21,282 1.59 %

MED Parentco, LP

Healthcare Services Second lien (8) 8.35% (L + 8.25%/M) 8/2/2019 8/30/2027 20,857 20,735 20,883 1.56 %

DG Investment Intermediate Holdings 2, Inc.

Business Services Second lien (3) 7.50% (L + 6.75%/M) 3/18/2021 3/30/2029 20,313 20,265 20,465 1.52 %

YLG Holdings, Inc.

2 unchanged sentences

20,324 20,395 1.52 %

TMK Hawk Parent, Corp.

Distribution & Logistics First lien (2)(10) 3.65% (L + 3.50%/M) 6/24/2019 8/28/2024 16,735 14,786 10,468

First lien (8)(10) 3.65% (L + 3.50%/M) 10/23/2019 8/28/2024 16,141 13,778 10,096

Fortis Solutions Group, LLC

Packaging First lien (8)(15) 6.25% (L + 5.50%/Q) 10/15/2021 10/13/2028 10,298 10,198 10,195

First lien (2)(15) 6.25% (L + 5.50%/Q) 10/15/2021 10/13/2028 10,298 10,198 10,195

20,396 20,390 1.52 %

Institutional Shareholder Services, Inc.

Business Services Second lien (3)(10) 8.75% (L + 8.50%/Q) 3/5/2019 3/5/2027 20,372 20,117 20,372 1.65 %

Spring Education Group, Inc (fka SSH Group Holdings, Inc.)

Education Second lien (2) 8.50% (L + 8.25%/Q) 7/26/2018 7/30/2026 21,959 21,914 20,202 1.63 %

AAC Holding Corp.

Education First lien (2)(10) 9.25% (L + 8.25% PIK/M)* 9/30/2015 9/30/2022 26,343 26,284 19,597 1.58 %

DiversiTech Holdings, Inc.

Distribution & Logistics Second lien (2) 8.50% (L + 7.50%/Q) 5/18/2017 6/2/2025 12,000 11,923 11,940

Second lien (8) 8.50% (L + 7.50%/Q) 5/18/2017 6/2/2025 7,500 7,452 7,463

Bluefin Holding, LLC

Software Second lien (8)(15) 7.93% (L + 7.75%/Q) 9/6/2019 9/3/2027 18,000 18,000 18,000

First lien (3)(15)(18) - Drawn 4.41% (L + 4.25%/Q) 9/6/2019 9/6/2024 1,485 1,463 1,485

19,463 19,485 1.45 %

Bullhorn, Inc.

Software First lien (2)(15) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 16,830 16,741 16,830

First lien (2)(15) 6.75% (L + 5.75%/Q) 10/5/2021 9/30/2026 1,075 1,072 1,075

First lien (3)(15) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 779 773 779

First lien (3)(15) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 349 347 349

First lien (3)(15) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 278 277 278

19,210 19,311 1.44 %

Convey Health Solutions, Inc.**

Healthcare Services First lien (4)(15) 5.50% (L + 4.75%/M) 9/9/2019 9/4/2026 19,263 19,108 19,263 1.43 %

Xactly Corporation

Software First lien (4)(15) 8.25% (L + 7.25%/S) 7/31/2017 7/31/2023 19,047 19,005 19,047 1.42 %

Infogain Corporation

Software First lien (2)(15) 6.75% (L + 5.75%/S) 7/30/2021 7/28/2028 19,090 18,953 18,946 1.41 %

The accompanying notes are an integral part of these consolidated financial statements.

7 unchanged sentences

or Shares (17) Cost Fair Value Percent of

Peraton Holding Corp.

(fka MHVC Acquisition Corp.)

Federal Services First lien (2) 6.25% (L + 5.25%/Q) 4/25/2017 4/29/2024 $ 18,575 $ 18,525 $ 18,621 1.50 %

Bluefin Holding, LLC

Software Second lien (8)(10) 7.90% (L + 7.75%/M) 9/6/2019 9/6/2027 18,000 18,000 18,000 1.46 %

AAC Lender Holdings, LLC (33)

American Achievement Corporation (aka AAC Holding Corp.)

Education First lien (2)(15) 7.25% (L + 5.75% PIK + 0.50%/M) (41)* 9/30/2015 9/30/2026 $ 27,610 $ 27,559 $ 17,386

First lien (3)(15) 15.00% (L + 13.50% PIK + 0.50%/M) (41)* 6/10/2021 9/30/2026 1,527 1,527 —

Subordinated (3)(15) 2.00% (L + 1.00% PIK/Q) (41)* 3/16/2021 9/30/2026 5,230 — —

29,086 17,386 1.29 %

The Kleinfelder Group, Inc.

Business Services First lien (4)(15) 6.25% (L + 5.25%/Q) 12/18/2018 11/29/2024 16,708 16,663 16,708 1.24 %

Kele Holdco, Inc.

2 unchanged sentences

16,517 16,497 1.23 %

Bullhorn, Inc.

Software First lien (2)(10) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 17,002 16,896 17,002

First lien (3)(10) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 353 350 353

First lien (3)(10) 6.75% (L + 5.75%/Q) 9/24/2019 9/30/2026 281 279 281

17,636 17,525 17,636 1.43 %

The Kleinfelder Group, Inc.

Business Services First lien (4)(10) 6.25% (L + 5.25%/Q) 12/18/2018 11/29/2024 17,150 17,090 17,150 1.39 %

Coyote Buyer, LLC

Specialty Chemicals & Materials First lien (5)(10) 7.00% (L + 6.00%/Q) 3/13/2020 2/6/2026 14,079 14,016 14,079

First lien (5)(10) 9.00% (L + 8.00%/Q) 10/15/2020 8/6/2026 2,533 2,508 2,558

Specialty Chemicals & Materials First lien (5)(15) 7.00% (L + 6.00%/S) 3/13/2020 2/6/2026 13,937 13,885 13,937

First lien (5)(15) 9.00% (L + 8.00%/S) 10/15/2020 8/6/2026 2,507 2,488 2,507

16,373 16,444 1.22 %

Trinity Air Consultants Holdings Corporation

Business Services First lien (2)(15) 6.00% (L + 5.25%/S) 6/30/2021 6/29/2027 15,382 15,238 15,228

First lien (3)(15)(18) - Drawn 6.00% (L + 5.25%/M) 6/30/2021 6/29/2027 1,201 1,189 1,189

16,427 16,417 1.22 %

Hill International, Inc.

Business Services First lien (2)(10) 6.75% (L + 5.75%/Q) 6/21/2017 6/21/2023 15,247 15,212 15,247 1.23 %

Business Services First lien (2)(15) 6.75% (L + 5.75%/M) 6/21/2017 6/21/2023 15,089 15,067 15,089 1.12 %

CFS Management, LLC

2 unchanged sentences

14,879 14,922 1.11 %

Bleriot US Bidco Inc.

Federal Services Second lien (2)(10) 8.75% (L + 8.50%/Q) 10/24/2019 10/29/2027 15,000 14,865 15,011 1.21 %

FR Arsenal Holdings II Corp.

Business Services First lien (2)(10) 8.50% (L + 7.50%/Q) 9/29/2016 9/8/2022 15,344 15,286 14,932 1.21 %

BackOffice Associates Holdings, LLC

Business Services First lien (2)(10) 13.50% (L + 9.50% + 3.00% PIK/Q)* 8/25/2017 8/25/2023 13,218 13,162 13,218

First lien (3)(10)(11) - Drawn 13.50% (L + 9.50% + 3.00% PIK/Q)* 8/25/2017 8/25/2023 921 913 921

14,139 14,075 14,139 1.14 %

Alegeus Technologies Holding Corp.

Healthcare Services First lien (8)(10) 9.25% (L + 8.25%/Q) 9/5/2018 9/5/2024 13,444 13,398 13,444 1.09 %

Business Services First lien (2)(15) 8.50% (L + 7.50%/S) 9/29/2016 9/8/2022 14,884 14,861 14,520 1.08 %

Pioneer Topco I, L.P.

Pioneer Buyer I, LLC

Software First lien (8)(15) 7.75% (L + 7.00% PIK/Q)* 11/1/2021 11/1/2028 13,628 13,496 13,492 1.00 %

Transcendia Holdings, Inc.

Packaging Second lien (8)(15) 9.00% (L + 8.00%/M) 6/28/2017 5/30/2025 14,500 14,396 13,445 1.00 %

PaySimple, Inc.

Software First lien (2)(10) 5.65% (L + 5.50%/M) 8/19/2019 8/23/2025 9,758 9,679 9,758

First lien (2)(10) 5.65% (L + 5.50%/M) 8/19/2019 8/23/2025 3,195 3,140 3,195

12,953 12,819 12,953 1.05 %

Geo Parent Corporation

Business Services First lien (2)(10) 5.40% (L + 5.25%/M) 12/13/2018 12/19/2025 12,934 12,885 12,934 1.04 %

Alegeus Technologies Holding Corp.

Healthcare Services First lien (8)(15) 9.25% (L + 8.25%/S) 9/5/2018 9/5/2024 13,443 13,409 13,443 1.00 %

Daxko Acquisition Corporation

Software First lien (8)(15) 6.25% (L + 5.50%/Q) 10/15/2021 10/16/2028 13,277 13,147 13,144 0.98 %

The accompanying notes are an integral part of these consolidated financial statements.

7 unchanged sentences

or Shares (17) Cost Fair Value Percent of

Ministry Brands, LLC

FS WhiteWater Holdings, LLC (38)

FS WhiteWater Borrower, LLC

Consumer Services First lien (5) 6.50% (L + 5.75%/Q) 12/20/2021 12/21/2027 $ 10,500 $ 10,395 $ 10,395

First lien (5)(18) - Drawn 6.50% (L + 5.75%/Q) 12/20/2021 12/21/2027 2,618 2,592 2,592

12,987 12,987 0.97 %

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)

Software First lien (2)(15) 5.00% (L + 4.00%/M) 12/7/2016 12/2/2022 2,872 2,869 2,872

Second lien (8)(15) 10.25% (L + 9.25%/M) 12/7/2016 6/2/2023 7,840 7,824 7,840

Second lien (3)(15) 10.25% (L + 9.25%/M) 12/7/2016 6/2/2023 2,160 2,155 2,160

12,848 12,872 0.96 %

USRP Holdings, Inc.

Federal Services First lien (2) 6.25% (L + 5.50%/Q) 7/22/2021 7/23/2027 11,426 11,318 11,311

First lien (3) 6.25% (L + 5.50%/Q) 7/22/2021 7/23/2027 1,488 1,473 1,473

First lien (3)(18) - Drawn 6.25% (L + 5.50%/Q) 7/22/2021 7/23/2027 15 15 15

12,806 12,799 0.95 %

Castle Management Borrower LLC

Business Services First lien (2)(15) 3.19% (L + 2.19%/Q) 5/31/2018 2/15/2025 14,590 14,561 12,794 0.95 %

Calabrio, Inc.

Software First lien (5)(15) 8.00% (L + 7.00%/Q) 4/16/2021 4/16/2027 12,347 12,263 12,271 0.91 %

Second lien (8)(10) 10.25% (L + 9.25%/Q) 12/7/2016 6/2/2023 7,840 7,813 7,840

Second lien (3)(10) 10.25% (L + 9.25%/Q) 12/7/2016 6/2/2023 2,160 2,153 2,160

Software First lien (8)(15) 8.25% (L + 7.25%/S) 1/10/2019 1/10/2025 11,203 11,075 11,203

First lien (3)(15)(18) - Drawn 8.25% (L + 7.25%/S) 1/10/2019 1/10/2025 827 810 827

11,885 12,030 0.90 %

OEConnection LLC

Business Services Second lien (2)(10) 8.40% (L + 8.25%/M) 9/25/2019 9/25/2027 12,044 11,937 12,044 0.97 %

CHA Holdings, Inc.

2 unchanged sentences

11,391 11,465 0.85 %

Castle Management Borrower LLC

Business Services First lien (2)(10) 7.50% (L + 6.50% PIK/Q)* 5/31/2018 2/15/2024 13,993 13,953 11,320 0.92 %

Software First lien (8)(10) 8.25% (L + 7.25%/S) 1/10/2019 1/10/2025 11,203 11,038 11,287 0.91 %

Alert Holding Company, Inc.

Appriss Holdings, Inc.

Business Services First lien (8)(10) 5.50% (L + 5.25%/Q) 5/24/2019 5/29/2026 10,943 10,866 10,947 0.89 %

Recorded Future, Inc.

Software First lien (8) 7.00% (L + 6.00%/Q) 8/26/2019 7/3/2025 6,219 6,199 6,188

First lien (8) 7.00% (L + 6.00%/Q) 3/26/2021 7/3/2025 4,776 4,750 4,752

10,949 10,940 0.81 %

Business Products Second lien (8) 7.35% (L + 7.25%/M) 2/23/2018 3/8/2026 10,788 10,764 10,586 0.79 %

Masergy Holdings, Inc.

Business Services Second lien (2)(10) 8.50% (L + 7.50%/Q) 12/14/2016 12/16/2024 10,500 10,465 10,500 0.85 %

PPVA Black Elk (Equity) LLC

Business Services Subordinated (3)(15) — 5/3/2013 — 14,500 14,500 10,354 0.77 %

VT Topco, Inc.

Business Services Second lien (4)(10) 7.15% (L + 7.00%/M) 8/14/2018 7/31/2026 10,000 9,981 10,000 0.81 %

Notorious Topco, LLC

Consumer Products First lien (8)(15) 7.50% (L + 6.50%/Q) 11/23/2021 11/23/2027 10,153 10,078 10,077

First lien (3)(15)(18) - Drawn 7.50% (L + 6.50%/Q) 11/23/2021 5/24/2027 147 146 146

10,224 10,223 0.76 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of

Investment Interest Rate (19) Acquisition Date Maturity/Expiration

Date Principal

or Shares (17) Cost Fair Value Percent of

Quartz Holding Company

Software Second lien (3)(15) 8.10% (L + 8.00%/M) 4/2/2019 4/2/2027 $ 10,000 $ 9,854 $ 10,000 0.74 %

Stats Intermediate Holdings, LLC**

Business Services First lien (2) 5.47% (L + 5.25%/Q) 5/22/2019 7/10/2026 9,900 9,798 9,875 0.80 %

Affordable Care Holding Corp.

Healthcare Services First lien (2)(10) 5.75% (L + 4.75%/Q) 3/18/2019 10/24/2022 9,794 9,690 9,671 0.78 %

Wealth Enhancement Group, LLC**

Financial Services First lien (3)(15)(18) - Drawn 6.75% (L + 5.75%/Q) 8/13/2021 10/4/2027 9,390 9,367 9,390

First lien (3)(15)(18) - Drawn 6.75% (L + 5.75%/Q) 8/13/2021 10/4/2027 425 424 425

9,791 9,815 0.73 %

Geo Parent Corporation

Business Services First lien (2) 5.35% (L + 5.25%/M) 12/13/2018 12/19/2025 9,810 9,780 9,761 0.73 %

AgKnowledge Holdings Company, Inc.

Business Services First lien (2)(15) 5.75% (L + 4.75%/S) 11/30/2018 7/21/2023 9,166 9,149 9,166 0.68 %

AG Parent Holdings, LLC

Healthcare Services First lien (2) 5.15% (L + 5.00%/M) 7/30/2019 7/31/2026 6,923 6,894 6,853 0.55 %

Recorded Future, Inc.

Software First lien (8)(10) 7.25% (L + 6.25%/Q) 8/26/2019 7/3/2025 6,250 6,225 6,275

CG Group Holdings, LLC

Specialty Chemicals & Materials First lien (2)(15) 6.25% (L + 5.25%/Q) 7/19/2021 7/19/2027 8,302 8,214 8,209

First lien (3)(15)(18) - Drawn 6.25% (L + 5.25%/M) 7/19/2021 7/19/2026 906 895 896

9,109 9,105 0.68 %

Energize Holdco LLC

Business Services Second lien (2) 7.25% (L + 6.75%/Q) 11/19/2021 12/7/2029 7,950 7,910 7,910 0.59 %

KPSKY Acquisition Inc.

Industrial Services First lien (8)(15) 6.25% (L + 5.50%/M) 10/19/2021 10/19/2028 7,039 6,970 6,968

First lien (3)(15)(18) - Drawn 7.75% (P + 4.50%/Q) 10/19/2021 10/19/2028 402 398 398

7,368 7,366 0.55 %

Specialtycare, Inc.

Healthcare Services First lien (2)(15) 6.75% (L + 5.75%/Q) 6/18/2021 6/18/2028 7,224 7,122 7,115 0.53 %

Restaurant Technologies, Inc.

Business Services Second lien (4) 6.60% (L + 6.50%/M) 9/24/2018 10/1/2026 6,722 6,711 6,722 0.50 %

Appriss Health Holdings, Inc.

Appriss Health, LLC

Healthcare Information Technology First lien (8)(15) 8.25% (L + 7.25%/Q) 5/6/2021 5/6/2027 6,250 6,192 6,187 0.46 %

Healthcare Services Second lien (3)(15) 11.00% (L + 10.00% PIK/Q)* 10/3/2016 3/28/2024 6,591 6,562 6,082 0.45 %

Safety Borrower Holdings LLC

Information Services First lien (2)(15) 6.75% (L + 5.75%/S) 9/1/2021 9/1/2027 5,756 5,729 5,728 0.43 %

Sun Acquirer Corp.

Consumer Services First lien (2)(15) 6.50% (L + 5.75%/Q) 9/8/2021 9/8/2028 4,025 3,991 3,985

First lien (3)(15)(18) - Drawn 6.50% (L + 5.75%/Q) 9/8/2021 9/8/2028 1,585 1,570 1,570

9 unchanged sentences

or Shares (17) Cost Fair Value Percent of

CP VI Bella Midco, LLC

Healthcare Services Second lien (3) 6.90% (L + 6.75%/M) 1/25/2018 12/29/2025 $ 6,732 $ 6,709 $ 6,660 0.54 %

DealerSocket, Inc.

Software First lien (2)(10) 5.75% (L + 4.75%/S) 4/16/2018 4/26/2023 6,543 6,518 6,543 0.53 %

DG Investment Intermediate Holdings 2, Inc.

(aka Convergint Technologies Holdings, LLC)

Business Services Second lien (3) 7.50% (L + 6.75%/M) 1/29/2018 2/2/2026 6,732 6,709 6,530 0.53 %

Restaurant Technologies, Inc.

Business Services Second lien (4) 6.65% (L + 6.50%/M) 9/24/2018 10/1/2026 6,722 6,709 6,420 0.52 %

Diligent Corporation

Software First lien (3)(10) 7.25% (L + 6.25%/S) 12/19/2018 8/4/2025 5,947 5,912 6,057 0.49 %

Software First lien (8)(10) 7.75% (L + 6.75%/S) 11/20/2020 12/31/2024 4,545 4,514 4,580 0.37 %

Healthcare Services Second lien (3)(10) 11.00% (L + 10.00% PIK/Q)* 10/3/2016 3/28/2024 5,904 5,864 4,469 0.36 %

Teneo Holdings, LLC

Business Services First lien (2) 6.25% (L + 5.25%/M) 7/15/2019 7/11/2025 3,012 2,980 2,994 0.24 %

Sphera Solutions, Inc.

Software First lien (2)(10) 8.75% (L + 7.75%/Q) 9/10/2019 6/14/2023 2,464 2,450 2,487 0.20 %

Pye-Barker Fire & Safety, LLC

Business Services First lien (3)(15)(18) - Drawn 6.25% (L + 5.50%/Q) 11/26/2021 11/26/2027 $ 2,394 $ 2,370 $ 2,394 0.18 %

Education Management Corporation (20)

8 unchanged sentences

First lien (3) 11.75% (P + 8.50%/M)(41) 1/5/2015 7/2/2020 2 2 —

1,016 957 — — %

PPVA Fund, L.P.

1 unchanged sentence

Total Funded Debt Investments - United States $ 2,042,136 $ 2,003,901 149.25 %

Total Funded Debt Investments $ 2,209,821 $ 2,193,869 $ 2,160,063 174.63 %

Equity - Hong Kong

Bach Special Limited (Bach Preference Limited)**

Education Preferred shares (3)(10)(22) — 9/1/2017 — 84,994 $ 8,420 $ 8,754 0.71 %

Total Shares - Hong Kong $ 8,420 $ 8,754 0.71 %

Funded Debt Investments - Netherlands

Tahoe Finco, LLC**

Information Technology First lien (2)(15) 6.75% (L + 6.00%/Q) 10/1/2021 9/29/2028 $ 35,000 $ 34,660 $ 34,650

First lien (8)(15) 6.75% (L + 6.00%/Q) 10/1/2021 9/29/2028 24,189 23,954 23,947

58,614 58,597 4.36 %

Total Funded Debt Investments - Netherlands $ 58,614 $ 58,597 4.36 %

Funded Debt Investments - Jersey

Tennessee Bidco Limited **

Business Services First lien (3)(15)(16) 7.47% (Sonia + 7.00%/D) 8/6/2021 8/3/2028 £ 12,879 $ 17,608 $ 17,167

First lien (3)(15) 7.15% (L + 7.00%/S) 8/6/2021 8/3/2028 $ 10,184 10,037 10,032

First lien (3)(15)(16)(18) - Drawn 7.47% (Sonia + 7.00%/D) 8/6/2021 8/3/2028 £ 3,771 4,943 4,976

First lien (3)(15)(18) - Drawn 7.29% (L + 7.00%/S) 8/6/2021 8/3/2028 $ 3,708 3,652 3,652

36,240 35,827 2.67 %

Total Funded Debt Investments - Jersey $ 36,240 $ 35,827 2.67 %

The accompanying notes are an integral part of these consolidated financial statements.

7 unchanged sentences

or Shares (17) Cost Fair Value Percent of

Funded Debt Investments - United Kingdom

Aston FinCo S.a r.l.

/ Aston US Finco, LLC**

Software Second lien (8)(15) 8.35% (L + 8.25%/M) 10/8/2019 10/8/2027 $ 34,459 $ 34,241 $ 34,459 2.57 %

Total Funded Debt Investments - United Kingdom $ 34,241 $ 34,459 2.57 %

Funded Debt Investments - United Arab Emirates

GEMS Menasa (Cayman) Limited**

Education First lien (8) 6.00% (L + 5.00%/S) 7/30/2019 7/31/2026 $ 10,534 $ 10,496 $ 10,589 0.79 %

Total Funded Debt Investments - United Arab Emirates $ 10,496 $ 10,589 0.79 %

Total Funded Debt Investments $ 2,181,727 $ 2,143,373 159.64 %

Equity - United States

Avatar Topco, Inc.

Education Preferred shares (3)(10) — 11/17/2017 — 35,750 $ 52,192 $ 53,265 4.31 %

Dealer Tire Holdings, LLC (30)

Distribution & Logistics Preferred shares (3)(15) — 9/13/2021 — 56,271 $ 60,360 $ 60,180 4.48 %

Symplr Software Intermediate Holdings, Inc.

2 unchanged sentences

14,264 14,414 1.08 %

Alert Holding Company, Inc.

Alert Intermediate Holdings I, Inc.

ACI Parent Inc.

Healthcare Services Preferred shares (3)(15) — 8/2/2021 — 12,500 12,994 12,989 0.97 %

Project Essential Super Parent, Inc.

Software Preferred shares (3)(15) — 4/20/2021 — 10,000 10,597 10,586 0.79 %

Diamond Parent Holdings Corp.

