nmfc-20220630

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 June 30, 2022

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 class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

NMFC

The 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

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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 8, 2022
Common stock, par value $0.01 per share						100,716,928

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2022

TABLE OF CONTENTS


		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	New Mountain Finance Corporation
	Consolidated Statements of Assets and Liabilities as of June 30, 2022 (unaudited) and December 31, 2021 (unaudited)	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2022 (unaudited) and June 30, 2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2022 (unaudited) and June 30, 2021 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2022 (unaudited) and June 30, 2021 (unaudited)	6
	Consolidated Schedule of Investments as of June 30, 2022 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2021	33
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	57
	Report of Independent Registered Public Accounting Firm	102

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	103
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	127
Item 4.	Controls and Procedures	128

PART II. OTHER INFORMATION		129

Item 1.	Legal Proceedings	129
Item 1A.	Risk Factors	129
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	130
Item 3.	Defaults Upon Senior Securities	130
Item 4.	Mine Safety Disclosures	130
Item 5.	Other Information	130
Item 6.	Exhibits	131
	Signatures	132

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, 2022		December 31, 2021
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,523,515 and $2,323,224, respectively)	$	2,456,609	$	2,283,779
Non-controlled/affiliated investments (cost of $83,313 and $80,801, respectively)	151,045		134,775
Controlled investments (cost of $690,628 and $722,467, respectively)	692,537		755,810
Total investments at fair value (cost of $3,297,456 and $3,126,492, respectively)	3,300,191		3,174,364
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	19,401		21,422
Cash and cash equivalents	40,712		58,077
Interest and dividend receivable	33,827		30,868



Other assets	10,650		11,081
Total assets	$	3,404,781	$	3,295,812
Liabilities
Borrowings
Holdings Credit Facility	$	615,463	$	545,263
Unsecured Notes	586,500		511,500
SBA-guaranteed debentures	300,000		300,000
Convertible Notes	201,366		201,417
DB Credit Facility	189,300		226,300
NMFC Credit Facility	120,895		127,192
NMNLC Credit Facility II	2,900		15,200
Deferred financing costs (net of accumulated amortization of $44,092 and $40,713, respectively)	(16,910)		(19,684)
Net borrowings	1,999,514		1,907,188
Management fee payable	10,628		10,164
Incentive fee payable	7,926		7,503
Interest payable	18,450		17,388
Payable for unsettled securities purchased	—		7,910
Payable to affiliates	796		556
Deferred tax liability	169		13
Other liabilities	2,097		2,478
Total liabilities	2,039,580		1,953,200
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 100,716,928 and 97,907,441 shares issued and outstanding, respectively	1,007		979
Paid in capital in excess of par	1,310,791		1,272,796

Accumulated undistributed earnings	39,812		47,470
Total net assets of New Mountain Finance Corporation	$	1,351,610	$	1,321,245
Non-controlling interest in New Mountain Net Lease Corporation	13,591		21,367
Total net assets	$	1,365,201	$	1,342,612
Total liabilities and net assets	$	3,404,781	$	3,295,812
Number of shares outstanding	100,716,928		97,907,441
Net asset value per share of New Mountain Finance Corporation	$	13.42	$	13.49

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	41,089	$	39,819	$	78,533	$	79,379
PIK interest income	2,934		2,064		6,236		4,598
Dividend income	87		—		135		—
Non-cash dividend income	3,189		2,967		6,274		5,368
Other income	4,287		1,578		5,918		4,402
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	263		563		518		1,026
PIK interest income	258		—		509		—

Non-cash dividend income	1,012		1,545		1,994		3,050
Other income	62		103		125		205
From controlled investments:
Interest income (excluding PIK interest income)	1,715		1,169		3,371		2,317
PIK interest income	4,085		3,466		9,055		6,770
Dividend income	10,671		11,117		22,316		21,592
Non-cash dividend income	1,063		1,334		2,075		2,615
Other income	2,395		836		5,014		2,947
Total investment income	73,110		66,561		142,073		134,269
Expenses
Incentive fee	7,926		7,298		15,403		14,546
Management fee	11,770		13,725		23,323		27,145
Interest and other financing expenses	20,672		17,871		39,309		37,256
Administrative expenses	932		1,029		2,141		2,158
Professional fees	817		764		1,754		1,490
Other general and administrative expenses	518		466		995		908
Total expenses	42,635		41,153		82,925		83,503
Less: management fee waived (See Note 5)	(1,142)		(3,804)		(2,234)		(7,441)
Less: expenses waived and reimbursed (See Note 5)	—		—		(238)		—
Net expenses	41,493		37,349		80,453		76,062
Net investment income before income taxes	31,617		29,212		61,620		58,207
Income tax (benefit) expense	(87)		22		8		23
Net investment income	31,704		29,190		61,612		58,184
Net realized gains (losses):
Non-controlled/non-affiliated investments	(594)		157		(664)		338
Non-controlled/affiliated investments	—		1		—		(12,211)
Controlled investments	17,112		22		36,354		1,557

Foreign currency	40		—		385		—
Net change in unrealized (depreciation) appreciation:
Non-controlled/non-affiliated investments	(20,507)		(10,921)		(25,031)		(2,650)
Non-controlled/affiliated investments	2,999		35,972		13,758		65,014
Controlled investments	(15,266)		24,757		(31,434)		20,916
Securities purchased under collateralized agreements to resell	—		—		(2,021)		—

Foreign currency	(193)		—		(615)		—
Provision for taxes	(155)		—		(157)		(115)
Net realized and unrealized (losses) gains	(16,564)		49,988		(9,425)		72,849
Net increase in net assets resulting from operations	15,140		79,178		52,187		131,033
Less: Net decrease (increase) in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	814		(3,366)		(41)		(3,731)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	$	15,954	$	75,812	$	52,146	$	127,302
Basic earnings per share	$	0.16	$	0.78	$	0.52	$	1.31
Weighted average shares of common stock outstanding - basic (See Note 11)	100,596,188		96,828,217		99,510,862		96,827,782
Diluted earnings per share	$	0.16	$	0.71	$	0.50	$	1.20
Weighted average shares of common stock outstanding - diluted (See Note 11)	113,853,773		110,085,802		112,768,447		110,085,367
Distributions declared and paid per share	$	0.30	$	0.30	$	0.60	$	0.60

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Changes in Net Assets

(in thousands, except shares and per share data)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Increase (decrease) in net assets resulting from operations:
Net investment income	$	31,704	$	29,190	$	61,612	$	58,184
Net realized gains (losses) on investments and foreign currency	16,558		180		36,075		(10,316)
Net change in unrealized (depreciation) appreciation of investments and foreign currency	(32,967)		49,808		(43,322)		83,280
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	—		—		(2,021)		—
Provision for taxes	(155)		—		(157)		(115)
Net increase in net assets resulting from operations	15,140		79,178		52,187		131,033
Less: Net decrease (increase) in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	814		(3,366)		(41)		(3,731)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	15,954		75,812		52,146		127,302
Capital transactions
Net proceeds from shares sold	16,577		—		37,051		—
Offering costs	(74)		—		(126)		—
Distributions declared to stockholders from net investment income	(30,215)		(29,048)		(59,804)		(58,096)
Reinvestment of distributions	—		1,049		1,098		1,049


Total net decrease in net assets resulting from capital transactions	(13,712)		(27,999)		(21,781)		(57,047)
Net increase in net assets	2,242		47,813		30,365		70,255
New Mountain Finance Corporation net assets at the beginning of the period	1,349,368		1,244,317		1,321,245		1,221,875
New Mountain Finance Corporation net assets at the end of the period	1,351,610		1,292,130		1,351,610		1,292,130
Non-controlling interest in NMNLC	13,591		18,956		13,591		18,956
Net assets at the end of the period	$	1,365,201	$	1,311,086	$	1,365,201	$	1,311,086

Capital share activity
Shares sold	1,218,366		—		2,730,202		—
Shares issued from the reinvestment of distributions	—		79,646		79,285		79,646


Net increase in shares outstanding	1,218,366		79,646		2,809,487		79,646

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Six Months Ended
	June 30, 2022		June 30, 2021
Cash flows from operating activities
Net increase in net assets resulting from operations	$	52,187	$	131,033
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized (gains) losses on investments	(35,690)		10,316
Net realized gains on translation of assets and liabilities in foreign currencies	(385)		—
Net change in unrealized depreciation (appreciation) of investments	42,707		(83,280)
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies	615		—
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	2,021		—
Amortization of purchase discount	(3,078)		(3,617)
Amortization of deferred financing costs	3,379		3,939
Amortization of premium on Convertible Notes	(51)		(51)
Non-cash investment income	(25,002)		(22,851)
(Increase) decrease in operating assets:

Purchase of investments and delayed draw facilities	(397,172)		(299,512)
Proceeds from sales and paydowns of investments	292,753		269,522
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	279		74
Cash paid for purchase of drawn portion of revolving credit facilities	(185)		(550)
Cash paid on drawn revolvers	(18,678)		(22,088)
Cash repayments on drawn revolvers	15,809		16,600
Deferred tax asset	—		101
Interest and dividend receivable	(2,979)		(3,879)
Receivable from unsettled securities sold	—		9,019
Receivable from affiliates	—		117
Other assets	414		(3,670)
Increase (decrease) in operating liabilities:
Management fee payable	464		(498)
Incentive fee payable	423		(56)
Payable for unsettled securities purchased	(7,910)		(11,629)
Payable to affiliates	240		78
Interest payable	1,062		1,663
Deferred tax liability	156		13
Other liabilities	(479)		(352)
Contributions related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	—		211
Net cash flows used in by operating activities	(79,100)		(9,347)
Cash flows from financing activities
Net proceeds from shares sold	37,051		—
Offering costs paid	(62)		—
Distributions paid	(58,706)		(57,047)
Proceeds from Holdings Credit Facility	101,200		57,000
Repayment of Holdings Credit Facility	(31,000)		(2,000)


Proceeds from Unsecured Notes	75,000		200,000
Repayment of Unsecured Notes	—		(141,750)

Proceeds from NMFC Credit Facility	101,054		222,000
Repayment of NMFC Credit Facility	(105,000)		(289,500)
Proceeds from DB Credit Facility	40,000		62,500
Repayment of DB Credit Facility	(77,000)		(83,000)

Repayment of NMNLC Credit Facility II	(12,300)		—

Contributions related to non-controlling interest in NMNLC	124		—
Distributions related to non-controlling interest in NMNLC	(7,940)		—
Deferred financing costs paid	(553)		(10,013)

Net cash flows provided by (used in) by financing activities	61,868		(41,810)
Net decrease in cash and cash equivalents	(17,232)		(51,157)
Effect of foreign exchange rate changes on cash and cash equivalents	(133)		—
Cash and cash equivalents at the beginning of the period	58,077		78,966
Cash and cash equivalents at the end of the period	$	40,712	$	27,809
Supplemental disclosure of cash flow information
Cash interest paid	$	34,026	$	30,515
Income taxes paid	74		23


Non-cash financing activities:

Value of shares reissued from repurchase program in connection with the distribution reinvestment plan	$	1,098	$	1,049
Accrual for offering costs	68		—
Accrual for deferred financing costs	63		131

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
GS Acquisitionco, Inc.
Software	First lien (2)(15)	7.26% (L + 5.75%/Q)	8/7/2019	5/22/2026	$	67,621	$	67,392	$	67,621
	First lien (5)(15)	7.26% (L + 5.75%/Q)	8/7/2019	5/22/2026	21,856		21,787		21,856
	First lien (3)(15)(18) - Drawn	8.63% (L + 5.75%/S)	8/7/2019	5/22/2026	1,479		1,470		1,479
							90,649		90,956		6.66	%
PhyNet Dermatology LLC
Healthcare Services	First lien (2)(15)	6.75% (L + 5.75%/Q)	9/17/2018	8/16/2024	49,489		49,290		48,795
	First lien (3)(15)	6.75% (L + 5.75%/Q)	9/17/2018	8/16/2024	18,866		18,770		18,602
							68,060		67,397		4.94	%
Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.
Software	First lien (2)	8.29% (SOFR + 5.75%/S)	6/23/2022	6/25/2029	63,093		62,621		62,620		4.59	%
Associations, Inc.
Consumer Services	First lien (2)(15)	7.50% (L + 4.00% + 2.50% PIK/S)*	7/2/2021	7/2/2027	35,335		35,194		35,159
	First lien (8)(15)	8.44% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,699		8,660		8,656
	First lien (3)(15)	8.72% (SOFR + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,699		8,659		8,655
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	5,253		5,231		5,227
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	4,179		4,161		4,158
							61,905		61,855		4.53	%
iCIMS, Inc.
Software	First lien (8)(15)	7.72% (L + 6.50%/Q)	9/12/2018	9/12/2024	41,636		41,451		41,636
	First lien (8)(15)	7.72% (L + 6.50%/Q)	6/14/2019	9/12/2024	8,667		8,626		8,667
	First lien (3)(15)	7.72% (L + 6.50%/Q)	9/12/2018	9/12/2024	2,915		2,886		2,915
							52,963		53,218		3.90	%
Frontline Technologies Group Holdings, LLC
Software	First lien (4)(15)	6.49% (L + 5.25%/Q)	9/18/2017	9/18/2023	21,447		21,409		21,447
	First lien (2)(15)	6.49% (L + 5.25%/Q)	9/18/2017	9/18/2023	18,074		18,055		18,074
	First lien (2)(15)	6.49% (L + 5.25%/Q)	9/18/2017	9/18/2023	7,461		7,443		7,461
	First lien (2)(15)	6.49% (L + 5.25%/Q)	6/15/2021	9/18/2023	4,969		4,969		4,969
							51,876		51,951		3.81	%
CentralSquare Technologies, LLC
Software	Second lien (3)	9.75% (L + 7.50%/Q)	8/15/2018	8/31/2026	47,838		47,467		43,453
	Second lien (8)	9.75% (L + 7.50%/Q)	8/15/2018	8/31/2026	7,500		7,442		6,812
							54,909		50,265		3.68	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

GC Waves Holdings, Inc.
Financial Services	First lien (5)(15)	7.17% (L + 5.50%/M)	8/13/2021	8/13/2026	$	21,997	$	21,893	$	21,997
	First lien (2)(15)	7.17% (L + 5.50%/M)	8/13/2021	8/13/2026	13,278		13,192		13,278
	First lien (2)(15)	7.17% (L + 5.50%/M)	8/13/2021	8/13/2026	10,604		10,506		10,604
	First lien (3)(15)(18) - Drawn	7.17% (L + 5.50%/M)	4/11/2022	8/13/2026	764		757		764
							46,348		46,643		3.42	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (8)(15)	7.14% (L + 5.50%/M)	12/22/2021	12/22/2027	20,739		20,548		20,532
	First lien (4)(15)	7.14% (L + 5.50%/M)	1/13/2022	12/22/2027	9,847		9,755		9,748
	Subordinated (3)(15)	11.50% PIK/Q*	12/22/2021	12/22/2031	11,795		11,633		11,618
	Subordinated (4)(15)	11.50% PIK/Q*	1/13/2022	12/22/2031	4,626		4,562		4,556
							46,498		46,454		3.39	%
Affinity Dental Management, Inc.
Healthcare Services	First lien (2)(15)	7.53% (L + 6.00%/S)	9/15/2017	9/15/2023	33,107		33,090		33,107
	First lien (4)(15)	7.53% (L + 6.00%/S)	9/17/2019	9/15/2023	10,427		10,427		10,427
	First lien (3)(15)	7.55% (L + 6.00%/S)	9/15/2017	3/15/2023	1,738		1,720		1,738
							45,237		45,272		3.32	%
Brave Parent Holdings, Inc.
Software	Second lien (5)	9.17% (L + 7.50%/M)	4/17/2018	4/17/2026	22,500		22,437		22,050
	Second lien (2)	9.17% (L + 7.50%/M)	4/17/2018	4/17/2026	16,624		16,529		16,291
	Second lien (8)	9.17% (L + 7.50%/M)	4/17/2018	4/17/2026	6,000		5,966		5,880
							44,932		44,221		3.24	%
Deca Dental Holdings LLC
Healthcare Services	First lien (2)(15)	8.00% (L + 5.75%/Q)	8/26/2021	8/28/2028	38,052		37,709		37,672
	First lien (3)(15)(18) - Drawn	8.00% (L + 5.75%/Q)	8/26/2021	8/28/2028	4,005		3,968		3,965
	First lien (3)(15)(18) - Drawn	8.00% (L + 5.75%/Q)	8/26/2021	8/26/2027	1,009		999		999
							42,676		42,636		3.11	%
Recorded Future, Inc.
Software	First lien (8)(15)	8.13% (L + 5.25%/S)	8/26/2019	7/3/2025	24,593		24,453		24,470
	First lien (8)(15)	8.13% (L + 5.25%/S)	3/26/2021	7/3/2025	12,716		12,641		12,653
							37,094		37,123		2.72	%
Stamps.com Inc.
Software	First lien (8)(15)	6.87% (L + 5.75%/M)	10/5/2021	10/5/2028	37,180		36,840		36,808		2.70	%
MRI Software LLC
Software	First lien (5)(15)	7.75% (L + 5.50%/Q)	1/31/2020	2/10/2026	21,992		21,921		21,992
	First lien (2)(15)	7.75% (L + 5.50%/Q)	3/24/2021	2/10/2026	9,639		9,617		9,639
	First lien (2)(15)	7.75% (L + 5.50%/Q)	1/31/2020	2/10/2026	3,189		3,178		3,189
	First lien (3)(15)	7.75% (L + 5.50%/Q)	1/31/2020	2/10/2026	814		810		814
							35,526		35,634		2.61	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (2)(15)	8.63% (L + 5.75%/S)	3/30/2021	8/4/2025	$	17,673	$	17,607	$	17,673
	First lien (2)(15)	8.63% (L + 5.75%/S)	3/4/2021	8/4/2025	9,855		9,819		9,855
	First lien (3)(15)	9.13% (L + 6.25%/S)	12/19/2018	8/4/2025	5,857		5,833		5,857
	First lien (3)(15)(18) - Drawn	9.13% (L + 6.25%/S)	3/30/2021	8/4/2025	1,812		1,803		1,812
							35,062		35,197		2.58	%
OEC Holdco, LLC (22)
OEConnection LLC
Business Services	Second lien (2)(15)	8.60% (L + 7.00%/M)	12/17/2021	9/25/2027	23,406		23,189		23,171
	Second lien (2)(15)	8.67% (L + 7.00%/M)	9/25/2019	9/25/2027	12,044		11,957		11,924
							35,146		35,095		2.57	%
IG Investments Holdings, LLC
Business Services	First lien (2)(15)	8.25% (L + 6.00%/Q)	9/22/2021	9/22/2028	29,281		29,014		28,988
	First lien (2)(15)	8.25% (L + 6.00%/Q)	2/25/2022	9/22/2028	4,278		4,258		4,236
	First lien (3)(15)(18) - Drawn	9.75% (P + 5.00%/Q)	9/22/2021	9/22/2027	632		626		626
							33,898		33,850		2.48	%
Anaplan, Inc.
Software	First lien (2)	8.01% (SOFR + 6.50%/M)	6/21/2022	6/21/2029	33,618		33,283		33,282		2.44	%
EAB Global, Inc.
Education	Second lien (2)(15)	7.54% (L + 6.50%/Q)	8/16/2021	8/16/2029	33,452		32,993		32,951		2.41	%
KAMC Holdings, Inc
Business Services	Second lien (2)(15)	9.44% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,649		16,279
	Second lien (8)(15)	9.44% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,649		16,279
							37,298		32,558		2.38	%
Foreside Financial Group
Business Services	First lien (2)(15)	7.12% (L + 5.50%/M)	5/26/2022	9/30/2027	32,128		31,812		31,807		2.33	%
DCA Investment Holding, LLC
Healthcare Services	First lien (2)(15)	6.75% (SOFR + 6.00%/Q)	3/12/2021	4/3/2028	19,769		19,646		19,769
	First lien (2)(15)	7.34% (SOFR + 6.00%/Q)	2/25/2022	4/3/2028	7,081		7,047		7,081
	First lien (3)(15)	7.34% (SOFR + 6.00%/Q)	3/12/2021	4/3/2028	3,289		3,267		3,289
	First lien (3)(15)(18) - Drawn	6.75% (SOFR + 6.00%/Q)	3/12/2021	4/3/2028	306		305		306
							30,265		30,445		2.23	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Granicus, Inc.
Software	First lien (4)(15)	8.75% (L + 6.50%/Q)	1/27/2021	1/29/2027	$	15,444	$	15,351	$	15,444
	First lien (8)(15)	8.75% (L + 6.50%/Q)	1/27/2021	1/29/2027	5,974		5,936		5,974
	First lien (2)(15)	8.75% (L + 6.50%/Q)	1/27/2021	1/29/2027	5,892		5,857		5,892
	First lien (3)(15)(18) - Drawn	8.25% (L + 6.00%/Q)	4/23/2021	1/29/2027	2,765		2,741		2,765
							29,885		30,075		2.20	%
TigerConnect, Inc.
Healthcare Services	First lien (2)(15)	7.75% (SOFR + 6.75%/S)	2/16/2022	2/16/2028	29,868		29,585		29,570		2.17	%
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information Technology	First lien (2)(15)	7.67% (L + 6.00%/M)	12/20/2021	12/20/2028	28,130		27,866		27,756
	First lien (2)(15)	7.67% (L + 6.00%/M)	5/6/2022	12/20/2028	1,776		1,759		1,752
							29,625		29,508		2.16	%
Foundational Education Group, Inc.
Education	Second lien (5)(15)	8.82% (SOFR + 6.50%/Q)	8/19/2021	8/31/2029	22,500		22,396		21,312
	Second lien (2)(15)	8.82% (SOFR + 6.50%/Q)	8/19/2021	8/31/2029	7,009		6,986		6,639
							29,382		27,951		2.05	%
Ansira Holdings, Inc.
Business Services	First lien (8)(15)	8.17% (L + 6.50% PIK/M)*	12/19/2016	12/20/2024	33,098		33,059		21,977
	First lien (3)(15)	8.17% (L + 6.50% PIK/M)*	12/19/2016	12/20/2024	8,352		8,344		5,545
							41,403		27,522		2.02	%
Syndigo LLC
Software	Second lien (4)(15)	10.51% (L + 8.00%/S)	12/14/2020	12/15/2028	22,500		22,355		21,897
	Second lien (2)(15)	10.51% (L + 8.00%/S)	2/16/2022	12/15/2028	5,697		5,711		5,544
							28,066		27,441		2.01	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(15)	5.17% (L + 3.50%/M)	6/24/2019	8/28/2024	16,479		15,294		13,811
	First lien (8)(15)	5.17% (L + 3.50%/M)	10/23/2019	8/28/2024	15,894		14,448		13,320
							29,742		27,131		1.99	%
VT Topco, Inc.
Business Services	Second lien (2)(15)	8.42% (L + 6.75%/M)	7/30/2021	7/31/2026	16,183		16,132		16,183
	Second lien (4)(15)	8.67% (L + 7.00%/M)	8/14/2018	7/31/2026	10,000		9,985		10,000
							26,117		26,183		1.92	%
Fortis Solutions Group, LLC
Packaging	First lien (8)(15)	7.65% (L + 5.50%/Q)	10/15/2021	10/13/2028	10,247		10,153		10,144
	First lien (2)(15)	7.65% (L + 5.50%/Q)	10/15/2021	10/13/2028	10,247		10,153		10,144
	First lien (3)(15)	7.65% (L + 5.50%/Q)	10/15/2021	10/13/2028	5,612		5,557		5,556
	First lien (3)(15)(18) - Drawn	7.73% (L + 5.50%/Q)	10/15/2021	10/15/2027	191		189		189
							26,052		26,033		1.91	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

DOCS, MSO, LLC
Healthcare Services	First lien (8)	6.90% (SOFR + 5.75%/M)	6/1/2022	6/1/2028	$	18,807	$	18,807	$	18,807
	First lien (4)	6.90% (SOFR + 5.75%/M)	6/1/2022	6/1/2028	7,043		7,043		7,043
							25,850		25,850		1.89	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)	7.56% (SOFR + 6.75%/Q)	11/14/2019	11/19/2027	22,500		22,410		21,600
	Second lien (2)	7.56% (SOFR + 6.75%/Q)	11/14/2019	11/19/2027	4,208		4,177		4,040
							26,587		25,640		1.88	%
New Trojan Parent, Inc.
Healthcare Services	Second lien (2)(15)	8.92% (L + 7.25%/M)	1/22/2021	1/5/2029	26,762		26,647		25,590		1.87	%
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)(15)	8.87% (L + 7.25%/M)	8/2/2018	8/10/2026	18,266		18,225		17,867
	Second lien (8)(15)	8.87% (L + 7.25%/M)	8/2/2018	8/10/2026	7,500		7,483		7,337
							25,708		25,204		1.85	%
Idera, Inc.
Software	Second lien (4)(15)	7.82% (L + 6.75%/M)	6/27/2019	3/2/2029	22,500		22,227		21,953
	Second lien (3)(15)	7.82% (L + 6.75%/M)	4/29/2021	3/2/2029	3,000		2,987		2,927
							25,214		24,880		1.82	%
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (8)(15)	6.97% (L + 6.00%/Q)	3/1/2021	3/1/2028	19,259		19,015		19,103
	First lien (2)(15)	6.97% (L + 6.00%/Q)	3/2/2021	3/1/2028	4,913		4,850		4,873
							23,865		23,976		1.76	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare Services	First lien (2)(15)	7.75% (L + 5.50%/Q)	8/2/2021	8/2/2028	22,194		21,996		21,972
	First lien (3)(15)(18) - Drawn	7.75% (L + 5.50%/Q)	8/2/2021	8/2/2028	967		958		958
							22,954		22,930		1.68	%
Convey Health Solutions, Inc.**
Healthcare Services	First lien (4)(15)	6.42% (L + 4.75%/M)	9/9/2019	9/4/2026	19,263		19,123		19,244
	First lien (4)(15)	6.42% (L + 4.75%/M)	2/1/2022	9/4/2026	3,225		3,180		3,221
							22,303		22,465		1.65	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (2)(15)	7.70% (SOFR + 5.50%/Q)	2/25/2022	2/25/2028	22,434		22,327		22,322		1.64	%
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education	Second lien (2)(15)	10.50% (L + 8.25%/Q)	7/26/2018	7/30/2026	21,959		21,924		21,690		1.59	%
Cardinal Parent, Inc.
Software	First lien (4)	6.13% (L + 4.50%/M)	10/30/2020	11/12/2027	12,035		11,963		11,463
	Second lien (4)(15)	9.37% (L + 7.75%/M)	11/12/2020	11/13/2028	9,767		9,684		9,864
							21,647		21,327		1.56	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

YLG Holdings, Inc.
Business Services	First lien (5)(15)	6.75% (L + 5.00%/S)	11/1/2019	10/31/2025	$	17,953	$	17,899	$	17,953
	First lien (5)(15)	6.42% (L + 5.00%/S)	11/1/2019	10/31/2025	2,338		2,330		2,338
	First lien (3)(15)(18) - Drawn	8.75% (P + 4.00%/Q)	11/1/2019	10/31/2025	119		118		119
							20,347		20,410		1.50	%
Bullhorn, Inc.
Software	First lien (2)(15)	8.00% (L + 5.75%/Q)	9/24/2019	9/30/2026	16,745		16,664		16,745
	First lien (3)(15)	8.00% (L + 5.75%/Q)	10/5/2021	9/30/2026	1,168		1,165		1,168
	First lien (2)(15)	8.00% (L + 5.75%/Q)	10/5/2021	9/30/2026	1,070		1,068		1,070
	First lien (3)(15)	8.00% (L + 5.75%/Q)	9/24/2019	9/30/2026	775		770		775
	First lien (3)(15)	8.00% (L + 5.75%/Q)	9/24/2019	9/30/2026	347		345		347
	First lien (3)(15)	8.00% (L + 5.75%/Q)	9/24/2019	9/30/2026	277		275		277
							20,287		20,382		1.49	%
Notorious Topco, LLC
Consumer Products	First lien (8)(15)	8.00% (L + 6.50%/S)	11/23/2021	11/23/2027	10,102		10,032		10,026
	First lien (8)(15)	8.46% (L + 6.50%/Q)	5/10/2022	11/23/2027	9,975		9,902		9,900
	First lien (3)(15)(18) - Drawn	8.00% (L + 6.50%/S)	11/23/2021	5/24/2027	381		379		379
							20,313		20,305		1.49	%
MED Parentco, LP
Healthcare Services	Second lien (8)(15)	9.92% (L + 8.25%/M)	8/2/2019	8/30/2027	20,857		20,744		19,802		1.45	%
Xactly Corporation
Software	First lien (4)(15)	8.49% (L + 7.25%/Q)	7/31/2017	7/31/2023	19,047		19,018		19,047
	First lien (3)(15)(18) - Drawn	8.80% (L + 7.25%/Q)	7/31/2017	7/31/2023	608		602		608
							19,620		19,655		1.44	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)	8.42% (L + 6.75%/M)	3/18/2021	3/30/2029	20,313		20,269		19,449		1.42	%
Infogain Corporation
Software	First lien (2)(15)	6.99% (L + 5.75%/Q)	7/30/2021	7/28/2028	18,994		18,867		18,827
	First lien (3)(15)(18) - Drawn	6.96% (L + 5.75%/Q)	7/30/2021	7/30/2026	287		285		285
							19,152		19,112		1.40	%
Wealth Enhancement Group, LLC
Financial Services	First lien (3)(15)(18) - Drawn	7.68% (SOFR + 6.00%/S)	8/13/2021	10/4/2027	15,883		15,842		15,883
	First lien (3)(15)	7.00% (L + 6.00%/S)	1/10/2022	10/4/2027	1,260		1,248		1,260
	First lien (3)(15)	7.52% (SOFR + 6.00%/S)	1/10/2022	10/4/2027	845		837		845
	First lien (3)(15)(18) - Drawn	7.00% (L + 6.00%/Q)	8/13/2021	10/4/2027	676		674		676
							18,601		18,664		1.37	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(15)	7.08% (L + 5.25%/S)	6/30/2021	6/29/2027	$	15,382	$	15,249	$	15,228
	First lien (3)(15)(18) - Drawn	6.85% (L + 5.25%/S)	6/30/2021	6/29/2027	2,889		2,861		2,860
							18,110		18,088		1.32	%
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	7.32% (L + 5.75% PIK + 0.50%/M)(42)*	9/30/2015	9/30/2026	28,151		28,105		18,028
	First lien (3)(15)	15.07% (L + 13.50% PIK + 0.50%/M)(42)*	6/10/2021	9/30/2026	1,527		1,527		—
	Subordinated (3)(15)	2.00% (L + 1.00% PIK/Q)(42)*	3/16/2021	9/30/2026	5,230		—		—
							29,632		18,028		1.32	%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Drawn	6.36% (L + 4.25%/S)	9/6/2019	9/6/2024	424		418		410
	Second lien (8)(15)	9.83% (L + 7.75%/S)	9/6/2019	9/3/2027	18,000		18,000		17,465
							18,418		17,875		1.31	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (5)(15)	7.00% (L + 6.00%/S)	3/13/2020	2/6/2026	13,866		13,820		13,865
	First lien (5)(15)	10.25% (L + 8.00%/Q)	10/15/2020	8/6/2026	2,495		2,477		2,495
	First lien (3)(15)(18) - Drawn	7.54% (L + 6.00%/Q)	3/13/2020	2/6/2025	304		302		304
							16,599		16,664		1.22	%
The Kleinfelder Group, Inc.
Business Services	First lien (4)(15)	7.50% (L + 5.25%/Q)	12/18/2018	11/29/2024	16,620		16,583		16,620		1.22	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(15)	6.56% (L + 5.50%/M)	2/20/2020	2/20/2026	15,868		15,817		15,868
	First lien (3)(15)(18) - Drawn	6.56% (L + 5.50%/M)	2/20/2020	2/20/2026	297		295		297
							16,112		16,165		1.18	%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (8)(15)	9.25% (L + 7.00% PIK/Q)*	11/1/2021	11/1/2028	14,173		14,048		14,031
	First lien (8)(15)	9.25% (L + 7.00% PIK/Q)*	3/11/2022	11/1/2028	1,942		1,924		1,923
							15,972		15,954		1.17	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(15)	8.00% (L + 5.75%/Q)	12/20/2021	12/21/2027	$	10,448	$	10,351	$	10,343
	First lien (5)(15)	8.00% (L + 5.75%/Q)	12/20/2021	12/21/2027	3,485		3,452		3,450
	First lien (5)(15)(18) - Drawn	6.99% (L + 5.75%/Q)	12/20/2021	12/21/2027	932		948		922
	First lien (3)(15)(18) - Drawn	6.80% (L + 5.75%/Q)	12/20/2021	12/21/2027	357		353		353
							15,104		15,068		1.10	%
Hill International, Inc.
Business Services	First lien (2)(15)	8.38% (SOFR + 6.85%/M)	6/21/2017	11/5/2023	15,010		14,995		15,010		1.10	%
CFS Management, LLC
Healthcare Services	First lien (2)(15)	8.57% (SOFR + 6.25%/Q)	8/6/2019	7/1/2024	11,439		11,414		11,439
	First lien (3)(15)	8.57% (SOFR + 6.25%/Q)	8/6/2019	7/1/2024	3,407		3,398		3,407
							14,812		14,846		1.09	%
Daxko Acquisition Corporation
Software	First lien (8)(15)	7.75% (L + 5.50%/Q)	10/15/2021	10/16/2028	13,210		13,089		13,045
	First lien (3)(15)	7.17% (L + 5.50%/M)	10/15/2021	10/16/2028	1,113		1,102		1,099
							14,191		14,144		1.04	%
Castle Management Borrower LLC
Business Services	First lien (2)(15)	3.19% (L + 2.19%/Q)	5/31/2018	2/15/2025	14,590		14,566		13,554		0.99	%
Transcendia Holdings, Inc.
Packaging	Second lien (8)(15)	9.67% (L + 8.00%/M)	6/28/2017	5/30/2025	14,500		14,409		13,448		0.99	%
Alegeus Technologies Holding Corp.
Healthcare Services	First lien (8)(15)	10.95% (L + 8.25%/S)	9/5/2018	9/5/2024	13,444		13,415		13,444		0.98	%
FR Arsenal Holdings II Corp.
Business Services	First lien (2)(15)	11.25% (L + 7.50% + 2.00% PIK/Q)*	9/29/2016	9/8/2022	14,662		14,656		13,105		0.96	%
IMO Investor Holdings, Inc.
Healthcare Information Technology	First lien (2)(15)	7.65% (SOFR + 6.00%/S)	5/11/2022	5/11/2029	13,007		12,879		12,877
	First lien (3)(15)(18) - Drawn	7.24% (SOFR + 6.00%/M)	5/11/2022	5/11/2028	155		153		153
							13,032		13,030		0.95	%
USRP Holdings, Inc.
Federal Services	First lien (2)(15)	7.75% (L + 5.50%/Q)	7/22/2021	7/23/2027	11,368		11,270		11,255
	First lien (3)(15)	7.75% (L + 5.50%/Q)	7/22/2021	7/23/2027	1,480		1,466		1,465
							12,736		12,720		0.93	%
Calabrio, Inc.
Software	First lien (5)(15)	9.25% (L + 7.00%/Q)	4/16/2021	4/16/2027	12,347		12,270		12,347		0.90	%
Apptio, Inc.
Software	First lien (8)(15)	7.25% (L + 6.00%/M)	1/10/2019	1/10/2025	11,203		11,094		11,203
	First lien (3)(15)(18) - Drawn	7.25% (L + 6.00%/M)	1/10/2019	1/10/2025	827		810		827
							11,904		12,030		0.88	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

CHA Holdings, Inc.
Business Services	Second lien (4)(15)	11.04% (L + 8.75%/Q)	4/3/2018	4/10/2026	$	7,012	$	6,972	$	7,012
	Second lien (3)(15)	11.04% (L + 8.75%/Q)	4/3/2018	4/10/2026	4,453		4,427		4,453
							11,399		11,465		0.84	%
Specialtycare, Inc.
Healthcare Services	First lien (2)(15)	6.75% (L + 5.75%/Q)	6/18/2021	6/18/2028	10,511		10,385		10,282		0.75	%
Quartz Holding Company
Software	Second lien (3)	9.67% (L + 8.00%/M)	4/2/2019	4/2/2027	10,000		9,865		9,750		0.71	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(15)	—	5/3/2013	—	14,500		14,500		9,377		0.69	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(15)	9.50% (L + 5.25% + 2.00% PIK/Q)*	7/19/2021	7/19/2027	8,275		8,195		7,747
	First lien (3)(15)(18) - Drawn	8.92% (L + 5.25% + 2.00% PIK/M)*	7/19/2021	7/19/2026	907		897		849
							9,092		8,596		0.63	%
Vectra Co.
Business Products	Second lien (8)(15)	8.92% (L + 7.25%/M)	2/23/2018	3/8/2026	10,788		10,766		8,179		0.60	%
AgKnowledge Holdings Company, Inc.
Business Services	First lien (2)(15)	6.25% (L + 4.75%/S)	11/30/2018	7/21/2023	8,089		8,079		8,089		0.59	%
Energize Holdco LLC
Business Services	Second lien (2)(15)	9.00% (L + 6.75%/Q)	11/19/2021	12/7/2029	7,950		7,912		7,865		0.58	%
KPSKY Acquisition Inc.
Industrial Services	First lien (8)(15)	7.14% (L + 5.50%/M)	10/19/2021	10/19/2028	7,003		6,939		6,933
	First lien (3)(15)(18) - Drawn	9.25% (P + 4.50%/Q)	10/19/2021	10/19/2028	755		748		748
							7,687		7,681		0.56	%
Community Brands ParentCo, LLC
Software	First lien (2)(15)	7.38% (SOFR + 5.75%/M)	2/24/2022	2/24/2028	7,199		7,130		7,114		0.52	%
ADG, LLC
Healthcare Services	Second lien (3)(15)	11.69% (L + 10.00% PIK/Q)*	10/3/2016	3/28/2024	6,960		6,937		6,417		0.47	%
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information Technology	First lien (8)(15)	8.25% (L + 7.25%/Q)	5/6/2021	5/6/2027	6,250		6,197		6,250		0.46	%
Safety Borrower Holdings LLC
Information Services	First lien (2)(15)	7.50% (L + 5.25%/Q)	9/1/2021	9/1/2027	5,728		5,703		5,699
	First lien (3)(15)(18) - Drawn	9.00% (P + 4.25%/Q)	9/1/2021	9/1/2027	128		127		127
							5,830		5,826		0.43	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Sun Acquirer Corp.
Consumer Services	First lien (2)(15)	7.42% (L + 5.75%/M)	9/8/2021	9/8/2028	$	4,005	$	3,973	$	3,965
	First lien (3)(15)(18) - Drawn	7.42% (L + 5.75%/M)	9/8/2021	9/8/2028	1,665		1,649		1,648
	First lien (3)(15)(18) - Drawn	9.50% (P + 4.75%/Q)	9/8/2021	9/8/2027	56		58		55
							5,680		5,668		0.42	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Drawn	7.75% (L + 5.50%/Q)	11/26/2021	11/26/2027	3,713		3,678		3,713		0.27	%
Education Management Corporation (20)
Education Management II LLC
Education	First lien (2)	13.00% (L + 7.50%/M)(42)	1/5/2015	7/2/2020	300		292		—
	First lien (3)	13.00% (L + 7.50%/M)(42)	1/5/2015	7/2/2020	169		165		—
	First lien (2)	9.75% (L + 6.50%/Q)(42)	1/5/2015	7/2/2020	206		200		—
	First lien (3)	9.75% (L + 6.50%/Q)(42)	1/5/2015	7/2/2020	116		113		—
	First lien (2)	11.75% (P + 8.50%/M)(42)	1/5/2015	7/2/2020	140		116		—
	First lien (3)	11.75% (P + 8.50%/M)(42)	1/5/2015	7/2/2020	79		65		—
	First lien (2)	11.75% (P + 8.50%/M)(42)	1/5/2015	7/2/2020	4		3		—
	First lien (3)	11.75% (P + 8.50%/M)(42)	1/5/2015	7/2/2020	2		2		—
							956		—		—	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (42)(43)	—	11/7/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States							$	2,165,716	$	2,107,717	154.39	%
Funded Debt Investments - United Kingdom
Integro Parent Inc.**
Insurance Services	First lien (2)(15)	7.85% (SOFR + 2.50% + 3.75% PIK/Q)*	10/9/2015	5/8/2023	$	34,909	$	34,868	$	34,908
	First lien (3)(15)	7.85% (SOFR + 2.50% + 3.75% PIK/Q)*	6/8/2018	5/8/2023	6,892		6,858		6,892
	First lien (2)(15)	13.63% (SOFR + 12.00%/S)	5/10/2022	5/6/2023	1,747		1,747		1,747
	First lien (3)(15)	13.63% (SOFR + 12.00%/S)	5/10/2022	5/6/2023	347		347		347
	First lien (2)(15)(18) - Drawn	13.63% (SOFR + 12.00%/S)	5/10/2022	5/6/2023	159		159		159
	First lien (3)(15)(18) - Drawn	13.63% (SOFR + 12.00%/S)	5/10/2022	5/6/2023	32		32		32
	Second lien (8)(15)	11.43% (SOFR + 10.25% PIK/Q)(42)*	10/9/2015	10/30/2023	10,451		10,392		6,769
							54,403		50,854		3.73	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(15)	9.92% (L + 8.25%/M)	10/8/2019	10/8/2027	$	34,459	$	34,257	$	34,460	2.52	%
Total Funded Debt Investments - United Kingdom							$	88,660	$	85,314	6.25	%
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (2)(15)	7.12% (L + 6.00%/M)	10/1/2021	9/29/2028	$	35,000	$	34,680	$	34,650
	First lien (8)(15)	7.12% (L + 6.00%/M)	10/1/2021	9/29/2028	24,189		23,968		23,947
							58,648		58,597		4.29	%
Total Funded Debt Investments - Netherlands							$	58,648	$	58,597	4.29	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)	8.47% (SONIA + 7.00%/D)	8/6/2021	8/3/2028	£	12,879	$	17,621	$	15,449
	First lien (3)(15)	7.53% (L + 7.00%/S)	8/6/2021	8/3/2028	$	10,184	10,046		10,032
	First lien (3)(15)(16)(18) - Drawn	8.47% (SONIA + 7.00%/D)	8/6/2021	8/3/2028	£	6,344	8,244		7,590
	First lien (3)(15)(18) - Drawn	9.31% (L + 7.00%/S)	8/6/2021	8/3/2028	$	3,983	3,927		3,923
							39,838		36,994		2.71	%
Total Funded Debt Investments - Jersey							$	39,838	$	36,994	2.71	%
Funded Debt Investments - United Arab Emirates
GEMS Menasa (Cayman) Limited**
Education	First lien (8)	6.57% (L + 5.00%/Q)	7/30/2019	7/31/2026	10,481		$	10,447	$	9,918	0.73	%
Total Funded Debt Investments - United Arab Emirates							$	10,447	$	9,918	0.73	%
Total Funded Debt Investments							$	2,363,309	$	2,298,540	168.37	%
Equity - United States
Dealer Tire Holdings, LLC (30)
Distribution & Logistics	Preferred shares (3)(15)	—	9/13/2021	—	56,271		$	60,360	$	59,793	4.38	%
Knockout Intermediate Holdings I (41)
Software	Preferred shares (3)	—	6/23/2022	—	15,150		14,961		14,961		1.09	%
Symplr Software Intermediate Holdings, Inc. (31)
Healthcare Information Technology	Preferred shares (4)(15)	—	11/30/2018	—	7,500		11,210		10,979
	Preferred shares (3)(15)	—	11/30/2018	—	2,586		3,865		3,785
							15,075		14,764		1.08	%
ACI Parent Inc. (36)
Healthcare Services	Preferred shares (3)(15)	—	8/2/2021	—	12,500		13,769		13,757		1.01	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets

Project Essential Super Parent, Inc. (34)
Software	Preferred shares (3)(15)	—	4/20/2021	—	10,000	$	11,169	$	11,152	0.82	%
Diamond Parent Holdings Corp. (35)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(15)	—	4/6/2021	—	10,000	10,937		10,936		0.80	%
OEC Holdco, LLC (22)
Business Services	Preferred shares (12)(15)	—	12/17/2021	—	7,214	7,566		7,448		0.54	%
HB Wealth Management, LLC (37)
Financial Services	Preferred shares (11)(15)	—	9/30/2021	—	48,303	4,804		5,125		0.38	%
FS WhiteWater Holdings, LLC (38)
Consumer Services	Ordinary shares (5)(15)	—	12/20/2021	—	50,000	5,000		5,000		0.37	%
Appriss Health Holdings, Inc. (23)
Appriss Health Intermediate Holdings, Inc.
Healthcare Information Technology	Preferred shares (3)(15)	—	5/6/2021	—	2,333	2,608		2,638		0.19	%
OA Topco, L.P. (40)
Healthcare Information Technology	Ordinary shares (3)(15)	—	12/20/2021	—	2,000,000	2,000		2,000		0.15	%
Pioneer Topco I, L.P. (39)
Software	Ordinary shares (13)(15)	—	11/1/2021	—	199,980	2,000		1,775		0.13	%
Ancora Acquisition LLC
Education	Preferred shares (9)(15)	—	8/12/2013	—	372	83		158		0.01	%
Education Management Corporation (20)
Education	Preferred shares (2)	—	1/5/2015	—	3,331	200		—
	Preferred shares (3)	—	1/5/2015	—	1,879	113		—
	Ordinary shares (2)	—	1/5/2015	—	2,994,065	100		—
	Ordinary shares (3)	—	1/5/2015	—	1,688,976	56		—
						469		—		—	%
AAC Lender Holdings, LLC (33)
Education	Ordinary shares (3)(15)	—	3/16/2021	—	758	—		—		—	%
Total Shares - United States						150,801		149,507		10.95	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(15)(29)	—	9/1/2017	—	102,227	$	10,143	$	10,223	0.75	%
Total Shares - Hong Kong						$	10,143	$	10,223	0.75	%
Total Shares						$	160,944	$	159,730	11.70	%
Total Funded Investments						$	2,524,253	$	2,458,270	180.07	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets

Unfunded Debt Investments - United States
DOCS, MSO, LLC
Healthcare Services	First lien (3)(18) - Undrawn	—	6/1/2022	6/3/2024	6,561	$	—	$	—	—	%
	First lien (4)(18) - Undrawn	—	6/1/2022	6/3/2024	2,457	—		—
	First lien (3)(18) - Undrawn	—	6/1/2022	6/1/2028	2,405	—		—
						—		—		—	%
AAC Lender Holdings, LLC (33)
DCA Investment Holding, LLC
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	3/12/2021	3/10/2023	2,980	—		—		—	%
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(15)(18) - Undrawn	—	1/25/2021	9/30/2026	2,652	—		—		—	%
AgKnowledge Holdings Company, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	11/30/2018	7/21/2023	526	(3)		—		—	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	3/13/2020	2/6/2025	709	(4)		—		—	%
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information Technology	First lien (3)(15)(18) - Undrawn	—	5/6/2021	5/6/2027	417	(4)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(15)(18) - Undrawn	—	2/20/2020	2/20/2026	1,502	(8)		—		—	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2023	1,475	—		—
	First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2024	905	(9)		—
						(9)		—		—	%
Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (3)(15)(18) - Undrawn	—	3/30/2021	8/4/2025	1,812	(9)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Bullhorn, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	10/5/2021	11/8/2022	$	1,221	$	(3)	$	—
	First lien (3)(15)(18) - Undrawn	—	9/24/2019	9/30/2026	852		(6)		—
							(9)		—		—	%
MRI Software LLC
Software	First lien (3)(15)(18) - Undrawn	—	2/11/2022	8/16/2023	7,754		—		—
	First lien (3)(15)(18) - Undrawn	—	1/31/2020	2/10/2026	2,002		(10)		—
							(10)		—		—	%
Calabrio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	4/16/2021	4/16/2027	1,487		(11)		—		—	%
Wealth Enhancement Group, LLC
Financial Services	First lien (3)(15)(18) - Undrawn	—	5/2/2022	5/2/2024	15,805		—		—
	First lien (3)(15)(18) - Undrawn	—	8/13/2021	10/4/2027	1,364		(3)		—
	First lien (3)(15)(18) - Undrawn	—	8/13/2021	6/3/2022	3,152		(8)		—
							(11)		—		—	%
Granicus, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	1/27/2021	1/29/2027	2,414		(18)		—
	First lien (3)(15)(18) - Undrawn	—	4/23/2021	4/21/2023	1,822		—		—
							(18)		—		—	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)(18) - Undrawn	—	10/22/2021	10/22/2023	2,078		—		—
	First lien (3)(15)(18) - Undrawn	—	11/1/2019	10/31/2025	3,849		(19)		—
							(19)		—		—	%
Apptio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	1/10/2019	1/10/2025	1,240		(25)		—		—	%
GS Acquisitionco, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	8/7/2019	5/22/2026	4,438		(27)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

GC Waves Holdings, Inc.
Financial Services	First lien (3)(15)(18) - Undrawn	—	10/31/2019	8/13/2026	$	3,951	$	(30)	$	—
	First lien (3)(15)(18) - Undrawn	—	4/11/2022	4/11/2024	16,647		—		—
							(30)		—		—	%
Xactly Corporation
Software	First lien (3)(15)(18) - Undrawn	—	7/31/2017	7/31/2023	383		(4)		—		—	%
Safety Borrower Holdings LLC
Information Services	First lien (3)(15)(18) - Undrawn	—	9/1/2021	9/1/2027	384		(2)		(2)
	First lien (3)(15)(18) - Undrawn	—	9/1/2021	9/1/2022	1,279		—		(6)
							(2)		(8)		(0.00)%
USRP Holdings, Inc.
Federal Services	First lien (3)(15)(18) - Undrawn	—	7/22/2021	7/23/2027	893		(9)		(9)		(0.00)%
KPSKY Acquisition Inc.
Industrial Services	First lien (3)(15)(18) - Undrawn	—	10/19/2021	10/19/2023	48		—		—
	First lien (3)(15)(18) - Undrawn	—	6/17/2022	6/17/2024	1,168		—		(12)
							—		(12)		(0.00)%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	7/19/2021	7/19/2026	226		(3)		(14)		(0.00)%
Notorious Topco, LLC
Consumer Products	First lien (3)(15)(18) - Undrawn	—	11/23/2021	5/24/2027	499		(4)		(4)
	First lien (3)(15)(18) - Undrawn	—	11/23/2021	11/23/2023	1,467		—		(11)
							(4)		(15)		(0.00)%
Recorded Future, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	8/26/2019	7/3/2025	2,981		(20)		(15)		(0.00)%
Community Brands ParentCo, LLC
Software	First lien (3)(15)(18) - Undrawn	—	2/24/2022	2/24/2028	425		(4)		(5)
	First lien (3)(15)(18) - Undrawn	—	2/24/2022	2/26/2024	849		—		(10)
							(4)		(15)		(0.00)%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

IG Investments Holdings, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	9/22/2021	9/22/2027	$	1,666	$	(17)	$	(17)	(0.00)%
Associations, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	7/2/2021	7/2/2027	3,543		(18)		(18)		(0.00)%
Sun Acquirer Corp.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2027	503		(7)		(5)
	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2023	1,290		(9)		(13)
							(16)		(18)		(0.00)%
Daxko Acquisition Corporation
Software	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/15/2027	986		(10)		(12)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/16/2023	524		—		(7)
							(10)		(19)		(0.00)%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (3)(15)(18) - Undrawn	—	11/1/2021	11/1/2027	2,446		(24)		(24)		(0.00)%
Infogain Corporation
Software	First lien (3)(15)(18) - Undrawn	—	7/30/2021	7/30/2026	3,540		(27)		(31)		(0.00)%
Specialtycare, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	6/18/2021	6/18/2026	559		(8)		(12)
	First lien (3)(15)(18) - Undrawn	—	6/18/2021	6/18/2023	946		(3)		(21)
							(11)		(33)		(0.00)%
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	12/20/2021	12/21/2027	1,043		(10)		(10)
	First lien (5)(15)(18) - Undrawn	—	12/20/2021	12/21/2023	2,568		(26)		(26)
							(36)		(36)		(0.00)%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Undrawn	—	9/6/2019	9/6/2024	1,091		(16)		(37)		(0.00)%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	6/30/2021	6/29/2027	$	1,501	$	(15)	$	(15)
	First lien (3)(15)(18) - Undrawn	—	6/30/2021	6/29/2023	2,364		—		(24)
							(15)		(39)		(0.00)%
IMO Investor Holdings, Inc.
Healthcare Information Technology	First lien (3)(15)(18) - Undrawn	—	5/11/2022	5/11/2028	1,394		(14)		(14)
	First lien (3)(15)(18) - Undrawn	—	5/11/2022	5/13/2024	3,097		—		(31)
							(14)		(45)		(0.00)%
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information Technology	First lien (3)(15)(18) - Undrawn	—	12/20/2021	12/20/2028	3,600		(36)		(48)		(0.00)%
TigerConnect, Inc.
Healthcare Services	First lien (2)(15)(18) - Undrawn	—	2/16/2022	2/16/2023	1,232		—		(12)
	First lien (3)(15)(18) - Undrawn	—	2/16/2022	2/16/2028	4,267		(43)		(43)
							(43)		(55)		(0.01)	%
Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.
Software	First lien (3)(18) - Undrawn	—	6/23/2022	6/25/2029	3,851		(29)		(29)
	First lien (3)(18) - Undrawn	—	6/23/2022	6/24/2024	3,851		—		(29)
							(29)		(58)		(0.01)	%
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	3/1/2021	3/1/2023	10,664		—		(86)		(0.01)	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	2/25/2022	2/25/2028	1,969		(10)		(10)
	First lien (3)(15)(18) - Undrawn	—	2/25/2022	2/25/2024	15,755		—		(79)
							(10)		(89)		(0.01)	%
Foreside Financial Group, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	5/26/2022	5/26/2024	6,984		—		(70)
	First lien (3)(15)(18) - Undrawn	—	5/26/2022	9/30/2027	2,095		(21)		(21)
							(21)		(91)		(0.01)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	8/2/2021	8/2/2027	$	2,354	$	(24)	$	(24)
	First lien (3)(15)(18) - Undrawn	—	8/2/2021	8/2/2023	7,269		—		(73)
							(24)		(97)		(0.01)	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(15)(18) - Undrawn	—	6/24/2022	6/24/2024	4,886		—		(49)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/15/2027	2,670		(27)		(27)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/13/2023	2,718		—		(27)
							(27)		(103)		(0.01)	%
Deca Dental Holdings LLC
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	8/26/2021	8/26/2027	2,018		(20)		(20)
	First lien (3)(15)(18) - Undrawn	—	8/26/2021	8/28/2023	9,080		—		(91)
							(20)		(111)		(0.01)	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	12/22/2021	12/22/2027	3,659		(37)		(37)
	First lien (4)(15)(18) - Undrawn	—	1/13/2022	12/22/2023	8,247		—		(82)
	First lien (3)(15)(18) - Undrawn	—	12/22/2021	12/22/2023	25,420		—		(254)
							(37)		(373)		(0.03)	%
Total Unfunded Debt Investments - United States							$	(694)	$	(1,516)	(0.11)	%
Unfunded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)(18) - Undrawn	—	8/6/2021	7/9/2023	£	6,738	$	—	$	(101)	(0.01)	%
Total Unfunded Debt Investments - Jersey							$	—	$	(101)	(0.01)	%
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (3)(15)(18) - Undrawn	—	10/1/2021	10/1/2027	$	4,439	$	(44)	$	(44)	(0.00)%
Total Unfunded Debt Investments - Netherlands							$	(44)	$	(44)	(0.00)%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Unfunded Debt Investments - United Kingdom
Integro Parent Inc.**
Insurance Services	First lien (2)(15)(18) - Undrawn	—	5/10/2022	5/6/2023	$	1,588	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	5/10/2022	5/6/2023	315		—		—
							$	—	$	—	—	%
Total Unfunded Debt Investments - United Kingdom							$	—	$	—	—	%
Total Unfunded Debt Investments							$	(738)	$	(1,661)	(0.12)	%
Total Non-Controlled/Non-Affiliated Investments							$	2,523,515	$	2,456,609	179.95	%
Non-Controlled/Affiliated Investments (44)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (24)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(15)	13.00% (6.50% + 6.50%/PIK)*	12/11/2020	1/26/2027	$	15,942	$	15,820	$	15,942	1.17	%
Sierra Hamilton Holdings Corporation
Energy	Second lien (3)(15)	15.00% PIK/Q(42)*	9/12/2019	9/12/2023	5		5		—		—	%
Permian Holdco 3, Inc.
Permian Trust
Energy	First lien (10)(15)	10.00% PIK/Q(42)*	3/30/2021	—	247		—		—
	First lien (3)(15)	11.00% (L + 10.00% PIK/M)(42)*	7/23/2020	—	3,409		—		—
							—		—		—	%
Total Funded Debt Investments - United States							$	15,825	$	15,942	1.17	%
Equity - United States
TVG-Edmentum Holdings, LLC (24)
Education	Ordinary shares (3)(15)	—	12/11/2020	—	48,899		$	54,705	$	131,103	9.60	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(15)	—	7/31/2017	—	25,000,000		11,501		3,599
	Ordinary shares (3)(15)	—	7/31/2017	—	2,786,000		1,282		401
							12,783		4,000		0.29	%
Total Shares - United States							$	67,488	$	135,103	9.90	%
Total Non-Controlled/Affiliated Investments							$	83,313	$	151,045	11.06	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Controlled Investments (45)
Funded Debt Investments - United States
New Benevis Topco, LLC (32)
New Benevis Holdco, Inc.
Healthcare Services	First lien (2)(15)	11.75% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	$	34,310	$	34,310	$	34,310
	First lien (8)(15)	11.75% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	8,418		8,418		8,418
	First lien (3)(15)	11.75% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	4,133		4,133		4,133
	Subordinated (3)(15)	12.00% PIK/M*	10/6/2020	10/6/2025	17,581		15,509		14,475
							62,370		61,336		4.49	%
Haven Midstream Holdings LLC (21)
Haven Midstream LLC
Specialty Chemicals & Materials	First lien (3)(15)	14.00% PIK/Q*	12/17/2021	10/30/2026	33,889		21,086		33,889
	First lien (3)(15)	10.50% (L + 8.50%/Q)	12/17/2021	10/30/2026	16,000		16,000		16,000
							37,086		49,889		3.65	%
UniTek Global Services, Inc.
Business Services	First lien (2)(15)	9.07% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	12,740		12,740		12,740
	First lien (3)(15)	9.07% (L + 5.50% + 2.00% PIK/Q)*	3/16/2020	8/20/2024	9,432		8,820		9,432
	First lien (2)(15)	9.07% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	2,548		2,548		2,548
	First lien (3)(15)	9.07% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	1,366		1,244		1,366
	Second lien (3)(15)	15.00% PIK/Q*	12/16/2020	2/20/2025	10,736		10,736		10,244
							36,088		36,330		2.66	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)	18.00% PIK/M*	10/30/2020	12/31/2024	19,913		19,913		19,913
	First lien (3)(15)(18) - Drawn	10.00% (L + 9.00% PIK/M)*	10/30/2020	12/31/2024	7,860		7,860		7,860
							27,773		27,773		2.03	%
NHME Holdings Corp. (28)
National HME, Inc.
Healthcare Services	Second lien (3)(15)	12.00% PIK/Q* (42)	11/27/2018	5/27/2024	17,102		16,672		8,548
	Second lien (3)(15)	12.00% PIK/Q* (42)	11/27/2018	5/27/2024	21,647		19,840		—
							36,512		8,548		0.63	%
Total Funded Debt Investments - United States							$	199,829	$	183,876	13.47	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(15)	—	5/4/2018	—	—		$	140,000	$	140,000	10.25	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(15)	—	5/5/2021	—	—		112,400		112,400		8.24	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets

NM NL Holdings, L.P.**
Net Lease	Membership interest (7)(15)	—	6/20/2018	—	—	$	76,343	$	97,244	7.12	%
New Benevis Topco, LLC (32)
Healthcare Services	Ordinary shares (2)(15)	—	10/6/2020	—	269,027	27,154		34,400
	Ordinary shares (8)(15)	—	10/6/2020	—	66,007	6,662		8,440
	Ordinary shares (3)(15)	—	10/6/2020	—	60,068	6,105		7,681
						39,921		50,521		3.70	%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(15)(27)	—	8/17/2018	—	13,999,195	13,999		11,217
	Preferred shares (3)(15)(27)	—	8/29/2019	—	8,320,378	8,320		7,273
	Preferred shares (3)(15)(26)(42)	—	6/30/2017	—	19,795,435	19,795		7,633
	Preferred shares (2)(15)(25)(42)	—	1/13/2015	—	29,326,545	26,946		—
	Preferred shares (3)(15)(25)(42)	—	1/13/2015	—	8,104,462	7,447		—
	Ordinary shares (2)(15)	—	1/13/2015	—	2,096,477	1,925		—
	Ordinary shares (3)(15)	—	1/13/2015	—	1,993,749	532		—
						78,964		26,123		1.91	%
NM CLFX LP
Net Lease	Membership interest (7)(15)	—	10/6/2017	—	—	12,538		21,067		1.54	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(15)	—	10/30/2020	—	100	11,155		16,000		1.17	%
NM YI, LLC
Net Lease	Membership interest (7)(15)	—	9/30/2019	—	—	6,272		8,184		0.60	%
NM GP Holdco, LLC**
Net Lease	Membership interest (7)(15)	—	6/20/2018	—	—	861		1,051		0.08	%
NHME Holdings Corp. (28)
Healthcare Services	Ordinary shares (3)(15)	—	11/27/2018	—	640,000	4,000		—		—	%
QID TRH Holdings LLC (21)
Haven Midstream Holdings LLC
Specialty Chemicals & Materials	Ordinary shares (14)(15)	—		—	80	—		—
	Profit Interest (6)(15)	—		—	5	—		—
						—		—		—	%
NM GLCR LP
Net Lease	Membership interest (7)(15)	—	2/1/2018	—	—	—		—		—	%
NM APP US LLC
Net Lease	Membership interest (7)(15)	—	9/13/2016	—	—	—		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

NM DRVT LLC
Net Lease	Membership interest (7)(15)	—	11/18/2016	—	—		$	—	$	—	—	%
NM JRA LLC
Net Lease	Membership interest (7)(15)	—	8/12/2016	—	—		—		—		—	%
NM KRLN LLC
Net Lease	Membership interest (7)(15)	—	11/15/2016	—	—		—		—		—	%
Total Shares - United States							$	482,454	$	472,590	34.62	%
Equity - Canada
NM APP Canada Corp.**
Net Lease	Membership interest (7)(15)	—	9/13/2016	—	—		$	7,345	$	12,314	0.90	%
Total Shares - Canada							$	7,345	$	12,314	0.90	%
Total Shares							$	489,799	$	484,904	35.52	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(15)	—	12/16/2020	2/20/2025	8,523		$	—	$	23,757	1.74	%
NHME Holdings Corp. (28)
Healthcare Services	Warrants (3)(15)	—	11/27/2018	—	160,000		1,000		—		—	%
Total Warrants - United States							$	1,000	$	23,757	1.74	%
Total Funded Investments							$	690,628	$	692,537	50.73	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)(18) - Undrawn	—	10/30/2020	12/31/2024	$	2,977	$	—	$	—	—	%
Haven Midstream Holdings LLC (21)
Haven Midstream LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	12/17/2021	10/30/2026	8,000		—		—		—	%
Total Unfunded Debt Investments - United States							—		—		—	%
Total Controlled Investments							$	690,628	$	692,537	50.73	%
Total Investments							$	3,297,456	$	3,300,191	241.74	%

(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(2)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. ("NMF Holdings") as the Borrower and Wells Fargo Bank, National Association as the Administrative Agent and Collateral Custodian. See Note 7. Borrowings, for details.

(3)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower and Goldman Sachs Bank USA as the Administrative Agent and the Collateral Agent and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A. as Lenders. See Note 7. Borrowings, for details.

(4)Investment is held in New Mountain Finance SBIC, L.P.

(5)Investment is held in New Mountain Finance SBIC II, L.P.

(6)Investment is held in NMF QID NGL Holdings, Inc.

(7)Investment is held in New Mountain Net Lease Corporation.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)

(8)Investment is pledged as collateral for the DB Credit Facility, a revolving credit facility among New Mountain Finance DB, L.L.C as the Borrower and Deutsche Bank AG, New York Branch as the Facility Agent. See Note 7. Borrowings, for details.

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

(10)Investment is held in NMF Permian Holdings, LLC.

(11)Investment is held in NMF HB, Inc.

(12)Investment is held in NMF OEC, Inc.

(13)Investment is held in NMF Pioneer, Inc.

(14)Investment is held in NMF TRM, LLC

(15)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of June 30, 2022, the par value U.S. dollar equivalent of the first lien term loan, drawn first lien term loan and the undrawn first lien term loan is $15,685, $7,727 and $8,206, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

(17)Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£").

(18)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(19)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA), Secured Overnight Financing Rate (SOFR), and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of June 30, 2022.

(20)The Company holds investments in Education Management Corporation and one related entity of Education Management Corporation. The Company holds series A-1 convertible preferred stock and common stock in Education Management Corporation and holds tranche A first lien term loans and a tranche B first lien term loan in Education Management II LLC, which is an indirect subsidiary of Education Management Corporation.

(21)The Company holds investments in multiple entities of Haven Midstream Holdings LLC. The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Haven Midstream Holdings LLC, and holds a tranche A first lien term loan, a tranche B first lien term loan and a first lien revolver in Haven Midstream LLC. On April 14, 2022, Haven Midstream LLC ceased operations at its Haven KS natural gas processing plant due to a fire that caused extensive damage. Haven Midstream LLC is currently working with its insurance providers to assess coverage amounts and payout timing, and with various experts to assess rebuild options and viability.

(22)The Company holds preferred equity in OEC Holdco, LLC, and two second lien term loans in OEConnection LLC, a wholly-owned subsidiary of OEC Holdco, LLC. The preferred equity is entitled to receive prefenential dividends of 11.00% per annum.

(23)The Company holds investments in two wholly-owned subsidiaries of Appriss Health Holdings, Inc. The company holds a first lien term loan and a first lien revolver in Appriss Health, LLC, and preferred equity in Appriss Health Intermediate Holdings, Inc. The preferred equity is entitled to receive preferential dividends at a rate of 11.00% per annum.

(24)The Company holds ordinary shares in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. The ordinary shares are entitled to receive cumulative preferential dividends at a rate of 12.0% per annum.

(25)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.

(26)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares.

(27)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to received cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.

(28)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as second lien term loans in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp.

(29)The Company holds preferred equity in Bach Special Limited (Bach Preference Limited) that is entitled to receive cumulative preferential dividends at a rate of 12.25% per annum payable in additional shares.

(30)The Company holds preferred equity in Dealer Tire Holdings, LLC that is entitled to receive cumulative preferential dividends at a rate of 7.00% per annum.

(31)The Company holds preferred equity in Symplr Software Intermediate Holdings, Inc. that is entitled to receive cumulative preferential dividends at a rate of L + 10.50% per annum.

(32)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)

(33)The Company holds ordinary shares in AAC Lender Holdings, LLC and a first lien term loan, first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.

(34)The Company holds preferred equity in Project Essential Super Parent, Inc. that is entitled to receive cumulative preferential dividends at a rate of L + 9.50% per annum.

(35)The Company holds investments in two wholly-owned subsidiary of Diamond Parent Holdings Corp. The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc. The preferred equity in Diligent Preferred Issuer Inc. is entitled to receive cumulative preferential dividends at a rate 10.50% per annum.

(36)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, a first lien delayed draw and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc. The preferred equity in ACI Parent Inc. is entitled to receive cumulative preferential dividends at a rate of 11.75% per annum.

(37)The Company holds preferred equity in HB Wealth Management, LLC that is entitled to receive cumulative preferential dividends at a rate of 4.00% per annum.

(38)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and two first lien delayed draws in FS WhiteWater Borrwer, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.

(39)The Company holds ordinary shares in Pioneer Topco I, L.P., and a first lien term loan and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.

(40)The Company holds ordinary shares in OA Topco, L.P., and a first lien term loan and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidary of OA Topco, L.P.

(41)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Kaseya, Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I, Inc. The preferred equity is entitled to received cumulative preferential dividends at a rate of 11.75% per annum.

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

(43)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $19,401 as of June 30, 2022. See Note 2. Summary of Significant Accounting Policies, for details.

(44)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of June 30, 2022 and December 31, 2021 along with transactions during the six months ended June 30, 2022 in which the issuer was a non-controlled/affiliated investment is as follows:


Portfolio Company	Fair Value at December 31, 2021		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2022		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Permian Holdco 3, Inc. / Permian Trust	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Sierra Hamilton Holdings Corporation	4,000		—		—		—		4,000		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	130,775		2,512		—		13,758		147,045		—		1,027		1,994		125
Total Non-Controlled/Affiliated Investments	$	134,775	$	2,512	$	—	$	13,758	$	151,045	$	—	$	1,027	$	1,994	$	125

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind ("PIK") interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.

(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(in thousands, except shares)

(unaudited)

(45) Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of June 30, 2022 and December 31, 2021, along with transactions during the six months ended June 30, 2022 in which the issuer was a controlled investment, is as follows:


Portfolio Company (1)	Fair Value at December 31, 2021		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2022		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
National HME, Inc./NHME Holdings Corp.	$	27,347	$	3,075	$	—	$	(21,874)	$	8,548	$	—	$	1,575	$	—	$	—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	109,595		2,867		—		(605)		111,857		—		3,672		—		750
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	34,759		4,014		—		5,000		43,773		—		2,033		—		261
NM APP CANADA CORP	9,422		—		—		2,892		12,314		—		—		500		—
NM APP US LLC	14,891		—		(5,080)		(9,811)		—		4,489		—		236		483
NM CLFX LP	24,676		—		—		(3,609)		21,067		—		—		782		—
NM DRVT LLC	7,984		—		(5,152)		(2,832)		—		3,421		—		131		475
NM JRA LLC	3,996		—		(2,043)		(1,953)		—		2,049		—		76		188
NM GLCR LP	50,687		—		(14,750)		(35,937)		—		35,713		—		413		2,150
NM KRLN LLC	244		97		(9,318)		8,977		—		(9,318)		—		—		—
NM NL Holdings, L.P.	107,870		24		(10,885)		235		97,244		—		—		4,355		—
NM GP Holdco, LLC	1,197		—		(138)		(8)		1,051		—		—		49		—
NM YI LLC	8,286		—		—		(102)		8,184		—		—		417		—
NMFC Senior Loan Program III LLC	140,000		—		—		—		140,000		—		—		8,998		—
NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		6,359		—
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	34,821		2,265		—		12,803		49,889		—		3,111		—		345
UniTek Global Services, Inc.	67,635		3,250		(65)		15,390		86,210		—		2,035		2,075		362
Total Controlled Investments	$	755,810	$	15,592	$	(47,431)	$	(31,434)	$	692,537	$	36,354	$	12,426	$	24,391	$	5,014

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.

* All or a portion of interest contains PIK interest. See Note 2. Summary of Significant Accounting Policies-Revenue Recognition, for details.

** Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of June 30, 2022, 17.2% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2022

(unaudited)


	June 30, 2022
Investment Type	Percent of Total Investments at Fair Value
First lien	56.28	%
Second lien	17.68	%
Subordinated	1.70	%
Equity and other	24.34	%
Total investments	100.00	%


	June 30, 2022
Industry Type	Percent of Total Investments at Fair Value
Software	26.74	%
Healthcare Services	16.20	%
Business Services	15.13	%
Education	8.12	%
Investment Funds (includes investments in joint ventures)	7.65	%
Consumer Services	4.72	%
Net Lease	4.24	%
Distribution & Logistics	3.12	%
Specialty Chemicals & Materials	2.28	%
Financial Services	2.13	%
Healthcare Information Technology	2.06	%
Information Technology	1.77	%
Insurance Services	1.54	%
Energy	1.45	%
Packaging	1.19	%
Consumer Products	0.61	%
Federal Services	0.39	%
Business Products	0.25	%
Industrial Services	0.23	%
Information Services	0.18	%
Total investments	100.00	%


	June 30, 2022
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	87.56	%
Fixed rates	12.44	%
Total investments	100.00	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
GS Acquisitionco, Inc.
Software	First lien (2)(15)	6.75% (L + 5.75%/S)	8/7/2019	5/22/2026	$	67,966	$	67,713	$	67,966
	First lien (5)(15)	6.75% (L + 5.75%/S)	8/7/2019	5/22/2026	21,968		21,891		21,968
	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/Q)	8/7/2019	5/22/2026	2,811		2,793		2,811
							92,397		92,745		6.91	%
PhyNet Dermatology LLC
Healthcare Services	First lien (2)(15)	7.00% (L + 5.50% + 0.50% PIK/Q)*	9/17/2018	8/16/2024	49,617		49,374		49,617
	First lien (3)(15)	7.00% (L + 5.50% + 0.50% PIK/Q)*	9/17/2018	8/16/2024	18,966		18,848		18,966
							68,222		68,583		5.11	%
Associations, Inc.
Consumer Services	First lien (2)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	30,196		30,056		30,045
	First lien (3)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,590		8,547		8,547
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,590		8,548		8,547
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	5,188		5,163		5,162
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	4,127		4,107		4,106
							56,421		56,407		4.20	%
iCIMS, Inc.
Software	First lien (8)(15)	7.50% (L + 6.50%/S)	9/12/2018	9/12/2024	41,636		41,413		41,636
	First lien (8)(15)	7.50% (L + 6.50%/S)	6/14/2019	9/12/2024	8,667		8,618		8,666
	First lien (3)(15)(18) - Drawn	7.50% (L + 6.50%/S)	9/12/2018	9/12/2024	2,915		2,886		2,915
							52,917		53,217		3.97	%
Frontline Technologies Group Holdings, LLC
Software	First lien (4)(15)	6.25% (L + 5.25%/Q)	9/18/2017	9/18/2023	21,718		21,664		21,718
	First lien (2)(15)	6.25% (L + 5.25%/Q)	9/18/2017	9/18/2023	18,303		18,275		18,303
	First lien (2)(15)	6.25% (L + 5.25%/Q)	9/18/2017	9/18/2023	7,555		7,530		7,555
	First lien (2)(15)	6.25% (L + 5.25%/Q)	6/15/2021	9/18/2023	5,031		5,031		5,031
							52,500		52,607		3.92	%
CentralSquare Technologies, LLC
Software	Second lien (3)	7.72% (L + 7.50%/Q)	8/15/2018	8/31/2026	47,838		47,431		43,293
	Second lien (8)	7.72% (L + 7.50%/Q)	8/15/2018	8/31/2026	7,500		7,436		6,788
							54,867		50,081		3.73	%
Integro Parent Inc.
Insurance Services	First lien (2)(15)	6.75% (L + 5.75%/S)	10/9/2015	10/31/2022	33,986		33,947		33,239
	First lien (3)(15)(18) - Drawn	4.80% (L + 4.50%/S)	6/8/2018	4/30/2022	6,743		6,709		6,685
	Second lien (8)(15)	10.25% (L + 9.25%/S)	10/9/2015	10/30/2023	10,000		9,969		9,534
							50,625		49,458		3.69	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
NM GRC Holdco, LLC
Business Services	First lien (2)(15)	8.50% (L + 6.00% + 1.50% PIK/M)*	2/9/2018	2/9/2024	$	38,561	$	38,485	$	38,561
	First lien (2)(15)	8.50% (L + 6.00% + 1.50% PIK/M)*	2/9/2018	2/9/2024	10,718		10,695		10,718
							49,180		49,279		3.67%
Affinity Dental Management, Inc.
Healthcare Services	First lien (2)(15)	7.00% (L + 6.00%/S)	9/15/2017	9/15/2023	33,281		33,256		33,281
	First lien (4)(15)	7.00% (L + 6.00%/S)	9/17/2019	9/15/2023	10,482		10,482		10,482
	First lien (3)(15)(18) - Drawn	7.00% (L + 6.00%/S)	9/15/2017	3/15/2023	1,738		1,720		1,738
							45,458		45,501		3.39	%
Brave Parent Holdings, Inc.
Software	Second lien (5)	7.60% (L + 7.50%/M)	4/17/2018	4/17/2026	22,500		22,430		22,613
	Second lien (2)	7.60% (L + 7.50%/M)	4/17/2018	4/17/2026	16,624		16,518		16,707
	Second lien (8)	7.60% (L + 7.50%/M)	4/17/2018	4/17/2026	6,000		5,962		6,030
							44,910		45,350		3.38	%
Deca Dental Holdings LLC
Healthcare Services	First lien (2)(15)	6.50% (L + 5.75%/Q)	8/26/2021	8/28/2028	38,244		37,877		37,861
	First lien (3)(15)(18) - Drawn	6.50% (L + 5.75%/Q)	8/26/2021	8/28/2028	4,026		3,985		3,985
							41,862		41,846		3.13	%
Kaseya Inc.
Software	First lien (8)(15)	7.50% (L + 5.50% + 1.00% PIK/Q)*	5/9/2019	5/2/2025	29,094		28,926		29,094
	First lien (8)(15)	7.50% (L + 5.50% + 1.00% PIK/Q)*	9/8/2021	5/2/2025	7,795		7,733		7,795
	First lien (3)(15)	7.50% (L + 5.50% + 1.00% PIK/Q)*	5/9/2019	5/2/2025	3,405		3,380		3,405
	First lien (3)(15)(18) - Drawn	7.50% (L + 5.50% + 1.00% PIK/Q)*	9/8/2021	5/2/2025	1,541		1,528		1,541
							41,567		41,835		3.12	%
GC Waves Holdings, Inc.**
Financial Services	First lien (5)(15)	6.25% (L + 5.50%/Q)	8/13/2021	8/13/2026	22,108		21,993		22,108
	First lien (2)(15)	6.25% (L + 5.50%/Q)	8/13/2021	8/13/2026	13,345		13,250		13,345
	First lien (2)(15)(18) - Drawn	6.25% (L + 5.50%/Q)	8/13/2021	8/13/2026	5,643		5,588		5,643
							40,831		41,096		3.06	%
Stamps.com Inc.
Software	First lien (8)(15)	6.50% (L + 5.75%/Q)	10/5/2021	10/5/2028	37,273		36,911		36,900		2.75	%
OEC Holdco, LLC (22)
OEConnection LLC
Business Services	Second lien (2)	7.50% (L + 7.00%/M)	12/17/2021	9/25/2027	23,406		23,173		23,171
	Second lien (2)	7.50% (L + 7.00%/M)	9/25/2019	9/25/2027	12,044		11,950		11,924
							35,123		35,095		2.62	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (2)(15)	6.75% (L + 5.75%/Q)	3/30/2021	8/4/2025	$	17,762	$	17,687	$	17,673
	First lien (2)(15)	6.75% (L + 5.75%/Q)	3/4/2021	8/4/2025	9,905		9,863		9,855
	First lien (3)(15)	7.25% (L + 6.25%/Q)	12/19/2018	8/4/2025	5,887		5,860		5,945
							33,410		33,473		2.49	%
EAB Global, Inc.
Education	Second lien (2)(15)	7.00% (L + 6.50%/S)	8/16/2021	8/16/2029	33,452		32,969		32,951		2.46	%
KAMC Holdings, Inc
Business Services	Second lien (2)(15)	8.16% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,642		16,352
	Second lien (8)(15)	8.16% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,642		16,352
							37,284		32,704		2.44	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (8)	6.25% (L + 5.50%/Q)	12/22/2021	12/22/2027	20,843		20,635		20,634
	Subordinated (3)	11.50% PIK/Q*	12/22/2021	12/22/2031	11,110		10,944		10,944
							31,579		31,578		2.36	%
IG Investments Holdings, LLC
Business Services	First lien (2)(15)	6.75% (L + 6.00%/Q)	9/22/2021	9/22/2028	29,429		29,144		29,133
	First lien (3)(15)(18) - Drawn	6.75% (L + 6.00%/M)	9/22/2021	9/22/2027	1,149		1,137		1,137
							30,281		30,270		2.25	%
Ansira Holdings, Inc.
Business Services	First lien (8)(15)	7.50% (L + 6.50% PIK/S)*	12/19/2016	12/20/2024	31,793		31,748		24,025
	First lien (3)(15)	7.50% (L + 6.50% PIK/S)*	12/19/2016	12/20/2024	8,033		8,024		6,071
							39,772		30,096		2.24	%
Granicus, Inc.
Software	First lien (4)(15)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	15,522		15,420		15,406
	First lien (3)(15)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	6,004		5,963		5,959
	First lien (2)(15)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	5,922		5,883		5,878
	First lien (3)(15)(18) - Drawn	7.00% (L + 6.00%/Q)	4/23/2021	1/29/2027	2,778		2,752		2,751
							30,018		29,994		2.23	%
MRI Software LLC
Software	First lien (5)(15)	6.50% (L + 5.50%/S)	1/31/2020	2/10/2026	22,104		22,024		22,104
	First lien (2)(15)	6.50% (L + 5.50%/S)	1/31/2020	2/10/2026	6,205		6,182		6,205
	First lien (3)(15)	6.50% (L + 5.50%/S)	1/31/2020	2/10/2026	818		814		818
	First lien (2)(15)	6.50% (L + 5.50%/Q)	3/24/2021	2/10/2026	319		318		319
							29,338		29,446		2.19	%
Keystone Acquisition Corp.
Healthcare Services	First lien (2)	6.25% (L + 5.25%/Q)	5/10/2017	5/1/2024	23,981		23,918		23,861
	Second lien (2)(15)	10.25% (L + 9.25%/Q)	5/10/2017	5/1/2025	4,500		4,476		4,500
							28,394		28,361		2.11	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information Technology	First lien (2)	6.75% (L + 6.00%/Q)	12/20/2021	12/20/2028	$	28,201	$	27,920	$	27,919	2.08	%
Foundational Education Group, Inc.
Education	Second lien (5)	7.00% (L + 6.50%/S)	8/19/2021	8/31/2029	22,500		22,391		22,500
	Second lien (2)	7.00% (L + 6.50%/S)	8/19/2021	8/31/2029	5,009		4,985		5,009
							27,376		27,509		2.05	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(15)	3.60% (L + 3.50%/M)	6/24/2019	8/28/2024	16,563		15,121		13,968
	First lien (8)(15)	3.60% (L + 3.50%/M)	10/23/2019	8/28/2024	15,975		14,219		13,473
							29,340		27,441		2.04	%
New Trojan Parent, Inc.
Healthcare Services	Second lien (2)	7.75% (L + 7.25%/Q)	1/22/2021	1/5/2029	26,762		26,640		26,762		1.99	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)	7.50% (L + 6.75%/Q)	11/14/2019	11/19/2027	22,500		22,404		22,509
	Second lien (2)	7.50% (L + 6.75%/Q)	11/14/2019	11/19/2027	4,208		4,174		4,210
							26,578		26,719		1.99	%
VT Topco, Inc.
Business Services	Second lien (2)	7.50% (L + 6.75%/M)	7/30/2021	7/31/2026	16,183		16,127		16,224
	Second lien (4)	6.85% (L + 6.75%/M)	8/14/2018	7/31/2026	10,000		9,984		10,025
							26,111		26,249		1.96	%
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)(15)	7.35% (L + 7.25%/M)	8/2/2018	8/10/2026	18,266		18,221		18,266
	Second lien (8)(15)	7.35% (L + 7.25%/M)	8/2/2018	8/10/2026	7,500		7,481		7,500
							25,702		25,766		1.92	%
Galway Borrower LLC
Insurance Services	First lien (2)(15)	6.00% (L + 5.25%/Q)	9/30/2021	9/29/2028	24,279		24,043		24,036
	First lien (3)(15)	6.00% (L + 5.25%/Q)	9/30/2021	9/29/2028	1,674		1,658		1,658
							25,701		25,694		1.91	%
Idera, Inc.
Software	Second lien (4)	7.50% (L + 6.75%/S)	6/27/2019	3/2/2029	22,500		22,212		22,613
	Second lien (3)	7.50% (L + 6.75%/S)	4/29/2021	3/2/2029	3,000		2,986		3,015
							25,198		25,628		1.91	%
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (8)(15)	6.75% (L + 6.00%/S)	3/1/2021	3/1/2028	19,259		18,998		18,970
	First lien (2)(15)	6.75% (L + 6.00%/S)	3/2/2021	3/1/2028	4,913		4,846		4,839
							23,844		23,809		1.77	%
Syndigo LLC
Software	Second lien (4)	8.75% (L + 8.00%/S)	12/14/2020	12/15/2028	22,500		22,347		22,528		1.68	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare Services	First lien (2)(15)	6.25% (L + 5.50%/Q)	8/2/2021	8/2/2028	22,306		22,094		22,083
	First lien (3)(15)(18) - Drawn	6.25% (L + 5.50%/Q)	8/2/2021	8/2/2028	59		58		58
							22,152		22,141		1.65	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Cardinal Parent, Inc.
Software	First lien (4)	5.25% (L + 4.50%/Q)	10/30/2020	11/12/2027	$	12,096	$	12,017	$	12,083
	Second lien (4)(15)	8.50% (L + 7.75%/Q)	11/12/2020	11/13/2028	9,767		9,679		9,864
							21,696		21,947		1.63%
DCA Investment Holding, LLC
Healthcare Services	First lien (2)	7.00% (L + 6.25%/Q)	3/12/2021	3/12/2027	19,878		19,746		19,803
	First lien (3)(18) - Drawn	7.00% (L + 6.25%/Q)	3/12/2021	3/12/2027	1,919		1,905		1,912
							21,651		21,715		1.62	%
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education	Second lien (2)	8.47% (L + 8.25%/Q)	7/26/2018	7/30/2026	21,959		21,921		21,282		1.59	%
MED Parentco, LP
Healthcare Services	Second lien (8)	8.35% (L + 8.25%/M)	8/2/2019	8/30/2027	20,857		20,735		20,883		1.56	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)	7.50% (L + 6.75%/M)	3/18/2021	3/30/2029	20,313		20,265		20,465		1.52	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)	6.25% (L + 5.25%/S)	11/1/2019	10/31/2025	18,045		17,983		18,045
	First lien (5)(15)	6.25% (L + 5.25%/S)	11/1/2019	10/31/2025	2,350		2,341		2,350
							20,324		20,395		1.52	%
Fortis Solutions Group, LLC
Packaging	First lien (8)(15)	6.25% (L + 5.50%/Q)	10/15/2021	10/13/2028	10,298		10,198		10,195
	First lien (2)(15)	6.25% (L + 5.50%/Q)	10/15/2021	10/13/2028	10,298		10,198		10,195
							20,396		20,390		1.52	%
Bluefin Holding, LLC
Software	Second lien (8)(15)	7.93% (L + 7.75%/Q)	9/6/2019	9/3/2027	18,000		18,000		18,000
	First lien (3)(15)(18) - Drawn	4.41% (L + 4.25%/Q)	9/6/2019	9/6/2024	1,485		1,463		1,485
							19,463		19,485		1.45	%
Bullhorn, Inc.
Software	First lien (2)(15)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	16,830		16,741		16,830
	First lien (2)(15)	6.75% (L + 5.75%/Q)	10/5/2021	9/30/2026	1,075		1,072		1,075
	First lien (3)(15)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	779		773		779
	First lien (3)(15)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	349		347		349
	First lien (3)(15)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	278		277		278
							19,210		19,311		1.44	%
Convey Health Solutions, Inc.**
Healthcare Services	First lien (4)(15)	5.50% (L + 4.75%/M)	9/9/2019	9/4/2026	19,263		19,108		19,263		1.43	%
Xactly Corporation
Software	First lien (4)(15)	8.25% (L + 7.25%/S)	7/31/2017	7/31/2023	19,047		19,005		19,047		1.42	%
Infogain Corporation
Software	First lien (2)(15)	6.75% (L + 5.75%/S)	7/30/2021	7/28/2028	19,090		18,953		18,946		1.41	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	7.25% (L + 5.75% PIK + 0.50%/M) (41)*	9/30/2015	9/30/2026	$	27,610	$	27,559	$	17,386
	First lien (3)(15)	15.00% (L + 13.50% PIK + 0.50%/M) (41)*	6/10/2021	9/30/2026	1,527		1,527		—
	Subordinated (3)(15)	2.00% (L + 1.00% PIK/Q) (41)*	3/16/2021	9/30/2026	5,230		—		—
							29,086		17,386		1.29	%
The Kleinfelder Group, Inc.
Business Services	First lien (4)(15)	6.25% (L + 5.25%/Q)	12/18/2018	11/29/2024	16,708		16,663		16,708		1.24	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)	7.00% (L + 6.00%/M)	2/20/2020	2/20/2026	15,949		15,890		15,870
	First lien (3)(18) - Drawn	7.00% (L + 6.00%/M)	2/20/2020	2/20/2026	630		627		627
							16,517		16,497		1.23	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (5)(15)	7.00% (L + 6.00%/S)	3/13/2020	2/6/2026	13,937		13,885		13,937
	First lien (5)(15)	9.00% (L + 8.00%/S)	10/15/2020	8/6/2026	2,507		2,488		2,507
							16,373		16,444		1.22	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(15)	6.00% (L + 5.25%/S)	6/30/2021	6/29/2027	15,382		15,238		15,228
	First lien (3)(15)(18) - Drawn	6.00% (L + 5.25%/M)	6/30/2021	6/29/2027	1,201		1,189		1,189
							16,427		16,417		1.22	%
Hill International, Inc.
Business Services	First lien (2)(15)	6.75% (L + 5.75%/M)	6/21/2017	6/21/2023	15,089		15,067		15,089		1.12	%
CFS Management, LLC
Healthcare Services	First lien (2)(15)	6.50% (L + 5.50%/S)	8/6/2019	7/1/2024	11,497		11,466		11,497
	First lien (3)(15)	6.50% (L + 5.50%/S)	8/6/2019	7/1/2024	3,425		3,413		3,425
							14,879		14,922		1.11	%
FR Arsenal Holdings II Corp.
Business Services	First lien (2)(15)	8.50% (L + 7.50%/S)	9/29/2016	9/8/2022	14,884		14,861		14,520		1.08	%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (8)(15)	7.75% (L + 7.00% PIK/Q)*	11/1/2021	11/1/2028	13,628		13,496		13,492		1.00	%
Transcendia Holdings, Inc.
Packaging	Second lien (8)(15)	9.00% (L + 8.00%/M)	6/28/2017	5/30/2025	14,500		14,396		13,445		1.00	%
Alegeus Technologies Holding Corp.
Healthcare Services	First lien (8)(15)	9.25% (L + 8.25%/S)	9/5/2018	9/5/2024	13,443		13,409		13,443		1.00	%
Daxko Acquisition Corporation
Software	First lien (8)(15)	6.25% (L + 5.50%/Q)	10/15/2021	10/16/2028	13,277		13,147		13,144		0.98	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)	6.50% (L + 5.75%/Q)	12/20/2021	12/21/2027	$	10,500	$	10,395	$	10,395
	First lien (5)(18) - Drawn	6.50% (L + 5.75%/Q)	12/20/2021	12/21/2027	2,618		2,592		2,592
							12,987		12,987		0.97	%
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)
Software	First lien (2)(15)	5.00% (L + 4.00%/M)	12/7/2016	12/2/2022	2,872		2,869		2,872
	Second lien (8)(15)	10.25% (L + 9.25%/M)	12/7/2016	6/2/2023	7,840		7,824		7,840
	Second lien (3)(15)	10.25% (L + 9.25%/M)	12/7/2016	6/2/2023	2,160		2,155		2,160
							12,848		12,872		0.96	%
USRP Holdings, Inc.
Federal Services	First lien (2)	6.25% (L + 5.50%/Q)	7/22/2021	7/23/2027	11,426		11,318		11,311
	First lien (3)	6.25% (L + 5.50%/Q)	7/22/2021	7/23/2027	1,488		1,473		1,473
	First lien (3)(18) - Drawn	6.25% (L + 5.50%/Q)	7/22/2021	7/23/2027	15		15		15
							12,806		12,799		0.95	%
Castle Management Borrower LLC
Business Services	First lien (2)(15)	3.19% (L + 2.19%/Q)	5/31/2018	2/15/2025	14,590		14,561		12,794		0.95	%
Calabrio, Inc.
Software	First lien (5)(15)	8.00% (L + 7.00%/Q)	4/16/2021	4/16/2027	12,347		12,263		12,271		0.91	%
Apptio, Inc.
Software	First lien (8)(15)	8.25% (L + 7.25%/S)	1/10/2019	1/10/2025	11,203		11,075		11,203
	First lien (3)(15)(18) - Drawn	8.25% (L + 7.25%/S)	1/10/2019	1/10/2025	827		810		827
							11,885		12,030		0.90	%
CHA Holdings, Inc.
Business Services	Second lien (4)(15)	9.75% (L + 8.75%/Q)	4/3/2018	4/10/2026	7,012		6,967		7,012
	Second lien (3)(15)	9.75% (L + 8.75%/Q)	4/3/2018	4/10/2026	4,453		4,424		4,453
							11,391		11,465		0.85	%
Recorded Future, Inc.
Software	First lien (8)	7.00% (L + 6.00%/Q)	8/26/2019	7/3/2025	6,219		6,199		6,188
	First lien (8)	7.00% (L + 6.00%/Q)	3/26/2021	7/3/2025	4,776		4,750		4,752
							10,949		10,940		0.81	%
Vectra Co.
Business Products	Second lien (8)	7.35% (L + 7.25%/M)	2/23/2018	3/8/2026	10,788		10,764		10,586		0.79	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(15)	—	5/3/2013	—	14,500		14,500		10,354		0.77	%
Notorious Topco, LLC
Consumer Products	First lien (8)(15)	7.50% (L + 6.50%/Q)	11/23/2021	11/23/2027	10,153		10,078		10,077
	First lien (3)(15)(18) - Drawn	7.50% (L + 6.50%/Q)	11/23/2021	5/24/2027	147		146		146
							10,224		10,223		0.76	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Quartz Holding Company
Software	Second lien (3)(15)	8.10% (L + 8.00%/M)	4/2/2019	4/2/2027	$	10,000	$	9,854	$	10,000	0.74	%
Wealth Enhancement Group, LLC**
Financial Services	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/Q)	8/13/2021	10/4/2027	9,390		9,367		9,390
	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/Q)	8/13/2021	10/4/2027	425		424		425
							9,791		9,815		0.73	%
Geo Parent Corporation
Business Services	First lien (2)	5.35% (L + 5.25%/M)	12/13/2018	12/19/2025	9,810		9,780		9,761		0.73	%
AgKnowledge Holdings Company, Inc.
Business Services	First lien (2)(15)	5.75% (L + 4.75%/S)	11/30/2018	7/21/2023	9,166		9,149		9,166		0.68	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(15)	6.25% (L + 5.25%/Q)	7/19/2021	7/19/2027	8,302		8,214		8,209
	First lien (3)(15)(18) - Drawn	6.25% (L + 5.25%/M)	7/19/2021	7/19/2026	906		895		896
							9,109		9,105		0.68	%
Energize Holdco LLC
Business Services	Second lien (2)	7.25% (L + 6.75%/Q)	11/19/2021	12/7/2029	7,950		7,910		7,910		0.59	%
KPSKY Acquisition Inc.
Industrial Services	First lien (8)(15)	6.25% (L + 5.50%/M)	10/19/2021	10/19/2028	7,039		6,970		6,968
	First lien (3)(15)(18) - Drawn	7.75% (P + 4.50%/Q)	10/19/2021	10/19/2028	402		398		398
							7,368		7,366		0.55	%
Specialtycare, Inc.
Healthcare Services	First lien (2)(15)	6.75% (L + 5.75%/Q)	6/18/2021	6/18/2028	7,224		7,122		7,115		0.53	%
Restaurant Technologies, Inc.
Business Services	Second lien (4)	6.60% (L + 6.50%/M)	9/24/2018	10/1/2026	6,722		6,711		6,722		0.50	%
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information Technology	First lien (8)(15)	8.25% (L + 7.25%/Q)	5/6/2021	5/6/2027	6,250		6,192		6,187		0.46	%
ADG, LLC
Healthcare Services	Second lien (3)(15)	11.00% (L + 10.00% PIK/Q)*	10/3/2016	3/28/2024	6,591		6,562		6,082		0.45	%
Safety Borrower Holdings LLC
Information Services	First lien (2)(15)	6.75% (L + 5.75%/S)	9/1/2021	9/1/2027	5,756		5,729		5,728		0.43	%
Sun Acquirer Corp.
Consumer Services	First lien (2)(15)	6.50% (L + 5.75%/Q)	9/8/2021	9/8/2028	4,025		3,991		3,985
	First lien (3)(15)(18) - Drawn	6.50% (L + 5.75%/Q)	9/8/2021	9/8/2028	1,585		1,570		1,570
							5,561		5,555		0.41	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Drawn	6.25% (L + 5.50%/Q)	11/26/2021	11/26/2027	$	2,394	$	2,370	$	2,394	0.18	%
Education Management Corporation (20)
Education Management II LLC
Education	First lien (2)	13.00% (L + 7.50%/M)(41)	1/5/2015	7/2/2020	300		292		—
	First lien (3)	13.00% (L + 7.50%/M)(41)	1/5/2015	7/2/2020	169		165		—
	First lien (2)	9.75% (L + 6.50%/Q)(41)	1/5/2015	7/2/2020	206		201		—
	First lien (3)	9.75% (L + 6.50%/Q)(41)	1/5/2015	7/2/2020	116		113		—
	First lien (2)	11.75% (P + 8.50%/M)(41)	1/5/2015	7/2/2020	140		116		—
	First lien (3)	11.75% (P + 8.50%/M)(41)	1/5/2015	7/2/2020	79		65		—
	First lien (2)	11.75% (P + 8.50%/M)(41)	1/5/2015	7/2/2020	4		3		—
	First lien (3)	11.75% (P + 8.50%/M)(41)	1/5/2015	7/2/2020	2		2		—
							957		—		—	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (41)(42)	—	11/7/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States							$	2,042,136	$	2,003,901	149.25	%
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (2)(15)	6.75% (L + 6.00%/Q)	10/1/2021	9/29/2028	$	35,000	$	34,660	$	34,650
	First lien (8)(15)	6.75% (L + 6.00%/Q)	10/1/2021	9/29/2028	24,189		23,954		23,947
							58,614		58,597		4.36	%
Total Funded Debt Investments - Netherlands							$	58,614	$	58,597	4.36	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)	7.47% (Sonia + 7.00%/D)	8/6/2021	8/3/2028	£	12,879	$	17,608	$	17,167
	First lien (3)(15)	7.15% (L + 7.00%/S)	8/6/2021	8/3/2028	$	10,184	10,037		10,032
	First lien (3)(15)(16)(18) - Drawn	7.47% (Sonia + 7.00%/D)	8/6/2021	8/3/2028	£	3,771	4,943		4,976
	First lien (3)(15)(18) - Drawn	7.29% (L + 7.00%/S)	8/6/2021	8/3/2028	$	3,708	3,652		3,652
							36,240		35,827		2.67	%
Total Funded Debt Investments - Jersey							$	36,240	$	35,827	2.67	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(15)	8.35% (L + 8.25%/M)	10/8/2019	10/8/2027	$	34,459	$	34,241	$	34,459	2.57	%
Total Funded Debt Investments - United Kingdom							$	34,241	$	34,459	2.57	%
Funded Debt Investments - United Arab Emirates
GEMS Menasa (Cayman) Limited**
Education	First lien (8)	6.00% (L + 5.00%/S)	7/30/2019	7/31/2026	$	10,534	$	10,496	$	10,589	0.79	%
Total Funded Debt Investments - United Arab Emirates							$	10,496	$	10,589	0.79	%
Total Funded Debt Investments							$	2,181,727	$	2,143,373	159.64	%
Equity - United States
Dealer Tire Holdings, LLC (30)
Distribution & Logistics	Preferred shares (3)(15)	—	9/13/2021	—	56,271		$	60,360	$	60,180	4.48	%
Symplr Software Intermediate Holdings, Inc. (31)
Healthcare Information Technology	Preferred shares (4)(15)	—	11/30/2018	—	7,500		10,607		10,719
	Preferred shares (3)(15)	—	11/30/2018	—	2,586		3,657		3,695
							14,264		14,414		1.08	%
ACI Parent Inc. (36)
Healthcare Services	Preferred shares (3)(15)	—	8/2/2021	—	12,500		12,994		12,989		0.97	%
Project Essential Super Parent, Inc. (34)
Software	Preferred shares (3)(15)	—	4/20/2021	—	10,000		10,597		10,586		0.79	%
Diamond Parent Holdings Corp. (35)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(15)	—	4/6/2021	—	10,000		10,386		10,379		0.77	%
OEC Holdco, LLC (22)
Business Services	Preferred shares (12)	—	12/17/2021	—	7,214		7,142		7,142		0.53	%
FS WhiteWater Holdings, LLC (38)
Consumer Services	Ordinary shares (5)	—	12/20/2021	—	50,000		5,000		5,000		0.37	%
HB Wealth Management, LLC (37)**
Financial Services	Preferred shares (11)(15)	—	9/30/2021	—	48,303		4,834		4,834		0.36	%
Appriss Health Holdings, Inc. (23)
Appriss Health Intermediate Holdings, Inc.
Healthcare Information Technology	Preferred shares (3)(15)	—	5/6/2021	—	2,333		2,468		2,466		0.18	%
OA Topco, L.P. (40)
Healthcare Information Technology	Ordinary shares (3)	—	12/20/2021	—	2,000,000		2,000		2,000		0.15	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Pioneer Topco I, L.P. (39)
Software	Ordinary shares (13)(15)	—	11/1/2021	—	199,980		$	2,000	$	2,000	0.15	%
Ancora Acquisition LLC
Education	Preferred shares (9)(15)	—	8/12/2013	—	372		83		158		0.01	%
Education Management Corporation (20)
Education	Preferred shares (2)	—	1/5/2015	—	3,331		200		—
	Preferred shares (3)	—	1/5/2015	—	1,879		113		—
	Ordinary shares (2)	—	1/5/2015	—	2,994,065		100		—
	Ordinary shares (3)	—	1/5/2015	—	1,688,976		56		—
							469		—		—	%
AAC Lender Holdings, LLC (33)
Education	Ordinary shares (3)(15)	—	3/16/2021	—	758		—		—		—	%
Total Shares - United States							$	132,597	$	132,148	9.84	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(15)(29)	—	9/1/2017	—	96,052		$	9,525	$	9,701	0.72	%
Total Shares - Hong Kong							$	9,525	$	9,701	0.72	%
Total Shares							$	142,122	$	141,849	10.56	%
Total Funded Investments							$	2,323,849	$	2,285,222	170.20	%
Unfunded Debt Investments - United States
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(15)(18) - Undrawn	—	1/25/2021	9/30/2026	$	2,652	$	—	$	—	—	%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Undrawn	—	9/6/2019	9/6/2024	30		—		—		—	%
Wealth Enhancement Group, LLC**
Financial Services	First lien (3)(15)(18) - Undrawn	—	8/13/2021	10/4/2027	678		(2)		—
	First lien (3)(15)(18) - Undrawn	—	8/13/2021	6/3/2022	8,257		—		—
							(2)		—		—	%
AgKnowledge Holdings Company, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	11/30/2018	7/21/2023	526		(3)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)
Software	First lien (3)(15)(18) - Undrawn	—	12/7/2016	12/2/2022	$	1,000	$	(5)	$	—	—	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	3/13/2020	2/6/2025	1,013		(5)		—		—	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2023	2,810		—		—
	First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2024	905		(9)		—
							(9)		—		—	%
Xactly Corporation
Software	First lien (3)(15)(18) - Undrawn	—	7/31/2017	7/31/2023	992		(10)		—		—	%
MRI Software LLC
Software	First lien (2)(15)(18) - Undrawn	—	3/24/2021	3/24/2022	9,364		—		—
	First lien (3)(15)(18) - Undrawn	—	1/31/2020	2/10/2026	2,002		(10)		—
							(10)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	10/5/2021	11/8/2022	2,395		(6)		—
	First lien (3)(15)(18) - Undrawn	—	9/24/2019	9/30/2026	852		(6)		—
							(12)		—		—	%
Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (3)(15)(18) - Undrawn	—	3/30/2021	8/4/2025	3,624		(18)		—		—	%
GS Acquisitionco, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	8/7/2019	5/22/2026	3,106		(19)		—		—	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)(18) - Undrawn	—	10/22/2021	10/22/2023	2,078		—		—
	First lien (3)(15)(18) - Undrawn	—	11/1/2019	10/31/2025	3,968		(20)		—
							(20)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Apptio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	1/10/2019	1/10/2025	$	1,240	$	(25)	$	—	—	%
GC Waves Holdings, Inc.**
Financial Services	First lien (2)(15)(18) - Undrawn	—	8/13/2021	8/11/2023	4,991		—		—
	First lien (3)(15)(18) - Undrawn	—	10/31/2019	10/31/2025	3,951		(30)		—
							(30)		—		—	%
Kaseya Inc.
Software	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2023	2,129		(19)		—
	First lien (3)(15)(18) - Undrawn	—	5/9/2019	5/2/2025	2,312		(23)		—
							(42)		—		—	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	7/19/2021	7/19/2026	226		(3)		(3)		(0.00) %
Recorded Future, Inc.
Software	First lien (3)(18) - Undrawn	—	8/26/2019	7/3/2025	750		(4)		(4)		(0.00) %
KPSKY Acquisition Inc.
Industrial Services	First lien (3)(15)(18) - Undrawn	—	10/19/2021	10/19/2023	403		—		(4)		(0.00) %
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information Technology	First lien (3)(15)(18) - Undrawn	—	5/6/2021	5/6/2027	417		(4)		(4)		(0.00) %
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(18) - Undrawn	—	2/20/2020	2/20/2026	1,169		(6)		(6)		(0.00) %
USRP Holdings, Inc.
Federal Services	First lien (3)(18) - Undrawn	—	7/22/2021	7/23/2027	878		(9)		(9)		(0.00) %
Safety Borrower Holdings LLC
Information Services	First lien (3)(15)(18) - Undrawn	—	9/1/2021	9/1/2027	512		(3)		(3)
	First lien (3)(15)(18) - Undrawn	—	9/1/2021	9/1/2022	1,279		—		(6)
							(3)		(9)		(0.00) %
Calabrio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	4/16/2021	4/16/2027	1,487		(11)		(9)		(0.00) %

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
DCA Investment Holding, LLC
Healthcare Services	First lien (3)(18) - Undrawn	—	3/12/2021	3/10/2023	$	3,005	$	—	$	(11)	(0.00) %
IG Investments Holdings, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	9/22/2021	9/22/2027	1,149		(11)		(11)		(0.00) %
Notorious Topco, LLC
Consumer Products	First lien (3)(15)(18) - Undrawn	—	11/23/2021	5/24/2027	734		(6)		(6)
	First lien (3)(15)(18) - Undrawn	—	11/23/2021	11/23/2023	1,467		—		(11)
							(6)		(17)		(0.00) %
Associations, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	7/2/2021	7/2/2027	3,543		(18)		(18)		(0.00) %
Specialtycare, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	6/18/2021	6/18/2026	559		(8)		(8)
	First lien (3)(15)(18) - Undrawn	—	6/18/2021	6/18/2023	671		—		(10)
							(8)		(18)		(0.00) %
Sun Acquirer Corp.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2027	559		(5)		(6)
	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2023	1,378		(10)		(14)
							(15)		(20)		(0.00) %
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (3)(15)(18) - Undrawn	—	11/1/2021	11/1/2027	2,446		(24)		(24)		(0.00) %
Daxko Acquisition Corporation
Software	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/15/2027	986		(10)		(10)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/16/2023	1,638		—		(16)
							(10)		(26)		(0.00) %
Infogain Corporation
Software	First lien (3)(15)(18) - Undrawn	—	7/30/2021	7/30/2026	3,827		(29)		(29)		(0.00) %
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information Technology	First lien (3)(18) - Undrawn	—	12/20/2021	12/20/2028	3,600		(36)		(36)		(0.00) %

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Granicus, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	1/27/2021	1/29/2027	$	2,414	$	(18)	$	(18)
	First lien (3)(15)(18) - Undrawn	—	4/23/2021	4/21/2023	1,822		—		(18)
							(18)		(36)		(0.00) %
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	6/30/2021	6/29/2027	300		(3)		(3)
	First lien (3)(15)(18) - Undrawn	—	6/30/2021	6/29/2023	5,252		—		(53)
							(3)		(56)		(0.01)	%
Galway Borrower LLC
Insurance Services	First lien (3)(15)(18) - Undrawn	—	9/30/2021	9/30/2027	1,865		(19)		(19)
	First lien (3)(15)(18) - Undrawn	—	9/30/2021	9/29/2023	3,917		—		(39)
							(19)		(58)		(0.01)	%
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(18) - Undrawn	—	12/20/2021	12/21/2022	882		—		(9)
	First lien (3)(18) - Undrawn	—	12/20/2021	12/21/2027	1,400		(14)		(14)
	First lien (5)(18) - Undrawn	—	12/20/2021	12/21/2023	3,500		—		(35)
							(14)		(58)		(0.01)	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	8/2/2021	8/2/2027	2,354		(24)		(24)
	First lien (3)(15)(18) - Undrawn	—	8/2/2021	8/2/2023	8,180		—		(82)
							(24)		(106)		(0.01)	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/15/2027	2,861		(29)		(29)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/13/2023	8,343		—		(83)
							(29)		(112)		(0.01)	%
Deca Dental Holdings LLC
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	8/26/2021	8/26/2027	3,027		(30)		(30)
	First lien (3)(15)(18) - Undrawn	—	8/26/2021	8/28/2023	9,080		—		(91)
							(30)		(121)		(0.01)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	3/1/2021	3/1/2023	$	10,664	$	—	$	(160)	(0.01)	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(18) - Undrawn	—	12/22/2021	12/22/2027	3,659		(37)		(37)
	First lien (3)(18) - Undrawn	—	12/22/2021	12/22/2023	25,420		—		(254)
							(37)		(291)		(0.02)	%
Total Unfunded Debt Investments - United States							$	(581)	$	(1,256)	(0.09)	%
Unfunded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First lien (3)(15)(16)(18) - Undrawn	—	8/6/2021	7/9/2023	£	9,521	$	—	$	(143)	(0.01)	%
Total Unfunded Debt Investments - Jersey							$	—	$	(143)	(0.01)	%
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (3)(15)(18) - Undrawn	—	10/1/2021	10/1/2027	$	4,439	$	(44)	$	(44)	(0.00) %
Total Unfunded Debt Investments - Netherlands							$	(44)	$	(44)	(0.00) %
Total Unfunded Debt Investments							$	(625)	$	(1,443)	(0.10)	%
Total Non-Controlled/Non-Affiliated Investments							$	2,323,224	$	2,283,779	170.10	%
Non-Controlled/Affiliated Investments (43)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (24)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(15)	13.00% (6.50% + 6.50%/PIK)*	12/11/2020	1/26/2027	$	15,434	$	15,302	$	15,841	1.18	%
Sierra Hamilton Holdings Corporation
Energy	Second lien (3)(15)	15.00% PIK/Q(41)*	9/12/2019	9/12/2023	5		5		—		—	%
Permian Holdco 3, Inc.
Permian Trust
Energy	First lien (10)(15)	10.00% PIK/Q(41)*	3/30/2021	—	247		—		—
	First lien (3)(15)	11.00% (L + 10.00% PIK/M)(41)*	7/23/2020	—	3,409		—		—
							—		—		—	%
Total Funded Debt Investments - United States							$	15,307	$	15,841	1.18	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Equity - United States
TVG-Edmentum Holdings, LLC (24)
Education	Ordinary shares (3)(15)	—	12/11/2020	—	48,899		$	52,711	$	114,934	8.56	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(15)	—	7/31/2017	—	25,000,000		11,501		3,599
	Ordinary shares (3)(15)	—	7/31/2017	—	2,786,000		1,282		401
							12,783		4,000		0.30	%
Total Shares - United States							$	65,494	$	118,934	8.86	%
Total Non-Controlled/Affiliated Investments							$	80,801	$	134,775	10.04	%
Controlled Investments (44)
Funded Debt Investments - United States
New Benevis Topco, LLC (32)
New Benevis Holdco, Inc.
Healthcare Services	First lien (2)(15)	10.50% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	$	33,133	$	33,133	$	33,133
	First lien (8)(15)	10.50% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	8,129		8,129		8,129
	First lien (3)(15)	10.50% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	3,992		3,992		3,992
	Subordinated (3)(15)	12.00% PIK/M*	10/6/2020	10/6/2025	16,556		14,250		13,603
							59,504		58,857		4.39	%
UniTek Global Services, Inc.
Business Services	First lien (2)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	12,643		12,643		12,643
	First lien (3)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	3/16/2020	8/20/2024	9,363		8,628		9,363
	First lien (2)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	2,528		2,528		2,528
	First lien (3)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	1,354		1,208		1,354
	Second lien (3)(15)	15.00% PIK/Q*	12/16/2020	2/20/2025	9,970		9,970		9,970
							34,977		35,858		2.67	%
Tenawa Resource Holdings LLC (21)
Tenawa Resource Management LLC
Specialty Chemicals & Materials	First lien (3)(15)	14.00% PIK/Q*	12/17/2021	10/30/2026	31,624		18,821		18,821
	First lien (3)(15)	10.50% (L + 8.50%/Q)	12/17/2021	10/30/2026	16,000		16,000		16,000
							34,821		34,821		2.59	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets
NHME Holdings Corp. (28)
National HME, Inc.
Healthcare Services	Second lien (3)(15)	12.00% PIK/Q*	11/27/2018	5/27/2024	21,016	$	18,816	$	13,030
	Second lien (3)(15)	12.00% PIK/Q*	11/27/2018	5/27/2024	15,148	14,621		11,817
						33,437		24,847		1.85	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)	18.00% PIK/M*	10/30/2020	12/31/2024	18,216	18,216		18,216
	First lien (3)(15)(18) - Drawn	10.00% (L + 9.00% PIK/M)*	10/30/2020	12/31/2024	5,543	5,543		5,543
						23,759		23,759		1.77	%
Total Funded Debt Investments - United States						$	186,498	$	178,142	13.27	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(15)	—	5/4/2018	—	—	$	140,000	$	140,000	10.43	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(15)	—	5/5/2021	—	—	112,400		112,400		8.37	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (7)(15)	—	6/20/2018	—	—	87,203		107,870		8.03	%
New Benevis Topco, LLC (32)
Healthcare Services	Ordinary shares (2)(15)	—	10/6/2020	—	269,027	27,154		34,548
	Ordinary shares (8)(15)	—	10/6/2020	—	66,007	6,662		8,476
	Ordinary shares (3)(15)	—	10/6/2020	—	60,068	6,105		7,714
						39,921		50,738		3.78	%
NM GLCR LP
Net Lease	Membership interest (7)(15)	—	2/1/2018	—	—	14,750		50,687		3.77	%
NM CLFX LP
Net Lease	Membership interest (7)(15)	—	10/6/2017	—	—	12,538		24,676		1.84	%

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(15)(27)	—	8/17/2018	—	12,697,683	$	12,698	$	11,085
	Preferred shares (3)(15)(27)	—	8/29/2019	—	7,546,829	7,547		7,215
	Preferred shares (3)(15)(26)(41)	—	6/30/2017	—	19,795,435	19,795		396
	Preferred shares (2)(15)(25)(41)	—	1/13/2015	—	29,326,545	26,946		—
	Preferred shares (3)(15)(25)(41)	—	1/13/2015	—	8,104,462	7,447		—
	Ordinary shares (2)(15)	—	1/13/2015	—	2,096,477	1,925		—
	Ordinary shares (3)(15)	—	1/13/2015	—	1,993,749	532		—
						76,890		18,696		1.39	%
NM APP US LLC
Net Lease	Membership interest (7)(15)	—	9/13/2016	—	—	5,080		14,891		1.11	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(15)	—	10/30/2020	—	100	11,155		11,000		0.82	%
NM YI, LLC
Net Lease	Membership interest (7)(15)	—	9/30/2019	—	—	6,272		8,286		0.62	%
NM DRVT LLC
Net Lease	Membership interest (7)(15)	—	11/18/2016	—	—	5,152		7,984		0.59	%
NM JRA LLC
Net Lease	Membership interest (7)(15)	—	8/12/2016	—	—	2,043		3,996		0.30	%
NHME Holdings Corp. (28)
Healthcare Services	Ordinary shares (3)(15)	—	11/27/2018	—	640,000	4,000		2,000		0.15	%
NM GP Holdco, LLC**
Net Lease	Membership interest (7)(15)	—	6/20/2018	—	—	998		1,197		0.09	%
NM KRLN LLC
Net Lease	Membership interest (7)(15)	—	11/15/2016	—	—	9,222		244		0.02	%
QID TRH Holdings LLC (21)
Tenawa Resource Holdings LLC
Specialty Chemicals & Materials	Ordinary shares (14)(15)	—	10/1/2021	—	80	—		—
	Profit Interest (6)(15)	—	10/1/2021	—	5	—		—
						—		—		—	%
Total Shares - United States						$	527,624	$	554,665	41.31	%

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Equity - Canada
NM APP Canada Corp.**
Net Lease	Membership interest (7)(15)	—	9/13/2016	—	—		$	7,345	$	9,422	0.70	%
Total Shares - Canada							$	7,345	$	9,422	0.70	%
Total Shares							$	534,969	$	564,087	42.01	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(15)	—	12/16/2020	2/20/2025	8,523		$	—	$	13,081	0.97	%
NHME Holdings Corp. (28)
Healthcare Services	Warrants (3)(15)	—	11/27/2018	—	160,000		1,000		500		0.04	%
Total Warrants - United States							$	1,000	$	13,581	1.01	%
Total Funded Investments							$	722,467	$	755,810	56.29	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)(18) - Undrawn	—	10/30/2020	12/31/2024	$	4,977	$	—	$	—	—	%
Tenawa Resource Holdings LLC (21)
Tenawa Resource Management LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	12/17/2021	10/30/2026	8,000		—		—		—	%
Total Unfunded Debt Investments - United States							$	—	$	—	—	%
Total Controlled Investments							$	722,467	$	755,810	56.29	%
Total Investments							$	3,126,492	$	3,174,364	236.43	%

(4)Investment is held in New Mountain Finance SBIC, L.P.

(5)Investment is held in New Mountain Finance SBIC II, L.P.

(6)Investment is held in NMF QID NGL Holdings, Inc.

(7)Investment is held in New Mountain Net Lease Corporation.

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

(10)Investment is held in NMF Permian Holdings, LLC

(11)Investment is held in NMF HB, Inc

(12)Investment is held in NMF OEC, Inc.

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

(13)Investment is held in NMF Pioneer, Inc

(14)Investment is held in NMF TRM, LLC.

(15)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, 2021, the par value U.S. dollar equivalent of the first lien term loan, drawn first lien term loan and the undrawn first lien term loan is $17,428, $5,103 and $12,884, respectively. See Note 2. Summary of Significant Accounting Policies, for details

(17)Par amount is denominated in United States Dollar unless otherwise noted, British Pound ("£").

(19)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (Sonia), and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of December 31, 2021.

(21)The Company holds investments in multiple entities of Tenawa Resource Holdings LLC. The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Tenawa Resource Holdings LLC, and holds a tranche A first lien term loan, a tranche B first lien term loan and a first lien revolver in Tenawa Resource Management LLC.

(23)The Company holds investments in two wholly-owned subsidiaries of Appriss Health Holdings, Inc. The Company holds a first lien term loan and a first lien revolver in Appriss Health, LLC, and preferred equity in Appriss Health Intermediate Holdings, Inc. The preferred equity is entitled to receive preferential dividends at a rate of 11.00% per annum.

(25)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.

(26)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares.

(27)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to received cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.

(28)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as second lien term loans in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp.

(30)The Company holds preferred equity in Dealer Tire Holdings, LLC that is entitled to receive cumulative preferential dividends at a rate of 7.00% per annum.

(31)The Company holds preferred equity in Symplr Software Intermediate Holdings, Inc. that is entitled to receive cumulative preferential dividends at a rate of L + 10.50% per annum.

(34)The Company holds preferred equity in Project Essential Super Parent, LLC that is entitled to receive cumulative preferential dividends at a rate of L + 9.50% per annum.

(37)The Company holds preferred equity in HB Wealth Management, LLC that is entitled to receive cumulative preferential dividends at a rate of 4.00% per annum.

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

(39)The Company holds ordinary shares in Pioneer Topco I, L.P., and a first lien term loan and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.

(40)The Company holds ordinary shares in OA Topco, L.P., and a first lien term loan and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidary of OA Topco, L.P.

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

(42)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $21,422 as of December 31, 2021. See Note 2. Summary of Significant Accounting Policies, for details.

(43)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2021 and December 31, 2020 along with transactions during the year ended December 31, 2021 in which the issuer was a non-controlled/affiliated investment is as follows:


Portfolio Company	Fair Value at December 31, 2020		Gross Additions (A)		Gross Redemptions (B)		Net Realized Gains (Losses)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2021		Interest Income		Dividend Income		Other Income
Permian Holdco 1, Inc. / Permian Holdco 2, Inc. / Permian Holdco 3, Inc. / Permian Trust	$	—	$	225	$	(12,438)	$	(12,213)	$	12,213	$	—	$	—	$	—	$	—
Sierra Hamilton Holdings Corporation	4,776		11		(828)		2		41		4,000		188		—		24
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	98,236		5,575		(27,287)		20,549		54,251		130,775		1,825		5,123		321
Total Non-Controlled/Affiliated Investments	$	103,012	$	5,811	$	(40,553)	$	8,338	$	66,505	$	134,775	$	2,013	$	5,123	$	345

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement at fair value of an existing portfolio company into this category from a different category.

(B)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

(44) Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of December 31, 2021 and December 31, 2020 along with transactions during the year ended December 31, 2021 in which the issuer was a controlled investment, is as follows:


Portfolio Company	Fair Value at December 31, 2020		Gross Additions (A)		Gross Redemptions (B)		Net Realized Gains (Losses)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2021		Interest Income		Dividend Income		Other Income
Edmentum Inc.	$	—	$	—	$	—	$	2,207	$	—	$	—	$	—	$	—	$	1,200
National HME, Inc./NHME Holdings Corp.	27,530		8,094		—		—		(8,277)		27,347		4,594		—		500
New Benevis Topco, LLC / New Benevis Holdco, Inc.	98,442		5,417		—		—		5,736		109,595		6,956		—		1,500
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	29,336		5,423		—		—		—		34,759		3,522		—		634
NM APP CANADA CORP	12,302		—		—		—		(2,880)		9,422		—		978		—
NM APP US LLC	7,410		—		—		—		7,481		14,891		—		561		—
NM CLFX LP	14,885		—		—		—		9,791		24,676		—		1,521		—
NM DRVT LLC	7,084		—		—		—		900		7,984		—		466		—
NM JRA LLC	3,830		—		—		—		166		3,996		—		268		—
NM GLCR LP	29,130		—		—		—		21,557		50,687		—		1,892		—
NM KRLN LLC	1,501		641		—		—		(1,898)		244		—		—		—
NM NL Holdings, L.P.	67,132		32,757		—		—		7,981		107,870		—		7,414		—
NM GP Holdco, LLC	703		415		—		—		79		1,197		—		52		—
NM YI LLC	6,852		—		—		—		1,434		8,286		—		877		—
NMFC Senior Loan Program I LLC	23,000		10,000		(33,000)		—		—		—		—		741		—
NMFC Senior Loan Program II LLC	79,400		—		(79,400)		—		—		—		—		2,410		—
NMFC Senior Loan Program III LLC	120,000		20,000		—		—		—		140,000		—		16,712		—
NMFC Senior Loan Program IV LLC	—		112,400		—		—		—		112,400		—		7,767		—
Tenawa Resource Management LLC / Tenawa Resource Holdings LLC / QID TRH Holdings LLC (C)	—		64,776		(45,892)		(11,243)		15,937		34,821		845		—		8
UniTek Global Services, Inc.	72,338		6,669		(2,712)		1		(8,660)		67,635		3,880		4,497		738
Total Controlled Investments	$	600,875	$	266,592	$	(161,004)	$	(9,035)	$	49,347	$	755,810	$	19,797	$	46,156	$	4,580

(C)Portfolio company moved into the controlled category from the non-controlled/non-affiliated investment category.

* All or a portion of interest contains PIK interest.

** Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2021, 18.0% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


	December 31, 2021
Investment Type	Percent of Total Investments at Fair Value
First lien	52.23	%
Second lien	19.76	%
Subordinated	1.60	%
Equity and other	26.41	%
Total investments	100.00	%


	December 31, 2021
Industry Type	Percent of Total Investments at Fair Value
Software	24.61	%
Business Services	16.19	%
Healthcare Services	16.07	%
Investment Funds (includes investments in joint ventures)	7.95	%
Education	7.89	%
Net Lease	7.22	%
Consumer Services	3.50	%
Distribution & Logistics	3.28	%
Insurance Services	2.37	%
Specialty Chemicals & Materials	1.90	%
Information Technology	1.85	%
Financial Services	1.76	%
Healthcare Information Technology	1.67	%
Energy	1.22	%
Packaging	1.06	%
Federal Services	0.40	%
Business Products	0.33	%
Consumer Products	0.32	%
Industrial Services	0.23	%
Information Services	0.18	%
Total investments	100.00	%


	December 31, 2021
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	88.54	%
Fixed rates	11.46	%
Total investments	100.00	%

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

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Notes to the Consolidated Financial Statements of

New Mountain Finance Corporation

June 30, 2022

(in thousands, except share data)

(unaudited)

Note 1. Formation and Business Purpose

New Mountain Finance Corporation (“NMFC” or the “Company”) is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering ("IPO") on May 19, 2011. NMFC is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). NMFC has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Since NMFC’s IPO, and through June 30, 2022, NMFC raised approximately $942,661 in net proceeds from additional offerings of its common stock.

New Mountain Finance Advisers BDC, L.L.C. (the “Investment Adviser”) is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky and related other vehicles. New Mountain Capital is a firm with a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations.

The Company has established the following wholly-owned direct and indirect subsidiaries:

•New Mountain Finance Holdings, L.L.C. ("NMF Holdings") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings’ credit facility and NMFDB’s credit facility, respectively;

•New Mountain Finance SBIC, L.P. ("SBIC I") and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the U.S. Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act"), and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP"), and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively;

•NMF Ancora Holdings Inc. ("NMF Ancora"), NMF QID Holdings, Inc. ("NMF QID"), NMF YP Holdings Inc. ("NMF YP"), NMF Permian Holdings LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC") which serve as tax blocker corporations by holding equity or equity-like investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); the Company consolidates its tax blocker corporations for accounting purposes but the tax blocker corporations are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expense as a result of their ownership of the portfolio companies; and

•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.

New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of the Company, which acquires commercial real estate properties that are subject to "triple net" leases and has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.

The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. The first lien debt may include traditional first lien senior secured loans or unitranche loans. Unitranche loans combine characteristics of traditional first lien senior secured loans as well as second lien and subordinated loans. Unitranche loans will expose the Company to the risks associated with second lien and subordinated loans to the extent the Company invests in the “last out” tranche. In some cases, the Company’s investments may also include equity interests. The Company's primary focus is in the debt of defensive growth companies, which are defined as generally exhibiting the following characteristics: (i) sustainable secular growth drivers, (ii) high barriers to competitive entry, (iii) high free cash flow after capital expenditure and working capital needs, (iv) high returns on assets and (v) niche market dominance. Similar to the

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Company, SBIC I's and SBIC II's investment objectives are to generate current income and capital appreciation under the investment criteria used by the Company. However, SBIC I and SBIC II investments must be in SBA-eligible small businesses. The Company’s portfolio may be concentrated in a limited number of industries. As of June 30, 2022, the Company’s top five industry concentrations were software, healthcare services, business services, education and investment funds (which includes the Company's investments in its joint ventures).

Note 2. Summary of Significant Accounting Policies

Basis of accounting—The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies, (“ASC 946”). The Company consolidates its wholly-owned direct and indirect subsidiaries: NMF Holdings, NMFDB, NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF OEC and its majority-owned consolidated subsidiary: NMNLC. For majority-owned consolidated subsidiaries, the third-party equity interest is referred to as non-controlling interest. The net income attributable to non-controlling interests for such subsidiaries is presented as “Net increase (decrease) in net assets resulting from operations related to non-controlling interest” in the Company’s Consolidated Statements of Operations. The portion of shareholders' equity that is attributable to non-controlling interests for such subsidiaries is presented as “Non-controlling interest”, a component of total equity, on the Company’s Consolidated Statements of Assets and Liabilities.

The Company’s consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for all periods presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company’s portfolio investments are not consolidated in the financial statements.

The Company’s interim consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 6 or 10 of Regulation S-X. Accordingly, the Company’s interim consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2022.

Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company’s Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company’s Consolidated Statements of Operations as “Net change in unrealized appreciation (depreciation) of investments” and realizations on portfolio investments reflected in the Company’s Consolidated Statements of Operations as “Net realized gains (losses) on investments”.

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company’s board of directors is ultimately and solely responsible for determining the fair value of the portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company’s quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:

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i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and

ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b.Preliminary valuation conclusions will then be documented and discussed with the Company’s senior management;

c.If an investment falls into (3) above for four consecutive quarters and if the investment’s par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company’s board of directors; and

d.When deemed appropriate by the Company’s management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period and the fluctuations could be material.

See Note 3. Investments, for further discussion relating to investments.

New Mountain Net Lease Corporation

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on the Company's Consolidated Schedule of Investments as of June 30, 2022.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020.

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Below is certain summarized property information for NMNLC as of June 30, 2022:

Lease

Total

Fair Value as of

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

June 30, 2022

NM NL Holdings LP / NM GP Holdco LLC

Various

98,295

NM CLFX LP

Victor Equipment Company

8/31/2033

423

21,067

NM APP Canada, Corp.

A.P. Plasman, Inc.

9/30/2031

Canada

436

12,314

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

8,184

139,860

Collateralized agreements or repurchase financings—The Company follows the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral (“ASC 860”), when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of June 30, 2022 and December 31, 2021, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of $19,401 and $21,422, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from the Company at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to the Company, and therefore, the Company does not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized the Company’s contractual rights under the collateralized agreement. The Company continues to exercise its rights under the collateralized agreement and continues to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.

Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of June 30, 2022 and December 31, 2021.

Revenue recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and six months ended June 30, 2022, the Company recognized PIK and non-cash interest from investments of $7,292 and $15,815, respectively, and PIK and non-cash dividends from investments of $5,304 and $10,383, respectively. For the three and six months ended June 30, 2021, the Company recognized PIK and non-cash interest from investments of $5,530 and $11,368, respectively, and PIK and non-cash dividends from investments of $5,846 and $11,033, respectively.

Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.

Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s

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judgment of the ultimate collectibility. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after trade date. Other income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.

Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 7. Borrowings, for details.

Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company’s borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 7. Borrowings, for details.

Deferred offering costs—The Company's deferred offering costs consist of fees and expenses incurred in connection with equity offerings and the filing of shelf registration statements. Upon the issuance of shares, offering costs are charged as a direct reduction to net assets. Deferred offering costs are included in other assets on the Company's Consolidated Statements of Assets and Liabilities.

Income taxes—The Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its stockholders.

To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.

Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.

For U.S. federal income tax purposes, distributions paid to stockholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.

The Company will be subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.

Certain consolidated subsidiaries of the Company are subject to U.S. federal and state income taxes. These taxable entities are not consolidated for U.S. federal income tax purposes and may generate income tax liabilities or assets from permanent and temporary differences in the recognition of items for financial reporting and U.S. federal income tax purposes.

For the three and six months ended June 30, 2022, the Company recognized a total income tax provision of approximately $68 and $165, respectively, for the Company’s consolidated subsidiaries. For the three and six months ended June 30, 2022, the Company recorded current income tax (benefit) expense of approximately $(87) and $8, respectively, and deferred income tax provision of approximately $155 and $157, respectively. For the three and six months ended June 30, 2021, the Company recognized a total income tax provision of approximately $22 and $138, respectively, for the Company’s consolidated subsidiaries. For the three and six months ended June 30, 2021, the Company recorded current income tax expense of approximately $22 and $23, respectively, and deferred income tax provision of approximately $0 and $115, respectively.

As of June 30, 2022 and December 31, 2021, the Company had $169 and $13, respectively, of deferred tax liabilities primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S. federal income tax purposes as compared to GAAP.

Based on its analysis, the Company has determined that there were no uncertain income tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740")

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through December 31, 2021. The 2018 through 2021 tax years remain subject to examination by the U.S. federal, state, and local tax authorities.

Distributions—Distributions to common stockholders of the Company are recorded on the record date as set by the board of directors. The Company intends to make distributions to its stockholders that will be sufficient to enable the Company to maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income (see Note 5. Agreements, for details) on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash.

The Company applies the following in implementing the dividend reinvestment plan. If the price at which newly issued shares are to be credited to stockholders' accounts is equal to or greater than 110.0% of the last determined net asset value of the shares, the Company will use only newly issued shares to implement its dividend reinvestment plan. Under such circumstances, the number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of the Company's common stock on the NASDAQ Global Select Market (the "NASDAQ") on the distribution payment date. Market price per share on that date will be the closing price for such shares on the NASDAQ or, if no sale is reported for such day, the average of their electronically reported bid and ask prices.

If the price at which newly issued shares are to be credited to stockholders' accounts is less than 110.0% of the last determined net asset value of the shares, the Company will either issue new shares or instruct the plan administrator to purchase shares in the open market to satisfy the additional shares required. Shares purchased in open market transactions by the plan administrator will be allocated to a stockholder based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market. The number of shares of the Company's common stock to be outstanding after giving effect to payment of the distribution cannot be established until the value per share at which additional shares will be issued has been determined and elections of the Company's stockholders have been tabulated.

Share repurchase program—On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of the Company's common stock (the "Repurchase Program"). Under the Repurchase Program, the Company was permitted, but was not obligated, to repurchase its outstanding common stock in the open market from time to time provided that it complied with the Company's code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On December 22, 2021, the Company's board of directors extended the Company's Repurchase Program and the Company expects the Repurchase Program to be in place until the earlier of December 31, 2022 or until $50,000 of its outstanding shares of common stock have been repurchased. During the three and six months ended June 30, 2022 and June 30, 2021, the Company did not repurchase any shares of the Company's common stock. The Company previously repurchased $2,948 of its common stock under the Repurchase Program.

Earnings per share—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued, and its related net impact to net assets accounted for, and the additional shares of common stock were dilutive. Diluted EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation)" and "Net realized gains (losses)" in the Company's Consolidated Statements of Operations.

Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and such foreign currencies. This movement is beyond the control of the Company and cannot be predicted.

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Use of estimates—The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

Note 3. Investments

At June 30, 2022, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,879,391	$	1,857,335
Second lien	636,810		583,394
Subordinated	62,024		55,968
Equity and other	719,231		803,494
Total investments	$	3,297,456	$	3,300,191

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	889,044	$	882,086
Healthcare Services	561,209		534,702
Business Services	558,848		499,368
Education	206,554		267,964
Investment Funds (includes investments in joint ventures)	252,400		252,400
Consumer Services	156,397		155,833
Net Lease	103,359		139,860
Distribution & Logistics	106,206		103,089
Specialty Chemicals & Materials	62,770		75,135
Financial Services	69,712		70,432
Healthcare Information Technology	68,483		68,097
Information Technology	58,604		58,553
Insurance Services	54,403		50,854
Energy	51,716		47,773
Packaging	40,434		39,378
Consumer Products	20,309		20,290
Federal Services	12,727		12,711
Business Products	10,766		8,179
Industrial Services	7,687		7,669
Information Services	5,828		5,818
Total investments	$	3,297,456	$	3,300,191

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At December 31, 2021, the Company’s investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,682,541	$	1,657,815
Second lien	645,370		627,356
Subordinated	54,996		50,742
Equity and other	743,585		838,451
Total investments	$	3,126,492	$	3,174,364

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	782,714	$	781,304
Business Services	578,635		514,013
Healthcare Services	510,832		509,941
Investment Funds (includes investments in joint ventures)	252,400		252,400
Education	200,895		250,351
Net Lease	150,603		229,253
Consumer Services	111,464		111,140
Distribution & Logistics	106,211		104,112
Insurance Services	76,307		75,094
Specialty Chemicals & Materials	60,295		60,367
Information Technology	58,570		58,553
Financial Services	55,424		55,745
Healthcare Information Technology	52,804		52,946
Energy	47,702		38,759
Packaging	34,763		33,723
Federal Services	12,797		12,790
Business Products	10,764		10,586
Consumer Products	10,218		10,206
Industrial Services	7,368		7,362
Information Services	5,726		5,719
Total investments	$	3,126,492	$	3,174,364

As of June 30, 2022, the Company's aggregate principal amount of its second lien term loan in Integro Parent Inc. ("Integro") was $10,451. During the second quarter of 2022, the Company placed an aggregate principal amount of $3,658 of its second lien position on non-accrual status. As of June 30, 2022, the Company's position in Integro on non-accrual status had an aggregate cost basis of $3,637, an aggregate fair value of $2,369, total unearned interest income of $101 and $101, respectively, for the three and six months then ended and total unearned other income of $36 and $36, respectively, for the three and six months then ended.

During the second quarter of 2022, the Company placed its second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of June 30, 2022, the Company's second lien positions in National HME had an aggregate cost basis of $36,512, an aggregate fair value of $8,548, and total unearned interest income of $1,163 and $1,163, respectively, for the three and six months then ended.

As of June 30, 2022, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $29,678, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an aggregate principal amount of $12,787 of its first lien term loans on non-accrual status. As of June 30, 2022, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $12,769, an

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aggregate fair value of $7,211 and total unearned interest income of $310 and $606, respectively, for the three and six months then ended.

During the third quarter of 2021, the Company placed its second lien position in Sierra Hamilton Holdings Corporation ("Sierra") on non-accrual status. As of June 30, 2022, the Company's second lien position in Sierra had an aggregate cost basis of $5, an aggregate fair value of $0, and total unearned interest income of $0 and $0, respectively, for the three and six months then ended.

During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of June 30, 2022, the Company's junior preferred shares in UniTek had an aggregate cost basis of $34,393, an aggregate fair value of $0 and total unearned dividend income of $1,647 and $3,241, respectively, for the three and six months then ended. During the third quarter of 2021, the Company placed an aggregate principal amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status. As of June 30, 2022, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $7,633 and total unearned dividend income of approximately $1,136 and $2,220, respectively, for the three and six months then ended.

During the first quarter of 2018, the Company placed its first lien positions in Education Management II LLC ("EDMC") on non-accrual status as EDMC announced its intention to wind down and liquidate the business. As of June 30, 2022, the Company's investment in EDMC, which was placed on non-accrual status, represented an aggregate cost basis of $956, an aggregate fair value of $0 and total unearned interest income of $5 and $9, respectively, for the three and six months then ended.

As of June 30, 2022, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $98,487 and $0, respectively. As of June 30, 2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $182,299. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2022.

As of December 31, 2021, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $86,989 and $0, respectively. As of December 31, 2021, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $128,446. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of December 31, 2021.

PPVA Black Elk (Equity) LLC

On May 3, 2013, the Company entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, the Company purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20,000 with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20,000 plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, the Company received a payment of $20,540, the full amount due under the SPP Agreement.

In August 2017, a trustee (the “Trustee”) for Black Elk informed the Company that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against the Company and one of its affiliates seeking the return of the $20,540 repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to the Company under the SPP Agreement. The Company was unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.

On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of June 30, 2022 and December 31, 2021, the SPP Agreement has a cost basis of $14,500 and $14,500, respectively, and a fair value of $9,377 and $10,354, respectively, which is reflective of the higher inherent risk in this transaction.

NMFC Senior Loan Program III LLC

NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between the Company and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies

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within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III has a five year investment period and will continue in existence until April 25, 2025. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of June 30, 2022, the Company and SkyKnight II have committed and contributed $140,000 and $35,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2022 and December 31, 2021.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A., which matures on January 8, 2026. Effective July 8, 2021, the reinvestment period was extended to July 8, 2024. As of the most recent amendment on July 8, 2021, during the reinvestment period the credit facility bears interest at a rate of the London Interbank Offered Rate ("LIBOR") plus 1.60% and after the reinvestment period it will bear interest at a rate of LIBOR plus 1.90%. Prior to July 8, 2021, the credit facility bore interest at a rate of LIBOR plus 1.70%. Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000. As of June 30, 2022 and December 31, 2021, SLP III had total investments with an aggregate fair value of approximately $654,639 and $702,148, respectively, and debt outstanding under its credit facility of $514,500 and $510,900, respectively. As of June 30, 2022 and December 31, 2021, none of SLP III's investments were on non-accrual. Additionally, as of June 30, 2022 and December 31, 2021, SLP III had unfunded commitments in the form of delayed draws of $4,479 and $4,569, respectively.

Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of June 30, 2022 and December 31, 2021:


	June 30, 2022			December 31, 2021
First lien investments (1)	$	697,482		$	709,517
Weighted average interest rate on first lien investments (2)	5.75		%	4.50		%
Number of portfolio companies in SLP III	82			80
Largest portfolio company investment (1)	$	23,368		$	23,489
Total of five largest portfolio company investments (1)	$	93,960		$	95,504

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

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The following table is a listing of the individual investments in SLP III's portfolio as of June 30, 2022:


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	Healthcare Services	5.17% (L + 3.50%)	12/23/2027	$	2,412	$	2,402	$	2,215
Advisor Group Holdings, Inc.	Financial Services	6.17% (L + 4.50%)	7/31/2026	9,750		9,719		9,299
AG Parent Holdings, LLC	Healthcare Services	6.67% (L + 5.00%)	7/31/2026	12,188		12,149		11,689
Artera Services, LLC	Distribution & Logistics	5.75% (L + 3.50%)	3/6/2025	6,873		6,833		5,460
Aston FinCo S.a.r.l. / Aston US Finco, LLC	Software	5.92% (L + 4.25%)	10/9/2026	5,865		5,827		5,528
athenahealth Group Inc.	Healthcare I.T.	5.01% (SOFR + 3.50%)	2/15/2029	3,235		3,220		2,986
BCPE Empire Holdings, Inc.	Distribution & Logistics	5.67% (L + 4.00%)	6/11/2026	4,280		4,254		4,024
BCPE Empire Holdings, Inc.	Distribution & Logistics	6.25% (SOFR + 4.63%)	6/11/2026	3,273		3,159		3,158
Bearcat Buyer, Inc.	Healthcare Services	6.50% (L + 4.25%)	7/9/2026	19,355		19,295		19,355
Bearcat Buyer, Inc.	Healthcare Services	6.50% (L + 4.25%)	7/9/2026	4,013		3,999		4,013
Bella Holding Company, LLC	Healthcare Services	5.42% (L + 3.75%)	5/10/2028	2,249		2,230		2,110
Bluefin Holding, LLC	Software	6.33% (L + 4.25%)	9/4/2026	9,750		9,657		9,714
Bluefin Holding, LLC	Software	7.08% (L + 5.00%)	9/4/2026	2,575		2,539		2,566
Bracket Intermediate Holding Corp.	Healthcare Services	5.22% (L + 4.25%)	9/5/2025	14,438		14,402		13,908
Brave Parent Holdings, Inc.	Software	5.67% (L + 4.00%)	4/18/2025	4,289		4,282		4,135
Brown Group Holding, LLC	Distribution & Logistics	5.54% (SOFR + 3.75%)	7/2/2029	7,063		6,886		6,815
Cano Health, LLC	Healthcare Services	5.63% (SOFR + 4.00%)	11/23/2027	10,286		10,251		9,482
Cardinal Parent, Inc.	Software	6.13% (L + 4.50%)	11/12/2027	6,950		6,865		6,620
CE Intermediate I, LLC	Software	5.40% (L + 4.00%)	11/10/2028	10,975		10,904		10,372
CentralSquare Technologies, LLC	Software	6.00% (L + 3.75%)	8/29/2025	14,475		14,457		13,064
CHA Holdings, Inc.	Business Services	6.75% (L + 4.50%)	4/10/2025	962		962		962
CommerceHub, Inc.	Software	6.25% (L + 4.00%)	12/29/2027	5,746		5,722		5,071
Confluent Health, LLC	Healthcare Services	5.67% (L + 4.00%)	11/30/2028	12,023		11,966		11,227
Confluent Health, LLC	Healthcare Services	5.67% (L + 4.00%)	11/30/2028	514		511		480
Confluent Medical Technologies, Inc.	Healthcare Products	5.80% (SOFR + 3.75%)	2/16/2029	6,983		6,949		6,511
Cornerstone OnDemand, Inc.	Software	5.42% (L + 3.75%)	10/16/2028	4,534		4,513		4,073
Covenant Surgical Partners, Inc.	Healthcare Services	5.62% (L + 4.00%)	7/1/2026	9,728		9,669		9,169
Covenant Surgical Partners, Inc.	Healthcare Services	5.67% (L + 4.00%)	7/1/2026	2,000		1,984		1,885
CRCI Longhorn Holdings, Inc.	Business Services	4.62% (L + 3.50%)	8/8/2025	14,438		14,403		13,138
Dealer Tire, LLC	Distribution & Logistics	5.92% (L + 4.25%)	12/12/2025	9,750		9,735		9,342
DG Investment Intermediate Holdings 2, Inc.	Business Services	5.42% (L + 3.75%)	3/31/2028	7,425		7,399		6,967
Dispatch Acquisition Holdings, LLC	Industrial Services	6.50% (L + 4.25%)	3/27/2028	14,062		13,912		12,867
Drilling Info Holdings, Inc.	Business Services	5.92% (L + 4.25%)	7/30/2025	18,292		18,247		17,926
EAB Global, Inc.	Education	4.74% (L + 3.50%)	8/16/2028	4,229		4,210		3,994
Energize Holdco LLC	Business Services	6.00% (L + 3.75%)	12/8/2028	12,550		12,492		11,923
eResearchTechnology, Inc.	Healthcare Services	6.17% (L + 4.50%)	2/4/2027	7,308		7,282		6,763
EyeCare Partners, LLC	Healthcare Services	6.00% (L + 3.75%)	2/18/2027	14,685		14,672		13,572
Foundational Education Group, Inc.	Education	6.07% (SOFR + 3.75%)	8/31/2028	9,453		9,367		9,074
Frontline Technologies Intermediate Holdings, LLC	Software	6.49% (L + 5.25%)	9/18/2023	6,368		6,368		6,368
Frontline Technologies Intermediate Holdings, LLC	Software	6.49% (L + 5.25%)	9/18/2023	1,987		1,987		1,987
Greenway Health, LLC	Healthcare I.T.	5.25% (L + 3.75%)	2/16/2024	14,294		14,298		12,954
Heartland Dental, LLC	Healthcare Services	5.17% (L + 3.50%)	4/30/2025	18,255		18,214		17,000
Help/Systems Holdings, Inc.	Software	5.63% (SOFR + 4.00%)	11/19/2026	18,161		18,033		17,077
Higginbotham Insurance Agency, Inc.	Insurance Services	7.17% (L + 5.50%)	11/25/2026	9,125		9,057		9,125
HighTower Holding, LLC	Financial Services	5.10% (L + 4.00%)	4/21/2028	4,802		4,760		4,490
Houghton Mifflin Harcourt Company	Education	6.88% (SOFR + 5.25%)	4/9/2029	5,667		5,497		5,153
Idera, Inc.	Software	4.82% (L + 3.75%)	3/2/2028	15,884		15,871		14,720
Kestra Advisor Services Holdings A, Inc.	Financial Services	6.51% (L + 4.25%)	6/3/2026	11,996		11,944		11,376
LI Group Holdings, Inc.	Software	5.25% (L + 3.75%)	3/11/2028	4,597		4,587		4,396
LSCS Holdings, Inc.	Healthcare Services	6.75% (L + 4.50%)	12/16/2028	7,605		7,570		7,244
Mamba Purchaser, Inc.	Healthcare Services	5.35% (L + 3.75%)	10/16/2028	5,759		5,732		5,480
Maverick Bidco Inc.	Software	4.99% (L + 3.75%)	5/18/2028	3,980		3,963		3,851
Mavis Tire Express Services Topco Corp.	Retail	5.63% (SOFR + 4.00%)	5/4/2028	4,197		4,179		3,924

Table of Contents


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
MED ParentCo, LP	Healthcare Services	5.92% (L + 4.25%)	8/31/2026	$	12,653	$	12,576	$	11,435
Mercury Borrower, Inc.	Business Services	5.81% (L + 3.50%)	8/2/2028	4,200		4,179		3,927
MH Sub I, LLC (Micro Holding Corp.)	Software	5.42% (L + 3.75%)	9/13/2024	10,750		10,727		10,145
Mitnick Corporate Purchaser, Inc.	Software	6.05% (SOFR + 4.75%)	5/2/2029	4,667		4,643		4,489
National Intergovernmental Purchasing Alliance Company	Business Services	5.75% (L + 3.50%)	5/23/2025	8,500		8,498		8,097
Navex Topco, Inc.	Software	4.92% (L + 3.25%)	9/5/2025	13,944		13,875		13,349
Netsmart, Inc.	Healthcare I.T.	5.67% (L + 4.00%)	10/1/2027	3,960		3,960		3,778
Outcomes Group Holdings, Inc.	Healthcare Services	4.92% (L + 3.25%)	10/24/2025	3,348		3,344		3,182
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	5.16% (SOFR + 4.00%)	2/26/2029	1,736		1,732		1,639
Peraton Corp.	Federal Services	5.42% (L + 3.75%)	2/1/2028	7,272		7,241		6,849
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	5.17% (L + 3.50%)	2/14/2025	5,689		5,687		5,381
Physician Partners, LLC	Healthcare Services	5.63% (SOFR + 4.00%)	12/26/2028	8,096		8,017		7,620
Planview Parent, Inc.	Software	5.67% (L + 4.00%)	12/17/2027	7,879		7,815		7,452
Premise Health Holding Corp.	Healthcare Services	5.75% (L + 3.50%)	7/10/2025	7,444		7,426		7,332
Project Ruby Ultimate Parent Corp.	Healthcare I.T.	4.92% (L + 3.25%)	3/10/2028	4,374		4,355		4,106
RealPage, Inc.	Business Services	4.67% (L + 3.00%)	4/24/2028	13,895		13,866		12,860
RLG Holdings, LLC	Packaging	5.92% (L + 4.25%)	7/7/2028	5,814		5,790		5,451
Sierra Enterprises, LLC	Food & Beverage	5.67% (L + 4.00%)	11/11/2024	2,394		2,393		2,277
Snap One Holdings Corp.	Distribution & Logistics	7.38% (L + 4.50%)	12/8/2028	6,656		6,593		6,090
Sovos Brands Intermediate, Inc.	Food & Beverage	4.25% (L + 3.50%)	6/8/2028	9,429		9,409		8,911
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	6.50% (L + 4.25%)	7/30/2025	11,996		11,981		11,261
Storable, Inc.	Software	5.38% (SOFR + 3.50%)	4/17/2028	3,843		3,835		3,619
Symplr Software, Inc.	Healthcare I.T.	6.65% (SOFR + 4.50%)	12/22/2027	15,800		15,680		15,010
Syndigo LLC	Software	5.82% (L + 4.50%)	12/15/2027	14,813		14,722		14,536
Therapy Brands Holdings LLC	Healthcare I.T.	4.79% (L + 4.00%)	5/18/2028	3,383		3,368		3,319
Thermostat Purchaser III, Inc.	Business Services	6.07% (L + 4.50%)	8/31/2028	5,923		5,896		5,597
TIBCO Software Inc.	Software	5.42% (L + 3.75%)	6/30/2026	7,539		7,526		7,418
Trader Interactive, LLC (fka Dominion Web Solutions LLC)	Business Services	5.42% (L + 3.75%)	7/28/2028	4,647		4,625		4,472
Valcour Packaging, LLC	Packaging	5.22% (L + 3.75%)	10/4/2028	4,527		4,514		4,267
Vetcor Professional Practices LLC	Consumer Services	5.05% (L + 4.25%)	7/2/2025	6,945		6,829		6,511
VT Topco, Inc.	Business Services	5.17% (L + 3.50%)	8/1/2025	2,743		2,743		2,613
VT Topco, Inc.	Business Services	5.42% (L + 3.75%)	8/1/2025	842		839		806
VT Topco, Inc.	Business Services	4.98% (L + 3.75%)	8/1/2025	31		31		30
Waystar Technologies, Inc.	Healthcare Services	5.67% (L + 4.00%)	10/22/2026	4,045		4,038		3,833
WP CityMD Bidco LLC	Healthcare Services	5.50% (L + 3.25%)	12/22/2028	4,169		4,156		3,934
Wrench Group LLC	Consumer Services	6.25% (L + 4.00%)	4/30/2026	7,864		7,847		7,491
YI, LLC	Healthcare Services	5.67% (L + 4.00%)	11/7/2024	9,540		9,537		9,206

Total Funded Investments				$	693,003	$	689,678	$	654,895

Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare I.T.	—	1/26/2024	$	548	$	—	$	(42)
Confluent Health, LLC	Healthcare Services	—	11/30/2023	2,124		(6)		(141)
Therapy Brands Holdings LLC	Healthcare I.T.	—	5/18/2023	735		—		(14)
Thermostat Purchaser III, Inc.	Business Services	—	8/31/2023	1,047		—		(58)
VT Topco, Inc.	Business Services	—	8/1/2023	25		—		(1)
Total Unfunded Investments				$	4,479	$	(6)	$	(256)
Total Investments				$	697,482	$	689,672	$	654,639

(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P), Secured Overnight Financing Rate (SOFR), and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of June 30, 2022.

(2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III.

Table of Contents

The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2021:


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	Healthcare Services	4.00% (L + 3.50%)	12/23/2027	$	2,424	$	2,413	$	2,424
Advisor Group Holdings, Inc.	Financial Services	4.60% (L + 4.50%)	7/31/2026	9,800		9,766		9,832
AG Parent Holdings, LLC	Healthcare Services	5.10% (L + 5.00%)	7/31/2026	12,250		12,207		12,227
Artera Services, LLC	Distribution & Logistics	4.50% (L + 3.50%)	3/6/2025	6,907		6,861		6,706
Aston FinCo S.a.r.l. / Aston US Finco, LLC	Software	4.35% (L + 4.25%)	10/9/2026	5,895		5,853		5,877
BCPE Empire Holdings, Inc.	Distribution & Logistics	4.10% (L + 4.00%)	6/11/2026	4,302		4,273		4,278
Bearcat Buyer, Inc.	Healthcare Services	5.25% (L + 4.25%)	7/9/2026	19,456		19,388		19,455
Bearcat Buyer, Inc.	Healthcare Services	5.25% (L + 4.25%)	7/9/2026	4,033		4,018		4,033
Bella Holding Company, LLC	Healthcare Services	4.50% (L + 3.75%)	5/10/2028	2,260		2,240		2,262
Bluefin Holding, LLC	Software	4.43% (L + 4.25%)	9/4/2026	9,800		9,696		9,800
Bracket Intermediate Holding Corp.	Healthcare Services	4.38% (L + 4.25%)	9/5/2025	14,513		14,471		14,498
Brave Parent Holdings, Inc.	Software	4.10% (L + 4.00%)	4/18/2025	4,347		4,339		4,352
Cano Health, LLC	Healthcare Services	5.25% (L + 4.50%)	11/23/2027	6,948		6,910		6,961
Cardinal Parent, Inc.	Software	5.25% (L + 4.50%)	11/12/2027	6,985		6,893		6,977
CE Intermediate I, LLC	Software	4.50% (L + 4.00%)	11/10/2028	11,004		10,927		10,934
CentralSquare Technologies, LLC	Software	3.97% (L + 3.75%)	8/29/2025	14,550		14,529		13,761
CHA Holdings, Inc.	Business Services	5.50% (L + 4.50%)	4/10/2025	967		967		967
CommerceHub, Inc.	Software	4.75% (L + 4.00%)	12/29/2027	5,775		5,750		5,724
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)	Software	5.00% (L + 4.00%)	12/2/2022	2,985		2,969		2,985
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)	Software	5.00% (L + 4.00%)	12/2/2022	4,455		4,450		4,455
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)	Software	5.00% (L + 4.00%)	12/2/2022	862		861		862
Confluent Health, LLC	Healthcare Services	4.50% (L + 4.00%)	11/30/2028	12,054		11,993		12,053
Cornerstone OnDemand, Inc.	Software	4.25% (L + 3.75%)	10/16/2028	4,545		4,523		4,541
Covenant Surgical Partners, Inc.	Healthcare Services	4.10% (L + 4.00%)	7/1/2026	9,777		9,711		9,655
Covenant Surgical Partners, Inc.	Healthcare Services	4.10% (L + 4.00%)	7/1/2026	2,000		1,980		1,975
CRCI Longhorn Holdings, Inc.	Business Services	3.60% (L + 3.50%)	8/8/2025	14,513		14,471		14,408
Dealer Tire, LLC	Distribution & Logistics	4.35% (L + 4.25%)	12/12/2025	9,800		9,783		9,817
DG Investment Intermediate Holdings 2, Inc.	Business Services	4.25% (L + 3.50%)	3/31/2028	7,463		7,435		7,471
Dispatch Acquisition Holdings, LLC	Industrial Services	5.00% (L + 4.25%)	3/27/2028	14,133		13,970		14,124
Drilling Info Holdings, Inc.	Business Services	4.35% (L + 4.25%)	7/30/2025	18,387		18,335		18,249
EAB Global, Inc.	Education	4.00% (L + 3.50%)	8/16/2028	4,250		4,230		4,234
Energize Holdco LLC	Business Services	4.25% (L + 3.75%)	12/8/2028	12,582		12,519		12,550
eResearchTechnology, Inc.	Healthcare Services	5.50% (L + 4.50%)	2/4/2027	7,345		7,316		7,388
EyeCare Partners, LLC	Healthcare Services	3.97% (L + 3.75%)	2/18/2027	14,760		14,745		14,678
Foundational Education Group, Inc.	Education	4.75% (L + 4.25%)	8/31/2028	9,500		9,408		9,524
Frontline Technologies Intermediate Holdings, LLC	Software	6.25% (L + 5.25%)	9/18/2023	6,448		6,448		6,448
Frontline Technologies Intermediate Holdings, LLC	Software	6.25% (L + 5.25%)	9/18/2023	2,012		2,012		2,012
Greenway Health, LLC	Healthcare I.T.	4.75% (L + 3.75%)	2/16/2024	14,369		14,374		13,790
Heartland Dental, LLC	Healthcare Services	3.60% (L + 3.50%)	4/30/2025	18,350		18,302		18,191
Help/Systems Holdings, Inc.	Software	4.75% (L + 4.00%)	11/19/2026	18,254		18,112		18,214
Higginbotham Insurance Agency, Inc.	Insurance Services	6.25% (L + 5.50%)	11/25/2026	9,170		9,096		9,239
HighTower Holding, LLC	Financial Services	4.75% (L + 4.00%)	4/21/2028	4,826		4,781		4,838
Idera, Inc.	Software	4.50% (L + 3.75%)	3/2/2028	15,964		15,951		15,997
Kestra Advisor Services Holdings A, Inc.	Financial Services	4.36% (L + 4.25%)	6/3/2026	12,058		12,000		11,998
LI Group Holdings, Inc.	Software	4.50% (L + 3.75%)	3/11/2028	4,620		4,610		4,620
LSCS Holdings, Inc.	Healthcare Services	5.00% (L + 4.50%)	12/16/2028	7,644		7,605		7,663
Mamba Purchaser, Inc.	Healthcare Services	4.25% (L + 3.75%)	10/16/2028	5,773		5,745		5,777
Maravai Intermediate Holdings, LLC	Specialty Chemicals & Materials	4.75% (L + 3.75%)	10/19/2027	2,939		2,914		2,956
Maverick Bidco Inc.	Software	4.50% (L + 3.75%)	5/18/2028	4,000		3,982		4,008
Mavis Tire Express Services Topco Corp.	Retail	4.75% (L + 4.00%)	5/4/2028	4,216		4,197		4,224
MED ParentCo, LP	Healthcare Services	4.35% (L + 4.25%)	8/31/2026	12,718		12,633		12,727

Table of Contents


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Mercury Borrower, Inc.	Business Services	4.00% (L + 3.50%)	8/2/2028	$	4,211	$	4,189	$	4,204
MH Sub I, LLC (Micro Holding Corp.)	Software	4.75% (L + 3.75%)	9/13/2024	10,804		10,777		10,842
National Intergovernmental Purchasing Alliance Company	Business Services	3.72% (L + 3.50%)	5/23/2025	8,540		8,538		8,526
Navex Topco, Inc.	Software	3.36% (L + 3.25%)	9/5/2025	17,024		16,927		16,946
Netsmart, Inc.	Healthcare I.T.	4.75% (L + 4.00%)	10/1/2027	3,980		3,980		3,992
Newport Group Holdings II, Inc.	Business Services	3.72% (L + 3.50%)	9/12/2025	4,838		4,824		4,835
Outcomes Group Holdings, Inc.	Healthcare Services	3.47% (L + 3.25%)	10/24/2025	3,366		3,361		3,335
Peraton Corp.	Federal Services	4.50% (L + 3.75%)	2/1/2028	7,444		7,410		7,460
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	4.25% (L + 3.50%)	2/14/2025	5,719		5,716		5,726
Planview Parent, Inc.	Software	4.75% (L + 4.00%)	12/17/2027	7,919		7,850		7,929
Premise Health Holding Corp.	Healthcare Services	3.72% (L + 3.50%)	7/10/2025	7,483		7,462		7,455
Project Ruby Ultimate Parent Corp.	Healthcare I.T.	4.00% (L + 3.25%)	3/10/2028	11,414		11,361		11,407
Quest Software US Holdings Inc.	Software	4.38% (L + 4.25%)	5/16/2025	14,550		14,511		14,555
RealPage, Inc.	Business Services	3.75% (L + 3.25%)	4/24/2028	13,965		13,933		13,941
RLG Holdings, LLC	Packaging	5.00% (L + 4.25%)	7/7/2028	5,844		5,816		5,841
Sierra Enterprises, LLC	Food & Beverage	5.00% (L + 4.00%)	11/11/2024	2,406		2,405		2,406
Snap One Holdings Corp.	Distribution & Logistics	5.00% (L + 4.50%)	12/8/2028	6,672		6,606		6,664
Sovos Brands Intermediate, Inc.	Food & Beverage	4.50% (L + 3.75%)	6/8/2028	9,429		9,407		9,437
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	4.47% (L + 4.25%)	7/30/2025	12,058		12,041		11,666
Storable, Inc.	Software	3.75% (L + 3.25%)	4/17/2028	3,862		3,853		3,854
Symplr Software, Inc.	Healthcare I.T.	5.25% (L + 4.50%)	12/22/2027	15,880		15,750		15,938
Syndigo LLC	Software	5.25% (L + 4.50%)	12/15/2027	14,888		14,790		14,925
Therapy Brands Holdings LLC	Healthcare I.T.	4.75% (L + 4.00%)	5/18/2028	3,400		3,384		3,400
Thermostat Purchaser III, Inc.	Business Services	5.25% (L + 4.50%)	8/31/2028	5,953		5,924		5,953
TIBCO Software Inc.	Software	3.86% (L + 3.75%)	6/30/2026	7,577		7,563		7,535
Trader Interactive, LLC (fka Dominion Web Solutions LLC)	Business Services	4.50% (L + 4.00%)	7/28/2028	4,910		4,886		4,904
Unified Women's Healthcare, LP	Healthcare Services	5.00% (L + 4.25%)	12/20/2027	9,950		9,883		9,984
Valcour Packaging, LLC	Packaging	4.25% (L + 3.75%)	10/4/2028	4,538		4,524		4,538
VetCor Professional Practices LLC	Consumer Services	5.00% (L + 4.25%)	7/2/2025	6,980		6,846		6,922
VT Topco, Inc.	Business Services	3.35% (L + 3.25%)	8/1/2025	2,766		2,766		2,748
VT Topco, Inc.	Business Services	4.50% (L + 3.75%)	8/1/2025	849		845		844
Waystar Technologies, Inc.	Healthcare Services	4.10% (L + 4.00%)	10/22/2026	4,066		4,058		4,069
WP CityMD Bidco LLC	Healthcare Services	3.75% (L + 3.25%)	12/22/2028	9,180		9,136		9,182
Wrench Group LLC	Consumer Services	4.22% (L + 4.00%)	4/30/2026	7,905		7,886		7,905
YI, LLC	Healthcare Services	5.00% (L + 4.00%)	11/7/2024	9,590		9,586		9,542
Total Funded Investments				704,948		701,756		702,149
Unfunded Investments - First lien
Confluent Health, LLC	Healthcare Services	—	11/30/2023	2,638		(13)		—
Therapy Brands Holdings LLC	Healthcare I.T.	—	5/18/2023	735		—		—
Thermostat Purchaser III, Inc.	Business Services	—	8/31/2023	1,047		—		—
VT Topco, Inc.	Business Services	—	8/1/2023	149		—		(1)



Total Unfunded Investments				$	4,569	$	(13)	$	(1)
Total Investments				$	709,517	$	701,743	$	702,148

(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2021.

(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP III.

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Below is certain summarized financial information for SLP III as of June 30, 2022 and December 31, 2021 and for the three and six months ended June 30, 2022 and June 30, 2021:


Selected Balance Sheet Information:	June 30, 2022		December 31, 2021
Investments at fair value (cost of $689,672 and $701,743)	$	654,639	$	702,148
Cash and other assets	12,754		16,505
Receivable from unsettled securities sold	—		7,351
Total assets	$	667,393	$	726,004

Credit facility	$	514,500	$	510,900
Deferred financing costs (net of accumulated amortization of $4,083 and $3,338, respectively)	(2,453)		(3,198)
Payable for unsettled securities purchased	6,886		34,552
Distribution payable	5,450		5,031
Other liabilities	3,206		2,378
Total liabilities	527,589		549,663

Members' capital	$	139,804	$	176,341
Total liabilities and members' capital	$	667,393	$	726,004


Selected Statement of Operations Information:	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Interest income	$	8,724	$	7,826	$	16,654	$	15,197
Other income	223		203		353		306
Total investment income	8,947		8,029		17,007		15,503

Interest and other financing expenses	3,656		2,691		6,406		5,275
Other expenses	217		197		436		368
Total expenses	3,873		2,888		6,842		5,643


Net investment income	5,074		5,141		10,165		9,860

Net realized (losses) gains on investments	(4)		359		(17)		571
Net change in unrealized (depreciation) appreciation of investments	(29,943)		743		(35,438)		5,552
Net (decrease) increase in members' capital	$	(24,873)	$	6,243	$	(25,290)	$	15,983

For the three and six months ended June 30, 2022, the Company earned approximately $4,360 and $8,998, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and six months ended June 30, 2021, the Company earned approximately $4,485 and $9,012, respectively, of dividend income related to SLP III, which is included in dividend income. As of June 30, 2022 and December 31, 2021, approximately $4,360 and $4,025, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

The Company has determined that SLP III is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP III.

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NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement dated May 5, 2021, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV has a five year investment period and will continue in existence until May 5, 2028. The investment period may be extended for up to one year pursuant to certain terms of the SLP IV Agreement.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of June 30, 2022, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2022 and December 31, 2021.

On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on May 5, 2026 and bears interest at a rate of LIBOR plus 1.60% per annum. As of June 30, 2022 and December 31, 2021, SLP IV had total investments with an aggregate fair value of approximately $489,753 and $504,948, respectively, and debt outstanding under its credit facility of $364,937 and $360,137, respectively. As of June 30, 2022 and December 31, 2021, none of SLP IV’s investments were on non-accrual. Additionally, as of June 30, 2022 and December 31, 2021, SLP IV had unfunded commitments in the form of delayed draws of $4,277 and $6,103, respectively.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2022 and December 31, 2021:


	June 30, 2022			December 31, 2021
First lien investments (1)	$	521,079		513,298
Weighted average interest rate on first lien investments (2)	5.77		%	4.64	%
Number of portfolio companies in SLP IV	74			68
Largest portfolio company investment (1)	$	22,099		22,215
Total of five largest portfolio company investments (1)	$	94,413		99,875

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

Table of Contents

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2022:


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADG, LLC	Healthcare Services	6.94% (L + 4.75% + 0.50% PIK)	9/28/2023	$	16,606	$	16,573	$	16,606
ADMI Corp. (aka Aspen Dental)	Healthcare Services	5.17% (L + 3.50%)	12/23/2027	1,861		1,853		1,708
Advisor Group Holdings, Inc.	Financial Services	6.17% (L + 4.50%)	7/31/2026	11,637		11,564		11,099
Artera Services, LLC	Distribution & Logistics	5.75% (L + 3.50%)	3/6/2025	5,302		5,272		4,212
athenahealth Group Inc.	Healthcare Information Technology	5.01% (SOFR + 3.50%)	2/15/2029	2,311		2,300		2,133
Barracuda Networks, Inc.	Software	6.29% (SOFR + 4.50%)	5/17/2029	5,000		4,850		4,750
Bayou Intermediate II, LLC	Healthcare Services	5.79% (L + 4.50%)	8/2/2028	8,650		8,611		8,239
Bearcat Buyer, Inc.	Healthcare Services	6.50% (L + 4.25%)	7/9/2026	1,966		1,959		1,966
Bearcat Buyer, Inc.	Healthcare Services	6.50% (L + 4.25%)	7/9/2026	408		406		408
Bella Holding Company, LLC	Healthcare Services	5.42% (L + 3.75%)	5/10/2028	1,760		1,754		1,651
Bleriot US Bidco Inc.	Federal Services	6.25% (L + 4.00%)	10/30/2026	3,960		3,960		3,853
Bracket Intermediate Holding Corp.	Healthcare Services	5.22% (L + 4.25%)	9/5/2025	4,450		4,439		4,287
Brave Parent Holdings, Inc.	Software	5.67% (L + 4.00%)	4/18/2025	2,358		2,354		2,273
Brown Group Holding, LLC	Distribution & Logistics	5.54% (SOFR + 3.75%)	7/2/2029	5,438		5,302		5,247
Cano Health, LLC	Healthcare Services	5.63% (SOFR + 4.00%)	11/23/2027	8,090		8,084		7,458
CE Intermediate I, LLC	Software	5.40% (L + 4.00%)	11/10/2028	8,219		8,165		7,767
CentralSquare Technologies, LLC	Software	6.00% (L + 3.75%)	8/29/2025	14,475		14,457		13,064
Certara Holdco, Inc.	Healthcare Information Technology	5.17% (L + 3.50%)	8/15/2026	3,920		3,912		3,832
CHA Holdings, Inc.	Business Services	6.75% (L + 4.50%)	4/10/2025	10,862		10,841		10,862
CHA Holdings, Inc.	Business Services	6.75% (L + 4.50%)	4/10/2025	1,994		1,989		1,994
Confluent Health, LLC	Healthcare Services	5.67% (L + 4.00%)	11/30/2028	343		341		320
Confluent Health, LLC	Healthcare Services	5.67% (L + 4.00%)	11/30/2028	8,055		8,017		7,522
Confluent Medical Technologies, Inc.	Healthcare Products	5.80% (SOFR + 3.75%)	2/16/2029	6,983		6,949		6,511
Cornerstone OnDemand, Inc.	Software	5.42% (L + 3.75%)	10/16/2028	3,239		3,224		2,909
Dealer Tire, LLC	Distribution & Logistics	5.92% (L + 4.25%)	12/12/2025	10,694		10,677		10,246
Dispatch Acquisition Holdings, LLC	Industrial Services	6.50% (L + 4.25%)	3/27/2028	9,925		9,810		9,081
Drilling Info Holdings, Inc.	Business Services	5.92% (L + 4.25%)	7/30/2025	20,394		20,350		19,986
EAB Global, Inc.	Education	4.74% (L + 3.50%)	8/16/2028	8,454		8,416		7,984
Emerald 2 Limited	Business Services	5.17% (L + 3.50%)	7/12/2028	443		442		423
Energize Holdco LLC	Business Services	6.00% (L + 3.75%)	12/8/2028	9,045		9,003		8,593
eResearchTechnology, Inc.	Healthcare Services	6.17% (L + 4.50%)	2/4/2027	4,407		4,376		4,078
EyeCare Partners, LLC	Healthcare Services	6.00% (L + 3.75%)	11/15/2028	9,975		9,952		9,208
Foundational Education Group, Inc.	Education	6.07% (S + 3.75%)	8/31/2028	6,468		6,409		6,209
Geo Parent Corporation	Business Services	6.92% (L + 5.25%)	12/19/2025	9,760		9,517		9,516
Greenway Health, LLC	Healthcare Information Technology	5.25% (L + 3.75%)	2/16/2024	20,839		20,811		18,885
Heartland Dental, LLC	Healthcare Services	5.17% (L + 3.50%)	4/30/2025	3,554		3,546		3,310
Heartland Dental, LLC	Healthcare Services	5.64% (L + 4.00%)	4/30/2025	6,237		6,214		5,863
Help/Systems Holdings, Inc.	Software	5.63% (SOFR + 4.00%)	11/19/2026	9,859		9,829		9,270
Houghton Mifflin Harcourt Company	Education	6.88% (SOFR + 5.25%)	4/9/2029	4,048		3,929		3,681
Hunter Holdco 3 Limited	Healthcare Services	6.50% (L + 4.25%)	8/19/2028	3,949		3,914		3,762
Idera, Inc.	Software	4.82% (L + 3.75%)	3/2/2028	9,271		9,204		8,592
Kestra Advisor Services Holdings A, Inc.	Financial Services	6.51% (L + 4.25%)	6/3/2026	5,458		5,411		5,176
LSCS Holdings, Inc.	Healthcare Services	6.73% (L + 4.50%)	12/16/2028	8,713		8,675		8,300
Mamba Purchaser, Inc.	Healthcare Services	5.35% (L + 3.75%)	10/16/2028	4,113		4,095		3,915
Mandolin Technology Intermediate Holdings, Inc.	Software	4.99% (L + 3.75%)	7/31/2028	9,950		9,906		9,627
Maverick Bidco Inc.	Software	4.99% (L + 3.75%)	5/18/2028	7,960		7,926		7,701
Mavis Tire Express Services Topco Corp.	Retail	5.63% (SOFR + 4.00%)	5/4/2028	8,393		8,357		7,847
Mercury Borrower, Inc.	Business Services	5.81% (L + 3.50%)	8/2/2028	6,219		6,191		5,815
MH Sub I, LLC (Micro Holding Corp.)	Software	5.42% (L + 3.75%)	9/13/2024	7,858		7,842		7,416
National Intergovernmental Purchasing Alliance Company	Business Services	5.75% (L + 3.50%)	5/23/2025	1,321		1,322		1,258
Netsmart, Inc.	Healthcare Information Technology	5.67% (L + 4.00%)	10/1/2027	6,930		6,930		6,612

Table of Contents

Portfolio Company and Type of Investment

Industry

Interest Rate (1)

Maturity Date

Principal Amount or Par Value

Cost

Fair
Value (2)

OEConnection LLC

Business Services

5.60% (L + 4.00%)

9/25/2026

4,102

4,074

3,815

Pearls (Netherlands) Bidco B.V.

Specialty Chemicals & Materials

4.83% (SOFR + 4.00%)

2/26/2029

1,339

1,336

1,264

PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)

Consumer Services

5.17% (L + 3.50%)

2/14/2025

9,923

9,903

9,386

Physician Partners, LLC

Healthcare Services

5.63% (SOFR + 4.00%)

12/26/2028

6,118

6,060

5,759

Premise Health Holding Corp.

Healthcare Services

5.75% (L + 3.50%)

7/10/2025

1,956

1,951

1,927

Project Boost Purchaser, LLC

Business Services

5.17% (L + 3.50%)

5/30/2026

2,475

2,470

2,305

RealPage, Inc.

Business Services

4.67% (L + 3.00%)

4/24/2028

4,963

4,946

4,593

RLG Holdings, LLC

Packaging

5.92% (L + 4.25%)

7/7/2028