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 Quarterly Period Ended September 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 November 3, 2021
Common stock, par value $0.01 per share 96,906,988


Table of Contents
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 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)
 September 30, 2021December 31, 2020
Assets  
Investments at fair value  
Non-controlled/non-affiliated investments (cost of $2,260,975 and $2,281,184, respectively)$2,206,300 $2,249,615 
Non-controlled/affiliated investments (cost of $79,591 and $115,543, respectively)111,605 103,012 
Controlled investments (cost of $663,216 and $600,942, respectively)693,749 600,875 
Total investments at fair value (cost of $3,003,782 and $2,997,669, respectively)3,011,654 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 equivalents83,357 78,966 
Interest and dividend receivable32,773 28,411 
Receivable from unsettled securities sold8,990 9,019 
Receivable from affiliates— 117 
Deferred tax asset— 101 
Other assets9,915 5,981 
Total assets$3,168,111 $3,097,519 
Liabilities  
Borrowings
     Unsecured Notes$511,500 $453,250 
     Holdings Credit Facility493,263 450,163 
     SBA-guaranteed debentures300,000 300,000 
     Convertible Notes201,443 201,520 
     DB Credit Facility167,800 244,000 
     NMFC Credit Facility149,977 165,500 
        NMNLC Credit Facility II5,845 — 
     Deferred financing costs (net of accumulated amortization of $38,985 and $33,325, respectively)(21,337)(16,839)
Net borrowings1,808,491 1,797,594 
Payable for unsettled securities purchased24,658 26,842 
Management fee payable9,988 10,419 
Interest payable9,528 15,587 
Incentive fee payable7,661 7,354 
Payable to affiliates316 867 
Deferred tax liability13 — 
Other liabilities2,498 1,967 
Total liabilities1,863,153 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) earnings13,217 (48,764)
Total net assets of New Mountain Finance Corporation$1,284,905 $1,221,875 
Non-controlling interest in New Mountain Net Lease Corporation20,053 15,014 
Total net assets$1,304,958 $1,236,889 
Total liabilities and net assets$3,168,111 $3,097,519 
Number of shares outstanding96,906,988 96,827,342 
Net asset value per share of New Mountain Finance Corporation$13.26 $12.62 
The accompanying notes are an integral part of these consolidated financial statements.
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New Mountain Finance Corporation
 
Consolidated Statements of Operations
(in thousands, except shares and per share data)
(unaudited)
Three Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)$40,540 $41,854 $119,919 $144,383 
PIK interest income1,903 2,547 6,501 6,464 
Dividend income867 — 867 — 
Non-cash dividend income1,956 2,274 7,324 6,898 
Other income5,249 1,497 9,651 4,085 
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)296 781 1,322 1,963 
PIK interest income182 217 182 (1,131)
Dividend income288 687 288 2,096 
Non-cash dividend income831 — 3,881 (3,418)
Other income79 427 284 1,002 
From controlled investments:
Interest income (excluding PIK interest income)1,253 2,011 3,570 4,581 
PIK interest income3,614 2,244 10,384 6,393 
Dividend income9,686 8,107 31,278 24,061 
Non-cash dividend income918 1,576 3,533 5,716 
Other income812 1,299 3,759 2,479 
Total investment income68,474 65,521 202,743 205,572 
Expenses
Incentive fee7,661 7,135 22,207 21,857 
Management fee13,740 12,877 40,885 39,869 
Interest and other financing expenses17,693 18,077 54,949 59,500 
Administrative expenses1,082 1,024 3,240 3,303 
Professional fees923 731 2,413 2,605 
Other general and administrative expenses490 442 1,398 1,383 
Total expenses41,589 40,286 125,092 128,517 
Less: management and incentive fees waived (See Note 5) (3,752)(3,341)(11,193)(10,067)
Less: expenses waived and reimbursed (See Note 5)— (589)— (924)
Net expenses37,837 36,356 113,899 117,526 
Net investment income before income taxes30,637 29,165 88,844 88,046 
Income tax (benefit) expense(8)123 15 116 
Net investment income30,645 29,042 88,829 87,930 
Net realized gains (losses):
Non-controlled/non-affiliated investments2,459 30 2,797 (4,431)