Diligent Preferred Issuer, Inc.

Software Preferred shares (3)(15) — 4/6/2021 — 10,000 10,386 10,379 0.77 %

OEC Holdco, LLC (22)

Business Services Preferred shares (12) — 12/17/2021 — 7,214 7,142 7,142 0.53 %

Tenawa Resource Holdings LLC (14)

Specialty Chemicals & Materials Preferred shares (6)(10) — 10/30/2017 — 1,623,385 1,623 1,988

Preferred shares (6)(10) — 11/24/2020 — 44,668 45 45

Ordinary shares (6)(10) — 5/12/2014 — 5,290,997 5,291 4,381

6,959 6,414 0.52 %

FS WhiteWater Holdings, LLC (38)

Consumer Services Ordinary shares (5) — 12/20/2021 — 50,000 5,000 5,000 0.37 %

HB Wealth Management, LLC (37)**

Financial Services Preferred shares (11)(15) — 9/30/2021 — 48,303 4,834 4,834 0.36 %

Appriss Health Holdings, Inc.

Appriss Health Intermediate Holdings, Inc.

Healthcare Information Technology Preferred shares (3)(15) — 5/6/2021 — 2,333 2,468 2,466 0.18 %

OA Topco, L.P.

Healthcare Information Technology Ordinary shares (3) — 12/20/2021 — 2,000,000 2,000 2,000 0.15 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of

Investment Interest Rate (19) Acquisition Date Maturity/Expiration

Date Principal

or Shares (17) Cost Fair Value Percent of

Pioneer Topco I, L.P.

Software Ordinary shares (13)(15) — 11/1/2021 — 199,980 $ 2,000 $ 2,000 0.15 %

Ancora Acquisition LLC

5 unchanged sentences

Ordinary shares (3) — 1/5/2015 — 1,688,976 56 —

AAC Lender Holdings, LLC (33)

Education Ordinary shares (3)(15) — 3/16/2021 — 758 — — — %

Total Shares - United States $ 132,597 $ 132,148 9.84 %

Equity - Hong Kong

Bach Special Limited (Bach Preference Limited)**

Education Preferred shares (3)(15)(29) — 9/1/2017 — 96,052 $ 9,525 $ 9,701 0.72 %

Total Shares - Hong Kong $ 9,525 $ 9,701 0.72 %

Total Shares $ 142,122 $ 141,849 10.56 %

Warrants - United States

ASP LCG Holdings, Inc.

Education Warrants (3)(10) — 5/5/2014 5/5/2026 622 $ 37 $ 714 0.06 %

Total Warrants - United States $ 37 $ 714 0.06 %

Total Funded Investments $ 2,323,849 $ 2,285,222 170.20 %

Unfunded Debt Investments - United States

Recorded Future, Inc.

AAC Lender Holdings, LLC (33)

American Achievement Corporation (aka AAC Holding Corp.)

Education First lien (3)(15)(18) - Undrawn — 1/25/2021 9/30/2026 $ 2,652 $ — $ — — %

Bluefin Holding, LLC

Software First lien (3)(15)(18) - Undrawn — 9/6/2019 9/6/2024 30 — — — %

Wealth Enhancement Group, LLC**

Financial Services First lien (3)(15)(18) - Undrawn — 8/13/2021 10/4/2027 678 (2) —

First lien (3)(15)(18) - Undrawn — 8/13/2021 6/3/2022 8,257 — —

750 (4) 2 — %

AgKnowledge Holdings Company, Inc.

Business Services First lien (3)(15)(18) - Undrawn — 11/30/2018 7/21/2023 526 (3) — — %

The accompanying notes are an integral part of these consolidated financial statements.

7 unchanged sentences

or Shares (17) Cost Fair Value Percent of

MRI Software LLC

Software First lien (3)(10)(11) - Undrawn — 1/31/2020 2/10/2022 $ 821 $ — $ 1

First lien (3)(10)(11) - Undrawn — 1/31/2020 2/10/2026 2,002 (10) —

2,823 (10) 1 — %

CoolSys, Inc.

Industrial Services First lien (3)(11) - Undrawn — 11/20/2019 11/19/2021 1,400 — — — %

Kele Holdco, Inc.

Distribution & Logistics First lien (3)(10)(11) - Undrawn — 2/20/2020 2/20/2026 180 (1) — — %

Associations, Inc.

Business Services First lien (2)(10)(11) - Undrawn — 7/30/2018 7/30/2021 152 (1) — — %

AgKnowledge Holdings Company, Inc.

Business Services First lien (3)(10)(11) - Undrawn — 11/30/2018 7/21/2023 526 (3) — — %

DealerSocket, Inc.

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)

Software First lien (3)(15)(18) - Undrawn — 12/7/2016 12/2/2022 $ 1,000 $ (5) $ — — %

1 unchanged sentence

Specialty Chemicals & Materials First lien (3)(15)(18) - Undrawn — 3/13/2020 2/6/2025 1,013 (5) — — %

Trader Interactive, LLC

Pye-Barker Fire & Safety, LLC

Business Services First lien (3)(15)(18) - Undrawn — 11/26/2021 11/26/2023 2,810 — —

Definitive Healthcare Holdings, LLC

Healthcare Information Technology First lien (3)(10)(11) - Undrawn — 8/7/2019 7/16/2024 1,848 (9) —

First lien (3)(15)(18) - Undrawn — 11/26/2021 11/26/2024 905 (9) —

7,909 (9) — — %

Alert Holding Company, Inc.

Appriss Holdings, Inc.

Business Services First lien (3)(10)(11) - Undrawn — 5/24/2019 5/30/2025 930 (9) — — %

Xactly Corporation

Software First lien (3)(15)(18) - Undrawn — 7/31/2017 7/31/2023 992 (10) — — %

MRI Software LLC

Software First lien (2)(15)(18) - Undrawn — 3/24/2021 3/24/2022 9,364 — —

First lien (3)(15)(18) - Undrawn — 1/31/2020 2/10/2026 2,002 (10) —

Bullhorn, Inc.

Software First lien (3)(15)(18) - Undrawn — 10/5/2021 11/8/2022 2,395 (6) —

First lien (3)(15)(18) - Undrawn — 9/24/2019 9/30/2026 852 (6) —

Diamond Parent Holdings Corp.

Diligent Corporation

Software First lien (3)(15)(18) - Undrawn — 3/30/2021 8/4/2025 3,624 (18) — — %

GS Acquisitionco, Inc.

Software First lien (3)(15)(18) - Undrawn — 8/7/2019 5/22/2026 3,106 (19) — — %

YLG Holdings, Inc.

Business Services First lien (5)(15)(18) - Undrawn — 10/22/2021 10/22/2023 2,078 — —

First lien (3)(15)(18) - Undrawn — 11/1/2019 10/31/2025 3,968 (20) —

The accompanying notes are an integral part of these consolidated financial statements.

7 unchanged sentences

or Shares (17) Cost Fair Value Percent of

Bullhorn, Inc.

Software First lien (3)(15)(18) - Undrawn — 1/10/2019 1/10/2025 $ 1,240 $ (25) $ — — %

GC Waves Holdings, Inc.**

Financial Services First lien (2)(15)(18) - Undrawn — 8/13/2021 8/11/2023 4,991 — —

First lien (3)(15)(18) - Undrawn — 10/31/2019 10/31/2025 3,951 (30) —

1,633 (12) — — %

Software First lien (3)(15)(18) - Undrawn — 9/8/2021 9/8/2023 2,129 (19) —

TDG Group Holding Company

Consumer Services First lien (2)(10)(11) - Undrawn — 5/22/2018 5/31/2024 3,152 (16) — — %

Integral Ad Science, Inc.

First lien (3)(15)(18) - Undrawn — 5/9/2019 5/2/2025 2,312 (23) —

CG Group Holdings, LLC

Specialty Chemicals & Materials First lien (3)(15)(18) - Undrawn — 7/19/2021 7/19/2026 226 (3) (3) (0.00) %

Recorded Future, Inc.

Software First lien (3)(18) - Undrawn — 8/26/2019 7/3/2025 750 (4) (4) (0.00) %

Finalsite Holdings, Inc.

KPSKY Acquisition Inc.

Industrial Services First lien (3)(15)(18) - Undrawn — 10/19/2021 10/19/2023 403 — (4) (0.00) %

Appriss Health Holdings, Inc.

Appriss Health, LLC

Healthcare Information Technology First lien (3)(15)(18) - Undrawn — 5/6/2021 5/6/2027 417 (4) (4) (0.00) %

Kele Holdco, Inc.

Distribution & Logistics First lien (3)(18) - Undrawn — 2/20/2020 2/20/2026 1,169 (6) (6) (0.00) %

USRP Holdings, Inc.

Federal Services First lien (3)(18) - Undrawn — 7/22/2021 7/23/2027 878 (9) (9) (0.00) %

Safety Borrower Holdings LLC

Information Services First lien (3)(15)(18) - Undrawn — 9/1/2021 9/1/2027 512 (3) (3)

First lien (3)(15)(18) - Undrawn — 9/1/2021 9/1/2022 1,279 — (6)

(3) (9) (0.00) %

Calabrio, Inc.

Software First lien (3)(15)(18) - Undrawn — 4/16/2021 4/16/2027 1,487 (11) (9) (0.00) %

YLG Holdings, Inc.

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of

Investment Interest Rate (19) Acquisition Date Maturity/Expiration

Date Principal

or Shares (17) Cost Fair Value Percent of

DCA Investment Holding, LLC

Healthcare Services First lien (3)(18) - Undrawn — 3/12/2021 3/10/2023 $ 3,005 $ — $ (11) (0.00) %

IG Investments Holdings, LLC

Business Services First lien (3)(15)(18) - Undrawn — 9/22/2021 9/22/2027 1,149 (11) (11) (0.00) %

ConnectWise, LLC

Notorious Topco, LLC

Consumer Products First lien (3)(15)(18) - Undrawn — 11/23/2021 5/24/2027 734 (6) (6)

First lien (3)(15)(18) - Undrawn — 11/23/2021 11/23/2023 1,467 — (11)

(6) (17) (0.00) %

Associations, Inc.

Consumer Services First lien (3)(15)(18) - Undrawn — 7/2/2021 7/2/2027 3,543 (18) (18) (0.00) %

Specialtycare, Inc.

Healthcare Services First lien (3)(15)(18) - Undrawn — 6/18/2021 6/18/2026 559 (8) (8)

First lien (3)(15)(18) - Undrawn — 6/18/2021 6/18/2023 671 — (10)

(8) (18) (0.00) %

Sun Acquirer Corp.

Consumer Services First lien (3)(15)(18) - Undrawn — 9/8/2021 9/8/2027 559 (5) (6)

First lien (3)(15)(18) - Undrawn — 9/8/2021 9/8/2023 1,378 (10) (14)

(15) (20) (0.00) %

Pioneer Topco I, L.P.

Pioneer Buyer I, LLC

Software First lien (3)(15)(18) - Undrawn — 11/1/2021 11/1/2027 2,446 (24) (24) (0.00) %

Bluefin Holding, LLC

Daxko Acquisition Corporation

Software First lien (3)(15)(18) - Undrawn — 10/15/2021 10/15/2027 986 (10) (10)

GC Waves Holdings, Inc.**

Business Services First lien (3)(10)(11) - Undrawn — 10/31/2019 10/31/2025 3,951 (30) — — %

Integro Parent Inc.

Business Services First lien (3)(10)(11) - Undrawn — 6/8/2018 4/30/2022 6,743 (34) — — %

GS Acquisitionco, Inc.

First lien (3)(15)(18) - Undrawn — 10/15/2021 10/16/2023 1,638 — (16)

(10) (26) (0.00) %

Infogain Corporation

Software First lien (3)(15)(18) - Undrawn — 7/30/2021 7/30/2026 3,827 (29) (29) (0.00) %

OA Topco, L.P.

OA Buyer, Inc.

Healthcare Information Technology First lien (3)(18) - Undrawn — 12/20/2021 12/20/2028 3,600 (36) (36) (0.00) %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of

Investment Interest Rate (19) Acquisition Date Maturity/Expiration

Date Principal

or Shares (17) Cost Fair Value Percent of

Granicus, Inc.

Software First lien (3)(15)(18) - Undrawn — 1/27/2021 1/29/2027 $ 2,414 $ (18) $ (18)

Salient CRGT Inc.

Federal Services First lien (3)(10)(11) - Undrawn — 6/26/2018 11/29/2021 6,125 (490) — — %

DCA Investment Holding, LLC

First lien (3)(15)(18) - Undrawn — 4/23/2021 4/21/2023 1,822 — (18)

(18) (36) (0.00) %

Trinity Air Consultants Holdings Corporation

Business Services First lien (3)(15)(18) - Undrawn — 6/30/2021 6/29/2027 300 (3) (3)

First lien (3)(15)(18) - Undrawn — 6/30/2021 6/29/2023 5,252 — (53)

(3) (56) (0.01) %

Galway Borrower LLC

Insurance Services First lien (3)(15)(18) - Undrawn — 9/30/2021 9/30/2027 1,865 (19) (19)

First lien (3)(15)(18) - Undrawn — 9/30/2021 9/29/2023 3,917 — (39)

(19) (58) (0.01) %

FS WhiteWater Holdings, LLC (38)

FS WhiteWater Borrower, LLC

Consumer Services First lien (5)(18) - Undrawn — 12/20/2021 12/21/2022 882 — (9)

First lien (3)(18) - Undrawn — 12/20/2021 12/21/2027 1,400 (14) (14)

First lien (5)(18) - Undrawn — 12/20/2021 12/21/2023 3,500 — (35)

(14) (58) (0.01) %

ACI Parent Inc.

ACI Group Holdings, Inc.

Healthcare Services First lien (3)(15)(18) - Undrawn — 8/2/2021 8/2/2027 2,354 (24) (24)

First lien (3)(15)(18) - Undrawn — 8/2/2021 8/2/2023 8,180 — (82)

(24) (106) (0.01) %

Fortis Solutions Group, LLC

Packaging First lien (3)(15)(18) - Undrawn — 10/15/2021 10/15/2027 2,861 (29) (29)

First lien (3)(15)(18) - Undrawn — 10/15/2021 10/13/2023 8,343 — (83)

(29) (112) (0.01) %

Deca Dental Holdings LLC

Healthcare Services First lien (3)(15)(18) - Undrawn — 8/26/2021 8/26/2027 3,027 (30) (30)

First lien (3)(15)(18) - Undrawn — 8/26/2021 8/28/2023 9,080 — (91)

(30) (121) (0.01) %

The accompanying notes are an integral part of these consolidated financial statements.

7 unchanged sentences

or Shares (17) Cost Fair Value Percent of

Ministry Brands, LLC

Software First lien (3)(10)(11) - Undrawn — 12/7/2016 12/2/2022 $ 1,000 $ (5) $ (5) (0.00) %

Instructure, Inc.

Software First lien (3)(10)(11) - Undrawn — 3/24/2020 3/24/2026 2,036 (13) (13) (0.00) %

NMC Crimson Holdings, Inc.

Healthcare Services First lien (3)(15)(18) - Undrawn — 3/1/2021 3/1/2023 $ 10,664 $ — $ (160) (0.01) %

Paw Midco, Inc.

AAH Topco, LLC

Consumer Services First lien (3)(18) - Undrawn — 12/22/2021 12/22/2027 3,659 (37) (37)

First lien (3)(18) - Undrawn — 12/22/2021 12/22/2023 25,420 — (254)

(37) (291) (0.02) %

Total Unfunded Debt Investments - United States $ (581) $ (1,256) (0.09) %

Unfunded Debt Investments - Jersey

Tennessee Bidco Limited**

Business Services First lien (3)(15)(16)(18) - Undrawn — 8/6/2021 7/9/2023 £ 9,521 $ — $ (143) (0.01) %

Total Unfunded Debt Investments - Jersey $ — $ (143) (0.01) %

Unfunded Debt Investments - Netherlands

Tahoe Finco, LLC**

Information Technology First lien (3)(15)(18) - Undrawn — 10/1/2021 10/1/2027 $ 4,439 $ (44) $ (44) (0.00) %

Total Unfunded Debt Investments - Netherlands $ (44) $ (44) (0.00) %

Total Unfunded Debt Investments $ (625) $ (1,443) (0.10) %

4 unchanged sentences

Edmentum Ultimate Holdings, LLC

Education Subordinated (3)(10) 11.00% (L + 10.00%/M) 12/11/2020 12/11/2026 $ 15,000 $ 14,851 $ 14,850 1.20 %

Education Subordinated (3)(15) 13.00% (6.50% + 6.50%/PIK)* 12/11/2020 1/26/2027 $ 15,434 $ 15,302 $ 15,841 1.18 %

Sierra Hamilton Holdings Corporation

Energy Second lien (3)(10) 15.00%/Q 9/12/2019 9/12/2023 835 821 751 0.06 %

Permian Holdco 1, Inc.

Permian Holdco 2, Inc.

Energy Second lien (3)(15) 15.00% PIK/Q(41)* 9/12/2019 9/12/2023 5 5 — — %

Permian Holdco 3, Inc.

Energy First lien (3)(10) 11.00% (L + 10.00% PIK/M)(26)* 7/23/2020 2/15/2021 2,562 — —

Subordinated (3)(10) 18.00% PIK/Q (26)* 12/26/2018 6/30/2022 2,417 2,417 —

Subordinated (3)(10) 14.00% PIK/Q (26)* 10/31/2016 10/15/2021 1,708 1,708 —

Subordinated (3)(10) 14.00% PIK/Q (26)* 10/31/2016 10/15/2021 1,025 1,025 —

7,712 5,150 — — %

Permian Trust

Energy First lien (10)(15) 10.00% PIK/Q(41)* 3/30/2021 — 247 — —

First lien (3)(15) 11.00% (L + 10.00% PIK/M)(41)* 7/23/2020 — 3,409 — —

Total Funded Debt Investments - United States $ 15,307 $ 15,841 1.18 %

Equity - United States

TVG-Edmentum Holdings, LLC (16)

Education Preferred shares (3)(10) — 12/11/2020 — 37,793 $ 38,002 $ 42,276

Ordinary shares (3)(10) — 12/11/2020 — 36,750 36,872 41,110

74,874 83,386 6.74 %

Sierra Hamilton Holdings Corporation

Energy Ordinary shares (2)(10) — 7/31/2017 — 25,000,000 11,501 3,622

Ordinary shares (3)(10) — 7/31/2017 — 2,786,000 1,282 403

12,783 4,025 0.33 %

The accompanying notes are an integral part of these consolidated financial statements.

7 unchanged sentences

or Shares (17) Cost Fair Value Percent of

Permian Holdco 1, Inc.

Energy Preferred shares (3)(10)(17)(26) — 10/31/2016 — 1,366,452 $ 5,714 $ —

Equity - United States

TVG-Edmentum Holdings, LLC (24)

Education Ordinary shares (3)(15) — 12/11/2020 — 48,899 $ 52,711 $ 114,934 8.56 %

Sierra Hamilton Holdings Corporation

Energy Ordinary shares (2)(15) — 7/31/2017 — 25,000,000 11,501 3,599

Ordinary shares (3)(15) — 7/31/2017 — 2,786,000 1,282 401

12,783 4,000 0.30 %

Total Shares - United States $ 65,494 $ 118,934 8.86 %

10 unchanged sentences

UniTek Global Services, Inc.

Business Services First lien (2)(10) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 12,512 12,512 11,969

First lien (3)(10) 8.50% (L + 5.50% + 2.00% PIK/S)* 3/16/2020 8/20/2024 9,274 8,315 8,872

First lien (2)(10) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 2,502 2,502 2,394

First lien (3)(10) 8.50% (L + 5.50% + 2.00% PIK/S)* 6/29/2018 8/20/2024 1,334 1,143 1,276

Business Services First lien (2)(15) 8.50% (L + 5.50% + 2.00% PIK/Q)* 6/29/2018 8/20/2024 12,643 12,643 12,643

First lien (3)(15) 8.50% (L + 5.50% + 2.00% PIK/Q)* 3/16/2020 8/20/2024 9,363 8,628 9,363

First lien (2)(15) 8.50% (L + 5.50% + 2.00% PIK/Q)* 6/29/2018 8/20/2024 2,528 2,528 2,528

First lien (3)(15) 8.50% (L + 5.50% + 2.00% PIK/Q)* 6/29/2018 8/20/2024 1,354 1,208 1,354

Second lien (3)(15) 15.00% PIK/Q* 12/16/2020 2/20/2025 9,970 9,970 9,970

34,977 35,858 2.67 %

Tenawa Resource Holdings LLC (21)

Tenawa Resource Management LLC

Specialty Chemicals & Materials First lien (3)(15) 14.00% PIK/Q* 12/17/2021 10/30/2026 31,624 18,821 18,821

First lien (3)(15) 10.50% (L + 8.50%/Q) 12/17/2021 10/30/2026 16,000 16,000 16,000

34,821 34,821 2.59 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of

Investment Interest Rate (19) Acquisition Date Maturity/Expiration

Date Principal

or Shares (17) Cost Fair Value Percent of

NHME Holdings Corp.

9 unchanged sentences

Total Funded Debt Investments - United States $ 186,498 $ 178,142 13.27 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2020

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of

Investment Interest Rate (12) Acquisition Date Maturity/Expiration

Date Principal

or Shares Cost Fair Value Percent of

Equity - Canada

NM APP Canada Corp.**

Net Lease Membership interest (7)(10) — 9/13/2016 — — $ 7,345 $ 12,302 0.99 %

Total Shares - Canada $ 7,345 $ 12,302 0.99 %

Equity - United States

1 unchanged sentence

Investment Fund Membership interest (3)(15) — 5/4/2018 — — $ 140,000 $ 140,000 10.43 %

NMFC Senior Loan Program II LLC**

NMFC Senior Loan Program IV LLC**

Investment Fund Membership interest (3)(15) — 5/5/2021 — — 112,400 112,400 8.37 %

7 unchanged sentences

Net Lease Membership interest (7)(15) — 2/1/2018 — — 14,750 50,687 3.77 %

NMFC Senior Loan Program I LLC**

Investment Fund Membership interest (3)(10) — 6/13/2014 — — 23,000 23,000 1.86 %

Net Lease Membership interest (7)(15) — 10/6/2017 — — 12,538 24,676 1.84 %

The accompanying notes are an integral part of these consolidated financial statements.

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

Portfolio Company, Location and Industry(1) Type of

Investment Interest Rate (19) Acquisition Date Maturity/Expiration

Date Principal

or Shares (17) Cost Fair Value Percent of

UniTek Global Services, Inc.

7 unchanged sentences

76,890 18,696 1.39 %

NM APP US LLC

Net Lease Membership interest (7)(15) — 9/13/2016 — — 5,080 14,891 1.11 %

1 unchanged sentence

Energy Ordinary shares (3)(15) — 10/30/2020 — 100 11,155 11,000 0.82 %

NM APP US LLC

Net Lease Membership interest (7)(15) — 9/30/2019 — — 6,272 8,286 0.62 %

Net Lease Membership interest (7)(15) — 11/18/2016 — — 5,152 7,984 0.59 %

Net Lease Membership interest (7)(15) — 8/12/2016 — — 2,043 3,996 0.30 %

NHME Holdings Corp.

