UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
ý      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarter Ended September 30, 2019
o         Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission
File Number
 
Exact name of registrant as specified in its charter, address of principal executive
offices, telephone numbers and states or other jurisdictions of incorporation or organization
 
I.R.S. Employer
Identification Number
814-00832
 
New Mountain Finance Corporation
 
27-2978010
 
 
787 Seventh Avenue, 48th Floor
New York, New York 10019
Telephone: (212) 720-0300
State of Incorporation: Delaware
 
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
 
 
Common stock, par value $0.01 per share
NMFC
New York Stock Exchange
 
 
5.75% Notes due 2023
NMFX
New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer ý
 
Accelerated filer o
 
 
Non-accelerated filer o
 
Smaller reporting company o
 
 
Emerging growth company o
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý



 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock.
Description
 
Shares as of November 6, 2019
Common stock, par value $0.01 per share
 
96,768,695
 

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2019
TABLE OF CONTENTS
 
PAGE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3
Table of Contents

PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
New Mountain Finance Corporation
 
Consolidated Statements of Assets and Liabilities
(in thousands, except shares and per share data)
(unaudited)
 
September 30, 2019
 
December 31, 2018
Assets
 

 
 

Investments at fair value
 

 
 

Non-controlled/non-affiliated investments (cost of $2,456,149 and $1,868,785, respectively)
$
2,452,793

 
$
1,861,323

Non-controlled/affiliated investments (cost of $82,085 and $78,438, respectively)
78,469

 
77,493

Controlled investments (cost of $442,414 and $382,503, respectively)
466,918

 
403,137

Total investments at fair value (cost of $2,980,648 and $2,329,726, respectively)
2,998,180

 
2,341,953

Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)
22,176

 
23,508

Cash and cash equivalents
69,815

 
49,664

Interest and dividend receivable
37,330

 
30,081

Receivable from affiliates
586

 
288

Other assets
4,041

 
3,172

Total assets
$
3,132,128

 
$
2,448,666

Liabilities
 

 
 

Borrowings
 
 
 
     Holdings Credit Facility
$
637,563

 
$
512,563

     Unsecured Notes
453,250

 
336,750

     DB Credit Facility
202,000

 
57,000

     Convertible Notes
201,649

 
270,301

     SBA-guaranteed debentures
184,000

 
165,000

     NMFC Credit Facility
138,500

 
60,000

        NMNLC Credit Facility
10,600

 
—

     Deferred financing costs (net of accumulated amortization of $26,933 and $22,234, respectively)
(16,785
)
 
(17,515
)
Net borrowings
1,810,777

 
1,384,099

Payable for unsettled securities purchased
99,667

 
20,147

Management fee payable
18,363

 
8,392

Incentive fee payable
14,779

 
6,864

Interest payable
11,972

 
12,397

Payable to affiliates
1,210

 
1,021

Deferred tax liability
885

 
1,006

Other liabilities
5,196

 
8,471

Total liabilities
1,962,849

 
1,442,397

Commitments and contingencies (See Note 9)
 

 
 

Net assets
 

 
 

Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued
—

 
—

Common stock, par value $0.01 per share, 200,000,000 and 100,000,000 shares authorized, respectively, and 87,568,695 and 76,106,372 shares issued and outstanding, respectively
876

 
761

Paid in capital in excess of par
1,191,881

 
1,035,629

Accumulated overdistributed earnings
(23,478
)
 
(30,121
)
Total net assets
$
1,169,279

 
$
1,006,269

Total liabilities and net assets
$
3,132,128

 
$
2,448,666

Number of shares outstanding
87,568,695

 
76,106,372

Net asset value per share
$
13.35

 
$
13.22


The accompanying notes are an integral part of these consolidated financial statements.
4
Table of Contents

New Mountain Finance Corporation
 
Consolidated Statements of Operations
(in thousands, except shares and per share data)
(unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Investment income
 
 
 
 
 
 
 
From non-controlled/non-affiliated investments:
 
 
 
 
 
 
 
Interest income
$
51,452

 
$
38,332

 
$
143,927

 
$
112,278

Dividend income
—

 
—

 
—

 
486

Non-cash dividend income
2,239

 
1,491

 
6,282

 
4,254

Other income
3,599

 
4,669

 
7,694

 
8,550

From non-controlled/affiliated investments:
 
 
 
 
 
 
 
Interest income
1,051

 
817

 
3,088

 
1,129

Dividend income
788

 
787

 
2,326

 
2,423

Non-cash dividend income
309

 
4,024

 
901

 
12,050

Other income
342

 
315

 
934

 
1,529

From controlled investments:
 
 
 
 
 
 
 
Interest income
2,717

 
1,771

 
7,764

 
4,342

Dividend income
7,661

 
5,925

 
23,383

 
14,755

Non-cash dividend income
2,273

 
1,721

 
6,446

 
4,683

Other income
163

 
617

 
505

 
1,477

Total investment income
72,594

 
60,469

 
203,250

 
167,956

Expenses
 
 
 
 
 
 
 
Incentive fee
7,792

 
6,780

 
21,642

 
19,644

Management fee
12,687

 
10,018

 
35,302

 
28,011

Interest and other financing expenses
21,830

 
14,759

 
61,695

 
38,873

Professional fees
834

 
2,053

 
2,486

 
3,455

Administrative expenses
930

 
846

 
3,074

 
2,607

Other general and administrative expenses
492

 
437

 
1,302

 
1,365

Total expenses
44,565

 
34,893

 
125,501

 
93,955

Less: management fees waived (See Note 5)
(3,141
)
 
(1,766
)
 
(8,497
)
 
(4,583
)
Less: expenses waived and reimbursed (See Note 5)
—

 
—

 
(335
)
 
(276
)
Net expenses
41,424

 
33,127

 
116,669

 
89,096

Net investment income before income taxes
31,170

 
27,342

 
86,581

 
78,860

Income tax expense
—

 
225

 
13

 
286

Net investment income
31,170

 
27,117

 
86,568

 
78,574

Net realized gains (losses):
 
 
 
 
 
 
 
Non-controlled/non-affiliated investments
349

 
3,254

 
439

 
(3,149
)
Controlled investments
6

 
—

 
14

 
—

Net change in unrealized appreciation (depreciation):
 
 
 
 
 
 
 
Non-controlled/non-affiliated investments
(8,334
)
 
(4,048
)
 
4,106

 
(22,069
)
Non-controlled/affiliated investments
(143
)
 
829

 
(2,671
)
 
10,908

Controlled investments
1,453

 
(390
)
 
3,870

 
10,471

Securities purchased under collateralized agreements to resell
(1,332
)
 
—

 
(1,332
)
 
(12
)
Benefit (provision) for taxes
281

 
(2
)
 
121

 
(986
)
Net realized and unrealized gains (losses)
(7,720
)
 
(357
)
 
4,547

 
(4,837
)
Net increase in net assets resulting from operations
$
23,450

 
$
26,760

 
$
91,115

 
$
73,737

Basic earnings per share
$
0.27

 
$
0.35

 
$
1.11

 
$
0.97

Weighted average shares of common stock outstanding - basic (See Note 11)
86,987,841

 
76,106,372

 
82,020,549

 
75,994,068

Diluted earnings per share
$
0.26

 
$
0.32

 
$
1.01

 
$
0.91

Weighted average shares of common stock outstanding - diluted (See Note 11)
100,245,426

 
89,388,999

 
97,948,225

 
86,983,697

Distributions declared and paid per share
$
0.34

 
$
0.34

 
$
1.02

 
$
1.02


The accompanying notes are an integral part of these consolidated financial statements.
5
Table of Contents

New Mountain Finance Corporation
 
Consolidated Statements of Changes in Net Assets
(in thousands, except shares and per share data)
(unaudited)
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Increase (decrease) in net assets resulting from operations:
 
 
 
 
 
 
 
Net investment income
$
31,170

 
$
27,117

 
$
86,568

 
$
78,574

Net realized gains (losses) on investments
355

 
3,254

 
453

 
(3,149
)
Net change in unrealized (depreciation) appreciation of investments
(7,024
)
 
(3,609
)
 
5,305

 
(690
)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell
(1,332
)
 
—

 
(1,332
)
 
(12
)
Benefit (provision) for taxes
281

 
(2
)
 
121

 
(986
)
Net increase in net assets resulting from operations
23,450

 
26,760

 
91,115

 
73,737

Capital transactions
 
 
 
 
 
 
 
Net proceeds from shares sold
94,185

 
—

 
153,482

 
—

Deferred offering costs
(315
)
 
—

 
(544
)
 
—

Distributions declared to stockholders from net investment income
(29,753
)
 
(25,876
)
 
(84,472
)
 
(77,512
)
Reinvestment of distributions
795

 
—

 
3,429

 
2,330

Total net increase (decrease) in net assets resulting from capital transactions
64,912

 
(25,876
)
 
71,895

 
(75,182
)
Net increase (decrease) in net assets
88,362

 
884

 
163,010

 
(1,445
)
Net assets at the beginning of the period
1,080,917

 
1,032,646

 
1,006,269

 
1,034,975

Net assets at the end of the period
$
1,169,279

 
$
1,033,530

 
$
1,169,279

 
$
1,033,530

 
 
 
 
 
 
 
 
Capital share activity
 
 
 
 
 
 
 
Shares sold
6,900,000

 
—

 
11,212,500

 
—

Shares issued from the reinvestment of distributions
58,393

 
—

 
249,823

 
171,279

Net increase in shares outstanding
6,958,393

 
—

 
11,462,323

 
171,279




The accompanying notes are an integral part of these consolidated financial statements.
6
Table of Contents

New Mountain Finance Corporation
 
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
Nine Months Ended
 
September 30, 2019
 
September 30, 2018
Cash flows from operating activities
 
 
 
Net increase in net assets resulting from operations
$
91,115

 
$
73,737

Adjustments to reconcile net (increase) decrease in net assets resulting from operations to net cash provided by (used in) operating activities:
 
 
 
Net realized (gains) losses on investments
(453
)
 
3,149

Net change in unrealized (appreciation) depreciation of investments
(5,305
)
 
690

Net change in unrealized depreciation of securities purchased under collateralized agreements to resell
1,332

 
12

Amortization of purchase discount
(3,684
)
 
(3,924
)
Amortization of deferred financing costs
4,699

 
4,068

Amortization of premium on Convertible Notes
(83
)
 
(83
)
Non-cash investment income
(22,075
)
 
(13,469
)
(Increase) decrease in operating assets:
 
 
 
Purchase of investments and delayed draw facilities
(827,462
)
 
(1,046,015
)
Proceeds from sales and paydowns of investments
207,785

 
599,218

Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities
195

 
978

Cash paid for purchase of drawn portion of revolving credit facilities
(338
)
 
(11,631
)
Cash paid on drawn revolvers
(18,574
)
 
(19,609
)
Cash repayments on drawn revolvers
13,684

 
21,514

Interest and dividend receivable
(7,249
)
 
(18,120
)
Receivable from unsettled securities sold
—

 
(1,283
)
Receivable from affiliates
(298
)
 
48

Other assets
(1,054
)
 
5,350

Increase (decrease) in operating liabilities:
 
 
 
Payable for unsettled securities purchased
79,520

 
80,781

Management fee payable
9,971

 
8,993

Incentive fee payable
7,915

 
6,539

Interest payable
(425
)
 
3,812

Payable to affiliates
189

 
125

Deferred tax liability
(121
)
 
986

Other liabilities
(2,885
)
 
9,416

Net cash flows used in operating activities
(473,601
)
 
(294,718
)
Cash flows from financing activities
 
 
 
Net proceeds from shares sold
153,482

 
—

Distributions paid
(81,043
)
 
(75,182
)
Offering costs paid
(606
)
 
—

Proceeds from Holdings Credit Facility
222,500

 
382,500

Repayment of Holdings Credit Facility
(97,500
)
 
(228,900
)
Proceeds from Convertible Notes
86,681

 
115,000

Repayment of Convertible Notes
(155,250
)
 
—

Proceeds from Unsecured Notes
116,500

 
190,000

Proceeds from SBA-guaranteed debentures
19,000

 
15,000

Proceeds from NMFC Credit Facility
268,500

 
255,000

Repayment of NMFC Credit Facility
(190,000
)
 
(242,500
)
Proceeds from DB Credit Facility
232,000

 
—

Repayment of DB Credit Facility
(87,000
)
 
—

Proceeds from NMNLC Credit Facility
10,600

 
—

Deferred financing costs paid
(4,112
)
 
(4,791
)
Net cash flows provided by financing activities
493,752

 
406,127

Net increase in cash and cash equivalents
20,151

 
111,409

Cash and cash equivalents at the beginning of the period
49,664

 
34,936

Cash and cash equivalents at the end of the period
$
69,815

 
$
146,345

Supplemental disclosure of cash flow information
 
 
 
Cash interest paid
$
58,037

 
$
30,162

Income taxes paid
10

 
213

Non-cash operating activities:
 
 
 
Non-cash activity on investments
$
—

 
$
1,346

Non-cash financing activities:
 
 
 
Value of shares issued in connection with the distribution reinvestment plan
$
3,429

 
$
2,330

Accrual for offering costs
49

 
335

Accrual for deferred financing costs
19

 
373



The accompanying notes are an integral part of these consolidated financial statements.
7
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments
September 30, 2019
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
Non-Controlled/Non-Affiliated Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funded Debt Investments - Canada
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dentalcorp Health Services ULC (fka Dentalcorp Perfect Smile ULC)**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
Second lien (3)
 
9.54% (L + 7.50%/M)
 
6/1/2018
 
6/8/2026
 
$
28,613

 
$
28,384

 
$
28,148

 
 
 
 
Second lien (8)
 
9.54% (L + 7.50%/M)
 
6/1/2018
 
6/8/2026
 
7,500

 
7,443

 
7,378

 
 
 
 
 
 
 
 
 
 
 
 
36,113

 
35,827

 
35,526

 
3.04
 %
Wolfpack IP Co.**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (2)(9)
 
8.56% (L + 6.50%/M)
 
6/14/2019
 
6/13/2025
 
9,091

 
9,004

 
9,000

 
0.77
 %
Total Funded Debt Investments - Canada
 
 
 
 
 
 
 
 
 
$
45,204

 
$
44,831

 
$
44,526

 
3.81
 %
Funded Debt Investments - United Arab Emirates
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GEMS Menasa (Cayman) Limited**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education
 
First lien (8)
 
7.04% (L + 5.00%/M)

7/30/2019

7/30/2026

$
33,489


$
33,321


$
33,572


2.87
 %
Total Funded Debt Investments - United Arab Emirates
 
 
 






$
33,489


$
33,321


$
33,572


2.87
 %
Funded Debt Investments - United Kingdom
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer Services
 
Second lien (2)
 
9.54% (L + 7.50%/M)
 
9/25/2017
 
10/3/2025
 
$
37,853

 
$
37,665

 
$
36,623

 
 
 
 
Second lien (8)
 
9.54% (L + 7.50%/M)
 
9/25/2017
 
10/3/2025
 
6,000

 
5,970

 
5,805

 
 
 
 
 
 
 
 
 
 
 
 
43,853

 
43,635

 
42,428

 
3.63
 %
Air Newco LLC**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (2)
 
6.79% (L + 4.75%/M)
 
5/25/2018
 
5/31/2024
 
19,974

 
19,933

 
20,007

 
1.71
 %
Total Funded Debt Investments - United Kingdom
 
 
 
 
 
 
 
 
 
$
63,827

 
$
63,568

 
$
62,435

 
5.34
 %
Funded Debt Investments - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benevis Holding Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
First lien (2)(9)
 
8.90% (L + 6.32%/Q)
 
3/15/2018
 
3/15/2024
 
$
62,891

 
$
62,891

 
$
62,890

 
 
 
 
First lien (8)(9)
 
8.90% (L + 6.32%/Q)
 
3/15/2018
 
3/15/2024
 
15,431

 
15,431

 
15,431

 
 
 
 
First lien (3)(9)
 
8.91% (L + 6.32%/Q)
 
3/29/2019
 
3/15/2024
 
7,821

 
7,821

 
7,821

 
 
 
 
 
 
 
 
 
 
 
 
86,143

 
86,143

 
86,142

 
7.38
 %
PhyNet Dermatology LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
First lien (2)(9)
 
7.54% (L + 5.50%/M)
 
9/17/2018
 
8/16/2024
 
50,496

 
50,064

 
50,496

 
 
 
 
First lien (3)(9)(10) - Drawn
 
7.55% (L + 5.50%/M)
 
9/17/2018
 
8/16/2024
 
25,441

 
25,318

 
25,441

 
 
 
 
 
 
 
 
 
 
 
 
75,937

 
75,382

 
75,937

 
6.49
 %
Integro Parent Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)(9)
 
7.84% (L + 5.75%/Q)
 
10/9/2015
 
10/31/2022
 
50,848

 
50,609

 
50,848

 
 
 
 
Second lien (8)(9)
 
11.36% (L + 9.25%/Q)
 
10/9/2015
 
10/30/2023
 
10,000

 
9,938

 
10,000

 
 
 
 
 
 
 
 
 
 
 
 
60,848

 
60,547

 
60,848

 
5.20
 %
Nomad Buyer, Inc.



