Non-controlled/affiliated investments20,549 12 8,338 12 
Controlled investments— 1,557 12 
New Mountain Net Lease Corporation— — — 812 
Net change in unrealized (depreciation) appreciation:
Non-controlled/non-affiliated investments(19,951)21,410 (22,601)(67,407)
Non-controlled/affiliated investments(20,469)(1,111)44,545 (14,718)
Controlled investments9,684 39,943 30,600 (8,278)
New Mountain Net Lease Corporation— — — (812)
Foreign currency(13)— (13)— 
Benefit (provision) for taxes 257 (114)778 
Net realized and unrealized (losses) gains(7,740)60,546 65,109 (94,032)
Net increase (decrease) in net assets resulting from operations22,905 89,588 153,938 (6,102)
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation(1,058)(1,398)(4,789)(1,584)
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation$21,847 $88,190 $149,149 $(7,686)
Basic earnings (loss) per share$0.23 $0.91 $1.54 $(0.08)
Weighted average shares of common stock outstanding - basic (See Note 11)
96,906,988 96,827,342 96,854,474 96,827,342 
Diluted earnings (loss) per share$0.22 $0.82 $1.42 $(0.08)
Weighted average shares of common stock outstanding - diluted (See Note 11)
110,164,573 110,084,927 110,112,059 110,084,927 
Distributions declared and paid per share$0.30 $0.30 $0.90 $0.94 
The accompanying notes are an integral part of these consolidated financial statements.
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New Mountain Finance Corporation
 
Consolidated Statements of Changes in Net Assets
(in thousands, except shares and per share data)
(unaudited)
Three Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Increase (decrease) in net assets resulting from operations:
Net investment income$30,645 $29,042 $88,829 $87,930 
Net realized gains (losses) on investments and New Mountain Net Lease Corporation ("NMNLC")23,008 47 12,692 (3,595)
Net change in unrealized (depreciation) appreciation of investments, NMNLC and foreign currency(30,749)60,242 52,531 (91,215)
Benefit (provision) for taxes257 (114)778 
Net increase (decrease) in net assets resulting from operations22,905 89,588 153,938 (6,102)
Less: Net increase in net assets resulting from operations related to non-controlling interest in NMNLC(1,058)(1,398)(4,789)(1,584)
Net increase (decrease) in net assets resulting from operations related to New Mountain Finance Corporation21,847 88,190 149,149 (7,686)
Capital transactions
Distributions declared to stockholders from net investment income(29,072)(29,049)(87,168)(91,018)
Reinvestment of distributions— — 1,049 — 
Total net decrease in net assets resulting from capital transactions(29,072)(29,049)(86,119)(91,018)
Net (decrease) increase in net assets(7,225)59,141 63,030 (98,704)
New Mountain Finance Corporation net assets at the beginning of the period1,292,130 1,125,623 1,221,875 1,283,468 
New Mountain Finance Corporation net assets at the end of the period 1,284,905 1,184,764 1,284,905 1,184,764 
Non-controlling interest in NMNLC20,053 12,396 20,053 12,396 
Net assets at the end of the period$1,304,958 $1,197,160 $1,304,958 $1,197,160 
Capital share activity
Shares issued from the reinvestment of distributions— — 79,646 — 
Net increase in shares outstanding— — 79,646 — 


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

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New Mountain Finance Corporation
 
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended
September 30, 2021September 30, 2020
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations$153,938 $(6,102)
Adjustments to reconcile net decrease (increase) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gains) losses on investments and New Mountain Net Lease Corporation ("NMNLC")(12,692)3,595 
Net change in unrealized (appreciation) depreciation of investments and NMNLC(52,544)91,215 
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies13 — 
Amortization of purchase discount
(6,681)(7,942)
Amortization of deferred financing costs
5,660 3,549 
Amortization of premium on Convertible Notes
(77)(78)
Non-cash investment income
(33,226)(22,016)
(Increase) decrease in operating assets:
Proceeds from sale of non-controlling interest in NMNLC— 11,315 
Purchase of investments and delayed draw facilities
(769,167)(259,127)
Proceeds from sales and paydowns of investments
816,218 480,333 
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities
597 296 
Cash paid for purchase of drawn portion of revolving credit facilities
(832)(13,996)
Cash paid on drawn revolvers
(25,310)(43,952)
Cash repayments on drawn revolvers
24,980 35,251 
Deferred tax asset101 — 
Interest and dividend receivable
(4,362)(1,768)
Receivable from unsettled securities sold
29 (4,490)
Receivable from affiliates
117 (236)
Other assets
(3,907)(3,290)
Increase (decrease) in operating liabilities:
Management fee payable(431)9,690 
Incentive fee payable307 5,885 
Payable for unsettled securities purchased(2,184)(1,780)
Payable to affiliates(551)490 
Interest payable(6,059)(6,343)
Deferred tax liability13 (778)
Other liabilities490 400 
Contributions (distributions) related to non-controlling interest in NMNLC250 (503)
Net cash flows provided by operating activities84,690 269,618 
Cash flows from financing activities
Distributions paid(86,119)(91,018)
Offering costs paid— (203)
Proceeds from Holdings Credit Facility129,000 16,000 
Repayment of Holdings Credit Facility(85,900)(218,400)
Proceeds from Unsecured Notes200,000 — 
Repayment of Unsecured Notes(141,750)— 
Proceeds from SBA-guaranteed debentures— 75,000 
Proceeds from NMFC Credit Facility311,363 97,000 
Repayment of NMFC Credit Facility(326,500)(135,000)
Proceeds from DB Credit Facility77,500 67,000 
Repayment of DB Credit Facility(153,700)(55,000)
Proceeds from NMNLC Credit Facility II9,025 — 
Repayment of NMNLC Credit Facility II(3,180)— 
Deferred financing costs paid(10,144)(4,907)
Net cash flows used in by financing activities(80,405)(249,528)
Net increase in cash and cash equivalents4,285 20,090 
Effect of foreign exchange rate changes on cash and cash equivalents106 — 
Cash and cash equivalents at the beginning of the period78,966 48,574 
Cash and cash equivalents at the end of the period$83,357 $68,664 
Supplemental disclosure of cash flow information
Cash interest paid$53,643 $60,940 
Income taxes paid15 129 
Non-cash financing activities:
Value of shares issued in connection with the distribution reinvestment plan$1,049 $— 
Accrual for offering costs27 80 
Accrual for deferred financing costs14 11 

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
September 30, 2021
(in thousands, except shares)
(unaudited)
Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (14)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (36)
 Cost Fair
 Value
Percent of Net
Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business ServicesFirst lien (3)(12)(35)7.33% (Sonia + 7.00%/D)8/6/20218/3/2028£12,879 $17,600 $17,093 
First lien (3)(12)7.15% (L + 7.00%/S)8/6/20218/3/2028$10,184 10,033 10,032 
27,633 27,125 2.08 %
Total Funded Debt Investments - Jersey$27,633 $27,125 2.08 %
Funded Debt Investments - United Arab Emirates
GEMS Menasa (Cayman) Limited**
EducationFirst lien (8)6.00% (L + 5.00%/S)7/30/20197/31/2026$10,560 $10,527 $10,591 0.81 %
Total Funded Debt Investments - United Arab Emirates$10,527 $10,591 0.81 %
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
SoftwareSecond lien (8)(12)8.33% (L + 8.25%/M)10/8/201910/8/2027$34,459 $34,234 $34,459 2.64 %
Total Funded Debt Investments - United Kingdom$34,234 $34,459 2.64 %
Funded Debt Investments - United States
GS Acquisitionco, Inc.
SoftwareFirst lien (2)(12)6.75% (L + 5.75%/S)8/7/20195/22/2026$26,436 $26,338 $26,436 
First lien (2)(12)6.75% (L + 5.75%/S)8/7/20195/22/202625,754 25,650 25,754 
First lien (5)(12)6.75% (L + 5.75%/S)8/7/20195/22/202622,024 21,943 22,024 
First lien (2)(12)6.75% (L + 5.75%/S)8/7/20195/22/202612,554 12,498 12,554 
First lien (2)(12)6.75% (L + 5.75%/S)8/13/20215/22/20263,395 3,387 3,395 
89,816 90,163 6.91 %
PhyNet Dermatology LLC
Healthcare ServicesFirst lien (2)(12)7.00% (L + 5.50% + 0.50% PIK/M)*9/17/20188/16/202449,682 49,417 49,682 
First lien (3)(12)7.00% (L + 5.50% + 0.50% PIK/M)*9/17/20188/16/202419,013 18,884 19,013 
68,301 68,695 5.26 %
iCIMS, Inc.