Healthcare Services Ordinary shares (3)(15) — 11/27/2018 — 640,000 4,000 2,000 0.15 %

NM GP Holdco, LLC**

Net Lease Membership interest (7)(15) — 6/20/2018 — — 998 1,197 0.09 %

Net Lease Membership interest (7)(15) — 11/15/2016 — — 9,222 244 0.02 %

QID TRH Holdings LLC (21)

Tenawa Resource Holdings LLC

Specialty Chemicals & Materials Ordinary shares (14)(15) — 10/1/2021 — 80 — —

Profit Interest (6)(15) — 10/1/2021 — 5 — —

Total Shares - United States $ 527,624 $ 554,665 41.31 %

The accompanying notes are an integral part of these consolidated financial statements.

7 unchanged sentences

or Shares (17) Cost Fair Value Percent of

Net Lease Membership interest (7)(10) — 9/30/2019 — — $ 6,272 $ 6,852 0.55 %

NHME Holdings Corp.

Healthcare Services Ordinary shares (3)(10) — 11/27/2018 — 640,000 4,000 4,000 0.32 %

Net Lease Membership interest (7)(10) — 8/12/2016 — — 2,043 3,830 0.31 %

Net Lease Membership interest (7)(10) — 11/15/2016 — — 8,581 1,501 0.12 %

NM GP Holdco, LLC**

Equity - Canada

NM APP Canada Corp.**

Net Lease Membership interest (7)(15) — 9/13/2016 — — $ 7,345 $ 9,422 0.70 %

Total Shares - United States $ 459,315 $ 441,349 35.68 %

Total Shares - Canada $ 7,345 $ 9,422 0.70 %

Total Shares $ 534,969 $ 564,087 42.01 %

10 unchanged sentences

Energy First lien (3)(15)(18) - Undrawn — 10/30/2020 12/31/2024 $ 4,977 $ — $ — — %

Tenawa Resource Holdings LLC (21)

Tenawa Resource Management LLC

Specialty Chemicals & Materials First lien (3)(15)(18) - Undrawn — 12/17/2021 10/30/2026 8,000 — — — %

Total Unfunded Debt Investments - United States $ — $ — — %

14 unchanged sentences

Borrowings , for details.

(9) Investment is held in NMF Ancora Holdings, Inc.

(10) Investment is held in NMF Permian Holdings, LLC

(11) Investment is held in NMF HB, Inc

(12) Investment is held in NMF OEC, Inc.

The accompanying notes are an integral part of these consolidated financial statements.

3 unchanged sentences

(in thousands, except shares)

(9) Investment is held in NMF Ancora Holdings, Inc.

(13) Investment is held in NMF Pioneer, Inc

(14) Investment is held in NMF TRM, LLC.

(15) The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement.

Fair Value, for details.

(16) Investment is denominated in foreign currency and is translated into U.S.

dollars as of the valuation date.

As of December 31, 2021, the par value U.S.

dollar equivalent of the first lien term loan, drawn first lien term loan and the undrawn first lien term loan is $17,428, $5,103 and $12,884, respectively.

Summary of Significant Accounting Policies , for details

(17) Par amount is denominated in United States Dollar unless otherwise noted, British Pound ("£").

(18) Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws.

1 unchanged sentence

(19) All interest is payable in cash unless otherwise indicated.

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P) and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A).

For each investment the current interest rate provided reflects the rate in effect as of December 31, 2021.

1 unchanged sentence

(14) The Company holds investments in two related entities of Tenawa Resource Holdings LLC.

The Company holds 4.77% of the common units in QID NGL LLC (which at closing represented 98.1% of the ownership in the common units in Tenawa Resource Holdings LLC), class A and class B preferred units in QID NGL LLC and a first lien investment in Tenawa Resource Management LLC, a wholly-owned subsidiary of Tenawa Resource Holdings LLC.

(15) The Company holds investments in two wholly-owned subsidiaries of Alert Holding Company, Inc.

The Company holds a first lien term loan and a first lien revolver in Appriss Holdings, Inc.

and preferred equity in Alert Intermediate Holdings I, Inc.

The preferred equity is entitled to receive preferential dividends at a rate of L + 10.0% per annum.

(16) The Company holds ordinary shares and preferred shares in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC.

The preferred shares are entitled to receive cumulative preferential dividends at a rate of 10.0% per annum.

(21) The Company holds investments in multiple entities of Tenawa Resource Holdings LLC.

The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Tenawa Resource Holdings LLC, and holds a tranche A first lien term loan, a tranche B first lien term loan and a first lien revolver in Tenawa Resource Management LLC.

(22) The Company holds preferred equity in OEC Holdco, LLC, and two second lien term loans in OEConnection LLC, a wholly-owned subsidiary of OEC Holdco, LLC.

The preferred equity is entitled to receive prefenential dividends of 11.00% per annum.

(23) The Company holds investments in two wholly-owned subsidiaries of Appriss Health Holdings, Inc.

The Company holds a first lien term loan and a first lien revolver in Appriss Health, LLC, and preferred equity in Appriss Health Intermediate Holdings, Inc.

The preferred equity is entitled to receive preferential dividends at a rate of 11.00% per annum.

(24) The Company holds ordinary shares in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC.

The ordinary shares are entitled to receive cumulative preferential dividends at a rate of 12.0% per annum.

(17) The Company holds preferred equity in Permian Holdco 1, Inc.

that is entitled to receive cumulative preferential dividends at a rate of 12.0% per annum payable in additional shares.

(25) The Company holds preferred equity in UniTek Global Services, Inc.

6 unchanged sentences

(23) The Company holds preferred equity in Avatar Topco, Inc.

and holds a second lien term loan investment in EAB Global, Inc., a wholly-owned subsidiary of Avatar Topco, Inc.

The preferred equity is entitled to receive cumulative preferential dividends at a rate of L + 11.00% per annum.

(30) The Company holds preferred equity in Dealer Tire Holdings, LLC that is entitled to receive cumulative preferential dividends at a rate of 7.00% per annum.

(31) The Company holds preferred equity in Symplr Software Intermediate Holdings, Inc.

1 unchanged sentence

(32) The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.

(26) Investment or a portion of the investment is on non-accrual status.

Investments , for details.

(27) The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $21,422 as of December 31, 2020.

Summary of Significant Accounting Policies , for details.

(33) The Company holds ordinary shares in AAC Lender Holdings, LLC and a first lien term loan, first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.

(34) The Company holds preferred equity in Project Essential Super Parent, LLC that is entitled to receive cumulative preferential dividends at a rate of L + 9.50% per annum.

(35) The Company holds investments in two wholly-owned subsidiary of Diamond Parent Holdings Corp.

The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc.

The preferred equity in Diligent Preferred Issuer Inc.

is entitled to receive cumulative preferential dividends at a rate 10.50% per annum.

(36) The Company holds investments in ACI Parent Inc.

and a wholly-owned subsidiary of ACI Parent Inc.

The Company holds a first lien term loan, a first lien delayed draw and a first lien revolver in ACI Group Holdings, Inc.

and preferred equity in ACI Parent Inc.

The preferred equity in ACI Parent Inc.

is entitled to receive cumulative preferential dividends at a rate of 11.75% per annum

(37) The Company holds preferred equity in HB Wealth Management, LLC that is entitled to receive cumulative preferential dividends at a rate of 4.00% per annum.

The accompanying notes are an integral part of these consolidated financial statements.

3 unchanged sentences

(in thousands, except shares)

(39) The Company holds ordinary shares in Pioneer Topco I, L.P., and a first lien term loan and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.

(40) The Company holds ordinary shares in OA Topco, L.P., and a first lien term loan and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidary of OA Topco, L.P.

(41) Investment or a portion of the investment is on non-accrual status.

Investments , for details.

Summary of Significant Accounting Policies, for details.

5 unchanged sentences

Income Dividend

NMFC Senior Loan Program I LLC (C) $ 23,000 $ — $ (23,000) $ — $ — $ — $ — $ 2,611 $ 898

Permian Holdco 1, Inc.

1 unchanged sentence

/ Permian Holdco 3, Inc.

40,621 (99) (33,321) (3,510) (7,201) — 532 (3,418) 178

/ Permian Trust $ — $ 225 $ (12,438) $ (12,213) $ 12,213 $ — $ — $ — $ —

Sierra Hamilton Holdings Corporation 4,776 11 (828) 2 41 4,000 188 — 24

3 unchanged sentences

(B) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

The accompanying notes are an integral part of these consolidated financial statements.

9 unchanged sentences

Income Dividend

Edmentum Ultimate Holdings, LLC/Edmentum Inc.

Edmentum Inc.

$ — $ — $ — $ 2,207 $ — $ — $ — $ — $ 1,200

3 unchanged sentences

98,442 5,417 — — 5,736 109,595 6,956 — 1,500

New LT Smile Holdings, LLC / Benevis Holdings Corp (C) — 69,886 (91,831) (9,739) 21,945 — 1,434 — 415

New Permian Holdco, Inc.

12 unchanged sentences

NM YI LLC 6,852 — — — 1,434 8,286 — 877 —

NMFC Senior Loan Program I LLC (D) — 23,000 — — — 23,000 — 142 —

NMFC Senior Loan Program I LLC 23,000 10,000 (33,000) — — — — 741 —

NMFC Senior Loan Program II LLC 79,400 — (79,400) — — — — 2,410 —

NMFC Senior Loan Program III LLC 120,000 20,000 — — — 140,000 — 16,712 —

NMFC Senior Loan Program IV LLC — 112,400 — — — 112,400 — 7,767 —

Tenawa Resource Management LLC / Tenawa Resource Holdings LLC / QID TRH Holdings LLC (C) — 64,776 (45,892) (11,243) 15,937 34,821 845 — 8

UniTek Global Services, Inc.

4 unchanged sentences

(D) Portfolio company moved into the controlled category from the non-controlled/affiliated investment company.

* All or a portion of interest contains PIK interest.

1 unchanged sentence

Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets.

As of December 31, 2020, 16.2% of the Company’s total investments were non-qualifying assets.

As of December 31, 2021, 18.0% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

The accompanying notes are an integral part of these consolidated financial statements.

16 unchanged sentences

Healthcare Services 16.07 %

Education 8.06 %

Investment Funds (includes investments in joint ventures) 7.95 %

Education 7.89 %

Net Lease 7.22 %

Federal Services 2.84 %

Consumer Services 3.50 %

Specialty Chemicals & Materials 2.09 %

Distribution & Logistics 3.28 %

Insurance Services 2.37 %

Specialty Chemicals & Materials 1.90 %

Information Technology 1.85 %

Financial Services 1.76 %

Healthcare Information Technology 1.67 %

Industrial Services 1.24 %

Energy 1.22 %

Packaging 1.06 %

Federal Services 0.40 %

Business Products 0.33 %

Consumer Products 0.32 %

Industrial Services 0.23 %

Information Services 0.18 %

Total investments 100.00 %

8 unchanged sentences

New Mountain Finance Corporation

September 30, 2021

March 31, 2022

(in thousands, except share data)

3 unchanged sentences

NMFC has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

NMFC is also registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).

Since NMFC’s IPO, and through September 30, 2021, NMFC raised approximately $893,183 in net proceeds from additional offerings of its common stock.

Since NMFC’s IPO, and through March 31, 2022, NMFC raised approximately $926,084 in net proceeds from additional offerings of its common stock.

New Mountain Finance Advisers BDC, L.L.C.

15 unchanged sentences

("SBIC I") and New Mountain Finance SBIC II, L.P.

("SBIC II"), who have received licenses from the United States ("U.S.") Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act"), and their general partners, New Mountain Finance SBIC G.P., L.L.C.

("SBIC II"), who have received licenses from the U.S.

Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act"), and their general partners, New Mountain Finance SBIC G.P., L.L.C.

("SBIC I GP"), and New Mountain Finance SBIC II G.P., L.L.C.

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("NMF YP"), NMF Permian Holdings LLC ("NMF Permian"), NMF HB, Inc.

("NMF HB") and NMF TRM, LLC ("NMF TRM"), which serve as tax blocker corporations by holding equity or equity-like investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities);

("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc.

("NMF Pioneer") and NMF OEC, Inc.

("NMF OEC") which serve as tax blocker corporations by holding equity or equity-like investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities);

the Company consolidates its tax blocker corporations for accounting purposes but the tax blocker corporations are not consolidated for U.S.

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The Company's primary focus is in the debt of defensive growth companies, which are defined as generally exhibiting the following characteristics:

(i) sustainable secular growth drivers, (ii) high barriers to competitive entry, (iii) high free cash flow after

capital expenditure and working capital needs, (iv) high returns on assets and (v) niche market dominance.

Similar to the Company, SBIC I's and SBIC II's investment objectives are to generate current income and capital appreciation under the investment criteria used by the Company.

(i) sustainable secular growth drivers, (ii) high barriers to competitive entry, (iii) high free cash flow after capital expenditure and working capital needs, (iv) high returns on assets and (v) niche market dominance.

Similar to the

Company, SBIC I's and SBIC II's investment objectives are to generate current income and capital appreciation under the investment criteria used by the Company.

However, SBIC I and SBIC II investments must be in SBA-eligible small businesses.

The Company’s portfolio may be concentrated in a limited number of industries.

As of September 30, 2021, the Company’s top five industry concentrations were software, business services, healthcare services, investment funds (which includes the Company's investments in its joint ventures) and education.

As of March 31, 2022, the Company’s top five industry concentrations were software, business services, healthcare services, education and investment funds (which includes the Company's investments in its joint ventures).

Summary of Significant Accounting Policies

Basis of accounting —The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S.

Basis of accounting —The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP").

The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies , (“ASC 946”).

NMFC consolidates its wholly-owned direct and indirect subsidiaries:

NMF Holdings, NMFDB, NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB and NMF TRM and its majority-owned consolidated subsidiary:

NMF Holdings, NMFDB, NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF OEC and its majority-owned consolidated subsidiary:

For majority-owned consolidated subsidiaries, the third-party equity interest is referred to as non-controlling interest.

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NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases.

NMNLC's investments are disclosed on the Company's Consolidated Schedule of Investments as of September 30, 2021.

NMNLC's investments are disclosed on the Company's Consolidated Schedule of Investments as of March 31, 2022.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315.

Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020.

Below is certain summarized property information for NMNLC as of September 30, 2021:

Below is certain summarized property information for NMNLC as of March 31, 2022:

Lease Total Fair Value as of

Portfolio Company Tenant Expiration Date Location Square Feet September 30, 2021

Portfolio Company Tenant Expiration Date Location Square Feet March 31, 2022

NM NL Holdings LP / NM GP Holdco LLC Various Various Various Various $ 110,991

NM CLFX LP Victor Equipment Company 8/31/2033 TX 423 23,247

NM APP US LLC Plasman Corp, LLC / A-Brite LP 9/30/2033 AL / OH 261 17,872

NM GLCR LP Arctic Glacier U.S.A.

2/28/2038 CA 48 16,852

NM CLFX LP Victor Equipment Company 8/31/2033 TX 423 25,352

NM APP Canada, Corp.

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9/30/2031 Canada 436 10,002

NM APP US LLC Plasman Corp, LLC / A-Brite LP 9/30/2033 AL / OH 261 9,006

NM DRVT LLC FMH Conveyors, LLC 10/31/2031 AR 195 9,023

NM YI, LLC Young Innovations, Inc.

10/31/2039 IL / MO 212 8,381

NM DRVT LLC FMH Conveyors, LLC 10/31/2031 AR 195 7,558

NM JRA LLC J.R.

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Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income.

As of September 30, 2021 and December 31, 2020, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of $21,422 and $21,422, respectively.

As of March 31, 2022 and December 31, 2021, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of $19,401 and $21,422, respectively.

The collateralized agreement to resell is on non-accrual.

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These securities have original maturities of three months or less.

The Company did not hold any cash equivalents as of September 30, 2021 and December 31, 2020.

The Company did not hold any cash equivalents as of March 31, 2022 and December 31, 2021.

Revenue recognition

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The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer.

For the three and nine months ended September 30, 2021, the Company recognized PIK and non-cash interest from investments of $5,699 and $17,067, respectively, and PIK and non-cash dividends from investments of $3,705 and $14,738, respectively.

For the three and nine months ended September 30, 2020, the Company recognized PIK and non-cash interest from investments of $5,008 and $11,726, respectively, and PIK and non-cash dividends from investments of $3,850 and $9,196, respectively.

For the three months ended March 31, 2022 and March 31, 2021, the Company recognized PIK and non-cash interest from investments of $8,523 and $5,838, respectively, and PIK and non-cash dividends from investments of $5,079 and $5,187, respectively.

Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

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Other income:

Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees, management fees from a non-controlled/affiliated investment and other miscellaneous fees received and are typically non-recurring in nature.

Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature.

Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after trade date.

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federal income tax purposes.

For the three and nine months ended September 30, 2021, the Company recognized a total income tax benefit (provision) of approximately $9 and $(129), respectively, for the Company’s consolidated subsidiaries.

For the three and nine months ended September 30, 2021, the Company recorded current income tax (benefit) expense of approximately $(8) and $15, respectively, and deferred income tax benefit (provision) of approximately $1 and $(114), respectively.

For the three and nine months ended September 30, 2020, the Company recognized a total income tax benefit of approximately $134 and $662,

respectively, for the Company’s consolidated subsidiaries.

For the three and nine months ended September 30, 2020, the Company recorded current income tax expense of approximately $123 and $116, respectively, and deferred income tax benefit of approximately $257 and $778, respectively.

As of September 30, 2021 and December 31, 2020, the Company had $(13) and $101, respectively, of deferred tax (liabilities) assets primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S.

For the three months ended March 31, 2022 and March 31, 2021, the Company recognized a total income tax provision of approximately $97 and $116, respectively, for the Company’s consolidated subsidiaries.

For the three months ended March 31, 2022 and March 31, 2021, the Company recorded current income tax expense of approximately $95 and $1, respectively, and deferred income tax provision of approximately $2 and $115, respectively.

As of March 31, 2022 and December 31, 2021, the Company had $14 and $13, respectively, of deferred tax liabilities primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S.

federal income tax purposes as compared to GAAP.

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On December 22, 2021, the Company's board of directors extended the Company's Repurchase Program and the Company expects the Repurchase Program to be in place until the earlier of December 31, 2022 or until $50,000 of its outstanding shares of common stock have been repurchased.

During the three and nine months ended September 30, 2021 and September 30, 2020, the Company did not repurchase any shares of the Company's common stock.

During the three months ended March 31, 2022 and March 31, 2021, the Company did not repurchase any shares of the Company's common stock.

The Company previously repurchased $2,948 of its common stock under the Repurchase Program.

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dollars based on the rate of exchange of such currencies on the date of valuation.

Purchases and sales of investment securities and income and expense items denominated in foreign currencies are

translated into U.S.

Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S.

dollars based on the rate of exchange of such currencies on the respective dates of the transactions.

The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.

The Company isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.

Such fluctuations are included with "Net change in unrealized appreciation (depreciation)" and "Net realized gains (losses)" in the Company's Consolidated Statements of Operations.

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Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

Dividend income recorded related to distributions received from flow-through investments is an accounting estimate based on the most recent estimate of the tax treatment of the distribution.

At September 30, 2021, the Company’s investments consisted of the following:

At March 31, 2022, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type

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Healthcare Services 529,778 513,850

Investment Funds (includes investments in joint ventures) 252,400 252,400

Education 204,701 264,620

Investment Funds (includes investments in joint ventures) 252,400 252,400

Net Lease 135,974 200,651

Consumer Services 154,623 154,093

Distribution & Logistics 106,372 106,522

Specialty Chemicals & Materials 61,347 65,405

Energy 46,764 37,821

Financial Services 60,354 60,723

Information Technology 58,587 58,553

Insurance Services 64,338 57,739

Healthcare Information Technology 53,269 53,400

Energy 48,669 39,726

Packaging 34,724 33,675

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Business Products 10,765 10,393

Consumer Products 10,283 10,268

Industrial Services 7,352 7,344

Information Services 5,841 5,832

Consumer Services 4,391 4,379

Total investments $ 3,219,709 $ 3,256,965

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Healthcare Services 510,832 509,941

Education 236,922 238,034

Investment Funds (includes investments in joint ventures) 252,400 252,400

Education 200,895 250,351

Net Lease 150,603 229,253

Federal Services 82,637 83,742

Consumer Services 111,464 111,140

Specialty Chemicals & Materials 62,037 61,651

Distribution & Logistics 106,211 104,112

Insurance Services 76,307 75,094

Specialty Chemicals & Materials 60,295 60,367

Information Technology 58,570 58,553

Financial Services 55,424 55,745

Healthcare Information Technology 52,804 52,946

Industrial Services 36,581 36,744

Energy 47,702 38,759

Packaging 34,763 33,723

Federal Services 12,797 12,790

Business Products 10,764 10,586

Consumer Products 10,218 10,206

Industrial Services 7,368 7,362

Information Services 5,726 5,719

Total investments $ 3,126,492 $ 3,174,364

As of September 30, 2021, the Company's aggregate principal amount of its first lien term loans and subordinated position in American Achievement Corporation ("AAC") was $28,870 and $5,230, respectively, of which $12,464 and $5,230, respectively, were placed on non-accrual status during the quarter.

As of September 30, 2021, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $12,443, an aggregate fair value of $7,257 and total unearned interest income of $319 and $319 for the three and nine months then ended, respectively.

As of March 31, 2022, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $29,403, respectively.

During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status.

During the third quarter of 2021, the Company placed an aggregate principal amount of $12,677 of its first lien term loans on non-accrual status.

As of March 31, 2022, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $12,659, an aggregate fair value of $7,022 and total unearned interest income of $296 for the three months then ended.

During the third quarter of 2021, the Company placed its second lien position in Sierra Hamilton Holdings Corporation ("Sierra") on non-accrual status.

As of September 30, 2021, the Company's second lien position in Sierra had an aggregate cost basis of $0, an aggregate fair value of $0, and total unearned interest income of $0 and $0 for the three and nine months then ended, respectively.

As of September 30, 2021, the Company's aggregate principal amount of its first lien positions in Tenawa Resource Management LLC ("Tenawa") was $42,900, of which $17,160 was placed on non-accrual status during the quarter.

As of September 30, 2021, the Company's first lien positions in Tenawa on non-accrual status had an aggregate cost basis of $17,146, an aggregate fair value of $10,771 and total unearned interest income of $445 and $445 for the three and nine months then ended, respectively.

As of March 31, 2022, the Company's second lien position in Sierra had an aggregate cost basis of $5, an aggregate fair value of $0, and total unearned interest income of $0 for the three months then ended.

During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc.

("UniTek") on non-accrual status.

As of September 30, 2021, the Company's junior preferred shares in UniTek had an aggregate cost basis of $34,393, an aggregate fair value of $0 and total unearned dividend income of $1,492 and $4,330 for the three and nine months then ended, respectively.

As of March 31, 2022, the Company's junior preferred shares in UniTek had an aggregate cost basis of $34,393, an aggregate fair value of $0 and total unearned dividend income of $1,594 for the three months then ended.

During the third quarter of 2021, the Company placed an aggregate principal amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status.

As of September 30, 2021, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of

approximately $2,647 and total unearned dividend income of approximately $988 and $1,924 for the three and nine months then ended, respectively.

As of March 31, 2022, the Company's senior preferred shares in

UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $3,632 and total unearned dividend income of approximately $1,084 for the three months then ended.

During the first quarter of 2018, the Company placed its first lien positions in Education Management II LLC ("EDMC") on non-accrual status as EDMC announced its intention to wind down and liquidate the business.