Healthcare Services

First lien (2)

7.04% (L + 5.00%/M)

8/3/2018

8/1/2025

58,582


56,889


58,436


5.00
 %

The accompanying notes are an integral part of these consolidated financial statements.
8
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
Associations, Inc.



















Business Services

First lien (2)(9)

9.32% (L + 4.00% + 3.00% PIK/Q)*

7/30/2018

7/30/2024

$
44,215


$
43,981


$
43,928





First lien (8)(9)

9.32% (L + 4.00% + 3.00% PIK/Q)*

7/30/2018

7/30/2024

5,076


5,050


5,043





First lien (3)(9)(10) - Drawn

9.32% (L + 4.00% + 3.00% PIK/Q)*

7/30/2018

7/30/2024

5,986


5,953


5,947













55,277


54,984


54,918


4.70
 %
GS Acquisitionco, Inc.
















Software

First lien (2)(9)

7.80% (L + 5.75%/M)

8/7/2019

5/24/2024

26,962


26,797


26,793





First lien (5)(9)

7.80% (L + 5.75%/M)

8/7/2019

5/24/2024

22,462


22,326


22,322





First lien (3)(9)(10) - Drawn

7.80% (L + 5.75%/M)

8/7/2019

5/24/2024

3,730


3,706


3,706





First lien (3)(9)(10) - Drawn

7.80% (L + 5.75%/M)

8/7/2019

5/24/2024

1,097


1,090


1,090













54,251


53,919


53,911


4.61
 %
Dealer Tire, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution & Logistics
 
First lien (2)
 
7.54% (L + 5.50%/M)
 
12/4/2018
 
12/12/2025
 
53,515

 
52,293

 
53,682

 
4.59
 %
Frontline Technologies Group Holdings, LLC
















Education

First lien (2)(9)

8.60% (L + 6.50%/Q)

9/18/2017

9/18/2023

23,724


23,636


23,724





First lien (4)(9)

8.60% (L + 6.50%/Q)

9/18/2017

9/18/2023

22,218


22,099


22,218





First lien (2)(9)

8.60% (L + 6.50%/Q)

9/18/2017

9/18/2023

7,729


7,674


7,729













53,671


53,409


53,671


4.59
 %
Salient CRGT Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal Services
 
First lien (2)
 
8.05% (L + 6.00%/M)
 
1/6/2015
 
2/28/2022
 
39,593

 
39,299

 
38,405

 
 
 
 
First lien (8)
 
8.05% (L + 6.00%/M)
 
6/6/2019
 
2/28/2022
 
13,529

 
13,033

 
13,123

 
 
 
 
First lien (3)(10) - Drawn

9.75% (P + 4.75%/Q)

6/26/2018

11/29/2021

2,100


1,932


2,037

 
 
 
 
 
 
 
 
 
 
 
 
55,222

 
54,264

 
53,565

 
4.58
 %
Kronos Incorporated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
Second lien (2)
 
10.50% (L + 8.25%/Q)
 
10/26/2012
 
11/1/2024
 
41,000

 
40,655

 
41,768

 
 
 
 
Second lien (8)
 
10.50% (L + 8.25%/Q)
 
10/26/2012
 
11/1/2024
 
11,147

 
11,147

 
11,356

 
 
 
 
 
 
 
 
 
 
 
 
52,147

 
51,802

 
53,124

 
4.54
 %
CentralSquare Technologies, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
Second lien (3)
 
9.54% (L + 7.50%/M)
 
8/15/2018
 
8/31/2026
 
47,838

 
47,282

 
45,327

 
 
 
 
Second lien (8)
 
9.54% (L + 7.50%/M)
 
8/15/2018
 
8/31/2026
 
7,500

 
7,413

 
7,106

 
 
 
 
 
 
 
 
 
 
 
 
55,338

 
54,695

 
52,433

 
4.48
 %
NM GRC Holdco, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)(9)
 
8.10% (L + 6.00%/Q)
 
2/9/2018
 
2/9/2024
 
38,443

 
38,295

 
38,443

 
 
 
 
First lien (2)(9)(10) - Drawn
 
8.10% (L + 6.00%/Q)
 
2/9/2018
 
2/9/2024
 
10,685

 
10,640

 
10,685

 
 
 
 
 
 
 
 
 
 
 
 
49,128

 
48,935

 
49,128

 
4.20
 %
Quest Software US Holdings Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
Second lien (2)
 
10.51% (L + 8.25%/Q)
 
5/17/2018
 
5/18/2026
 
43,697

 
43,310

 
43,042

 
3.68
 %
Brave Parent Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
Second lien (5)
 
9.76% (L + 7.50%/Q)
 
4/17/2018
 
4/17/2026
 
22,500

 
22,402

 
21,206

 
 
 
 
Second lien (2)
 
9.76% (L + 7.50%/Q)
 
4/17/2018
 
4/17/2026
 
16,624

 
16,475

 
15,668

 
 
 
 
Second lien (8)
 
9.76% (L + 7.50%/Q)
 
4/17/2018
 
4/17/2026
 
6,000

 
5,946

 
5,655

 
 
 
 
 
 
 
 
 
 
 
 
45,124

 
44,823

 
42,529

 
3.64
 %

The accompanying notes are an integral part of these consolidated financial statements.
9
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
Symplr Software Intermediate Holdings, Inc. (23)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Symplr Software, Inc. (fka Caliper Software, Inc.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Information Technology
 
First lien (2)(9)
 
8.10% (L + 6.00%/Q)
 
11/30/2018
 
11/28/2025
 
$
25,625

 
$
25,445

 
$
25,433

 
 
 
 
First lien (4)(9)
 
8.10% (L + 6.00%/Q)
 
11/30/2018
 
11/28/2025
 
14,888

 
14,786

 
14,776

 
 
 
 
 
 
 
 
 
 
 
 
40,513

 
40,231

 
40,209

 
3.44
 %
iCIMS, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (8)(9)
 
8.56% (L + 6.50%/M)
 
9/12/2018
 
9/12/2024
 
31,636

 
31,364

 
31,320

 
 
 
 
First lien (8)(9)
 
8.56% (L + 6.50%/M)
 
6/14/2019
 
9/12/2024
 
8,667

 
8,584

 
8,580

 
 
 
 
 
 
 
 
 
 
 
 
40,303

 
39,948

 
39,900

 
3.41
 %
Tenawa Resource Holdings LLC (13)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenawa Resource Management LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Energy
 
First lien (3)(9)
 
10.50% (Base + 8.50%/Q)
 
5/12/2014
 
10/30/2024
 
39,100

 
39,048

 
39,100

 
3.34
 %
KAMC Holdings, Inc



















Business Services

Second lien (2)(9)

10.18% (L + 8.00%/Q)

8/14/2019

8/13/2027

18,750


18,611


18,609





Second lien (8)(9)

10.18% (L + 8.00%/Q)

8/14/2019

8/13/2027

18,750


18,611


18,609













37,500


37,222


37,218


3.18
 %
Trader Interactive, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)(9)
 
8.54% (L + 6.50%/M)
 
6/15/2017
 
6/17/2024
 
32,014

 
31,850

 
32,014

 
 
 
 
First lien (8)(9)
 
8.54% (L + 6.50%/M)
 
6/15/2017
 
6/17/2024
 
4,962

 
4,937

 
4,962

 
 
 
 
 
 
 
 
 
 
 
 
36,976

 
36,787

 
36,976

 
3.16
 %
Peraton Holding Corp. (fka MHVC Acquisition Corp.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal Services
 
First lien (2)
 
7.30% (L + 5.25%/M)
 
4/25/2017
 
4/29/2024
 
37,001

 
36,869

 
36,909

 
3.16
 %
Apptio, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (8)(9)
 
9.56% (L + 7.25%/Q)
 
1/10/2019
 
1/10/2025
 
34,076

 
33,449

 
33,394

 
2.86
 %
Geo Parent Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)
 
7.54% (L + 5.50%/M)
 
12/13/2018
 
12/19/2025
 
33,410

 
33,257

 
33,326

 
2.85
 %
Finalsite Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (4)(9)
 
7.76% (L + 5.50%/Q)
 
9/28/2018
 
9/25/2024
 
22,275

 
22,131

 
22,275

 
 
 
 
First lien (2)(9)
 
7.76% (L + 5.50%/Q)
 
9/28/2018
 
9/25/2024
 
11,002

 
10,931

 
11,002

 
 
 
 
 
 
 
 
 
 
 
 
33,277

 
33,062

 
33,277

 
2.85
 %
TDG Group Holding Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer Services
 
First lien (2)(9)
 
7.60% (L + 5.50%/Q)
 
5/22/2018
 
5/31/2024
 
24,923

 
24,821

 
24,923

 
 
 
 
First lien (8)(9)
 
7.60% (L + 5.50%/Q)
 
5/22/2018
 
5/31/2024
 
4,962

 
4,942

 
4,962

 
 
 
 
First lien (2)(9)
 
7.60% (L + 5.50%/Q)
 
5/22/2018
 
5/31/2024
 
3,329

 
3,315

 
3,329

 
 
 
 
 
 
 
 
 
 
 
 
33,214

 
33,078

 
33,214

 
2.84
 %
Definitive Healthcare Holdings, LLC



















Healthcare Information Technology

First lien (8)(9)

8.67% (L + 5.50% + 1.00% PIK/Q)*

8/7/2019

7/16/2026

33,317


33,153


33,150


2.84
 %
Idera, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
Second lien (4)
 
11.05% (L + 9.00%/M)
 
6/27/2019
 
6/28/2027
 
22,500

 
22,334

 
22,500

 
 
 
 
Second lien (2)
 
11.05% (L + 9.00%/M)
 
6/27/2019
 
6/28/2027
 
9,500

 
9,430

 
9,500

 
 
 
 
 
 
 
 
 
 
 
 
32,000

 
31,764

 
32,000

 
2.74
 %

The accompanying notes are an integral part of these consolidated financial statements.
10
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
Ansira Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (8)
 
7.79% (L + 5.75%/M)
 
12/19/2016
 
12/20/2022
 
$
28,527

 
$
28,445

 
$
27,101

 
 
 
 
First lien (3)(10) - Drawn
 
7.79% (L + 5.75%/M)
 
12/19/2016
 
12/20/2022
 
4,755

 
4,746

 
4,517

 
 
 
 
 
 
 
 
 
 
 
 
33,282

 
33,191

 
31,618

 
2.70
 %
DCA Investment Holding, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
First lien (2)(9)
 
7.35% (L + 5.25%/Q)
 
7/2/2015
 
7/2/2021
 
17,140

 
17,083

 
17,140

 
 
 
 
First lien (3)(9)(10) - Drawn
 
7.35% (L + 5.25%/Q)
 
12/20/2017
 
7/2/2021
 
8,251

 
8,192

 
8,251

 
 
 
 
First lien (2)(9)
 
7.35% (L + 5.25%/Q)
 
12/20/2017
 
7/2/2021
 
4,195

 
4,170

 
4,195

 
 
 
 
First lien (3)(9)(10) - Drawn
 
9.25% (P + 4.25%/Q)
 
7/2/2015
 
7/2/2021
 
232

 
230

 
232

 
 
 
 
 
 
 
 
 
 
 
 
29,818

 
29,675

 
29,818

 
2.55
 %
Conservice, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)(9)
 
7.29% (L + 5.25%/M)
 
1/3/2019
 
11/29/2024
 
25,375

 
25,260

 
25,248

 
 
 
 
First lien (3)(9)(10) - Drawn
 
7.29% (L + 5.25%/M)
 
1/3/2019
 
11/29/2024
 
4,430

 
4,408

 
4,407

 
 
 
 
 
 
 
 
 
 
 
 
29,805

 
29,668

 
29,655

 
2.54
 %
Clarkson Eyecare, LLC
















Healthcare Services

First lien (2)(9)

8.37% (L + 6.25%/Q)

8/21/2019

4/2/2021

17,343


17,170


17,170





First lien (2)

8.39% (L + 6.25%/Q)

9/11/2019

4/2/2021

11,562


11,447


11,447













28,905


28,617


28,617


2.45
 %
Keystone Acquisition Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
First lien (2)
 
7.35% (L + 5.25%/Q)
 
5/10/2017
 
5/1/2024
 
24,545

 
24,426

 
23,992

 
 
 
 
Second lien (2)
 
11.35% (L + 9.25%/Q)
 
5/10/2017
 
5/1/2025
 
4,500

 
4,464

 
4,399

 
 
 
 
 
 
 
 
 
 
 
 
29,045

 
28,890

 
28,391

 
2.43
 %
Kaseya Traverse Inc.
















Software

First lien (8)(9)

8.72% (L + 5.50% + 1.00% PIK/S)*

5/9/2019

5/2/2025

27,455


27,195


27,180





First lien (3)(9)(10) - Drawn

8.60% (L + 6.50%/Q)

5/9/2019

5/2/2025

660


654


654





First lien (3)(9)(10) - Drawn

8.69% (L + 5.50% + 1.00% PIK/S)*

5/9/2019

5/2/2025

429


425


425













28,544


28,274


28,259


2.42
 %
Sovos Brands Intermediate, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Food & Beverage
 
First lien (2)
 
7.20% (L + 5.00%/S)
 
11/16/2018
 
11/20/2025
 
28,028

 
27,900

 
27,888

 
2.39
 %
Confluent Health, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
First lien (2)
 
7.10% (L + 5.00%/Q)
 
6/21/2019
 
6/24/2026
 
27,431

 
27,297

 
27,294

 
2.33
 %
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education
 
Second lien (2)
 
10.35% (L + 8.25%/Q)
 
7/26/2018
 
7/30/2026
 
24,533

 
24,475

 
24,472

 
2.09
 %
AAC Holding Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education
 
First lien (2)(9)
 
10.36% (L + 8.25%/M)
 
9/30/2015
 
9/30/2022
 
24,754

 
24,657

 
22,922

 
1.96
 %
Affinity Dental Management, Inc.
















Healthcare Services

First lien (4)(9)

8.07% (L + 6.00%/S)

9/17/2019

9/15/2023

10,973


10,973


10,973





First lien (2)(9)

8.07% (L + 6.00%/S)

9/15/2017

9/15/2023

6,630


6,599


6,630





First lien (3)(9)

8.09% (L + 6.00%/S)

9/15/2017

9/15/2023

5,237


5,193


5,237













22,840


22,765


22,840


1.95
 %

The accompanying notes are an integral part of these consolidated financial statements.
11
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
Integral Ad Science, Inc.
















Software

First lien (8)(9)

9.30% (L + 6.00% + 1.25% PIK/M)*

7/19/2018

7/19/2024

$
18,856


$
18,699


$
18,856





First lien (3)(9)

9.30% (L + 6.00% + 1.25% PIK/M)*

8/27/2019

7/19/2024

3,496


3,461


3,495













22,352


22,160


22,351


1.91
 %
Convey Health Solutions, Inc.



