SoftwareFirst lien (8)(12)7.50% (L + 6.50%/S)9/12/20189/12/202441,636 41,394 41,636 
First lien (8)(12)7.50% (L + 6.50%/S)6/14/20199/12/20248,667 8,614 8,667 
First lien (3)(12)(13) - Drawn7.50% (L + 6.50%/S)9/12/20189/12/20242,915 2,886 2,915 
52,894 53,218 4.08 %
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)
September 30, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (14)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (36)
 Cost Fair
 Value
Percent of Net
Assets
Frontline Technologies Group Holdings, LLC
SoftwareFirst lien (4)(12)6.75% (L + 5.75%/Q)9/18/20179/18/2023$21,773 $21,712 $21,773 
First lien (2)(12)6.75% (L + 5.75%/Q)9/18/20179/18/202318,349 18,318 18,349 
First lien (2)(12)6.75% (L + 5.75%/Q)9/18/20179/18/20237,575 7,546 7,575 
First lien (2)(12)6.75% (L + 5.75%/Q)6/15/20219/18/20235,044 5,044 5,044 
52,620 52,741 4.04 %
Integro Parent Inc.
Business ServicesFirst lien (2)(12)6.75% (L + 5.75%/M)10/9/201510/31/202234,112 34,062 34,112 
First lien (3)(12)(13) - Drawn4.33% (L + 4.25%/M)6/8/20184/30/20226,743 6,709 6,743 
Second lien (8)(12)10.25% (L + 9.25%/M)10/9/201510/30/202310,000 9,966 10,000 
50,737 50,855 3.90 %
CentralSquare Technologies, LLC
SoftwareSecond lien (3)7.63% (L + 7.50%/Q)8/15/20188/31/202647,838 47,413 43,652 
Second lien (8)7.63% (L + 7.50%/Q)8/15/20188/31/20267,500 7,433 6,844 
54,846 50,496 3.87 %
NM GRC Holdco, LLC
Business ServicesFirst lien (2)(12)8.50% (L + 6.00% + 1.50% PIK/Q)*2/9/20182/9/202438,512 38,428 38,512 
First lien (2)(12)8.50% (L + 6.00% + 1.50% PIK/Q)*2/9/20182/9/202410,704 10,679 10,704 
49,107 49,216 3.77 %
Brave Parent Holdings, Inc.
SoftwareSecond lien (5)7.58% (L + 7.50%/M)4/17/20184/17/202622,500 22,426 22,613 
Second lien (2)7.58% (L + 7.50%/M)4/17/20184/17/202616,624 16,513 16,707 
Second lien (8)7.58% (L + 7.50%/M)4/17/20184/17/20266,000 5,960 6,030 
44,899 45,350 3.48 %
Quest Software US Holdings Inc.
SoftwareSecond lien (2)8.38% (L + 8.25%/Q)5/17/20185/18/202643,697 43,404 43,675 3.35 %
Kaseya Inc.
SoftwareFirst lien (8)(12)8.00% (L + 4.00% + 3.00% PIK/Q)*5/9/20195/2/202528,872 28,693 28,872 
First lien (8)(12)8.00% (L + 4.00% + 3.00% PIK/M)*9/8/20215/2/20257,780 7,713 7,780 
First lien (3)(12)8.00% (L + 4.00% + 3.00% PIK/Q)*5/9/20195/2/20253,379 3,352 3,379 
39,758 40,031 3.07 %
Affinity Dental Management, Inc.
Healthcare ServicesFirst lien (2)(12)7.00% (L + 6.00%/S)9/15/20179/15/202326,017 25,990 26,017 
First lien (4)(12)7.00% (L + 6.00%/S)9/17/20199/15/202310,509 10,509 10,509 
First lien (3)(12)(13) - Drawn7.00% (L + 6.00%/S)9/15/20173/15/20231,738 1,721 1,738 
38,220 38,264 2.93 %
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)
September 30, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (14)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (36)
 Cost Fair
 Value
Percent of Net
Assets
Deca Dental Holdings LLC
Healthcare ServicesFirst lien (2)(12)6.50% (L + 5.75%/Q)8/26/20218/28/2028$38,340 $37,961 $37,956 2.91 %
Associations, Inc.