As of September 30, 2021, the Company's investment in EDMC, which was placed on non-accrual status, represented an aggregate cost basis of $957, an aggregate fair value of $0 and total unearned interest income of $4 and $13 for the three and nine months then ended, respectively.

As of September 30, 2021, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $68,680 and $0, respectively.

As of September 30, 2021, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $139,153.

The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2021.

As of March 31, 2022, the Company's investment in EDMC, which was placed on non-accrual status, represented an aggregate cost basis of $956, an aggregate fair value of $0 and total unearned interest income of $4 for the three months then ended.

As of March 31, 2022, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $94,031 and $0, respectively.

As of March 31, 2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $144,268.

The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2022.

As of December 31, 2021, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $86,989 and $0, respectively.

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In August 2017, a trustee (the “Trustee”) for Black Elk informed the Company that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against the Company and one of its affiliates seeking the return of the $20,540 repayment.

Black Elk filed a Chapter 11 bankruptcy petition pursuant to the United States Bankruptcy Code in August 2015.

Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S.

Bankruptcy Code in August 2015.

The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to the Company under the SPP Agreement.

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During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement.

As of September 30, 2021 and December 31, 2020, the SPP Agreement has a cost basis of $14,500 and $14,500, respectively, and a fair value of $10,354 and $10,354, respectively, which is reflective of the higher inherent risk in this transaction.

NMFC Senior Loan Program I LLC

NMFC Senior Loan Program I LLC (“SLP I”) was formed as a Delaware limited liability company on May 27, 2014 and commenced operations on June 10, 2014.

SLP I was structured as a private investment fund and was a portfolio company held by the Company.

SLP I operated under a limited liability company agreement (the “SLP I Agreement”) and invested in senior secured loans issued by companies within the Company’s core industry verticals.

These investments were typically broadly syndicated first lien loans.

Effective May 5, 2021, the Company and SkyKnight Income III, LLC (“SkyKnight Income III”) entered into a Contribution Agreement in which 100% of both of their membership interests in SLP I were transferred and contributed to NMFC Senior Loan Program IV LLC ("SLP IV"), a Delaware limited liability company, structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha").

On May 5, 2021, SLP I entered into Amendment 1 to the First Amended and Restated Limited Liability Company Agreement (the “Amended Restated SLP I Agreement”), which admitted SLP IV as the sole member of SLP I.

As of May 5, 2021, SLP I is a wholly-owned subsidiary of SLP IV.

As of May 4, 2021, SLP I had total investments with an aggregate fair value of approximately $119,642, debt outstanding of $79,467 and capital that had been called and funded of $43,000.

As of December 31, 2020, SLP I had total investments with an aggregate fair value of approximately $124,659, debt outstanding of $188,867 and capital that had been

called and funded of $43,000.

The Company’s investment in SLP I is disclosed on the Company’s Consolidated Schedule of Investments as of December 31, 2020.

Below is a summary of SLP I's portfolio, along with a listing of the individual investments in SLP I's portfolio as of December 31, 2020.

As of May 5, 2021 all investments in the SLP I portfolio are included in the consolidated portfolio of SLP IV.

December 31, 2020

First lien investments (1) $ 127,660

Weighted average interest rate on first lien investments (2) 4.85 %

Number of portfolio companies in SLP I 34

Largest portfolio company investment (1) $ 7,797

Total of five largest portfolio company investments (1) $ 34,918

(1) Reflects principal amount or par value of investment.

(2) Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

The following table is a listing of the individual investments in SLP I's portfolio as of December 31, 2020:

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair

Funded Investments - First lien

Access CIG, LLC Business Services 3.98% (L + 3.75%) 2/27/2025 $ 3,678 $ 3,701 $ 3,649

Advisor Group Holdings, Inc.

Consumer Services 5.15% (L + 5.00%) 7/31/2026 6,866 6,809 6,836

Affordable Care Holding Corp.

Healthcare Services 5.75% (L + 4.75%) 10/24/2022 6,614 6,578 6,531

ASG Technologies Group, Inc.

Software 4.50% (L + 3.50%) 7/31/2024 653 651 636

Education 5.00% (L + 4.00%) 12/1/2023 5,980 5,964 5,980

Bearcat Buyer, Inc.

Healthcare Services 5.25% (L + 4.25%) 7/9/2026 131 130 131

Bearcat Buyer, Inc.

Healthcare Services 5.25% (L + 4.25%) 7/9/2026 631 628 631

Bracket Intermediate Holding Corp.

Healthcare Services 4.48% (L + 4.25%) 9/5/2025 4,520 4,504 4,474

Certara Holdco, Inc.

Healthcare Information Technology 3.75% (L + 3.50%) 8/15/2024 5,138 5,134 5,145

CHA Holdings, Inc.

Business Services 5.50% (L + 4.50%) 4/10/2025 452 452 423

Software 3.90% (L + 3.75%) 11/29/2024 6,745 6,732 6,479

Dealer Tire, LLC Distribution & Logistics 4.40% (L + 4.25%) 12/12/2025 3,433 3,426 3,419

Drilling Info Holdings, Inc.

Business Services 4.40% (L + 4.25%) 7/30/2025 6,103 6,084 5,925

Emerald 2 Limited Business Services 3.50% (L + 3.25%) 7/10/2026 449 448 445

eResearchTechnology, Inc.

Healthcare Services 5.50% (L + 4.50%) 2/4/2027 1,345 1,333 1,336

Fastlane Parent Company, Inc.

Distribution & Logistics 4.65% (L + 4.50%) 2/4/2026 1,363 1,342 1,355

Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 6,693 6,677 6,141

Heartland Dental, LLC Healthcare Services 3.65% (L + 3.50%) 4/30/2025 3,609 3,597 3,524

HS Purchaser, LLC / Help/Systems Holdings, Inc.

Software 5.75% (L + 4.75%) 11/19/2026 138 137 138

LSCS Holdings, Inc.

Healthcare Services 4.51% (L + 4.25%) 3/17/2025 1,372 1,367 1,344

LSCS Holdings, Inc.

Healthcare Services 4.51% (L + 4.25%) 3/17/2025 5,314 5,297 5,208

Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 781 783 767

Medical Solutions Holdings, Inc.

Healthcare Services 5.50% (L + 4.50%) 6/14/2024 2,249 2,245 2,237

Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 4,876 4,868 4,852

National Intergovernmental Purchasing Alliance Company Business Services 4.00% (L + 3.75%) 5/23/2025 1,352 1,354 1,346

Pelican Products, Inc.

Business Products 4.50% (L + 3.50%) 5/1/2025 2,254 2,250 2,217

Premise Health Holding Corp.

Healthcare Services 3.75% (L + 3.50%) 7/10/2025 628 626 614

Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 4,175 4,159 3,799

PSC Industrial Holdings Corp.

Industrial Services 4.75% (L + 3.75%) 10/11/2024 3,906 3,883 3,799

Salient CRGT Inc.

Federal Services 7.50% (L + 6.50%) 2/28/2022 6,731 6,713 6,731

Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 4,260 4,243 4,192

Wirepath LLC Distribution & Logistics 4.25% (L + 4.00%) 8/5/2024 6,779 6,779 6,542

WP CityMD Bidco LLC Healthcare Services 5.50% (L + 4.50%) 8/13/2026 6,148 6,096 6,162

Wrench Group LLC Consumer Services 4.25% (L + 4.00%) 4/30/2026 2,739 2,716 2,712

YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 7,797 7,792 7,174

Zelis Cost Management Buyer, Inc.

Healthcare Information Technology 4.90% (L + 4.75%) 9/30/2026 1,758 1,743 1,765

Total Funded Investments $ 127,660 $ 127,241 $ 124,659

(1) All interest is payable in cash unless otherwise indicated.

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base).

For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2020.

(2) Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820").

The Company's board of directors does not determine the fair value of the investments held by SLP I.

Below is certain summarized financial information for SLP I as of May 4, 2021 and December 31, 2020 and for the period from January 1, 2021 through May 4, 2021 and the three and nine months ended September 30, 2020:

Selected Balance Sheet Information:

May 4, 2021 December 31, 2020

Investments at fair value (cost of $120,921 and $127,241, respectively) $ 119,642 $ 124,659

Receivable from in-kind distributions — 100,404

Receivable from unsettled securities sold — 1,662

Cash and other assets 2,279 6,461

Total assets $ 121,921 $ 233,186

Credit facility $ 79,467 $ 188,867

Deferred financing costs — (296)

Distribution payable 310 2,538

Other liabilities 388 1,364

Total liabilities 80,165 192,473

Members' capital $ 41,756 $ 40,713

Total liabilities and members' capital $ 121,921 $ 233,186

Selected Statement of Operations Three Months Ended Nine Months Ended

September 30, 2020 May 4, 2021(1) September 30, 2020

Interest income $ 4,164 $ 2,555 $ 13,673

Other income — 13 52

Total investment income 4,164 2,568 13,725

Interest and other financing expenses 1,220 852 4,531

Other expenses 357 591 1,143

Total expenses 1,577 1,443 5,674

expenses waived and reimbursed (32) — (137)

Net expenses 1,545 1,443 5,537

Net investment income 2,619 1,125 8,188

Net realized gains (losses) on investments 4 1 (293)

Net change in unrealized appreciation (depreciation) of investments 8,534 1,302 (7,710)

Net increase in members' capital $ 11,157 $ 2,428 $ 185

(1) Reflects the results of operations for the period from January 1, 2021 through May 4, 2021.

Pursuant to the First Amended and Restated Limited Liability Company Agreement effective December 11, 2020 (the “Restated SLP I Agreement”), the Company was no longer entitled to, and SLP I no longer paid management fees for investment management services provided to SLP I.

For the period from January 1, 2021 through May 4, 2021, the Company did not earn management fees related to SLP I.

For the three and nine months ended September 30, 2020, the Company earned approximately $254 and $781, respectively, in management fees related to SLP I, which is included in other income.

As of September 30, 2021 and December 31, 2020, approximately $0 and $117, respectively, of management fees related to SLP I was included in receivable from affiliates.

For the period from January 1, 2021 through May 4, 2021, the Company earned approximately $741, respectively, of dividend income related to SLP I, which is included in dividend income.

For the three and nine months ended September 30, 2020, the Company earned approximately $687 and $2,096, respectively, of dividend income related to SLP I, which is included in dividend income.

As of September 30, 2021 and December 31, 2020, approximately $0 and $657, respectively, of dividend income related to SLP I was included in interest and dividend receivable.

NMFC Senior Loan Program II LLC

NMFC Senior Loan Program II LLC ("SLP II") was formed as a Delaware limited liability company on March 9, 2016 and commenced operations on April 12, 2016.

SLP II was structured as a private joint venture investment fund between the Company and SkyKnight Income, LLC (“SkyKnight”) and operated under a limited liability company agreement (the "SLP II Agreement").

The purpose of the joint venture was to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals.

These investments were typically broadly syndicated first lien loans.

All investment decisions had to be unanimously approved by the board of managers of SLP II, which had equal representation from the Company and SkyKnight.

Effective May 5, 2021, the Company and SkyKnight entered into a Contribution Agreement in which 100% of both of their membership interests in SLP II were transferred and contributed to SLP IV.

Effective May 5, 2021, SLP II entered into Amendment 1 to the Limited Liability Company Agreement (the “Amended SLP II Agreement”), which admitted SLP IV as the sole member of SLP II.

As of May 5, 2021, SLP II is a wholly-owned subsidiary of SLP IV.

As of May 4, 2021 and December 31, 2020, SLP II had total investments with an aggregate fair value of approximately $250,290 and $271,149, respectively, and debt outstanding under its credit facility of $158,470 and $183,970, respectively.

As of May 4, 2021 and December 31, 2020, none of SLP II's investments were on non-accrual.

Below is a summary of SLP II's portfolio, along with a listing of the individual investments in SLP II's portfolio as of December 31, 2020.

As of May 5, 2021, all investments in the SLP II portfolio are included in the consolidated portfolio of SLP IV.

December 31, 2020

First lien investments (1) $ 279,678

Weighted average interest rate on first lien investments (2) 5.07 %

Number of portfolio companies in SLP II 32

Largest portfolio company investment (1) $ 16,481

Total of five largest portfolio company investments (1) $ 75,522

(1) Reflects principal amount or par value of investment.

(2) Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

The following table is a listing of the individual investments in SLP II's portfolio as of December 31, 2020:

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair

Funded Investments - First lien

Access CIG, LLC Business Services 3.98% (L + 3.75%) 2/27/2025 $ 4,613 $ 4,598 $ 4,577

ADG, LLC Healthcare Services 6.25 % (L + 4.75% + 0.50% PIK) 9/28/2023 16,481 16,410 15,612

Advisor Group Holdings, Inc.

Consumer Services 5.15% (L + 5.00%) 7/31/2026 4,950 4,909 4,928

Bearcat Buyer, Inc.

Healthcare Services 5.25% (L + 4.25%) 7/9/2026 283 282 283

Bearcat Buyer, Inc.

Healthcare Services 5.25% (L + 4.25%) 7/9/2026 1,365 1,359 1,365

Bleriot US Bidco Inc.

Federal Services 5.00% (L + 4.75%) 10/31/2026 1,341 1,329 1,341

Bleriot US Bidco Inc.

Federal Services 5.00% (L + 4.75%) 10/30/2026 8,584 8,509 8,584

Brave Parent Holdings, Inc.

Software 4.15% (L + 4.00%) 4/18/2025 3,652 3,643 3,630

CentralSquare Technologies, LLC Software 4.00% (L + 3.75%) 8/29/2025 14,700 14,674 13,745

CHA Holdings, Inc.

Business Services 5.50% (L + 4.50%) 4/10/2025 2,026 2,019 1,895

CHA Holdings, Inc.

Business Services 5.50% (L + 4.50%) 4/10/2025 10,588 10,556 9,900

Dealer Tire, LLC Distribution & Logistics 4.40% (L + 4.25%) 12/12/2025 7,425 7,409 7,394

Drilling Info Holdings, Inc.

Business Services 4.40% (L + 4.25%) 7/30/2025 14,608 14,563 14,182

Edgewood Partners Holdings LLC (EPIC) Business Services 5.25% (L + 4.25%) 9/6/2024 7,356 7,304 7,301

eResearchTechnology, Inc.

Healthcare Services 5.50% (L + 4.50%) 2/4/2027 3,129 3,101 3,106

Fastlane Parent Company, Inc.

Distribution & Logistics 4.65% (L + 4.50%) 2/4/2026 3,439 3,386 3,419

Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 14,475 14,439 13,281

HS Purchaser, LLC / Help/Systems Holdings, Inc.

Software 5.75% (L + 4.75%) 11/19/2026 4,411 4,373 4,411

Institutional Shareholder Services Inc.

Business Services 4.75% (L + 4.50%) 3/5/2026 13,755 13,648 13,600

Keystone Acquisition Corp.

Healthcare Services 6.25% (L + 5.25%) 5/1/2024 5,225 5,196 4,937

LSCS Holdings, Inc.

Healthcare Services 4.51% (L + 4.25%) 3/17/2025 1,865 1,863 1,828

LSCS Holdings, Inc.

Healthcare Services 4.51% (L + 4.25%) 3/17/2025 7,225 7,219 7,080

Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 11,580 11,549 11,376

Medical Solutions Holdings, Inc.

Healthcare Services 5.50% (L + 4.50%) 6/14/2024 2,767 2,760 2,753

Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 2,073 2,069 2,063

Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 871 869 867

Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 12,034 12,011 11,975

Peraton Corp.

(fka MHVC Acquisition Corp.) Federal Services 6.25% (L + 5.25%) 4/29/2024 10,133 10,105 10,158

Premise Health Holding Corp.

Healthcare Services 3.75% (L + 3.50%) 7/10/2025 1,358 1,354 1,328

Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 12,418 12,379 11,300

PSC Industrial Holdings Corp.

Industrial Services 4.75% (L + 3.75%) 10/11/2024 3,028 3,011 2,945

Quest Software US Holdings Inc.

Software 4.46% (L + 4.25%) 5/16/2025 14,700 14,650 14,480

Salient CRGT Inc.

Federal Services 7.50% (L + 6.50%) 2/28/2022 12,478 12,445 12,478

Wirepath LLC Distribution & Logistics 4.25% (L + 4.00%) 8/5/2024 14,663 14,663 14,149

WP CityMD Bidco LLC Healthcare Services 5.50% (L + 4.50%) 8/13/2026 5,418 5,372 5,431

Wrench Group LLC Consumer Services 4.25% (L + 4.00%) 4/30/2026 5,924 5,875 5,865

YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 14,649 14,641 13,477

Zelis Cost Management Buyer, Inc.

Healthcare Information Technology 4.90% (L + 4.75%) 9/30/2026 4,088 4,053 4,105

Total Funded Investments $ 279,678 $ 278,595 $ 271,149

(1) All interest is payable in cash unless otherwise indicated.

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base).

For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2020.

(2) Represents the fair value in accordance with ASC 820.

The Company's board of directors does not determine the fair value of the investments held by SLP II.

Below is certain summarized financial information for SLP II as of May 4, 2021 and December 31, 2020 and for the period from January 1, 2021 through May 4, 2021 and the three and nine months ended September 30, 2020:

Selected Balance Sheet Information:

May 4, 2021 December 31, 2020

Investments at fair value (cost of $254,139 and $278,595, respectively) $ 250,290 $ 271,149

Cash and other assets 5,691 8,759

Total assets $ 255,981 $ 279,908

Credit facility $ 158,470 $ 183,970

Deferred financing costs — (534)

Distribution payable 535 2,500

Other liabilities 460 1,058

Total liabilities 159,465 186,994

Members' capital $ 96,516 $ 92,914

Total liabilities and members' capital $ 255,981 $ 279,908

Selected Statement of Operations Three Months Ended Nine Months Ended

September 30, 2020 May 4, 2021(1) September 30, 2020

Interest income $ 4,174 $ 4,744 $ 14,153

Other income — — 70

Total investment income 4,174 4,744 14,223

Interest and other financing expenses 1,190 1,560 4,696

Other expenses 98 148 360

Total expenses 1,288 1,708 5,056

Net investment income 2,886 3,036 9,167

Net realized gains (losses) on investments 3 3 (803)

Net change in unrealized appreciation (depreciation) of investments 6,988 3,597 (6,061)

Net increase in members' capital $ 9,877 $ 6,636 $ 2,303

(1) Reflects the results of operations for the period from January 1, 2021 through May 4, 2021.

For the period from January 1, 2021 through May 4, 2021, the Company earned approximately $2,410 of dividend income related to SLP II, which is included in dividend income.

For the three and nine months ended September 30, 2020, the Company earned approximately $2,025 and $6,723, respectively, of dividend income related to SLP II, which is included in dividend income.

As of September 30, 2021 and December 31, 2020, approximately $0 and $1,985, respectively, of dividend income related to SLP II was included in interest and dividend receivable.

As of March 31, 2022 and December 31, 2021, the SPP Agreement has a cost basis of $14,500 and $14,500, respectively, and a fair value of $9,377 and $10,354, respectively, which is reflective of the higher inherent risk in this transaction.

NMFC Senior Loan Program III LLC

8 unchanged sentences

Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III.

As of September 30, 2021, the Company and SkyKnight II have committed and contributed $140,000 and $35,000, respectively, of equity to SLP III.

The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2021 and December 31, 2020.

As of March 31, 2022, the Company and SkyKnight II have committed and contributed $140,000 and $35,000, respectively, of equity to SLP III.

The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2022 and December 31, 2021.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A., which matures on January 8, 2026.

Effective July 8, 2021, the reinvestment period was extended to July 8, 2024.

As of the most recent amendment on July 8, 2021, during the reinvestment period the credit facility bears interest at a rate of LIBOR plus 1.60% and after the reinvestment period it will bear interest at a rate of LIBOR plus 1.90%.

As of the most recent amendment on July 8, 2021, during the reinvestment period the credit facility bears interest at a rate of the London Interbank Offered Rate

("LIBOR") plus 1.60% and after the reinvestment period it will bear interest at a rate of LIBOR plus 1.90%.

Prior to July 8, 2021, the credit facility bore interest at a rate of LIBOR plus 1.70%.

Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000.

As of September 30, 2021 and December 31, 2020, SLP III had total investments with an aggregate fair value of approximately $683,289 and $609,961, respectively, and debt outstanding under its credit facility of $505,600 and $424,200, respectively.

As of September 30, 2021 and December 31, 2020, none of SLP III's investments were on non-accrual.

Additionally, as of September 30, 2021 and December 31, 2020, SLP III had unfunded commitments in the form of delayed draws of $10,586 and $7,838, respectively.

Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of September 30, 2021 and December 31, 2020:

September 30, 2021 December 31, 2020

As of March 31, 2022 and December 31, 2021, SLP III had total investments with an aggregate fair value of approximately $695,232 and $702,148, respectively, and debt outstanding under its credit facility of $517,600 and $510,900, respectively.

As of March 31, 2022 and December 31, 2021, none of SLP III's investments were on non-accrual.

Additionally, as of March 31, 2022 and December 31, 2021, SLP III had unfunded commitments in the form of delayed draws of $4,852 and $4,569, respectively.

Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of March 31, 2022 and December 31, 2021:

March 31, 2022 December 31, 2021

First lien investments (1) $ 708,344 $ 709,517

5 unchanged sentences

(2) Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

The following table is a listing of the individual investments in SLP III's portfolio as of September 30, 2021:

The following table is a listing of the individual investments in SLP III's portfolio as of March 31, 2022:

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair

2 unchanged sentences

Advisor Group Holdings, Inc.

Consumer Services 4.58% (L + 4.50%) 7/31/2026 9,825 9,789 9,852

Financial Services 4.96% (L + 4.50%) 7/31/2026 9,775 9,742 9,724

AG Parent Holdings, LLC Healthcare Services 5.46% (L + 5.00%) 7/31/2026 12,219 12,178 12,037

2 unchanged sentences

/ Aston US Finco, LLC Software 4.71% (L + 4.25%) 10/9/2026 5,880 5,840 5,832

Astra Acquisition Corp.

Software 5.50% (L + 4.75%) 3/1/2027 16,408 16,338 16,408

athenahealth Group Inc.

Healthcare I.T.

4.00% (SOFR + 3.50%) 2/15/2029 3,235 3,219 3,208

BCPE Empire Holdings, Inc.

5 unchanged sentences

Bella Holding Company, LLC Healthcare Services 4.50% (L + 3.75%) 5/10/2028 2,255 2,235 2,234

Bleriot US Bidco Inc.

Federal Services 4.13% (L + 4.00%) 10/30/2026 2,935 2,913 2,941

Bluefin Holding, LLC Software 4.76% (L + 4.25%) 9/4/2026 9,775 9,677 9,775

Bluefin Holding, LLC Software 6.00% (L + 5.00%) 9/4/2026 2,582 2,544 2,543

Bracket Intermediate Holding Corp.

2 unchanged sentences

Software 4.46% (L + 4.00%) 4/18/2025 4,336 4,328 4,280

Cano Health, LLC Healthcare Services 5.25% (L + 4.50%) 11/23/2027 6,965 6,926 6,980

Cano Health, LLC Healthcare Services 4.51% (SOFR + 4.00%) 11/23/2027 10,312 10,275 10,183

Cardinal Parent, Inc.

