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 June 30, 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 (§232.405 of this chapter) 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, as of the latest practicable date.
Description Shares as of August 4, 2021
Common stock, par value $0.01 per share 96,906,988


Table of Contents
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2021
TABLE OF CONTENTS
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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)
 June 30, 2021December 31, 2020
Assets  
Investments at fair value  
Non-controlled/non-affiliated investments (cost of $2,294,920 and $2,281,184, respectively)$2,260,701 $2,249,615 
Non-controlled/affiliated investments (cost of $105,573 and $115,543, respectively)158,056 103,012 
Controlled investments (cost of $649,282 and $600,942, respectively)670,131 600,875 
Total investments at fair value (cost of $3,049,775 and $2,997,669, respectively)3,088,888 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 equivalents27,809 78,966 
Interest and dividend receivable32,290 28,411 
Receivable from unsettled securities sold— 9,019 
Receivable from affiliates— 117 
Deferred tax asset— 101 
Other assets9,651 5,981 
Total assets$3,180,060 $3,097,519 
Liabilities  
Borrowings
     Unsecured Notes$511,500 $453,250 
     Holdings Credit Facility505,163 450,163 
     SBA-guaranteed debentures300,000 300,000 
     DB Credit Facility223,500 244,000 
     Convertible Notes201,469 201,520 
     NMFC Credit Facility98,000 165,500 
     Deferred financing costs (net of accumulated amortization of $37,264 and $33,325, respectively)(23,044)(16,839)
Net borrowings1,816,588 1,797,594 
Interest payable17,250 15,587 
Payable for unsettled securities purchased15,213 26,842 
Management fee payable9,921 10,419 
Incentive fee payable7,298 7,354 
Payable to affiliates945 867 
Deferred tax liability13 — 
Other liabilities1,746 1,967 
Total liabilities1,868,974 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 96,906,988 and 96,827,342 shares issued and outstanding, respectively969 968 
Paid in capital in excess of par1,270,719 1,269,671 
Accumulated undistributed (overdistributed) earnings20,442 (48,764)
Total net assets of New Mountain Finance Corporation$1,292,130 $1,221,875 
Non-controlling interest in New Mountain Net Lease Corporation18,956 15,014 
Total net assets$1,311,086 $1,236,889 
Total liabilities and net assets$3,180,060 $3,097,519 
Number of shares outstanding96,906,988 96,827,342 
Net asset value per share of New Mountain Finance Corporation$13.33 $12.62 
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
New Mountain Finance Corporation
 
Consolidated Statements of Operations
(in thousands, except shares and per share data)
(unaudited)
Three Months EndedSix Months Ended
June 30, 2021June 30, 2020June 30, 2021June 30, 2020
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)$39,819 $45,969 $79,379 $102,529 
PIK interest income2,064 2,891 4,598 3,917 
Non-cash dividend income2,967 2,300 5,368 4,624 
Other income1,578 1,117 4,402 2,588 
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)563 570 1,026 1,182 
PIK interest income— (1,805)— (1,348)
Dividend income— 689 — 1,409 
Non-cash dividend income1,545 — 3,050 (3,418)
Other income103 284 205 575 
From controlled investments:
Interest income (excluding PIK interest income)1,169 1,596 2,317 2,570 
PIK interest income3,466 2,142 6,770 4,149 
Dividend income11,117 7,725 21,592 15,954 
Non-cash dividend income1,334 1,502 2,615 4,140 
Other income836 987 2,947 1,180 
Total investment income66,561 65,967 134,269 140,051 
Expenses
Incentive fee7,298 6,896 14,546 14,722 
Management fee13,725 13,134 27,145 26,992 
Interest and other financing expenses17,871 19,229 37,256 41,423 
Administrative expenses1,029 1,239 2,158 2,279 
Professional fees764 969 1,490 1,874 
Other general and administrative expenses466 442 908 941 
Total expenses41,153 41,909 83,503 88,231 
Less: management fee waived (See Note 5) (3,804)(3,183)(7,441)(6,726)
Less: expenses waived and reimbursed (See Note 5)— (335)— (335)
Net expenses37,349 38,391 76,062 81,170 