Business ServicesFirst lien (2)(12)7.50% (L + 4.00% + 2.50% PIK/Q)*7/2/20217/2/202730,000 29,854 29,850 
First lien (3)(12)7.50% (L + 4.00% + 2.50% PIK/Q)*7/2/20217/2/20275,154 5,129 5,128 
First lien (3)(12)(13) - Drawn7.50% (L + 4.00% + 2.50% PIK/Q)*7/2/20217/2/2027618 615 615 
35,598 35,593 2.73 %
GC Waves Holdings, Inc.**
Business ServicesFirst lien (5)(12)6.25% (L + 5.50%/Q)8/13/20218/13/202622,163 22,042 22,163 
First lien (2)(12)6.25% (L + 5.50%/Q)8/13/20218/13/202613,379 13,278 13,379 
35,320 35,542 2.72 %
KAMC Holdings, Inc
Business ServicesSecond lien (2)(12)8.12% (L + 8.00%/Q)8/14/20198/13/202718,750 18,638 16,827 
Second lien (8)(12)8.12% (L + 8.00%/Q)8/14/20198/13/202718,750 18,638 16,827 
37,276 33,654 2.58 %
Diamond Parent Holdings Corp. (30)
Diligent Corporation
SoftwareFirst lien (2)(12)6.75% (L + 5.75%/Q)3/30/20218/4/202517,807 17,728 17,718 
First lien (2)(12)6.75% (L + 5.75%/Q)3/4/20218/4/20259,930 9,886 9,880 
First lien (3)(12)7.25% (L + 6.25%/Q)12/19/20188/4/20255,902 5,873 5,980 
33,487 33,578 2.57 %
EAB Global, Inc.
EducationSecond lien (2)(12)7.00% (L + 6.50%/M)8/16/20218/16/202933,452 32,957 32,951 2.53 %
Finalsite Holdings, Inc.
SoftwareFirst lien (4)(12)7.50% (L + 6.50%/Q)9/28/20189/25/202421,256 21,169 21,469 
First lien (2)(12)7.50% (L + 6.50%/Q)9/28/20189/25/202410,499 10,456 10,604 
31,625 32,073 2.46 %
Ansira Holdings, Inc.
Business ServicesFirst lien (8)(12)7.50% (L + 6.50% PIK/S)*12/19/201612/20/202431,195 31,146 25,325 
First lien (3)(12)7.50% (L + 6.50% PIK/S)*12/19/201612/20/20247,883 7,873 6,399 
39,019 31,724 2.43 %
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)
September 30, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (14)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (36)
 Cost Fair
 Value
Percent of Net
Assets
Granicus, Inc.
SoftwareFirst lien (4)(12)7.25% (L + 6.25%/Q)1/27/20211/29/2027$15,561 $15,454 $15,444 
First lien (3)(12)7.25% (L + 6.25%/Q)1/27/20211/29/20276,019 5,976 5,974 
First lien (2)(12)7.25% (L + 6.25%/Q)1/27/20211/29/20275,937 5,896 5,892 
First lien (3)(12)(13) - Drawn7.00% (L + 6.00%/Q)4/23/20211/29/20272,778 2,751 2,751 
30,077 30,061 2.30 %
IG Investments Holdings, LLC
Business ServicesFirst lien (2)6.75% (L + 6.00%/Q)9/22/20219/22/202829,502 29,208 29,207 2.24 %
MRI Software LLC
SoftwareFirst lien (5)(12)6.50% (L + 5.50%/S)1/31/20202/10/202622,160 22,076 22,160 
First lien (2)(12)6.50% (L + 5.50%/S)1/31/20202/10/20266,221 6,196 6,221 
First lien (3)(12)6.50% (L + 5.50%/S)1/31/20202/10/2026320 318 320 
28,590 28,701 2.20 %
Keystone Acquisition Corp.
Healthcare ServicesFirst lien (2)6.25% (L + 5.25%/Q)5/10/20175/1/202424,044 23,974 23,608 
Second lien (2)(12)10.25% (L + 9.25%/Q)5/10/20175/1/20254,500 4,475 4,500 
28,449 28,108 2.15 %
Foundational Education Group, Inc.
EducationSecond lien (5)(12)7.00% (L + 6.50%/S)8/19/20218/31/202922,500 22,388 22,388 
Second lien (2)(12)7.00% (L + 6.50%/S)8/19/20218/31/20295,009 4,984 4,984 
27,372 27,372 2.10 %
HS Purchaser, LLC / Help/Systems Holdings, Inc.
