nmfc-20230630


	June 30, 2023		December 31, 2022
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,486,589 and $2,523,522, respectively)	$	2,364,179	$	2,400,425
Non-controlled/affiliated investments (cost of $104,459 and $85,971, respectively)	149,260		130,787
Controlled investments (cost of $627,156 and $650,474, respectively)	666,026		690,035
Total investments at fair value (cost of $3,218,204 and $3,259,967, respectively)	3,179,465		3,221,247
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	16,500		16,539
Cash and cash equivalents	45,930		71,190
Interest and dividend receivable	40,528		36,154
Receivable from unsettled securities sold	683		—


Other assets	13,875		9,797
Total assets	$	3,296,981	$	3,354,927
Liabilities
Borrowings
Holdings Credit Facility	$	574,263	$	618,963
Unsecured Notes	391,500		531,500
Convertible Notes	377,104		316,853
SBA-guaranteed debentures	300,000		300,000
DB Credit Facility	186,400		186,400
NMFC Credit Facility	91,290		40,359
NMNLC Credit Facility II	2,926		3,785
Deferred financing costs (net of accumulated amortization of $50,855 and $47,531, respectively)	(15,183)		(17,199)
Net borrowings	1,908,300		1,980,661
Interest payable	18,797		19,627
Management fee payable	10,481		10,524
Incentive fee payable	9,982		6,296
Payable for unsettled securities purchased	4,897		—
Deferred tax liability	3,080		8,487
Payable to affiliates	93		78
Other liabilities	3,389		3,063
Total liabilities	1,959,019		2,028,736
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 100,937,026 and 100,937,026 shares issued and outstanding, respectively	1,009		1,009
Paid in capital in excess of par	1,305,798		1,305,945

Accumulated undistributed earnings	19,294		7,519
Total net assets of New Mountain Finance Corporation	$	1,326,101	$	1,314,473
Non-controlling interest in New Mountain Net Lease Corporation	11,861		11,718
Total net assets	$	1,337,962	$	1,326,191
Total liabilities and net assets	$	3,296,981	$	3,354,927
Number of shares outstanding	100,937,026		100,937,026
Net asset value per share of New Mountain Finance Corporation	$	13.14	$	13.02


	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	64,649	$	41,089	$	125,407	$	78,533
PIK interest income	3,767		2,934		7,711		6,236
Dividend income	47		87		94		135
Non-cash dividend income	4,305		3,189		8,471		6,274
Other income	686		4,287		2,604		5,918
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	683		263		692		518
PIK interest income	414		258		1,105		509

Non-cash dividend income	1,139		1,012		2,244		1,994
Other income	63		62		126		125
From controlled investments:
Interest income (excluding PIK interest income)	1,243		1,715		2,687		3,371
PIK interest income	3,686		4,085		8,074		9,055
Dividend income	12,143		10,671		23,138		22,316
Non-cash dividend income	1,292		1,063		2,522		2,075
Other income	1,375		2,395		2,570		5,014
Total investment income	95,492		73,110		187,445		142,073
Expenses
Interest and other financing expenses	31,700		20,672		62,496		39,309
Management fee	11,577		11,770		23,215		23,323
Incentive fee	9,982		7,926		19,579		15,403
Administrative expenses	953		932		2,001		2,141
Professional fees	1,003		817		1,968		1,754

Other general and administrative expenses	513		518		1,001		995
Total expenses	55,728		42,635		110,260		82,925
Less: management fee waived (See Note 5)	(1,096)		(1,142)		(2,159)		(2,234)
Less: expenses waived and reimbursed (See Note 5)	—		—		—		(238)
Net expenses	54,632		41,493		108,101		80,453
Net investment income before income taxes	40,860		31,617		79,344		61,620
Income tax expense (benefit)	932		(87)		1,028		8
Net investment income	39,928		31,704		78,316		61,612
Net realized gains (losses):
Non-controlled/non-affiliated investments	(7,314)		(594)		(8,622)		(664)

Controlled investments	9,880		17,112		11,853		36,354

Foreign currency	1		40		13		385
Net change in unrealized (depreciation) appreciation:
Non-controlled/non-affiliated investments	2,174		(20,507)		(755)		(25,031)
Non-controlled/affiliated investments	1		2,999		(15)		13,758
Controlled investments	(9,488)		(15,266)		(691)		(31,434)
Securities purchased under collateralized agreements to resell	(39)		—		(39)		(2,021)

Foreign currency	29		(193)		55		(615)
Provision for taxes	(94)		(155)		(225)		(157)
Net realized and unrealized (losses) gains	(4,850)		(16,564)		1,574		(9,425)
Net increase in net assets resulting from operations	35,078		15,140		79,890		52,187
Less: Net (increase) decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(248)		814		(487)		(41)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	$	34,830	$	15,954	$	79,403	$	52,146
Basic earnings per share	$	0.35	$	0.16	$	0.79	$	0.52
Weighted average shares of common stock outstanding - basic (See Note 11)	100,937,026		100,596,188		100,937,026		99,510,862
Diluted earnings per share	$	0.32	$	0.16	$	0.71	$	0.50
Weighted average shares of common stock outstanding - diluted (See Note 11)	127,016,910		113,853,773		125,313,634		112,768,447
Distributions declared and paid per share	$	0.35	$	0.30	$	0.67	$	0.60


	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Increase (decrease) in net assets resulting from operations:
Net investment income	$	39,928	$	31,704	$	78,316	$	61,612
Net realized gains on investments and foreign currency	2,567		16,558		3,244		36,075
Net change in unrealized depreciation of investments and foreign currency	(7,284)		(32,967)		(1,406)		(43,322)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	(39)		—		(39)		(2,021)
Provision for taxes	(94)		(155)		(225)		(157)
Net increase in net assets resulting from operations	35,078		15,140		79,890		52,187
Less: Net (increase) decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	(248)		814		(487)		(41)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	34,830		15,954		79,403		52,146
Capital transactions
Net proceeds from shares sold	—		16,577		—		37,051
Offering costs	(91)		(74)		(147)		(126)
Distributions declared to stockholders from net investment income	(35,328)		(30,215)		(67,628)		(59,804)
Reinvestment of distributions	—		—		—		1,098


Total net decrease in net assets resulting from capital transactions	(35,419)		(13,712)		(67,775)		(21,781)
Net (decrease) increase in net assets	(589)		2,242		11,628		30,365
New Mountain Finance Corporation net assets at the beginning of the period	1,326,690		1,349,368		1,314,473		1,321,245
New Mountain Finance Corporation net assets at the end of the period	1,326,101		1,351,610		1,326,101		1,351,610
Non-controlling interest in NMNLC	11,861		13,591		11,861		13,591
Net assets at the end of the period	$	1,337,962	$	1,365,201	$	1,337,962	$	1,365,201

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


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


	Six Months Ended
	June 30, 2023		June 30, 2022
Cash flows from operating activities
Net increase in net assets resulting from operations	$	79,890	$	52,187
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized gains on investments	(3,231)		(35,690)
Net realized gains on translation of assets and liabilities in foreign currencies	(13)		(385)
Net change in unrealized depreciation of investments	1,461		42,707
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(55)		615
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	39		2,021
Amortization of purchase discount	(2,768)		(3,078)
Amortization of deferred financing costs	3,329		3,379
Amortization of premium on Convertible Notes	(49)		(51)
Non-cash investment income	(30,091)		(25,002)
(Increase) decrease in operating assets:

Purchase of investments and delayed draw facilities	(124,702)		(397,172)
Proceeds from sales and paydowns of investments	202,242		292,753
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	110		279
Cash paid for purchase of drawn portion of revolving credit facilities	—		(185)
Cash paid on drawn revolvers	(15,783)		(18,678)
Cash repayments on drawn revolvers	15,986		15,809

Interest and dividend receivable	(4,369)		(2,979)
Receivable from unsettled securities sold	(683)		—

Other assets	(4,016)		414
Increase (decrease) in operating liabilities:
Management fee payable	(43)		464
Incentive fee payable	3,686		423
Payable for unsettled securities purchased	4,897		(7,910)
Payable to affiliates	15		240
Interest payable	(830)		1,062
Deferred tax liability	(5,407)		156
Other liabilities	324		(479)

Net cash flows provided by (used in) operating activities	119,939		(79,100)
Cash flows from financing activities
Net proceeds from shares sold	—		37,051
Offering costs paid	(156)		(62)
Distributions paid	(67,628)		(58,706)
Proceeds from Holdings Credit Facility	85,000		101,200
Repayment of Holdings Credit Facility	(129,700)		(31,000)
Proceeds from Convertible Notes	60,300		—

Proceeds from Unsecured Notes	—		75,000
Repayment of Unsecured Notes	(140,000)		—

Proceeds from NMFC Credit Facility	218,500		101,054
Repayment of NMFC Credit Facility	(169,000)		(105,000)
Proceeds from DB Credit Facility	—		40,000
Repayment of DB Credit Facility	—		(77,000)
Proceeds from NMNLC Credit Facility II	3,777		—
Repayment of NMNLC Credit Facility II	(4,636)		(12,300)

Contributions related to non-controlling interest in NMNLC	—		124
Distributions related to non-controlling interest in NMNLC	(344)		(7,940)
Deferred financing costs paid	(1,364)		(553)

Net cash flows (used in) provided by financing activities	(145,251)		61,868
Net decrease in cash and cash equivalents	(25,312)		(17,232)
Effect of foreign exchange rate changes on cash and cash equivalents	52		(133)
Cash and cash equivalents at the beginning of the period	71,190		58,077
Cash and cash equivalents at the end of the period	$	45,930	$	40,712
Supplemental disclosure of cash flow information
Cash interest paid	$	59,120	$	34,026
Income taxes paid	6,801		74
Non-cash operating activities:
Non-cash activity on investments	$	15,772	$	—
Non-cash financing activities:

Value of shares reissued from repurchase program in connection with the distribution reinvestment plan	$	—	$	1,098
Accrual for offering costs	140		68
Accrual for deferred financing costs	82		63


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (2)(15)(18) - Drawn	SOFR(M)	5.50%	10.70%	12/2021	12/2027	$	20,904	$	20,758	$	20,883
	First lien (8)(15)	SOFR(M)	5.50%	10.70%	12/2021	12/2027	20,530		20,369		20,510
	First lien (4)(15)	SOFR(M)	5.50%	10.70%	01/2022	12/2027	9,748		9,670		9,738
	First lien (4)(15)(18) - Drawn	SOFR(M)	5.50%	10.70%	12/2021	12/2027	6,782		6,734		6,775
	Subordinated (3)(15)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	13,231		13,079		12,372
	Subordinated (4)(15)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	5,189		5,129		4,852
									75,739		75,130		5.61	%
PhyNet Dermatology LLC
Healthcare	First lien (2)(15)	SOFR(S)	6.25%	11.63%	09/2018	08/2024	49,051		48,941		49,051
	First lien (2)(15)	SOFR(S)	6.25%	11.66%	09/2018	08/2024	18,584		18,568		18,585
									67,509		67,636		5.05	%
Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.
Software	First lien (2)(15)	SOFR(M)*	3.75% + 2.50%/PIK	11.35%	06/2022	06/2029	63,093		62,671		63,093
	First lien (3)(15)(18) - Drawn	SOFR(M)*	3.75% + 2.50%/PIK	11.36%	06/2022	06/2029	963		956		963
	First lien (3)(15)(18) - Drawn	SOFR(M)*	3.75% + 2.50%/PIK	11.36%	06/2022	06/2029	235		260		235
									63,887		64,291		4.80	%
Associations, Inc.
Business Services	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	11.68%	07/2021	07/2027	36,239		36,121		36,239
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	11.89%	07/2021	07/2027	8,921		8,888		8,921
	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	11.99%	07/2021	07/2027	8,921		8,888		8,921
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	11.80%	07/2021	07/2027	5,388		5,369		5,388
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	11.72%	07/2021	07/2027	4,286		4,272		4,286
									63,538		63,755		4.76	%


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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)	SOFR(M)	5.50%	10.70%	08/2021	08/2026	$	21,774	$	21,693	$	21,773
	First lien (2)(15)(18) - Drawn	SOFR(M)	5.50%	10.70%	04/2022	08/2026	16,831		16,687		16,831
	First lien (2)(15)	SOFR(M)	5.50%	10.70%	08/2021	08/2026	13,144		13,078		13,144
	First lien (2)(15)	SOFR(M)	5.50%	10.70%	08/2021	08/2026	10,498		10,421		10,498
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.70%	10/2019	08/2026	988		980		988
									62,859		63,234		4.72	%
GS Acquisitionco, Inc.
Software	First lien (2)(15)	SOFR(Q)	5.75%	11.14%	08/2019	05/2026	34,200		34,110		34,199
	First lien (5)(15)	SOFR(Q)	5.75%	11.14%	08/2019	05/2026	21,633		21,579		21,633
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.75%	11.14%	08/2019	05/2026	1,243		1,236		1,243
									56,925		57,075		4.27	%
CentralSquare Technologies, LLC
Software	Second lien (3)	SOFR(Q)	7.50%	12.89%	08/2018	08/2026	47,838		47,542		42,815
	Second lien (8)	SOFR(Q)	7.50%	12.89%	08/2018	08/2026	7,500		7,454		6,713
									54,996		49,528		3.70	%
Brave Parent Holdings, Inc.
Software	Second lien (5)(15)	SOFR(M)	7.75%	12.95%	04/2018	04/2026	22,500		22,451		21,906
	Second lien (2)(15)	SOFR(M)	7.75%	12.95%	04/2018	04/2026	16,624		16,550		16,184
	Second lien (8)(15)	SOFR(M)	7.75%	12.95%	04/2018	04/2026	6,000		5,973		5,841
									44,974		43,931		3.28	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(15)	SOFR(M)	5.75%	10.95%	07/2021	07/2028	18,803		18,693		18,803
	First lien (8)(15)	SOFR(M)	5.75%	10.94%	07/2022	07/2028	7,884		7,815		7,884
	Subordinated (3)(15)	SOFR(Q)	8.25%	13.59%	07/2022	07/2029	17,245		17,049		17,029
									43,557		43,716		3.27	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(15)	SOFR(Q)	5.75%	11.09%	08/2021	08/2028	37,669		37,372		36,143
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.75%	11.09%	08/2021	08/2028	3,965		3,933		3,805
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.75%	11.09%	08/2021	08/2027	2,825		2,797		2,711
									44,102		42,659		3.19	%


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

iCIMS, Inc.
Software	First lien (8)(15)	SOFR(Q)*	3.88%/PIK + 3.38%	12.38%	08/2022	08/2028	$	30,182	$	29,951	$	30,182
	First lien (2)(15)	SOFR(Q)	7.25%	12.38%	10/2022	08/2028	7,366		7,307		7,366
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	11.99%	08/2022	08/2028	471		467		462
									37,725		38,010		2.84	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (8)(15)	L(M)	5.75%	10.94%	10/2021	10/2028	21,958		21,782		21,958
	First lien (2)(15)	L(M)	5.75%	10.94%	10/2021	10/2028	14,850		14,730		14,850
									36,512		36,808		2.75	%
Recorded Future, Inc.
Software	First lien (8)(15)	SOFR(S)	5.25%	10.69%	08/2019	07/2025	24,344		24,248		24,101
	First lien (2)(15)	SOFR(S)	5.25%	10.69%	03/2021	07/2025	12,588		12,536		12,462
									36,784		36,563		2.73	%
MRI Software LLC
Software	First lien (5)(15)	SOFR(Q)	5.50%	10.84%	01/2020	02/2026	21,767		21,714		21,245
	First lien (3)(15)	SOFR(Q)	5.50%	10.84%	03/2021	02/2026	6,095		6,081		5,948
	First lien (2)(15)	SOFR(Q)	5.50%	10.84%	03/2021	02/2026	4,592		4,584		4,482
	First lien (2)(15)	SOFR(Q)	5.50%	10.84%	01/2020	02/2026	3,156		3,148		3,080
	First lien (3)(15)	SOFR(Q)	5.50%	10.84%	01/2020	02/2026	806		803		786
									36,330		35,541		2.66	%
OEC Holdco, LLC (22)
OEConnection LLC
Software	Second lien (2)(15)	SOFR(Q)	7.00%	12.34%	12/2021	09/2027	23,406		23,222		23,406
	Second lien (2)(15)	SOFR(Q)	7.00%	12.34%	09/2019	09/2027	12,044		11,970		12,044
									35,192		35,450		2.65	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(15)	SOFR(S)	6.25%	11.24%	08/2021	10/2027	18,853		18,805		18,853
	First lien (2)(15)(18) - Drawn	SOFR(S)	6.25%	11.09%	05/2022	10/2027	11,159		11,145		11,159
	First lien (2)(15)	SOFR(Q)	6.25%	11.63%	01/2022	10/2027	1,247		1,237		1,247
	First lien (2)(15)	SOFR(S)	6.25%	11.14%	01/2022	10/2027	836		830		836
	Subordinated (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	05/2023	05/2033	3,333		3,284		3,271
									35,301		35,366		2.64	%
Foreside Financial Group, LLC
Business Services	First lien (2)(15)	SOFR(Q)	5.50%	10.91%	05/2022	09/2027	33,869		33,586		33,869
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.82%	05/2022	09/2027	545		539		545
	First lien (3)(15)	SOFR(Q)	5.50%	10.91%	05/2022	09/2027	278		276		278
									34,401		34,692		2.59	%


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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)	SOFR(M)	5.75%	10.95%	03/2021	08/2025	$	17,494	$	17,449	$	16,861
	First lien (2)(15)	SOFR(M)	5.75%	10.95%	03/2021	08/2025	9,755		9,730		9,402
	First lien (3)(15)	SOFR(M)	6.25%	11.45%	12/2018	08/2025	5,798		5,781		5,614
	First lien (3)(15)(18) - Drawn	SOFR(M)	6.25%	11.45%	03/2021	08/2025	1,739		1,731		1,685
									34,691		33,562		2.51	%
KAMC Holdings, Inc.
Business Services	Second lien (2)(15)	L(Q)	8.00%	13.33%	08/2019	08/2027	18,750		18,665		16,533
	Second lien (8)(15)	L(Q)	8.00%	13.33%	08/2019	08/2027	18,750		18,665		16,533
									37,330		33,066		2.47	%
IG Investments Holdings, LLC
Business Services	First lien (2)(15)	SOFR(Q)	6.00%	11.17%	09/2021	09/2028	28,986		28,754		28,696
	First lien (2)(15)	SOFR(Q)	6.00%	11.15%	02/2022	09/2028	4,235		4,218		4,193
									32,972		32,889		2.46	%
EAB Global, Inc.
Education	Second lien (2)(15)	L(S)	6.50%	11.95%	08/2021	08/2029	33,452		33,040		32,703		2.44	%
Granicus, Inc.
Software	First lien (4)(15)	SOFR(Q)*	5.50% + 1.50%/PIK	12.15%	01/2021	01/2027	15,382		15,307		15,382
	First lien (8)(15)	SOFR(Q)*	5.50% + 1.50%/PIK	12.15%	01/2021	01/2027	5,950		5,919		5,950
	First lien (2)(15)	SOFR(Q)*	5.50% + 1.50%/PIK	12.15%	01/2021	01/2027	5,869		5,840		5,869
	First lien (2)(15)	SOFR(Q)	6.00%	11.15%	04/2021	01/2027	4,554		4,519		4,554
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.50%	11.55%	01/2021	01/2027	748		743		748
									32,328		32,503		2.43	%
TigerConnect, Inc.
Healthcare	First lien (8)(15)	SOFR(Q)*	3.38%+ 3.38%/PIK	11.79%	02/2022	02/2028	29,868		29,623		29,307
	First lien (2)(15)(18) - Drawn	SOFR(Q)*	3.38% + 3.38%/PIK	11.79%	02/2022	02/2028	823		823		807
									30,446		30,114		2.25	%
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare	First lien (2)(15)	SOFR(M)	5.75%	10.85%	12/2021	12/2028	27,848		27,617		27,849
	First lien (2)(15)	SOFR(M)	5.75%	10.85%	05/2022	12/2028	1,763		1,747		1,763
									29,364		29,612		2.21	%


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

Fortis Solutions Group, LLC
Packaging	First lien (2)(15)	SOFR(Q)	5.50%	10.84%	10/2021	10/2028	$	17,441	$	17,296	$	17,162
	First lien (8)(15)	SOFR(Q)	5.50%	10.84%	10/2021	10/2028	10,144		10,062		9,982
	First lien (3)(15)	SOFR(Q)	5.50%	10.84%	10/2021	10/2028	871		863		857
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.84%	10/2021	10/2027	381		378		374
	First lien (3)(15)	SOFR(Q)	5.50%	10.84%	10/2021	10/2028	81		80		80
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.84%	06/2022	10/2028	29		29		29
									28,708		28,484		2.13	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (2)(15)	SOFR(Q)	5.50%	10.89%	02/2022	02/2028	22,209		22,118		22,209
	First lien (2)(15)	SOFR(Q)	5.50%	10.89%	02/2022	02/2028	4,003		3,986		4,003
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.88%	02/2022	02/2028	2,176		2,213		2,176
									28,317		28,388		2.12	%
Foundational Education Group, Inc.
Education	Second lien (5)(15)	SOFR(M)	6.50%	11.72%	08/2021	08/2029	22,500		22,406		20,714
	Second lien (2)(15)	SOFR(M)	6.50%	11.72%	08/2021	08/2029	7,009		6,988		6,452
									29,394		27,166		2.03	%
Syndigo LLC
Software	Second lien (4)(15)	L(Q)	8.00%	13.55%	12/2020	12/2028	22,500		22,371		21,515
	Second lien (2)(15)	L(Q)	8.00%	13.55%	02/2022	12/2028	5,697		5,709		5,447
									28,080		26,962		2.02	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (8)(15)	SOFR(Q)	6.00%	11.04%	03/2021	03/2028	19,259		19,049		18,922
	First lien (2)(15)	SOFR(Q)	6.00%	11.04%	03/2021	03/2028	4,913		4,859		4,827
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.00%	11.41%	03/2021	03/2028	1,635		1,613		1,607
									25,521		25,356		1.90	%
VT Topco, Inc.
Business Services	Second lien (2)(15)	SOFR(M)	6.75%	11.97%	07/2021	07/2026	16,183		16,143		15,623
	Second lien (4)(15)	SOFR(M)	6.75%	11.97%	08/2018	07/2026	10,000		9,988		9,654
									26,131		25,277		1.89	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(15)	SOFR(M)*	4.50% + 1.25%/PIK	10.95%	08/2021	08/2028	22,110		21,939		21,445
	First lien (3)(15)(18) - Drawn	SOFR(M)*	4.50% + 1.25%/PIK	10.95%	08/2021	08/2028	3,919		3,883		3,801
									25,822		25,246		1.89	%


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

CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)(15)	SOFR(M)	7.25%	12.45%	08/2018	08/2026	$	18,266	$	18,233	$	17,705
	Second lien (8)(15)	SOFR(M)	7.25%	12.45%	08/2018	08/2026	7,500		7,486		7,270
									25,719		24,975		1.87	%
DOCS, MSO, LLC
Healthcare	First lien (8)(15)	SOFR(M)	5.75%	11.01%	06/2022	06/2028	18,619		18,619		18,090
	First lien (4)(15)	SOFR(M)	5.75%	11.01%	06/2022	06/2028	6,973		6,973		6,775
									25,592		24,865		1.86	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)(15)	SOFR(M)	6.75%	11.95%	11/2019	11/2027	22,500		22,423		20,853
	Second lien (2)(15)	SOFR(M)	6.75%	11.95%	11/2019	11/2027	4,208		4,181		3,900
									26,604		24,753		1.85	%
Idera, Inc.
Software	Second lien (4)(15)	SOFR(M)	6.75%	12.01%	06/2019	03/2029	22,500		22,257		21,767
	Second lien (3)(15)	SOFR(M)	6.75%	12.01%	04/2021	03/2029	3,000		2,988		2,902
									25,245		24,669		1.84	%
Xactly Corporation
Software	First lien (4)(15)	SOFR(Q)	7.25%	12.61%	07/2017	07/2025	22,500		22,465		22,500		1.68	%
Convey Health Solutions, Inc.
Healthcare	First lien (4)(15)	SOFR(Q)	5.25%	10.59%	09/2019	09/2026	19,119		19,009		18,671
	First lien (4)(15)	SOFR(Q)	5.25%	10.59%	02/2022	09/2026	3,192		3,158		3,118
									22,167		21,789		1.63	%
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education	Second lien (2)(15)	L(Q)	8.25%	13.79%	07/2018	07/2026	21,959		21,931		21,791		1.63	%
Bullhorn, Inc.
Software	First lien (2)(15)	SOFR(M)	5.75%	10.95%	09/2019	09/2026	16,573		16,509		16,573
	First lien (2)(15)	SOFR(M)	5.75%	10.95%	10/2021	09/2026	3,425		3,418		3,425
	First lien (2)(15)	SOFR(M)	5.75%	10.95%	09/2019	09/2026	767		763		767
	First lien (2)(15)	SOFR(M)	5.75%	10.95%	09/2019	09/2026	344		342		344
	First lien (2)(15)	SOFR(M)	5.75%	10.95%	09/2019	09/2026	274		273		274
									21,305		21,383		1.60	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(15)	L(Q)	3.50%	9.00%	06/2019	08/2024	16,311		15,656		10,717
	First lien (8)(15)	L(Q)	3.50%	9.00%	10/2019	08/2024	15,732		14,929		10,335
									30,585		21,052		1.57	%


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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)	SOFR(Q)	5.00%	10.17%	11/2019	10/2025	$	17,769	$	17,730	$	17,304
	First lien (5)(15)	SOFR(Q)	5.00%	10.15%	11/2019	10/2025	2,314		2,308		2,253
	First lien (5)(15)(18) - Drawn	SOFR(Q)	5.00%	10.22%	10/2021	10/2025	1,027		1,029		1,000
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.00%	10.25%	11/2019	10/2025	278		276		271
									21,343		20,828		1.56	%
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(15)	SOFR(Q)	5.75%	11.14%	12/2021	12/2027	10,343		10,261		10,127
	First lien (5)(15)	SOFR(Q)	5.75%	11.16%	12/2021	12/2027	3,471		3,442		3,399
	First lien (5)(15)	SOFR(Q)	5.75%	11.14%	12/2021	12/2027	3,450		3,422		3,377
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.00%	11.32%	07/2022	12/2027	3,867		3,848		3,828
									20,973		20,731		1.55	%
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	L(M)(43)*	5.75%/PIK + 0.50%	11.43%	09/2015	09/2026	29,712		29,675		20,420
	First lien (3)(15)	L(M)(43)*	13.50%/PIK + 0.50%	19.18%	06/2021	09/2026	1,527		1,527		—
	Subordinated (3)(15)	L(Q)(43)*	1.00%/PIK	6.18%	03/2021	09/2026	5,230		—		—
									31,202		20,420		1.53	%
Cardinal Parent, Inc.
Software	First lien (4)	SOFR(Q)	4.50%	9.89%	10/2020	11/2027	11,913		11,853		10,573
	Second lien (4)(15)	SOFR(Q)	7.75%	13.14%	11/2020	11/2028	9,767		9,693		8,938
									21,546		19,511		1.46	%
Notorious Topco, LLC
Consumer Products	First lien (8)(15)	SOFR(Q)	6.75%	11.95%	11/2021	11/2027	10,000		9,942		9,305
	First lien (8)(15)	SOFR(Q)	6.75%	11.95%	05/2022	11/2027	9,875		9,813		9,189
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	11.95%	11/2021	11/2027	871		869		811
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	11.95%	11/2021	05/2027	59		57		55
									20,681		19,360		1.45	%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Drawn	L(Q)	5.75%	11.20%	09/2019	09/2024	848		836		847
	Second lien (8)(15)	L(Q)	7.75%	13.23%	09/2019	09/2027	18,000		18,000		18,000
									18,836		18,847		1.41	%


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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)	L(S)	5.25%	10.62%	06/2021	06/2027	$	15,382	$	15,271	$	15,382
	First lien (2)(15)(18) - Drawn	SOFR(S)	5.25%	10.37%	06/2021	06/2027	3,095		3,070		3,095
									18,341		18,477		1.38	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)	SOFR(M)	6.75%	11.97%	03/2021	03/2029	20,313		20,272		18,110		1.35	%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (8)(15)	SOFR(Q)*	7.00%/PIK	12.24%	11/2021	11/2028	15,803		15,693		15,803
	First lien (8)(15)	SOFR(Q)*	7.00%/PIK	12.24%	03/2022	11/2028	2,166		2,150		2,166
									17,843		17,969		1.34	%
MED Parentco, LP
Healthcare	Second lien (8)(15)	SOFR(M)	8.25%	13.47%	08/2019	08/2027	20,857		20,760		17,929		1.34	%
Avalara, Inc.
Software	First lien (8)(15)	SOFR(Q)	7.25%	12.49%	10/2022	10/2028	17,198		17,001		17,198		1.29	%
Groundworks, LLC
Consumer Services	First lien (4)(15)	SOFR(M)	6.50%	11.65%	03/2023	03/2030	17,338		17,085		17,078		1.28	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (5)(15)	L(S)	6.00%	11.10%	03/2020	02/2026	13,724		13,690		13,724
	First lien (5)(15)	L(Q)	8.00%	13.48%	10/2020	08/2026	2,470		2,455		2,470
	First lien (3)(15)(18) - Drawn	SOFR(M)	6.00%	11.20%	03/2020	02/2025	405		403		405
									16,548		16,599		1.24	%
The Kleinfelder Group, Inc.
Business Services	First lien (4)(15)	SOFR(Q)	6.50%	11.84%	12/2018	11/2025	16,438		16,414		16,438		1.23	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(15)	SOFR(M)	5.25%	10.49%	02/2020	02/2026	15,707		15,667		15,707		1.17	%
New Trojan Parent, Inc.
Healthcare	Second lien (2)(15)	SOFR(M)	7.25%	12.47%	01/2021	01/2029	26,762		26,659		15,067		1.13	%
Oranje Holdco, Inc.
Business Services	First lien (8)(15)	SOFR(Q)	7.75%	12.79%	02/2023	02/2029	7,440		7,350		7,440
	First lien (2)(15)	SOFR(Q)	7.75%	12.79%	02/2023	02/2029	7,440		7,350		7,440
									14,700		14,880		1.11	%
Coupa Holdings, LLC
Software	First lien (2)(15)	SOFR(M)	7.50%	12.60%	02/2023	02/2030	7,230		7,143		7,230
	First lien (8)(15)	SOFR(M)	7.50%	12.60%	02/2023	02/2030	7,230		7,143		7,230
									14,286		14,460		1.08	%
Daxko Acquisition Corporation
Software	First lien (8)(15)	SOFR(M)	5.50%	10.70%	10/2021	10/2028	13,078		12,973		12,878
	First lien (2)(15)	SOFR(M)	5.50%	10.70%	10/2021	10/2028	1,102		1,092		1,085
	First lien (3)(15)(18) - Drawn	P(Q)	4.50%	12.75%	10/2021	10/2027	115		114		113
									14,179		14,076		1.05	%


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

Castle Management Borrower LLC
Business Services	First lien (8)(15)	L(Q)	6.50%	11.83%	05/2018	02/2025	$	13,845	$	13,831	$	13,845	1.03	%
CFS Management, LLC
Healthcare	First lien (2)(15)	SOFR(Q)*	6.25% + 0.75%/PIK	12.50%	08/2019	07/2024	11,203		11,189		10,564
	First lien (2)(15)	SOFR(Q)*	6.25% + 0.75%/PIK	12.50%	08/2019	07/2024	3,337		3,332		3,147
									14,521		13,711		1.02	%
IMO Investor Holdings, Inc.
Healthcare	First lien (2)(15)	SOFR(Q)	6.00%	11.09%	05/2022	05/2029	12,909		12,796		12,676
	First lien (3)(15)(18) - Drawn	SOFR(S)	6.00%	11.04%	05/2022	05/2029	834		848		819
									13,644		13,495		1.01	%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (8)(15)	SOFR(S)	8.25%	13.36%	09/2018	09/2024	13,444		13,427		13,444		1.00	%
Calabrio, Inc.
Software	First lien (5)(15)	SOFR(M)	7.13%	12.23%	04/2021	04/2027	12,347		12,283		11,646
	First lien (3)(15)(18) - Drawn	L(M)	7.00%	12.15%	04/2021	04/2027	850		843		801
									13,126		12,447		0.93	%
USRP Holdings, Inc.
Business Services	First lien (2)(15)	SOFR(Q)	5.75%	11.14%	07/2021	07/2027	11,254		11,171		10,882
	First lien (3)(15)	SOFR(Q)	5.75%	11.14%	07/2021	07/2027	1,465		1,454		1,417
									12,625		12,299		0.92	%
Apptio, Inc.
Software	First lien (8)(15)	L(Q)	5.00%	10.20%	01/2019	01/2025	5,703		5,668		5,703
	First lien (2)(15)	L(Q)	5.00%	10.20%	01/2019	01/2025	5,500		5,466		5,500
	First lien (3)(15)(18) - Drawn	L(Q)	5.00%	10.20%	01/2019	01/2025	620		608		620
									11,742		11,823		0.88	%
Transcendia Holdings, Inc.
Packaging	Second lien (8)(15)	L(S)	8.00%	13.73%	06/2017	05/2025	14,500		14,437		11,600		0.87	%
CHA Holdings, Inc.
Business Services	Second lien (4)(15)	SOFR(Q)	8.75%	14.25%	04/2018	04/2026	7,012		6,980		7,012
	Second lien (3)(15)	SOFR(Q)	8.75%	14.25%	04/2018	04/2026	4,453		4,433		4,453
									11,413		11,465		0.86	%
Specialtycare, Inc.
Healthcare	First lien (2)(15)	L(Q)	5.75%	10.93%	06/2021	06/2028	10,405		10,297		9,959
	First lien (3)(15)	L(Q)	5.75%	11.01%	06/2021	06/2028	78		75		75
									10,372		10,034		0.75	%
Quartz Holding Company
Software	Second lien (3)(15)	SOFR(M)	8.00%	13.20%	04/2019	04/2027	10,000		9,888		10,000		0.75	%


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

Anaplan, Inc.
Software	First lien (2)(15)	SOFR(M)	6.50%	11.60%	06/2022	06/2029	$	8,618	$	8,540	$	8,618	0.64	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(15)	SOFR(Q)*	6.75% + 2.00%/PIK	13.99%	07/2021	07/2027	8,360		8,293		7,699
	First lien (3)(15)(18) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	13.85%	07/2021	07/2026	926		916		853
									9,209		8,552		0.64	%
KPSKY Acquisition Inc.
Business Services	First lien (8)(15)	SOFR(Q)	5.50%	10.65%	10/2021	10/2028	6,933		6,877		6,844
	First lien (2)(15)	SOFR(M)	5.50%	10.75%	10/2021	10/2028	794		788		784
	First lien (2)(15)(18) - Drawn	SOFR(Q)	5.50%	10.70%	06/2022	10/2028	640		634		631
									8,299		8,259		0.62	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(15)	—	—	—	05/2013	—	14,500		14,500		7,976		0.60	%
TRC Companies L.L.C. (fka Energize Holdco LLC)
Business Services	Second lien (2)(15)	SOFR(M)	6.75%	11.97%	11/2021	12/2029	7,950		7,916		7,607		0.57	%
Vectra Co.
Business Products	Second lien (8)(15)	SOFR(M)	7.25%	12.47%	02/2018	03/2026	10,788		10,771		7,539		0.56	%
DS Admiral Bidco, LLC
Software	First lien (2)(15)	SOFR(Q)	7.00%	12.24%	12/2022	03/2028	7,509		7,405		7,509		0.56	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(15)	SOFR(Q)	5.75%	10.89%	08/2022	08/2029	7,514		7,444		7,439		0.56	%
Safety Borrower Holdings LLC
Software	First lien (2)(15)	SOFR(S)	5.25%	10.95%	09/2021	09/2027	6,940		6,913		6,940
	First lien (3)(15)(18) - Drawn	P(Q)	4.25%	12.50%	09/2021	09/2027	256		255		256
									7,168		7,196		0.54	%
Community Brands ParentCo, LLC
Software	First lien (2)(15)	SOFR(M)	5.50%	10.70%	02/2022	02/2028	7,127		7,069		7,046		0.53	%
Sun Acquirer Corp.
Consumer Services	First lien (2)(15)	SOFR(M)	5.75%	10.97%	09/2021	09/2028	3,965		3,937		3,861
	First lien (2)(15)(18) - Drawn	SOFR(M)	5.75%	10.97%	09/2021	09/2028	2,802		2,769		2,729
	First lien (3)(15)(18) - Drawn	P(Q)	4.75%	13.00%	09/2021	09/2027	34		36		33
									6,742		6,623		0.50	%
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare	First lien (8)(15)	L(M)	6.75%	11.90%	05/2021	05/2027	6,219		6,175		6,219		0.46	%
Virtusa Corporation
Business Services	Subordinated (3)	FIXED(S)	7.13%	7.13%	10/2022	12/2028	7,000		5,539		5,723		0.43	%