Healthcare Services

First lien (4)

7.39% (L + 5.25%/Q)

9/9/2019

9/4/2026

22,500


22,249


22,247


1.90
 %
Navicure, Inc.



















Healthcare Services

Second lien (2)

9.54% (L + 7.50%/M)

10/23/2017

10/31/2025

15,970


15,934


16,050





Second lien (8)

9.54% (L + 7.50%/M)

10/23/2017

10/31/2025

6,000


5,987


6,030













21,970


21,921


22,080


1.89
 %
CRCI Longhorn Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Second lien (3)
 
9.29% (L + 7.25%/M)
 
8/2/2018
 
8/10/2026
 
14,349

 
14,300

 
14,205

 
 
 
 
Second lien (8)
 
9.29% (L + 7.25%/M)
 
8/2/2018
 
8/10/2026
 
7,500

 
7,474

 
7,425

 
 
 
 
 
 
 
 
 
 
 
 
21,849

 
21,774

 
21,630

 
1.85
 %
Avatar Topco, Inc. (22)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EAB Global, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education
 
Second lien (3)
 
10.13% (L + 7.50%/S)
 
11/17/2017
 
11/17/2025
 
13,950

 
13,776

 
13,811

 
 
 
 
Second lien (8)
 
10.13% (L + 7.50%/S)
 
11/17/2017
 
11/17/2025
 
7,500

 
7,407

 
7,425

 
 
 
 
 
 
 
 
 
 
 
 
21,450

 
21,183

 
21,236

 
1.82
 %
National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
Second lien (2)
 
10.55% (L + 8.50%/M)
 
2/5/2019
 
3/8/2027
 
21,051

 
20,599

 
21,051

 
1.80
 %
MED Parentco, LP



















Healthcare Services

Second lien (8)

10.29% (L + 8.25%/M)

8/2/2019

8/30/2027

20,857


20,701


20,753


1.77
 %
Institutional Shareholder Services, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Second lien (3)
 
10.60% (L + 8.50%/Q)
 
3/5/2019
 
3/5/2027
 
20,372

 
20,081

 
20,321

 
1.74
 %
DiversiTech Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution & Logistics
 
Second lien (2)
 
9.60% (L + 7.50%/Q)
 
5/18/2017
 
6/2/2025
 
12,000

 
11,906

 
11,790

 
 
 
 
Second lien (8)
 
9.60% (L + 7.50%/Q)
 
5/18/2017
 
6/2/2025
 
7,500

 
7,441

 
7,369

 
 
 
 
 
 
 
 
 
 
 
 
19,500

 
19,347

 
19,159

 
1.64
 %
Xactly Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (4)(9)
 
9.30% (L + 7.25%/M)
 
7/31/2017
 
7/29/2022
 
19,047

 
18,915

 
19,047

 
1.63
 %
FR Arsenal Holdings II Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)(9)
 
9.38% (L + 7.25%/Q)
 
9/29/2016
 
9/8/2022
 
18,403

 
18,288

 
18,403

 
1.57
 %
Help/Systems Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
Second lien (5)
 
9.79% (L + 7.75%/M)
 
3/23/2018
 
3/27/2026
 
18,208

 
18,129

 
18,254

 
1.56
 %
Bluefin Holding, LLC
















Software

Second lien (8)

9.86% (L + 7.75%/Q)

9/6/2019

9/6/2027

18,000


18,000


18,000


1.54
 %
The Kleinfelder Group, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (4)(9)
 
6.70% (L + 4.75%/W)
 
12/18/2018
 
11/29/2024
 
17,369

 
17,291

 
17,282

 
1.48
 %
PaySimple, Inc.
















Software

First lien (2)

7.55% (L + 5.50%/M)

8/19/2019

8/23/2025

17,427


17,254


17,166


1.47
 %
Bullhorn, Inc.
















Software

First lien (2)

7.60% (L + 5.50%/Q)

9/24/2019

10/1/2025

17,174


17,045


17,045


1.46
 %
TIBCO Software Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
Subordinated (3)
 
11.38%/S
 
11/24/2014
 
12/1/2021
 
15,000

 
14,826

 
15,661

 
1.34
 %

The accompanying notes are an integral part of these consolidated financial statements.
12
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
Hill International, Inc.**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)(9)
 
7.79% (L + 5.75%/Q)
 
6/21/2017
 
6/21/2023
 
$
15,445

 
$
15,392

 
$
15,444

 
1.32
 %
Netsmart Inc. / Netsmart Technologies, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Information Technology
 
Second lien (2)
 
9.54% (L + 7.50%/M)
 
4/18/2016
 
10/19/2023
 
15,000

 
14,762

 
14,925

 
1.28
 %
TMK Hawk Parent, Corp.
















Distribution & Logistics

First lien (3)

5.57% (L + 3.50%/Q)

6/24/2019

8/28/2024

16,952


14,413


14,155


1.21
 %
Transcendia Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Packaging
 
Second lien (8)(9)
 
10.04% (L + 8.00%/M)
 
6/28/2017
 
5/30/2025
 
14,500

 
14,342

 
14,108

 
1.21
 %
Alegeus Technologies Holding Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
First lien (8)(9)
 
8.54% (L + 6.25%/Q)
 
9/5/2018
 
9/5/2024
 
13,444

 
13,385

 
13,444

 
1.15
 %
Castle Management Borrower LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)(9)
 
8.41% (L + 6.25%/Q)
 
5/31/2018
 
2/15/2024
 
13,249

 
13,196

 
13,249

 
1.13
 %
BackOffice Associates Holdings, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)(9)
 
12.70% (L + 7.50% + 3.00% PIK/Q)*
 
8/25/2017
 
8/25/2023
 
13,004

 
12,925

 
12,383

 
 
 
 
First lien (3)(9)(10) - Drawn
 
12.70% (L + 7.50% + 3.00% PIK/Q)*
 
8/25/2017
 
8/25/2023
 
835

 
828

 
795

 
 
 
 
 
 
 
 
 
 
 
 
13,839

 
13,753

 
13,178

 
1.13
 %
Ministry Brands, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (2)(9)
 
6.04% (L + 4.00%/M)
 
12/7/2016
 
12/2/2022
 
2,940

 
2,931

 
2,940

 
 
 
 
Second lien (8)(9)
 
11.34% (L + 9.25%/Q)
 
12/7/2016
 
6/2/2023
 
7,840

 
7,802

 
7,840

 
 
 
 
Second lien (3)(9)
 
11.34% (L + 9.25%/Q)
 
12/7/2016
 
6/2/2023
 
2,160

 
2,149

 
2,160

 
 
 
 
First lien (3)(9)(10) - Drawn
 
7.04% (L + 5.00%/M)
 
12/7/2016
 
12/2/2022
 
200

 
199

 
200

 
 
 
 
 
 
 
 
 
 
 
 
13,140

 
13,081

 
13,140

 
1.12
 %
OEConnection LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Second lien (2)
 
10.27% (L + 8.25%/M)
 
9/25/2019
 
9/25/2027
 
12,044

 
11,924

 
11,924

 
1.02
 %
CFS Management, LLC
















Healthcare Services

First lien (2)(9)

7.95% (L + 5.75%/S)

8/6/2019

7/1/2024

11,762


11,705


11,703


1.00
 %
CHA Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Second lien (4)
 
11.08% (L + 8.75%/Q)
 
4/3/2018
 
4/10/2026
 
7,012

 
6,950

 
7,082

 
 
 
 
Second lien (3)
 
11.08% (L + 8.75%/Q)
 
4/3/2018
 
4/10/2026
 
4,453

 
4,414

 
4,497

 
 
 
 
 
 
 
 
 
 
 
 
11,465

 
11,364

 
11,579

 
0.99
 %
Alert Holding Company, Inc. (14)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Appriss Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (8)
 
7.60% (L + 5.50%/Q)
 
5/24/2019
 
5/29/2026
 
11,081

 
10,989

 
10,915

 
0.93
 %
PPVA Black Elk (Equity) LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Subordinated (3)(9)
 
—
 
5/3/2013
 
—
 
14,500

 
14,500

 
10,718

 
0.92
 %
NorthStar Financial Services Group, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
Second lien (5)
 
9.54% (L + 7.50%/M)
 
5/23/2018
 
5/25/2026
 
10,607

 
10,584

 
10,501

 
0.90
 %
Vectra Co.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Products
 
Second lien (8)
 
9.29% (L + 7.25%/M)
 
2/23/2018
 
3/8/2026
 
10,788

 
10,753

 
10,465

 
0.89
 %
Masergy Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Second lien (2)
 
9.60% (L + 7.50%/Q)
 
12/14/2016
 
12/16/2024
 
10,500

 
10,457

 
10,316

 
0.88
 %

The accompanying notes are an integral part of these consolidated financial statements.
13
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
Quartz Holding Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
Second lien (3)
 
10.07% (L + 8.00%/M)
 
4/2/2019
 
4/2/2027
 
$
10,000

 
$
9,808

 
$
10,050

 
0.86
 %
VT Topco, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Second lien (4)
 
9.10% (L + 7.00%/Q)
 
8/14/2018
 
7/31/2026
 
10,000

 
9,977

 
10,025

 
0.86
 %
AG Parent Holdings, LLC



















Healthcare Services

First lien (2)

7.26% (L + 5.00%/Q)

7/30/2019

7/31/2026

10,000


9,951


9,969


0.85
 %
Amerijet Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution & Logistics
 
First lien (4)(9)
 
10.04% (L + 8.00%/M)
 
7/15/2016
 
7/15/2021
 
8,490

 
8,464

 
8,490

 
 
 
 
First lien (4)(9)
 
10.04% (L + 8.00%/M)
 
7/15/2016
 
7/15/2021
 
1,415

 
1,411

 
1,415

 
 
 
 
 
 
 
 
 
 
 
 
9,905

 
9,875

 
9,905

 
0.85
 %
Stats Intermediate Holdings, LLC**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)
 
7.30% (L + 5.25%/Q)
 
5/22/2019
 
7/10/2026
 
10,000

 
9,878

 
9,775

 
0.84
 %
Affordable Care Holding Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
First lien (2)
 
6.84% (L + 4.75%/M)
 
3/18/2019
 
10/24/2022
 
9,923

 
9,750

 
9,600

 
0.82
 %
Teneo Holdings, LLC
 

 

 

 

 


 


 


 

Business Services
 
First lien (2)
 
7.29% (L + 5.25%/M)
 
7/15/2019
 
7/11/2025
 
10,000

 
9,805

 
9,600

 
0.82
 %
AgKnowledge Holdings Company, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First Lien (4)
 
6.79% (L + 4.75%/M)
 
11/30/2018
 
7/23/2023
 
9,379

 
9,339

 
9,356

 
0.80
 %
WD Wolverine Holdings, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
First lien (2)
 
7.54% (L + 5.50%/M)
 
2/22/2017
 
8/16/2022
 
9,126

 
8,955

 
9,058

 
0.77
 %
JAMF Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (8)(9)
 
9.18% (L + 7.00%/Q)
 
11/13/2017
 
11/11/2022
 
8,757

 
8,698

 
8,757

 
 
 
 
First lien (3)(9)(10) - Drawn
 
9.05% (L + 7.00%/M)
 
11/13/2017
 
11/11/2022
 
263

 
260

 
263

 
 
 
 
 
 
 
 
 
 
 
 
9,020

 
8,958

 
9,020

 
0.77
 %
Wrike, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (8)(9)
 
8.80% (L + 6.75%/M)
 
12/31/2018
 
12/31/2024
 
9,067

 
8,985

 
8,976

 
0.77
 %
Zywave, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
Second lien (4)(9)
 
11.28% (L + 9.00%/Q)
 
11/22/2016
 
11/17/2023
 
6,980

 
6,945

 
6,980

 
 
 
 
First lien (3)(9)(10) - Drawn
 
7.04% (L + 5.00%/Q)
 
11/22/2016
 
11/17/2022
 
670

 
665

 
670

 
 
 
 
 
 
 
 
 
 
 
 
7,650

 
7,610

 
7,650

 
0.65
 %
J.D. Power (fka J.D. Power and Associates)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Second lien (3)
 
10.54% (L + 8.50%/M)
 
6/9/2016
 
9/7/2024
 
7,583

 
7,516

 
7,507

 
0.64
 %
Restaurant Technologies, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Second lien (4)
 
8.54% (L + 6.50%/M)
 
9/24/2018
 
10/1/2026
 
6,722

 
6,707

 
6,756

 
0.58
 %
CP VI Bella Midco, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
Second lien (3)
 
8.79% (L + 6.75%/M)
 
1/25/2018
 
12/29/2025
 
6,732

 
6,704

 
6,654

 
0.57
 %
DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings, LLC)
 

 

 

 

 


 


 


 

Business Services
 
Second lien (3)
 
8.79% (L + 6.75%/M)
 
1/29/2018
 
2/2/2026
 
6,732

 
6,704

 
6,564

 
0.56
 %
DealerSocket, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (2)
 
6.79% (L + 4.75%/M)
 
4/16/2018
 
4/26/2023
 
6,627

 
6,590

 
6,561

 
0.56
 %
Recorded Future, Inc.



















Software

First lien (8)(9)

8.79% (L + 6.75%/M)

8/26/2019

7/3/2025

6,250


6,219


6,219


0.53
 %
Solera LLC / Solera Finance, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
Subordinated (3)
 
10.50%/S
 
2/29/2016
 
3/1/2024
 
5,000

 
4,837

 
5,311

 
0.45
 %

The accompanying notes are an integral part of these consolidated financial statements.
14
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
Diligent Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Drawn
 
7.76% (L + 5.50%/S)
 
12/19/2018
 
4/14/2022
 
$
5,026

 
$
4,998

 
$
4,994

 
0.43
 %
ADG, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
Second lien (3)(9)
 
12.20% (L + 10.00%/S)
 
10/3/2016
 
3/28/2024
 
5,176

 
5,124

 
4,484

 
0.38
 %
York Risk Services Holding Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Subordinated (3)
 
8.50%/S
 
9/17/2014
 
10/1/2022
 
3,000

 
3,000

 
3,064

 
0.26
 %
First American Payment Systems, L.P.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)
 
7.06% (L + 4.75%/Q)
 
1/3/2017
 
1/5/2024
 
3,077

 
3,057

 
3,062

 
0.26
 %
Sphera Solutions, Inc.
















