nmfc-20240331

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 March 31, 2024

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

NASDAQ Global Select Market

8.250% Notes due 2028

NMFCZ

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 ý 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 May 1, 2024
Common stock, par value $0.01 per share						106,289,293

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2024

TABLE OF CONTENTS


		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	New Mountain Finance Corporation
	Consolidated Statements of Assets and Liabilities as of March 31, 2024 (unaudited) and December 31, 2023	3
	Consolidated Statements of Operations for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited)	6
	Consolidated Schedule of Investments as of March 31, 2024 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2023	34
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	60
	Report of Independent Registered Public Accounting Firm	107

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	108
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	126
Item 4.	Controls and Procedures	127

PART II. OTHER INFORMATION		128

Item 1.	Legal Proceedings	128
Item 1A.	Risk Factors	128
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	133

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

New Mountain Finance Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)


	March 31, 2024		December 31, 2023
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,330,396 and $2,283,490, respectively)	$	2,279,598	$	2,209,867
Non-controlled/affiliated investments (cost of $109,980 and $107,895, respectively)	113,281		133,659
Controlled investments (cost of $653,810 and $646,823, respectively)	677,103		667,796
Total investments at fair value (cost of $3,094,186 and $3,038,208, respectively)	3,069,982		3,011,322
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	16,500		16,500
Cash and cash equivalents	107,467		70,090
Interest and dividend receivable	43,171		44,107

Receivable from broker	960		—
Deferred tax asset	68		594
Receivable from affiliates	50		82
Other assets	17,409		16,519
Total assets	$	3,255,607	$	3,159,214
Liabilities
Borrowings
Unsecured Notes	$	686,663	$	506,500
SBA-guaranteed debentures	300,000		300,000
Holdings Credit Facility	291,563		515,063
Convertible Notes	260,178		260,207
DB Credit Facility	182,000		186,400
NMFC Credit Facility	47,618		36,813
NMNLC Credit Facility II	2,938		2,853
Deferred financing costs (net of accumulated amortization of $56,248 and $54,263, respectively)	(24,370)		(22,387)
Net borrowings	1,746,590		1,785,449
Payable for unsettled securities purchased	94,079		—
Interest payable	23,071		20,440
Management fee payable	10,096		10,116
Incentive fee payable	9,389		8,555


Other liabilities	3,199		2,931
Total liabilities	1,886,424		1,827,491
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 106,289,293 and 102,558,859 shares issued and outstanding, respectively	1,063		1,026
Paid in capital in excess of par	1,379,070		1,331,269

Accumulated undistributed earnings	(23,201)		(12,344)
Total net assets of New Mountain Finance Corporation	$	1,356,932	$	1,319,951
Non-controlling interest in New Mountain Net Lease Corporation	12,251		11,772
Total net assets	$	1,369,183	$	1,331,723
Total liabilities and net assets	$	3,255,607	$	3,159,214
Number of shares outstanding	106,289,293		102,558,859
Net asset value per share of New Mountain Finance Corporation	$	12.77	$	12.87

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
	March 31, 2024		March 31, 2023
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	56,237	$	60,758
PIK interest income	4,683		3,944
Dividend income	293		47
Non-cash dividend income	4,684		4,166
Other income	1,600		1,918
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	368		9
PIK interest income	836		691

Non-cash dividend income	1,244		1,105
Other income	63		63
From controlled investments:
Interest income (excluding PIK interest income)	1,361		1,444
PIK interest income	4,135		4,388
Dividend income	12,683		10,995
Non-cash dividend income	1,496		1,230
Other income	873		1,195
Total investment income	90,556		91,953
Expenses
Interest and other financing expenses	31,016		30,796
Management fee	10,997		11,638
Incentive fee	9,389		9,597
Professional fees	1,067		965
Administrative expenses	968		1,048

Other general and administrative expenses	465		488
Total expenses	53,902		54,532
Less: management fee waived (See Note 5)	(901)		(1,063)

Net expenses	53,001		53,469
Net investment income before income taxes	37,555		38,484
Income tax expense	1		96
Net investment income	37,554		38,388
Net realized (losses) gains:
Non-controlled/non-affiliated investments	(11,858)		(1,308)

Controlled investments	31		1,973

Foreign currency	—		12
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	23,160		(2,929)
Non-controlled/affiliated investments	(22,463)		(16)
Controlled investments	2,320		8,797