Net investment income before income taxes29,212 27,576 58,207 58,881 
Income tax expense (benefit)22 (7)23 (7)
Net investment income29,190 27,583 58,184 58,888 
Net realized gains (losses):
Non-controlled/non-affiliated investments157 (3,759)338 (4,461)
Non-controlled/affiliated investments— (12,211)— 
Controlled investments22 1,557 
New Mountain Net Lease Corporation— — — 812 
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments(10,921)51,466 (2,650)(88,817)
Non-controlled/affiliated investments35,972 (2,771)65,014 (13,607)
Controlled investments24,757 4,587 20,916 (48,221)
New Mountain Net Lease Corporation— — — (812)
(Provision) benefit for taxes — (377)(115)521 
Net realized and unrealized gains (losses)49,988 49,149 72,849 (154,578)
Net increase (decrease) in net assets resulting from operations79,178 76,732 131,033 (95,690)
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation(3,366)(251)(3,731)(186)
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation$75,812 $76,481 $127,302 $(95,876)
Basic earnings (loss) per share$0.78 $0.79 $1.31 $(0.99)
Weighted average shares of common stock outstanding - basic (See Note 11)
96,828,217 96,827,342 96,827,782 96,827,342 
Diluted earnings (loss) per share$0.71 $0.72 $1.20 $(0.99)
Weighted average shares of common stock outstanding - diluted (See Note 11)
110,085,802 110,084,927 110,085,367 110,084,927 
Distributions declared and paid per share$0.30 $0.30 $0.60 $0.64 
The accompanying notes are an integral part of these consolidated financial statements.
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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 EndedSix Months Ended
June 30, 2021June 30, 2020June 30, 2021June 30, 2020
Increase (decrease) in net assets resulting from operations:
Net investment income$29,190 $27,583 $58,184 $58,888 
Net realized gains (losses) on investments and New Mountain Net Lease Corporation ("NMNLC")180 (3,756)(10,316)(3,642)
Net change in unrealized appreciation (depreciation) of investments and NMNLC49,808 53,282 83,280 (151,457)
(Provision) benefit for taxes— (377)(115)521 
Net increase (decrease) in net assets resulting from operations79,178 76,732 131,033 (95,690)
Less: Net increase in net assets resulting from operations related to non-controlling interest in NMNLC(3,366)(251)(3,731)(186)
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation75,812 76,481 127,302 (95,876)
Capital transactions
Distributions declared to stockholders from net investment income(29,048)(29,048)(58,096)(61,969)
Reinvestment of distributions1,049 — 1,049 — 
Total net decrease in net assets resulting from capital transactions(27,999)(29,048)(57,047)(61,969)
Net increase (decrease) in net assets47,813 47,433 70,255 (157,845)
New Mountain Finance Corporation net assets at the beginning of the period1,244,317 1,078,190 1,221,875 1,283,468 
New Mountain Finance Corporation net assets at the end of the period 1,292,130 1,125,623 1,292,130 1,125,623 
Non-controlling interest in NMNLC18,956 11,243 18,956 11,243 
Net assets at the end of the period$1,311,086 $1,136,866 $1,311,086 $1,136,866 
Capital share activity
Shares issued from the reinvestment of distributions79,646 — 79,646 — 
Net increase in shares outstanding79,646 — 79,646 — 


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)
Six Months Ended
June 30, 2021June 30, 2020
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations$131,033 $(95,690)
Adjustments to reconcile net decrease (increase) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized losses on investments and New Mountain Net Lease Corporation ("NMNLC")10,316 3,642 
Net change in unrealized (appreciation) depreciation of investments and NMNLC(83,280)151,457 
Amortization of purchase discount
(3,617)(6,495)
Amortization of deferred financing costs
3,939 2,343 
Amortization of premium on Convertible Notes
(51)(52)
Non-cash investment income
(22,851)(13,159)
(Increase) decrease in operating assets:
Proceeds from sale of non-controlling interest in NMNLC— 11,315 
Purchase of investments and delayed draw facilities
(299,512)(215,345)