Software

First lien (2)

9.13% (L + 7.00%/Q)

9/10/2019

6/14/2022

2,495


2,471


2,470


0.21
 %
Ensemble S Merger Sub, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
Subordinated (3)
 
9.00%/S
 
9/21/2015
 
9/30/2023
 
2,000

 
1,960

 
2,057

 
0.18
 %
Education Management Corporation (12)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education Management II LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education
 
First lien (2)
 
11.00% (P + 5.50%/Q)(24)
 
1/5/2015
 
7/2/2020
 
211

 
205

 
2

 
 
 
 
First lien (3)
 
11.00% (P + 5.50%/Q)(24)
 
1/5/2015
 
7/2/2020
 
119

 
116

 
1

 
 
 
 
First lien (2)
 
14.00% (P + 8.50%/M)(24)
 
1/5/2015
 
7/2/2020
 
300

 
292

 
—

 
 
 
 
First lien (3)
 
14.00% (P + 8.50%/M)(24)
 
1/5/2015
 
7/2/2020
 
169

 
165

 
—

 
 
 
 
First lien (2)
 
13.50% (P + 8.50%/M)(24)
 
1/5/2015
 
7/2/2020
 
145

 
120

 
—

 
 
 
 
First lien (2)
 
13.50% (P + 8.50%/M)(24)
 
1/5/2015
 
7/2/2020
 
4

 
3

 
—

 
 
 
 
First lien (3)
 
13.50% (P + 8.50%/M)(24)
 
1/5/2015
 
7/2/2020
 
82

 
67

 
—

 
 
 
 
First lien (3)
 
13.50% (P + 8.50%/M)(24)
 
1/5/2015
 
7/2/2020
 
2

 
2

 
—

 
 
 
 
 
 
 
 
 
 
 
 
1,032

 
970

 
3

 
0.00
 %
PPVA Fund, L.P.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Collateralized Financing (25)
 
—
 
11/7/2014
 
—
 
—

 
—

 
—

 
—
 %
Total Funded Debt Investments - United States
 
 
 
 
 
 
 
 
 
$
2,258,919

 
$
2,238,783

 
$
2,231,953

 
190.88
 %
Total Funded Debt Investments
 
 
 
 
 
 
 
 
 
$
2,401,439

 
$
2,380,503

 
$
2,372,486

 
202.90
 %
Equity - Hong Kong
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bach Special Limited (Bach Preference Limited)**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education
 
Preferred shares (3)(9)(21)
 
—
 
9/1/2017
 
—
 
72,901

 
$
7,210

 
$
7,290

 
0.62
 %
Total Shares - Hong Kong
 
 
 
 
 
 
 
 
 
 
 
$
7,210

 
$
7,290

 
0.62
 %
Equity - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Avatar Topco, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education
 
Preferred shares (3)(9)(22)
 
—
 
11/17/2017
 
—
 
35,750

 
$
44,597

 
$
44,756

 
3.83
 %

The accompanying notes are an integral part of these consolidated financial statements.
15
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
Symplr Software Intermediate Holdings, Inc.(23)



















Healthcare Information Technology

Preferred shares (4)(9)

—

11/30/2018

—

$
7,500


$
8,239


$
8,226





Preferred shares (3)(9)

—

11/30/2018

—

2,586


2,840


2,836
















11,079


11,062


0.94
 %
Tenawa Resource Holdings LLC (13)




 
 
 
 
 
 
 
 
 
 
 
 
QID NGL LLC

Preferred shares (6)(9)

—
 
10/30/2017
 
—
 
1,623,385

 
1,623

 
2,699

 
 
Energy

Ordinary shares (6)(9)

—
 
5/12/2014
 
—
 
5,290,997

 
5,291

 
8,357

 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,914

 
11,056

 
0.95
 %
Alert Holding Company, Inc. (14)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alert Intermediate Holdings I, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Preferred shares (3)(9)
 
—
 
5/31/2019
 
—
 
6,111

 
6,262

 
6,259

 
0.54
 %
Education Management Corporation(12)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education
 
Preferred shares (2)
 
—
 
1/5/2015
 
—
 
3,331

 
200

 
—

 
 
 
 
Preferred shares (3)
 
—
 
1/5/2015
 
—
 
1,879

 
113

 
—

 
 
 
 
Ordinary shares (2)
 
—
 
1/5/2015
 
—
 
2,994,065

 
100

 
—

 
 
 
 
Ordinary shares (3)
 
—
 
1/5/2015
 
—
 
1,688,976

 
56

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
469

 
—

 
—
 %
Total Shares - United States
 
 
 
 
 
 
 
 
 
 
 
$
69,321

 
$
73,133

 
6.26
 %
Total Shares
 
 
 
 
 
 
 
 
 
 
 
$
76,531

 
$
80,423

 
6.88
 %
Warrants - United States
 
 
 
 
 
 
 
 
 
 
 
.

 
 
 
 
ASP LCG Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education
 
Warrants (3)(9)
 
—
 
5/5/2014
 
5/5/2026
 
622

 
$
37

 
$
827

 
0.07
 %
Total Warrants - United States
 
 
 
 
 
 
 
 
 
 
 
$
37

 
$
827

 
0.07
 %
Total Funded Investments
 
 
 
 
 
 
 
 
 
 
 
$
2,457,071

 
$
2,453,736

 
209.85
 %
Unfunded Debt Investments - Canada
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wolfpack IP Co.**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
6/14/2019
 
6/13/2025
 
$
909

 
$
(9
)
 
$
(9
)
 
(0.00
)%
Total Unfunded Debt Investments - Canada
 
 
 
 
 
 
 
 
 
$
909

 
$
(9
)
 
$
(9
)
 
(0.00
)%
Unfunded Debt Investments - United States
 
 
 
 
 
 
 
 
 
 
 
`

 
 
 
 
DCA Investment Holding, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
4/16/2019
 
4/16/2021
 
$
20,426

 
$
—

 
$
—

 
 
 
 
First lien (3)(9)(10) - Undrawn
 
—
 
12/20/2017
 
12/20/2019
 
952

 
(8
)
 
—

 
 
 
 
First lien (3)(9)(10) - Undrawn
 
—
 
7/2/2015
 
7/2/2021
 
1,868

 
(19
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
23,246

 
(27
)
 
—

 
—
 %
Ministry Brands, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
12/7/2016
 
12/2/2022
 
800

 
(4
)
 
—

 
—
 %

The accompanying notes are an integral part of these consolidated financial statements.
16
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
Zywave, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
11/22/2016
 
11/17/2022
 
$
1,330

 
$
(10
)
 
$
—

 
—
 %
Trader Interactive, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
6/15/2017
 
6/15/2023
 
1,673

 
(13
)
 
—

 
—
 %
Xactly Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
7/31/2017
 
7/29/2022
 
992

 
(10
)
 
—

 
—
 %
Integro Parent Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
6/8/2018
 
10/30/2021
 
6,743

 
(34
)
 
—

 
—
 %
Affinity Dental Management, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
9/15/2017
 
3/15/2023
 
1,738

 
(17
)
 
—

 
—
 %
JAMF Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
11/13/2017
 
11/11/2022
 
488

 
(5
)
 
—

 
—
 %
NM GRC Holdco, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)(9)(10) - Undrawn
 
—
 
2/9/2018
 
2/9/2020
 
771

 
(2
)
 
—

 
—
 %
TDG Group Holding Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
5/22/2018
 
5/31/2024
 
5,044

 
(25
)
 
—

 
—
 %
Integral Ad Science, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
7/19/2018
 
7/19/2023
 
1,429

 
(14
)
 
—

 
—
 %
Finalsite Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
9/25/2018
 
9/25/2024
 
2,521

 
(19
)
 
—

 
—
 %
PhyNet Dermatology LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
9/17/2018
 
8/16/2020
 
19,864

 
(99
)
 
—

 
—
 %
AgKnowledge Holdings Company, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (3)(10) - Undrawn
 
—
 
11/30/2018
 
7/23/2023
 
526

 
(3
)
 
(1
)
 
(0.00
)%
BackOffice Associates Holdings, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
8/25/2017
 
8/25/2023
 
52

 
—

 
(2
)
 
(0.00
)%
DealerSocket, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(10) - Undrawn
 
—
 
4/16/2018
 
4/26/2023
 
560

 
(4
)
 
(6
)
 
(0.00
)%
Recorded Future, Inc.



















Software

First lien (3)(9)(10) - Undrawn

—

8/26/2019

1/3/2021

500


(3
)

(3
)




First lien (3)(9)(10) - Undrawn

—

8/26/2019

7/3/2025

750


(4
)

(4
)












1,250


(7
)

(7
)

(0.00
)%
Wrike, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
12/31/2018
 
12/31/2024
 
933

 
(9
)
 
(9
)
 
(0.00
)%
Alert Holding Company, Inc. (14)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Appriss Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (3)(10) - Undrawn
 
—
 
5/24/2019
 
5/30/2025
 
930

 
(9
)
 
(14
)
 
(0.00
)%

The accompanying notes are an integral part of these consolidated financial statements.
17
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
Bullhorn, Inc.
















Software

First lien (3)(10) - Undrawn

—

9/24/2019

10/1/2021

$
1,419


$
(11
)

$
(11
)




First lien (3)(10) - Undrawn

—

9/24/2019

10/1/2025

852


(6
)

(6
)












2,271


(17
)

(17
)

(0.00
)%
CFS Management, LLC



















Healthcare Services

First lien (3)(9)(10) - Undrawn

—

8/6/2019

7/1/2024

3,468


(17
)

(17
)

(0.00
)%
Conservice, LLC



















Business Services

First lien (3)(9)(10) - Undrawn

—

1/3/2019

11/29/2024

1,360


(7
)

(7
)




First lien (3)(9)(10) - Undrawn

—

1/3/2019

6/30/2020

2,283


—


(11
)












3,643


(7
)

(18
)

(0.00
)%
iCIMS, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
9/12/2018
 
9/12/2024
 
1,977

 
(20
)
 
(20
)
 
(0.00
)%
Bluefin Holding, LLC



















Software

First lien (3)(10) - Undrawn

—

9/6/2019

9/6/2024

1,515


(23
)

(23
)

(0.00
)%
Associations, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
7/30/2018
 
7/30/2021
 
4,300

 
(27
)
 
(28
)
 
 
 
 
First lien (3)(9)(10) - Undrawn
 
—
 
7/30/2018
 
7/30/2024
 
2,033

 
(13
)
 
(13
)
 
 
 
 
 
 
 
 
 
 
 
 
6,333

 
(40
)
 
(41
)
 
(0.00
)%
Apptio, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
1/10/2019
 
1/10/2025
 
2,066

 
(41
)
 
(41
)
 
(0.00
)%
Kaseya Traverse Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
5/9/2019
 
5/3/2021
 
2,873

 
—

 
(29
)
 
 
 
 
First lien (3)(9)(10) - Undrawn
 
—
 
5/9/2019
 
5/2/2025
 
1,651

 
(17
)
 
(17
)
 
 
 
 
 
 
 
 
 
 
 
 
4,524

 
(17
)
 
(46
)
 
(0.01
)%
Definitive Healthcare Holdings, LLC



















Healthcare Information Technology

First lien (3)(9)(10) - Undrawn

—

8/7/2019

7/16/2021

7,391


—


(37
)




First lien (3)(9)(10) - Undrawn

—

8/7/2019

7/16/2024

1,848


(9
)

(9
)












9,239


(9
)

(46
)

(0.01
)%
Diligent Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
12/19/2018
 
12/19/2020
 
8,395

 
(52
)
 
(52
)
 
(0.01
)%
PaySimple, Inc.



















Software

First lien (3)(10) - Undrawn

—

8/19/2019

8/24/2020

5,681


—


(85
)

(0.01
)%
Salient CRGT Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal Services
 
First lien (3)(10) - Undrawn
 
—
 
6/26/2018
 
11/29/2021
 
4,025

 
(322
)
 
(121
)
 
(0.01
)%
Ansira Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (3)(10) - Undrawn
 
—
 
12/19/2016
 
4/16/2020
 
2,437

 
(10
)
 
(122
)
 
(0.01
)%

The accompanying notes are an integral part of these consolidated financial statements.
18
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
GS Acquisitionco, Inc.
















Software

First lien (3)(9)(10) - Undrawn

—

8/7/2019

8/2/2021

$
35,103


$
—


$
(219
)




First lien (3)(9)(10) - Undrawn

—

8/7/2019

5/24/2024

4,388


(27
)

(27
)












39,491


(27
)

(246
)

(0.02
)%
Total Unfunded Debt Investments - United States
 
 
 
 
 
 
 
 
 
$
165,955

 
$
(913
)
 
$
(934
)
 
(0.08
)%
Total Unfunded Debt Investments
 
 
 
 
 
 
 
 
 
$
166,864

 
$
(922
)
 
$
(943
)
 
(0.08
)%
Total Non-Controlled/Non-Affiliated Investments
 
 
 
 
 
 
 
 
 
 
 
$
2,456,149

 
$
2,452,793

 
209.77
 %
Non-Controlled/Affiliated Investments (26)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funded Debt Investments - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Permian Holdco 1, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Permian Holdco 2, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Permian Holdco 3, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Energy
 
First lien (3)(9)
 
14.60% (L + 7.50% + 5.00% PIK/Q)*
 
6/14/2018
 
6/30/2022
 
$
10,414

 
$
10,414

 
$
10,414

 
 
 
 
First lien (3)(9)(10) - Drawn
 
8.54% (L + 6.50%/M)
 
6/14/2018
 
6/30/2022
 
17,750

 
17,750

 
17,750

 
 
 
 
Subordinated (3)(9)
 
18.00% PIK/Q*
 
12/26/2018
 
6/30/2022
 
2,752

 
2,752

 
2,752

 
 
 
 
Subordinated (3)(9)
 
14.00% PIK/Q*
 
10/31/2016
 
10/15/2021
 
2,553

 
2,553

 
2,174

 
 
 
 
Subordinated (3)(9)
 
14.00% PIK/Q*
 
10/31/2016
 
10/15/2021
 
1,315

 
1,315

 
1,120

 
 
 
 
 
 
 
 
 
 
 
 
34,784

 
34,784

 
34,210

 
2.92
 %
Sierra Hamilton Holdings Corporation



















Energy

Second lien (3)

15.00% PIK/Q*

9/12/2019

9/12/2023

1,390


1,356


1,355


0.12
 %
Total Funded Debt Investments - United States
 
 
 
 
 
 
 
 
 
$
36,174

 
$
36,140

 
$
35,565

 
3.04
 %
Equity - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NMFC Senior Loan Program I LLC**



















Investment Fund

Membership interest (3)(9)

—

6/13/2014

—

—


$
23,000


$
23,000


1.97
 %
Sierra Hamilton Holdings Corporation



















Energy

Ordinary shares (2)(9)

—

7/31/2017

—

25,000,000


11,501


9,897





Ordinary shares (3)(9)

—

7/31/2017

—

2,786,000


1,281


1,103
















$
12,782


$
11,000


0.94
 %
Permian Holdco 1, Inc.



















Energy

Preferred shares (3)(9)(16)

—

10/31/2016

—

1,929,949


8,813


8,704





Ordinary shares (3)(9)

—

10/31/2016

—

1,366,452


1,350


200
















$
10,163


$
8,904


0.76
 %
Total Shares - United States
 
 
 
 
 
 
 
 
 
 
 
$
45,945

 
$
42,904

 
3.67
 %
Total Funded Investments
 
 
 
 
 
 
 
 
 
 
 
$
82,085

 
$
78,469

 
6.71
 %

The accompanying notes are an integral part of these consolidated financial statements.
19
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
Unfunded Debt Investments - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Permian Holdco 3, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Energy
 
First lien (3)(9)(10) - Undrawn
 
—
 
6/14/2018
 
6/30/2022
 
$
2,250

 
$
—

 
$
—

 
—
 %
Total Unfunded Debt Investments - United States
 
 
 
 
 
 
 
 
 
$
2,250

 
$
—

 
$
—

 
—
 %
Total Non-Controlled/Affiliated Investments
 
 
 
 
 
 
 
 
 
 
 
$
82,085

 
$
78,469

 
6.71
 %
Controlled Investments (27)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funded Debt Investments - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Edmentum Ultimate Holdings, LLC (15)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Edmentum, Inc. (fka Plato, Inc.) (Archipelago Learning, Inc.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education
 
First lien (2)
 
10.76% (L + 4.50% + 4.00% PIK/Q)*
 
8/6/2018
 
6/9/2021
 
$
10,055

 
$
8,965

 
$
10,055

 
 
 
 
Second lien (3)(9)
 
7.00% PIK/Q*
 
2/23/2018
 
12/9/2021
 
11,788

 
11,317

 
11,788

 
 
 
 
Second lien (3)(9)(10) - Drawn
 
5.00% PIK/Q*
 
6/9/2015
 
12/9/2021
 
5,721

 
5,721

 
5,721

 
 
 
 
Subordinated (3)(9)
 
8.50% PIK/Q*
 
6/9/2015
 
12/9/2021
 
5,213

 
5,210

 
5,213

 
 
 
 
Subordinated (2)(9)
 
10.00% PIK/Q*
 
6/9/2015
 
12/9/2021
 
19,966

 
19,966

 
18,891

 
 
 
 
Subordinated (3)(9)
 
10.00% PIK/Q*
 
6/9/2015
 
12/9/2021
 
4,912

 
4,912

 
4,647

 
 
 
 
 
 
 
 
 
 
 
 
57,655

 
56,091

 
56,315

 
4.82
 %
NHME Holdings Corp. (20)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
National HME, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
Second lien (3)(9)
 
12.00% PIK/Q*
 
11/27/2018
 
5/27/2024
 
16,039

 
12,433

 
11,629

 
 