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

Sierra Enterprises, LLC
Food & Beverage	First lien (3)	SOFR(Q)*	4.25%/PIK + 2.50%	11.80%	06/2023	05/2027	$	7,210	$	5,398	$	5,552	0.41	%
DCA Investment Holding, LLC
Healthcare	First lien (2)(15)	SOFR(Q)	6.41%	11.58%	03/2021	04/2028	3,270		3,255		3,246
	First lien (3)(15)(18) - Drawn	SOFR(M)	6.50%	11.53%	12/2022	04/2028	2,053		2,023		2,053
									5,278		5,299		0.40	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (2)(15)	SOFR(Q)	5.50%	10.89%	11/2021	11/2027	5,135		5,093		5,119		0.38	%
Ansira Holdings, Inc.
Business Services	First lien (3)(15)	L(S)(43)*	6.50%/PIK	11.71%	12/2016	12/2024	32,809		32,915		2,792
	First lien (3)(15)	L(Q)(43)*	6.50%/PIK	11.86%	12/2016	12/2024	8,280		8,308		705
	First lien (3)(15)(18) - Drawn	SOFR(Q)*	8.00%/PIK + 2.00%	15.24%	11/2022	12/2024	362		362		362
									41,585		3,859		0.29	%
Project Power Buyer, LLC
Software	First lien (2)(15)	SOFR(Q)	7.00%	12.24%	01/2023	05/2026	3,571		3,523		3,571		0.27	%
CommerceHub, Inc.
Software	First lien (3)	SOFR(Q)	6.25%	11.47%	06/2023	12/2027	3,990		3,561		3,561		0.27	%
Education Management Corporation (20)
Education Management II LLC
Education	First lien (2)	P(M)(43)	7.50%	13.00%	01/2015	07/2020	300		292		—
	First lien (3)	P(M)(43)	7.50%	13.00%	01/2015	07/2020	169		165		—
	First lien (2)	P(Q)(43)	6.50%	9.75%	01/2015	07/2020	205		199		—
	First lien (3)	P(Q)(43)	6.50%	9.75%	01/2015	07/2020	115		112		—
	First lien (2)	P(Q)(43)	8.50%	11.75%	01/2015	07/2020	139		115		—
	First lien (3)	P(Q)(43)	8.50%	11.75%	01/2015	07/2020	79		65		—
	First lien (2)	P(Q)(43)	8.50%	11.75%	01/2015	07/2020	4		3		—
	First lien (3)	P(Q)(43)	8.50%	11.75%	01/2015	07/2020	2		2		—
									953		—		—	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (43)(44)	—	—	—	11/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States									$	2,149,618	$	2,033,605	151.99	%
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (2)(15)	L(M)	6.00%	11.15%	10/2021	09/2028	$	35,000	$	34,720	$	34,734
	First lien (8)(15)	L(M)	6.00%	11.15%	10/2021	09/2028	24,189		23,995		24,006
									58,715		58,740		4.39	%
Total Funded Debt Investments - Netherlands									$	58,715	$	58,740	4.39	%


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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)	L(M)	8.25%	13.44%	10/2019	10/2027	$	34,459	$	34,286	$	34,459	2.58	%
Integro Parent Inc.**
Business Services	First lien (2)(15)	SOFR(Q)*	12.25%/PIK	17.49%	10/2015	10/2024	3,954		3,952		3,954
	First lien (3)(15)	SOFR(Q)*	12.25%/PIK	17.49%	06/2018	10/2024	781		777		781
	Second lien (3)(15)	SOFR(Q)(43)*	12.25%/PIK	17.49%	10/2015	10/2024	12,520		11,777		11,326
									16,506		16,061		1.20	%
Total Funded Debt Investments - United Kingdom									$	50,792	$	50,520	3.78	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)	SONIA(D)*	5.00% + 2.50%/PIK	12.70%	08/2021	08/2028	£	12,879	$	17,649	$	16,361
	First lien (3)(15)(16)	SONIA(D)*	5.00% + 2.50%/PIK	12.70%	08/2021	08/2028	£	10,618	13,226		13,488
	First lien (3)(15)	SOFR(S)*	5.00% + 2.50%/PIK	12.59%	08/2021	08/2028	$	10,184	10,063		10,184
	First lien (3)(15)	SOFR(S)*	5.00% + 2.50%/PIK	12.87%	08/2021	08/2028	$	6,293	6,214		6,293
	First lien (3)(15)(16)	EURIBOR(S)*	5.00% + 2.50%/PIK	10.44%	08/2021	08/2028	€	708	715		772
									47,867		47,098		3.52	%
Total Funded Debt Investments - Jersey									$	47,867	$	47,098	3.52	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (2)(15)	SOFR(M)	7.25%	12.40%	12/2022	12/2029	$	3,454	$	3,405	$	3,454	0.26	%
Total Funded Debt Investments - Australia									$	3,405	$	3,454	0.26	%
Total Funded Debt Investments									$	2,310,397	$	2,193,417	163.94	%
Equity - United States
Dealer Tire Holdings, LLC (30)
Distribution & Logistics	Preferred shares (3)(15)	—	—	—	09/2021	—	56,271		$	65,202	$	66,583	4.98	%
Knockout Intermediate Holdings I Inc. (41)
Software	Preferred shares (3)(15)	—	—	—	06/2022	—	15,150		16,835		17,019		1.27	%
Symplr Software Intermediate Holdings, Inc. (31)
Healthcare	Preferred shares (4)(15)	—	—	—	11/2018	—	7,500		12,938		12,014
	Preferred shares (3)(15)	—	—	—	11/2018	—	2,586		4,460		4,142
									17,398		16,156		1.21	%