Proceeds from sales and paydowns of investments
269,522 437,631 
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities
74 210 
Cash paid for purchase of drawn portion of revolving credit facilities
(550)(13,996)
Cash paid on drawn revolvers
(22,088)(40,066)
Cash repayments on drawn revolvers
16,600 29,939 
Deferred tax asset101 — 
Interest and dividend receivable
(3,879)(1,548)
Receivable from unsettled securities sold
9,019 — 
Receivable from affiliates
117 18 
Other assets
(3,670)(1,983)
Increase (decrease) in operating liabilities:
Management fee payable(498)20,266 
Incentive fee payable(56)14,722 
Payable for unsettled securities purchased(11,629)1,685 
Payable to affiliates78 1,388 
Interest payable1,663 (1,844)
Deferred tax liability13 (521)
Other liabilities(352)218 
Contributions (distributions) related to non-controlling interest in NMNLC211 (258)
Net cash flows (used in) provided by operating activities(9,347)283,877 
Cash flows from financing activities
Distributions paid(57,047)(61,969)
Offering costs paid— (175)
Proceeds from Holdings Credit Facility57,000 16,000 
Repayment of Holdings Credit Facility(2,000)(177,400)
Proceeds from Unsecured Notes200,000 — 
Repayment of Unsecured Notes(141,750)— 
Proceeds from SBA-guaranteed debentures— 75,000 
Proceeds from NMFC Credit Facility222,000 25,000 
Repayment of NMFC Credit Facility(289,500)(135,000)
Proceeds from DB Credit Facility62,500 40,000 
Repayment of DB Credit Facility(83,000)(55,000)
Deferred financing costs paid(10,013)(2,744)
Net cash flows used in by financing activities(41,810)(276,288)
Net (decrease) increase in cash and cash equivalents(51,157)7,589 
Cash and cash equivalents at the beginning of the period78,966 48,574 
Cash and cash equivalents at the end of the period$27,809 $56,163 
Supplemental disclosure of cash flow information
Cash interest paid$30,515 $40,183 
Income taxes paid23 
Non-cash financing activities:
Value of shares issued in connection with the distribution reinvestment plan$1,049 $— 
Accrual for offering costs— 108 
Accrual for deferred financing costs131 

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

Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments
June 30, 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 - United Arab Emirates
GEMS Menasa (Cayman) Limited**
EducationFirst lien (8)6.00% (L + 5.00%/S)7/30/20197/31/2026$15,599 $15,537 $15,674 1.20 %
Total Funded Debt Investments - United Arab Emirates$15,599 $15,537 $15,674 1.20 %
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
SoftwareSecond lien (8)(11)8.34% (L + 8.25%/M)10/8/201910/8/2027$34,459 $34,227 $34,804 2.65 %
Total Funded Debt Investments - United Kingdom$34,459 $34,227 $34,804 2.65 %
Funded Debt Investments - United States
GS Acquisitionco, Inc.
SoftwareFirst lien (2)(11)6.75% (L + 5.75%/Q)8/7/20195/24/2024$26,502 $26,396 $26,502 
First lien (2)(11)6.75% (L + 5.75%/S)8/7/20195/24/202425,820 25,706 25,820 
First lien (5)(11)6.75% (L + 5.75%/Q)8/7/20195/24/202422,081 21,992 22,081 
First lien (2)(11)6.75% (L + 5.75%/S)8/7/20195/24/202412,586 12,525 12,586 
First lien (3)(11)(12) - Drawn6.75% (L + 5.75%/S)8/7/20195/24/20242,560 2,544 2,560 
89,549 89,163 89,549 6.83 %
Associations, Inc.
Business ServicesFirst lien (2)8.00% (L + 7.00%/Q)7/30/20187/30/202453,359 53,185 53,359 
First lien (8)8.00% (L + 7.00%/Q)7/30/20187/30/20245,354 5,337 5,354 
First lien (2)(12) - Drawn8.00% (L + 7.00%/Q)7/30/20187/30/202410,580 10,538 10,580 
First lien (2)(12) - Drawn7.00% (L + 6.00%/Q)7/30/20187/30/20242,033 2,020 2,033 
71,326 71,080 71,326 5.44 %
PhyNet Dermatology LLC
Healthcare ServicesFirst lien (2)(11)7.50% (L + 5.50% + 1.00% PIK/M)*9/17/20188/16/202449,744 49,457 49,744 
First lien (3)(11)7.50% (L + 5.50% + 1.00% PIK/M)*9/17/20188/16/202419,058 18,918 19,058 
68,802 68,375 68,802 5.25 %
ConnectWise, LLC
SoftwareFirst lien (2)(11)6.25% (L + 5.25%/M)11/26/20192/28/202554,773 54,524 54,773 
First lien (3)(11)(12) - Drawn6.25% (L + 5.25%/M)11/26/20192/28/2025265 264 265 
55,038 54,788 55,038 4.20 %
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 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
iCIMS, Inc.