 
 
Second lien (3)(9)
 
12.00% PIK/Q*
 
11/27/2018
 
5/27/2024
 
8,864

 
7,972

 
7,755

 
 
 
 
 
 
 
 
 
 
 
 
24,903

 
20,405

 
19,384

 
1.66
 %
UniTek Global Services, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
First lien (2)(9)
 
8.54% (L + 5.50% + 1.00% PIK/M)*
 
6/29/2018
 
8/20/2024
 
12,458

 
12,458

 
12,458

 
 
 
 
First lien (2)(9)
 
8.54% (L + 5.50% + 1.00% PIK/M)*
 
6/29/2018
 
8/20/2024
 
2,492

 
2,492

 
2,492

 
 
 
 
 
 
 
 
 
 
 
 
14,950

 
14,950

 
14,950

 
1.28
 %
Total Funded Debt Investments - United States
 
 
 
 
 
 
 
 
 
$
97,508

 
$
91,446

 
$
90,649

 
7.76
 %
Equity - Canada
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NM APP Canada Corp.**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Lease
 
Membership interest (7)(9)
 
—
 
9/13/2016
 
—
 
—

 
$
7,345

 
$
10,147

 
0.87
 %
Total Shares - Canada
 
 
 
 
 
 
 
 
 
 
 
$
7,345

 
$
10,147

 
0.87
 %
Equity - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NMFC Senior Loan Program III LLC**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Fund
 
Membership interest (3)(9)
 
—
 
5/4/2018
 
—
 
—

 
$
100,000

 
$
100,000

 
8.55
 %
NMFC Senior Loan Program II LLC**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Fund
 
Membership interest (3)(9)
 
—
 
5/3/2016
 
—
 
—

 
79,400

 
79,400

 
6.79
 %

The accompanying notes are an integral part of these consolidated financial statements.
20
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
UniTek Global Services, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Services
 
Preferred shares (2)(9)(17)
 
—
 
1/13/2015
 
—
 
27,442,890

 
25,063

 
22,275

 
 
 
 
Preferred shares (3)(9)(17)
 
—
 
1/13/2015
 
—
 
7,583,909

 
6,926

 
6,156

 
 
 
 
Preferred shares (3)(9)(18)
 
—
 
6/30/2017
 
—
 
15,033,196

 
15,033

 
14,366

 
 
 
 
Preferred shares (3)(9)(19)
 
—
 
8/17/2018
 
—
 
8,185,040

 
8,185

 
8,185

 
 
 
 
Preferred shares (3)(9)(19)

—

8/29/2019

—

3,325,931


3,326


3,326

 
 
 
 
Ordinary shares (2)(9)
 
—
 
1/13/2015
 
—
 
2,096,477

 
1,925

 
1,820

 
 
 
 
Ordinary shares (3)(9)
 
—
 
1/13/2015
 
—
 
1,993,749

 
532

 
1,730

 
 
 
 
 
 
 
 
 
 
 
 
 
 
60,990

 
57,858

 
4.95
 %
NM NL Holdings, L.P.**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Lease
 
Membership interest (7)(9)
 
—
 
6/20/2018
 
—
 
—

 
32,800

 
35,852

 
3.06
 %
NM GLCR LP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Lease
 
Membership interest (7)(9)
 
—
 
2/1/2018
 
—
 
—

 
14,750

 
23,113

 
1.98
 %
NM YI, LLC

















Net Lease

Membership interest (7)(9)

—

9/30/2019

—

—


17,262


17,265


1.48
 %
NM CLFX LP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Lease
 
Membership interest (7)(9)
 
—
 
10/6/2017
 
—
 
—

 
12,538

 
12,714

 
1.09
 %
NM APP US LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Lease
 
Membership interest (7)(9)
 
—
 
9/13/2016
 
—
 
—

 
5,080

 
6,415

 
0.55
 %
NM DRVT LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Lease
 
Membership interest (7)(9)
 
—
 
11/18/2016
 
—
 
—

 
5,152

 
5,785

 
0.49
 %
NHME Holdings Corp.(20)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
Ordinary Shares (3)(9)
 
—
 
11/27/2018
 
—
 
640,000

 
4,000

 
4,000

 
0.34
 %
NM JRA LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Lease
 
Membership interest (7)(9)
 
—
 
8/12/2016
 
—
 
—

 
2,043

 
3,667

 
0.31
 %
Edmentum Ultimate Holdings, LLC(15)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education
 
Ordinary shares (3)(9)
 
—
 
6/9/2015
 
—
 
123,968

 
11

 
1,484

 
 
 
 
Ordinary shares (2)(9)
 
—
 
6/9/2015
 
—
 
107,143

 
9

 
1,282

 
 
 
 
 
 
 
 
 
 
 
 
 
 
20

 
2,766

 
0.24
 %
NM KRLN LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Lease
 
Membership interest (7)(9)
 
—
 
11/15/2016
 
—
 
—

 
7,510

 
2,292

 
0.20
 %

The accompanying notes are an integral part of these consolidated financial statements.
21
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


Portfolio Company, Location and Industry (1)
 
Type of Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity / Expiration Date
 
 Principal
 Amount,
 Par Value
 or Shares
 
 Cost
 
 Fair
 Value
 
Percent of Net
Assets
NM GP Holdco, LLC**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Lease
 
Membership interest (7)(9)
 
—
 
6/20/2018
 
—
 
—

 
$
309

 
$
331

 
0.03
 %
Total Shares - United States
 
 
 
 
 
 
 
 
 
 
 
$
341,854

 
$
351,458

 
30.06
 %
Total Shares
 
 
 
 
 
 
 
 
 
 
 
$
349,199

 
$
361,605

 
30.93
 %
Warrants - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Edmentum Ultimate Holdings, LLC(15)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education
 
Warrants (3)(9)
 
—
 
2/23/2018
 
5/5/2026
 
1,141,846

 
$
769

 
$
13,664

 
1.16
 %
NHME Holdings Corp.(20)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthcare Services
 
Warrants (3)(9)
 
—
 
11/27/2018
 
—
 
160,000

 
1,000

 
1,000

 
0.09
 %
Total Warrants - United States
 
 
 
 
 
 
 
 
 
 
 
$
1,769

 
$
14,664

 
1.25
 %
Total Funded Investments
 
 
 
 
 
 
 
 
 
 
 
$
442,414

 
$
466,918

 
39.93
 %
Unfunded Debt Investments - United States



















Edmentum Ultimate Holdings, LLC(15)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Edmentum, Inc. (fka Plato, Inc.) (Archipelago Learning, Inc.)



















Education

Second lien (3)(9)(10) - Undrawn

—

6/9/2015

12/9/2021

$
2,086


$
—


$
—


—
 %
Total Unfunded Debt Investments - United States









$
2,086


$
—


$
—


—
 %
Total Controlled Investments
 
 
 
 
 
 
 
 
 
 
 
$
442,414

 
$
466,918

 
39.93
 %
Total Investments
 
 
 
 
 
 
 
 
 
 
 
$
2,980,648

 
$
2,998,180

 
256.41
 %
 
(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”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
(2)
Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company as Collateral Manager, New Mountain Finance Holdings, L.L.C. (“NMF Holdings”) as the Borrower, Wells Fargo Bank, National Association as the Administrative Agent, and Collateral Custodian. See Note 7. Borrowings, for details.
(3)
Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower and Goldman Sachs Bank USA as the Administrative Agent and the Collateral Agent and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A. and Stifel Bank & Trust as Lenders. See Note 7. Borrowings, for details.
(4)
Investment is held in New Mountain Finance SBIC, L.P.
(5)
Investment is held in New Mountain Finance SBIC II, L.P.
(6)
Investment is held in NMF QID NGL Holdings, Inc.
(7)
Investment is held in New Mountain Net Lease Corporation.
(8)
Investment is pledged as collateral for the DB Credit Facility, a revolving credit facility among New Mountain Finance DB, L.L.C as the Borrower and Deutsche Bank AG, New York Branch as the Facility Agent. See Note 7. Borrowings, for details.
(9)
The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.
(10)
Par Value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.
(11)
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 September 30, 2019.
(12)
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 a tranche A first lien term loan and a tranche B first lien term loan in Education Management II LLC, which is an indirect subsidiary of Education Management Corporation.

The accompanying notes are an integral part of these consolidated financial statements.
22
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


(13)
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 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.
(14)
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.
(15)
The Company holds investments in Edmentum Ultimate Holdings, LLC and its related entities. The Company holds subordinated notes, ordinary equity, and warrants in Edmentum Ultimate Holdings, LLC and holds a first lien term loan, second lien revolver and a second lien term loan in Edmentum, Inc. and Archipelago Learning, Inc., which are wholly-owned subsidiaries of Edmentum Ultimate Holdings, LLC.
(16)
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.
(17)
The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.
(18)
The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares.
(19)
The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to received cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.
(20)
The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as second lien term loans in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp.
(21)
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.
(22)
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.
(23)
The Company holds preferred equity in Symplr Intermediate Holdings, Inc. and holds a first lien term loan investment in Symplr Software Inc, Inc. (fka Caliper Software, Inc.), a wholly-owned subsidiary of Symplr Software Intermediate Holdings, Inc. The preferred equity is entitled to receive preferential dividends at a rate of L + 10.50% per annum.
(24)
Investment or a portion of the investment is on non-accrual status. See Note 3. Investments, for details.
(25)
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 $22,176 as of September 30, 2019. See Note 2. Summary of Significant Accounting Policies, for details.
(26)
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, 2019 and December 31, 2018, along with transactions during the nine months ended September 30, 2019 in which the issuer was a non-controlled/affiliated investment, is as follows:
Portfolio Company
 
Fair Value at
December 31, 2018
 
Gross
Additions
(A)
 
Gross
Redemptions
(B)
 
Net
Realized
Gains
(Losses)
 
Net Change In
Unrealized
Appreciation
(Depreciation)
 
Fair Value at
September 30, 2019
 
Interest
Income
 
Dividend
Income
 
Other
Income
NMFC Senior Loan Program I LLC
 
$
23,000

 
$
—

 
$
—

 
$
—

 
$
—

 
$
23,000

 
$
—

 
$
2,326

 
$
865

Permian Holdco 1, Inc. / Permian Holdco 2, Inc. / Permian Holdco 3, Inc.
 
41,966

 
2,366

 
(75
)
 
—

 
(1,143
)
 
43,114

 
3,076

 
901

 
33

Sierra Hamilton Holdings Corporation
 
12,527

 
1,356

 
—

 
—

 
(1,528
)
 
12,355

 
12

 
—

 
36

Total Non-Controlled/Affiliated Investments
 
$
77,493

 
$
3,722

 
$
(75
)
 
$
—

 
$
(2,671
)
 
$
78,469

 
$
3,088

 
$
3,227

 
$
934

 
(A)
Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind ("PIK") interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)
Gross redemptions 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.
23
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(in thousands, except shares)
(unaudited)


(27)
Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote 25.0% or more of the outstanding voting securities of the investment. Fair value as of September 30, 2019 and December 31, 2018, along with transactions during the nine months ended September 30, 2019 in which the issuer was a controlled investment, is as follows:
Portfolio Company
 
Fair Value at
December 31, 2018
 
Gross
Additions
(A)
 
Gross
Redemptions
(B)
 
Net 
Realized
Gains
(Losses)
 
Net Change In
Unrealized
Appreciation
(Depreciation)
 
Fair Value at
September 30, 2019
 
Interest
Income
 
Dividend
Income
 
Other
Income
Edmentum Ultimate Holdings, LLC/Edmentum Inc.
 
$
45,011

 
$
10,830

 
$
(2,194
)
 
$
14

 
$
19,098

 
$
72,745

 
$
4,266

 
$
—

 
$
17

National HME, Inc./NHME Holdings Corp.
 
22,722

 
2,573

 
—

 
—

 
(911
)
 
24,384

 
2,573

 
—

 
—

NM APP CANADA CORP
 
9,727

 
—

 
—

 
—

 
420

 
10,147

 
—

 
675

 
—

NM APP US LLC
 
5,912

 
—

 
—

 
—

 
503

 
6,415

 
—

 
403

 
—

NM CLFX LP
 
12,770

 
—

 
—

 
—

 
(56
)
 
12,714

 
—

 
1,183

 
—

NM DRVT LLC
 
5,619

 
—

 
—

 
—

 
166

 
5,785

 
—

 
394

 
—

NM JRA LLC
 
2,537

 
—

 
—

 
—

 
1,130

 
3,667

 
—

 
197

 
—

NM GLCR LP
 
20,343

 
—

 
—

 
—

 
2,770

 
23,113

 
—

 
1,323

 
—

NM KRLN LLC
 
4,205

 
—

 
—

 
—

 
(1,913
)
 
2,292

 
—

 
630

 
—

NM NL Holdings, L.P.
 
33,392

 
222

 
—

 
—

 
2,238

 
35,852

 
—

 
2,419

 
—

NM GP Holdco, LLC
 
311

 
3

 
—

 
—

 
17

 
331

 
—

 
23

 
—

NM YI, LLC
 
—

 
17,262

 
—

 
—

 
3

 
17,265

 
—

 
—

 
—

NMFC Senior Loan Program II LLC
 
79,400

 
—

 
—

 
—

 
—

 
79,400

 
—

 
8,536

 
—

NMFC Senior Loan Program III LLC
 
78,400

 
21,600

 
—

 
—

 
—

 
100,000

 
—

 
7,600

 
—

UniTek Global Services, Inc.
 
82,788

 
9,728

 
(113
)
 
—

 
(19,595
)
 
72,808

 
925

 
6,446

 
488

Total Controlled Investments
 
$
403,137

 
$
62,218

 
$
(2,307
)
 
$
14

 
$
3,870

 
$
466,918

 
$
7,764

 
$
29,829

 
$
505

 
(A)
Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)
Gross redemptions 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.
*
All or a portion of interest contains PIK interest.
**
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, 2019, 13.47% 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.
24
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2019
(unaudited)


 
 
September 30, 2019
Investment Type
 
Percent of Total
Investments at Fair Value
First lien
 
55.88
%
Second lien
 
25.04
%
Subordinated
 
2.39
%
Equity and other
 
16.69
%
Total investments
 
100.00
%
 
 
 
September 30, 2019
Industry Type
 
Percent of Total
Investments at Fair Value
Software
 
21.84
%
Business Services
 
21.80
%
Healthcare Services
 
18.96
%
Education
 
9.39
%
Investment Fund (includes investments in joint ventures)
 
6.75
%
Net Lease
 
3.92
%
Energy
 
3.52
%
Healthcare Information Technology
 
3.31
%
Distribution & Logistics
 
3.23
%
Federal Services
 
3.01
%
Consumer Services
 
2.52
%
Food & Beverage
 
0.93
%
Packaging
 
0.47
%
Business Products
 
0.35
%
Total investments
 
100.00
%
 
 
 
September 30, 2019
Interest Rate Type
 
Percent of Total
Investments at Fair Value
Floating rates
 
93.99
%
Fixed rates
 
6.01
%
Total investments
 
100.00
%


The accompanying notes are an integral part of these consolidated financial statements.
25
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments
 December 31, 2018
(in thousands, except shares)

Portfolio Company, Location and Industry(1)
 
Type of
Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity/Expiration
Date
 
Principal
Amount,
Par Value
or Shares
 
Cost
 
Fair Value
 
Percent of
Net
Assets
Non-Controlled/Non-Affiliated Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funded Debt Investments - Canada
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dentalcorp Perfect Smile ULC**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
Second lien (3)
 
10.02% (L + 7.50%/M)
 
6/1/2018
 
6/8/2026
 
$
12,130

 
$
12,032

 
$
11,948

 
 
 
 
Second lien (8)
 
10.02% (L + 7.50%/M)
 
6/1/2018
 
6/8/2026
 
7,500

 
7,439

 
7,388

 
 
 
 
Second lien (3)(10) - Drawn
 
10.02% (L + 7.50%/M)
 
6/1/2018
 
6/8/2026
 
2,797

 
2,772

 
2,754

 
 
