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, 2021
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
  1633 Broadway, 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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareNMFCThe NASDAQ Global Select Market
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 (or for such shorter period that the registrant was required to file such reports), 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 5, 2021
Common stock, par value $0.01 per share 96,827,342


Table of Contents
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2021
TABLE OF CONTENTS
 PAGE
  
 
   
  
 
 
 
 
 
 
 
 
  
 
 
 
2

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, 2021December 31, 2020
Assets  
Investments at fair value  
Non-controlled/non-affiliated investments (cost of $2,275,442 and $2,281,184, respectively)$2,252,144 $2,249,615 
Non-controlled/affiliated investments (cost of $104,959 and $115,543, respectively)121,470 103,012 
Controlled investments (cost of $648,906 and $600,942, respectively)644,998 600,875 
Total investments at fair value (cost of $3,029,307 and $2,997,669, respectively)3,018,612 2,953,502 
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)21,422 21,422 
Cash and cash equivalents47,299 78,966 
Interest and dividend receivable32,927 28,411 
Receivable from unsettled securities sold— 9,019 
Receivable from affiliates— 117 
Deferred tax asset— 101 
Other assets8,075 5,981 
Total assets$3,128,335 $3,097,519 
Liabilities  
Borrowings
     Unsecured Notes$511,500 $453,250 
     Holdings Credit Facility450,163 450,163 
     SBA-guaranteed debentures300,000 300,000 
     Convertible Notes201,494 201,520 
     DB Credit Facility201,000 244,000 
     NMFC Credit Facility107,000 165,500 
     Deferred financing costs (net of accumulated amortization of $35,513 and $33,325, respectively)(18,270)(16,839)
Net borrowings1,752,887 1,797,594 
Payable for unsettled securities purchased62,863 26,842 
Management fee payable20,202 10,419 
Incentive fee payable14,602 7,354 
Interest payable9,826 15,587 
Payable to affiliates1,538 867 
Deferred tax liability14 — 
Other liabilities3,605 1,967 
Total liabilities1,865,537 1,860,630 
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 shares authorized, and 96,827,342 and 96,827,342 shares issued and outstanding, respectively968 968 
Paid in capital in excess of par1,269,671 1,269,671 
Accumulated overdistributed earnings(26,322)(48,764)
Total net assets of New Mountain Finance Corporation$1,244,317 $1,221,875 
Non-controlling interest in New Mountain Net Lease Corporation18,481 15,014 
Total net assets$1,262,798 $1,236,889 
Total liabilities and net assets$3,128,335 $3,097,519 
Number of shares outstanding96,827,342 96,827,342 
Net asset value per share of New Mountain Finance Corporation$12.85 $12.62 
The accompanying notes are an integral part of these consolidated financial statements.
3

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, 2021March 31, 2020
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)$39,560 $56,560 
PIK interest income2,534 1,026 
Non-cash dividend income2,401 2,324 
Other income2,824 1,471 
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)463 612 
PIK interest income— 457 
Dividend income— 720 
Non-cash dividend income1,505 (3,418)
Other income102 291 
From controlled investments:
Interest income (excluding PIK interest income)1,148 974 
PIK interest income3,304 2,007 
Dividend income10,475 8,229 
Non-cash dividend income1,281 2,638 
Other income2,111 193 
Total investment income67,708 74,084 
Expenses
Incentive fee7,248 7,826 
Management fee13,420 13,858 
Interest and other financing expenses19,385 22,194 
Administrative expenses1,129 1,040 
Professional fees726 905 
Other general and administrative expenses442 499 
Total expenses42,350 46,322 
Less: management fee waived (See Note 5) (3,637)(3,543)
Net expenses38,713 42,779 
Net investment income before income taxes28,995 31,305 
Income tax expense— 
Net investment income28,994 31,305 
Net realized (losses) gains:
Non-controlled/non-affiliated investments181 (702)
Non-controlled/affiliated investments(12,212)— 
Controlled investments1,535 
New Mountain Net Lease Corporation— 812 
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments8,271 (140,283)
Non-controlled/affiliated investments29,042 (10,836)
Controlled investments(3,841)(52,808)
New Mountain Net Lease Corporation— (812)
(Provision) benefit for taxes (115)898 
Net realized and unrealized gains (losses)22,861 (203,727)
Net increase (decrease) in net assets resulting from operations51,855 (172,422)
Less: Net (increase) decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation(365)65 
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation$51,490 $(172,357)
Basic earnings (loss) per share$0.53 $(1.78)
Weighted average shares of common stock outstanding - basic (See Note 11)
96,827,342 96,827,342 
Diluted earnings (loss) per share$0.49 $(1.78)
Weighted average shares of common stock outstanding - diluted (See Note 11)
110,084,927 110,084,927 
Distributions declared and paid per share$0.30 $0.34 
The accompanying notes are an integral part of these consolidated financial statements.
4