SoftwareFirst lien (8)(11)7.50% (L + 6.50%/S)9/12/20189/12/2024$41,636 $41,376 $41,822 
First lien (8)(11)7.50% (L + 6.50%/S)6/14/20199/12/20248,667 8,610 8,706 
First lien (3)(11)(12) - Drawn7.50% (L + 6.50%/S)9/12/20189/12/20242,915 2,886 2,915 
53,218 52,872 53,443 4.07 %
CentralSquare Technologies, LLC
SoftwareSecond lien (3)7.65% (L + 7.50%/Q)8/15/20188/31/202647,838 47,395 46,044 
Second lien (8)7.65% (L + 7.50%/Q)8/15/20188/31/20267,500 7,431 7,219 
55,338 54,826 53,263 4.06 %
Frontline Technologies Group Holdings, LLC
SoftwareFirst lien (4)(11)6.75% (L + 5.75%/Q)9/18/20179/18/202321,829 21,760 21,829 
First lien (2)(11)6.75% (L + 5.75%/Q)9/18/20179/18/202318,396 18,361 18,396 
First lien (2)(11)6.75% (L + 5.75%/Q)9/18/20179/18/20237,594 7,562 7,594 
First lien (2)(11)6.75% (L + 5.75%/Q)6/15/20219/18/20235,057 5,057 5,057 
52,876 52,740 52,876 4.03 %
Integro Parent Inc.
Business ServicesFirst lien (2)(11)6.75% (L + 5.75%/M)10/9/201510/31/202234,238 34,176 34,238 
First lien (3)(11)(12) - Drawn4.33% (L + 4.25%/M)6/8/20184/30/20226,743 6,709 6,743 
Second lien (8)(11)10.25% (L + 9.25%/M)10/9/201510/30/202310,000 9,962 10,000 
50,981 50,847 50,981 3.88 %
Salient CRGT Inc.
Federal ServicesFirst lien (2)7.50% (L + 6.50%/S)1/6/20152/28/202236,786 36,707 36,511 
First lien (8)7.50% (L + 6.50%/S)6/6/20192/28/202212,571 12,437 12,476 
49,357 49,144 48,987 3.74 %
NM GRC Holdco, LLC
Business ServicesFirst lien (2)(11)8.50% (L + 6.00% + 1.50% PIK/Q)*2/9/20182/9/202438,462 38,369 37,931 
First lien (2)(11)8.50% (L + 6.00% + 1.50% PIK/Q)*2/9/20182/9/202410,690 10,662 10,542 
49,152 49,031 48,473 3.70 %
Brave Parent Holdings, Inc.
SoftwareSecond lien (5)7.60% (L + 7.50%/M)4/17/20184/17/202622,500 22,423 22,613 
Second lien (2)7.60% (L + 7.50%/M)4/17/20184/17/202616,624 16,508 16,707 
Second lien (8)7.60% (L + 7.50%/M)4/17/20184/17/20266,000 5,958 6,030 
45,124 44,889 45,350 3.46 %
Quest Software US Holdings Inc.
SoftwareSecond lien (2)8.44% (L + 8.25%/Q)5/17/20185/18/202643,697 43,391 43,738 3.34 %
CoolSys, Inc.
Industrial ServicesFirst lien (5)7.00% (L + 6.00%/M)11/20/201911/20/202622,219 22,128 22,163 
First lien (2)7.00% (L + 6.00%/M)11/20/201911/20/202615,270 15,203 15,232 
First lien (3)7.00% (L + 6.00%/M)11/20/201911/20/20264,163 4,144 4,152 
41,652 41,475 41,547 3.17 %
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
June 30, 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
Affinity Dental Management, Inc.