 
 
 
 
 
 
 
 
 
 
22,427

 
22,243

 
22,090

 
2.20
 %
Total Funded Debt Investments - Canada
 
 
 
 
 
 
 
 
 
$
22,427

 
$
22,243

 
$
22,090

 
2.20
 %
Funded Debt Investments - United Kingdom
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Consumer Services
 
Second lien (2)
 
10.09% (L + 7.50%/Q)
 
9/25/2017
 
10/3/2025
 
$
37,853

 
$
37,648

 
$
36,150

 
 
 
 
Second lien (8)
 
10.09% (L + 7.50%/Q)
 
9/25/2017
 
10/3/2025
 
6,000

 
5,968

 
5,730

 
 
 
 
 
 
 
 
 
 
 
 
43,853

 
43,616

 
41,880

 
4.16
 %
   Air Newco LLC**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (2)
 
7.14% (L + 4.75%/M)
 
5/25/2018
 
5/31/2024
 
20,125

 
20,079

 
19,987

 
1.99
 %
Total Funded Debt Investments - United Kingdom
 
 
 
 
 
 
 
 
 
$
63,978

 
$
63,695

 
$
61,867

 
6.15
 %
Funded Debt Investments - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Benevis Holding Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
First lien (2)(9)
 
8.86% (L + 6.32%/Q)
 
3/15/2018
 
3/15/2024
 
$
63,370

 
$
63,370

 
$
62,261

 
 
 
 
First lien (8)(9)
 
8.86% (L + 6.32%/Q)
 
3/15/2018
 
3/15/2024
 
8,578

 
8,578

 
8,428

 
 
 
 
First lien (3)(9)
 
8.86% (L + 6.32%/Q)
 
3/15/2018
 
3/15/2024
 
6,970

 
6,970

 
6,848

 
 
 
 
 
 
 
 
 
 
 
 
78,918

 
78,918

 
77,537

 
7.71
 %
   Integro Parent Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)(9)
 
8.48% (L + 5.75%/Q)
 
10/9/2015
 
10/31/2022
 
51,245

 
50,952

 
51,245

 
 
 
 
Second lien (8)(9)
 
11.97% (L + 9.25%/Q)
 
10/9/2015
 
10/30/2023
 
10,000

 
9,930

 
10,000

 
 
 
 
First lien (3)(9)(10) - Drawn
 
7.23% (L + 4.50%/Q)
 
6/8/2018
 
10/30/2021
 
2,057

 
2,046

 
2,057

 
 
 
 
 
 
 
 
 
 
 
 
63,302

 
62,928

 
63,302

 
6.29
 %
   Kronos Incorporated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Second lien (2)
 
10.79% (L + 8.25%/Q)
 
10/26/2012
 
11/1/2024
 
36,000

 
35,560

 
35,657

 
 
 
 
Second lien (3)
 
10.79% (L + 8.25%/Q)
 
10/26/2012
 
11/1/2024
 
21,147

 
21,145

 
20,945

 
 
 
 
 
 
 
 
 
 
 
 
57,147

 
56,705

 
56,602

 
5.62
 %
   CentralSquare Technologies, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Second lien (3)
 
10.02% (L + 7.50%/M)
 
8/15/2018
 
8/31/2026
 
47,838

 
47,241

 
47,838

 
 
 
 
Second lien (8)
 
10.02% (L + 7.50%/M)
 
8/15/2018
 
8/31/2026
 
7,500

 
7,406

 
7,500

 
 
 
 
 
 
 
 
 
 
 
 
55,338

 
54,647

 
55,338

 
5.50
 %
   Dealer Tire, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Distribution & Logistics
 
First lien (2)
 
8.02% (L + 5.50%/M)
 
12/4/2018
 
12/12/2025
 
53,784

 
52,444

 
51,296

 
5.10
 %
   PhyNet Dermatology LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
First lien (2)(9)
 
8.02% (L + 5.50%/M)
 
9/17/2018
 
8/16/2024
 
50,879

 
50,391

 
50,371

 
5.01
 %
   NM GRC Holdco, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)(9)
 
8.80% (L + 6.00%/Q)
 
2/9/2018
 
2/9/2024
 
38,735

 
38,565

 
38,542

 
 
 
 
First lien (2)(9)(10) - Drawn
 
8.80% (L + 6.00%/Q)
 
2/9/2018
 
2/9/2024
 
10,766

 
10,715

 
10,739

 
 
 
 
 
 
 
 
 
 
 
 
49,501

 
49,280

 
49,281

 
4.90
 %

The accompanying notes are an integral part of these consolidated financial statements.
26
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2018
(in thousands, except shares)


Portfolio Company, Location and Industry(1)
 
Type of
Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity/Expiration
Date
 
Principal
Amount,
Par Value
or Shares
 
Cost
 
Fair Value
 
Percent of
Net
Assets
   Nomad Buyer, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
First lien (2)
 
7.38% (L + 5.00%/M)
 
8/3/2018
 
8/1/2025
 
$
48,953

 
$
47,538

 
$
46,383

 
4.61
 %
   Brave Parent Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Second lien (5)
 
10.02% (L + 7.50%/M)
 
4/17/2018
 
4/17/2026
 
22,500

 
22,394

 
22,416

 
 
 
 
Second lien (2)
 
10.02% (L + 7.50%/M)
 
7/18/2018
 
4/17/2026
 
16,624

 
16,464

 
16,562

 
 
 
 
Second lien (8)
 
10.02% (L + 7.50%/M)
 
7/18/2018
 
4/17/2026
 
6,000

 
5,942

 
5,978

 
 
 
 
 
 
 
 
 
 
 
 
45,124

 
44,800

 
44,956

 
4.47
 %
   Associations, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Consumer Services
 
First lien (2)(9)
 
9.40% (L + 4.00% + 3.00% PIK/Q)*
 
7/30/2018
 
7/30/2024
 
40,855

 
40,613

 
40,599

 
 
 
 
First lien (3)(9)(10) - Drawn
 
9.40% (L + 4.00% + 3.00% PIK/Q)*
 
7/30/2018
 
7/30/2024
 
3,625

 
3,603

 
3,602

 
 
 
 
 
 
 
 
 
 
 
 
44,480

 
44,216

 
44,201

 
4.39
 %
   Quest Software US Holdings Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Second lien (2)
 
10.78% (L + 8.25%/Q)
 
5/17/2018
 
5/18/2026
 
43,697

 
43,281

 
43,224

 
4.30
 %
   Tenawa Resource Holdings LLC (13)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Tenawa Resource Management LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Energy
 
First lien (3)(9)
 
10.90% (Base + 8.50%/Q)
 
5/12/2014
 
10/30/2024
 
39,500

 
39,442

 
39,500

 
3.93
 %
   Frontline Technologies Group Holdings, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Education
 
First lien (4)(9)
 
9.02% (L + 6.50%/M)
 
9/18/2017
 
9/18/2023
 
22,387

 
22,248

 
22,387

 
 
 
 
First lien (2)(9)
 
9.02% (L + 6.50%/M)
 
9/18/2017
 
9/18/2023
 
16,582

 
16,480

 
16,582

 
 
 
 
 
 
 
 
 
 
 
 
38,969

 
38,728

 
38,969

 
3.87
 %
   Salient CRGT Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Federal Services
 
First lien (2)
 
8.27% (L + 5.75%/M)
 
1/6/2015
 
2/28/2022
 
38,275

 
37,928

 
37,701

 
3.75
 %
   Trader Interactive, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)(9)
 
9.02% (L + 6.50%/M)
 
6/15/2017
 
6/17/2024
 
37,259

 
37,044

 
37,259

 
3.70
 %
   Peraton Holding Corp. (fka MHVC Acquisition Corp.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Federal Services
 
First lien (2)
 
8.06% (L + 5.25%/Q)
 
4/25/2017
 
4/29/2024
 
37,285

 
37,134

 
36,353

 
3.61
 %
   TDG Group Holding Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Consumer Services
 
First lien (2)(9)
 
8.30% (L + 5.50%/Q)
 
5/22/2018
 
5/31/2024
 
30,112

 
29,974

 
29,962

 
 
 
 
First lien (2)(9)
 
8.30% (L + 5.50%/Q)
 
5/22/2018
 
5/31/2024
 
3,354

 
3,338

 
3,337

 
 
 
 
First lien (3)(9)(10) - Drawn
 
8.02% (L + 5.50%/M)
 
5/22/2018
 
5/31/2024
 
1,261

 
1,255

 
1,255

 
 
 
 
 
 
 
 
 
 
 
 
34,727

 
34,567

 
34,554

 
3.43
 %
   Geo Parent Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)
 
8.09% (L + 5.50%/M)
 
12/13/2018
 
12/19/2025
 
33,578

 
33,410

 
33,410

 
3.32
 %
   Finalsite Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (4)(9)
 
8.03% (L + 5.50%/Q)
 
9/28/2018
 
9/25/2024
 
22,444

 
22,281

 
22,275

 
 
 
 
First lien (2)(9)
 
8.03% (L + 5.50%/Q)
 
9/28/2018
 
9/25/2024
 
11,085

 
11,005

 
11,002

 
 
 
 
 
 
 
 
 
 
 
 
33,529

 
33,286

 
33,277

 
3.31
 %
   Navicure, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
Second lien (2)
 
10.02% (L + 7.50%/M)
 
10/23/2017
 
10/31/2025
 
25,970

 
25,907

 
25,580

 
 
 
 
Second lien (8)
 
10.02% (L + 7.50%/M)
 
10/23/2017
 
10/31/2025
 
6,000

 
5,985

 
5,910

 
 
 
 
 
 
 
 
 
 
 
 
31,970

 
31,892

 
31,490

 
3.13
 %
   iCIMS, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (8)(9)
 
8.94% (L + 6.50%/M)
 
9/12/2018
 
9/12/2024
 
31,636

 
31,332

 
31,320

 
3.11
 %

The accompanying notes are an integral part of these consolidated financial statements.
27
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2018
(in thousands, except shares)


Portfolio Company, Location and Industry(1)
 
Type of
Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity/Expiration
Date
 
Principal
Amount,
Par Value
or Shares
 
Cost
 
Fair Value
 
Percent of
Net
Assets
   Ansira Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)
 
8.27% (L + 5.75%/M)
 
12/19/2016
 
12/20/2022
 
$
28,744

 
$
28,645

 
$
28,615

 
 
 
 
First lien (3)(10) - Drawn
 
8.27% (L + 5.75%/M)
 
12/19/2016
 
12/20/2022
 
1,791

 
1,784

 
1,782

 
 
 
 
 
 
 
 
 
 
 
 
30,535

 
30,429

 
30,397

 
3.02
 %
   Keystone Acquisition Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
First lien (2)
 
8.05% (L + 5.25%/Q)
 
5/10/2017
 
5/1/2024
 
24,732

 
24,597

 
24,238

 
 
 
 
Second lien (2)
 
12.05% (L + 9.25%/Q)
 
5/10/2017
 
5/1/2025
 
4,500

 
4,461

 
4,444

 
 
 
 
 
 
 
 
 
 
 
 
29,232

 
29,058

 
28,682

 
2.85
 %
   Sovos Brands Intermediate, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Food & Beverage
 
First lien (2)
 
7.64% (L + 5.00%/M)
 
11/16/2018
 
11/20/2025
 
28,240

 
28,099

 
27,957

 
2.78
 %
   EN Engineering, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)(9)
 
7.02% (L + 4.50%/M)
 
7/30/2015
 
6/30/2021
 
23,347

 
23,226

 
23,347

 
 
 
 
First lien (2)(9)
 
7.02% (L + 4.50%/M)
 
7/30/2015
 
6/30/2021
 
1,350

 
1,343

 
1,350

 
 
 
 
 
 
 
 
 
 
 
 
24,697

 
24,569

 
24,697

 
2.45
 %
   SW Holdings, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Second lien (4)(9)
 
11.55% (L + 8.75%/Q)
 
6/30/2015
 
12/30/2021
 
18,161

 
18,052

 
18,161

 
 
 
 
Second lien (3)(9)
 
11.55% (L + 8.75%/Q)
 
4/16/2018
 
12/30/2021
 
6,181

 
6,130

 
6,181

 
 
 
 
 
 
 
 
 
 
 
 
24,342

 
24,182

 
24,342

 
2.42
 %
   DCA Investment Holding, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
First lien (2)(9)
 
8.05% (L + 5.25%/Q)
 
7/2/2015
 
7/2/2021
 
17,274

 
17,194

 
17,274

 
 
 
 
First lien (3)(9)(10) - Drawn
 
7.98% (L + 5.25%/Q)
 
12/20/2017
 
7/2/2021
 
6,702

 
6,647

 
6,702

 
 
 
 
First lien (3)(9)(10) - Drawn
 
9.75% (P + 4.25%/Q)
 
7/2/2015
 
7/2/2021
 
144

 
142

 
144

 
 
 
 
 
 
 
 
 
 
 
 
24,120

 
23,983

 
24,120

 
2.40
 %
   iPipeline, Inc. (Internet Pipeline, Inc.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (4)(9)
 
7.28% (L + 4.75%/M)
 
8/4/2015
 
8/4/2022
 
17,415

 
17,314

 
17,415

 
 
 
 
First lien (4)(9)
 
7.28% (L + 4.75%/M)
 
6/16/2017
 
8/4/2022
 
4,531

 
4,514

 
4,531

 
 
 
 
First lien (2)(9)
 
7.28% (L + 4.75%/M)
 
9/25/2017
 
8/4/2022
 
1,149

 
1,145

 
1,149

 
 
 
 
First lien (4)(9)
 
7.28% (L + 4.75%/M)
 
9/25/2017
 
8/4/2022
 
506

 
504

 
506

 
 
 
 
 
 
 
 
 
 
 
 
23,601

 
23,477

 
23,601

 
2.35
 %
   CRCI Longhorn Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Second lien (3)
 
9.64% (L + 7.25%/M)
 
8/2/2018
 
8/10/2026
 
14,349

 
14,296

 
14,295

 
 
 
 
Second lien (8)
 
9.64% (L + 7.25%/M)
 
8/2/2018
 
8/10/2026
 
7,500

 
7,473

 
7,472

 
 
 
 
 
 
 
 
 
 
 
 
21,849

 
21,769

 
21,767

 
2.16
 %
   AAC Holding Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Education
 
First lien (2)(9)
 
10.60% (L + 8.25%/M)
 
9/30/2015
 
9/30/2020
 
22,403

 
22,269

 
21,578

 
2.14
 %
   Avatar Topco, Inc. (22)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   EAB Global, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Education
 
Second lien (3)
 
10.16% (L + 7.50%/Q)
 
11/17/2017
 
11/17/2025
 
13,950

 
13,762

 
13,811

 
 
 
 
Second lien (8)
 
10.16% (L + 7.50%/Q)
 
11/17/2017
 
11/17/2025
 
7,500

 
7,399

 
7,425

 
 
 
 
 
 
 
 
 
 
 
 
21,450

 
21,161

 
21,236

 
2.11
 %
   Help/Systems Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Second lien (5)
 
10.27% (L + 7.75%/M)
 
3/23/2018
 
3/27/2026
 
20,231

 
20,136

 
20,029

 
1.99
 %
   Symplr Software Intermediate Holdings, Inc. (23)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Caliper Software, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Information Technology
 
First lien (4)(9)
 
8.02% (L + 5.50%/M)
 
11/30/2018
 
11/28/2025
 
15,000

 
14,888

 
14,888

 
 
 
 
First lien (2)(9)
 
8.02% (L + 5.50%/M)
 
11/30/2018
 
11/28/2025
 
5,171

 
5,133

 
5,132

 
 
 
 
 
 
 
 
 
 
 
 
20,171

 
20,021

 
20,020

 
1.99
 %

The accompanying notes are an integral part of these consolidated financial statements.
28
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2018
(in thousands, except shares)


Portfolio Company, Location and Industry(1)
 
Type of
Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity/Expiration
Date
 
Principal
Amount,
Par Value
or Shares
 
Cost
 
Fair Value
 
Percent of
Net
Assets
   SSH Group Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Education
 