SoftwareSecond lien (5)7.50% (L + 6.75%/Q)11/14/201911/19/202722,500 22,400 22,781 
Second lien (2)7.50% (L + 6.75%/Q)11/14/201911/19/20274,208 4,173 4,261 
26,573 27,042 2.07 %
Confluent Health, LLC
Healthcare ServicesFirst lien (2)5.08% (L + 5.00%/M)6/21/20196/24/202626,881 26,784 26,948 2.07 %
Tenawa Resource Holdings LLC (16)
Tenawa Resource Management LLC
Specialty Chemicals & MaterialsFirst lien (3)(12)10.50% (Base + 8.00%/Q)(33)5/12/201410/30/202438,500 38,465 24,166 
First lien (3)(12)10.50% (Base + 8.00%/Q)(33)7/6/202110/30/20244,400 4,400 2,762 
42,865 26,928 2.06 %
New Trojan Parent, Inc.
Healthcare ServicesSecond lien (2)7.75% (L + 7.25%/Q)1/22/20211/5/202926,762 26,637 26,829 2.06 %
The accompanying notes are an integral part of these consolidated financial statements.
10

Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (14)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (36)
 Cost Fair
 Value
Percent of Net
Assets
VT Topco, Inc.
Business ServicesSecond lien (2)(12)7.50% (L + 6.75%/M)7/30/20217/31/2026$16,183 $16,124 $16,124 
Second lien (4)(12)6.83% (L + 6.75%/M)8/14/20187/31/202610,000 9,983 10,000 
26,107 26,124 2.00 %
CRCI Longhorn Holdings, Inc.
Business ServicesSecond lien (3)(12)7.34% (L + 7.25%/M)8/2/20188/10/202618,266 18,219 18,266 
Second lien (8)(12)7.34% (L + 7.25%/M)8/2/20188/10/20267,500 7,481 7,500 
25,700 25,766 1.97 %
Idera, Inc.
SoftwareSecond lien (4)7.50% (L + 6.75%/M)6/27/20193/2/202922,500 22,204 22,613 
Second lien (3)7.50% (L + 6.75%/M)4/29/20213/2/20293,000 2,986 3,015 
25,190 25,628 1.96 %
RealPage, Inc.
Business ServicesSecond lien (2)7.25% (L + 6.50%/M)2/18/20214/23/202925,000 24,820 25,614 1.96 %
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (2)(12)3.58% (L + 3.50%/M)6/24/20198/28/202416,606 15,034 12,993 
First lien (8)(12)3.58% (L + 3.50%/M)10/23/20198/28/202416,016 14,104 12,533 
29,138 25,526 1.96 %
Galway Borrower LLC
Financial ServicesFirst lien (2)6.00% (L + 5.25%/Q)9/30/20219/29/202824,340 24,096 24,096 1.85 %
NMC Crimson Holdings, Inc.
Healthcare ServicesFirst lien (8)(12)6.75% (L + 6.00%/S)3/1/20213/1/202819,259 18,989 19,028 
First lien (2)(12)6.75% (L + 6.00%/S)3/2/20213/1/20284,913 4,844 4,854 
23,833 23,882 1.83 %
Syndigo LLC
SoftwareSecond lien (4)8.75% (L + 8.00%/S)12/14/202012/15/202822,500 22,343 22,528 1.73 %
Astra Acquisition Corp.
SoftwareFirst lien (5)(12)5.50% (L + 4.75%/M)2/26/20203/1/202722,220 22,084 22,220 1.70 %
ACI Parent Inc. (31)
ACI Group Holdings, Inc.
Healthcare ServicesFirst lien (2)(12)6.25% (L + 5.50%/Q)8/2/20218/2/202822,362 22,142 22,138 1.70 %
Cardinal Parent, Inc.
SoftwareFirst lien (4)5.25% (L + 4.50%/Q)10/30/202011/12/202712,127 12,045 12,112 
Second lien (4)(12)8.50% (L + 7.75%/Q)11/12/202011/13/20289,767 9,677 9,962 
21,722 22,074 1.69 %
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
EducationSecond lien (2)8.38% (L + 8.25%/Q)7/26/20187/30/202621,959 21,919 21,667 1.66 %
The accompanying notes are an integral part of these consolidated financial statements.