Software 5.25% (L + 4.50%) 11/12/2027 6,967 6,879 6,960

CE Intermediate I, LLC Software 4.50% (L + 4.00%) 11/10/2028 11,003 10,929 10,893

CentralSquare Technologies, LLC Software 4.76% (L + 3.75%) 8/29/2025 14,512 14,493 13,743

3 unchanged sentences

Software 5.01% (L + 4.00%) 12/29/2027 5,760 5,736 5,602

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC) Software 5.00% (L + 4.00%) 12/2/2022 2,994 2,972 2,993

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC) Software 5.00% (L + 4.00%) 12/2/2022 4,467 4,461 4,467

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC) Software 5.00% (L + 4.00%) 12/2/2022 864 863 864

Confluent Health, LLC Healthcare Services 4.50% (L + 4.00%) 11/30/2028 12,053 11,994 11,948

Confluent Health, LLC Healthcare Services 6.50% (P + 3.00%) 11/30/2028 171 170 170

Confluent Medical Technologies, Inc.

Healthcare Products 4.25% (SOFR + 3.75%) 2/16/2029 7,000 6,965 6,873

Cornerstone OnDemand, Inc.

9 unchanged sentences

Business Services 4.25% (L + 3.50%) 3/31/2028 7,444 7,417 7,381

DG Investment Intermediate Holdings 2, Inc.

Business Services 4.50% (L + 3.75%) 3/31/2028 1,196 1,196 1,201

Dispatch Acquisition Holdings, LLC Industrial Services 5.26% (L + 4.25%) 3/27/2028 14,098 13,942 13,816

3 unchanged sentences

Education 4.00% (L + 3.50%) 8/16/2028 4,239 4,220 4,204

Energize Holdco LLC Business Services 4.25% (L + 3.75%) 12/8/2028 12,582 12,521 12,413

eResearchTechnology, Inc.

11 unchanged sentences

Higginbotham Insurance Agency, Inc.

Financial Services 6.25% (L + 5.50%) 11/25/2026 7,151 7,104 7,223

Higginbotham Insurance Agency, Inc.

Financial Services 6.25% (L + 5.50%) 11/25/2026 1,646 1,622 1,663

HighTower Holding, LLC Business Services 4.75% (L + 4.00%) 4/21/2028 3,862 3,825 3,870

Insurance Services 6.25% (L + 5.50%) 11/25/2026 9,148 9,076 9,148

HighTower Holding, LLC Financial Services 4.75% (L + 4.00%) 4/21/2028 4,814 4,771 4,766

Software 4.50% (L + 3.75%) 3/2/2028 15,924 15,911 15,665

Kestra Advisor Services Holdings A, Inc.

Business Services 4.34% (L + 4.25%) 6/3/2026 12,089 12,027 12,081

Financial Services 5.26% (L + 4.25%) 6/3/2026 12,027 11,972 11,914

LI Group Holdings, Inc.

2 unchanged sentences

Healthcare Services 5.00% (L + 4.50%) 12/16/2028 7,625 7,588 7,552

LSCS Holdings, Inc.

Healthcare Services 4.42% (L + 4.25%) 3/17/2025 673 670 666

Mamba Purchaser, Inc.

Healthcare Services 4.25% (L + 3.75%) 10/16/2028 5,773 5,746 5,718

Maravai Intermediate Holdings, LLC Specialty Chemicals & Materials 4.75% (L + 3.75%) 10/19/2027 2,948 2,921 2,960

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair

Maverick Bidco Inc.

3 unchanged sentences

MED ParentCo, LP Healthcare Services 4.71% (L + 4.25%) 8/31/2026 12,686 12,605 12,578

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair

Mercury Borrower, Inc.

Business Services 4.00% (L + 3.50%) 8/2/2028 $ 4,200 $ 4,179 $ 4,176

MH Sub I, LLC (Micro Holding Corp.) Software 4.75% (L + 3.75%) 9/13/2024 10,777 10,752 10,692

National Intergovernmental Purchasing Alliance Company Business Services 4.51% (L + 3.50%) 5/23/2025 8,540 8,538 8,419

8 unchanged sentences

Healthcare Services 3.60% (L + 3.25%) 10/24/2025 3,357 3,352 3,288

Pelican Products, Inc.

Business Products 4.50% (L + 3.50%) 5/1/2025 4,838 4,831 4,831

Pearls (Netherlands) Bidco B.V.

Specialty Chemicals & Materials 4.50% (SOFR + 4.00%) 2/26/2029 1,741 1,736 1,709

Peraton Corp.

1 unchanged sentence

PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC) Consumer Services 4.25% (L + 3.50%) 2/14/2025 5,704 5,701 5,677

Physician Partners, LLC Healthcare Services 4.50% (SOFR + 4.00%) 12/23/2028 8,116 8,035 8,040

Planview Parent, Inc.

2 unchanged sentences

Healthcare Services 4.51% (L + 3.50%) 7/10/2025 7,463 7,444 7,407

Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 7,429 7,407 7,299

Project Ruby Ultimate Parent Corp.

1 unchanged sentence

4.00% (L + 3.25%) 3/10/2028 11,385 11,334 11,274

Quest Software US Holdings Inc.

Software 4.38% (L + 4.25%) 5/16/2025 14,587 14,546 14,590

RealPage, Inc.

1 unchanged sentence

RLG Holdings, LLC Packaging 5.00% (L + 4.25%) 7/7/2028 5,829 5,802 5,793

RLG Holdings, LLC Packaging 5.00% (L + 4.25%) 7/7/2028 396 395 398

Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 2,400 2,399 2,358

Snap One Holdings Corp.

Distribution & Logistics 5.51% (L + 4.50%) 12/8/2028 6,672 6,608 6,639

Sovos Brands Intermediate, Inc.

3 unchanged sentences

Storable, Inc.

Software 3.75% (L + 3.25%) 4/17/2028 3,862 3,853 3,856

Software 4.05% (SOFR + 3.50%) 4/17/2028 3,852 3,844 3,811

Symplr Software, Inc.

Healthcare I.T.

5.25% (L + 4.50%) 12/22/2027 15,920 15,784 15,994

5.25% (SOFR + 4.50%) 12/22/2027 15,840 15,715 15,642

Syndigo LLC Software 5.25% (L + 4.50%) 12/15/2027 14,850 14,756 14,850

7 unchanged sentences

Unified Women's Healthcare, LP Healthcare Services 5.00% (L + 4.25%) 12/20/2027 9,925 9,860 9,848

Waystar Technologies, Inc.

Healthcare Services 4.08% (L + 4.00%) 10/22/2026 4,076 4,068 4,084

Wirepath LLC Distribution & Logistics 4.08% (L + 4.00%) 8/5/2024 16,995 16,995 16,963

WP CityMD Bidco LLC Healthcare Services 4.50% (L + 3.75%) 8/13/2026 16,575 16,452 16,647

Valcour Packaging, LLC Packaging 4.25% (L + 3.75%) 10/4/2028 4,539 4,525 4,448

4 unchanged sentences

Business Services 4.76% (L + 3.75%) 8/1/2025 847 843 840

Waystar Technologies, Inc.

Healthcare Services 4.46% (L + 4.00%) 10/22/2026 4,056 4,048 4,051

WP CityMD Bidco LLC Healthcare Services 3.75% (L + 3.25%) 12/22/2028 9,180 9,117 9,139

Wrench Group LLC Consumer Services 5.01% (L + 4.00%) 4/30/2026 7,884 7,866 7,835

YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 9,565 9,561 9,452

1 unchanged sentence

Unfunded Investments - First lien

DG Investment Intermediate Holdings 2, Inc.

Business Services — 3/31/2023 $ 99 $ — $ —

Higginbotham Insurance Agency, Inc.

Financial Services — 11/25/2022 373 (3) 4

HighTower Holding, LLC Business Services — 4/21/2022 976 — 2

RLG Holdings, LLC Packaging — 4/21/2022 736 (4) 2

athenahealth Group Inc.

Healthcare I.T.

— 1/26/2024 $ 548 $ — $ (5)

Confluent Health, LLC Healthcare Services — 11/30/2023 2,466 (12) (22)

Therapy Brands Holdings LLC Healthcare I.T.

2 unchanged sentences

Business Services — 8/31/2023 1,047 — (8)

VetCor Professional Practices LLC Consumer Services — 5/20/2023 6,191 (62) (54)

VT Topco, Inc.

3 unchanged sentences

(1) All interest is payable in cash unless otherwise indicated.

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base).

For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2021.

(2) Represents the fair value in accordance with ASC 820.

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P), Secured Overnight Financing Rate (SOFR), and the alternative base rate (Base).

For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2022.

(2) Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820").

The Company's board of directors does not determine the fair value of the investments held by SLP III.

2 unchanged sentences

Funded Investments - First lien

Access CIG, LLC Business Services 3.98% (L + 3.75%) 2/27/2025 $ 868 $ 868 $ 861

(aka Aspen Dental) Healthcare Services 4.00% (L + 3.50%) 12/23/2027 $ 2,424 $ 2,413 $ 2,424

Advisor Group Holdings, Inc.

Consumer Services 5.15% (L + 5.00%) 7/31/2026 4,950 4,909 4,928

Affordable Care Holding Corp.

Healthcare Services 5.75% (L + 4.75%) 10/24/2022 5,901 5,850 5,827

Financial Services 4.60% (L + 4.50%) 7/31/2026 9,800 9,766 9,832

AG Parent Holdings, LLC Healthcare Services 5.10% (L + 5.00%) 7/31/2026 12,250 12,207 12,227

Ascensus Specialties LLC Specialty Chemicals & Materials 4.90% (L + 4.75%) 9/24/2026 9,900 9,858 9,931

Artera Services, LLC Distribution & Logistics 4.50% (L + 3.50%) 3/6/2025 6,907 6,861 6,706

Aston FinCo S.a.r.l.

/ Aston US Finco, LLC Software 4.35% (L + 4.25%) 10/9/2026 5,895 5,853 5,877

Astra Acquisition Corp.

Software 6.50% (L + 5.50%) 3/1/2027 11,490 11,412 11,605

BCPE Empire Holdings, Inc.

4 unchanged sentences

Healthcare Services 5.25% (L + 4.25%) 7/9/2026 4,033 4,018 4,033

Bleriot US Bidco Inc.

Federal Services 5.00% (L + 4.75%) 10/31/2026 4,292 4,254 4,292

Bleriot US Bidco Inc.

Federal Services 5.00% (L + 4.75%) 10/31/2026 671 665 671

Bella Holding Company, LLC Healthcare Services 4.50% (L + 3.75%) 5/10/2028 2,260 2,240 2,262

Bluefin Holding, LLC Software 4.43% (L + 4.25%) 9/4/2026 9,800 9,696 9,800

6 unchanged sentences

Software 5.25% (L + 4.50%) 11/12/2027 6,985 6,893 6,977

CE Intermediate I, LLC Software 4.50% (L + 4.00%) 11/10/2028 11,004 10,927 10,934

CentralSquare Technologies, LLC Software 3.97% (L + 3.75%) 8/29/2025 14,550 14,529 13,761

Certara Holdco, Inc.

Healthcare I.T.

3.75% (L + 3.50%) 8/15/2024 1,246 1,248 1,247

CHA Holdings, Inc.

2 unchanged sentences

Software 4.75% (L + 4.00%) 12/29/2027 5,775 5,750 5,724

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC) Software 5.00% (L + 4.00%) 12/2/2022 2,985 2,969 2,985

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC) Software 5.00% (L + 4.00%) 12/2/2022 4,455 4,450 4,455

Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC) Software 5.00% (L + 4.00%) 12/2/2022 862 861 862

Confluent Health, LLC Healthcare Services 4.50% (L + 4.00%) 11/30/2028 12,054 11,993 12,053

Cornerstone OnDemand, Inc.

Software 4.25% (L + 3.75%) 10/16/2028 4,545 4,523 4,541

Covenant Surgical Partners, Inc.

Healthcare Services 4.10% (L + 4.00%) 7/1/2026 9,777 9,711 9,655

Covenant Surgical Partners, Inc.

Healthcare Services 4.10% (L + 4.00%) 7/1/2026 2,000 1,980 1,975

CRCI Longhorn Holdings, Inc.

1 unchanged sentence

Dealer Tire, LLC Distribution & Logistics 4.35% (L + 4.25%) 12/12/2025 9,800 9,783 9,817

Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC) Healthcare Services 4.75% (L + 3.75%) 6/6/2025 14,636 14,611 14,421

DG Investment Intermediate Holdings 2, Inc.

Business Services 4.25% (L + 3.50%) 3/31/2028 7,463 7,435 7,471

Dispatch Acquisition Holdings, LLC Industrial Services 5.00% (L + 4.25%) 3/27/2028 14,133 13,970 14,124

Drilling Info Holdings, Inc.

Business Services 4.35% (L + 4.25%) 7/30/2025 18,387 18,335 18,249

Edgewood Partners Holdings LLC Business Services 5.25% (L + 4.25%) 9/6/2024 7,356 7,304 7,301

EAB Global, Inc.

Education 4.00% (L + 3.50%) 8/16/2028 4,250 4,230 4,234

Energize Holdco LLC Business Services 4.25% (L + 3.75%) 12/8/2028 12,582 12,519 12,550

eResearchTechnology, Inc.

1 unchanged sentence

EyeCare Partners, LLC Healthcare Services 3.97% (L + 3.75%) 2/18/2027 14,760 14,745 14,678

EyeCare Partners, LLC Healthcare Services 3.90% (L + 3.75%) 2/18/2027 2,838 2,834 2,773

Fastlane Parent Company, Inc.

Distribution & Logistics 4.65% (L + 4.50%) 2/4/2026 3,439 3,386 3,419

Foundational Education Group, Inc.

Education 4.75% (L + 4.25%) 8/31/2028 9,500 9,408 9,524

Frontline Technologies Intermediate Holdings, LLC Software 6.25% (L + 5.25%) 9/18/2023 6,448 6,448 6,448

Greenway Health, LLC Software 4.75% (L + 3.75%) 2/16/2024 14,520 14,527 13,322

Frontline Technologies Intermediate Holdings, LLC Software 6.25% (L + 5.25%) 9/18/2023 2,012 2,012 2,012

Greenway Health, LLC Healthcare I.T.

4.75% (L + 3.75%) 2/16/2024 14,369 14,374 13,790

Heartland Dental, LLC Healthcare Services 3.60% (L + 3.50%) 4/30/2025 18,350 18,302 18,191

HS Purchaser, LLC / Help/Systems Holdings, Inc.

Help/Systems Holdings, Inc.

Software 4.75% (L + 4.00%) 11/19/2026 18,254 18,112 18,214

Higginbotham Insurance Agency, Inc.

Financial Services 6.50% (L + 5.75%) 11/25/2026 7,187 7,134 7,331

Insurance Services 6.25% (L + 5.50%) 11/25/2026 9,170 9,096 9,239

HighTower Holding, LLC Financial Services 4.75% (L + 4.00%) 4/21/2028 4,826 4,781 4,838

Software 4.50% (L + 3.75%) 3/2/2028 15,964 15,951 15,997

Institutional Shareholder Services Inc.

Business Services 4.75% (L + 4.50%) 3/5/2026 983 975 971

Kestra Advisor Services Holdings A, Inc.

Business Services 4.40% (L + 4.25%) 6/3/2026 9,381 9,318 9,241

Financial Services 4.36% (L + 4.25%) 6/3/2026 12,058 12,000 11,998

LI Group Holdings, Inc.

Software 4.50% (L + 3.75%) 3/11/2028 4,620 4,610 4,620

LSCS Holdings, Inc.

Healthcare Services 5.00% (L + 4.50%) 12/16/2028 7,644 7,605 7,663

LSCS Holdings, Inc.

Mamba Purchaser, Inc.

Healthcare Services 4.25% (L + 3.75%) 10/16/2028 5,773 5,745 5,777

Maravai Intermediate Holdings, LLC Specialty Chemicals & Materials 4.75% (L + 3.75%) 10/19/2027 2,939 2,914 2,956

Market Track, LLC Business Services 5.25% (L + 4.25%) 6/5/2024 4,729 4,725 4,645

Mavis Tire Express Services Corp.

Maverick Bidco Inc.

Software 4.50% (L + 3.75%) 5/18/2028 4,000 3,982 4,008

Mavis Tire Express Services Topco Corp.

Retail 4.75% (L + 4.00%) 5/4/2028 4,216 4,197 4,224

MED ParentCo, LP Healthcare Services 4.35% (L + 4.25%) 8/31/2026 12,718 12,633 12,727

MED ParentCo, LP Healthcare Services 4.40% (L + 4.25%) 8/31/2026 2,576 2,554 2,545

Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 4,502 4,492 4,480

Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 871 869 867

National Intergovernmental Purchasing Alliance Company Business Services 4.00% (L + 3.75%) 5/23/2025 8,701 8,698 8,658

National Mentor Holdings, Inc.

(aka Civitas Solutions, Inc.) Healthcare Services 4.43% (L + 4.25%) 3/9/2026 8,887 8,887 8,897

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair

National Mentor Holdings, Inc.

(aka Civitas Solutions, Inc.) Healthcare Services 4.51% (L + 4.25%) 3/9/2026 $ 398 $ 398 $ 398

Mercury Borrower, Inc.

Business Services 4.00% (L + 3.50%) 8/2/2028 $ 4,211 $ 4,189 $ 4,204

MH Sub I, LLC (Micro Holding Corp.) Software 4.75% (L + 3.75%) 9/13/2024 10,804 10,777 10,842

National Intergovernmental Purchasing Alliance Company Business Services 3.72% (L + 3.50%) 5/23/2025 8,540 8,538 8,526

Navex Topco, Inc.

Software 3.36% (L + 3.25%) 9/5/2025 17,024 16,927 16,946

Navicure, Inc.

Healthcare Services 4.75% (L + 4.00%) 10/22/2026 4,107 4,097 4,110

Netsmart, Inc.

Healthcare I.T.

4.75% (L + 4.00%) 10/1/2027 3,980 3,980 3,992

Newport Group Holdings II, Inc.

Business Services 3.72% (L + 3.50%) 9/12/2025 4,838 4,824 4,835

Orion Advisor Solutions, Inc.

Business Services 5.00% (L + 4.00%) 9/24/2027 5,237 5,186 5,260

Outcomes Group Holdings, Inc.

Healthcare Services 3.47% (L + 3.25%) 10/24/2025 3,366 3,361 3,335

Pelican Products, Inc.

Business Products 4.50% (L + 3.50%) 5/1/2025 4,875 4,867 4,796

Peraton Corp.

(fka MHVC Acquisition Corp.) Federal Services 6.25% (L + 5.25%) 4/29/2024 15,272 15,225 15,310

Federal Services 4.50% (L + 3.75%) 2/1/2028 7,444 7,410 7,460

PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC) Consumer Services 4.25% (L + 3.50%) 2/14/2025 5,719 5,716 5,726

Planview Parent, Inc.

2 unchanged sentences

Healthcare Services 3.72% (L + 3.50%) 7/10/2025 7,483 7,462 7,455

Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 9,822 9,786 8,939

Project Boost Purchaser, LLC Business Services 5.00% (L + 4.25%) 6/1/2026 1,995 1,975 2,002

Project Ruby Ultimate Parent Corp.

Healthcare I.T.

4.00% (L + 3.25%) 3/10/2028 11,414 11,361 11,407

Quest Software US Holdings Inc.

Software 4.38% (L + 4.25%) 5/16/2025 14,550 14,511 14,555

Ryan Specialty Group, LLC Business Services 4.00% (L + 3.25%) 9/1/2027 3,491 3,441 3,491

RealPage, Inc.

Business Services 3.75% (L + 3.25%) 4/24/2028 13,965 13,933 13,941

RLG Holdings, LLC Packaging 5.00% (L + 4.25%) 7/7/2028 5,844 5,816 5,841

Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 2,406 2,405 2,406

Snap One Holdings Corp.

Distribution & Logistics 5.00% (L + 4.50%) 12/8/2028 6,672 6,606 6,664

Sovos Brands Intermediate, Inc.

2 unchanged sentences

(fka SSH Group Holdings, Inc.) Education 4.47% (L + 4.25%) 7/30/2025 12,058 12,041 11,666

Symplr Software, Inc.(fka Caliper Software, Inc.) Healthcare I.T.

Storable, Inc.

Software 3.75% (L + 3.25%) 4/17/2028 3,862 3,853 3,854

Symplr Software, Inc.

Healthcare I.T.

5.25% (L + 4.50%) 12/22/2027 15,880 15,750 15,938

Syndigo LLC Software 5.25% (L + 4.50%) 12/15/2027 14,888 14,790 14,925

Therapy Brands Holdings LLC Healthcare I.T.

4.75% (L + 4.00%) 5/18/2028 3,400 3,384 3,400

Thermostat Purchaser III, Inc.

Business Services 5.25% (L + 4.50%) 8/31/2028 5,953 5,924 5,953

TIBCO Software Inc.

Software 3.86% (L + 3.75%) 6/30/2026 7,577 7,563 7,535

Trader Interactive, LLC (fka Dominion Web Solutions LLC) Business Services 4.50% (L + 4.00%) 46962 4,910 4,886 4,904

Unified Women's Healthcare, LP Healthcare Services 5.00% (L + 4.25%) 46741 9,950 9,883 9,984

Wirepath LLC Distribution & Logistics 4.25% (L + 4.00%) 8/5/2024 17,127 17,127 16,527

WP CityMD Bidco LLC Healthcare Services 5.50% (L + 4.50%) 8/13/2026 19,868 19,701 19,914

Valcour Packaging, LLC Packaging 4.25% (L + 3.75%) 10/4/2028 4,538 4,524 4,538

VetCor Professional Practices LLC Consumer Services 5.00% (L + 4.25%) 7/2/2025 6,980 6,846 6,922

VT Topco, Inc.

Business Services 3.35% (L + 3.25%) 8/1/2025 2,766 2,766 2,748

VT Topco, Inc.

Business Services 4.50% (L + 3.75%) 8/1/2025 849 845 844

Waystar Technologies, Inc.

Healthcare Services 4.10% (L + 4.00%) 10/22/2026 4,066 4,058 4,069

WP CityMD Bidco LLC Healthcare Services 3.75% (L + 3.25%) 12/22/2028 9,180 9,136 9,182

Wrench Group LLC Consumer Services 4.22% (L + 4.00%) 4/30/2026 7,905 7,886 7,905

YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 9,590 9,586 9,542

1 unchanged sentence

Unfunded Investments - First lien

Cano Health, LLC Healthcare Services — 11/23/2021 $ 2,300 $ (23) $ (23)

Covenant Surgical Partners, Inc.

Healthcare Services — 7/1/2021 2,000 (20) (40)

Higginbotham Insurance Agency, Inc.

Financial Services — 11/25/2022 2,023 (15) 40

Planview Parent, Inc.

Software — 3/31/2021 1,515 — 3

Total Unfunded Investments $ 7,838 $ (58) $ (20)

Total Investments $ 626,985 $ 615,916 $ 609,961

Confluent Health, LLC Healthcare Services — 11/30/2023 2,638 (13) —

Therapy Brands Holdings LLC Healthcare I.T.

— 5/18/2023 735 — —

Thermostat Purchaser III, Inc.

Business Services — 8/31/2023 1,047 — —

VT Topco, Inc.

Business Services — 8/1/2023 149 — (1)

$ 4,569 $ (13) $ (1)

$ 709,517 $ 701,743 $ 702,148

(1) All interest is payable in cash unless otherwise indicated.

3 unchanged sentences

The Company's board of directors does not determine the fair value of the investments held by SLP III.