Second lien (2)
 
10.77% (L + 8.25%/Q)
 
7/26/2018
 
7/30/2026
 
$
20,116

 
$
20,019

 
$
19,960

 
1.98
 %
   DiversiTech Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Distribution & Logistics
 
Second lien (3)
 
10.30% (L + 7.50%/Q)
 
5/18/2017
 
6/2/2025
 
12,000

 
11,897

 
11,580

 
 
 
 
Second lien (8)
 
10.30% (L + 7.50%/Q)
 
5/18/2017
 
6/2/2025
 
7,500

 
7,436

 
7,238

 
 
 
 
 
 
 
 
 
 
 
 
19,500

 
19,333

 
18,818

 
1.87
 %
   FR Arsenal Holdings II Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)(9)
 
10.06% (L + 7.25%/Q)
 
9/29/2016
 
9/8/2022
 
18,545

 
18,404

 
18,545

 
1.84
 %
   Integral Ad Science, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (8)(9)
 
9.78% (L + 6.00% + 1.25% PIK/M)*
 
7/19/2018
 
7/19/2024
 
18,678

 
18,503

 
18,491

 
1.84
 %
   The Kleinfelder Group, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (4)
 
7.17% (L + 4.75%/M)
 
12/18/2018
 
11/29/2024
 
17,500

 
17,413

 
17,413

 
1.73
 %
   Navex Topco, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Second lien (2)
 
9.53% (L + 7.00%/M)
 
8/9/2018
 
9/4/2026
 
16,807

 
16,725

 
16,218

 
1.61
 %
   TIBCO Software Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Subordinated (3)
 
11.38%/S
 
11/24/2014
 
12/1/2021
 
15,000

 
14,776

 
15,750

 
1.57
 %
   Hill International, Inc.**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)(9)
 
8.55% (L + 5.75%/Q)
 
6/21/2017
 
6/21/2023
 
15,563

 
15,502

 
15,563

 
1.55
 %
   QC McKissock Investment, LLC (14)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   McKissock, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Education
 
First lien (2)(9)
 
8.55% (L + 5.75%/Q)
 
8/6/2014
 
8/5/2021
 
6,351

 
6,330

 
6,351

 
 
 
 
First lien (2)(9)
 
8.55% (L + 5.75%/Q)
 
8/24/2018
 
8/5/2021
 
3,649

 
3,616

 
3,649

 
 
 
 
First lien (2)(9)
 
8.55% (L + 5.75%/Q)
 
8/6/2014
 
8/5/2021
 
3,028

 
3,019

 
3,028

 
 
 
 
First lien (2)(9)
 
8.55% (L + 5.75%/Q)
 
8/6/2014
 
8/5/2021
 
977

 
974

 
977

 
 
 
 
First lien (2)(9)
 
8.55% (L + 5.75%/Q)
 
8/3/2018
 
8/5/2021
 
842

 
835

 
842

 
 
 
 
First lien (2)(9)
 
8.55% (L + 5.75%/Q)
 
5/23/2018
 
8/5/2021
 
572

 
564

 
572

 
 
 
 
 
 
 
 
 
 
 
 
15,419

 
15,338

 
15,419

 
1.53
 %
   OEConnection LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Second lien (3)
 
10.53% (L + 8.00%/M)
 
11/22/2017
 
11/22/2025
 
7,660

 
7,564

 
7,602

 
 
 
 
Second lien (8)
 
10.53% (L + 8.00%/M)
 
11/22/2017
 
11/22/2025
 
7,500

 
7,407

 
7,443

 
 
 
 
 
 
 
 
 
 
 
 
15,160

 
14,971

 
15,045

 
1.49
 %
   Netsmart Inc. / Netsmart Technologies, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Information Technology
 
Second lien (2)
 
10.03% (L + 7.50%/Q)
 
4/18/2016
 
10/19/2023
 
15,000

 
14,727

 
14,925

 
1.48
 %
   Xactly Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (4)(9)
 
9.78% (L + 7.25%/M)
 
7/31/2017
 
7/29/2022
 
14,690

 
14,577

 
14,690

 
1.46
 %
   Transcendia Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Packaging
 
Second lien (8)
 
10.52% (L + 8.00%/M)
 
6/28/2017
 
5/30/2025
 
7,500

 
7,411

 
7,385

 
 
 
 
Second lien (3)
 
10.52% (L + 8.00%/M)
 
6/28/2017
 
5/30/2025
 
7,000

 
6,917

 
6,893

 
 
 
 
 
 
 
 
 
 
 
 
14,500

 
14,328

 
14,278

 
1.42
 %
   Alegeus Technologies Holdings Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
First lien (2)(9)
 
8.66% (L + 6.25%/Q)
 
9/5/2018
 
9/5/2024
 
13,444

 
13,378

 
13,376

 
1.33
 %
   NorthStar Financial Services Group, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Second lien (5)
 
10.10% (L + 7.50%/M)
 
5/23/2018
 
5/25/2026
 
13,450

 
13,418

 
13,316

 
1.32
 %
   Project Accelerate Parent, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Second lien (8)(9)
 
10.89% (L + 8.50%/M)
 
1/2/2018
 
1/2/2026
 
7,500

 
7,414

 
7,406

 
 
 
 
Second lien (3)(9)
 
10.89% (L + 8.50%/M)
 
1/2/2018
 
1/2/2026
 
5,973

 
5,905

 
5,898

 
 
 
 
 
 
 
 
 
 
 
 
13,473

 
13,319

 
13,304

 
1.32
 %

The accompanying notes are an integral part of these consolidated financial statements.
29
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2018
(in thousands, except shares)


Portfolio Company, Location and Industry(1)
 
Type of
Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity/Expiration
Date
 
Principal
Amount,
Par Value
or Shares
 
Cost
 
Fair Value
 
Percent of
Net
Assets
   Castle Management Borrower LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)(9)
 
8.87% (L + 6.25%/Q)
 
5/31/2018
 
2/15/2024
 
$
13,347

 
$
13,286

 
$
13,281

 
1.32
 %
   Ministry Brands, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (2)
 
6.52% (L + 4.00%/M)
 
12/7/2016
 
12/2/2022
 
2,962

 
2,952

 
2,962

 
 
 
 
Second lien (8)(9)
 
11.77% (L + 9.25%/M)
 
12/7/2016
 
6/2/2023
 
7,840

 
7,796

 
7,840

 
 
 
 
Second lien (3)(9)
 
11.77% (L + 9.25%/M)
 
12/7/2016
 
6/2/2023
 
2,160

 
2,148

 
2,160

 
 
 
 
 
 
 
 
 
 
 
 
12,962

 
12,896

 
12,962

 
1.29
 %
   BackOffice Associates Holdings, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)(9)
 
13.03% (L + 10.50%/M)
 
8/25/2017
 
8/25/2023
 
13,262

 
13,169

 
12,477

 
 
 
 
First lien (3)(9)(10) - Drawn
 
13.03% (L + 7.50% + 3.00% PIK/M)*
 
8/25/2017
 
8/25/2023
 
17

 
17

 
16

 
 
 
 
 
 
 
 
 
 
 
 
13,279

 
13,186

 
12,493

 
1.24
 %
   Zywave, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Second lien (4)(9)
 
11.65% (L + 9.00%/Q)
 
11/22/2016
 
11/17/2023
 
11,000

 
10,936

 
11,000

 
 
 
 
First lien (3)(9)(10) - Drawn
 
7.52% (L + 5.00%/M)
 
11/22/2016
 
11/17/2022
 
1,200

 
1,191

 
1,200

 
 
 
 
 
 
 
 
 
 
 
 
12,200

 
12,127

 
12,200

 
1.21
 %
   CHA Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Second lien (4)
 
11.55% (L + 8.75%/Q)
 
4/3/2018
 
4/10/2026
 
7,012

 
6,946

 
7,103

 
 
 
 
Second lien (3)
 
11.55% (L + 8.75%/Q)
 
4/3/2018
 
4/10/2026
 
4,453

 
4,411

 
4,511

 
 
 
 
 
 
 
 
 
 
 
 
11,465

 
11,357

 
11,614

 
1.15
 %
   PPVA Black Elk (Equity) LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Subordinated (3)(9)
 
—
 
5/3/2013
 
—
 
14,500

 
14,500

 
11,362

 
1.13
 %
   Amerijet Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Distribution & Logistics
 
First lien (4)(9)
 
10.52% (L + 8.00%/M)
 
7/15/2016
 
7/15/2021
 
8,972

 
8,935

 
8,972

 
 
 
 
First lien (4)(9)
 
10.52% (L + 8.00%/M)
 
7/15/2016
 
7/15/2021
 
1,495

 
1,489

 
1,495

 
 
 
 
 
 
 
 
 
 
 
 
10,467

 
10,424

 
10,467

 
1.04
 %
   Vectra Co.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Products
 
Second lien (8)
 
9.77% (L + 7.25%/M)
 
2/23/2018
 
3/8/2026
 
10,788

 
10,751

 
10,465

 
1.04
 %
   Masergy Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Second lien (2)
 
10.31% (L + 7.50%/Q)
 
12/14/2016
 
12/16/2024
 
10,500

 
10,452

 
10,290

 
1.02
 %
   VT Topco, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Second lien (4)
 
9.80% (L + 7.00%/Q)
 
8/14/2018
 
7/31/2026
 
10,000

 
9,976

 
9,987

 
0.99
 %
   Affinity Dental Management, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
First lien (2)(9)
 
8.57% (L + 6.00%/S)
 
9/15/2017
 
9/15/2023
 
4,344

 
4,308

 
4,344

 
 
 
 
First lien (3)(9)(10) - Drawn
 
8.61% (L + 6.00%/S)
 
9/15/2017
 
9/15/2023
 
5,277

 
5,240

 
5,277

 
 
 
 
 
 
 
 
 
 
 
 
9,621

 
9,548

 
9,621

 
0.96
 %
   AgKnowledge Holdings Company, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First Lien (4)
 
7.27% (L + 4.75%/Q)
 
11/30/2018
 
7/23/2023
 
9,450

 
9,403

 
9,426

 
0.94
 %
   WD Wolverine Holdings, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
First lien (2)
 
8.02% (L + 5.50%/M)
 
2/22/2017
 
8/16/2022
 
9,488

 
9,269

 
9,179

 
0.91
 %
   Wrike, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (8)
 
9.28% (L + 6.75%/M)
 
12/31/2018
 
12/31/2024
 
9,067

 
8,976

 
8,976

 
0.89
 %
   JAMF Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (8)(9)
 
10.61% (L + 8.00%/Q)
 
11/13/2017
 
11/11/2022
 
8,757

 
8,686

 
8,757

 
0.87
 %
   Idera, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Second lien (4)
 
11.53% (L + 9.00%/M)
 
6/27/2017
 
6/27/2025
 
8,000

 
7,895

 
8,020

 
0.80
 %

The accompanying notes are an integral part of these consolidated financial statements.
30
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2018
(in thousands, except shares)


Portfolio Company, Location and Industry(1)
 
Type of
Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity/Expiration
Date
 
Principal
Amount,
Par Value
or Shares
 
Cost
 
Fair Value
 
Percent of
Net
Assets
   J.D. Power (fka J.D. Power and Associates)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Second lien (3)
 
11.02% (L + 8.50%/M)
 
6/9/2016
 
9/7/2024
 
$
7,583

 
$
7,508

 
$
7,508

 
0.75
 %
   CP VI Bella Midco, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
Second lien (3)
 
9.27% (L + 6.75%/M)
 
1/25/2018
 
12/29/2025
 
6,732

 
6,701

 
6,631

 
0.66
 %
   DealerSocket, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (2)
 
7.27% (L + 4.75%/M)
 
4/16/2018
 
4/26/2023
 
6,678

 
6,633

 
6,597

 
0.66
 %
   MH Sub I, LLC (Micro Holding Corp.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Second lien (2)
 
10.00% (L + 7.50%/M)
 
8/16/2017
 
9/15/2025
 
7,000

 
6,938

 
6,545

 
0.65
 %
   Restaurant Technologies, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Second lien (4)
 
8.90% (L + 6.50%/Q)
 
9/24/2018
 
10/1/2026
 
6,722

 
6,705

 
6,520

 
0.65
 %
   DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings, LLC)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Second lien (3)
 
9.27% (L + 6.75%/M)
 
1/29/2018
 
2/2/2026
 
6,732

 
6,702

 
6,429

 
0.64
 %
   First American Payment Systems, L.P.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)
 
7.29% (L + 4.75%/Q)
 
1/3/2017
 
1/5/2024
 
6,391

 
6,342

 
6,359

 
0.63
 %
   Solera LLC / Solera Finance, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Subordinated (3)
 
10.50%/S
 
2/29/2016
 
3/1/2024
 
5,000

 
4,816

 
5,350

 
0.53
 %
   ADG, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
Second lien (3)(9)
 
11.88% (L + 9.00%/S)
 
10/3/2016
 
3/28/2024
 
5,000

 
4,942

 
4,578

 
0.45
 %
   York Risk Services Holding Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Subordinated (3)
 
8.50%/S
 
9/17/2014
 
10/1/2022
 
3,000

 
3,000

 
2,100

 
0.20
 %
   Ensemble S Merger Sub, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
Subordinated (3)
 
9.00%/S
 
9/21/2015
 
9/30/2023
 
2,000

 
1,953

 
2,010

 
0.20
 %
   Education Management Corporation (12)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Education Management II LLC
 
First Lien (2)
 
11.00% (P + 5.50%/Q) (24)
 
1/5/2015
 
7/2/2020
 
211

 
205

 
15

 
 
      Education
 
First Lien (3)
 
11.00% (P + 5.50%/Q) (24)
 
1/5/2015
 
7/2/2020
 
119

 
116

 
8

 
 
 
 
First Lien (2)
 
14.00% (P + 8.50%/Q) (24)
 
1/5/2015
 
7/2/2020
 
475

 
437

 
19

 
 
 
 
First Lien (3)
 
14.00% (P + 8.50%/Q) (24)
 
1/5/2015
 
7/2/2020
 
268

 
246

 
11

 
 
 
 
 
 
 
 
 
 
 
 
1,073

 
1,004

 
53

 
0.01
 %
   PPVA Fund, L.P.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Collateralized Financing (25)
 
—
 
11/7/2014
 
—
 
—

 
—

 
—

 
—
 %
Total Funded Debt Investments - United States
 
 
 
 
 
 
 
 
 
$
1,733,369

 
$
1,719,771

 
$
1,709,641

 
169.89
 %
Total Funded Debt Investments
 
 
 
 
 
 
 
 
 
$
1,819,774

 
$
1,805,709

 
$
1,793,598

 
178.24
 %
Equity - Hong Kong
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Bach Special Limited (Bach Preference Limited)**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Education
 
Preferred shares (3)(9)(21)
 
—
 
9/1/2017
 
—
 
66,528

 
$
6,573

 
$
6,653

 
0.66
 %
Total Shares - Hong Kong
 
 
 
 
 
 
 
 
 
 
 
$
6,573

 
$
6,653

 
0.66
 %
Equity - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Avatar Topco, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Education
 
Preferred shares (3)(9)(22)
 
—
 
11/17/2017
 
—
 
35,750

 
$
40,247

 
$
39,890

 
3.96
 %

The accompanying notes are an integral part of these consolidated financial statements.
31
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2018
(in thousands, except shares)


Portfolio Company, Location and Industry(1)
 
Type of
Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity/Expiration
Date
 
Principal
Amount,
Par Value
or Shares
 
Cost
 
Fair Value
 
Percent of
Net
Assets
   Tenawa Resource Holdings LLC (13)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   QID NGL LLC
 
Preferred shares (6)(9)
 
—
 
10/30/2017
 
—
 
1,623,385

 
$
1,623

 
$
2,717

 
 
      Energy
 
Ordinary shares (6)(9)
 
—
 
5/12/2014
 
—
 
5,290,997

 
5,291

 
8,412

 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,914

 
11,129

 
1.11
 %
   Symplr Software Intermediate Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Information Technology
 
Preferred Shares (4)(9)(23)
 
—
 
11/30/2018
 
—
 
7,500

 
7,470

 
7,469

 
 
 
 
Preferred Shares (3)(9)(23)
 
—
 
11/30/2018
 
—
 
2,586

 
2,575

 
2,575

 
 
 
 
 
 
 
 
 
 
 
 
 
 
10,045

 
10,044

 
1.00
 %
   Education Management Corporation (12)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Education
 
Preferred shares (2)
 
—
 
1/5/2015
 
—
 
3,331

 
200

 
—

 
 
 
 
Preferred shares (3)
 
—
 
1/5/2015
 
—
 
1,879

 
113

 
—

 
 
 
 
Ordinary shares (2)
 
—
 
1/5/2015
 
—
 
2,994,065

 
100

 
—

 
 
 
 
Ordinary shares (3)
 
—
 
1/5/2015
 
—
 
1,688,976

 
56

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
469

 
—

 
—
 %
Total Shares - United States
 
 
 
 
 
 
 
 
 
 
 
$
57,675

 
$
61,063

 
6.07
 %
Total Shares
 
 
 
 
 
 
 
 
 
 
 
$
64,248

 
$
67,716

 
6.73
 %
Warrants - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   ASP LCG Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Education
 
Warrants (3)(9)
 
—
 
5/5/2014
 
5/5/2026
 
622

 
$
37

 
$
664

 
0.07
 %
Total Warrants - United States
 
 
 
 
 
 
 
 
 
 
 
$
37

 
$
664

 
0.07
 %
Total Funded Investments
 
 
 
 
 
 
 
 
 
 
 
$
1,869,994

 
$
1,861,978

 
185.04
 %
Unfunded Debt Investments - Canada
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Dentalcorp Perfect Smile ULC**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
Second lien (3)(10) - Undrawn
 
—
 
6/1/2018
 
6/6/2020
 
$
2,110

 
$
2

 
$
(32
)
 
(0.00
)%
Total Unfunded Debt Investments - Canada
 
 
 
 
 
 
 
 
 
$
2,110

 
$
2

 
$
(32
)
 
(0.00
)%
Unfunded Debt Investments - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   DCA Investment Holding, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
12/20/2017
 
12/20/2019
 
$
6,755

 
$
(59
)
 
$
—

 
 
 
 
First lien (3)(9)(10) - Undrawn
 
—
 
7/2/2015
 
7/2/2021
 
1,956

 
(20
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
8,711

 
(79
)
 
—

 
—
 %
   iPipeline, Inc. (Internet Pipeline, Inc.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
8/4/2015
 
8/4/2021
 
1,000

 
(10
)
 
—

 
—
 %
   Ministry Brands, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (3)(10) - Undrawn
 
—
 
12/7/2016
 
12/2/2022
 
1,000

 
(5
)
 
—

 
—
 %
   Zywave, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
11/22/2016
 
11/17/2022
 
800

 
(6
)
 
—

 
—
 %

The accompanying notes are an integral part of these consolidated financial statements.
32
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2018
(in thousands, except shares)


Portfolio Company, Location and Industry(1)
 
Type of
Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity/Expiration
Date
 
Principal
Amount,
Par Value
or Shares
 
Cost
 
Fair Value
 
Percent of
Net
Assets
   Trader Interactive, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
6/15/2017
 
6/15/2023
 
$
1,673

 
$
(13
)
 
$
—

 
—
 %
   Xactly Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
7/31/2017
 
7/29/2022
 
992

 
(10
)
 
—

 
—
 %
   Integro Parent Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
6/8/2018
 
10/30/2021
 
4,686

 
(23
)
 
—

 
—
 %
   Affinity Dental Management, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
9/15/2017
 
3/15/2019
 
6,307

 
(16
)
 
—

 
 
 
 
First lien (3)(9)(10) - Undrawn
 
—
 
9/15/2017
 
3/15/2023
 
1,738

 
(17
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
8,045

 
(33
)
 
—

 
—
 %
   Frontline Technologies Group Holdings, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       Education
 
First lien (3)(9)(10) - Undrawn
 
—
 
9/18/2017
 
9/18/2019
 
7,738

 
(58
)
 
—

 
—
 %
   JAMF Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
11/13/2017
 
11/11/2022
 
750

 
(8
)
 
—

 
—
 %
   AgKnowledge Holdings Company, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (3)(10) - Undrawn
 
—
 
11/30/2018
 
7/21/2023
 
526

 
(3
)
 
(1
)
 
(0.00
)%
   NM GRC Holdco, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)(9)(10) - Undrawn
 
—
 
2/9/2018
 
2/9/2020
 
771

 
(2
)
 
(2
)
 
(0.00
)%
   DealerSocket, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (3)(10) - Undrawn
 
—
 
4/16/2018
 
4/26/2023
 
560

 
(4
)
 
(7
)
 
(0.00
)%
   Wrike, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (3)(10) - Undrawn
 
—
 
12/31/2018
 
12/31/2024
 
933

 
(9
)
 
(9
)
 
(0.00
)%
   Integral Ad Science, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
7/19/2018
 
7/19/2023
 
1,429

 
(14
)
 
(14
)
 
(0.00
)%
   Finalsite Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
9/25/2018
 
9/25/2024
 
2,521

 
(19
)
 
(19
)
 
(0.00
)%
   TDG Group Holding Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Consumer Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
5/22/2018
 
5/31/2024
 
3,783

 
(19
)
 
(19
)
 
(0.00
)%
   iCIMS, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
9/12/2018
 
9/12/2024
 
1,977

 
(20
)
 
(20
)
 
(0.00
)%
   Ansira Holdings, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (3)(10) - Undrawn
 
—
 
12/19/2016
 
4/16/2020
 
5,433

 
(14
)
 
(24
)
 
(0.00
)%
   BackOffice Associates Holdings, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
8/25/2017
 
8/25/2023
 
862

 
(7
)
 
(51
)
 
(0.01
)%

The accompanying notes are an integral part of these consolidated financial statements.
33
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2018
(in thousands, except shares)


Portfolio Company, Location and Industry(1)
 
Type of
Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity/Expiration
Date
 
Principal
Amount,
Par Value
or Shares
 
Cost
 
Fair Value
 
Percent of
Net
Assets
   Associations, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Consumer Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
7/30/2018
 
7/30/2021
 
$
6,557

 
$
(41
)
 
$
(41
)
 
 
 
 
First lien (3)(9)(10) - Undrawn
 
—
 
7/30/2018
 
7/30/2024
 
2,033

 
(13
)
 
(13
)
 
 
 
 
 
 
 
 
 
 
 
 
8,590

 
(54
)
 
(54
)
 
(0.01
)%
   Diligent Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Software
 
First lien (3)(9)(10) - Undrawn
 
—
 
12/19/2018
 
12/19/2020
 
13,431

 
(84
)
 
(84
)
 
(0.01
)%
   Salient CRGT Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Federal Services
 
First lien (3)(10) - Undrawn
 
—
 
6/26/2018
 
11/29/2021
 
6,125

 
(490
)
 
(92
)
 
(0.01
)%
   PhyNet Dermatology LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
First lien (3)(9)(10) - Undrawn
 
—
 
9/17/2018
 
8/16/2020
 
45,305

 
(227
)
 
(227
)
 
(0.02
)%
Total Unfunded Debt Investments - United States
 
 
 
 
 
 
 
 
 
$
127,641

 
$
(1,211
)
 
$
(623
)
 
(0.06
)%
Total Unfunded Debt Investments
 
 
 
 
 
 
 
 
 
$
129,751

 
$
(1,209
)
 
$
(655
)
 
(0.06
)%
Total Non-Controlled/Non-Affiliated Investments
 
 
 
 
 
 
 
 
 
 
 
$
1,868,785

 
$
1,861,323

 
184.98
 %
Non-Controlled/Affiliated Investments(26)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funded Debt Investments - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Permian Holdco 1, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Permian Holdco 2, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Permian Holdco 3, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Energy
 
First lien (3)(9)(10) - Drawn
 
8.87% (L + 6.50%/M)
 
6/14/2018
 
6/30/2022
 
$
17,750

 
$
17,750

 
$
17,750

 
 
 
 
First lien (3)(9)
 
14.85% (L + 7.50% + 5.00% PIK/Q)*
 
6/14/2018
 
6/30/2022
 
10,101

 
10,101

 
10,101

 
 
 
 
Subordinated (3)(9)
 
14.00% PIK/Q*
 
10/31/2016
 
10/15/2021
 
2,303

 
2,303

 
2,187

 
 
 
 
Subordinated (3)(9)
 
18.00% PIK/Q*
 
12/26/2018
 
6/30/2022
 
2,054

 
2,054

 
2,054

 
 
 
 
Subordinated (3)(9)
 
14.00% PIK/Q*
 
10/31/2016
 
10/15/2021
 
1,186

 
1,186

 
1,127

 
 
 
 
 
 
 
 
 
 
 
 
33,394

 
33,394

 
33,219

 
3.30
 %
Total Funded Debt Investments - United States
 
 
 
 
 
 
 
 
 
$
33,394

 
$
33,394

 
$
33,219

 
3.30
 %
Equity - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   NMFC Senior Loan Program I LLC**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Investment Fund
 
Membership interest (3)(9)
 
—
 
6/13/2014
 
—
 
—

 
$
23,000

 
$
23,000

 
2.29
 %
   Sierra Hamilton Holdings Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Energy
 
Ordinary shares (2)(9)
 
—
 
7/31/2017
 
—
 
25,000,000

 
11,501

 
11,271

 
 
 
 
Ordinary shares (3)(9)
 
—
 
7/31/2017
 
—
 
2,786,000

 
1,281

 
1,256

 
 
 
 
 
 
 
 
 
 
 
 
 
 
12,782

 
12,527

 
1.24
 %
   Permian Holdco 1, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Energy
 
Preferred shares (3)(9)(16)
 
—
 
10/31/2016
 
—
 
1,766,177

 
7,912

 
8,257

 
 
 
 
Ordinary shares (3)(9)
 
—
 
10/31/2016
 
—
 
1,366,452

 
1,350

 
490

 
 
 
 
 
 
 
 
 
 
 
 
 
 
9,262

 
8,747

 
0.87
 %
Total Shares - United States
 
 
 
 
 
 
 
 
 
 
 
$
45,044

 
$
44,274

 
4.40
 %
Total Funded Investments
 
 
 
 
 
 
 
 
 
 
 
$
78,438

 
$
77,493

 
7.70
 %

The accompanying notes are an integral part of these consolidated financial statements.
34
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2018
(in thousands, except shares)


Portfolio Company, Location and Industry(1)
 
Type of
Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity/Expiration
Date
 
Principal
Amount,
Par Value
or Shares
 
Cost
 
Fair Value
 
Percent of
Net
Assets
Unfunded Debt Investments - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Permian Holdco 3, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Energy
 
First lien (3)(9)(10) - Undrawn
 
—
 
6/14/2018
 
6/30/2022
 
$
2,250

 
$
—

 
$
—

 
—
 %
Total Unfunded Debt Investments - United States
 
 
 
 
 
 
 
 
 
$
2,250

 
$
—

 
$
—

 
—
 %
Total Non-Controlled/Affiliated Investments
 
 
 
 
 
 
 
 
 
 
 
$
78,438

 
$
77,493

 
7.70
 %
Controlled Investments(27)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funded Debt Investments - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Edmentum Ultimate Holdings, LLC (15)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Edmentum, Inc. (fka Plato, Inc.) (Archipelago Learning, Inc.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Education
 
First lien (2)
 
11.03% (L + 4.50% + 4.00% PIK/Q)*
 
8/6/2018
 
6/9/2021
 
$
8,490

 
$
7,245

 
$
7,004

 
 
 
 
Second lien (3)(9)
 
7.00% PIK/Q*
 
2/23/2018
 
12/9/2021
 
11,184

 
10,569

 
10,346

 
 
 
 
Second lien (3)(9)(10) - Drawn
 
5.00% PIK/Q*
 
6/9/2015
 
12/9/2021
 
1,671

 
1,671

 
1,671

 
 
 
 
Subordinated (3)(9)
 
8.50% PIK/Q*
 
6/9/2015
 
6/9/2020
 
4,891

 
4,889

 
4,891

 
 
 
 
Subordinated (2)(9)
 
10.00% PIK/Q*
 
6/9/2015
 
6/9/2020
 
18,525

 
18,525

 
14,820

 
 
 
 
Subordinated (3)(9)
 
10.00% PIK/Q*
 
6/9/2015
 
6/9/2020
 
4,557

 
4,557

 
3,646

 
 
 
 
 
 
 
 
 
 
 
 
49,318

 
47,456

 
42,378

 
4.21
 %
   NHME Holdings Corp. (20)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   National HME, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Healthcare Services
 
Second lien (3)(9)
 
12.00% PIK/Q*
 
11/27/2018
 
5/27/2024
 
14,664

 
10,718

 
10,631

 
 
 
 
Second lien (3)(9)
 
12.00% PIK/Q*
 
11/27/2018
 
5/27/2024
 
8,104

 
7,115

 
7,091

 
 
 
 
 
 
 
 
 
 
 
 
22,768

 
17,833

 
17,722

 
1.76
 %
   UniTek Global Services, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
First lien (2)(9)
 
8.02% (L + 5.50%/M)
 
6/29/2018
 
8/20/2024
 
12,542

 
12,542

 
12,542

 
 
 
 
First lien (2)(9)
 
7.96% (L + 5.50%/M)
 
6/29/2018
 
8/20/2024
 
2,508

 
2,508

 
2,508

 
 
 
 
 
 
 
 
 
 
 
 
15,050

 
15,050

 
15,050

 
1.50
 %
Total Funded Debt Investments - United States
 
 
 
 
 
 
 
 
 
$
87,136

 
$
80,339

 
$
75,150

 
7.47
 %
Equity - Canada
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  NM APP Canada Corp.**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Net Lease
 
Membership interest (7)(9)
 
—
 
9/13/2016
 
—
 
—

 
$
7,345

 
$
9,727

 
0.97
 %
Total Shares - Canada
 
 
 
 
 
 
 
 
 
 
 
$
7,345

 
$
9,727

 
0.97
 %
Equity - United States
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   NMFC Senior Loan Program II LLC**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Investment Fund
 
Membership interest (3)(9)
 
—
 
5/3/2016
 
—
 
—

 
$
79,400

 
$
79,400

 
7.89
 %
   NMFC Senior Loan Program III LLC**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Investment Fund
 
Membership interest (3)(9)
 
—
 
5/4/2018
 
—
 
—

 
78,400

 
78,400

 
7.79
 %

The accompanying notes are an integral part of these consolidated financial statements.
35
Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2018
(in thousands, except shares)


Portfolio Company, Location and Industry(1)
 
Type of
Investment
 
Interest Rate (11)
 
Acquisition Date
 
Maturity/Expiration
Date
 
Principal
Amount,
Par Value
or Shares
 
Cost
 
Fair Value
 
Percent of
Net
Assets
   UniTek Global Services, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Business Services
 
Preferred shares (2)(9)(17)
 
—
 
1/13/2015
 
—
 
24,841,813

 
$
22,462

 
$
22,012

 
 
 
 
Preferred shares (3)(9)(17)
 
—
 
1/13/2015
 
—
 
6,865,095

 
6,207

 
6,083

 
 
 
 
Preferred shares (3)(9)(18)
 
—
 
6/30/2017
 
—
 
13,079,442

 
13,079

 
13,036

 
 
 
 
Preferred shares (3)(9)(19)
 
—
 
8/17/2018
 
—
 
7,070,545

 
7,071

 
7,071

 
 
 
 
Ordinary shares (2)(9)
 
—
 
1/13/2015
 
—
 
2,096,477

 
1,925

 
10,013

 
 
 
 
Ordinary shares (3)(9)
 
—
 
1/13/2015
 
—
 
1,993,749

 
532

 
9,523

 
 
 
 
 
 
 
 
 
 
 
 
 
 
51,276

 
67,738

 
6.73
 %
   NM NL Holdings, L.P.**