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, 2021March 31, 2020
Increase (decrease) in net assets resulting from operations:
Net investment income$28,994 $31,305 
Net realized (losses) gains on investments and New Mountain Net Lease Corporation ("NMNLC")(10,496)114 
Net change in unrealized appreciation (depreciation) of investments and NMNLC33,472 (204,739)
(Provision) benefit for taxes(115)898 
Net increase (decrease) in net assets resulting from operations51,855 (172,422)
Less: Net (increase) decrease in net assets resulting from operations related to non-controlling interest in NMNLC(365)65 
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation51,490 (172,357)
Capital transactions
Distributions declared to stockholders from net investment income(29,048)(32,921)
Total net decrease in net assets resulting from capital transactions(29,048)(32,921)
Net increase (decrease) in net assets22,442 (205,278)
New Mountain Finance Corporation net assets at the beginning of the period1,221,875 1,283,468 
New Mountain Finance Corporation net assets at the end of the period 1,244,317 1,078,190 
Non-controlling interest in NMNLC18,481 11,250 
Net assets at the end of the period$1,262,798 $1,089,440 
Capital share activity
Shares issued from the reinvestment of distributions— — 
Net increase in shares outstanding— — 


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

Table of Contents
New Mountain Finance Corporation
 
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
March 31, 2021March 31, 2020
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations$51,855 $(172,422)
Adjustments to reconcile net decrease (increase) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized losses (gains) on investments and New Mountain Net Lease Corporation ("NMNLC")10,496 (114)
Net change in unrealized (appreciation) depreciation of investments and NMNLC(33,472)204,739 
Amortization of purchase discount
(1,978)(3,528)
Amortization of deferred financing costs
2,315 1,152 
Amortization of premium on Convertible Notes
(26)(26)
Non-cash investment income
(11,091)(5,131)
(Increase) decrease in operating assets:
Proceeds from sale of non-controlling interest in NMNLC— 11,315 
Purchase of investments and delayed draw facilities
(222,985)(172,921)
Proceeds from sales and paydowns of investments
197,671 178,722 
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities
36 211 
Cash paid for purchase of drawn portion of revolving credit facilities
(483)(8,996)
Cash paid on drawn revolvers
(13,806)(33,639)
Cash repayments on drawn revolvers
10,502 9,620 
Deferred tax asset101 — 
Interest and dividend receivable
(4,516)(850)
Receivable from unsettled securities sold
9,019 (30,964)
Receivable from affiliates
117 (268)
Other assets
(2,094)(802)
Increase (decrease) in operating liabilities:
Management fee payable9,783 10,315 
Incentive fee payable7,248 7,826 
Payable for unsettled securities purchased36,021 (1,780)
Payable to affiliates671 352 
Interest payable(5,761)(5,519)
Deferred tax liability14 (898)
Other liabilities1,550 74 
Contributions related to non-controlling interest in NMNLC3,102 — 
Net cash flows provided by (used in) operating activities44,289 (13,532)
Cash flows from financing activities
Distributions paid(29,048)(32,921)
Proceeds from Holdings Credit Facility— 16,000 
Repayment of Holdings Credit Facility— (108,400)
Proceeds from Unsecured Notes200,000 — 
Repayment of Unsecured Notes(141,750)— 
Proceeds from SBA-guaranteed debentures— 75,000 
Proceeds from NMFC Credit Facility157,000 — 
Repayment of NMFC Credit Facility(215,500)— 
Proceeds from DB Credit Facility40,000 40,000 
Repayment of DB Credit Facility(83,000)— 
Deferred financing costs paid(3,658)(2,613)
Net cash flows used in by financing activities(75,956)(12,934)
Net decrease in cash and cash equivalents(31,667)(26,466)
Cash and cash equivalents at the beginning of the period78,966 48,574 
Cash and cash equivalents at the end of the period$47,299 $22,108 
Supplemental disclosure of cash flow information
Cash interest paid$22,245 $26,301 
Income taxes paid— 
Non-cash financing activities:
Accrual for offering costs$— $86 
Accrual for deferred financing costs88 

