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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3

Table of Contents

PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
New Mountain Finance Corporation
 
Consolidated Statements of Assets and Liabilities
(in thousands, except shares and per share data)
(unaudited)
 
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.
4

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.
5

Table of Contents

New Mountain Finance Corporation
 
Consolidated Statements of Changes in Net Assets
(in thousands, except shares and per share data)
(unaudited)
 
Three Months Ended
 
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.
6

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.
7

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.
8

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.
9

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.
10

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.
11

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.
12

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.
13

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.
14

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.
15

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.
16

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.
17

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.
18

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.
19

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.
20

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.
21

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.
22

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.
23

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.
24

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.
25

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.
26

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.
27

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.
28

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.
29

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.
30

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.
31

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.
32

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.
33

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.
34

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.
35

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.
36

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.
37

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.
38

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