Healthcare ServicesFirst lien (2)(11)7.00% (L + 6.00%/S)9/15/20179/15/2023$26,084 $26,053 $26,084 
First lien (4)(11)7.00% (L + 6.00%/S)9/17/20199/15/202310,537 10,537 10,537 
First lien (3)(11)(12) - Drawn7.00% (L + 6.00%/S)9/15/20173/15/20231,738 1,720 1,738 
38,359 38,310 38,359 2.93 %
Trader Interactive, LLC
Business ServicesFirst lien (2)(11)7.00% (L + 6.00%/M)6/15/20176/17/202431,442 31,335 31,442 
First lien (8)(11)7.00% (L + 6.00%/M)6/15/20176/17/20244,873 4,857 4,873 
36,315 36,192 36,315 2.77 %
GC Waves Holdings, Inc.**
Business ServicesFirst lien (5)(11)6.75% (L + 5.75%/Q)10/31/201910/31/202522,219 22,092 22,342 
First lien (2)(11)6.75% (L + 5.75%/Q)10/31/201910/31/20259,785 9,701 9,839 
First lien (2)(11)6.75% (L + 5.75%/Q)10/31/201910/31/20253,627 3,607 3,647 
35,631 35,400 35,828 2.73 %
KAMC Holdings, Inc
Business ServicesSecond lien (2)(11)8.16% (L + 8.00%/Q)8/14/20198/13/202718,750 18,634 17,471 
Second lien (8)(11)8.16% (L + 8.00%/Q)8/14/20198/13/202718,750 18,634 17,471 
37,500 37,268 34,942 2.67 %
Definitive Healthcare Holdings, LLC
Healthcare Information TechnologyFirst lien (8)(11)6.25% (L + 5.25%/Q)8/7/20197/16/202633,449 33,322 33,449 
First lien (3)(11)(12) - Drawn6.25% (L + 5.25%/Q)8/7/20197/16/20261,320 1,315 1,320 
34,769 34,637 34,769 2.65 %
Finalsite Holdings, Inc.
SoftwareFirst lien (4)(11)7.50% (L + 6.50%/Q)9/28/20189/25/202421,881 21,784 22,099 
First lien (2)(11)7.50% (L + 6.50%/Q)9/28/20189/25/202410,808 10,760 10,916 
First lien (3)(11)(12) - Drawn8.75% (P + 5.50%/Q)9/25/20189/25/2024756 750 756 
33,445 33,294 33,771 2.58 %
Diligent Corporation
SoftwareFirst lien (2)(11)6.75% (L + 5.75%/Q)3/30/20218/4/202517,852 17,767 17,762 
First lien (2)(11)6.75% (L + 5.75%/Q)3/4/20218/4/20259,955 9,908 9,905 
First lien (3)(11)7.25% (L + 6.25%/Q)12/19/20188/4/20255,917 5,886 6,003 
33,724 33,561 33,670 2.57 %
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)
June 30, 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
Kaseya Inc.
SoftwareFirst lien (8)(11)8.00% (L + 4.00% + 3.00% PIK/Q)*5/9/20195/2/2025$28,655 $28,465 $28,655 
First lien (3)(11)8.00% (L + 4.00% + 3.00% PIK/Q)*5/9/20195/2/20253,354 3,325 3,354 
First lien (3)(11)(12) - Drawn7.50% (L + 6.50%/Q)5/9/20195/2/20251,133 1,121 1,133 
33,142 32,911 33,142 2.53 %
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 38,463 32,101 2.45 %
Ansira Holdings, Inc.
Business ServicesFirst lien (8)(11)7.50% (L + 6.50% PIK/S)*12/19/201612/20/202430,609 30,556 25,105 
First lien (3)(11)7.50% (L + 6.50% PIK/S)*12/19/201612/20/20247,735 7,723 6,344 
38,344 38,279 31,449 2.40 %
Integral Ad Science, Inc.
SoftwareFirst lien (8)(11)6.00% (L + 5.00%/S)7/19/20187/19/202427,216 27,056 27,216 
First lien (3)(11)6.00% (L + 5.00%/S)8/27/20197/19/20243,556 3,532 3,556 
30,772 30,588 30,772 2.35 %
MRI Software LLC
SoftwareFirst lien (5)(11)6.50% (L + 5.50%/Q)1/31/20202/10/202622,217 22,128 22,332 
First lien (2)(11)6.50% (L + 5.50%/Q)1/31/20202/10/20266,237 6,211 6,269 
28,454 28,339 28,601 2.18 %
Keystone Acquisition Corp.