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

Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments
March 31, 2021
(in thousands, except shares)
(unaudited)
Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (13)Acquisition DateMaturity / 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 ServicesSecond lien (3)8.50% (L + 7.50%/M)6/1/20186/8/2026$28,613 $28,425 $28,648 
Second lien (8)8.50% (L + 7.50%/M)6/1/20186/8/20267,500 7,453 7,509 
36,113 35,878 36,157 2.86 %
Total Funded Debt Investments - Canada$36,113 $35,878 $36,157 2.86 %
Funded Debt Investments - United Arab Emirates
GEMS Menasa (Cayman) Limited**
EducationFirst lien (8)6.00% (L + 5.00%/S)7/30/20197/31/2026$15,638 $15,574 $15,619 1.24 %
Total Funded Debt Investments - United Arab Emirates$15,638 $15,574 $15,619 1.24 %
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
SoftwareSecond lien (8)(11)8.36% (L + 8.25%/M)10/8/201910/8/2027$34,459 $34,220 $34,804 2.76 %
Total Funded Debt Investments - United Kingdom$34,459 $34,220 $34,804 2.76 %
Funded Debt Investments - United States
GS Acquisitionco, Inc.
SoftwareFirst lien (2)(11)6.75% (L + 5.75%/Q)8/7/20195/24/2024$26,571 $26,457 $26,570 
First lien (2)(11)6.75% (L + 5.75%/S)8/7/20195/24/202425,885 25,762 25,885 
First lien (5)(11)6.75% (L + 5.75%/Q)8/7/20195/24/202422,137 22,041 22,137 
First lien (2)(11)6.75% (L + 5.75%/S)8/7/20195/24/202412,618 12,551 12,618 
First lien (3)(11)(12) - Drawn6.75% (L + 5.75%/S)8/7/20195/24/20242,438 2,423 2,438 
89,649 89,234 89,648 7.11 %
Associations, Inc.
Business ServicesFirst lien (2)(11)8.00% (L + 4.00% + 3.00% PIK/Q)*7/30/20187/30/202452,963 52,776 52,963 
First lien (8)(11)8.00% (L + 4.00% + 3.00% PIK/Q)*7/30/20187/30/20245,314 5,295 5,314 
First lien (2)(11)(12) - Drawn8.00% (L + 4.00% + 3.00% PIK/Q)*7/30/20187/30/202410,500 10,456 10,500 
First lien (2)(11)(12) - Drawn7.00% (L + 6.00%/Q)7/30/20187/30/20242,033 2,020 2,033 
70,810 70,547 70,810 5.61 %
PhyNet Dermatology LLC
Healthcare ServicesFirst lien (2)(11)7.50% (L + 5.50% + 1.00% PIK/M)*9/17/20188/16/202449,744 49,437 49,169 
First lien (3)(11)7.50% (L + 5.50% + 1.00% PIK/M)*9/17/20188/16/202419,080 18,929 18,859 
68,824 68,366 68,028 5.39 %
The accompanying notes are an integral part of these consolidated financial statements.
7

Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
March 31, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (13)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares
 Cost Fair
 Value
Percent of Net
Assets
ConnectWise, LLC
SoftwareFirst lien (2)(11)6.25% (L + 5.25%/Q)11/26/20192/28/2025$54,914 $54,648 $54,914 
First lien (3)(11)(12) - Drawn6.25% (L + 5.25%/M)11/26/20192/28/2025265 264 265 
55,179 54,912 55,179 4.38 %
CentralSquare Technologies, LLC
SoftwareSecond lien (3)7.70% (L + 7.50%/Q)8/15/20188/31/202647,838 47,377 46,283 
Second lien (8)7.70% (L + 7.50%/Q)8/15/20188/31/20267,500 7,428 7,256 
55,338 54,805 53,539 4.24 %
iCIMS, Inc.
SoftwareFirst lien (8)(11)7.50% (L + 6.50%/S)9/12/20189/12/202441,636 41,358 41,857 
First lien (8)(11)7.50% (L + 6.50%/S)6/14/20199/12/20248,667 8,606 8,713 
First lien (3)(11)(12) - Drawn7.50% (L + 6.50%/S)9/12/20189/12/20242,915 2,886 2,915 
53,218 52,850 53,485 4.24 %
Salient CRGT Inc.
Federal ServicesFirst lien (2)(11)7.50% (L + 6.50%/S)1/6/20152/28/202237,348 37,238 37,348 
First lien (8)(11)7.50% (L + 6.50%/S)6/6/20192/28/202212,762 12,576 12,762 
50,110 49,814 50,110 3.97 %
Integro Parent Inc.
Business ServicesFirst lien (2)(11)6.75% (L + 5.75%/M)10/9/201510/31/202234,364 34,290 34,364 
First lien (3)(11)(12) - Drawn4.36% (L + 4.25%/M)6/8/20184/30/20223,938 3,918 3,938 
Second lien (8)(11)10.25% (L + 9.25%/M)10/9/201510/30/202310,000 9,958 10,000 
48,302 48,166 48,302 3.82 %
NM GRC Holdco, LLC
Business ServicesFirst lien (2)(11)8.50% (L + 6.00% + 1.50% PIK/Q)*2/9/20182/9/202438,414 38,313 37,719 
First lien (2)(11)8.50% (L + 6.00% + 1.50% PIK/Q)*2/9/20182/9/202410,677 10,647 10,484 
49,091 48,960 48,203 3.82 %
Frontline Technologies Group Holdings, LLC
SoftwareFirst lien (4)(11)6.75% (L + 5.75%/Q)9/18/20179/18/202321,884 21,808 21,884 
First lien (2)(11)6.75% (L + 5.75%/Q)9/18/20179/18/202318,443 18,404 18,443 
First lien (2)(11)6.75% (L + 5.75%/M)9/18/20179/18/20237,613 7,578 7,613 
47,940 47,790 47,940 3.80 %
Brave Parent Holdings, Inc.
SoftwareSecond lien (5)7.61% (L + 7.50%/M)4/17/20184/17/202622,500 22,420 22,500 
Second lien (2)7.61% (L + 7.50%/M)4/17/20184/17/202616,624 16,503 16,624 
Second lien (8)7.61% (L + 7.50%/M)4/17/20184/17/20266,000 5,956 6,000 
45,124 44,879 45,124 3.57 %
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, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (13)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares
 Cost Fair
 Value
Percent of Net
Assets
Quest Software US Holdings Inc.
SoftwareSecond lien (2)8.46% (L + 8.25%/Q)5/17/20185/18/2026$43,697 $43,379 $43,685 3.46 %
Tenawa Resource Holdings LLC (15)
Tenawa Resource Management LLC
Specialty Chemicals & MaterialsFirst lien (3)(11)10.50% (Base + 8.00%/Q)5/12/201410/30/202438,500 38,461 38,309 3.03 %
Affinity Dental Management, Inc.
Healthcare ServicesFirst lien (2)(11)7.00% (L + 6.00%/S)9/15/20179/15/202326,153 26,117 26,153 
First lien (4)(11)7.00% (L + 6.00%/S)9/17/20199/15/202310,564 10,564 10,564 
First lien (3)(11)(12) - Drawn7.00% (L + 6.00%/S)9/15/20173/15/20231,738 1,720 1,738 
38,455 38,401 38,455 3.05 %
KAMC Holdings, Inc
Business ServicesSecond lien (2)(11)8.20% (L + 8.00%/Q)8/14/20198/13/202718,750 18,630 18,655 
Second lien (8)(11)8.20% (L + 8.00%/Q)8/14/20198/13/202718,750 18,630 18,656 