11

Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (14)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (36)
 Cost Fair
 Value
Percent of Net
Assets
MED Parentco, LP
Healthcare ServicesSecond lien (8)8.33% (L + 8.25%/M)8/2/20198/30/2027$20,857 $20,730 $21,014 1.61 %
DCA Investment Holding, LLC
Healthcare ServicesFirst lien (2)7.00% (L + 6.25%/Q)3/12/20213/12/202719,928 19,790 19,853 
First lien (3)(13) - Drawn7.00% (L + 6.25%/Q)3/12/20213/12/2027962 955 959 
20,745 20,812 1.59 %
DG Investment Intermediate Holdings 2, Inc.
Business ServicesSecond lien (3)7.50% (L + 6.75%/M)3/18/20213/30/202920,313 20,264 20,465 1.57 %
YLG Holdings, Inc.
Business ServicesFirst lien (5)(12)7.00% (L + 6.00%/S)11/1/201910/31/202518,091 18,026 18,091 
First lien (5)(12)7.00% (L + 6.00%/S)11/1/201910/31/20252,357 2,346 2,357 
20,372 20,448 1.57 %
DiversiTech Holdings, Inc.
Distribution & LogisticsSecond lien (2)8.50% (L + 7.50%/Q)5/18/20176/2/202512,000 11,934 12,030 
Second lien (8)8.50% (L + 7.50%/Q)5/18/20176/2/20257,500 7,459 7,519 
19,393 19,549 1.50 %
Convey Health Solutions, Inc.**
Healthcare ServicesFirst lien (4)(12)5.50% (L + 4.75%/Q)9/9/20199/4/202619,263 19,101 19,456 1.49 %
Xactly Corporation
SoftwareFirst lien (4)(12)8.25% (L + 7.25%/S)7/31/20177/31/202319,047 18,999 19,047 1.46 %
Infogain Corporation
SoftwareFirst lien (2)(12)6.75% (L + 5.75%/Q)7/30/20217/28/202819,137 18,997 18,994 1.46 %
Bluefin Holding, LLC
SoftwareSecond lien (8)(12)7.83% (L + 7.75%/M)9/6/20199/3/202718,000 18,000 18,000 
First lien (3)(12)(13) - Drawn4.38% (L + 4.25%/Q)9/6/20199/6/2024909 895 909 
18,895 18,909 1.45 %
Bullhorn, Inc.
SoftwareFirst lien (2)(12)6.75% (L + 5.75%/Q)9/24/20199/30/202616,873 16,780 16,873 
First lien (3)(12)6.75% (L + 5.75%/Q)9/24/20199/30/2026781 775 781 
First lien (3)(12)6.75% (L + 5.75%/Q)9/24/20199/30/2026350 348 350 
First lien (3)(12)6.75% (L + 5.75%/Q)9/24/20199/30/2026279 277 279 
18,180 18,283 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)
September 30, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (14)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (36)
 Cost Fair
 Value
Percent of Net
Assets
AAC Lender Holdings, LLC (28)
American Achievement Corporation (aka AAC Holding Corp.)
EducationFirst lien (2)(12)7.25% (L + 5.75% PIK + 0.50%/M)(33)*9/30/20159/30/2026$27,343 $27,290 $17,218 
First lien (3)(12)15.00% (L + 13.50% PIK + 0.50%/M)(33)*6/10/20219/30/20261,527 1,527 370 
Subordinated (3)(12)2.00% (L + 1.00% PIK/Q)(33)*3/16/20219/30/20265,230 — — 
28,817 17,588 1.35 %
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (5)(12)7.00% (L + 6.00%/M)2/20/20202/20/202615,990 15,928 15,990 
First lien (3)(12)(13) - Drawn7.00% (L + 6.00%/M)2/20/20202/20/2026967 962 967 
16,890 16,957 1.30 %
The Kleinfelder Group, Inc.
Business ServicesFirst lien (4)(12)6.25% (L + 5.25%/Q)12/18/201811/29/202416,751 16,703 16,751 1.28 %
Coyote Buyer, LLC
Specialty Chemicals & MaterialsFirst lien (5)(12)7.00% (L + 6.00%/S)3/13/20202/6/202613,972 13,918 13,972 
First lien (5)(12)9.00% (L + 8.00%/S)10/15/20208/6/20262,514 2,492 2,514 
16,410 16,486 1.26 %
Mamba Purchaser, Inc.
Healthcare ServicesSecond lien (3)7.00% (L + 6.50%/M)9/29/202110/14/202916,291 16,185 16,185 1.24 %
Instructure, Inc. **
SoftwareFirst lien (8)(12)6.50% (L + 5.50%/M)3/24/20203/24/202615,252 15,177 15,252 1.17 %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (2)(12)6.00% (L + 5.25%/M)6/30/20216/29/202715,382 15,232 15,229 1.17 %
Hill International, Inc.
Business ServicesFirst lien (2)(12)6.75% (L + 5.75%/M)6/21/20176/21/202315,129 15,103 15,129 1.16 %
CFS Management, LLC
Healthcare ServicesFirst lien (2)(12)6.50% (L + 5.50%/S)8/6/20197/1/202411,527 11,492 11,527 
First lien (3)(12)6.50% (L + 5.50%/S)8/6/20197/1/20243,433 3,421 3,433 
14,913 14,960 1.15 %
FR Arsenal Holdings II Corp.
Business ServicesFirst lien (2)(12)8.50% (L + 7.50%/S)9/29/20169/8/202214,999 14,968 14,662 1.12 %
Alegeus Technologies Holding Corp.
Healthcare ServicesFirst lien (8)(12)9.25% (L + 8.25%/S)9/5/20189/5/202413,444 13,406 13,444 1.03 %
The accompanying notes are an integral part of these consolidated financial statements.
13

Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2021
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (14)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (36)
 Cost Fair
 Value
Percent of Net
Assets
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)
SoftwareFirst lien (2)(12)5.00% (L + 4.00%/M)12/7/201612/2/2022$2,880 $2,876 $2,880 
Second lien (8)(12)10.25% (L + 9.25%/M)12/7/20166/2/20237,840 7,821 7,840 
Second lien (3)(12)10.25% (L + 9.25%/M)12/7/20166/2/20232,160 2,155 2,160 
12,852 12,880 0.99 %
Castle Management Borrower LLC
Business ServicesFirst lien (2)(12)3.19% (L + 2.19%/Q)5/31/20182/15/202514,590 14,559 12,843 0.98 %
Geo Parent Corporation
Business ServicesFirst lien (2)5.33% (L + 5.25%/M)12/13/201812/19/202512,835 12,793 12,771 0.98 %
Transcendia Holdings, Inc.
PackagingSecond lien (8)(12)9.00% (L + 8.00%/M)6/28/20175/30/202514,500 14,389 12,634 0.97 %
Calabrio, Inc.
SoftwareFirst lien (5)(12)8.00% (L + 7.00%/Q)4/16/20214/16/202712,347 12,260 12,366 0.95 %
OEConnection LLC
Business ServicesSecond lien (2)(12)8.33% (L + 8.25%/M)9/25/20199/25/202712,044 11,947 12,044 0.92 %
Apptio, Inc.
SoftwareFirst lien (8)(12)8.25% (L + 7.25%/S)1/10/20191/10/202511,203 11,065 11,203 
First lien (3)(12)(13) - Drawn8.25% (L + 7.25%/S)1/10/20191/10/2025827 810 827 
11,875 12,030 0.92 %
CHA Holdings, Inc.
Business ServicesSecond lien (4)(12)9.75% (L + 8.75%/Q)4/3/20184/10/20267,012 6,965 7,036 
Second lien (3)(12)9.75% (L + 8.75%/Q)4/3/20184/10/20264,453 4,423 4,468 
11,388 11,504 0.88 %
USRP Holdings, Inc.
Federal ServicesFirst lien (2)(12)6.25% (L + 5.50%/Q)7/22/20217/23/202711,454 11,342 11,340 0.87 %
Alert Holding Company, Inc. (17)
Appriss Holdings, Inc.
Business ServicesFirst lien (8)7.00% (L + 6.00%/Q)5/24/20195/29/202610,887 10,821 10,887 
First lien (3)(13) - Drawn8.25% (P + 5.00%/Q)5/24/20195/30/2025230 228 230 
11,049 11,117 0.85 %
Recorded Future, Inc.
SoftwareFirst lien (8)(12)7.00% (L + 6.00%/Q)8/26/20197/3/20256,234 6,213 6,234 
First lien (8)(12)7.00% (L + 6.00%/Q)3/26/20217/3/20254,788 4,760 4,788 
10,973 11,022 0.84 %
The accompanying notes are an integral part of these consolidated financial statements.
14