Healthcare ServicesFirst lien (2)6.25% (L + 5.25%/Q)5/10/20175/1/202424,106 24,030 23,805 
Second lien (2)(11)10.25% (L + 9.25%/Q)5/10/20175/1/20254,500 4,473 4,500 
28,606 28,503 28,305 2.16 %
Confluent Health, LLC
Healthcare ServicesFirst lien (2)5.10% (L + 5.00%/M)6/21/20196/24/202626,950 26,848 27,186 2.07 %
HS Purchaser, LLC / Help/Systems Holdings, Inc.
SoftwareSecond lien (5)7.50% (L + 6.75%/Q)11/14/201911/19/202722,500 22,397 22,725 
Second lien (2)7.50% (L + 6.75%/Q)11/14/201911/19/20274,208 4,172 4,250 
26,708 26,569 26,975 2.06 %
New Trojan Parent, Inc.
Healthcare ServicesSecond lien (2)7.75% (L + 7.25%/M)1/22/20211/5/202926,762 26,633 26,694 2.04 %
Granicus, Inc.
SoftwareFirst lien (4)(11)7.25% (L + 6.25%/M)1/27/20211/29/202715,600 15,489 15,483 
First lien (3)(11)7.25% (L + 6.25%/M)1/27/20211/29/20274,972 4,935 4,935 
First lien (2)(11)7.25% (L + 6.25%/M)1/27/20211/29/20275,952 5,909 5,907 
26,524 26,333 26,325 2.01 %
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)
June 30, 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
RealPage, Inc.
Business ServicesSecond lien (2)7.25% (L + 6.50%/Q)2/18/20214/23/2029$25,000 $24,815 $25,875 1.97 %
Idera, Inc.
SoftwareSecond lien (4)7.50% (L + 6.75%/S)6/27/20193/2/202922,500 22,197 22,613 
Second lien (3)7.50% (L + 6.75%/S)4/29/20213/2/20293,000 2,985 3,015 
25,500 25,182 25,628 1.95 %
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (2)(11)3.60% (L + 3.50%/M)6/24/20198/28/202416,649 14,948 12,250 
First lien (8)(11)3.60% (L + 3.50%/M)10/23/20198/28/202416,058 13,992 11,816 
32,707 28,940 24,066 1.84 %
NMC Crimson Holdings, Inc.
Healthcare ServicesFirst lien (8)(11)6.75% (L + 6.00%/Q)3/1/20213/1/202819,259 18,981 18,970 
First lien (2)(11)6.75% (L + 6.00%/Q)3/2/20213/1/20284,913 4,842 4,839 
24,172 23,823 23,809 1.82 %
Instructure, Inc.
SoftwareFirst lien (8)(11)6.50% (L + 5.50%/M)3/24/20203/24/202622,610 22,494 22,728 1.73 %
Syndigo LLC
SoftwareSecond lien (4)8.75% (L + 8.00%/S)12/14/202012/15/202822,500 22,339 22,613 1.72 %
Astra Acquisition Corp.
SoftwareFirst lien (5)5.50% (L + 4.75%/M)2/26/20203/1/202722,275 22,134 22,303 1.70 %
Cardinal Parent, Inc.
SoftwareFirst lien (4)5.25% (L + 4.50%/Q)10/30/202011/12/202712,157 12,072 12,185 
Second lien (4)(11)8.50% (L + 7.75%/Q)11/12/202011/13/20289,767 9,675 9,962 
21,924 21,747 22,147 1.69 %
CRCI Longhorn Holdings, Inc.
Business ServicesSecond lien (3)(11)7.33% (L + 7.25%/M)8/2/20188/10/202614,349 14,310 14,349 
Second lien (8)(11)7.33% (L + 7.25%/M)8/2/20188/10/20267,500 7,480 7,500 
21,849 21,790 21,849 1.67 %
Avatar Topco, Inc. (24)
EAB Global, Inc.
EducationSecond lien (3)(11)8.50% (L + 7.50%/Q)11/17/201711/17/202513,950 13,817 13,950 
Second lien (8)(11)8.50% (L + 7.50%/Q)11/17/201711/17/20257,500 7,429 7,500 
21,450 21,246 21,450 1.64 %
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
EducationSecond lien (2)8.40% (L + 8.25%/Q)7/26/20187/30/202621,959 21,917 20,916 1.60 %
MED Parentco, LP
Healthcare ServicesSecond lien (8)8.35% (L + 8.25%/M)8/2/20198/30/202720,857 20,726 20,857 1.59 %
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)
June 30, 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
YLG Holdings, Inc.
Business ServicesFirst lien (5)(11)7.00% (L + 6.00%/S)11/1/201910/31/2025$18,137 $18,068 $18,137 
First lien (5)(11)7.00% (L + 6.00%/S)11/1/201910/31/20252,362 2,352 2,362 
20,499 20,420 20,499 1.56 %
DG Investment Intermediate Holdings 2, Inc.
Business ServicesSecond lien (3)7.50% (L + 6.75%/M)3/18/20213/30/202920,313 20,263 20,414 1.56 %
DCA Investment Holding, LLC
Healthcare ServicesFirst lien (2)7.00% (L + 6.25%/S)3/12/20213/12/202719,978 19,834 19,903 1.52 %
DiversiTech Holdings, Inc.
Distribution & LogisticsSecond lien (2)8.50% (L + 7.50%/Q)5/18/20176/2/202512,000 11,931 12,075 
Second lien (8)8.50% (L + 7.50%/Q)5/18/20176/2/20257,500 7,457 7,547 
19,500 19,388 19,622 1.50 %
Convey Health Solutions, Inc.**
Healthcare ServicesFirst lien (4)(11)6.25% (L + 5.25%/Q)9/9/20199/4/202619,263 19,094 19,456 1.48 %
Xactly Corporation
SoftwareFirst lien (4)(11)8.25% (L + 7.25%/S)7/31/20177/31/202319,047 18,993 19,047 1.45 %
Bluefin Holding, LLC
SoftwareSecond lien (8)(11)7.85% (L + 7.75%/M)9/6/20199/3/202718,000 18,000 18,180 1.39 %
AAC Lender Holdings, LLC (27)
American Achievement Corporation (aka AAC Holding Corp.)
EducationFirst lien (2)(11)7.25% (L + 5.75% PIK + 0.50%/M)*9/30/20159/30/202627,030 26,975 17,340 
First lien (3)(11)15.00% (L + 13.50% PIK + 0.50%/M)*6/10/20219/30/20261,515 1,515 376 
Subordinated (3)(11)2.00% (L + 1.00% PIK/Q)*3/16/20219/30/20265,234 — 
33,779 28,495 17,716 1.35 %
Bullhorn, Inc.
SoftwareFirst lien (2)(11)6.75% (L + 5.75%/Q)9/24/20199/30/202616,916 16,818 16,916 
First lien (3)(11)6.75% (L + 5.75%/Q)9/24/20199/30/2026351 349 351 
First lien (3)(11)6.75% (L + 5.75%/Q)9/24/20199/30/2026280 278 280 
17,547 17,445 17,547 1.34 %
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (5)(11)7.00% (L + 6.00%/M)2/20/20202/20/202616,030 15,965 16,191 
First lien (3)(11)(12) - Drawn7.00% (L + 6.00%/M)2/20/20202/20/20261,214 1,208 1,214 
17,244 17,173 17,405 1.33 %
The Kleinfelder Group, Inc.
Business ServicesFirst lien (4)(11)6.25% (L + 5.25%/Q)12/18/201811/29/202417,063 17,010 17,063 1.30 %
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)
June 30, 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
Coyote Buyer, LLC
Specialty Chemicals & MaterialsFirst lien (5)(11)7.00% (L + 6.00%/Q)3/13/20202/6/2026$14,008 $13,951 $14,008 
First lien (5)(11)9.00% (L + 8.00%/S)10/15/20208/6/20262,520 2,497 2,520 
16,528 16,448 16,528 1.26 %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (2)6.00% (L + 5.25%/Q)6/30/20216/29/202715,382 15,229 15,228 1.16 %
Hill International, Inc.**
Business ServicesFirst lien (2)(11)6.75% (L + 5.75%/M)6/21/20176/21/202315,168 15,139 15,168 1.16 %
Bleriot US Bidco Inc.