37,500 37,260 37,311 2.95 %
CoolSys, Inc.
Industrial ServicesFirst lien (5)7.00% (L + 6.00%/Q)11/20/201911/20/202622,219 22,124 22,219 
First lien (2)7.00% (L + 6.00%/Q)11/20/201911/20/202610,270 10,226 10,270 
First lien (3)7.00% (L + 6.00%/Q)11/20/201911/20/20264,163 4,144 4,163 
36,652 36,494 36,652 2.90 %
Trader Interactive, LLC
Business ServicesFirst lien (2)(11)7.25% (L + 6.25%/Q)6/15/20176/17/202431,524 31,408 31,524 
First lien (8)(11)7.25% (L + 6.25%/Q)6/15/20176/17/20244,886 4,868 4,886 
First lien (3)(11)(12) - Drawn7.25% (L + 6.25%/M)6/15/20176/15/2023112 111 112 
36,522 36,387 36,522 2.89 %
GC Waves Holdings, Inc.**
Business ServicesFirst lien (5)(11)6.75% (L + 5.75%/Q)10/31/201910/31/202522,275 22,141 22,397 
First lien (3)(11)6.75% (L + 5.75%/Q)10/31/201910/31/20259,810 9,721 9,864 
First lien (2)(11)6.75% (L + 5.75%/Q)10/31/201910/31/20253,636 3,614 3,656 
35,721 35,476 35,917 2.84 %
Definitive Healthcare Holdings, LLC
Healthcare Information TechnologyFirst lien (8)(11)6.50% (L + 5.50%/Q)8/7/20197/16/202633,532 33,400 33,531 
First lien (3)(11)(12) - Drawn6.50% (L + 5.50%/Q)8/7/20197/16/20261,324 1,318 1,324 
34,856 34,718 34,855 2.76 %
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, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (13)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares
 Cost Fair
 Value
Percent of Net
Assets
Diligent Corporation
SoftwareFirst lien (2)(11)6.75% (L + 5.75%/Q)3/30/20218/4/2025$17,896 $17,807 $17,807 
First lien (2)(11)6.75% (L + 5.75%/Q)3/4/20218/4/20259,980 9,930 9,930 
First lien (3)(11)7.25% (L + 6.25%/S)12/19/20188/4/20255,932 5,899 5,959 
33,808 33,636 33,696 2.67 %
Kaseya Inc.
SoftwareFirst lien (8)(11)8.00% (L + 4.00% + 3.00% PIK/S)*5/9/20195/2/202528,449 28,248 28,448 
First lien (3)(11)8.00% (L + 4.00% + 3.00% PIK/S)*5/9/20195/2/20253,330 3,300 3,330 
First lien (3)(11)(12) - Drawn7.50% (L + 6.50%/S)5/9/20195/2/20251,133 1,121 1,133 
32,912 32,669 32,911 2.61 %
Finalsite Holdings, Inc.
SoftwareFirst lien (4)(11)7.50% (L + 6.50%/S)9/28/20189/25/202421,938 21,834 21,938 
First lien (2)(11)7.50% (L + 6.50%/S)9/28/20189/25/202410,835 10,784 10,835 
32,773 32,618 32,773 2.60 %
Ansira Holdings, Inc.
Business ServicesFirst lien (8)(11)7.50% (L + 6.50% PIK/S)*12/19/201612/20/202430,052 29,996 24,588 
First lien (3)(11)7.50% (L + 6.50% PIK/S)*12/19/201612/20/20247,592 7,580 6,212 
37,644 37,576 30,800 2.44 %
Integral Ad Science, Inc.
SoftwareFirst lien (8)(11)6.00% (L + 5.00%/S)7/19/20187/19/202427,216 27,043 27,216 
First lien (3)(11)6.00% (L + 5.00%/S)8/27/20197/19/20243,556 3,531 3,556 
30,772 30,574 30,772 2.44 %
MRI Software LLC
SoftwareFirst lien (5)(11)6.50% (L + 5.50%/Q)1/31/20202/10/202622,273 22,180 22,388 
First lien (3)(11)6.50% (L + 5.50%/Q)1/31/20202/10/20264,642 4,621 4,666 
First lien (2)(11)6.50% (L + 5.50%/Q)1/31/20202/10/20261,611 1,604 1,619 
First lien (3)(11)(12) - Drawn6.50% (L + 5.50%/Q)1/31/20202/10/2026100 100 100 
28,626 28,505 28,773 2.28 %
Keystone Acquisition Corp.
Healthcare ServicesFirst lien (2)6.25% (L + 5.25%/Q)5/10/20175/1/202424,169 24,087 23,323 
Second lien (2)(11)10.25% (L + 9.25%/Q)5/10/20175/1/20254,500 4,472 4,500 
28,669 28,559 27,823 2.20 %
Confluent Health, LLC