Below is certain summarized financial information for SLP III as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and September 30, 2020:

Below is certain summarized financial information for SLP III as of March 31, 2022 and December 31, 2021 and for the three months ended March 31, 2022 and March 31, 2021:

Selected Balance Sheet Information:

September 30, 2021 December 31, 2020

March 31, 2022 December 31, 2021

Investments at fair value (cost of $700,322 and $701,743) $ 695,232 $ 702,148

3 unchanged sentences

Credit facility $ 517,600 $ 510,900

Deferred financing costs (3,555) (2,471)

Deferred financing costs (net of accumulated amortization of $3,708 and $3,338, respectively) (2,827) (3,198)

Payable for unsettled securities purchased 13,950 34,552

5 unchanged sentences

Selected Statement of Operations Information:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Three Months Ended

March 31, 2022 March 31, 2021

Interest income $ 7,930 $ 7,371

6 unchanged sentences

Net realized (losses) gains on investments (13) 213

Net change in unrealized appreciation (depreciation) of investments 887 14,775 6,439 (10,379)

Net increase in members' capital $ 6,170 $ 18,502 $ 22,153 $ 535

For the three and nine months ended September 30, 2021, the Company earned approximately $3,675 and $12,687 respectively, of dividend income related to SLP III, which is included in dividend income.

For the three and nine months ended September 30, 2020, the Company earned approximately $3,200 and $8,824, respectively, of dividend income related to SLP III, which is included in dividend income.

As of September 30, 2021 and December 31, 2020, approximately $3,675 and $3,040, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

Net change in unrealized (depreciation) appreciation of investments (5,495) 4,809

Net (decrease) increase in members' capital $ (418) $ 9,741

For the three months ended March 31, 2022 and March 31, 2021, the Company earned approximately $4,638 and $4,527 respectively, of dividend income related to SLP III, which is included in dividend income.

As of March 31, 2022 and December 31, 2021, approximately $4,638 and $4,025, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

The Company has determined that SLP III is an investment company under ASC 946;

3 unchanged sentences

NMFC Senior Loan Program IV LLC

SLP IV was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021.

SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Alpha and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC (the "SLP IV Agreement").

Upon the effectiveness of the SLP IV Agreement dated May 5, 2021, the members contributed their respective membership interests in SLP I and SLP II to SLP IV.

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021.

SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC (the "SLP IV Agreement").

Upon the effectiveness of the SLP IV Agreement dated May 5, 2021, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV.

Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV.

5 unchanged sentences

SLP IV is capitalized with equity contributions which were transferred and contributed from its members.

As of September 30, 2021, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV.

The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2021.

As of March 31, 2022, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV.

The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2022 and December 31, 2021.

On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on May 5, 2026 and bears interest at a rate of LIBOR plus 1.60% per annum.

As of September 30, 2021, SLP IV had total investments with an aggregate fair value of approximately $483,160 and debt outstanding under its credit facility of $345,637.

As of September 30, 2021, none of SLP IV’s investments were on non-accrual.

Additionally, as of September 30, 2021, SLP IV had unfunded commitments in the form of delayed draws of $13,487.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2021:

September 30, 2021

As of March 31, 2022 and December 31, 2021, SLP IV had total investments with an aggregate fair value of approximately $496,516 and $504,948, respectively, and debt outstanding under its credit facility of $359,637 and $360,137, respectively.

As of March 31, 2022 and December 31, 2021, none of SLP IV’s investments were on non-accrual.

Additionally, as of March 31, 2022 and December 31, 2021, SLP IV had unfunded commitments in the form of delayed draws of $4,815 and $6,103, respectively.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of March 31, 2022 and December 31, 2021:

March 31, 2022 December 31, 2021

First lien investments (1) $ 507,457 513,298

5 unchanged sentences

(2) Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2021:

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of March 31, 2022:

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair

3 unchanged sentences

Advisor Group Holdings, Inc.

Consumer Services 4.58% (L + 4.50%) 7/31/2026 11,727 11,641 11,759

Financial Services 4.96% (L + 4.50%) 7/31/2026 11,667 11,590 11,606

Artera Services, LLC Distribution & Logistics 4.51% (L + 3.50%) 3/6/2025 5,315 5,283 5,021

Bayou Intermediate II, LLC Healthcare Products 5.25% (L + 4.50%) 8/2/2028 8,693 8,651 8,726

athenahealth Group Inc.

Healthcare Information Technology 4.00% (SOFR + 3.50%) 2/15/2029 2,311 2,300 2,291

Bayou Intermediate II, LLC Healthcare Services 5.25% (L + 4.50%) 8/2/2028 8,672 8,632 8,542

Bearcat Buyer, Inc.

9 unchanged sentences

Software 4.46% (L + 4.00%) 4/18/2025 2,383 2,379 2,353

Cano Health, LLC Healthcare Services 4.51% (SOFR + 4.00%) 11/23/2027 8,110 8,104 8,008

CE Intermediate I, LLC Software 4.50% (L + 4.00%) 11/10/2028 8,239 8,183 8,157

CentralSquare Technologies, LLC Software 4.76% (L + 3.75%) 8/29/2025 14,512 14,493 13,743

Certara Holdco, Inc.

Healthcare Information Technology 3.96% (L + 3.50%) 8/15/2026 3,930 3,921 3,903

CHA Holdings, Inc.

Business Services 5.51% (L + 4.50%) 4/10/2025 1,999 1,994 1,999

CHA Holdings, Inc.

Business Services 5.51% (L + 4.50%) 4/10/2025 10,891 10,868 10,891

Confluent Health, LLC Healthcare Services 6.50% (P + 3.00%) 11/30/2028 114 114 113

Confluent Health, LLC Healthcare Services 4.50% (L + 4.00%) 11/30/2028 8,076 8,036 8,005

Confluent Medical Technologies, Inc.

Healthcare Products 4.25% (SOFR + 3.75%) 2/16/2029 7,000 6,965 6,873

Cornerstone OnDemand, Inc.

Software 4.25% (L + 3.75%) 10/16/2028 3,247 3,231 3,218

Software 4.21% (L + 3.75%) 11/29/2024 2,322 2,319 2,305

Dealer Tire, LLC Distribution & Logistics 4.71% (L + 4.25%) 12/12/2025 10,721 10,703 10,651

Dispatch Acquisition Holdings, LLC Industrial Services 5.26% (L + 4.25%) 3/27/2028 9,950 9,830 9,751

Drilling Info Holdings, Inc.

Business Services 4.71% (L + 4.25%) 7/30/2025 20,447 20,400 20,294

EAB Global, Inc.

Education 4.00% (L + 3.50%) 8/16/2028 9,975 9,929 9,892

Emerald 2 Limited Business Services 3.96% (L + 3.50%) 7/12/2028 444 443 438

Energize Holdco LLC Business Services 4.25% (L + 3.75%) 12/8/2028 9,068 9,024 8,946

eResearchTechnology, Inc.

Healthcare Services 5.50% (L + 4.50%) 2/4/2027 4,418 4,386 4,406

EyeCare Partners, LLC Healthcare Services 4.76% (L + 3.75%) 11/15/2028 10,000 9,976 9,908

Foundational Education Group, Inc.

Education 4.75% (L + 4.25%) 8/31/2028 6,484 6,423 6,484

Greenway Health, LLC Healthcare Information Technology 5.25% (L + 3.75%) 2/16/2024 20,894 20,862 19,607

Heartland Dental, LLC Healthcare Services 3.96% (L + 3.50%) 4/30/2025 3,563 3,555 3,529

Heartland Dental, LLC Healthcare Services 4.45% (L + 4.00%) 4/30/2025 6,253 6,228 6,219

Help/Systems Holdings, Inc.

Software 4.75% (L + 4.00%) 11/19/2026 9,884 9,853 9,803

Hunter Holdco 3 Limited Healthcare Services 5.26% (L + 4.25%) 8/19/2028 3,949 3,913 3,939

Software 4.50% (L + 3.75%) 3/2/2028 9,295 9,224 9,144

Kestra Advisor Services Holdings A, Inc.

Financial Services 5.26% (L + 4.25%) 6/3/2026 5,472 5,422 5,421

LSCS Holdings, Inc.

Healthcare Services 5.00% (L + 4.50%) 12/16/2028 5,882 5,853 5,825

Mamba Purchaser, Inc.

Healthcare Services 4.25% (L + 3.75%) 10/16/2028 4,124 4,104 4,084

Mandolin Technology Intermediate Holdings, Inc.

Software 4.25% (L + 3.75%) 7/31/2028 9,975 9,929 9,913

Maverick Bidco Inc.

Software 4.50% (L + 3.75%) 5/18/2028 7,980 7,944 7,982

Mavis Tire Express Services Topco Corp.

Retail 4.75% (L + 4.00%) 5/4/2028 8,411 8,374 8,369

Mercury Borrower, Inc.

Business Services 4.56% (L + 3.50%) 8/2/2028 6,234 6,206 6,199

MH Sub I, LLC (Micro Holding Corp.) Software 4.75% (L + 3.75%) 9/13/2024 7,878 7,860 7,816

National Intergovernmental Purchasing Alliance Company Business Services 4.51% (L + 3.50%) 5/23/2025 1,327 1,329 1,309

Netsmart, Inc.

Healthcare Information Technology 4.75% (L + 4.00%) 10/1/2027 6,947 6,947 6,921

OEConnection LLC Business Services 4.46% (L + 4.00%) 9/25/2026 4,112 4,083 4,051

Pearls (Netherlands) Bidco B.V.

Specialty Chemicals & Materials 4.50% (SOFR + 4.00%) 2/23/2029 1,343 1,340 1,318

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair

PetVet Care Centers, LLC Consumer Services 4.25% (L + 3.50%) 2/14/2025 $ 9,949 $ 9,926 $ 9,901

Physician Partners, LLC Healthcare Services 4.50% (SOFR + 4.00%) 12/23/2028 6,134 6,073 6,076

Premise Health Holding Corp.

Healthcare Services 4.51% (L + 3.50%) 7/10/2025 1,961 1,956 1,946

Project Boost Purchaser, LLC Business Services 4.00% (L + 3.50%) 5/30/2026 2,481 2,476 2,460

RealPage, Inc.

Business Services 3.75% (L + 3.25%) 4/24/2028 4,975 4,958 4,926

RLG Holdings, LLC Packaging 5.00% (L + 4.25%) 7/7/2028 4,755 4,733 4,725

Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 4,205 4,194 4,131

Snap One Holdings Corp.

Distribution & Logistics 5.51% (L + 4.50%) 12/8/2028 8,649 8,566 8,606

Sovos Brands Intermediate, Inc.

Food & Beverage 4.50% (L + 3.75%) 6/8/2028 8,290 8,271 8,221

Storable, Inc.

Software 4.05% (SOFR + 3.50%) 4/17/2028 3,990 3,968 3,948

Symplr Software, Inc.

Healthcare Information Technology 5.25% (SOFR + 4.50%) 12/22/2027 3,793 3,784 3,746

Syndigo LLC Software 5.25% (L + 4.50%) 12/15/2027 7,819 7,814 7,819

Therapy Brands Holdings LLC Healthcare Information Technology 4.79% (L + 4.00%) 5/18/2028 4,598 4,577 4,569

Thermostat Purchaser III, Inc.

Business Services 5.25% (L + 4.50%) 8/31/2028 4,242 4,222 4,210

TIBCO Software Inc.

Software 4.21% (L + 3.75%) 6/30/2026 2,970 2,954 2,956

Trader Interactive, LLC (fka Dominion Web Solutions LLC) Business Services 4.50% (L + 4.00%) 7/28/2028 5,018 4,995 4,968

Unified Women's Healthcare, LP Healthcare Services 5.00% (L + 4.25%) 12/20/2027 7,382 7,348 7,324

USIC Holdings, Inc.

Business Services 4.25% (L + 3.50%) 5/12/2028 3,829 3,816 3,801

Valcour Packaging, LLC Packaging 4.25% (L + 3.75%) 10/4/2028 3,301 3,292 3,235

Vetcor Professional Practices LLC Consumer Services 5.05% (L + 4.25%) 7/2/2025 9,947 9,768 9,816

Virtusa Corporation Information Technology 4.50% (SOFR + 3.75%) 2/15/2029 2,298 2,275 2,278

VT Topco, Inc.

Business Services 4.76% (L + 3.75%) 8/1/2025 8,468 8,432 8,399

WP CityMD Bidco LLC Healthcare Services 3.75% (L + 3.25%) 12/22/2028 7,044 6,995 7,012

Wrench Group LLC Consumer Services 5.01% (L + 4.00%) 4/30/2026 9,542 9,485 9,483

YI, LLC Healthcare Services 5.00% (L + 4.00%) 11/7/2024 22,157 22,146 21,894

Zone Climate Services, Inc.

Consumer Services 5.75% (SOFR + 4.75%) 3/9/2028 10,000 9,802 9,900

Total Funded Investments $ 502,642 $ 500,329 $ 496,550

Unfunded Investments - First lien

athenahealth Group Inc.

Healthcare Information Technology — 1/26/2023 $ 392 $ — $ —

Confluent Health, LLC Healthcare Services — 11/30/2028 1,644 (8) (14)

Therapy Brands Holdings LLC Healthcare Information Technology — 5/18/2023 1,470 — (9)

Thermostat Purchaser III, Inc.

Business Services — 8/31/2023 748 — (6)

VT Topco, Inc.

Business Services — 8/4/2023 561 — (5)

Total Unfunded Investments $ 4,815 $ (8) $ (34)

Total Investments $ 507,457 $ 500,321 $ 496,516

(1) All interest is payable in cash unless otherwise indicated.

For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2022.

(2) Represents the fair value in accordance with ASC 820.

The Company's board of directors does not determine the fair value of the investments held by SLP IV.

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2021:

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair

Funded Investments - First lien

ADG, LLC Healthcare Services 6.25% (L + 4.75% + 0.50% PIK) 9/28/2023 $ 16,565 $ 16,518 $ 16,565

(aka Aspen Dental) Healthcare Services 4.00% (L + 3.50%) 12/23/2027 1,870 1,862 1,870

Advisor Group Holdings, Inc.

Financial Services 4.60% (L + 4.50%) 7/31/2026 11,697 11,615 11,735

Artera Services, LLC Distribution & Logistics 4.50% (L + 3.50%) 3/6/2025 5,329 5,293 5,173

Bayou Intermediate II, LLC Healthcare Services 5.25% (L + 4.50%) 8/2/2028 8,693 8,652 8,704

Bearcat Buyer, Inc.

Healthcare Services 5.25% (L + 4.25%) 7/9/2026 1,976 1,969 1,976

Bearcat Buyer, Inc.

Healthcare Services 5.25% (L + 4.25%) 7/9/2026 410 408 410

Bella Holding Company, LLC Healthcare Services 4.50% (L + 3.75%) 5/10/2028 1,769 1,763 1,770

Bleriot US Bidco Inc.

Federal Services 4.22% (L + 4.00%) 10/30/2026 3,980 3,980 3,983

Bracket Intermediate Holding Corp.

Healthcare Services 4.38% (L + 4.25%) 9/5/2025 4,473 4,461 4,469

Brave Parent Holdings, Inc.

Software 4.10% (L + 4.00%) 4/18/2025 2,390 2,385 2,392

Cano Health, LLC Healthcare Services 5.25% (L + 4.50%) 11/23/2027 5,737 5,731 5,748

CE Intermediate I, LLC Software 4.50% (L + 4.00%) 11/10/2028 8,239 8,182 8,188

CentralSquare Technologies, LLC Software 3.97% (L + 3.75%) 8/29/2025 14,550 14,530 13,761

5 unchanged sentences

Business Services 5.50% (L + 4.50%) 4/10/2025 2,004 1,998 2,004

Confluent Health, LLC Healthcare Services 4.50% (L + 4.00%) 11/30/2028 8,076 8,035 8,076

Cornerstone OnDemand, Inc.

2 unchanged sentences

Dealer Tire, LLC Distribution & Logistics 4.35% (L + 4.25%) 12/12/2025 10,748 10,729 10,767

Dispatch Acquisition Holdings, LLC Industrial Services 5.00% (L + 4.25%) 3/27/2028 9,975 9,851 9,969

Drilling Info Holdings, Inc.

3 unchanged sentences

Emerald 2 Limited Business Services 3.47% (L + 3.25%) 7/12/2028 445 444 443

Energize Holdco LLC Business Services 4.25% (L + 3.75%) 12/8/2028 9,068 9,023 9,045

eResearchTechnology, Inc.

Healthcare Services 5.50% (L + 4.50%) 2/4/2027 4,429 4,396 4,455

EyeCare Partners, LLC Healthcare Services 4.25% (L + 3.75%) 11/15/2028 8,000 7,980 7,982

EyeCare Partners, LLC Healthcare Services 6.00% (P + 2.75%) 11/15/2028 1,364 1,360 1,360

Foundational Education Group, Inc.

7 unchanged sentences

Software 4.50% (L + 3.75%) 3/2/2028 9,318 9,245 9,338

Kestra Advisor Services Holdings A, Inc.

Financial Services 4.36% (L + 4.25%) 6/3/2026 5,486 5,434 5,459

Keystone Acquisition Corp.

2 unchanged sentences

Healthcare Services 5.00% (L + 4.50%) 12/16/2028 5,897 5,867 5,911

LSCS Holdings, Inc.

Healthcare Services 4.42% (L + 4.25%) 3/17/2025 12,444 12,424 12,320

Mamba Purchaser, Inc.

6 unchanged sentences

Retail 4.75% (L + 4.00%) 5/4/2028 8,432 8,394 8,447

MediaOcean, LLC Software 4.08% (L + 4.00%) 8/18/2025 3,625 3,616 3,628

Medical Solutions Holdings, Inc.

Healthcare Services 5.50% (L + 4.50%) 6/14/2024 4,978 4,969 4,988

Mercury Borrower, Inc.

Business Services 4.00% (L + 3.50%) 8/2/2028 6,250 6,220 6,240

MH Sub I, LLC (Micro Holding Corp.) Software 4.75% (L + 3.75%) 9/13/2024 7,898 7,878 7,925

Ministry Brands, LLC Software 5.00% (L + 4.00%) 12/2/2022 16,734 16,719 16,734

4 unchanged sentences

Healthcare Information Technology 4.75% (L + 4.00%) 10/1/2027 6,965 6,965 6,987

Pelican Products, Inc.

Business Products 4.50% (L + 3.50%) 5/1/2025 2,237 2,233 2,234

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair

OEConnection LLC Business Services 4.10% (L + 4.00%) 9/25/2026 $ 4,123 $ 4,092 $ 4,118

PetVet Care Centers, LLC Consumer Services 4.25% (L + 3.50%) 2/14/2025 9,974 9,950 9,987

Premise Health Holding Corp.

Healthcare Services 3.72% (L + 3.50%) 7/10/2025 1,966 1,961 1,959

Project Accelerate Parent, LLC Business Services 5.25% (L + 4.25%) 1/2/2025 12,549 12,517 12,329

Project Boost Purchaser, LLC Business Services 4.00% (L + 3.50%) 5/30/2026 2,488 2,482 2,491

1 unchanged sentence

Software 4.38% (L + 4.25%) 5/16/2025 14,550 14,512 14,555

Portfolio Company and Type of Investment Industry Interest Rate (1) Maturity Date Principal Amount or Par Value Cost Fair

RealPage, Inc.

1 unchanged sentence

RLG Holdings, LLC Packaging 5.00% (L + 4.25%) 7/7/2028 4,767 4,744 4,765

RLG Holdings, LLC Packaging 5.00% (L + 4.25%) 7/7/2028 396 395 399

Sierra Enterprises, LLC Food & Beverage 5.00% (L + 4.00%) 11/11/2024 4,216 4,204 4,216

Snap One Holdings Corp.

Distribution & Logistics 5.00% (L + 4.50%) 12/8/2028 8,649 8,563 8,639

Sovos Brands Intermediate, Inc.

11 unchanged sentences

USIC Holdings, Inc.

Consumer Services 4.25% (L + 3.50%) 5/12/2028 3,849 3,834 3,850

Business Services 4.25% (L + 3.50%) 5/12/2028 3,839 3,825 3,839

Valcour Packaging, LLC Packaging 4.25% (L + 3.75%) 10/4/2028 3,301 3,291 3,301

2 unchanged sentences

Business Services 4.50% (L + 3.75%) 8/1/2025 8,489 8,451 8,436

Wirepath LLC Distribution & Logistics 4.08% (L + 4.00%) 8/5/2024 21,277 21,277 21,238

WP CityMD Bidco LLC Healthcare Services 3.75% (L + 3.25%) 12/22/2028 7,044 7,002 7,045

3 unchanged sentences

Unfunded Investments - First lien

RLG Holdings, LLC Packaging — 7/7/2028 $ 736 $ (4) $ 2

Confluent Health, LLC Healthcare Services — 11/30/2023 $ 1,759 $ (9) $ —

EyeCare Partners, LLC Healthcare Services — 11/15/2028 636 — (1)

Therapy Brands Holdings LLC Healthcare Information Technology — 5/18/2023 1,470 — —

1 unchanged sentence

Business Services — 8/31/2023 748 — —

VetCor Professional Practices LLC Consumer Services — 7/2/2025 8,844 (88) (77)

VT Topco, Inc.

4 unchanged sentences

A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base).

For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2021.

For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2022.

(2) Represents the fair value in accordance with ASC 820.

The Company's board of directors does not determine the fair value of the investments held by SLP IV.

Below is certain summarized consolidated financial information for SLP IV as of September 30, 2021 and for the three and nine months ended September 30, 2021:

Below is certain summarized consolidated financial information for SLP IV as of March 31, 2022 and December 31, 2021 and for the three months ended March 31, 2022:

Selected Consolidated Balance Sheet Information:

September 30, 2021

Investments at fair value (cost of $484,022) $ 483,160

March 31, 2022 December 31, 2021

Investments at fair value (cost of $500,321 and $505,043, respectively) $ 496,516 $ 504,948

Receivable from unsettled securities sold — 2,595

2 unchanged sentences

Credit facility $ 359,637 $ 360,137

Deferred financing costs (2,760)

Payable for unsettled securities purchased 12,313

Deferred financing costs (net of accumulated amortization of $544 and $396, respectively) (2,461) (2,609)

Distribution payable 4,290 3,396

Payable for unsettled securities purchased 1,339 13,893

Other liabilities 2,013 1,910

3 unchanged sentences

Selected Consolidated Statement of Operations Information:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2021(1)

Three Months Ended

March 31, 2022

Interest income $ 5,936

5 unchanged sentences

Net investment income 4,015

Net realized (losses) gains on investments (85) 139

Net change in unrealized appreciation of investments 2,214 4,265

Net realized losses on investments (2)

Net change in unrealized depreciation of investments (3,710)

Net increase in members' capital $ 303

(1) Reflects the results of operations for the period from May 5, 2021 through September 30, 2021.

For the three months ended September 30, 2021 and the period from May 5, 2021 through September 30, 2021, the Company earned approximately $2,670 and $5,098, respectively, of dividend income related to SLP IV, which is included in dividend income.

As of September 30, 2021, approximately $2,670 of dividend income related to SLP IV was included in interest and dividend receivable.

For the three months ended March 31, 2022, the Company earned approximately $3,372 of dividend income related to SLP IV, which is included in dividend income.

As of March 31, 2022 and December 31, 2021, approximately $3,372 and $2,670, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

The Company has determined that SLP IV is an investment company under ASC 946;

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In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any are as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under this rule.