Foreign currency	(23)		26
Provision for taxes	(637)		(131)
Net realized and unrealized (losses) gains	(9,470)		6,424
Net increase in net assets resulting from operations	28,084		44,812
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(676)		(239)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	$	27,408	$	44,573
Basic earnings per share	$	0.26	$	0.44
Weighted average shares of common stock outstanding - basic (See Note 11)	103,660,370		100,937,026
Diluted earnings per share	$	0.26	$	0.40
Weighted average shares of common stock outstanding - diluted (See Note 11)	122,443,478		123,591,432
Distributions declared and paid per share	$	0.36	$	0.32

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
	March 31, 2024		March 31, 2023
Increase (decrease) in net assets resulting from operations:
Net investment income	$	37,554	$	38,388
Net realized (losses) gains on investments and foreign currency	(11,827)		677
Net change in unrealized appreciation of investments and foreign currency	2,994		5,878

Provision for taxes	(637)		(131)
Net increase in net assets resulting from operations	28,084		44,812
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	(676)		(239)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	27,408		44,573
Capital transactions
Net proceeds from shares sold	47,919		—
Offering costs	(81)		(56)
Distributions declared to stockholders from net investment income	(38,265)		(32,300)



Total net increase (decrease) in net assets resulting from capital transactions	9,573		(32,356)
Net increase in net assets	36,981		12,217
New Mountain Finance Corporation net assets at the beginning of the period	1,319,951		1,314,473
New Mountain Finance Corporation net assets at the end of the period	1,356,932		1,326,690
Non-controlling interest in NMNLC	12,251		11,804
Net assets at the end of the period	$	1,369,183	$	1,338,494

Capital share activity
Shares sold	3,730,434		—



Net increase in shares outstanding	3,730,434		—

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)


	Three Months Ended
	March 31, 2024		March 31, 2023
Cash flows from operating activities
Net increase in net assets resulting from operations	$	28,084	$	44,812
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized losses (gains) on investments	11,827		(665)
Net realized gains on translation of assets and liabilities in foreign currencies	—		(12)
Net change in unrealized appreciation of investments	(3,017)		(5,852)
Net change in unrealized depreciation (appreciation) on translation of assets and liabilities in foreign currencies	23		(26)

Amortization of purchase discount	(1,762)		(1,644)
Amortization of deferred financing costs	1,985		1,637
Amortization of premium on Convertible Notes	(29)		(18)
Amortization of discount on 6.875% Unsecured Notes	102		—
Non-cash investment income	(16,527)		(16,270)
Decrease (Increase) in operating assets:

Purchase of investments and delayed draw facilities	(192,397)		(94,352)
Proceeds from sales and paydowns of investments	145,475		67,651
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	120		110
Cash paid for purchase of drawn portion of revolving credit facilities	(76)		—
Cash paid on drawn revolvers	(7,705)		(6,507)
Cash repayments on drawn revolvers	5,036		9,046
Deferred tax asset	527		—
Interest and dividend receivable	949		1,861

Receivable from broker	(960)		—
Receivable from affiliates	32		(91)
Other assets	(922)		(1,495)
Increase (decrease) in operating liabilities:
Management fee payable	(20)		51
Incentive fee payable	834		3,301
Payable for unsettled securities purchased	94,147		—
Interest payable	2,631		939
Payable to affiliates	—		(78)
Deferred tax liability	—		(5,499)
Other liabilities	(78)		(403)

Net cash flows provided by (used in) operating activities	68,279		(3,504)
Cash flows from financing activities
Net proceeds from shares sold	47,919		—
Offering costs paid	(117)		(17)
Distributions paid	(38,265)		(32,300)
Proceeds from Holdings Credit Facility	184,600		29,000
Repayment of Holdings Credit Facility	(408,100)		(33,300)
Proceeds from Convertible Notes	—		60,300

Proceeds from Unsecured Notes	296,994		—
Repayment of Unsecured Notes	(116,500)		(90,000)

Proceeds from NMFC Credit Facility	18,083		157,000
Repayment of NMFC Credit Facility	(6,950)		(110,000)

Repayment of DB Credit Facility	(4,400)		—
Proceeds from NMNLC Credit Facility II	1,140		1,682
Repayment of NMNLC Credit Facility II	(1,055)		(2,347)


Distributions related to non-controlling interest in NMNLC	(197)		(153)
Deferred financing costs paid	(3,955)		(1,189)

Net cash flows used in financing activities	(30,803)		(21,324)
Net increase (decrease) in cash and cash equivalents	37,476		(24,828)
Effect of foreign exchange rate changes on cash and cash equivalents	(99)		37
Cash and cash equivalents at the beginning of the period	70,090		71,190
Cash and cash equivalents at the end of the period	$	107,467	$	46,399
Supplemental disclosure of cash flow information
Cash interest paid	$	25,360	$	27,794
Income taxes (received) paid	(10)		5,713
Non-cash operating activities:
Non-cash activity on investments	$	20,291	$	15,582
Non-cash financing activities:


Accrual for offering costs	$	79	$	124
Accrual for deferred financing costs	203		84

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

March 31, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (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)	SOFR(M)	5.50%	10.93%	12/2021	12/2027	$	22,907	$	22,724	$	22,907
	First lien (8)(15)	SOFR(M)	5.50%	10.93%	12/2021	12/2027	20,374		20,235		20,374
	First lien (4)(15)	SOFR(M)	5.50%	10.93%	01/2022	12/2027	9,673		9,607		9,673
	First lien (4)(15)	SOFR(M)	5.50%	10.93%	12/2021	12/2027	7,432		7,372		7,432
	Subordinated (3)(15)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	14,419		14,275		13,695
	Subordinated (4)(15)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	5,655		5,598		5,371
									79,811		79,452		5.80	%
Associations, Inc.
Business Services	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.09%	07/2021	07/2027	33,837		33,745		33,837
	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.08%	07/2021	07/2027	9,071		9,043		9,071
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.07%	07/2021	07/2027	9,071		9,043		9,071
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.08%	07/2021	07/2027	5,478		5,462		5,478
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.08%	07/2021	07/2027	4,358		4,345		4,358
	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.09%	10/2023	07/2027	4,137		4,119		4,137
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.50%	12.09%	07/2021	07/2027	1,819		1,810		1,819
									67,567		67,771		4.95	%
Knockout Intermediate Holdings I Inc. (32)
Kaseya Inc.
Software	First lien (2)(15)	SOFR(Q)*	3.50% + 2.50%/PIK	11.31%	06/2022	06/2029	64,039		63,657		64,039
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.80%	06/2022	06/2029	973		966		973
	First lien (3)(15)	SOFR(Q)	5.50%	10.81%	06/2022	06/2029	238		237		238
									64,860		65,250		4.77	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(15)	SOFR(M)	5.25%	10.68%	08/2021	08/2029	40,169		39,915		40,169
	First lien (5)(15)	SOFR(M)	5.25%	10.68%	08/2021	08/2029	21,611		21,540		21,611
	First lien (2)(15)	SOFR(M)	5.25%	10.68%	10/2019	08/2029	450		445		450
									61,900		62,230		4.55	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

GS Acquisitionco, Inc.
Software	First lien (2)	SOFR(Q)	5.00%	10.30%	08/2019	05/2028	$	34,993	$	34,927	$	35,080
	First lien (5)	SOFR(Q)	5.00%	10.30%	08/2019	05/2028	21,465		21,424		21,519
									56,351		56,599		4.13	%
CentralSquare Technologies, LLC
Software	Second lien (3)	SOFR(M)	7.50%	12.93%	08/2018	08/2026	47,838		47,602		47,838
	Second lien (8)	SOFR(M)	7.50%	12.93%	08/2018	08/2026	7,500		7,463		7,500
									55,065		55,338		4.04	%
iCIMS, Inc.
Software	First lien (2)(15)	SOFR(Q)*	3.88%/PIK + 3.38%	12.58%	09/2023	08/2028	43,695		43,453		44,132
	First lien (2)(15)	SOFR(Q)	7.25%	12.58%	10/2022	08/2028	7,366		7,314		7,440
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	12.05%	08/2022	08/2028	265		268		265
									51,035		51,837		3.79	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(15)	SOFR(M)	5.50%	10.93%	07/2021	07/2028	18,659		18,563		18,659
	First lien (8)(15)	SOFR(M)	5.50%	10.93%	07/2022	07/2028	7,824		7,763		7,824
	Subordinated (3)(15)	SOFR(Q)	8.25%	13.66%	07/2022	07/2029	17,245		17,066		17,245
									43,392		43,728		3.19	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(15)	SOFR(Q)	5.75%	11.16%	08/2021	08/2028	37,381		37,120		36,813
	First lien (3)(15)	SOFR(Q)	5.75%	11.16%	08/2021	08/2028	3,935		3,906		3,875
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.75%	11.16%	08/2021	08/2027	3,027		2,997		2,981
									44,023		43,669		3.19	%
RealPage, Inc.
Software	Second lien (2)	SOFR(M)	6.50%	11.94%	03/2024	04/2029	41,887		41,674		41,676		3.04	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(15)(18) - Drawn	SOFR(Q)	5.50%	10.81%	05/2022	10/2027	15,019		14,989		15,018
	First lien (8)(15)	SOFR(Q)	5.50%	10.82%	08/2021	10/2027	12,000		11,975		12,000
	First lien (2)(15)	SOFR(Q)	5.50%	10.82%	08/2021	10/2027	6,711		6,693		6,711
	First lien (8)(15)	SOFR(Q)	5.50%	10.84%	01/2022	10/2027	1,238		1,229		1,238
	First lien (8)(15)	SOFR(Q)	5.50%	10.81%	01/2022	10/2027	830		824		830
	Subordinated (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	05/2023	05/2033	3,647		3,599		3,647
									39,309		39,444		2.88	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