Healthcare ServicesFirst lien (2)5.11% (L + 5.00%/M)6/21/20196/24/202627,019 26,912 27,019 2.14 %
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, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (13)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares
 Cost Fair
 Value
Percent of Net
Assets
HS Purchaser, LLC / Help/Systems Holdings, Inc.
SoftwareSecond lien (5)(11)9.00% (L + 8.00%/Q)11/14/201911/19/2027$22,500 $22,394 $22,613 
Second lien (2)(11)9.00% (L + 8.00%/Q)11/14/201911/19/20274,208 4,171 4,229 
26,708 26,565 26,842 2.13 %
New Trojan Parent, Inc.
Healthcare ServicesSecond lien (2)7.75% (L + 7.25%/M)1/22/20211/5/202926,762 26,630 26,762 2.12 %
RealPage, Inc.**
Business ServicesSecond lien (2)7.25% (L + 6.50%/Q)2/18/20214/23/202925,000 24,813 25,750 2.04 %
Convey Health Solutions, Inc.
Healthcare ServicesFirst lien (4)(11)7.00% (L + 6.00%/Q)9/9/20199/4/202622,163 21,960 22,384 
First lien (2)(11)7.00% (L + 6.00%/Q)2/12/20219/4/20262,643 2,617 2,670 
24,806 24,577 25,054 1.98 %
NMC Crimson Holdings, Inc.
Healthcare ServicesFirst lien (8)6.75% (L + 6.00%/S)3/1/20213/1/202819,259 18,973 18,970 
First lien (2)6.75% (L + 6.00%/S)3/2/20213/1/20284,913 4,840 4,839 
24,172 23,813 23,809 1.89 %
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (2)(11)3.61% (L + 3.50%/M)6/24/20198/28/202416,692 14,866 12,062 
First lien (8)(11)3.61% (L + 3.50%/M)10/23/20198/28/202416,100 13,883 11,634 
32,792 28,749 23,696 1.88 %
Instructure, Inc.
SoftwareFirst lien (8)(11)8.00% (L + 7.00%/Q)3/24/20203/24/202622,667 22,546 23,007 1.82 %
Idera, Inc.
SoftwareSecond lien (4)7.50% (L + 6.75%/S)6/27/20193/2/202922,500 22,189 22,669 1.80 %
Syndigo LLC
SoftwareSecond lien (4)8.75% (L + 8.00%/S)12/14/202012/15/202822,500 22,335 22,613 1.79 %
Astra Acquisition Corp.
SoftwareFirst lien (5)5.50% (L + 4.75%/M)2/26/20203/1/202722,331 22,184 22,499 1.78 %
Cardinal Parent, Inc.
SoftwareFirst lien (4)5.25% (L + 4.50%/S)10/30/202011/12/202712,188 12,100 12,256 
Second lien (4)(11)8.50% (L + 7.75%/S)11/12/202011/13/20289,767 9,672 9,962 
21,955 21,772 22,218 1.76 %
CRCI Longhorn Holdings, Inc.
Business ServicesSecond lien (3)(11)7.36% (L + 7.25%/M)8/2/20188/10/202614,349 14,308 14,349 
Second lien (8)(11)7.36% (L + 7.25%/M)8/2/20188/10/20267,500 7,479 7,500 
21,849 21,787 21,849 1.73 %
Avatar Topco, Inc. (23)
EAB Global, Inc.
EducationSecond lien (3)(11)8.50% (L + 7.50%/S)11/17/201711/17/202513,950 13,811 13,950 
Second lien (8)(11)8.50% (L + 7.50%/S)11/17/201711/17/20257,500 7,425 7,500 
21,450 21,236 21,450 1.70 %
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, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (13)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares
 Cost Fair
 Value
Percent of Net
Assets
Granicus, Inc.
SoftwareFirst lien (4)(11)7.50% (L + 6.50%/S)1/27/20211/29/2027$15,600 $15,485 $15,483 
First lien (2)(11)7.50% (L + 6.50%/S)1/27/20211/29/20275,952 5,908 5,907 
21,552 21,393 21,390 1.69 %
MED Parentco, LP
Healthcare ServicesSecond lien (8)8.36% (L + 8.25%/M)8/2/20198/30/202720,857 20,722 20,831 1.65 %
YLG Holdings, Inc.
Business ServicesFirst lien (5)(11)7.25% (L + 6.25%/S)11/1/201910/31/202518,183 18,110 18,183 
First lien (5)(11)7.25% (L + 6.25%/S)11/1/201910/31/20252,368 2,357 2,368 
20,551 20,467 20,551 1.63 %
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