As of September 30, 2021, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary."

As of March 31, 2022, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary."

Investment Risk Factors

14 unchanged sentences

These surges have led to the re-introduction of such restrictions and business shutdowns in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere.

Health advisors warn that recurring COVID-19 outbreaks will continue if reopening is pursued too soon or in the wrong manner, which may lead to the re-introduction or continuation of certain public health restrictions (such as instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues).

Health advisors warn that recurring COVID-19 outbreaks, including outbreaks of variants such as the delta and omicron variants, as well as any other variants, will continue if reopening is pursued too soon or in the wrong manner, which may lead to the re-introduction or continuation of certain public health restrictions (such as instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues).

Additionally, travelers from the United States are restricted from visiting many countries including countries in Europe, Asia, Africa and South America.

29 unchanged sentences

Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of September 30, 2021:

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of March 31, 2022:

Total Level I Level II Level III

11 unchanged sentences

Total investments $ 3,174,364 $ — $ 330,908 $ 2,843,456

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2021, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2021:

Total First Lien Second Lien Subordinated Equity and

Fair Value, June 30, 2021 $ 2,582,889 $ 1,443,896 $ 312,771 $ 37,982 $ 788,240

Total gains or losses included in earnings:

Net realized gains on investments 22,904 629 — — 22,275

Net change in unrealized (depreciation) appreciation (26,009) (10,360) (2,774) 222 (13,097)

Purchases, including capitalized PIK and revolver fundings 481,619 287,564 106,480 659 86,916

Proceeds from sales and paydowns of investments (431,533) (304,180) (21,451) — (105,902)

Transfers into Level III(1) 43,027 — 43,027 — —

Transfers out of Level III(1) (57,589) (36,673) (20,916) — —

Fair Value, September 30, 2021 $ 2,615,308 $ 1,380,876 $ 417,137 $ 38,863 $ 778,432

Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:

$ 8,381 $ (9,395) $ (2,774) $ 222 $ 20,328

(1) As of September 30, 2021, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2020, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2020:

Total First Lien Second Lien Subordinated Equity and

Fair Value, June 30, 2020 $ 2,702,692 $ 1,533,018 $ 665,894 $ 41,362 $ 462,418

Total gains or losses included in earnings:

Net realized gains on investments 233 220 13 — —

Net change in unrealized appreciation 64,266 27,610 10,852 1,368 24,436

Purchases, including capitalized PIK and revolver fundings 56,439 39,901 1,471 806 14,261

Proceeds from sales and paydowns of investments (43,020) (31,505) (11,515) — —

Transfers into Level III(1) 6,871 6,871 — — —

Transfers out of Level III(1) (152,258) (81,078) (71,180) — —

Fair Value, September 30, 2020 $ 2,635,223 $ 1,495,037 $ 595,535 $ 43,536 $ 501,115

Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:

$ 64,284 $ 27,628 $ 10,852 $ 1,368 $ 24,436

(1) As of September 30, 2020, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2021, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2021:

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2022:

Total First Lien Second Lien Subordinated Equity and

2 unchanged sentences

Net realized gains (losses) on investments 19,164 (77) — — 19,241

Net change in unrealized appreciation (depreciation) 56,689 (9,663) (2,145) 5,502 62,995

Net change in unrealized (depreciation) appreciation (10,152) 1,553 (16,232) (1,408) 5,935

Purchases, including capitalized PIK and revolver fundings 172,371 155,395 7,351 5,533 4,092

Proceeds from sales and paydowns of investments (101,580) (53,073) (14,500) — (34,007)

Transfers into Level III(1) 151,175 — 151,175 — —

Transfers out of Level III(1) (27,441) (27,441) — — —

Fair Value, September 30, 2021 $ 2,615,308 $ 1,380,876 $ 417,137 $ 38,863 $ 778,432

Fair Value, March 31, 2022 $ 3,046,993 $ 1,711,500 $ 446,914 $ 54,867 $ 833,712

Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:

$ (10,267) $ 1,438 $ (16,232) $ (1,408) $ 5,935

(1) As of September 30, 2021, portfolio investments were transferred out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2020, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2020:

(1) As of March 31, 2022, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2021, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2021:

Total First Lien Second Lien Subordinated Equity and

2 unchanged sentences

Net realized (losses) gains on investments (12,070) 142 2 (5,150) (7,064)

Net change in unrealized depreciation (64,446) (27,160) (784) (2,983) (33,519)

Net change in unrealized appreciation 34,754 7,803 3,442 5,061 18,448

Purchases, including capitalized PIK and revolver fundings 221,870 125,397 46,422 445 49,606

2 unchanged sentences

Transfers out of Level III(1) (190,349) (32,226) (158,123) — —

Fair Value, September 30, 2020 $ 2,635,223 $ 1,495,037 $ 595,535 $ 43,536 $ 501,115

Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:

Fair Value, March 31, 2021 $ 2,640,571 $ 1,499,850 $ 394,918 $ 37,295 $ 708,508

Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:

$ 21,562 $ 7,027 $ 3,240 $ (89) $ 11,384

Except as noted in the tables above, there were no other transfers in or out of Level I, II, or III during the three and nine months ended September 30, 2021 and September 30, 2020.

(1) As of March 31, 2021, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the tables above, there were no other transfers in or out of Level I, II, or III during the three months ended March 31, 2022 and March 31, 2021.

Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date and such assets are internally valued.

4 unchanged sentences

The Company generally uses the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs.

The Company typically determines the fair value of its performing

debt investments utilizing an income approach.

The Company typically determines the fair value of its performing debt investments utilizing an income approach.

Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks.

11 unchanged sentences

Market Based Approach:

The Company may estimate the total enterprise value of each portfolio company by utilizing market value cash flow (EBITDA or revenue) multiples of publicly traded comparable companies and comparable transactions.

The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions.

The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies.

1 unchanged sentence

The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company.

Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.

In applying the market based approach as of September 30, 2021 and December 31, 2020, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies.

Significant increases or decreases in the EBITDA or revenue multiple will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.

In applying the market based approach as of March 31, 2022 and December 31, 2021, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies.

The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

6 unchanged sentences

Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

In applying the income based approach as of September 30, 2021 and December 31, 2020, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2021 were as follows:

Type Fair Value as of September 30, 2021 Approach Unobservable Input Low High Weighted

In applying the income based approach as of March 31, 2022 and December 31, 2021, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of March 31, 2022 were as follows:

Type Fair Value as of March 31, 2022 Approach Unobservable Input Low High Weighted

First lien $ 1,711,500 Market & income approach EBITDA multiple 5.0x 27.5x 14.7x

1 unchanged sentence

Discount rate 6.0 % 25.9 % 9.0 %

20,797 Market quote Broker quote N/A N/A N/A

74,421 Other N/A(1) N/A N/A N/A

Second lien 440,192 Market & income approach EBITDA multiple 8.0x 32.0x 15.7x

Discount rate 8.4 % 30.3 % 10.4 %

62,542 Market quote Broker quote N/A N/A N/A

6,722 Other N/A(1) N/A N/A N/A

12 unchanged sentences

55,326 Market quote Broker quote N/A N/A N/A

101,372 Other N/A(1) N/A N/A N/A

Second lien 253,587 Market & income approach EBITDA multiple 7.5x 32.0x 15.2x

4 unchanged sentences

Discount rate 11.1 % 18.4 % 16.0 %

10,944 Other N/A(1) N/A N/A N/A

Equity and other 824,151 Market & income approach EBITDA multiple 5.0x 26.5x 12.7x

Revenue multiple 5.0x 19.5x 14.3x

Discount rate 4.0 % 31.3 % 10.0 %

1 unchanged sentence

(1) Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

(2) Since December 31, 2019, there were changes in valuation techniques within Level III that did not have a material impact on the valuation of these investments.

Certain investments that were previously valued using Black Scholes analysis are now valued based on Market & income approach as these methods are better indicators of the fair value measurement.

Based on a comparison to similar BDC credit facilities, the terms and conditions of the Holdings Credit Facility, the NMFC Credit Facility and the DB Credit Facility are representative of market.

The carrying values of the Holdings Credit Facility, NMFC Credit Facility and DB Credit Facility approximate fair value as of September 30, 2021, as the facilities are continually monitored and examined by both the borrower and the lender and are considered Level III.

The carrying values of the Holdings Credit Facility, NMFC Credit Facility and DB Credit Facility approximate fair value as of March 31, 2022, as the facilities are continually monitored and examined by both the borrower and the lender and are considered Level III.

Borrowings, for details.

The carrying value of the SBA-guaranteed debentures, the 2017A Unsecured Notes, the 2018A Unsecured Notes, the 2018B Unsecured Notes, the 2019A Unsecured Notes and the 2021A Unsecured Notes approximate fair value as of September 30, 2021 based on a comparison of market interest rates for the Company’s borrowings and similar entities and are considered Level III.

The fair value of the Convertible Notes as of September 30, 2021 was $212,610 which was based on quoted prices and considered Level II.

The carrying value of the SBA-guaranteed debentures, the 2017A Unsecured Notes, the 2018A Unsecured Notes, the 2018B Unsecured Notes, the 2019A Unsecured Notes and the 2021A Unsecured Notes approximate fair value as of March 31, 2022 based on a comparison of market interest rates for the Company’s borrowings and similar entities and are considered Level III.

The fair value of the Convertible Notes as of March 31, 2022 was $213,199 which was based on quoted prices and considered Level II.

Borrowings , for details.

The carrying value of the collateralized agreement approximates fair value as of September 30, 2021 and is considered Level III.

The carrying value of the collateralized agreement approximates fair value as of March 31, 2022 and is considered Level III.

The fair value of other financial assets and liabilities approximates their carrying value based on the short-term nature of these items.

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Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.

The Company entered into an investment advisory and management agreement (the “Investment Management Agreement”) with the Investment Adviser which was most recently re-approved by the Company's board of directors on February 17, 2021 at a virtual meeting.

Our board of directors held such meeting by virtual means in reliance on relief provided by the U.S.

The Company's board of directors held such meeting by virtual means in reliance on relief provided by the U.S.

Securities and Exchange Commission (the "SEC") in response to the COVID-19 pandemic.

Under the Investment

Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company.

Under the Investment Management Agreement, the Investment Adviser

manages the day-to-day operations of, and provides investment advisory services to, the Company.

For providing these services, the Investment Adviser receives a fee from the Company, consisting of two components—a base management fee and an incentive fee.

Pursuant to the Investment Management Agreement, the base management fee is calculated at an annual rate of 1.75% of the Company’s gross assets, which equals the Company’s total assets on the Consolidated Statements of Assets and Liabilities, less (i) the borrowings under the New Mountain Finance SPV Funding, L.L.C.

On November 1, 2021, the Company entered into Amendment No.

1 to the Investment Management Agreement ("Amendment No.

As described below, the sole purpose of Amendment No.

1 was to reduce the base management fee from 1.75% of the Company's gross assets to 1.4% of the Company's gross assets.

Pursuant to Amendment No.

1, the base management fee is calculated at an annual rate of 1.4% of the Company's gross assets, which equals the Company's total assets on the Consolidated Statements of Assets and Liabilities, less cash and cash equivalents.

Prior to Amendment No.

1, pursuant to the Investment Management Agreement, the base management fee was calculated at an annual rate of 1.75% of the Company's gross assets, which equaled the Company's total assets on the Consolidated Statements of Assets and Liabilities, less (i) the borrowings under the New Mountain Finance SPV Funding, L.L.C.

Loan and Security Agreement, as amended and restated, dated October 27, 2010 (the "SLF Credit Facility") and (ii) cash and cash equivalents.

The base management fee is payable quarterly in arrears, and is calculated based on the average value of the Company’s gross assets, which equals the Company’s total assets, as determined in accordance with GAAP, less the borrowings under the SLF Credit Facility and cash and cash equivalents at the end of each of the two most recently completed calendar quarters, and appropriately adjusted on a pro rata basis for any equity capital raises or repurchases during the current calendar quarter.

The base management fee is payable quarterly in arrears, and is calculated based on the average value of the Company's gross assets, which equals the Company's total assets, as determined in accordance with GAAP, less cash and cash equivalents at the end of each of the two most recently completed calendar quarters, and appropriately adjusted on a pro rata basis for any equity capital raises or repurchases during the current calendar quarter.

The Company has not invested, and currently is not invested, in derivatives.

To the extent the Company invests in derivatives in the future, the Company will use the actual value of the derivatives, as reported on the Consolidated Statements of Assets and Liabilities, for purposes of calculating its base management fee.

Since the IPO, the base management fee calculation has deducted the borrowings under the SLF Credit Facility.

The SLF Credit Facility had historically consisted of primarily lower yielding assets at higher advance rates.

As part of an amendment to the Company’s existing credit facilities with Wells Fargo Bank, National Association, the SLF Credit Facility merged with the NMF Holdings Loan and Security Agreement, as amended and restated, dated May 19, 2011, and formed the Holdings Credit Facility on December 18, 2014, as amended and restated on October 25, 2017.

Borrowings for details.

The amendment merged the credit facilities and combined the amount of borrowings previously available.

Post credit facility merger and to be consistent with the methodology since the IPO, the Investment Adviser continued to waive management fees on the leverage associated with those assets held under revolving credit facilities that share the same underlying yield characteristics with investments leveraged under the legacy SLF Credit Facility.

Effective as of and for the quarter ended March 31, 2021 through the quarter ending December 31, 2022, the Investment Adviser has entered into a fee waiver agreement (the "Fee Waiver Agreement") pursuant to which the Investment Adviser will waive base management fees in order to reach a target base management fee of 1.25% on gross assets (the “Reduced Base Management Fee”) as opposed to the Company’s current base management fee of 1.75% on gross assets less the borrowings under the SLF Credit Facility and less cash and cash equivalents (the “Base Management Fee”).

If, for any quarterly period during the term of the fee waiver agreement, the Reduced Base Management Fee would be greater than the Base Management Fee calculated under the terms of the Investment Management Agreement, the Investment Adviser shall only be entitled to the lesser of those two amounts.

Effective as of and for the quarter ended March 31, 2021 through the quarter ending December 31, 2023, the Investment Adviser entered into a fee waiver agreement (the "Fee Waiver Agreement") pursuant to which the Investment Adviser will waive base management fees in order to reach a target base management fee of 1.25% on gross assets (the “Reduced Base Management Fee”).

The Investment Adviser cannot recoup management fees that the Investment Adviser has previously waived.

For the three and nine months ended September 30, 2021, management fees waived were approximately $3,752 and $11,193, respectively.

For the three and nine months ended September 30, 2020, management fees waived were approximately $2,841 and $9,567, respectively.

For the three months ended March 31, 2022 and March 31, 2021, management fees waived were approximately $1,092 and $3,637, respectively.

The incentive fee consists of two parts.

The first part is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter, subject to a “preferred return”, or “hurdle”, and a “catch-up” feature.

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under an administration agreement, as amended and restated (the “Administration Agreement”), with the Administrator, and any interest expense and distributions paid on any issued and outstanding preferred stock (of which there are none as of September 30, 2021), but excluding the incentive fee).

Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash.

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• No incentive fee is payable to the Investment Adviser in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2.0% (the "preferred return" or "hurdle").

• 100.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any

calendar quarter (10.0% annualized) is payable to the Investment Adviser.

This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the "catch-up".

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• 20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser once the hurdle is reached and the catch-up is achieved.

For the three and nine months ended September 30, 2021, no incentive fees were waived.

For the three and nine months ended September 30, 2020, incentive fees waived were $500 and $500, respectively.

The Investment Adviser cannot recoup incentive fees that the Investment Adviser has previously waived.

The second part of the incentive fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement) and will equal 20.0% of the Company's realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee.

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Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on actual realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year as if the entire portfolio was sold at fair value.

The following table summarizes the management fees and incentive fees incurred by the Company for the three and nine months ended September 30, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

The following table summarizes the management fees and incentive fees incurred by the Company for the three months ended March 31, 2022 and March 31, 2021:

Three Months Ended

March 31, 2022 March 31, 2021

Management fee $ 11,553 $ 13,420

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Incentive fee, excluding accrued capital gains incentive fees $ 7,477 $ 7,248

incentive fee waiver — (500) — (500)

Total incentive fee 7,661 6,635 22,207 21,357

Accrued capital gains incentive fees(1) $ — $ —

(1) As of September 30, 2021 and September 30, 2020, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.

(1) As of March 31, 2022 and March 31, 2021, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.

The Company has entered into the Administration Agreement with the Administrator under which the Administrator provides administrative services.

The Administration Agreement was most recently re-approved by the board of directors on February 23, 2022, for a period of 12 months commencing on May 5, 2022.

The Administrator maintains, or oversees the maintenance of, the Company's consolidated financial records, prepares reports filed with the SEC, generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others.

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The Administrator cannot recoup any expenses that the Administrator has previously waived.

For the three and nine months ended September 30, 2021, approximately $616 and

$2,037, respectively, of indirect administrative expenses were included in administrative expenses of which $0 and $0, respectively, were waived by the Administrator.

For the three and nine months ended September 30, 2020, approximately $613 and $2,005, respectively, of indirect administrative expenses were included in administrative expenses of which $589 and $924, respectively, were waived by the Administrator.

As of September 30, 2021 and December 31, 2020, approximately $678 and $738, respectively, of indirect administrative expenses were included in payable to affiliates.

For the three and nine months ended September 30, 2021, the reimbursement to the Administrator represented approximately 0.02% and 0.06%, respectively, of the Company's gross assets.

For the three and nine months ended September 30, 2020, the reimbursement to the Administrator represented approximately 0.00% and 0.04%, respectively, of the Company's gross assets.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the “New Mountain” and the “New Mountain Finance” names.

Under the Trademark License Agreement, as amended, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the “New Mountain” and “New Mountain Finance” names, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company.

Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the “New Mountain” or the “New Mountain Finance” names.

For the three months ended March 31, 2022 and March 31, 2021, approximately $791 and $754, respectively, of indirect administrative expenses were included in administrative expenses of which $238 and $0, respectively, were waived by the Administrator.

As of March 31, 2022 and December 31, 2021, approximately $1,042 and $545, respectively, of indirect administrative expenses were included in payable to affiliates.

For the three months ended March 31, 2022 and March 31, 2021, the reimbursement to the Administrator represented approximately 0.02% and 0.02%, respectively, of the Company's gross assets.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain" and the "New Mountain Finance" names, as well as the NMF logo.

Under the Trademark License Agreement, as amended, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "New Mountain" and "New Mountain Finance" names, as well as the NMF logo, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company.

Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain" or the "New Mountain Finance" names, as well as the NMF logo.

In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs through December 31, 2020 (the “Temporary Relief), the Company was permitted, subject to the satisfaction of certain conditions, to co-invest in our existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company.

Without the Temporary Relief, such private funds would not be able to participate in such co-investments with the Company unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with the Company.

Although the Temporary Relief expired on December 31, 2020, the SEC’s Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continues to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein.

The Temporary Relief is no longer effective;

however, the Company intends to file an application to amend its existing Exemptive Order to permit the Company to continue to co-invest in its existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company, subject to certain conditions.

There can be no assurance if and when the Company will receive the exemptive order.

Related Parties

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The Company has entered into the Fee Waiver Agreement with the Investment Adviser, pursuant to which the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by the Company under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ending December 31, 2022.

Subsequently, the Company and the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ending December 31, 2023.

Agreements , for details.

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The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to the Company under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance and compliance functions, and the compensation of the Company's chief financial officer and chief compliance officer and their respective staffs.

The Company, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name “New Mountain” and “New Mountain Finance”.

The Company has adopted a formal code of ethics that governs the conduct of its officers and directors.

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On October 8, 2019, the SEC issued an exemptive order (the “Exemptive Order”), which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order.

of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies.

Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company's independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.63 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315.

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On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000.

On December 17, 2021, the Company entered into Amendment No.

1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024.

Refer to Note 7.

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The agreements governing the NMFC Credit Facility, the Convertible Notes and the Unsecured Notes contain certain covenants and terms, including a requirement that the Company not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that the Company not exceed a secured debt ratio of 0.70 to 1.00 at any time.

As of September 30, 2021, the Company’s asset coverage ratio was 184.0%.

As of March 31, 2022, the Company’s asset coverage ratio was 181.3%.

Holdings Credit Facility —On October 24, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement among the Company, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (as amended from time to time, the "Holdings Credit Facility").

As of the most recent amendment on April 20, 2021, the maturity date of the Holdings Credit Facility is April 20, 2026, and the maximum facility amount is the lesser of $800,000 and the actual commitments of the lenders to make advances as of such date.

As of September 30, 2021, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730,000.

As of March 31, 2022, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730,000.

Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 25.0%, 45.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association.

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The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.

As of the most recent amendment on April 20, 2021, the Holdings Credit Facility bears interest at a rate of LIBOR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Fifth Amendment Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments.

As of the most recent amendment on April 20, 2021, the Holdings Credit Facility bears interest at a rate of LIBOR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Fifth Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments.

From September 30, 2020 to April 19, 2021 the Holdings Credit Facility bore interest at a rate of LIBOR plus 2.00% per annum for Broadly Syndicated Loans (as defined in the Fourth Amendment Loan and Security Agreement) and LIBOR plus 2.50% per annum for all other investments.

Prior to September 30, 2020, the Holdings Credit Facility bore interest at a rate of LIBOR plus 1.75% per annum for Broadly Syndicated Loans (as defined in the Second Amendment to the Loan and Security Agreement) and LIBOR plus 2.25% per annum for all other investments.

The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Third Amended and Restated Loan and Security Agreement).

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three and nine months ended September 30, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three months ended March 31, 2022 and March 31, 2021:

Three Months Ended

March 31, 2022 March 31, 2021

Interest expense $ 2,934 $ 2,714

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Average debt outstanding $ 550,063 $ 450,163

As of September 30, 2021 and December 31, 2020, the outstanding balance on the Holdings Credit Facility was $493,263 and $450,163, respectively, and NMF Holdings was in compliance with the applicable covenants in the Holdings Credit Facility on such dates.

As of March 31, 2022 and December 31, 2021, the outstanding balance on the Holdings Credit Facility was $576,263 and $545,263, respectively, and NMF Holdings was in compliance with the applicable covenants in the Holdings Credit Facility on such dates.

NMFC Credit Facility —The Amended and Restated Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated June 4, 2021, among the Company, as the Borrower, Goldman Sachs Bank USA, as the Administrative Agent and Collateral Agent, and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A., as Lenders (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility.

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As of the most recent amendment on June 4, 2021, the maturity date of the NMFC Credit Facility is June 4, 2026.

As of September 30, 2021, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $188,500.

As of March 31, 2022, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $198,500.

The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the RCA.

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The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to asset coverage and liquidity and other maintenance covenants.

As of the most recent amendment on June 4, 2021, the NMFC Credit Facility generally bears interest at a rate of LIBOR plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA).

As of the most recent amendment on June 4, 2021, the NMFC Credit Facility generally bears interest at a rate of LIBOR or Sterling Overnight Interbank Average Rate ("SONIA") plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA).

Prior to June 4, 2021, the NMFC Credit Facility bore interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA).

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three and nine months ended September 30, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three months ended March 31, 2022 and March 31, 2021:

Three Months Ended

March 31, 2022 March 31, 2021

Interest expense $ 871 $ 685

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Average debt outstanding $ 152,570 $ 104,456

As of September 30, 2021 and December 31, 2020, the outstanding balance on the NMFC Credit Facility was $149,977 and $165,500, respectively, and NMFC was in compliance with the applicable covenants in the NMFC Credit Facility on such dates.