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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)
Healthcare	Preferred shares (3)(15)	—	—	—	08/2021	—	12,500	$	15,476	$	14,828	1.11	%
Project Essential Super Parent, Inc. (34)
Software	Preferred shares (3)(15)	—	—	—	04/2021	—	10,000	12,770		11,942		0.89	%
Diamond Parent Holdings Corp. (35)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(15)	—	—	—	04/2021	—	10,000	12,129		11,197		0.84	%
OEC Holdco, LLC (22)
Software	Preferred shares (12)(15)	—	—	—	12/2021	—	7,214	8,429		7,919		0.59	%
HB Wealth Management, LLC (37)
Financial Services	Preferred shares (11)(15)	—	—	—	09/2021	—	48,303	4,795		5,128		0.38	%
FS WhiteWater Holdings, LLC (38)
Consumer Services	Ordinary shares (5)(15)	—	—	—	12/2021	—	50,000	5,000		4,126		0.31	%
Appriss Health Holdings, Inc. (23)
Appriss Health Intermediate Holdings, Inc.
Healthcare	Preferred shares (3)(15)	—	—	—	05/2021	—	2,333	2,911		2,719		0.20	%
OA Topco, L.P. (40)
Healthcare	Ordinary shares (3)(15)	—	—	—	12/2021	—	2,000,000	2,000		2,307		0.17	%
Pioneer Topco I, L.P. (39)
Software	Ordinary shares (13)(15)	—	—	—	11/2021	—	199,980	1,999		1,658		0.12	%
GEDC Equity, LLC
Healthcare	Participation Interest(3)(15)	—	—	—	06/2023	—	—	190		190		0.01	%
Ancora Acquisition LLC
Education	Preferred shares (9)(15)	—	—	—	08/2013	—	372	83		158		0.01	%
Education Management Corporation (20)
Education	Preferred shares (2)	—	—	—	01/2015	—	3,331	200		—
	Preferred shares (3)	—	—	—	01/2015	—	1,879	113		—
	Ordinary shares (2)	—	—	—	01/2015	—	2,994,065	100		—
	Ordinary shares (3)	—	—	—	01/2015	—	1,688,976	56		—
								469		—		—	%
AAC Lender Holdings, LLC (33)
Education	Ordinary shares (3)(15)	—	—	—	03/2021	—	758	—		—		—	%
Total Shares - United States								$	165,686	$	161,930	12.09	%


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

Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(15)(29)	—	—	—	09/2017	—	115,451		$	11,465	$	10,897	0.81	%
Total Shares - Hong Kong									$	11,465	$	10,897	0.81	%
Total Shares									$	177,151	$	172,827	12.90	%
Total Funded Investments									$	2,487,548	$	2,366,244	176.84	%
Unfunded Debt Investments - United States
Ansira Holdings, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	11/2022	11/2024	$	1,161	$	—	$	—	—	%
DCA Investment Holding, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	12/2022	12/2024	1,883		—		—		—	%
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(15)(18) - Undrawn	—	—	—	01/2021	09/2026	2,652		—		—		—	%
Safety Borrower Holdings LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	256		(1)		—		—	%
Project Power Buyer, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2023	05/2025	184		(3)		—		—	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	03/2020	02/2025	608		(3)		—		—	%
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	05/2021	05/2027	417		(4)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2019	09/2026	852		(6)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(15)(18) - Undrawn	—	—	—	02/2020	02/2026	1,799		(9)		—		—	%
Xactly Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	07/2017	07/2025	992		(10)		—		—	%
Granicus, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2021	01/2027	1,666		(12)		—		—	%


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

Coupa Holdings, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	08/2024	$	1,291	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	02/2029	989		(12)		—
									(12)		—		—	%
GS Acquisitionco, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	08/2019	05/2026	2,487		(15)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2027	1,501		(15)		—
	First lien (2)(15)(18) - Undrawn	—	—	—	06/2021	06/2024	2,157		—		—
									(15)		—		—	%
Foreside Financial Group, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	4,627		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	09/2027	1,551		(16)		—
									(16)		—		—	%
Associations, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2027	3,543		(18)		—		—	%
Wealth Enhancement Group, LLC
Financial Services	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	10/2027	2,040		(6)		—
	First lien (2)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	4,624		(12)		—
									(18)		—		—	%
Avalara, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	10/2022	10/2028	1,720		(21)		—		—	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(15)(18) - Undrawn	—	—	—	04/2022	04/2024	453		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	10/2019	08/2026	2,963		(22)		—
									(22)		—		—	%
Oranje Holdco, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	02/2029	1,860		(23)		—		—	%


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	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)
Pioneer Buyer I, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2027	$	2,446	$	(24)	$	—	—	%
Apptio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2019	01/2025	1,446		(29)		—		—	%
Infogain Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2026	3,827		(29)		—		—	%
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2028	3,600		(36)		—		—	%
Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	3,616		(27)		—
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2029	2,888		(22)		—
									(49)		—		—	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		—
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2024	9,536		(48)		—
									(58)		—		—	%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2019	09/2024	667		(10)		(1)		(0.00)%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2024	1,161		(16)		(4)		(0.00)%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	08/2022	08/2029	486		(5)		(5)		(0.00)%
KPSKY Acquisition Inc.
Business Services	First lien (2)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	526		—		(7)		(0.00)%


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

Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (4)(15)(18) - Undrawn	—	—	—	01/2022	12/2023	$	1,434	$	(14)	$	(1)
	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2027	3,659		(37)		(4)
	First lien (2)(15)(18) - Undrawn	—	—	—	12/2021	12/2023	4,421		(44)		(4)
									(95)		(9)		(0.00)%
Community Brands ParentCo, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	425		(4)		(5)
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2024	849		—		(10)
									(4)		(15)		(0.00)%
Sun Acquirer Corp.
Consumer Services	First lien (2)(15)(18) - Undrawn	—	—	—	09/2021	09/2023	127		(1)		(3)
	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	526		(7)		(14)
									(8)		(17)		(0.00)%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2026	226		(3)		(18)		(0.00)%
Daxko Acquisition Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2023	524		—		(8)
	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	871		(9)		(13)
									(9)		(21)		(0.00)%
IG Investments Holdings, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	2,298		(23)		(23)		(0.00)%
Specialtycare, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2026	559		(8)		(24)		(0.00)%
USRP Holdings, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2027	893		(9)		(29)		(0.00)%
Recorded Future, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	08/2019	07/2025	2,981		(20)		(30)		(0.00)%


		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	New Mountain Finance Corporation
	Consolidated Statements of Assets and Liabilities as of June 3 0 , 2023 (unaudited) and December 31, 2022	3
	Consolidated Statements of Operations for the three and si x months ended June 30 , 2023 (unaudited) and June 30 , 2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and si x months ended June 30 , 2023 (unaudited) and June 30 , 2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30 , 2023 (unaudited) and June 30 , 2022 (unaudited)	6
	Consolidated Schedule of Investments as of June 30 , 2023 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2022	34
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	61
	Report of Independent Registered Public Accounting Firm	108

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	109
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	135
Item 4.	Controls and Procedures	136

PART II. OTHER INFORMATION		137

Item 1.	Legal Proceedings	137
Item 1A.	Risk Factors	137
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	139
Item 3.	Defaults Upon Senior Securities	139
Item 4.	Mine Safety Disclosures	139
Item 5.	Other Information	139
Item 6.	Exhibits	140
	Signatures	142


Description						Shares as of August 2, 2023
Common stock, par value $0.01 per share						100,937,026