EducationSecond lien (2)8.45% (L + 8.25%/Q)7/26/20187/30/202621,959 21,916 20,450 1.62 %
DG Investment Intermediate Holdings 2, Inc.
Business ServicesSecond lien (3)7.50% (L + 6.75%/M)3/18/20213/30/202920,313 20,262 20,262 1.60 %
DCA Investment Holding, LLC
Healthcare ServicesFirst lien (2)7.00% (L + 6.25%/S)3/12/20213/12/202719,978 19,829 19,828 1.57 %
DiversiTech Holdings, Inc.
Distribution & LogisticsSecond lien (2)8.50% (L + 7.50%/Q)5/18/20176/2/202512,000 11,927 12,060 
Second lien (8)8.50% (L + 7.50%/Q)5/18/20176/2/20257,500 7,454 7,538 
19,500 19,381 19,598 1.55 %
AAC Lender Holdings, LLC (26)
American Achievement Corporation (aka AAC Holding Corp.)
EducationFirst lien (2)(11)7.25% (L + 3.25% PIK + 3.00%/M)*9/30/20159/30/202626,738 26,681 18,208 
First lien (3)(11)(12) - Drawn7.25% (L + 6.25%/M)1/25/20219/30/20261,052 1,052 1,052 
Subordinated (3)(11)2.00% (L + 1.00% PIK/M)*3/16/20219/30/20265,230 — — 
33,020 27,733 19,260 1.52 %
Xactly Corporation
SoftwareFirst lien (4)(11)8.25% (L + 7.25%/S)7/31/20177/29/202219,047 18,981 19,047 1.51 %
Bluefin Holding, LLC
SoftwareSecond lien (8)(11)7.86% (L + 7.75%/M)9/6/20199/3/202718,000 18,000 18,180 1.44 %
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (5)(11)7.00% (L + 6.00%/M)2/20/20202/20/202616,071 16,002 16,231 
First lien (3)(11)(12) - Drawn7.00% (L + 6.00%/M)2/20/20202/20/20261,507 1,499 1,507 
17,578 17,501 17,738 1.40 %
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, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (13)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares
 Cost Fair
 Value
Percent of Net
Assets
Bullhorn, Inc.
SoftwareFirst lien (2)(11)6.75% (L + 5.75%/Q)9/24/20199/30/2026$16,959 $16,857 $16,959 
First lien (3)(11)6.75% (L + 5.75%/Q)9/24/20199/30/2026352 349 352 
First lien (3)(11)6.75% (L + 5.75%/Q)9/24/20199/30/2026280 279 280 
17,591 17,485 17,591 1.39 %
The Kleinfelder Group, Inc.
Business ServicesFirst lien (4)(11)6.25% (L + 5.25%/Q)12/18/201811/29/202417,106 17,050 17,106 1.35 %
Coyote Buyer, LLC
Specialty Chemicals & MaterialsFirst lien (5)(11)7.00% (L + 6.00%/Q)3/13/20202/6/202614,043 13,983 14,043 
First lien (5)(11)9.00% (L + 8.00%/Q)10/15/20208/6/20262,527 2,503 2,527 
16,570 16,486 16,570 1.31 %
Hill International, Inc.**
Business ServicesFirst lien (2)(11)6.75% (L + 5.75%/Q)6/21/20176/21/202315,208 15,175 15,208 1.20 %
Bleriot US Bidco Inc.
Federal ServicesSecond lien (2)8.70% (L + 8.50%/Q)10/24/201910/29/202715,000 14,869 15,113 1.20 %
CFS Management, LLC
Healthcare ServicesFirst lien (2)(11)6.50% (L + 5.50%/S)8/6/20197/1/202411,585 11,545 11,585 
First lien (3)(11)6.50% (L + 5.50%/S)8/6/20197/1/20243,451 3,436 3,451 
15,036 14,981 15,036 1.19 %
FR Arsenal Holdings II Corp.
Business ServicesFirst lien (2)(11)8.50% (L + 7.50%/S)9/29/20169/8/202215,229 15,180 14,860 1.18 %
BackOffice Associates Holdings, LLC
Business ServicesFirst lien (2)(11)13.50% (L + 9.50% + 3.00% PIK/Q)*8/25/20178/25/202312,623 12,574 12,623 
First lien (3)(11)(12) - Drawn13.50% (L + 9.50% + 3.00% PIK/Q)*8/25/20178/25/2023928 920 928 
13,551 13,494 13,551 1.07 %
Alegeus Technologies Holding Corp.
Healthcare ServicesFirst lien (8)(11)9.25% (L + 8.25%/Q)9/5/20189/5/202413,444 13,401 13,444 1.06 %
Transcendia Holdings, Inc.
PackagingSecond lien (8)(11)9.00% (L + 8.00%/M)6/28/20175/30/202514,500 14,377 13,086 1.04 %
PaySimple, Inc.
SoftwareFirst lien (2)(11)5.61% (L + 5.50%/M)8/19/20198/23/20259,734 9,659 9,734 
First lien (2)(11)5.61% (L + 5.50%/M)8/19/20198/23/20253,187 3,134 3,187 
12,921 12,793 12,921 1.02 %
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, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (13)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares
 Cost Fair
 Value
Percent of Net
Assets
Ministry Brands, LLC
SoftwareFirst lien (2)(11)5.00% (L + 4.00%/M)12/7/201612/2/2022$2,895 $2,890 $2,887 
Second lien (8)(11)10.25% (L + 9.25%/M)12/7/20166/2/20237,840 7,816 7,840 
Second lien (3)(11)10.25% (L + 9.25%/M)12/7/20166/2/20232,160 2,153 2,160 
12,895 12,859 12,887 1.02 %
Geo Parent Corporation
Business ServicesFirst lien (2)5.36% (L + 5.25%/M)12/13/201812/19/202512,901 12,854 12,868 1.02 %
OEConnection LLC
Business ServicesSecond lien (2)(11)8.36% (L + 8.25%/M)9/25/20199/25/202712,044 11,941 12,164 0.96 %
Apptio, Inc.
SoftwareFirst lien (8)(11)8.25% (L + 7.25%/S)1/10/20191/10/202511,203 11,047 11,203 
First lien (3)(11)(12) - Drawn8.25% (L + 7.25%/S)1/10/20191/10/2025827 810 827 
12,030 11,857 12,030 0.95 %
Castle Management Borrower LLC
Business ServicesFirst lien (2)(11)7.50% (L + 6.50% PIK/Q)*5/31/20182/15/202414,261 14,224 11,959 0.95 %
CHA Holdings, Inc.
Business ServicesSecond lien (4)(11)9.75% (L + 8.75%/Q)4/3/20184/10/20267,012 6,962 7,012 
Second lien (3)(11)9.75% (L + 8.75%/Q)4/3/20184/10/20264,453 4,421 4,453 
11,465 11,383 11,465 0.91 %
Recorded Future, Inc.
SoftwareFirst lien (8)(11)7.00% (L + 6.00%/S)8/26/20197/3/20256,250 6,226 6,266 
First lien (8)(11)7.00% (L + 6.00%/Q)3/26/20217/3/20254,800 4,769 4,812 
11,050 10,995 11,078 0.88 %
Alert Holding Company, Inc. (16)
Appriss Holdings, Inc.
Business ServicesFirst lien (8)(11)5.70% (L + 5.50%/Q)5/24/20195/29/202610,915 10,842 11,024 0.87 %
Vectra Co.
Business ProductsSecond lien (8)(11)7.36% (L + 7.25%/M)2/23/20183/8/202610,788 10,760 10,788 0.85 %
Masergy Holdings, Inc.
Business ServicesSecond lien (2)8.50% (L + 7.50%/Q)12/14/201612/16/202410,500 10,467 10,474 0.83 %
PPVA Black Elk (Equity) LLC
Business ServicesSubordinated (3)(11)5/3/201314,500 14,500 10,354 0.82 %
VT Topco, Inc.
Business ServicesSecond lien (4)(11)7.11% (L + 7.00%/M)8/14/20187/31/202610,000 9,981 10,000 0.79 %
Quartz Holding Company
SoftwareSecond lien (3)(11)8.11% (L + 8.00%/M)4/2/20194/2/202710,000 9,838 10,000 0.79 %
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, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (13)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares
 Cost Fair
 Value
Percent of Net
Assets
Stats Intermediate Holdings, LLC**
Business ServicesFirst lien (2)5.45% (L + 5.25%/Q)5/22/20197/10/2026$9,875 $9,777 $9,875 0.78 %
Affordable Care Holding Corp.
Healthcare ServicesFirst lien (2)5.75% (L + 4.75%/Q)3/18/201910/24/20229,768 9,678 9,622 0.76 %
AgKnowledge Holdings Company, Inc.
Business ServicesFirst lien (2)(11)5.75% (L + 4.75%/S)11/30/20187/21/20239,237 9,212 9,237 0.73 %
AG Parent Holdings, LLC
Healthcare ServicesFirst lien (2)5.11% (L + 5.00%/M)7/30/20197/31/20266,905 6,877 6,879 0.54 %
CP VI Bella Midco, LLC
Healthcare ServicesSecond lien (3)(11)6.86% (L + 6.75%/M)1/25/201812/29/20256,732