As of March 31, 2022 and December 31, 2021, the outstanding balance on the NMFC Credit Facility was $131,860 and $127,192, which included £17,400 and £16,400, respectively, denominated in British Pound Sterling ("GBP") that has been converted to U.S.

dollars, and NMFC was in compliance with the applicable covenants in the NMFC Credit Facility on such dates.

Unsecured Management Company Revolver —The Uncommitted Revolving Loan Agreement, dated March 30, 2020, by and between the Company, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving credit facility.

The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments.

The maturity date of the Unsecured Management Company Revolver is December 31, 2022.

The Unsecured Management Company Revolver generally bears interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement).

As of the most recent amendment on December 17, 2021, the maturity date of the Unsecured Management Company Revolver is December 31, 2024.

As of the most recent amendment on December 17, 2021, the Unsecured Management Company Revolver bears interest at a rate of 4.00% per annum.

Prior to December 17, 2021, the Unsecured Management Company Revolver bore interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement).

As of September 30, 2021, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $50,000 and no borrowings were outstanding.

For the three and nine months ended September 30, 2021, amortization of financing costs were $2 and $8, respectively.

For the three and nine months ended September 30, 2020, amortization of financing costs were $2 and $5, respectively.

As of March 31, 2022, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $50,000 and no borrowings were outstanding.

For the three months ended March 31, 2022 and March 31, 2021, amortization of financing costs were $3 and $3, respectively.

DB Credit Facility —The Loan Financing and Servicing Agreement (the "LFSA") dated December 14, 2018 and as amended from time to time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S.

Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), is structured as a secured revolving credit facility and the maturity date is March 25, 2026.

As of September 30, 2021, the maximum amount of revolving borrowings available under the DB Credit Facility was $280,000.

As of March 31, 2022, the maximum amount of revolving borrowings available under the DB Credit Facility was $280,000.

The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the LFSA.

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The Company is also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the LFSA) and a facility agent fee of 0.25% per annum on the total facility amount.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three and nine months ended September 30, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three months ended March 31, 2022 and March 31, 2021:

Three Months Ended

March 31, 2022 March 31, 2021

Interest expense(1) $ 1,766 $ 1,659

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(1) Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the DB Credit Facility and non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the DB Credit Facility.

As of September 30, 2021 and December 31, 2020, the outstanding balance on the DB Credit Facility was $167,800 and $244,000, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such dates.

NMNLC Credit Facilities —The Revolving Credit Agreement (together with the related guarantee and security agreement, the “NMNLC Credit Facility”), dated September 21, 2018, by and between NMNLC, as the Borrower, and KeyBank National Association, as the Administrative Agent and Lender (the "NMNLC Revolving Credit Agreement"), was structured as a senior secured revolving credit facility and matured on September 23, 2020.

The NMNLC Credit Facility was

guaranteed by the Company and proceeds from the NMNLC Credit Facility were able to be used for funding of additional acquisition properties.

The NMNLC Credit Facility bore interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.15% per annum (as defined in the NMNLC Revolving Credit Agreement).

For the three and nine months ended September 30, 2020, interest expense, non-usage fees and amortization of financing costs were $0 and $0, $10 and $33, and $0 and $11, respectively.

The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), is structured as a senior secured revolving credit facility and matures on February 25, 2022.

As of March 31, 2022 and December 31, 2021, the outstanding balance on the DB Credit Facility was $224,300 and $226,300, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such dates.

NMNLC Credit Facility II —The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender

(the "NMNLC Credit Facility II"), is structured as a senior secured revolving credit facility.

As of the most recent amendment on December 7, 2021, the NMNLC CA matures on February 25, 2023.

The NMNLC Credit Facility II is guaranteed by the Company and proceeds from the NMNLC Credit Facility II are able to be used for funding of additional acquisition properties.

As of September 30, 2021, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II is $10,000.

The NMNLC Credit Facility II bears interest at a rate of LIBOR plus 2.75% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA).

For the three and nine months ended September 30, 2021, interest expense, non-usage fees and amortization of financing costs were $27 and $27, $1 and $3, and $24 and $55, respectively.

As of September 30, 2021, the outstanding balance on the NMNLC Credit Facility II was $5,845 and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility II on such date.

As of March 31, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II is $20,000.

Prior to the amendment on December 7, 2021, the NMNLC Credit Facility II bore interest at a rate of LIBOR plus 2.75% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA).

As of December 7, 2021, the NMNLC Credit Facility II bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 2.75% per annum with a 0.35% floor and charges a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA).

For the three months ended March 31, 2022 and March 31, 2021, interest expense, non-usage fees and amortization of financing costs were $118 and $0, $1 and $0, and $27 and $8, respectively and the weighted average interest rate and effective interest rate was 3.1% and 0% and 3.9% and 0%, respectively.

As of March 31, 2022 and December 31, 2021, the outstanding balance on the NMNLC Credit Facility II was $15,200 and $15,200, respectively, and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility II on such date.

Convertible Notes —On August 20, 2018, the Company closed a registered public offering of $100,000 aggregate principal amount of unsecured convertible notes (the “Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a first supplemental indenture thereto, dated August 20, 2018 (together the “2018A Indenture”).

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These covenants are subject to limitations and exceptions that are described in the 2018A Indenture.

The following table summarizes certain key terms related to the convertible features of the Company’s Convertible Notes as of September 30, 2021:

The following table summarizes certain key terms related to the convertible features of the Company’s Convertible Notes as of March 31, 2022:

Convertible Notes

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Initial conversion price $ 15.18

Conversion premium at September 30, 2021 10.0 %

Conversion rate at September 30, 2021(1)(2) 65.8762

Conversion price at September 30, 2021(2)(3) $ 15.18

Conversion premium at March 31, 2022 10.0 %

Conversion rate at March 31, 2022(1)(2) 65.8762

Conversion price at March 31, 2022(2)(3) $ 15.18

Last conversion price calculation date August 20, 2021

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(2) Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.

(3) The conversion price in effect at September 30, 2021 was calculated on the last anniversary of the issuance and will be calculated again on the next anniversary, unless the exercise price shall have changed by more than 1.0% before the anniversary.

(3) The conversion price in effect at March 31, 2022 was calculated on the last anniversary of the issuance and will be calculated again on the next anniversary, unless the exercise price shall have changed by more than 1.0% before the anniversary.

The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.34 per share per quarter and certain changes in control.

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Earnings Per Share , the issuance is considered part of the if-converted method for calculation of diluted earnings per share.

The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the Convertible Notes for the three and nine months ended September 30, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the Convertible Notes for the three months ended March 31, 2022 and March 31, 2021:

Three Months Ended

March 31, 2022 March 31, 2021

Interest expense $ 2,893 $ 2,893

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Average debt outstanding $ 201,250 $ 201,250

As of September 30, 2021 and December 31, 2020, the outstanding balance on the Convertible Notes was $201,250 and $201,250, respectively, and NMFC was in compliance with the terms of the 2018A Indenture on such date.

As of March 31, 2022 and December 31, 2021, the outstanding balance on the Convertible Notes was $201,250 and $201,250, respectively, and NMFC was in compliance with the terms of the 2018A Indenture on such date.

Unsecured Notes —On May 6, 2016, the Company issued $50,000 in aggregate principal amount of five-year unsecured notes (the “2016 Unsecured Notes”), pursuant to a note purchase agreement, dated May 4, 2016, to an institutional investor in a private placement.

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and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles.

The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three and nine months ended September 30, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three months ended March 31, 2022 and March 31, 2021:

Three Months Ended

March 31, 2022 March 31, 2021

Interest expense $ 5,958 $ 6,527

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Average debt outstanding $ 511,500 $ 532,228

As of September 30, 2021 and December 31, 2020, the outstanding balance on the Unsecured Notes was $511,500 and $453,250, respectively, and the Company was in compliance with the terms of the NPA and the 2018B Indenture as of such dates, as applicable.

As of March 31, 2022 and December 31, 2021, the outstanding balance on the Unsecured Notes was $511,500 and $511,500, respectively, and the Company was in compliance with the terms of the NPA as of such dates, as applicable.

SBA-guaranteed debentures —On August 1, 2014 and August 25, 2017, respectively, SBIC I and SBIC II received licenses from the SBA to operate as SBICs.

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In June 2018, legislation amended the 1958 Act by increasing the individual leverage limit from $150,000 to $175,000, subject to SBA approvals.

As of September 30, 2021 and December 31, 2020, SBIC I had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $150,000 and $150,000, respectively.

As of September 30, 2021 and December 31, 2020, SBIC II had regulatory capital of $75,000 and $75,000, respectively, and $150,000 and $150,000, respectively, of SBA-guaranteed debentures outstanding.

As of March 31, 2022 and December 31, 2021, SBIC I had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $150,000 and $150,000, respectively.

As of March 31, 2022 and December 31, 2021, SBIC II had regulatory capital of $75,000 and $75,000, respectively, and $150,000 and $150,000, respectively, of SBA-guaranteed debentures outstanding.

The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures.

The following table summarizes the Company’s SBA-guaranteed debentures as of September 30, 2021:

The following table summarizes the Company’s SBA-guaranteed debentures as of March 31, 2022:

Issuance Date Maturity Date Debenture Amount Interest Rate SBA Annual Charge

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Once pooled, which occurs in March and September each year, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.

The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three and nine months ended September 30, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three months ended March 31, 2022 and March 31, 2021:

Three Months Ended

March 31, 2022 March 31, 2021

Interest expense $ 1,998 $ 1,998

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SBICs are subject to an annual periodic examination by an SBA examiner to determine the SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor.

As of September 30, 2021 and December 31, 2020, SBIC I and SBIC II were in compliance with SBA regulatory requirements.

As of March 31, 2022 and December 31, 2021, SBIC I and SBIC II were in compliance with SBA regulatory requirements.

Leverage risk factors —The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes.

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Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" specified in the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions).

In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) managerial assistance.

In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.

Commitments and Contingencies

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The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments.

As of September 30, 2021, the Company had unfunded commitments on revolving credit facilities of $68,680, no outstanding bridge financing commitments and other future funding commitments of $139,153.

As of March 31, 2022, the Company had unfunded commitments on revolving credit facilities of $94,031, no outstanding bridge financing commitments and other future funding commitments of $144,268.

As of December 31, 2021, the Company had unfunded commitments on revolving credit facilities of $86,989, no outstanding bridge financing commitments and other future funding commitments of $128,446.

The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedules of Investments.

The Company also had revolving borrowings available under the Holdings Credit Facility, the DB Credit Facility, the NMFC Credit Facility, the Unsecured Management Company Revolver and the NMNLC Credit Facility II as of September 30, 2021 and revolver borrowings available under the Holdings Credit Facility, the DB Credit Facility, the NMFC Credit Facility and the Unsecured Management Company Revolver as of December 31, 2020.

Borrowings , for details.

The Company may from time to time enter into financing commitment letters.

As of September 30, 2021 and December 31, 2020, the Company had commitment letters to purchase investments in the aggregate par amount of $116,802 and $44,918, respectively, which could require funding in the future.

As of March 31, 2022 and December 31, 2021, the Company had commitment letters to purchase investments in the aggregate par amount of $53,989 and $6,800, respectively, which could require funding in the future.

COVID-19 Developments

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These decreases were attributable to the impact of the COVID-19 pandemic on the markets.

As of September 30, 2021, the net asset value of the Company has experienced a recovery from that of March 31, 2020.

The Company has been closely monitoring, and will continue to monitor, the impact of the COVID-19 pandemic and its impact on all aspects of the Company's business, including how it will impact the Company's portfolio companies, employees, due diligence and underwriting processes, and financial markets.

As of March 31, 2022, the net asset value of the Company has experienced a recovery from that of March 31, 2020.

The Company has been closely monitoring, and will continue to monitor, the impact of the COVID-19 pandemic, including those caused by variants such as the delta and omicron variants, as well as any other variants, and its impact on all aspects of the Company's business, including how it will impact the Company's portfolio companies, employees, due diligence and underwriting processes, and financial markets.

Further, the operational and financial performance of the portfolio companies in which the Company makes investments may be significantly impacted by COVID-19, which may in turn impact the valuation of the Company's investments.

The Company believes that its portfolio companies have taken, and continue to take, immediate actions to effectively and efficiently respond to the challenges posed by COVID-19 and related orders imposed by state and local governments, including developing liquidity plans supported by internal cash reserves, and shareholder support.

The Company believes that its portfolio companies have taken, and continue to take, immediate actions to effectively and efficiently respond to the challenges posed by COVID-19 and related restrictions imposed by state and local governments, including developing liquidity plans supported by internal cash reserves, and shareholder support.

The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns and cancellations of events and travel.

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To the extent the Company’s portfolio companies are adversely impacted by the continued effects of the COVID-19 pandemic, the Company may experience a material adverse impact on the its future net investment income, the fair value of its portfolio investments, its financial condition and the results of operations and financial condition of its portfolio companies.

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2021:

Accumulated Undistributed (Overdistributed) Earnings

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three months ended March 31, 2022:

Accumulated Overdistributed Earnings

Common Stock Paid in

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Net assets at December 31, 2021 97,907,441 $ 979 $ 1,272,796 $ 118,330 $ (92,099) $ 21,239 $ 1,321,245 $ 21,367 $ 1,342,612

Distributions declared — — — (29,048) — — (29,048) (301) (29,349)

Contributions related to non-controlling interest in NMNLC — — — — — — — 3,403 3,403

Net increase (decrease) in net assets resulting from operations — — — 28,668 (10,496) 33,318 51,490 365 51,855

Net assets at March 31, 2021 96,827,342 $ 968 $ 1,269,671 $ 105,601 $ (98,746) $ (33,177) $ 1,244,317 $ 18,481 $ 1,262,798

Issuances of common stock 1,591,121 16 21,556 — — — 21,572 — 21,572

Distributions declared — — — (29,048) — — (29,048) (330) (29,378)

Distributions related to non-controlling interest in NMNLC — — — — — — — (2,561) (2,561)

Net increase in net assets resulting from operations — — — 28,845 180 46,787 75,812 3,366 79,178

Net assets at June 30, 2021 96,906,988 $ 969 $ 1,270,719 $ 105,398 $ (98,566) $ 13,610 $ 1,292,130 $ 18,956 $ 1,311,086

Offering costs — — (52) — — — (52) — (52)

Distributions declared — — — (29,589) — — (29,589) (3,750) (33,339)

Contributions related to non-controlling interest in NMNLC — — — — — — — 317 317

Net increase (decrease) in net assets resulting from operations — — — 29,573 17,596 (10,977) 36,192 855 37,047

Net assets at September 30, 2021 96,906,988 $ 969 $ 1,270,719 $ 106,664 $ (75,558) $ (17,889) $ 1,284,905 $ 20,053 $ 1,304,958

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2020:

Net assets at March 31, 2022 99,498,562 $ 995 $ 1,294,300 $ 118,314 $ (74,503) $ 10,262 $ 1,349,368 $ 18,472 $ 1,367,840

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three months ended March 31, 2021:

Accumulated Overdistributed Earnings

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Net Investment Accumulated Net Realized

Unrealized Appreciation Total Net Assets Non-Controlling Interest in Total

Shares Par Amount of Par Income Gains (Depreciation) of NMFC NMNLC Net Assets

Unrealized (Depreciation) Total Net Assets Non-Controlling Interest in Total

Shares Par Amount of Par Income Losses Appreciation of NMFC NMNLC Net Assets

Net assets at December 31, 2020 96,827,342 $ 968 $ 1,269,671 $ 105,981 $ (88,250) $ (66,495) $ 1,221,875 $ 15,014 $ 1,236,889

Distributions declared — — — (29,048) — — (29,048) (301) (29,349)

Purchase of non-controlling interest in NMNLC — — — — — — — 11,315 11,315

Contributions related to non-controlling interest in NMNLC — — — — — — — 3,403 3,403

Net increase (decrease) in net assets resulting from operations — — — 28,668 (10,496) 33,318 51,490 365 51,855

Net assets at March 31, 2021 96,827,342 $ 968 $ 1,269,671 $ 105,601 $ (98,746) $ (33,177) $ 1,244,317 $ 18,481 $ 1,262,798

Distributions declared — — — (29,048) — — (29,048) (258) (29,306)

Net increase (decrease) in net assets resulting from operations — — — 27,327 (3,756) 52,910 76,481 251 76,732

Net assets at June 30, 2020 96,827,342 $ 968 $ 1,287,853 $ 87,996 $ (89,090) $ (162,104) $ 1,125,623 $ 11,243 $ 1,136,866

Distributions declared — — — (29,049) — — (29,049) (245) (29,294)

Net increase in net assets resulting from operations — — — 28,779 47 59,364 88,190 1,398 89,588

Net assets at September 30, 2020 96,827,342 $ 968 $ 1,287,853 $ 87,726 $ (89,043) $ (102,740) $ 1,184,764 $ 12,396 $ 1,197,160

On November 3, 2021, the Company entered into an equity distribution agreement (the “Distribution Agreement”) with B.

Riley Securities, Inc.

and Raymond James & Associates, Inc.

(collectively, the “Agents”).

The Distribution Agreement

provides that the Company may issue and sell its shares from time to time through the Agents, up to $250,000 worth of its common stock by means of at-the-market ("ATM") offerings.

For the three months ended March 31, 2022, the Company sold 1,511,836 shares of common stock under the Distribution Agreement.

For the same period, the Company received total accumulated net proceeds of approximately $20,474, including $295 of offering expenses, from these sales.

The Company generally uses net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes.

As of March 31, 2022, shares representing approximately $216,615 of its common stock remain available for issuance and sale under the Distribution Agreement.

Earnings Per Share

The following information sets forth the computation of basic and diluted net increase (decrease) in the Company’s net assets per share resulting from operations for the three and nine months ended September 30, 2021 and September 30, 2020:

Three Months Ended Nine Months Ended

September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020

Earnings (loss) per share—basic

Numerator for basic earnings (loss) per share:

The following information sets forth the computation of basic and diluted net increase in the Company’s net assets per share resulting from operations for the three months ended March 31, 2022 and March 31, 2021:

Three Months Ended

March 31, 2022 March 31, 2021

Earnings per share—basic

Numerator for basic earnings per share:

$ 36,192 $ 51,490

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98,413,476 96,827,342

Basic earnings (loss) per share:

Basic earnings per share:

$ 0.37 $ 0.53

Earnings (loss) per share—diluted(1)

Numerator for increase (decrease) in net assets per share $ 21,847 $ 88,190 $ 149,149 $ (7,686)

Earnings per share—diluted(1)

Numerator for increase in net assets per share $ 36,192 $ 51,490

Adjustment for interest on Convertible Notes and incentive fees, net 2,314 2,314

Numerator for diluted earnings (loss) per share:

Numerator for diluted earnings per share:

$ 38,506 $ 53,804

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Denominator for diluted weighted average share 111,671,062 110,084,927

Diluted earnings (loss) per share:

Diluted earnings per share:

$ 0.34 $ 0.49

(1) In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive.

For the nine months ended September 30, 2020, there was anti-dilution.

For the three and nine months ended September 30, 2021 and the three months ended September 30, 2020, there was no anti-dilution.

For the three months ended March 31, 2022 and March 31, 2021, there was no anti-dilution.

Financial Highlights

The following information sets forth the Company's financial highlights for the nine months ended September 30, 2021 and September 30, 2020:

Nine Months Ended

September 30, 2021 September 30, 2020

The following information sets forth the Company's financial highlights for the three months ended March 31, 2022 and March 31, 2021:

Three Months Ended

March 31, 2022 March 31, 2021

Per share data(1):

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Net investment income 0.30 0.30

Net realized and unrealized gains (losses) 0.63 (0.98)

Total net increase (decrease) 1.54 (0.08)

Net realized and unrealized gains 0.07 0.23

Total net increase 0.37 0.53

Distributions declared to stockholders from net investment income (0.30) (0.30)

Net asset value, September 30, 2021 and September 30, 2020, respectively $ 13.26 $ 12.24

Per share market value, September 30, 2021 and September 30, 2020, respectively $ 13.31 $ 9.56

Net asset value, March 31, 2022 and March 31, 2021, respectively $ 13.56 $ 12.85

Per share market value, March 31, 2022 and March 31, 2021, respectively $ 13.85 $ 12.40

Total return based on market value(2) 3.28 % 11.74 %

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Total expenses, net of waivers/reimbursements 11.98 % 12.85 %

Average debt outstanding—Unsecured Notes $ 518,333 $ 453,250

Average debt outstanding—Holdings Credit Facility $ 550,063 $ 450,163

Average debt outstanding—Unsecured Notes 511,500 532,228

Average debt outstanding—SBA-guaranteed debentures 300,000 300,000

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Total return does not reflect sales load.

(4) For the nine months ended September 30, 2021, average debt outstanding represents the period from February 26, 2021 (commencement of the NMNLC Credit Facility II) to September 30, 2021.

(4) Under the NMFC Credit Facility, the Company may borrow in U.S.

dollars or certain other permitted currencies.

As of March 31, 2022, the Company had borrowings denominated in GBP of £17,400 that has been converted to U.S.

(5) On November 5, 2014, the Company received exemptive relief from the SEC allowing the Company to modify the asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation.

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Management is currently evaluating the impact of the optional guidance on the Company's consolidated financial statements and disclosures.

The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the quarter ended September 30, 2021.

In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature.

As a result, after adoption, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost.

Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share.

ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a fully retrospective or modified retrospective basis.

The Company is in the process of evaluating the impact that this guidance will have on its consolidated financial statements.

The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the quarter ended March 31, 2022.

Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act.

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Subsequent Events

On October 27, 2021, the Company’s board of directors declared a fourth quarter 2021 distribution of $0.30 per share payable on December 30, 2021 to holders of record as of December 16, 2021.

On November 1, 2021, the Company entered into Amendment No.

1 to the Investment Management Agreement, pursuant to which the Base Management Fee will be reduced from 1.75% of the Company’s gross assets to 1.4% of the Company’s gross assets.

On November 2, 2021, the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ended December 31, 2023, rather than the quarter ended December 31, 2022.

Under the Fee Waiver Agreement, the Investment Adviser will continue to waive base management fees in order to reach a target base management fee of 1.25% on gross assets.

On May 3, 2022, the Company’s board of directors declared a second quarter 2022 distribution of $0.30 per share payable on June 30, 2022 to holders of record as of June 16, 2022.

Deloitte & Touche LLP

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Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities of New Mountain Finance Corporation and subsidiaries (the “Company”) including the consolidated schedule of investments, as of September 30, 2021, and the related consolidated statements of operations and changes in net assets for the three-month and nine-month periods ended September 30, 2021 and 2020, the consolidated statement of cash flows for the nine-month periods ended September 30, 2021 and 2020, and the related notes (collectively referred to as the "interim financial information").

We have reviewed the accompanying consolidated statement of assets and liabilities of New Mountain Finance Corporation and subsidiaries (the “Company”), including the consolidated schedule of investments, as of March 31, 2022, and the related consolidated statements of operations, changes in net assets, and cash flows for the three-month periods ended March 31, 2022 and 2021, and the related notes (collectively referred to as the "interim financial information").

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

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/s/ DELOITTE & TOUCHE LLP

November 3, 2021

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements