Document

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 March 31, 2020

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 May 6, 2020
Common stock, par value $0.01 per share		96,827,342

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2020

TABLE OF CONTENTS



		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	New Mountain Finance Corporation
	Consolidated Statements of Assets and Liabilities as of March 31, 2020 (unaudited) and December 31, 2019 (unaudited)	4
	Consolidated Statements of Operations for the three months ended March 31, 2020 (unaudited) and March 31, 2019 (unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2020 (unaudited) and March 31, 2019 (unaudited)	6
	Consolidated Statements of Cash Flows for the three months ended March 31, 2020 (unaudited) and March 31, 2019 (unaudited)	7
	Consolidated Schedule of Investments as of March 31, 2020 (unaudited)	8
	Consolidated Schedule of Investments as of December 31, 2019	30
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	48
	Report of Independent Registered Public Accounting Firm	90

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	91
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	123
Item 4.	Controls and Procedures	124

PART II. OTHER INFORMATION		125

Item 1.	Legal Proceedings	125
Item 1A.	Risk Factors	125
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	127
Item 3.	Defaults Upon Senior Securities	128
Item 4.	Mine Safety Disclosures	128
Item 5.	Other Information	128
Item 6.	Exhibits	129
	Signatures	130

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)



	March 31, 2020			December 31, 2019
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,627,761 and $2,619,408, respectively)	$	2,481,871		$	2,613,801
Non-controlled/affiliated investments (cost of $79,794 and $82,825, respectively)	59,660			73,527
Controlled investments (cost of $478,950 and $449,308, respectively)	449,786			472,952
Total investments at fair value (cost of $3,186,505 and $3,151,541, respectively)	2,991,317			3,160,280
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	21,422			21,422
Cash and cash equivalents	22,108			48,574
Interest and dividend receivable	32,650			31,800
Receivable from unsettled securities sold	30,964			—
Receivable from affiliates	545			277
Other assets	4,526			3,702
Total assets	$	3,103,532		$	3,266,055
Liabilities
Borrowings
Holdings Credit Facility	$	569,163		$	661,563
Unsecured Notes	453,250			453,250
SBA-guaranteed debentures	300,000			225,000
DB Credit Facility	270,000			230,000
Convertible Notes	201,597			201,623
NMFC Credit Facility	188,500			188,500
Deferred financing costs (net of accumulated amortization of $29,542 and $28,390, respectively)	(18,318		)	(17,640		)
Net borrowings	1,964,192			1,942,296
Payable for unsettled securities purchased	—			1,780
Management fee payable	20,613			10,298
Incentive fee payable	15,472			7,646
Interest payable	10,965			16,484
Payable to affiliates	1,025			673
Deferred tax liability	14			912
Other liabilities	1,811			2,498
Total liabilities	2,014,092			1,982,587
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 200,000,000 shares authorized, respectively, and 96,827,342 and 96,827,342 shares issued and outstanding, respectively	968			968
Paid in capital in excess of par	1,287,853			1,287,853
Accumulated overdistributed earnings	(210,631		)	(5,353		)
Total net assets of New Mountain Finance Corporation	1,078,190			1,283,468
Non-controlling interest in New Mountain Net Lease Corporation	11,250			$	—
Total net assets	$	1,089,440		$	1,283,468
Total liabilities and net assets	$	3,103,532		$	3,266,055
Number of shares outstanding	96,827,342			96,827,342
Net asset value per share of New Mountain Finance Corporation	$	11.14		$	13.26

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)



	Three Months Ended
	March 31, 2020			March 31, 2019
Investment income
From non-controlled/non-affiliated investments:
Interest income	$	57,586		$	44,457
Non-cash dividend income	2,324			1,974
Other income	1,471			2,254
From non-controlled/affiliated investments:
Interest income	1,069			1,004
Dividend income	720			726
Non-cash dividend income	(3,418		)	291
Other income	291			291
From controlled investments:
Interest income	2,981			2,463
Dividend income	8,229			8,457
Non-cash dividend income	2,638			2,045
Other income	193			229
Total investment income	74,084			64,191
Expenses
Incentive fee	7,826			6,863
Management fee	13,858			10,975
Interest and other financing expenses	22,194			19,146
Administrative expenses	1,040			1,095
Professional fees	905			766
Other general and administrative expenses	499			412
Total expenses	46,322			39,257
Less: management fees waived (See Note 5)	(3,543		)	(2,533		)
Net expenses	42,779			36,724
Net investment income before income taxes	31,305			27,467
Income tax expense	—			17
Net investment income	31,305			27,450
Net realized gains (losses):
Non-controlled/non-affiliated investments	(702		)	43
Controlled investments	4			3
New Mountain Net Lease Corporation	812			—
Net change in unrealized (depreciation) appreciation:
Non-controlled/non-affiliated investments	(140,283		)	9,763
Non-controlled/affiliated investments	(10,836		)	(891		)
Controlled investments	(52,808		)	7,442
New Mountain Net Lease Corporation	(812		)	—
Benefit for taxes	898			110
Net realized and unrealized (losses) gains	(203,727		)	16,470
Net (decrease) increase in net assets resulting from operations	(172,422		)	43,920
Less: Net decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(65		)	—
Net (decrease) increase in net assets resulting from operations related to New Mountain Finance Corporation	$	(172,357	)	$	43,920
Basic earnings per share	$	(1.78	)	$	0.56
Weighted average shares of common stock outstanding - basic (See Note 11)	96,827,342			78,457,641
Diluted earnings per share	$	(1.78	)	$	0.49
Weighted average shares of common stock outstanding - diluted (See Note 11)	110,084,927			95,857,530
Distributions declared and paid per share	$	0.34		$	0.34

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

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
	March 31, 2020			March 31, 2019
Increase (decrease) in net assets resulting from operations:
Net investment income	$	31,305		$	27,450
Net realized gains on investments and New Mountain Net Lease Corporation	114			46
Net change in unrealized (depreciation) appreciation of investments and New Mountain Net Lease Corporation	(204,739		)	16,314
Benefit for taxes	898			110
Net (decrease) increase in net assets resulting from operations	(172,422		)	43,920
Less: Net decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(65		)	—
Net (decrease) increase in net assets resulting from operations related to New Mountain Finance Corporation	(172,357		)	43,920
Capital transactions
Net proceeds from shares sold	—			59,297
Deferred offering costs	—			(229		)
Distributions declared to stockholders from net investment income	(32,921		)	(27,342		)
Reinvestment of distributions	—			1,364
Total net (decrease) increase in net assets resulting from capital transactions	(32,921		)	33,090
Net (decrease) increase in net assets	(205,278		)	77,010
New Mountain Finance Corporation net assets at the beginning of the period	1,283,468			1,006,269
New Mountain Finance Corporation net assets at the end of the period	1,078,190			1,083,279
Non-controlling interest in New Mountain Net Lease Corporation	11,250			—
Net assets at the end of the period	$	1,089,440		$	1,083,279

Capital share activity
Shares sold	—			4,312,500
Shares issued from the reinvestment of distributions	—			100,558
Net increase in shares outstanding	—			4,413,058

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)



	Three Months Ended
	March 31, 2020			March 31, 2019
Cash flows from operating activities
Net (decrease) increase in net assets resulting from operations	$	(172,422	)	$	43,920
Adjustments to reconcile net decrease (increase) in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized (gains) losses on investments and New Mountain Net Lease Corporation	(114		)	(46		)
Net change in unrealized depreciation (appreciation) of investments and New Mountain Net Lease Corporation	204,739			(16,314		)
Amortization of purchase discount	(3,528		)	(835		)
Amortization of deferred financing costs	1,152			1,651
Amortization of premium on Convertible Notes	(26		)	(27		)
Non-cash investment income	(5,131		)	(6,842		)
(Increase) decrease in operating assets:
Proceeds from sale of non-controlling interest in New Mountain Net Lease Corporation	11,315			—
Purchase of investments and delayed draw facilities	(172,921		)	(158,036		)
Proceeds from sales and paydowns of investments	178,722			5,857
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	211			46
Cash paid for purchase of drawn portion of revolving credit facilities	(8,996		)	(338		)
Cash paid on drawn revolvers	(33,639		)	(9,026		)
Cash repayments on drawn revolvers	9,620			5,182
Interest and dividend receivable	(850		)	(4,289		)
Receivable from unsettled securities sold	(30,964		)	—
Receivable from affiliates	(268		)	(287		)
Other assets	(802		)	(758		)
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	(1,780		)	295
Management fee payable	10,315			50
Incentive fee payable	7,826			(1		)
Interest payable	(5,519		)	(1,884		)
Payable to affiliates	352			(223		)
Deferred tax liability	(898		)	(110		)
Other liabilities	74			2,758
Net cash flows used in operating activities	(13,532		)	(139,257		)
Cash flows from financing activities
Net proceeds from shares sold	—			59,297
Distributions paid	(32,921		)	(25,978		)
Offering costs paid	—			(265		)
Proceeds from Holdings Credit Facility	16,000			69,500
Repayment of Holdings Credit Facility	(108,400		)	(15,000		)
Proceeds from SBA-guaranteed debentures	75,000			—
Proceeds from NMFC Credit Facility	—			110,000
Repayment of NMFC Credit Facility	—			(35,000		)
Proceeds from DB Credit Facility	40,000			25,000
Repayment of DB Credit Facility	—			(32,000		)
Deferred financing costs paid	(2,613		)	(390		)
Net cash flows (used) provided by financing activities	(12,934		)	155,164
Net (decrease) increase in cash and cash equivalents	(26,466		)	15,907
Cash and cash equivalents at the beginning of the period	48,574			49,664
Cash and cash equivalents at the end of the period	$	22,108		$	65,571
Supplemental disclosure of cash flow information
Cash interest paid	$	26,301		$	19,085
Income taxes paid	—			3
Non-cash financing activities:
Value of shares issued in connection with the distribution reinvestment plan	$	—		$	1,364
Accrual for offering costs	86			92
Accrual for deferred financing costs	4			119