MRI Software LLC
Software	First lien (5)(15)	SOFR(Q)	5.50%	10.90%	01/2020	02/2027	$	21,598	$	21,557	$	21,598
	First lien (3)(15)	SOFR(Q)	5.50%	10.90%	03/2021	02/2027	7,650		7,637		7,650
	First lien (2)(15)	SOFR(Q)	5.50%	10.90%	03/2021	02/2027	4,557		4,550		4,557
	First lien (2)(15)	SOFR(Q)	5.50%	10.90%	01/2020	02/2027	3,132		3,125		3,132
	First lien (3)(15)	SOFR(Q)	5.50%	10.90%	01/2020	02/2027	799		797		799
									37,666		37,736		2.76	%
Recorded Future, Inc.
Software	First lien (8)(15)	SOFR(Q)	5.25%	10.66%	08/2019	07/2025	24,158		24,096		24,158
	First lien (2)(15)	SOFR(Q)	5.25%	10.66%	03/2021	07/2025	12,492		12,458		12,492
									36,554		36,650		2.68	%
Foreside Financial Group, LLC
Business Services	First lien (2)(15)	SOFR(Q)	5.25%	10.74%	05/2022	09/2027	33,612		33,373		33,612
	First lien (3)(15)	SOFR(Q)	5.25%	10.74%	05/2022	09/2027	2,401		2,378		2,401
									35,751		36,013		2.63	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (8)(15)	SOFR(Q)	5.75%	11.16%	10/2021	10/2028	21,791		21,636		21,436
	First lien (2)(15)	SOFR(Q)	5.75%	11.16%	10/2021	10/2028	14,737		14,633		14,497
									36,269		35,933		2.62	%
OEC Holdco, LLC (21)
OEConnection LLC
Software	Second lien (2)	SOFR(M)	7.00%	12.43%	12/2021	09/2027	23,406		23,248		23,406
	Second lien (2)	SOFR(M)	7.00%	12.43%	09/2019	09/2027	12,044		11,980		12,044
									35,228		35,450		2.59	%
IG Investments Holdings, LLC
Business Services	First lien (2)(15)	SOFR(Q)	6.00%	11.41%	09/2021	09/2028	28,765		28,561		28,765
	First lien (2)(15)	SOFR(Q)	6.00%	11.41%	02/2022	09/2028	4,203		4,187		4,203
	First lien (8)(15)	SOFR(Q)	6.00%	11.41%	03/2024	09/2028	1,699		1,699		1,699
	First lien (8)(15)	SOFR(Q)	6.00%	11.41%	03/2024	09/2028	224		224		224
									34,671		34,891		2.55	%
TigerConnect, Inc.
Healthcare	First lien (2)(15)	SOFR(Q)*	3.38% + 3.38%/PIK	12.21%	02/2022	02/2028	29,868		29,655		29,868
	First lien (2)(15)(18) - Drawn	SOFR(Q)*	3.38% + 3.38%/PIK	12.21%	02/2022	02/2028	1,624		1,624		1,624
									31,279		31,492		2.30	%
Diamond Parent Holdings Corp. (27)
Diligent Corporation
Software	First lien (2)(15)	SOFR(Q)	5.75%	11.21%	03/2021	08/2025	17,360		17,329		17,360
	First lien (3)(15)	SOFR(Q)	6.25%	11.71%	12/2018	08/2025	5,753		5,742		5,753
	First lien (2)(15)	SOFR(Q)	5.75%	11.21%	03/2021	08/2025	5,664		5,655		5,664
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.25%	11.71%	03/2021	08/2025	1,595		1,587		1,595
									30,313		30,372		2.22	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