Federal ServicesSecond lien (2)8.65% (L + 8.50%/Q)10/24/201910/29/202715,000 14,873 15,094 1.15 %
CFS Management, LLC
Healthcare ServicesFirst lien (2)(11)6.25% (L + 5.25%/S)8/6/20197/1/202411,556 11,518 11,556 
First lien (3)(11)6.25% (L + 5.25%/S)8/6/20197/1/20243,442 3,428 3,442 
14,998 14,946 14,998 1.14 %
FR Arsenal Holdings II Corp.
Business ServicesFirst lien (2)(11)8.50% (L + 7.50%/S)9/29/20169/8/202215,114 15,073 14,788 1.13 %
Alegeus Technologies Holding Corp.
Healthcare ServicesFirst lien (8)(11)9.25% (L + 8.25%/S)9/5/20189/5/202413,444 13,403 13,444 1.03 %
Transcendia Holdings, Inc.
PackagingSecond lien (8)(11)9.00% (L + 8.00%/M)6/28/20175/30/202514,500 14,383 13,321 1.02 %
PaySimple, Inc.
SoftwareFirst lien (2)(11)5.61% (L + 5.50%/M)8/19/20198/23/20259,709 9,638 9,709 
First lien (2)(11)5.61% (L + 5.50%/M)8/19/20198/23/20253,179 3,129 3,179 
12,888 12,767 12,888 0.98 %
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)
SoftwareFirst lien (2)(11)5.00% (L + 4.00%/M)12/7/201612/2/20222,887 2,883 2,887 
Second lien (8)(11)10.25% (L + 9.25%/M)12/7/20166/2/20237,840 7,818 7,840 
Second lien (3)(11)10.25% (L + 9.25%/M)12/7/20166/2/20232,160 2,154 2,160 
12,887 12,855 12,887 0.98 %
Geo Parent Corporation
Business ServicesFirst lien (2)5.35% (L + 5.25%/M)12/13/201812/19/202512,868 12,824 12,868 0.98 %
Castle Management Borrower LLC
Business ServicesFirst lien (2)(11)3.19% (L + 2.19%/Q)5/31/20182/15/202514,590 14,556 12,566 0.96 %
Calabrio, Inc.
SoftwareFirst lien (5)(11)8.00% (L + 7.00%/Q)4/16/20214/16/202712,347 12,257 12,255 0.93 %
OEConnection LLC
Business ServicesSecond lien (2)(11)8.35% (L + 8.25%/M)9/25/20199/25/202712,044 11,943 12,165 0.93 %
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)
June 30, 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
Apptio, Inc.
SoftwareFirst lien (8)(11)8.25% (L + 7.25%/S)1/10/20191/10/2025$11,203 $11,056 $11,203 
First lien (3)(11)(12) - Drawn8.25% (L + 7.25%/S)1/10/20191/10/2025827 810 827 
12,030 11,866 12,030 0.92 %
CHA Holdings, Inc.
Business ServicesSecond lien (4)(11)9.75% (L + 8.75%/Q)4/3/20184/10/20267,012 6,963 6,934 
Second lien (3)(11)9.75% (L + 8.75%/Q)4/3/20184/10/20264,453 4,422 4,403 
11,465 11,385 11,337 0.86 %
Alert Holding Company, Inc. (16)
Appriss Holdings, Inc.
Business ServicesFirst lien (8)(11)7.00% (L + 6.00%/Q)5/24/20195/29/202610,887 10,817 10,996 
First lien (3)(11)(12) - Drawn8.25% (P + 5.00%/Q)5/24/20195/30/2025230 228 230 
11,117 11,045 11,226 0.86 %
Recorded Future, Inc.
SoftwareFirst lien (8)(11)7.00% (L + 6.00%/Q)8/26/20197/3/20256,250 6,227 6,263 
First lien (8)(11)7.00% (L + 6.00%/Q)3/26/20217/3/20254,800 4,771 4,810 
11,050 10,998 11,073 0.84 %
Vectra Co.
Business ProductsSecond lien (8)(11)7.35% (L + 7.25%/M)2/23/20183/8/202610,788 10,761 10,788 0.82 %
Masergy Holdings, Inc.
Business ServicesSecond lien (2)8.50% (L + 7.50%/Q)12/14/201612/16/202410,500 10,469 10,461 0.80 %
PPVA Black Elk (Equity) LLC