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	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)(10)	8.50% (L + 7.50%/M)	6/1/2018	6/8/2026	$	28,613	$	28,396	$	26,301
	Second lien (8)(10)	8.50% (L + 7.50%/M)	6/1/2018	6/8/2026	7,500		7,446		6,894
					36,113		35,842		33,195		3.05	%
Wolfpack IP Co.**
Software	First lien (2)(10)	7.50% (L + 6.50%/M)	6/14/2019	6/13/2025	9,091		9,010		8,997		0.83	%
Total Funded Debt Investments - Canada					$	45,204	$	44,852	$	42,192	3.88	%
Funded Debt Investments - United Arab Emirates
GEMS Menasa (Cayman) Limited**
Education	First lien (8)	6.61% (L + 5.00%/Q)	7/30/2019	7/31/2026	$	33,321	$	33,162	$	29,656	2.72	%
Total Funded Debt Investments - United Arab Emirates					$	33,321	$	33,162	$	29,656	2.72	%
Funded Debt Investments - United Kingdom
Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.**
Consumer Services	Second lien (2)(10)	8.50% (L + 7.50%/M)	9/25/2017	10/3/2025	$	37,853	$	37,677	$	36,433
	Second lien (8)(10)	8.50% (L + 7.50%/M)	9/25/2017	10/3/2025	6,000		5,972		5,775
					43,853		43,649		42,208		3.87	%
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(10)	10.13% (L + 8.25%/Q)	10/8/2019	10/8/2027	34,459		34,193		31,982		2.94	%
Total Funded Debt Investments - United Kingdom					$	78,312	$	77,842	$	74,190	6.81	%
Funded Debt Investments - United States
PhyNet Dermatology LLC
Healthcare Services	First lien (2)(10)	6.50% (L + 5.50%/M)	9/17/2018	8/16/2024	$	50,240	$	49,849	$	46,487
	First lien (3)(10)(11) - Drawn	6.50% (L + 5.50%/M)	9/17/2018	8/16/2024	28,068		27,944		25,972
					78,308		77,793		72,459		6.65	%
GS Acquisitionco, Inc.
Software	First lien (2)(10)	6.83% (L + 5.75%/S)	8/7/2019	5/24/2024	26,842		26,694		26,369
	First lien (5)(10)	6.83% (L + 5.75%/S)	8/7/2019	5/24/2024	22,363		22,239		21,969
	First lien (3)(10)(11) - Drawn	6.83% (L + 5.75%/S)	8/7/2019	5/24/2024	20,868		20,742		20,501
	First lien (3)(10)(11) - Drawn	6.83% (L + 5.75%/S)	8/7/2019	5/24/2024	3,134		3,115		3,079
					73,207		72,790		71,918		6.60	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Benevis Holding Corp.
Healthcare Services	First lien (2)(10)	8.09% (L + 6.32%/Q)	3/15/2018	3/15/2024	$	62,572	$	62,572	$	46,528
	First lien (8)(10)	8.09% (L + 6.32%/Q)	3/15/2018	3/15/2024	15,352		15,352		11,416
	First lien (3)(10)	7.96% (L + 6.32%/Q)	3/29/2019	3/15/2024	7,665		7,665		5,699
					85,589		85,589		63,643		5.84	%
Associations, Inc.
Business Services	First lien (2)(10)	8.91% (L + 4.00% + 3.00% PIK/Q)*	7/30/2018	7/30/2024	44,899		44,684		43,866
	First lien (8)(10)	8.91% (L + 4.00% + 3.00% PIK/Q)*	7/30/2018	7/30/2024	5,154		5,130		5,035
	First lien (3)(10)(11) - Drawn	8.90% (L + 4.00% + 3.00% PIK/Q)*	7/30/2018	7/30/2024	7,433		7,395		7,262
	First lien (3)(10)(11) - Drawn	7.01% (L + 6.00%/M)	7/30/2018	7/30/2024	2,033		2,020		1,986
					59,519		59,229		58,149		5.34	%
iCIMS, Inc.
Software	First lien (8)(10)	7.50% (L + 6.50%/M)	9/12/2018	9/12/2024	46,636		46,247		46,636
	First lien (8)(10)	7.50% (L + 6.50%/M)	6/14/2019	9/12/2024	8,667		8,591		8,667
					55,303		54,838		55,303		5.08	%
Nomad Buyer, Inc.
Healthcare Services	First lien (2)(10)	5.61% (L + 5.00%/M)	8/3/2018	8/1/2025	56,296		54,786		54,940		5.04	%
ConnectWise, LLC
Software	First lien (2)(10)	7.07% (L + 6.00%/S)	11/26/2019	2/28/2025	55,473		55,145		54,031		4.96	%
Salient CRGT Inc.
Federal Services	First lien (2)(10)	7.57% (L + 6.50%/S)	1/6/2015	2/28/2022	39,031		38,798		37,177
	First lien (8)(10)	7.57% (L + 6.50%/S)	6/6/2019	2/28/2022	13,338		12,942		12,704
	First lien (3)(10)(11) - Drawn	8.00% (P + 4.75%/Q)	6/26/2018	11/29/2021	2,100		1,932		2,000
					54,469		53,672		51,881		4.76	%
CentralSquare Technologies, LLC
Software	Second lien (3)(10)	8.95% (L + 7.50%/Q)	8/15/2018	8/31/2026	47,838		47,312		43,762
	Second lien (8)(10)	8.95% (L + 7.50%/Q)	8/15/2018	8/31/2026	7,500		7,417		6,861
					55,338		54,729		50,623		4.65	%
Frontline Technologies Group Holdings, LLC
Software	First lien (4)(10)	6.75% (L + 5.75%/M)	9/18/2017	9/18/2023	22,109		22,003		21,507
	First lien (2)(10)	6.75% (L + 5.75%/M)	9/18/2017	9/18/2023	18,632		18,578		18,125
	First lien (2)(10)	6.75% (L + 5.75%/M)	9/18/2017	9/18/2023	7,690		7,642		7,481
					48,431		48,223		47,113		4.31	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
NM GRC Holdco, LLC
Business Services	First lien (2)(10)	7.45% (L + 6.00%/Q)	2/9/2018	2/9/2024	$	38,249	$	38,116	$	36,826
	First lien (2)(10)	7.45% (L + 6.00%/Q)	2/9/2018	2/9/2024	10,631		10,591		10,235
					48,880		48,707		47,061		4.32	%
Symplr Software Intermediate Holdings, Inc. (24)
Symplr Software, Inc. (fka Caliper Software, Inc.)
Healthcare Information Technology	First lien (2)(10)	6.57% (L + 5.50%/S)	11/30/2018	11/28/2025	30,484		30,279		30,200
	First lien (4)(10)	6.57% (L + 5.50%/S)	11/30/2018	11/28/2025	14,813		14,718		14,675
					45,297		44,997		44,875		4.12	%
Integro Parent Inc.
Business Services	First lien (2)(10)	6.75% (L + 5.75%/M)	10/9/2015	10/31/2022	34,869		34,749		34,615
	Second lien (8)(10)	10.25% (L + 9.25%/M)	10/9/2015	10/30/2023	10,000		9,945		10,000
					44,869		44,694		44,615		4.10	%

Brave Parent Holdings, Inc.
Software	Second lien (5)(10)	9.28% (L + 7.50%/Q)	4/17/2018	4/17/2026	22,500		22,407		20,977
	Second lien (2)(10)	9.28% (L + 7.50%/Q)	4/17/2018	4/17/2026	16,624		16,484		15,498
	Second lien (8)(10)	9.28% (L + 7.50%/Q)	4/17/2018	4/17/2026	6,000		5,949		5,594
					45,124		44,840		42,069		3.86	%
Quest Software US Holdings Inc.
Software	Second lien (2)(10)	10.03% (L + 8.25%/Q)	5/17/2018	5/18/2026	43,697		43,331		40,927		3.76	%
Tenawa Resource Holdings LLC (14)
Tenawa Resource Management LLC
Specialty Chemicals & Materials	First lien (3)(10)	10.50% (Base + 8.00%/Q)	5/12/2014	10/30/2024	38,900		38,852		38,900		3.57	%
Trader Interactive, LLC
Business Services	First lien (2)(10)	7.57% (L + 6.50%/S)	6/15/2017	6/17/2024	31,850		31,702		30,943
	First lien (8)(10)	7.57% (L + 6.50%/S)	6/15/2017	6/17/2024	4,937		4,914		4,796
	First lien (3)(10)(11) - Drawn	7.72% (L + 6.50%/Q)	6/15/2017	6/15/2023	669		664		651
					37,456		37,280		36,390		3.34	%
TDG Group Holding Company
Consumer Services	First lien (2)(10)	6.57% (L + 5.50%/S)	5/22/2018	5/31/2024	24,797		24,705		23,693
	First lien (8)(10)	6.57% (L + 5.50%/S)	5/22/2018	5/31/2024	4,937		4,919		4,717
	First lien (2)(10)	6.57% (L + 5.50%/S)	5/22/2018	5/31/2024	3,312		3,300		3,165
	First lien (3)(10)(11) - Drawn	6.35% (L + 5.50%/Q)	5/22/2018	5/31/2024	4,987		4,962		4,766
					38,033		37,886		36,341		3.34	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Kronos Incorporated
Software	Second lien (2)	10.01% (L + 8.25%/Q)	10/26/2012	11/1/2024	$	26,148	$	26,163	$	24,658
	Second lien (8)	10.01% (L + 8.25%/Q)	10/26/2012	11/1/2024	11,147		11,147		10,511
					37,295		37,310		35,169		3.23	%
Definitive Healthcare Holdings, LLC
Healthcare Information Technology	First lien (8)(10)	8.19% (L + 5.50% + 1.00% PIK/Q)*	8/7/2019	7/16/2026	33,483		33,329		33,034
	First lien (3)(10)(11) - Drawn	6.70% (L + 5.50%/Q)	8/7/2019	7/16/2024	1,848		1,839		1,823
					35,331		35,168		34,857		3.20	%
Peraton Holding Corp. (fka MHVC Acquisition Corp.)
Federal Services	First lien (2)	6.87% (L + 5.25%/Q)	4/25/2017	4/29/2024	36,812		36,693		34,419		3.16	%
Apptio, Inc.
Software	First lien (8)(10)	8.25% (L + 7.25%/M)	1/10/2019	1/10/2025	34,076		33,497		34,076		3.13	%
KAMC Holdings, Inc
Business Services	Second lien (2)(10)	9.70% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,617		16,910
	Second lien (8)(10)	9.70% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,617		16,910
					37,500		37,234		33,820		3.10	%
Finalsite Holdings, Inc.
Software	First lien (4)(10)	7.28% (L + 5.50%/Q)	9/28/2018	9/25/2024	22,163		22,031		21,834
	First lien (2)(10)	7.28% (L + 5.50%/Q)	9/28/2018	9/25/2024	10,947		10,882		10,785
					33,110		32,913		32,619		2.99	%
Affinity Dental Management, Inc.
Healthcare Services	First lien (2)(10)	7.41% (L + 6.00%/Q)	9/15/2017	9/15/2023	27,028		26,974		22,158
	First lien (4)(10)	7.41% (L + 6.00%/Q)	9/17/2019	9/15/2023	10,917		10,917		8,950
	First lien (3)(10)(11) - Drawn	7.00% (P + 5.00%/M)	9/15/2017	3/15/2023	1,738		1,720		1,424
					39,683		39,611		32,532		2.99	%
CoolSys, Inc.
Industrial Services	First lien (5)(10)	7.00% (L + 6.00%/M)	11/20/2019	11/20/2026	22,444		22,335		21,932
	First lien (2)(10)	7.00% (L + 6.00%/M)	11/20/2019	11/20/2026	10,374		10,324		10,138
					32,818		32,659		32,070		2.94	%
DCA Investment Holding, LLC
Healthcare Services	First lien (2)(10)	6.32% (L + 5.25%/S)	7/2/2015	7/2/2021	17,051		17,010		15,511
	First lien (3)(10)	6.32% (L + 5.25%/S)	12/20/2017	7/2/2021	8,868		8,821		8,067
	First lien (2)(10)	6.32% (L + 5.25%/S)	12/20/2017	7/2/2021	4,174		4,156		3,797
	First lien (3)(10)(11) - Drawn	6.32% (L + 5.25%/S)	4/16/2019	7/2/2021	3,030		2,855		2,756
	First lien (3)(10)(11) - Drawn	6.25% (L + 5.25%/M)	7/2/2015	7/2/2021	2,050		2,030		1,865
					35,173		34,872		31,996		2.94	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Kaseya Traverse Inc.
Software	First lien (8)(10)	8.91% (L + 4.00% + 3.00% PIK/S)*	5/9/2019	5/2/2025	$	27,595	$	27,354	$	27,220
	First lien (3)(10)(11) - Drawn	7.50% (L + 6.50%/M)	5/9/2019	5/2/2025	2,288		2,266		2,257
	First lien (3)(10)(11) - Drawn	8.91% (L + 4.00% + 3.00% PIK/S)*	5/9/2019	5/2/2025	431		427		425
					30,314		30,047		29,902		2.73	%
Integral Ad Science, Inc.
Software	First lien (8)(10)	8.25% (L + 6.00% + 1.25% PIK/M)*	7/19/2018	7/19/2024	26,927		26,711		26,443
	First lien (3)(10)	8.25% (L + 6.00% + 1.25% PIK/M)*	8/27/2019	7/19/2024	3,518		3,486		3,454
					30,445		30,197		29,897		2.74	%
Conservice, LLC
Business Services	First lien (2)(10)	6.51% (L + 5.25%/Q)	1/3/2019	11/29/2024	25,247		25,143		24,924
	First lien (3)(10)(11) - Drawn	6.51% (L + 5.25%/Q)	1/3/2019	11/29/2024	4,407		4,388		4,351
	First lien (3)(10)(11) - Drawn	6.30% (L + 5.25%/Q)	1/3/2019	11/29/2024	442		440		437
					30,096		29,971		29,712		2.73	%
GC Waves Holdings, Inc.**
Business Services	First lien (5)(10)	7.20% (L + 5.75%/Q)	10/31/2019	10/31/2025	22,500		22,340		22,331
	First lien (2)(10)	7.20% (L + 5.75%/Q)	10/31/2019	10/31/2025	3,673		3,647		3,645
	First lien (3)(10)(11) - Drawn	6.20% (L + 4.75%/Q)	10/31/2019	10/31/2025	1,481		1,467		1,470
					27,654		27,454		27,446		2.52	%
Keystone Acquisition Corp.
Healthcare Services	First lien (2)(10)	6.70% (L + 5.25%/Q)	5/10/2017	5/1/2024	24,419		24,312		23,040
	Second lien (2)(10)	10.70% (L + 9.25%/Q)	5/10/2017	5/1/2025	4,500		4,467		4,380
					28,919		28,779		27,420		2.52	%
Sovos Brands Intermediate, Inc.
Food & Beverage	First lien (2)(10)	6.59% (L + 5.00%/Q)	11/16/2018	11/20/2025	27,887		27,768		26,548		2.44	%
MRI Software LLC
Software	First lien (5)(10)	6.57% (L + 5.50%/S)	1/31/2020	2/10/2026	22,500		22,389		22,387
	First lien (2)(10)	6.57% (L + 5.50%/S)	1/31/2020	2/10/2026	1,627		1,619		1,619
	First lien (3)(10)	6.57% (L + 5.50%/S)	1/31/2020	2/10/2026	1,117		1,112		1,112
	First lien (3)(10)(11) - Drawn	6.57% (L + 5.50%/S)	1/31/2020	2/10/2026	1,001		996		996
					26,245		26,116		26,114		2.40	%
Instructure, Inc.**
Software	First lien (8)(10)	8.21% (L + 7.00%/Q)	3/24/2020	3/24/2026	26,278		26,115		26,114		2.40	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)(10)	9.00% (L + 8.00%/M)	11/14/2019	11/19/2027	$	22,500	$	22,383	$	21,551
	Second lien (2)(10)	9.00% (L + 8.00%/M)	11/14/2019	11/19/2027	4,208		4,167		4,030
					26,708		26,550		25,581		2.35	%
Confluent Health, LLC
Healthcare Services	First lien (2)(10)	6.01% (L + 5.00%/M)	6/21/2019	6/24/2026	27,294		27,168		24,600		2.26	%
Ansira Holdings, Inc.
Business Services	First lien (8)(10)	7.36% (L + 5.75%/Q)	12/19/2016	12/20/2022	28,382		28,312		20,282
	First lien (3)(10)(11) - Drawn	6.98% (L + 5.75%/Q)	12/19/2016	12/20/2022	4,731		4,724		3,381
					33,113		33,036		23,663		2.17	%
Idera, Inc.
Software	Second lien (4)(10)	10.08% (L + 9.00%/S)	6/27/2019	6/28/2027	22,500		22,341		22,415		2.06	%
Astra Acquisition Corp.
Software	First lien (5)(10)	6.50% (L + 5.50%/M)	2/26/2020	3/1/2027	22,500		22,332		22,331		2.06	%
Convey Health Solutions, Inc.
Healthcare Services	First lien (4)(10)	7.01% (L + 5.25%/Q)	9/9/2019	9/4/2026	22,388		22,152		21,805		2.00	%
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education	Second lien (2)(10)	9.70% (L + 8.25%/Q)	7/26/2018	7/30/2026	24,533		24,478		21,626		1.99	%
YLG Holdings, Inc.
Business Services	First lien (5)(10)	7.51% (L + 5.75%/Q)	11/1/2019	10/31/2025	18,367		18,280		17,884
	First lien (3)(10)(11) - Drawn	6.75% (L + 5.75%/M)	11/1/2019	10/31/2025	3,571		3,554		3,477
					21,938		21,834		21,361		1.96	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)	4.58% (L + 3.50%/S)	6/24/2019	8/28/2024	16,865		14,554		10,710
	First lien (8)	4.58% (L + 3.50%/S)	10/23/2019	8/28/2024	16,266		13,474		10,329
					33,131		28,028		21,039		1.93	%
Avatar Topco, Inc. (23)
EAB Global, Inc.
Education	Second lien (3)(10)	9.49% (L + 7.50%/S)	11/17/2017	11/17/2025	13,950		13,787		13,345
	Second lien (8)(10)	9.49% (L + 7.50%/S)	11/17/2017	11/17/2025	7,500		7,412		7,174
					21,450		21,199		20,519		1.88	%
AAC Holding Corp.
Education	First lien (2)(10)	9.84% (L + 8.25%/M)	9/30/2015	9/30/2022	25,079		24,996		19,794		1.82	%
Institutional Shareholder Services, Inc.
Business Services	Second lien (3)(10)	9.57% (L + 8.50%/S)	3/5/2019	3/5/2027	20,372		20,094		19,521		1.79	%
MED Parentco, LP
Healthcare Services	Second lien (8)(10)	9.24% (L + 8.25%/M)	8/2/2019	8/30/2027	20,857		20,707		19,337		1.76	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Xactly Corporation
Software	First lien (4)(10)	8.25% (L + 7.25%/M)	7/31/2017	7/29/2022	$	19,047	$	18,936	$	18,944	1.74	%
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)	8.05% (L + 7.25%/M)	8/2/2018	8/10/2026	14,349		14,302		12,161
	Second lien (8)	8.05% (L + 7.25%/M)	8/2/2018	8/10/2026	7,500		7,476		6,356
					21,849		21,778		18,517		1.70	%
FR Arsenal Holdings II Corp.
Business Services	First lien (2)(10)	8.25% (L + 7.25%/Q)	9/29/2016	9/8/2022	18,308		18,211		18,282		1.68	%
Bullhorn, Inc.
Software	First lien (2)(10)	6.57% (L + 5.50%/S)	9/24/2019	10/1/2025	17,131		17,011		16,792
	First lien (3)(10)	6.57% (L + 5.50%/S)	9/24/2019	10/1/2025	283		281		278
	First lien (3)(10)(11) - Drawn	6.50% (L + 5.50%/M)	9/24/2019	10/1/2025	852		845		835
	First lien (3)(10)(11) - Drawn	6.57% (L + 5.50%/S)	9/24/2019	10/1/2025	213		211		208
					18,479		18,348		18,113		1.66	%
DiversiTech Holdings, Inc.
Distribution & Logistics	Second lien (2)(10)	8.95% (L + 7.50%/Q)	5/18/2017	6/2/2025	12,000		11,913		11,038
	Second lien (8)(10)	8.95% (L + 7.50%/Q)	5/18/2017	6/2/2025	7,500		7,445		6,898
					19,500		19,358		17,936		1.65	%
Bluefin Holding, LLC
Software	Second lien (8)(10)	8.75% (L + 7.75%/Q)	9/6/2019	9/6/2027	18,000		18,000		17,143		1.57	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(10)	7.12% (L + 6.00%/Q)	2/20/2020	2/20/2026	16,192		16,112		16,111
	First lien (3)(10)(11) - Drawn	7.00% (L + 6.00%/M)	2/20/2020	2/20/2026	900		895		895
					17,092		17,007		17,006		1.56	%
The Kleinfelder Group, Inc.
Business Services	First lien (4)(10)	5.95% (L + 4.75%/Q)	12/18/2018	11/29/2024	17,281		17,211		16,566		1.52	%
Hill International, Inc.**
Business Services	First lien (2)(10)	6.75% (L + 5.75%/M)	6/21/2017	6/21/2023	15,366		15,320		15,046		1.38	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (5)(10)	7.74% (L + 6.00%/M)	3/13/2020	2/6/2026	14,185		14,114		14,114
	First lien (3)(10)(11) - Drawn	7.74% (L + 6.00%/M)	3/13/2020	2/6/2025	101		101		101
					14,286		14,215		14,215		1.30	%
Bleriot US Bidco Inc.
Federal Services	Second lien (2)(10)	9.95% (L + 8.50%/Q)	10/24/2019	10/29/2027	15,000		14,855		14,175		1.30	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Diligent Corporation
Software	First lien (2)(10)	6.95% (L + 5.50%/S)	10/30/2019	4/14/2022	$	6,825	$	6,767	$	6,683
	First lien (3)(10)	6.93% (L + 5.50%/S)	12/19/2018	4/14/2022	5,352		5,326		5,240
	First lien (3)(10)	7.42% (L + 5.50%/S)	12/19/2018	4/14/2022	2,061		2,051		2,018
	First lien (2)(10)	6.95% (L + 5.50%/S)	10/30/2019	4/14/2022	140		139		137
					14,378		14,283		14,078		1.29	%
Netsmart Inc. / Netsmart Technologies, Inc.
Healthcare Information Technology	Second lien (2)	8.95% (L + 7.50%/Q)	4/18/2016	10/19/2023	15,000		14,787		13,856		1.27	%
JAMF Holdings, Inc.
Software	First lien (8)(10)	8.70% (L + 7.00%/Q)	11/13/2017	11/11/2022	8,757		8,707		8,758
	First lien (2)(10)	8.70% (L + 7.00%/Q)	11/8/2019	11/11/2022	4,582		4,552		4,582
					13,339		13,259		13,340		1.22	%
BackOffice Associates Holdings, LLC
Business Services	First lien (2)(10)	12.28% (L + 7.50% + 3.00% PIK/Q)*	8/25/2017	8/25/2023	13,090		13,020		12,437
	First lien (3)(10)(11) - Drawn	12.28% (L + 7.50% + 3.00% PIK/Q)*	8/25/2017	8/25/2023	900		893		855
					13,990		13,913		13,292		1.22	%
Ministry Brands, LLC
Software	First lien (2)(10)	5.62% (L + 4.00%/M)	12/7/2016	12/2/2022	2,925		2,918		2,796
	Second lien (8)(10)	10.51% (L + 9.25%/Q)	12/7/2016	6/2/2023	7,840		7,806		7,598
	Second lien (3)(10)	10.51% (L + 9.25%/Q)	12/7/2016	6/2/2023	2,160		2,151		2,093
	First lien (3)(10)(11) - Drawn	6.16% (L + 5.00%/M)	12/7/2016	12/2/2022	575		572		550
					13,500		13,447		13,037		1.20	%
Alegeus Technologies Holding Corp.
Healthcare Services	First lien (8)(10)	8.13% (L + 6.25%/Q)	9/5/2018	9/5/2024	13,444		13,390		13,013		1.19	%
Geo Parent Corporation
Business Services	First lien (2)(10)	6.24% (L + 5.25%/M)	12/13/2018	12/19/2025	13,033		12,977		12,599		1.16	%
Transcendia Holdings, Inc.
Packaging	Second lien (8)(10)	9.07% (L + 8.00%/M)	6/28/2017	5/30/2025	14,500		14,353		12,163		1.12	%
PaySimple, Inc.
Software	First lien (2)(10)	6.46% (L + 5.50%/M)	8/19/2019	8/23/2025	9,833		9,742		9,597
	First lien (3)(10)(11) - Drawn	6.56% (L + 5.50%/M)	8/19/2019	8/23/2025	2,174		2,132		2,122
					12,007		11,874		11,719		1.08	%
Castle Management Borrower LLC
Business Services	First lien (2)(10)	7.95% (L + 6.25%/Q)	5/31/2018	2/15/2024	13,217		13,168		11,299		1.04	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Alert Holding Company, Inc. (15)
Appriss Holdings, Inc.
Business Services	First lien (8)(10)	6.49% (L + 5.50%/M)	5/24/2019	5/29/2026	$	11,026	$	10,940	$	10,782
	First lien (3)(10)(11) - Drawn	6.49% (L + 5.50%/M)	5/24/2019	5/30/2025	460		455		449
					11,486		11,395		11,231		1.03	%
OEConnection LLC
Business Services	Second lien (2)(10)	9.32% (L + 8.25%/S)	9/25/2019	9/25/2027	12,044		11,929		11,173		1.03	%
CHA Holdings, Inc.
Business Services	Second lien (4)(10)	9.82% (L + 8.75%/S)	4/3/2018	4/10/2026	7,012		6,954		6,758
	Second lien (3)(10)	9.82% (L + 8.75%/S)	4/3/2018	4/10/2026	4,453		4,416		4,291
					11,465		11,370		11,049		1.01	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(10)	—	5/3/2013	—	14,500		14,500		10,354		0.95	%
CFS Management, LLC
Healthcare Services	First lien (2)(10)	7.34% (L + 5.75%/S)	8/6/2019	7/1/2024	11,703		11,651		10,335		0.95	%
NorthStar Financial Services Group, LLC
Software	Second lien (5)(10)	8.49% (L + 7.50%/M)	5/23/2018	5/25/2026	10,607		10,585		10,000		0.92	%
Vectra Co.
Business Products	Second lien (8)(10)	8.24% (L + 7.25%/M)	2/23/2018	3/8/2026	10,788		10,755		9,955		0.91	%
Masergy Holdings, Inc.
Business Services	Second lien (2)(10)	8.56% (L + 7.50%/S)	12/14/2016	12/16/2024	10,500		10,460		9,953		0.91	%
AG Parent Holdings, LLC
Healthcare Services	First lien (2)(10)	6.45% (L + 5.00%/Q)	7/30/2019	7/31/2026	9,975		9,929		9,695		0.89	%
Teneo Holdings, LLC
Business Services	First lien (2)(10)	6.25% (L + 5.25%/Q)	7/15/2019	7/11/2025	9,950		9,770		9,553		0.88	%
Quartz Holding Company
Software	Second lien (3)(10)	8.86% (L + 8.00%/M)	4/2/2019	4/2/2027	10,000		9,817		9,369		0.86	%
Zywave, Inc.
Software	Second lien (4)(10)	10.80% (L + 9.00%/Q)	11/22/2016	11/17/2023	6,980		6,948		6,793
	Second lien (4)(10)	10.80% (L + 9.00%/Q)	12/3/2019	11/17/2023	600		596		584
	First lien (3)(10)(11) - Drawn	6.00% (L + 5.00%/M)	11/22/2016	11/17/2022	2,000		1,985		1,960
					9,580		9,529		9,337		0.86	%
Stats Intermediate Holdings, LLC**
Business Services	First lien (2)(10)	6.96% (L + 5.25%/Q)	5/22/2019	7/10/2026	9,975		9,860		9,329		0.86	%
VT Topco, Inc.
Business Services	Second lien (4)(10)	8.45% (L + 7.00%/Q)	8/14/2018	7/31/2026	10,000		9,979		9,192		0.84	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
AgKnowledge Holdings Company, Inc.
Business Services	First lien (4)(10)	5.82% (L + 4.75%/S)	11/30/2018	7/21/2023	$	9,332	$	9,297	$	9,136	0.84	%
Wrike, Inc.
Software	First lien (8)(10)	7.83% (L + 6.75%/S)	12/31/2018	12/31/2024	9,067		8,991		9,058		0.83	%
WD Wolverine Holdings, LLC
Healthcare Services	First lien (2)(10)	6.50% (L + 5.50%/M)	2/22/2017	8/16/2022	8,901		8,762		8,795		0.81	%
Amerijet Holdings, Inc.
Distribution & Logistics	First lien (4)(10)	9.00% (L + 8.00%/M)	7/15/2016	7/15/2021	7,513		7,496		7,449
	First lien (4)(10)	9.00% (L + 8.00%/M)	7/15/2016	7/15/2021	1,252		1,249		1,242
					8,765		8,745		8,691		0.80	%
Affordable Care Holding Corp.
Healthcare Services	First lien (2)(10)	6.20% (L + 4.75%/Q)	3/18/2019	10/24/2022	9,871		9,726		8,602		0.79	%
Recorded Future, Inc.
Software	First lien (8)(10)	7.25% (L + 6.25%/M)	8/26/2019	7/3/2025	6,250		6,221		6,219
	First lien (3)(10)(11) - Drawn	7.25% (L + 6.25%/M)	8/26/2019	7/3/2025	500		498		497
					6,750		6,719		6,716		0.62	%
DealerSocket, Inc.
Software	First lien (2)(10)	6.84% (L + 5.25%/S)	4/16/2018	4/26/2023	6,593		6,561		6,345		0.58	%
DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings, LLC)
Business Services	Second lien (3)(10)	7.74% (L + 6.75%/M)	1/29/2018	2/2/2026	6,732		6,706		6,024		0.55	%
Restaurant Technologies, Inc.
Business Services	Second lien (4)(10)	7.95% (L + 6.50%/Q)	9/24/2018	10/1/2026	6,722		6,707		6,005		0.55	%
CP VI Bella Midco, LLC
Healthcare Services	Second lien (3)(10)	7.74% (L + 6.75%/M)	1/25/2018	12/29/2025	6,732		6,706		5,949		0.55	%
Solera LLC / Solera Finance, Inc.
Software	Subordinated (3)	10.50%/S	2/29/2016	3/1/2024	5,000		4,852		4,931		0.45	%
ADG, LLC
Healthcare Services	Second lien (3)(10)	11.92% (L + 10.00% PIK/S)*	10/3/2016	3/28/2024	5,422		5,375		2,753		0.25	%
Sphera Solutions, Inc.
Software	First lien (2)(10)	8.50% (L + 7.00%/Q)	9/10/2019	6/14/2022	2,483		2,462		2,458		0.23	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Education Management Corporation (13)
Education Management II LLC
Education	First lien (2)	8.75% (P + 5.50%/S)(25)	1/5/2015	7/2/2020	$	208	$	202	$	2
	First lien (3)	8.75% (P + 5.50%/S)(25)	1/5/2015	7/2/2020	117		114		1
	First lien (2)	14.00% (P + 8.50%/M)(25)	1/5/2015	7/2/2020	300		292		—
	First lien (3)	14.00% (P + 8.50%/M)(25)	1/5/2015	7/2/2020	169		165		—
	First lien (2)	11.75% (P + 8.50%/Q)(25)	1/5/2015	7/2/2020	142		117		—
	First lien (2)	11.75% (P + 8.50%/Q)(25)	1/5/2015	7/2/2020	4		3		—
	First lien (3)	11.75% (P + 8.50%/Q)(25)	1/5/2015	7/2/2020	80		66		—
	First lien (3)	11.75% (P + 8.50%/Q)(25)	1/5/2015	7/2/2020	2		2		—
					1,022		961		3		—	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (25)(26)	—	11/7/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States					$	2,412,269	$	2,391,489	$	2,259,871	207.43	%
Total Funded Debt Investments					$	2,569,106	$	2,547,345	$	2,405,909	220.84	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(10)(22)	—	9/1/2017	—	77,537		$	7,674	$	7,722	0.71	%
Total Shares - Hong Kong							$	7,674	$	7,722	0.71	%
Equity - United States
Avatar Topco, Inc. (23)
Education	Preferred shares (3)(10)	—	11/17/2017	—	35,750		$	47,619	$	48,375	4.44	%
Symplr Software Intermediate Holdings, Inc. (24)
Healthcare Information Technology	Preferred shares (4)(10)	—	11/30/2018	—	7,500		8,770		8,381
	Preferred shares (3)(10)	—	11/30/2018	—	2,586		3,023		2,890
							11,793		11,271		1.02	%
Tenawa Resource Holdings LLC (14)
QID NGL LLC	Preferred shares (6)(10)	—	10/30/2017	—	1,623,385		1,623		1,937
Specialty Chemicals & Materials	Ordinary shares (6)(10)	—	5/12/2014	—	5,290,997		5,291		4,732
							6,914		6,669		0.61	%
Alert Holding Company, Inc. (15)
Alert Intermediate Holdings I, Inc.
Business Services	Preferred shares (3)(10)	—	5/31/2019	—	6,111		6,657		6,647		0.61	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost			Fair Value			Percent of Net Assets
Ancora Acquisition LLC
Education	Preferred shares (9)(10)	—	8/12/2013	—	372		$	83		$	158		0.01	%
Education Management Corporation (13)
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							$	73,535		$	73,120		6.70	%
Total Shares							$	81,209		$	80,842		7.41	%
Warrants - United States							.
ASP LCG Holdings, Inc.
Education	Warrants (3)(10)	—	5/5/2014	5/5/2026	622		$	37		$	781		0.06	%
Ancora Acquisition LLC
Education	Warrants (9)(10)	—	8/12/2013	8/12/2020	20		—			—			—	%
Total Warrants - United States							$	37		$	781		0.06	%
Total Funded Investments							$	2,628,591		$	2,487,532		228.31	%
Unfunded Debt Investments - Canada
Wolfpack IP Co.**
Software	First lien (3)(10)(11) - 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							`
JAMF Holdings, Inc.
Software	First lien (3)(10)(11) - Undrawn	—	11/13/2017	11/11/2022	$	1,086	$	(10	)	$	—		—	%
iCIMS, Inc.
Software	First lien (3)(10)(11) - Undrawn	—	9/12/2018	9/12/2024	2,915		(29		)	—			—	%
Apptio, Inc.
Software	First lien (3)(10)(11) - Undrawn	—	1/10/2019	1/10/2025	2,066		(41		)	—			—	%
Wrike, Inc.
Software	First lien (3)(10)(11) - Undrawn	—	12/31/2018	12/31/2024	933		(9		)	(1		)	—	%
TDG Group Holding Company
Consumer Services	First lien (3)(10)(11) - Undrawn	—	5/22/2018	5/31/2024	57		—			(3		)	—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost			Fair Value			Percent of Net Assets
Recorded Future, Inc.
Software	First lien (3)(10)(11) - Undrawn	—	8/26/2019	1/3/2021	$	500	$	(3	)	$	(3	)
	First lien (3)(10)(11) - Undrawn	—	8/26/2019	7/3/2025	250		(1		)	(1		)
					750		(4		)	(4		)	(0.00	)%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(10)(11) - Undrawn	—	2/20/2020	2/20/2026	900		(4		)	(4		)	(0.00	)%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(10)(11) - Undrawn	—	3/13/2020	2/6/2025	912		(5		)	(5		)	(0.00	)%
Xactly Corporation
Software	First lien (3)(10)(11) - Undrawn	—	7/31/2017	7/29/2022	992		(10		)	(5		)	(0.00	)%
Alert Holding Company, Inc. (15)
Appriss Holdings, Inc.
Business Services	First lien (3)(10)(11) - Undrawn	—	5/24/2019	5/30/2025	470		(5		)	(10		)	(0.00	)%
AgKnowledge Holdings Company, Inc.
Business Services	First lien (3)(10)(11) - Undrawn	—	11/30/2018	7/21/2023	526		(3		)	(11		)	(0.00	)%
Instructure, Inc.**
Software	First lien (3)(10)(11) - Undrawn	—	3/24/2020	3/24/2026	2,036		(13		)	(13		)	(0.00	)%
Bullhorn, Inc.
Software	First lien (3)(10)(11) - Undrawn	—	9/24/2019	10/1/2021	923		(7		)	(18		)	(0.00	)%
Ministry Brands, LLC
Software	First lien (3)(10)(11) - Undrawn	—	12/7/2016	12/2/2022	425		(2		)	(19		)	(0.00	)%
DealerSocket, Inc.
Software	First lien (3)(10)(11) - Undrawn	—	4/16/2018	4/26/2023	560		(4		)	(21		)	(0.00	)%
MRI Software LLC
Software	First lien (3)(10)(11) - Undrawn	—	1/31/2020	2/10/2026	1,001		(5		)	(5		)
	First lien (3)(10)(11) - Undrawn	—	1/31/2020	2/10/2022	4,389		—			(22		)
					5,390		(5		)	(27		)	(0.00	)%
PaySimple, Inc.
Software	First lien (3)(10)(11) - Undrawn	—	8/19/2019	8/24/2020	1,044		—			(25		)	(0.00	)%
Trader Interactive, LLC
Business Services	First lien (3)(10)(11) - Undrawn	—	6/15/2017	6/15/2023	1,004		(8		)	(29		)	(0.00	)%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	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 (3)(10)(11) - Undrawn	—	7/19/2018	7/19/2023	$	1,807	$	(18	)	$	(33	)	(0.00	)%
Finalsite Holdings, Inc.
Software	First lien (3)(10)(11) - Undrawn	—	9/25/2018	9/25/2024	2,521		(19		)	(37		)	(0.00	)%
Kaseya Traverse Inc.
Software	First lien (3)(10)(11) - Undrawn	—	5/9/2019	5/3/2021	2,873		—			(39		)
	First lien (3)(10)(11) - Undrawn	—	5/9/2019	5/2/2025	23		—			—
					2,896		—			(39		)	(0.00	)%
Conservice, LLC
Business Services	First lien (3)(10)(11) - Undrawn	—	1/3/2019	11/29/2024	918		(5		)	(12		)
	First lien (3)(10)(11) - Undrawn	—	1/3/2019	6/30/2020	2,283		—			(29		)
					3,201		(5		)	(41		)	(0.00	)%
Integro Parent Inc.
Business Services	First lien (3)(10)(11) - Undrawn	—	6/8/2018	4/30/2022	6,743		(34		)	(49		)	(0.00	)%
Bluefin Holding, LLC
Software	First lien (3)(11) - Undrawn	—	9/6/2019	9/6/2024	1,515		(23		)	(63		)	(0.01	)%
Associations, Inc.
Business Services	First lien (3)(10)(11) - Undrawn	—	7/30/2018	7/30/2021	2,948		(18		)	(68		)	(0.01	)%
YLG Holdings, Inc.
Business Services	First lien (5)(10)(11) - Undrawn	—	11/1/2019	4/30/2021	2,381		—			(63		)
	First lien (3)(10)(11) - Undrawn	—	11/1/2019	10/31/2025	397		(2		)	(10		)
					2,778		(2		)	(73		)	(0.01	)%
GC Waves Holdings, Inc.**
Business Services	First lien (3)(10)(11) - Undrawn	—	10/31/2019	11/1/2021	8,395		—			(63		)
	First lien (3)(10)(11) - Undrawn	—	10/31/2019	10/31/2025	3,951		(30		)	(30		)
					12,346		(30		)	(93		)	(0.01	)%
Definitive Healthcare Holdings, LLC
Healthcare Information Technology	First lien (3)(10)(11) - Undrawn	—	8/7/2019	7/16/2021	7,391		—			(99		)	(0.01	)%
ConnectWise, LLC
Software	First lien (3)(10)(11) - Undrawn	—	11/26/2019	2/28/2025	4,248		(27		)	(110		)	(0.01	)%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost			Fair Value			Percent of Net Assets
Diligent Corporation
Software	First lien (3)(10)(11) - Undrawn	—	12/19/2018	12/19/2020	$	5,977	$	(37	)	$	(124	)	(0.01	)%
CoolSys, Inc.
Industrial Services	First lien (3)(10)(11) - Undrawn	—	11/20/2019	11/19/2021	5,600		—			(128		)	(0.02	)%
Salient CRGT Inc.
Federal Services	First lien (3)(10)(11) - Undrawn	—	6/26/2018	11/29/2021	4,025		(322		)	(191		)	(0.03	)%
GS Acquisitionco, Inc.
Software	First lien (3)(10)(11) - Undrawn	—	8/7/2019	8/2/2021	17,947		—			(316		)
	First lien (3)(10)(11) - Undrawn	—	8/7/2019	5/24/2024	2,351		(15		)	(41		)
					20,298		(15		)	(357		)	(0.03	)%
CFS Management, LLC
Healthcare Services	First lien (3)(10)(11) - Undrawn	—	8/6/2019	7/1/2024	3,468		(17		)	(405		)	(0.04	)%
Ansira Holdings, Inc.
Business Services	First lien (3)(10)(11) - Undrawn	—	12/19/2016	4/16/2020	2,437		(10		)	(696		)	(0.07	)%
PhyNet Dermatology LLC
Healthcare Services	First lien (3)(10)(11) - Undrawn	—	9/17/2018	8/16/2020	17,077		(85		)	(1,276		)	(0.12	)%
DCA Investment Holding, LLC
Healthcare Services	First lien (3)(10)(11) - Undrawn	—	7/2/2015	7/2/2021	50		—			(4		)
	First lien (3)(10)(11) - Undrawn	—	4/16/2019	4/16/2021	17,396		—			(1,571		)
					17,446		—			(1,575		)	(0.14	)%
Total Unfunded Debt Investments - United States					$	147,711	$	(821	)	$	(5,652	)	(0.52	)%
Total Unfunded Debt Investments					$	148,620	$	(830	)	$	(5,661	)	(0.52	)%
Total Non-Controlled/Non-Affiliated Investments							$	2,627,761		$	2,481,871		227.79	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value			Percent of Net Assets
Non-Controlled/Affiliated Investments (27)
Funded Debt Investments - United States
Permian Holdco 1, Inc.
Permian Holdco 2, Inc.
Permian Holdco 3, Inc.
Energy	First lien (3)(10)	14.02% (L + 7.50% + 5.00% PIK/Q)*	6/14/2018	6/30/2022	$	10,633	$	10,633	$	9,571
	First lien (3)(10)(11) - Drawn	7.50% (L + 6.50%/M)	6/14/2018	6/30/2022	17,700		17,700		15,930
	Subordinated (3)(10)	18.00% PIK/Q*	12/26/2018	6/30/2022	3,005		3,005		2,479
	Subordinated (3)(10)	14.00% PIK/Q(25)*	10/31/2016	10/15/2021	2,735		2,735		1,853
	Subordinated (3)(10)	14.00% PIK/Q(25)*	10/31/2016	10/15/2021	1,409		1,409		954
					35,482		35,482		30,787			2.83	%
Sierra Hamilton Holdings Corporation
Energy	Second lien (3)(10)	15.00% PIK/Q*	9/12/2019	9/12/2023	1,496		1,466		1,272			0.12	%
Total Funded Debt Investments - United States					$	36,978	$	36,948	$	32,059		2.95	%
Equity - United States
NMFC Senior Loan Program I LLC**
Investment Fund	Membership interest (3)(10)	—	6/13/2014	—	—		$	23,000	$	22,073		2.03	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(10)	—	7/31/2017	—	25,000,000		11,501		5,181
	Ordinary shares (3)(10)	—	7/31/2017	—	2,786,000		1,281		577
							12,782		5,758			0.53	%
Permian Holdco 1, Inc.
Energy	Preferred shares (3)(10)(17)(25)	—	10/31/2016	—	1,929,949		5,714		—
	Ordinary shares (3)(10)	—	10/31/2016	—	1,366,452		1,350		—
							$	7,064	$	—		—	%
Total Shares - United States							$	42,846	$	27,831		2.56	%
Total Funded Investments							$	79,794	$	59,890		5.51	%
Unfunded Debt Investments - United States
Permian Holdco 3, Inc.
Energy	First lien (3)(10)(11) - Undrawn	—	6/14/2018	6/30/2022	$	2,300	$	—	$	(230	)	(0.02	)%
Total Unfunded Debt Investments - United States					$	2,250	$	—	$	(230	)	(0.02	)%
Total Non-Controlled/Affiliated Investments							$	79,794	$	59,660		5.49	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets
Controlled Investments (28)
Funded Debt Investments - United Kingdom
Edmentum Ultimate Holdings, LLC (16)
EducationCity Limited**
Education	First lien (3)(10)(11) - Drawn	10.00%/S	1/24/2020	8/31/2020	$	3,000	$	3,000	$	2,945	0.27	%
Total Funded Debt Investments - United Kingdom					$	3,000	$	3,000	$	2,945	0.27	%
Funded Debt Investments - United States
Edmentum Ultimate Holdings, LLC (16)
Edmentum, Inc. (fka Plato, Inc.) (Archipelago Learning, Inc.)
Education	First lien (2)(10)	10.28% (L + 4.50% + 4.00% PIK/Q)*	8/6/2018	6/9/2021	$	10,170	$	9,385	$	9,983
	First lien (3)(10)(11) - Drawn	10.00%/S	1/24/2020	8/31/2020	5,000		5,000		4,908
	Second lien (3)(10)	7.00% PIK/Q*	2/23/2018	12/9/2021	12,213		11,844		11,410
	Second lien (3)(10)(11) - Drawn	5.00% PIK/Q*	6/9/2015	12/9/2021	7,967		7,967		7,821
	Subordinated (3)(10)	8.50% PIK/Q*	6/9/2015	12/9/2021	5,441		5,440		4,902
	Subordinated (2)(10)	10.00% PIK/Q*	6/9/2015	12/9/2021	20,999		20,999		17,263
	Subordinated (3)(10)	10.00% PIK/Q*	6/9/2015	12/9/2021	5,166		5,166		4,247
					66,956		65,801		60,534		5.57	%
NHME Holdings Corp. (21)
National HME, Inc.
Healthcare Services	Second lien (3)(10)	12.00% PIK/Q*	11/27/2018	5/27/2024	17,033		13,688		12,349
	Second lien (3)(10)	12.00% PIK/Q*	11/27/2018	5/27/2024	9,413		8,592		8,236
					26,446		22,280		20,585		1.89	%
UniTek Global Services, Inc.
Business Services	First lien (2)(10)	8.11% (L + 5.50% + 1.00% PIK/Q)*	6/29/2018	8/20/2024	12,447		12,447		10,997
	First lien (3)(10)	8.11% (L + 5.50% + 1.00% PIK/Q)*	3/16/2020	8/20/2024	4,682		4,682		4,136
	First lien (2)(10)	8.11% (L + 5.50% + 1.00% PIK/Q)*	6/29/2018	8/20/2024	2,490		2,490		2,199
					19,619		19,619		17,332		1.59	%
Total Funded Debt Investments - United States					$	113,021	$	107,700	$	98,451	9.05	%
Equity - Canada
NM APP Canada Corp.**
Net Lease	Membership interest (7)(10)	—	9/13/2016	—	—		$	7,345	$	10,481	0.96	%
Total Shares - Canada							$	7,345	$	10,481	0.96	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares	Cost		Fair Value		Percent of Net Assets
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(10)	—	5/4/2018	—	—	$	110,000	$	106,271	9.75	%
NMFC Senior Loan Program II LLC**
Investment Fund	Membership interest (3)(10)	—	5/3/2016	—	—	79,400		76,288		7.00	%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(10)(20)	—	8/17/2018	—	9,024,006	9,024		7,933
	Preferred shares (3)(10)(20)	—	8/29/2019	—	5,363,390	5,363		4,882
	Preferred shares (3)(10)(19)	—	6/30/2017	—	16,495,268	16,495		13,435
	Preferred shares (2)(10)(18)(25)	—	1/13/2015	—	29,326,545	26,946		15,279
	Preferred shares (3)(10)(18)(25)	—	1/13/2015	—	8,104,462	7,447		4,223
	Ordinary shares (2)(10)	—	1/13/2015	—	2,096,477	1,925		199
	Ordinary shares (3)(10)	—	1/13/2015	—	1,993,749	532		189
						67,732		46,140		4.24	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (7)(10)	—	6/20/2018	—	—	44,070		45,461		4.16	%
NM GLCR LP
Net Lease	Membership interest (7)(10)	—	2/1/2018	—	—	14,750		22,282		2.05	%
NM CLFX LP
Net Lease	Membership interest (7)(10)	—	10/6/2017	—	—	12,538		11,709		1.07	%
NM APP US LLC
Net Lease	Membership interest (7)(10)	—	9/13/2016	—	—	5,080		6,529		0.60	%
NM YI, LLC
Net Lease	Membership interest (7)(10)	—	9/30/2019	—	—	6,272		5,897		0.54	%
NM DRVT LLC
Net Lease	Membership interest (7)(10)	—	11/18/2016	—	—	5,152		5,783		0.53	%
NHME Holdings Corp.(21)
Healthcare Services	Ordinary shares (3)(10)	—	11/27/2018	—	640,000	4,000		4,000		0.37	%
NM JRA LLC
Net Lease	Membership interest (7)(10)	—	8/12/2016	—	—	2,043		3,522		0.32	%
NM KRLN LLC
Net Lease	Membership interest (7)(10)	—	11/15/2016	—	—	7,627		1,058		0.10	%
NM GP Holdco, LLC**
Net Lease	Membership interest (7)(10)	—	6/20/2018	—	—	452		456		0.04	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)



Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (12)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares	Cost		Fair Value		Percent of Net Assets
Edmentum Ultimate Holdings, LLC(16)
Education	Ordinary shares (3)(10)	—	6/9/2015	—	123,968	$	11	$	136
	Ordinary shares (2)(10)	—	6/9/2015	—	107,143	9		118
						20		254		0.02	%
Total Shares - United States						$	359,136	$	335,650	30.79	%
Total Shares						$	366,481	$	346,131	31.75	%
Warrants - United States
Edmentum Ultimate Holdings, LLC(16)
Education	Warrants (3)(10)	—	2/23/2018	5/5/2026	1,141,846	$	769	$	1,259	0.11	%
NHME Holdings Corp.(21)
Healthcare Services	Warrants (3)(10)	—	11/27/2018	—	160,000	1,000		1,000		0.09	%
Total Warrants - United States						$	1,769	$	2,259	0.20	%
Total Funded Investments						$	478,950	$	449,786	41.28	%
Total Controlled Investments						$	478,950	$	449,786	41.28	%
Total Investments						$	3,186,505	$	2,991,317	274.58	%


(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)	Investment is held in NMF Ancora Holdings, Inc.


(10)	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.


(11)	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.

(12)

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 March 31, 2020.

(13)

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.

(14)

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


(15)	The Company holds investments in two wholly-owned subsidiaries of Alert Holding Company, Inc. The Company holds a first lien term loan and a first lien revolver in Appriss Holdings, Inc. and preferred equity in Alert Intermediate Holdings I, Inc. The preferred equity is entitled to receive preferential dividends at a rate of L + 10.0% per annum.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)

(16)

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, holds a first lien promissory note in EducationCity Limited and holds a first lien term loan, first lien promissory note, 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.


(17)	The Company holds preferred equity in Permian Holdco 1, Inc. that is entitled to receive cumulative preferential dividends at a rate of 12.0% per annum payable in additional shares.


(18)	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.


(19)	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.


(20)	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.


(21)	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.


(22)	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.


(23)	The Company holds preferred equity in Avatar Topco, Inc., and holds a second lien term loan investment in EAB Global, Inc., a wholly-owned subsidiary of Avatar Topco, Inc. The preferred equity is entitled to receive cumulative preferential dividends at a rate of L + 11.00% per annum.


(24)	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.


(25)	Investment or a portion of the investment is on non-accrual status. See Note 3. Investments, for details.


(26)	The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $21,422 as of March 31, 2020. See Note 2. Summary of Significant Accounting Policies, for details.

(27)

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 March 31, 2020 and December 31, 2019, along with transactions during the three months ended March 31, 2020 in which the issuer was a non-controlled/affiliated investment, is as follows:



Portfolio Company	Fair Value at December 31, 2019		Gross Additions (A)			Gross Redemptions (B)			Net Realized Gains (Losses)		Net Change In Unrealized Appreciation (Depreciation)			Fair Value at March 31, 2020		Interest Income		Dividend Income			Other Income
NMFC Senior Loan Program I LLC	$	23,000	$	—		$	—		$	—	$	(927	)	$	22,073	$	—	$	720		$	267
Permian Holdco 1, Inc. / Permian Holdco 2, Inc. / Permian Holdco 3, Inc.	40,621		(3,012		)	(75		)	—		(6,977		)	30,557		1,013		(3,418		)	15
Sierra Hamilton Holdings Corporation	9,906		56			—			—		(2,932		)	7,030		56		—			9
Total Non-Controlled/Affiliated Investments	$	73,527	$	(2,956	)	$	(75	)	$	—	$	(10,836	)	$	59,660	$	1,069	$	(2,698	)	$	291


(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.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(in thousands, except shares)

(unaudited)


(28)	Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of March 31, 2020 and December 31, 2019, along with transactions during the three months ended March 31, 2020 in which the issuer was a controlled investment, is as follows:



Portfolio Company	Fair Value at December 31, 2019		Gross Additions (A)		Gross Redemptions (B)			Net Realized Gains (Losses)		Net Change In Unrealized Appreciation (Depreciation)			Fair Value at March 31, 2020		Interest Income		Dividend Income		Other Income
Edmentum Ultimate Holdings, LLC/Edmentum Inc.	$	79,112	$	9,667	$	(42	)	$	4	$	(23,745	)	$	64,992	$	1,702	$	—	$	80
National HME, Inc./NHME Holdings Corp.	24,979		948		—			—		(342		)	25,585		948		—		—
NM APP CANADA CORP	10,774		—		—			—		(293		)	10,481		—		240		—
NM APP US LLC	6,834		—		—			—		(305		)	6,529		—		137		—
NM CLFX LP	12,723		—		—			—		(1,014		)	11,709		—		395		—
NM DRVT LLC	6,016		—		—			—		(233		)	5,783		—		118		—
NM JRA LLC	3,700		—		—			—		(178		)	3,522		—		67		—
NM GLCR LP	23,800		—		—			—		(1,518		)	22,282		—		460		—
NM KRLN LLC	2,379		117		—			—		(1,438		)	1,058		—		—		—
NM NL Holdings, L.P.	48,308		—		—			—		(2,847		)	45,461		—		1,152		—
NM GP Holdco, LLC	487		—		—			—		(31		)	456		—		12		—
NM YI LLC	6,339		—		—			—		(442		)	5,897		—		193		—
NMFC Senior Loan Program II LLC	79,400		—		—			—		(3,112		)	76,288		—		2,581		—
NMFC Senior Loan Program III LLC	100,000		10,000		—			—		(3,729		)	106,271		—		2,874		—
UniTek Global Services, Inc.	68,101		9,001		(49		)	—		(13,581		)	63,472		331		2,638		113
Total Controlled Investments	$	472,952	$	29,733	$	(91	)	$	4	$	(52,808	)	$	449,786	$	2,981	$	10,867	$	193


(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 March 31, 2020, 16.0% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2020

(unaudited)



	March 31, 2020
Investment Type	Percent of Total Investments at Fair Value
First lien	59.83	%
Second lien	23.29	%
Subordinated	1.57	%
Equity and other	15.31	%
Total investments	100.00	%



	March 31, 2020
Industry Type	Percent of Total Investments at Fair Value
Software	28.44	%
Business Services	20.71	%
Healthcare Services	15.49	%
Education	7.14	%
Investment Fund (includes investments in joint ventures)	6.84	%
Net Lease	3.78	%
Healthcare Information Technology	3.50	%
Federal Services	3.35	%
Consumer Services	2.63	%
Distribution & Logistics	2.16	%
Specialty Chemicals & Materials	2.00	%
Energy	1.26	%
Industrial Services	1.07	%
Food & Beverage	0.89	%
Packaging	0.41	%
Business Products	0.33	%
Total investments	100.00	%



	March 31, 2020
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	95.01	%
Fixed rates	4.99	%
Total investments	100.00	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

December 31, 2019

(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 Health Services ULC (fka Dentalcorp Perfect Smile ULC)**
Healthcare Services	Second lien (3)	9.30% (L + 7.50%/M)	6/1/2018	6/8/2026	$	28,613	$	28,390	$	27,754
	Second lien (8)	9.30% (L + 7.50%/M)	6/1/2018	6/8/2026	7,500		7,445		7,275
					36,113		35,835		35,029		2.73	%
Wolfpack IP Co.**
Software	First lien (2)(9)	8.29% (L + 6.50%/M)	6/14/2019	6/13/2025	9,091		9,007		9,000		0.70	%
Total Funded Debt Investments - Canada					$	45,204	$	44,842	$	44,029	3.43	%
Funded Debt Investments - United Arab Emirates
GEMS Menasa (Cayman) Limited**
Education	First lien (8)	6.91% (L + 5.00%/Q)	7/30/2019	7/31/2026	$	33,405	$	33,240	$	33,488	2.61	%
Total Funded Debt Investments - United Arab Emirates					$	33,405	$	33,240	$	33,488	2.61	%
Funded Debt Investments - United Kingdom
Shine Acquisition Co. S.à.r.l / Boing US Holdco Inc.**
Consumer Services	Second lien (2)	9.24% (L + 7.50%/M)	9/25/2017	10/3/2025	$	37,853	$	37,671	$	36,717
	Second lien (8)	9.24% (L + 7.50%/M)	9/25/2017	10/3/2025	6,000		5,971		5,820
					43,853		43,642		42,537		3.32	%
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(9)	10.26% (L + 8.25%/Q)	10/8/2019	10/8/2027	34,459		34,187		34,201		2.66	%
Total Funded Debt Investments - United Kingdom					$	78,312	$	77,829	$	76,738	5.98	%
Funded Debt Investments - United States
Benevis Holding Corp.
Healthcare Services	First lien (2)(9)	8.25% (L + 6.32%/Q)	3/15/2018	3/15/2024	$	62,731	$	62,731	$	62,323
	First lien (8)(9)	8.25% (L + 6.32%/Q)	3/15/2018	3/15/2024	15,391		15,391		15,291
	First lien (3)(9)	8.25% (L + 6.32%/Q)	3/29/2019	3/15/2024	7,743		7,743		7,693
					85,865		85,865		85,307		6.64	%
PhyNet Dermatology LLC
Healthcare Services	First lien (2)(9)	7.30% (L + 5.50%/M)	9/17/2018	8/16/2024	50,368		49,956		50,368
	First lien (3)(9)(10) - Drawn	7.30% (L + 5.50%/M)	9/17/2018	8/16/2024	28,139		28,009		28,139
					78,507		77,965		78,507		6.11	%
Kronos Incorporated
Software	Second lien (2)	10.16% (L + 8.25%/Q)	10/26/2012	11/1/2024	49,210		48,955		50,563
	Second lien (8)	10.16% (L + 8.25%/Q)	10/26/2012	11/1/2024	11,147		11,147		11,453
					60,357		60,102		62,016		4.83	%
Associations, Inc.
Business Services	First lien (2)(9)	9.09% (L + 4.00% + 3.00% PIK/Q)*	7/30/2018	7/30/2024	44,557		44,332		44,557
	First lien (8)(9)	9.09% (L + 4.00% + 3.00% PIK/Q)*	7/30/2018	7/30/2024	5,115		5,090		5,115
	First lien (3)(9)(10) - Drawn	9.06% (L + 4.00% + 3.00% PIK/Q)*	7/30/2018	7/30/2024	7,171		7,133		7,171
					56,843		56,555		56,843		4.43	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(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)	6.74% (L + 5.00%/M)	8/3/2018	8/1/2025	$	56,439	$	54,867	$	56,298	4.39	%
GS Acquisitionco, Inc.
Software	First lien (2)(9)	7.55% (L + 5.75%/M)	8/7/2019	5/24/2024	26,894		26,738		26,725
	First lien (5)(9)	7.55% (L + 5.75%/M)	8/7/2019	5/24/2024	22,406		22,276		22,266
	First lien (3)(9)(10) - Drawn	7.55% (L + 5.75%/M)	8/7/2019	5/25/2024	3,720		3,698		3,697
	First lien (3)(9)(10) - Drawn	7.55% (L + 5.75%/M)	8/7/2019	5/25/2024	3,510		3,488		3,488
					56,530		56,200		56,176		4.38	%
iCIMS, Inc.
Software	First lien (8)(9)	8.29% (L + 6.50%/M)	9/12/2018	9/12/2024	46,636		46,229		46,636
	First lien (8)(9)	8.29% (L + 6.50%/M)	6/14/2019	9/12/2024	8,667		8,587		8,667
					55,303		54,816		55,303		4.31	%
ConnectWise, LLC
Software	First lien (2)(9)	7.94% (L + 6.00%/Q)	11/26/2019	2/28/2025	55,613		55,270		55,265		4.31	%
CentralSquare Technologies, LLC
Software	Second lien (3)	9.30% (L + 7.50%/M)	8/15/2018	8/31/2026	47,838		47,297		45,087
	Second lien (8)	9.30% (L + 7.50%/M)	8/15/2018	8/31/2026	7,500		7,415		7,069
					55,338		54,712		52,156		4.06	%
Dealer Tire, LLC
Distribution & Logistics	First lien (2)	7.30% (L + 5.50%/M)	12/4/2018	12/12/2025	51,386		50,251		51,577		4.02	%
Salient CRGT Inc.
Federal Services	First lien (2)	8.29% (L + 6.50%/M)	1/6/2015	2/28/2022	39,312		39,049		37,445
	First lien (8)	8.29% (L + 6.50%/M)	6/6/2019	2/28/2022	13,434		12,987		12,795
					52,746		52,036		50,240		3.91	%
NM GRC Holdco, LLC
Business Services	First lien (2)(9)	7.94% (L + 6.00%/Q)	2/9/2018	2/9/2024	38,346		38,206		38,346
	First lien (2)(9)(10) - Drawn	7.94% (L + 6.00%/Q)	2/9/2018	2/9/2024	10,658		10,616		10,658
					49,004		48,822		49,004		3.82	%
Frontline Technologies Group Holdings, LLC
Education	First lien (4)(9)	7.55% (L + 5.75%/M)	9/18/2017	9/18/2023	22,162		22,050		22,162
	First lien (2)(9)	7.55% (L + 5.75%/M)	9/18/2017	9/18/2023	18,677		18,619		18,677
	First lien (2)(9)	7.55% (L + 5.75%/M)	9/18/2017	9/18/2023	7,710		7,658		7,710
					48,549		48,327		48,549		3.78	%
Integro Parent Inc.
Business Services	First lien (2)(9)	7.54% (L + 5.75%/M)	10/9/2015	10/31/2022	35,024		34,892		35,024
	Second lien (8)(9)	11.04% (L + 9.25%/M)	10/9/2015	10/30/2023	10,000		9,941		10,000
					45,024		44,833		45,024		3.51	%
Brave Parent Holdings, Inc.
Software	Second lien (5)	9.43% (L + 7.50%/Q)	4/17/2018	4/17/2026	22,500		22,404		21,825
	Second lien (2)	9.43% (L + 7.50%/Q)	4/17/2018	4/17/2026	16,624		16,480		16,125
	Second lien (8)	9.43% (L + 7.50%/Q)	4/17/2018	4/17/2026	6,000		5,948		5,820
					45,124		44,832		43,770		3.41	%
Quest Software US Holdings Inc.
Software	Second lien (2)	10.18% (L + 8.25%/Q)	5/17/2018	5/18/2026	43,697		43,320		42,851		3.35	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(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
Symplr Software Intermediate Holdings, Inc. (23)
Symplr Software, Inc. (fka Caliper Software, Inc.)
Healthcare Information Technology	First lien (2)(9)	7.94% (L + 6.00%/Q)	11/30/2018	11/28/2025	$	25,561	$	25,387	$	25,561
	First lien (4)(9)	7.94% (L + 6.00%/Q)	11/30/2018	11/28/2025	14,850		14,752		14,850
					40,411		40,139		40,411		3.15	%
Tenawa Resource Holdings LLC (13)
Tenawa Resource Management LLC
Energy	First lien (3)(9)	10.50% (Base + 8.00%/Q)	5/12/2014	10/30/2024	39,000		38,950		39,000		3.04	%
KAMC Holdings, Inc
Business Services	Second lien (2)(9)	9.91% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,614		18,609
	Second lien (8)(9)	9.91% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,614		18,609
					37,500		37,228		37,218		2.90	%
Trader Interactive, LLC
Business Services	First lien (2)(9)	8.30% (L + 6.50%/M)	6/15/2017	6/17/2024	31,932		31,776		31,932
	First lien (8)(9)	8.30% (L + 6.50%/M)	6/15/2017	6/17/2024	4,949		4,925		4,949
					36,881		36,701		36,881		2.87	%
Peraton Holding Corp. (fka MHVC Acquisition Corp.)
Federal Services	First lien (2)	7.05% (L + 5.25%/M)	4/25/2017	4/29/2024	36,907		36,781		36,745		2.86	%
Apptio, Inc.
Software	First lien (8)(9)	8.96% (L + 7.25%/M)	1/10/2019	1/10/2025	34,076		33,473		33,394		2.60	%
Definitive Healthcare Holdings, LLC
Healthcare Information Technology	First lien (8)(9)	8.40% (L + 5.50% + 1.00% PIK/Q)*	8/7/2019	7/16/2026	33,402		33,244		33,234		2.59	%
Finalsite Holdings, Inc.
Software	First lien (4)(9)	6.93% (L + 5.00%/Q)	9/28/2018	9/25/2024	22,219		22,081		22,219
	First lien (2)(9)	6.93% (L + 5.00%/Q)	9/28/2018	9/25/2024	10,974		10,906		10,974
					33,193		32,987		33,193		2.59	%
TDG Group Holding Company
Consumer Services	First lien (2)(9)	7.44% (L + 5.50%/Q)	5/22/2018	5/31/2024	24,860		24,763		24,860
	First lien (8)(9)	7.44% (L + 5.50%/Q)	5/22/2018	5/31/2024	4,950		4,931		4,950
	First lien (2)(9)	7.44% (L + 5.50%/Q)	5/22/2018	5/31/2024	3,321		3,307		3,321
					33,131		33,001		33,131		2.58	%
CoolSys, Inc.
Industrial Services	First lien (5)	7.80% (L + 6.00%/M)	11/20/2019	11/20/2026	22,500		22,388		22,388
	First lien (2)	7.80% (L + 6.00%/M)	11/20/2019	11/20/2026	10,400		10,348		10,348
					32,900		32,736		32,736		2.55	%
Ansira Holdings, Inc.
Business Services	First lien (8)	7.55% (L + 5.75%/M)	12/19/2016	12/20/2022	28,455		28,378		27,032
	First lien (3)(10) - Drawn	7.51% (L + 5.75%/M)	12/19/2016	12/20/2022	4,743		4,731		4,506
					33,198		33,109		31,538		2.46	%
DCA Investment Holding, LLC
Healthcare Services	First lien (2)(9)	7.19% (L + 5.25%/Q)	7/2/2015	7/2/2021	17,095		17,046		17,095
	First lien (3)(9)	7.19% (L + 5.25%/Q)	12/20/2017	7/2/2021	8,890		8,834		8,890
	First lien (2)(9)	7.19% (L + 5.25%/Q)	12/20/2017	7/2/2021	4,184		4,163		4,184
	First lien (3)(9)(10) - Drawn	9.00% (P + 4.25%/Q)	7/2/2015	7/2/2021	608		602		608
					30,777		30,645		30,777		2.40	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(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
Integral Ad Science, Inc.
Software	First lien (8)(9)	9.05% (L + 6.00% + 1.25% PIK/M)*	7/19/2018	7/19/2024	$	26,843	$	26,616	$	26,843
	First lien (3)(9)	9.05% (L + 6.00% + 1.25% PIK/M)*	8/27/2019	7/19/2024	3,507		3,474		3,507
					30,350		30,090		30,350		2.36	%
Conservice, LLC
Business Services	First lien (2)(9)	7.05% (L + 5.25%/M)	1/3/2019	11/29/2024	25,311		25,202		25,184
	First lien (3)(9)(10) - Drawn	7.05% (L + 5.25%/M)	1/3/2019	11/29/2024	4,418		4,398		4,396
					29,729		29,600		29,580		2.30	%
Kaseya Traverse Inc.
Software	First lien (8)(9)	8.72% (L + 5.50% + 1.00% PIK/S)*	5/9/2019	5/2/2025	27,525		27,274		27,250
	First lien (3)(9)(10) - Drawn	8.45% (L + 6.50%/Q)	5/9/2019	5/2/2025	1,321		1,308		1,308
	First lien (3)(9)(10) - Drawn	8.69% (L + 5.50% + 1.00% PIK/S)*	5/9/2019	5/2/2025	430		426		426
					29,276		29,008		28,984		2.26	%
Clarkson Eyecare, LLC
Healthcare Services	First lien (2)	8.05% (L + 6.25%/M)	8/21/2019	4/2/2021	17,300		17,149		17,300
	First lien (2)	8.05% (L + 6.25%/M)	9/11/2019	4/2/2021	11,533		11,433		11,533
					28,833		28,582		28,833		2.25	%
Keystone Acquisition Corp.
Healthcare Services	First lien (2)	7.19% (L + 5.25%/Q)	5/10/2017	5/1/2024	24,482		24,369		23,992
	Second lien (2)	11.19% (L + 9.25%/Q)	5/10/2017	5/1/2025	4,500		4,465		4,399
					28,982		28,834		28,391		2.21	%
Sovos Brands Intermediate, Inc.
Food & Beverage	First lien (2)	6.80% (L + 5.00%/M)	11/16/2018	11/20/2025	27,957		27,834		27,957		2.18	%
Affinity Dental Management, Inc.
Healthcare Services	First lien (4)(9)	8.07% (L + 6.00%/S)	9/17/2019	9/15/2023	10,945		10,945		10,945
	First lien (2)(9)	8.01% (L + 6.00%/S)	9/15/2017	9/15/2023	11,316		11,288		11,316
	First lien (3)(9)	8.00% (L + 6.00%/S)	9/15/2017	9/15/2023	5,224		5,194		5,224
					27,485		27,427		27,485		2.14	%
Confluent Health, LLC
Healthcare Services	First lien (2)	6.80% (L + 5.00%/M)	6/21/2019	6/24/2026	27,363		27,233		27,363		2.13	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)	5.30% (L + 3.50%/M)	6/24/2019	8/28/2024	16,908		14,483		13,865
	First lien (8)	5.30% (L + 3.50%/M)	10/23/2019	8/28/2024	16,308		13,388		13,373
					33,216		27,871		27,238		2.12	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)	9.80% (L + 8.00%/M)	11/14/2019	11/19/2027	22,500		22,380		22,388
	Second lien (2)	9.80% (L + 8.00%/M)	11/14/2019	11/19/2027	4,208		4,166		4,187
					26,708		26,546		26,575		2.07	%
GC Waves Holdings, Inc.**
Business Services	First lien (5)(9)	7.55% (L + 5.75%/M)	10/31/2019	10/31/2025	22,500		22,335		22,331
	First lien (2)(9)	7.55% (L + 5.75%/M)	10/31/2019	10/31/2025	3,673		3,646		3,645
					26,173		25,981		25,976		2.02	%
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education	Second lien (2)	10.19% (L + 8.25%/Q)	7/26/2018	7/30/2026	24,533		24,476		24,488		1.91	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(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
AAC Holding Corp.
Education	First lien (2)(9)	9.95% (L + 8.25%/M)	9/30/2015	9/30/2022	$	24,956	$	24,866	$	23,110	1.80	%
Idera, Inc.
Software	Second lien (4)	10.80% (L + 9.00%/M)	6/27/2019	6/28/2027	22,500		22,338		22,612		1.76	%
Convey Health Solutions, Inc.
Healthcare Services	First lien (4)(9)	6.94% (L + 5.25%/M)	9/9/2019	9/4/2026	22,444		22,200		22,191		1.73	%
Avatar Topco, Inc. (22)
EAB Global, Inc.
Education	Second lien (3)	9.49% (L + 7.50%/S)	11/17/2017	11/17/2025	13,950		13,782		13,950
	Second lien (8)	9.49% (L + 7.50%/S)	11/17/2017	11/17/2025	7,500		7,410		7,500
					21,450		21,192		21,450		1.67	%
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)	8.99% (L + 7.25%/M)	8/2/2018	8/10/2026	14,349		14,301		14,062
	Second lien (8)	8.99% (L + 7.25%/M)	8/2/2018	8/10/2026	7,500		7,475		7,350
					21,849		21,776		21,412		1.67	%
National Mentor Holdings, Inc. (aka Civitas Solutions, Inc.)
Healthcare Services	Second lien (2)	10.30% (L + 8.50%/M)	2/5/2019	3/8/2027	21,051		20,609		20,999		1.64	%
MED Parentco, LP
Healthcare Services	Second lien (8)	10.05% (L + 8.25%/M)	8/2/2019	8/30/2027	20,857		20,703		20,753		1.62	%
Institutional Shareholder Services, Inc.
Business Services	Second lien (3)	10.44% (L + 8.50%/Q)	3/5/2019	3/5/2027	20,372		20,087		19,557		1.52	%
DiversiTech Holdings, Inc.
Distribution & Logistics	Second lien (2)	9.44% (L + 7.50%/Q)	5/18/2017	6/2/2025	12,000		11,909		11,760
	Second lien (8)	9.44% (L + 7.50%/Q)	5/18/2017	6/2/2025	7,500		7,443		7,350
					19,500		19,352		19,110		1.49	%
Xactly Corporation
Software	First lien (4)(9)	9.05% (L + 7.25%/M)	7/31/2017	7/29/2022	19,047		18,925		19,047		1.48	%
FR Arsenal Holdings II Corp.
Business Services	First lien (2)(9)	9.19% (L + 7.25%/Q)	9/29/2016	9/8/2022	18,355		18,249		18,355		1.43	%
YLG Holdings, Inc.
Business Services	First lien (5)	7.66% (L + 5.75%/Q)	11/1/2019	10/31/2025	18,413		18,323		18,321		1.43	%
Geo Parent Corporation
Business Services	First lien (2)	7.05% (L + 5.25%/M)	12/13/2018	12/19/2025	18,364		18,282		18,318		1.43	%
Bluefin Holding, LLC
Software	Second lien (8)(9)	9.64% (L + 7.75%/Q)	9/6/2019	9/6/2027	18,000		18,000		18,000		1.40	%
Bullhorn, Inc.
Software	First lien (2)(9)	7.44% (L + 5.50%/Q)	9/24/2019	10/1/2025	17,174		17,049		17,045
	First lien (3)(9)(10) - Drawn	7.46% (L + 5.50%/Q)	9/24/2019	10/1/2025	284		282		282
					17,458		17,331		17,327		1.35	%
The Kleinfelder Group, Inc.
Business Services	First lien (4)(9)	6.37% (L + 4.75%/W)	12/18/2018	11/29/2024	17,325		17,251		17,325		1.35	%
TIBCO Software Inc.
Software	Subordinated (3)	11.38%/S	11/24/2014	12/1/2021	15,000		14,844		15,554		1.21	%
Hill International, Inc.**
Business Services	First lien (2)(9)	7.55% (L + 5.75%/M)	6/21/2017	6/21/2023	15,405		15,356		15,405		1.20	%
Bleriot US Bidco Inc.
Federal Services	Second lien (2)	10.44% (L + 8.50%/Q)	10/24/2019	10/29/2027	15,000		14,852		14,981		1.17	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(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
Netsmart Inc. / Netsmart Technologies, Inc.
Healthcare Information Technology	Second lien (2)	9.30% (L + 7.50%/M)	4/18/2016	10/19/2023	$	15,000	$	14,774	$	14,925	1.16	%
Pathway Vet Alliance LLC
Consumer Services	First lien (4)(9)(10) - Drawn	6.30% (L + 4.50%/M)	11/14/2019	12/20/2024	3,670		3,652		3,652
	First lien (3)(9)(10) - Drawn	6.30% (L + 4.50%/M)	11/14/2019	12/20/2024	1,223		1,217		1,217
	Second lien (4)(9)(10) - Drawn	10.30% (L + 8.50%/M)	11/14/2019	12/19/2025	7,547		7,490		7,490
	Second lien (3)(9)(10) - Drawn	10.30% (L + 8.50%/M)	11/14/2019	12/19/2025	2,516		2,497		2,497
					14,956		14,856		14,856		1.16	%
Diligent Corporation
Software	First lien (2)(9)	7.56% (L + 5.50%/S)	10/30/2019	4/14/2022	6,842		6,777		6,842
	First lien (2)(9)	7.56% (L + 5.50%/S)	10/30/2019	4/14/2022	140		139		140
	First lien (3)(9)(10) - Drawn	7.54% (L + 5.50%/S)	12/19/2018	4/14/2022	7,431		7,391		7,431
					14,413		14,307		14,413		1.12	%
Alegeus Technologies Holding Corp.
Healthcare Services	First lien (8)(9)	8.28% (L + 6.25%/Q)	9/5/2018	9/5/2024	13,444		13,388		13,444		1.05	%
JAMF Holdings, Inc.
Software	First lien (8)(9)	8.91% (L + 7.00%/Q)	11/13/2017	11/11/2022	8,757		8,702		8,757
	First lien (2)(9)	8.91% (L + 7.00%/Q)	11/8/2019	11/11/2022	4,582		4,549		4,582
					13,339		13,251		13,339		1.04	%
BackOffice Associates Holdings, LLC
Business Services	First lien (2)(9)	12.70% (L + 7.50% + 3.00% PIK/S)*	8/25/2017	8/25/2023	13,047		12,973		12,425
	First lien (3)(9)(10) - Drawn	12.68% (L + 7.50% + 3.00% PIK/Q)*	8/25/2017	8/25/2023	894		886		851
					13,941		13,859		13,276		1.03	%
Castle Management Borrower LLC
Business Services	First lien (2)(9)	8.16% (L + 6.25%/Q)	5/31/2018	2/15/2024	13,217		13,166		13,217		1.03	%
Ministry Brands, LLC
Software	First lien (2)(9)	5.85% (L + 4.00%/M)	12/7/2016	12/2/2022	2,932		2,924		2,932
	Second lien (8)(9)	11.08% (L + 9.25%/M)	12/7/2016	6/2/2023	7,840		7,804		7,840
	Second lien (3)(9)	11.08% (L + 9.25%/M)	12/7/2016	6/2/2023	2,160		2,150		2,160
	First lien (3)(9)(10) - Drawn	6.95% (L + 5.00%/Q)	12/7/2016	12/2/2022	200		199		200
					13,132		13,077		13,132		1.02	%
Transcendia Holdings, Inc.
Packaging	Second lien (8)(9)	9.80% (L + 8.00%/M)	6/28/2017	5/30/2025	14,500		14,348		12,476		0.97	%
OEConnection LLC
Business Services	Second lien (2)(9)	10.04% (L + 8.25%/M)	9/25/2019	9/25/2027	12,044		11,926		11,924		0.93	%
CFS Management, LLC
Healthcare Services	First lien (2)(9)	7.95% (L + 5.75%/S)	8/6/2019	7/1/2024	11,733		11,678		11,674		0.91	%
CHA Holdings, Inc.
Business Services	Second lien (4)	10.69% (L + 8.75%/Q)	4/3/2018	4/10/2026	7,012		6,952		7,082
	Second lien (3)	10.69% (L + 8.75%/Q)	4/3/2018	4/10/2026	4,453		4,415		4,497
					11,465		11,367		11,579		0.90	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(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
Alert Holding Company, Inc. (14)
Appriss Holdings, Inc.
Business Services	First lien (8)	7.44% (L + 5.50%/Q)	5/24/2019	5/29/2026	$	11,054	$	10,965	$	10,888	0.86	%
PaySimple, Inc.
Software	First lien (2)	7.30% (L + 5.50%/M)	8/19/2019	8/25/2025	9,857		9,763		9,808
	First lien (3)(10) - Drawn	7.31% (L + 5.50%/M)	8/19/2019	8/25/2025	934		916		930
					10,791		10,679		10,738		0.84	%
Vectra Co.
Business Products	Second lien (8)	9.05% (L + 7.25%/M)	2/23/2018	3/8/2026	10,788		10,754		10,518		0.82	%
NorthStar Financial Services Group, LLC
Software	Second lien (5)	9.30% (L + 7.50%/M)	5/23/2018	5/25/2026	10,607		10,585		10,501		0.82	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(9)	—	5/3/2013	—	14,500		14,500		10,354		0.81	%
Masergy Holdings, Inc.
Business Services	Second lien (2)	9.46% (L + 7.50%/Q)	12/14/2016	12/16/2024	10,500		10,458		10,264		0.80	%
VT Topco, Inc.
Business Services	Second lien (4)	8.94% (L + 7.00%/Q)	8/14/2018	7/31/2026	10,000		9,978		10,025		0.78	%
Quartz Holding Company
Software	Second lien (3)	9.71% (L + 8.00%/M)	4/2/2019	4/2/2027	10,000		9,813		9,975		0.78	%
AG Parent Holdings, LLC
Healthcare Services	First lien (2)	6.91% (L + 5.00%/Q)	7/30/2019	7/31/2026	10,000		9,952		9,925		0.77	%
Stats Intermediate Holdings, LLC**
Business Services	First lien (2)	7.30% (L + 5.25%/S)	5/22/2019	7/10/2026	10,000		9,881		9,775		0.76	%
Affordable Care Holding Corp.
Healthcare Services	First lien (2)	6.59% (L + 4.75%/M)	3/18/2019	10/24/2022	9,897		9,738		9,649		0.75	%
Teneo Holdings, LLC
Business Services	First lien (2)	6.99% (L + 5.25%/M)	7/15/2019	7/11/2025	9,975		9,788		9,476		0.74	%
AgKnowledge Holdings Company, Inc.
Business Services	First lien (4)	6.55% (L + 4.75%/M)	11/30/2018	7/21/2023	9,355		9,318		9,332		0.73	%
Wrike, Inc.
Software	First lien (8)(9)	8.55% (L + 6.75%/M)	12/31/2018	12/31/2024	9,067		8,988		9,067		0.71	%
WD Wolverine Holdings, LLC
Healthcare Services	First lien (2)	7.30% (L + 5.50%/M)	2/22/2017	8/16/2022	9,014		8,859		9,014		0.70	%
Amerijet Holdings, Inc.
Distribution & Logistics	First lien (4)(9)	9.80% (L + 8.00%/M)	7/15/2016	7/15/2021	7,674		7,653		7,674
	First lien (4)(9)	9.80% (L + 8.00%/M)	7/15/2016	7/15/2021	1,279		1,276		1,279
					8,953		8,929		8,953		0.70	%
Zywave, Inc.
Software	Second lien (4)(9)	10.95% (L + 9.00%/Q)	11/22/2016	11/17/2023	6,980		6,946		6,980
	Second lien (4)(9)	10.84% (L + 9.00%/M)	12/3/2019	11/17/2023	600		596		600
	First lien (3)(9)(10) - Drawn	6.80% (L + 5.00%/M)	11/22/2016	11/17/2022	670		665		670
					8,250		8,207		8,250		0.64	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(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
DealerSocket, Inc.
Software	First lien (2)	6.66% (L + 4.75%/Q)	4/16/2018	4/26/2023	$	6,610	$	6,576	$	6,544
	First lien (3)(10) - Drawn	7.05% (L + 5.25%/M)	4/16/2018	4/26/2023	168		167		166
					6,778		6,743		6,710		0.52	%
Restaurant Technologies, Inc.
Business Services	Second lien (4)	8.30% (L + 6.50%/M)	9/24/2018	10/1/2026	6,722		6,707		6,705		0.52	%
CP VI Bella Midco, LLC
Healthcare Services	Second lien (3)	8.55% (L + 6.75%/M)	1/25/2018	12/29/2025	6,732		6,705		6,657		0.52	%
DG Investment Intermediate Holdings 2, Inc. (aka Convergint Technologies Holdings, LLC)
Business Services	Second lien (3)	8.55% (L + 6.75%/M)	1/29/2018	2/2/2026	6,732		6,705		6,530		0.51	%
Recorded Future, Inc.
Software	First lien (8)(9)	8.55% (L + 6.75%/M)	8/26/2019	7/3/2025	6,250		6,220		6,219		0.48	%
Solera LLC / Solera Finance, Inc.
Software	Subordinated (3)	10.50%/S	2/29/2016	3/1/2024	5,000		4,844		5,316		0.41	%
ADG, LLC
Healthcare Services	Second lien (3)(9)	11.92% (L + 10.00%/S)	10/3/2016	3/28/2024	5,264		5,215		4,213		0.33	%
Sphera Solutions, Inc.
Software	First lien (2)(9)	9.00% (L + 7.00%/Q)	9/10/2019	6/14/2022	2,489		2,466		2,464		0.19	%
First American Payment Systems, L.P.
Business Services	First lien (2)	6.81% (L + 4.75%/Q)	1/3/2017	1/5/2024	2,034		2,021		2,020		0.16	%
Education Management Corporation (12)
Education Management II LLC
Education	First lien (2)	10.25% (P + 5.50%/Q)(24)	1/5/2015	7/2/2020	208		202		2
	First lien (3)	10.25% (P + 5.50%/Q)(24)	1/5/2015	7/2/2020	117		114		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)	13.25% (P + 8.50%/M)(24)	1/5/2015	7/2/2020	142		117		—
	First lien (2)	13.25% (P + 8.50%/M)(24)	1/5/2015	7/2/2020	4		3		—
	First lien (3)	13.25% (P + 8.50%/M)(24)	1/5/2015	7/2/2020	80		66		—
	First lien (3)	13.25% (P + 8.50%/M)(24)	1/5/2015	7/2/2020	2		2		—
					1,022		961		3		—	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (24)(25)	—	11/7/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States					$	2,408,610	$	2,385,761	$	2,375,987	185.12	%
Total Funded Debt Investments					$	2,565,531	$	2,541,672	$	2,530,242	197.14	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(9)(21)	—	9/1/2017	—	75,184		$	7,439	$	7,518	0.59	%
Total Shares - Hong Kong							$	7,439	$	7,518	0.59	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(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
Equity - United States
Avatar Topco, Inc.
Education	Preferred shares (3)(9)(22)	—	11/17/2017	—	35,750		$	46,093		$	47,165		3.67	%
Symplr Software Intermediate Holdings, Inc.(23)
Healthcare Information Technology	Preferred shares (4)(9)	—	11/30/2018	—	7,500		8,502			8,571
	Preferred shares (3)(9)	—	11/30/2018	—	2,586		2,931			2,955
							11,433			11,526			0.90	%
Tenawa Resource Holdings LLC (13)
QID NGL LLC	Ordinary shares (6)(9)	—	5/12/2014	—	5,290,997		5,291			8,445
Energy	Preferred shares (6)(9)	—	10/30/2017	—	1,623,385		1,623			2,727
							6,914			11,172			0.87	%
Alert Holding Company, Inc. (14)
Alert Intermediate Holdings I, Inc.
Business Services	Preferred shares (3)(9)	—	5/31/2019	—	6,111		6,459			6,452			0.50	%
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							$	71,368		$	76,315		5.94	%
Total Shares							$	78,807		$	83,833		6.53	%
Warrants - United States
ASP LCG Holdings, Inc.
Education	Warrants (3)(9)	—	5/5/2014	5/5/2026	622		$	37		$	898		0.07	%
Total Warrants - United States							$	37		$	898		0.07	%
Total Funded Investments							$	2,620,516		$	2,614,973		203.74	%
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
NM GRC Holdco, LLC
Business Services	First lien (2)(9)(10) - Undrawn	—	2/9/2018	2/9/2020	$	771	$	(2	)	$	—		—	%
Ministry Brands, LLC
Software	First lien (3)(9)(10) - Undrawn	—	12/7/2016	12/2/2022	800		(4		)	—			—	%
Wrike, Inc.
Software	First lien (3)(9)(10) - Undrawn	—	12/31/2018	12/31/2024	933		(9		)	—			—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2019

(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

Xactly Corporation