OA Topco, L.P. (31)
OA Buyer, Inc.
Healthcare	First lien (2)(15)	SOFR(M)	5.50%	10.83%	12/2021	12/2028	$	27,637	$	27,432	$	27,637
	First lien (2)(15)	SOFR(M)	5.50%	10.83%	05/2022	12/2028	1,749		1,736		1,749
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.83%	12/2021	12/2028	480		475		480
									29,643		29,866		2.18	%
Fortis Solutions Group, LLC
Packaging	First lien (2)(15)	SOFR(Q)	5.50%	10.90%	10/2021	10/2028	17,308		17,181		17,308
	First lien (8)(15)	SOFR(Q)	5.50%	10.90%	10/2021	10/2028	10,067		9,995		10,067
	First lien (3)(15)	SOFR(Q)	5.50%	10.90%	10/2021	10/2028	1,175		1,165		1,175
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.90%	06/2022	10/2028	741		734		741
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.90%	10/2021	10/2027	143		142		143
	First lien (3)(15)	SOFR(Q)	5.50%	10.90%	10/2021	10/2028	80		80		80
									29,297		29,514		2.16	%
Foundational Education Group, Inc.
Education	Second lien (5)(15)	SOFR(Q)	6.50%	12.07%	08/2021	08/2029	22,500		22,414		22,500
	Second lien (2)(15)	SOFR(Q)	6.50%	12.07%	08/2021	08/2029	7,009		6,990		7,009
									29,404		29,509		2.16	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (8)(15)	SOFR(Q)	6.09%	11.57%	03/2021	03/2028	19,259		19,076		19,259
	First lien (3)(15)	SOFR(Q)	6.09%	11.57%	03/2021	03/2028	5,012		4,994		5,012
	First lien (2)(15)	SOFR(Q)	6.09%	11.57%	03/2021	03/2028	4,913		4,866		4,913
									28,936		29,184		2.13	%
PetVet Care Centers, LLC
Consumer Services	First lien (2)(15)	SOFR(M)	6.00%	11.33%	10/2023	11/2030	28,359		28,084		28,359		2.07	%
Syndigo LLC
Software	Second lien (4)(15)	SOFR(M)	8.00%	13.44%	12/2020	12/2028	22,500		22,383		22,500
	Second lien (2)(15)	SOFR(M)	8.00%	13.44%	02/2022	12/2028	5,697		5,708		5,697
									28,091		28,197		2.06	%
Sierra Enterprises, LLC
Food & Beverage	First lien (3)(15)	SOFR(Q)*	4.25%/PIK + 2.50%	12.06%	06/2023	05/2027	27,954		24,533		27,608		2.02	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

ACI Parent Inc.(28)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(15)	SOFR(M)	5.50%	10.93%	08/2021	08/2028	$	21,969	$	21,819	$	21,384
	First lien (3)(15)	SOFR(M)	5.50%	10.93%	08/2021	08/2028	3,894		3,863		3,790
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.93%	08/2021	08/2028	2,039		2,020		1,985
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.93%	08/2021	08/2027	353		350		344
									28,052		27,503		2.01	%
Nelipak Holding Company
Packaging	First lien (3)(16)	EURIBOR(Q)	5.50%	9.40%	03/2024	03/2031	€	16,648	17,897		17,829
	First lien (2)	SOFR(Q)	5.50%	10.81%	03/2024	03/2031	$	9,092	9,023		9,023
									26,920		26,852		1.96	%
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)(15)	SOFR(M)	7.25%	12.68%	08/2018	08/2026	18,266		18,240		18,266
	Second lien (8)(15)	SOFR(M)	7.25%	12.68%	08/2018	08/2026	7,500		7,489		7,500
									25,729		25,766		1.88	%
Idera, Inc.
Software	Second lien (4)(15)	SOFR(Q)	6.75%	12.21%	06/2019	03/2029	22,500		22,280		22,500
	Second lien (3)(15)	SOFR(Q)	6.75%	12.21%	04/2021	03/2029	3,000		2,988		3,000
									25,268		25,500		1.86	%
Pioneer Topco I, L.P. (30)
Pioneer Buyer I, LLC
Software	First lien (8)(15)	SOFR(Q)*	7.00%/PIK	12.31%	11/2021	11/2028	17,321		17,222		17,321
	First lien (3)(15)	SOFR(Q)*	7.00%/PIK	12.31%	03/2024	11/2028	5,768		5,761		5,768
	First lien (8)(15)	SOFR(Q)*	7.00%/PIK	12.31%	03/2022	11/2028	2,374		2,359		2,374
									25,342		25,463		1.86	%
DOCS, MSO, LLC
Healthcare	First lien (8)(15)	SOFR(M)	5.75%	11.17%	06/2022	06/2028	18,525		18,525		18,379
	First lien (4)(15)	SOFR(M)	5.75%	11.17%	06/2022	06/2028	6,937		6,937		6,883
									25,462		25,262		1.85	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (2)(15)	SOFR(Q)	5.25%	10.70%	02/2022	02/2028	19,110		19,042		19,110
	First lien (2)(15)	SOFR(Q)	5.25%	10.70%	02/2022	02/2028	5,317		5,296		5,317
	First lien (3)(15)	SOFR(Q)	5.25%	10.70%	02/2022	02/2028	698		695		698
									25,033		25,125		1.84	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)(15)	SOFR(Q)	6.75%	12.19%	11/2019	11/2027	$	22,500	$	22,433	$	20,846
	Second lien (2)(15)	SOFR(Q)	6.75%	12.19%	11/2019	11/2027	4,208		4,185		3,899
									26,618		24,745		1.81	%
FS WhiteWater Holdings, LLC (29)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(15)	SOFR(Q)	5.75%	11.21%	12/2021	12/2027	10,264		10,194		10,264
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.00%	11.47%	07/2022	12/2027	4,952		4,909		4,952
	First lien (5)(15)	SOFR(Q)	5.75%	11.21%	12/2021	12/2027	3,445		3,420		3,445
	First lien (5)(15)	SOFR(Q)	5.75%	11.21%	12/2021	12/2027	3,423		3,400		3,423
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.75%	11.23%	12/2021	12/2027	1,295		1,282		1,295
									23,205		23,379		1.71	%
Xactly Corporation
Software	First lien (4)(15)	SOFR(Q)	7.25%	12.69%	07/2017	07/2025	22,500		22,476		22,500		1.64	%
Bullhorn, Inc.
Software	First lien (2)(15)	SOFR(M)	5.50%	10.93%	09/2019	09/2026	16,444		16,393		16,444
	First lien (2)(15)	SOFR(M)	5.50%	10.93%	10/2021	09/2026	3,398		3,393		3,398
	First lien (2)(15)	SOFR(M)	5.50%	10.93%	09/2019	09/2026	761		758		761
	First lien (2)(15)	SOFR(M)	5.50%	10.93%	09/2019	09/2026	341		340		341
	First lien (2)(15)	SOFR(M)	5.50%	10.93%	09/2019	09/2026	272		271		272
									21,155		21,216		1.55	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)	SOFR(Q)	5.00%	10.41%	11/2019	10/2025	17,631		17,604		17,631
	First lien (5)(15)	SOFR(Q)	5.00%	10.41%	11/2019	10/2025	2,296		2,292		2,296
	First lien (5)(15)	SOFR(Q)	5.00%	10.42%	10/2021	10/2025	1,201		1,194		1,201
	First lien (5)(15)(18) - Drawn	SOFR(Q)	5.50%	10.87%	10/2021	10/2025	80		80		80
									21,170		21,208		1.55	%
MED Parentco, LP
Healthcare	Second lien (8)	SOFR(M)	8.25%	13.69%	08/2019	08/2027	20,857		20,774		20,857		1.52	%
AAC Lender Holdings, LLC(26)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	SOFR(M)(35)*	5.75%/PIK + 0.50%	11.68%	09/2015	09/2026	29,879		29,842		20,446
	First lien (3)(15)	SOFR(M)(35)*	13.50%/PIK + 0.50%	19.43%	06/2021	09/2026	1,527		1,527		—
	Subordinated (3)(15)	SOFR(Q)(35)*	1.00%/PIK	6.48%	03/2021	09/2026	5,230		—		—
									31,369		20,446		1.49	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (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)	SOFR(Q)	4.50%	9.95%	10/2020	11/2027	$	11,822	$	11,770	$	11,083
	Second lien (4)(15)	SOFR(Q)	7.75%	13.20%	11/2020	11/2028	9,767		9,701		9,051
									21,471		20,134		1.47	%
Brave Parent Holdings, Inc.
Software	First lien (5)(15)	SOFR(Q)	5.00%	10.31%	11/2023	11/2030	20,171		20,073		20,070		1.47	%
Ambrosia Holdco Corp(34)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(15)	SOFR(M)*	5.25%/PIK	10.58%	01/2024	06/2029	10,604		10,269		9,649
	First lien (8)(15)	SOFR(M)*	5.25%/PIK	10.58%	01/2024	06/2029	9,144		9,030		8,321
	First lien (3)	SOFR(M)*	2.00%/PIK + 1.00%	8.33%	03/2024	06/2029	1,684		1,338		1,338
	Subordinated (2)(15)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	279		279		279
	Subordinated (8)(15)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	269		269		269
									21,185		19,856		1.45	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(15)	SOFR(S)	5.75%	11.29%	06/2021	06/2027	15,382		15,289		15,382
	First lien (2)(15)(18) - Drawn	SOFR(S)	5.75%	11.08%	06/2021	06/2027	4,295		4,262		4,295
									19,551		19,677		1.44	%
Notorious Topco, LLC
Consumer Products	First lien (8)(15)	SOFR(Q)	6.75%	12.21%	11/2021	11/2027	9,924		9,874		9,207
	First lien (8)(15)	SOFR(Q)	6.75%	12.21%	05/2022	11/2027	9,800		9,747		9,091
	First lien (3)(15)	SOFR(Q)	6.75%	12.21%	11/2021	11/2027	865		856		802
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	12.22%	11/2021	05/2027	293		291		272
									20,768		19,372		1.41	%
Convey Health Solutions, Inc.
Healthcare	First lien (4)(15)	SOFR(Q)	5.25%	10.66%	09/2019	09/2026	18,974		18,888		16,506
	First lien (4)(15)	SOFR(Q)	5.25%	10.66%	02/2022	09/2026	3,168		3,141		2,756
									22,029		19,262		1.41	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)	SOFR(M)	6.75%	12.19%	03/2021	03/2029	20,313		20,276		19,060		1.39	%
Groundworks, LLC
Business Services	First lien (4)	SOFR(M)	3.50%	8.83%	03/2024	03/2031	19,003		18,813		18,813		1.37	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(15)	SOFR(M)	5.25%	10.68%	02/2020	02/2026	14,756		14,730		14,756
	First lien (5)(15)	SOFR(M)	5.25%	10.68%	02/2024	02/2026	2,663		2,644		2,663
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.25%	10.68%	02/2020	02/2026	1,219		1,213		1,219
									18,587		18,638		1.36	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

Power Grid Holdings, Inc.
Business Products	First lien (4)(15)	SOFR(Q)	4.75%	10.09%	11/2023	12/2030	$	18,193	$	18,018	$	18,011
	First lien (3)(15)(18) - Drawn	SOFR(M)	4.75%	10.08%	11/2023	12/2030	107		106		106
									18,124		18,117		1.32	%
Avalara, Inc.
Software	First lien (8)(15)	SOFR(Q)	7.25%	12.56%	10/2022	10/2028	17,198		17,023		17,198		1.26	%
PDI TA Holdings, Inc.
Software	First lien (4)(15)	SOFR(M)	5.50%	10.83%	01/2024	02/2031	16,300		16,220		16,219		1.18	%
Oranje Holdco, Inc.
Education	First lien (8)(15)	SOFR(Q)	7.50%	12.81%	02/2023	02/2029	7,440		7,360		7,440
	First lien (2)(15)	SOFR(Q)	7.50%	12.81%	02/2023	02/2029	7,440		7,360		7,440
									14,720		14,880		1.09	%
EAB Global, Inc.
Education	Second lien (2)(15)	SOFR(M)	6.50%	11.94%	08/2021	08/2029	14,868		14,700		14,868		1.09	%
Coupa Holdings, LLC
Software	First lien (8)(15)	SOFR(Q)	7.50%	12.81%	02/2023	02/2030	14,460		14,298		14,749		1.08	%
Houghton Mifflin Harcourt Company
Education	First lien (8)	SOFR(M)	5.25%	10.68%	10/2023	04/2029	14,605		14,170		14,498		1.06	%
IMO Investor Holdings, Inc.
Healthcare	First lien (2)(15)	SOFR(Q)	6.00%	11.36%	05/2022	05/2029	12,812		12,710		12,716
	First lien (3)(15)(18) - Drawn	SOFR(S)	6.00%	11.38%	05/2022	05/2029	1,281		1,269		1,272
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.00%	11.31%	05/2022	05/2028	248		245		246
									14,224		14,234		1.04	%
Daxko Acquisition Corporation
Software	First lien (8)(15)	SOFR(M)	5.50%	10.93%	10/2021	10/2028	12,978		12,885		12,978
	First lien (2)(15)	SOFR(M)	5.50%	10.93%	10/2021	10/2028	1,093		1,085		1,093
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.93%	10/2021	10/2028	65		65		65
	First lien (3)(15)(18) - Drawn	P(Q)	4.50%	13.00%	10/2021	10/2027	58		57		58
									14,092		14,194		1.04	%
Calabrio, Inc.
Software	First lien (5)(15)	SOFR(M)	7.13%	12.45%	04/2021	04/2027	12,347		12,293		12,230
	First lien (5)(15)	SOFR(M)	7.13%	12.45%	01/2024	04/2027	1,582		1,567		1,566
									13,860		13,796		1.01	%
CFS Management, LLC
Healthcare	First lien (2)(15)	SOFR(Q)*	6.25% + 2.75%/PIK	14.56%	08/2019	07/2024	11,193		11,189		10,326
	First lien (2)(15)	SOFR(Q)*	6.25% + 2.75%/PIK	14.56%	08/2019	07/2024	3,334		3,333		3,076
									14,522		13,402		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)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

USRP Holdings, Inc.
Business Services	First lien (2)(15)	SOFR(S)	5.75%	11.18%	07/2021	07/2027	$	5,599	$	5,564	$	5,599
	First lien (8)(15)	SOFR(S)	5.75%	11.18%	07/2021	07/2027	5,599		5,564		5,599
	First lien (3)(15)	SOFR(S)	5.75%	11.18%	07/2021	07/2027	1,458		1,448		1,457
									12,576		12,655		0.92	%
Anaplan, Inc.
Software	First lien (8)(15)	SOFR(Q)	6.50%	11.81%	06/2022	06/2029	10,618		10,539		10,618		0.78	%
Project Accelerate Parent, LLC
Software	First lien (5)(15)	SOFR(Q)	5.25%	10.58%	02/2024	02/2031	10,572		10,520		10,518		0.77	%
Specialtycare, Inc.
Healthcare	First lien (2)(15)	SOFR(Q)	5.75%	11.34%	06/2021	06/2028	10,326		10,231		9,949
	First lien (3)(15)(18) - Drawn	SOFR(M)	4.00%	9.44%	06/2021	06/2026	101		99		96
	First lien (3)(15)	SOFR(Q)	5.75%	11.33%	06/2021	06/2028	78		76		75
									10,406		10,120		0.74	%
Virtusa Corporation
Business Services	Subordinated (3)	FIXED(S)	7.13%	7.13%	10/2022	12/2028	11,001		9,063		9,888		0.72	%
Ciklum Inc.**
Business Services	First lien (2)(15)	SOFR(Q)	7.00%	12.41%	02/2024	02/2030	9,608		9,490		9,488		0.69	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(15)	SOFR(Q)*	6.75% + 2.00%/PIK	14.05%	07/2021	07/2027	8,425		8,368		8,313
	First lien (3)(15)(18) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	14.08%	07/2021	07/2026	940		930		927
									9,298		9,240		0.67	%
Safety Borrower Holdings LLC
Software	First lien (2)(15)	SOFR(Q)	5.25%	10.82%	09/2021	09/2027	7,523		7,497		7,523
	First lien (8)(15)	SOFR(Q)	5.25%	10.82%	03/2024	09/2027	1,538		1,538		1,538
	First lien (3)(15)(18) - Drawn	P(Q)	4.25%	12.75%	09/2021	09/2027	77		76		77
									9,111		9,138		0.67	%
KPSKY Acquisition Inc.
Business Services	First lien (8)(15)	SOFR(Q)	5.25%	10.66%	10/2021	10/2028	6,880		6,831		6,880
	First lien (8)(15)	SOFR(Q)	5.25%	10.67%	06/2022	10/2028	1,158		1,147		1,158
	First lien (8)(15)	SOFR(M)	5.25%	10.68%	10/2021	10/2028	788		783		788
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.75%	11.18%	11/2023	10/2028	19		19		19
									8,780		8,845		0.65	%
Icefall Parent, Inc.
Software	First lien (8)(15)	SOFR(Q)	6.50%	11.80%	01/2024	01/2030	8,696		8,611		8,609		0.63	%
Ncontracts, LLC
Software	First lien (2)(15)	SOFR(S)	6.50%	11.80%	12/2023	12/2029	8,372		8,271		8,267
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.50%	11.82%	12/2023	12/2029	77		76		76
									8,347		8,343		0.61	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(15)	—	—	—	05/2013	—	$	14,500	$	14,500	$	7,975	0.58	%
TRC Companies L.L.C. (fka Energize Holdco LLC)
Business Services	Second lien (8)(15)	SOFR(M)	6.75%	12.19%	11/2021	12/2029	7,950		7,919		7,887		0.58	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(15)	SOFR(Q)	5.75%	11.09%	08/2022	08/2029	7,514		7,451		7,514		0.55	%
DS Admiral Bidco, LLC
Software	First lien (2)(15)	SOFR(Q)	7.00%	12.30%	12/2022	03/2028	7,453		7,362		7,453		0.54	%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (8)(15)	SOFR(S)	8.25%	13.75%	09/2018	09/2026	7,027		7,030		7,027		0.51	%
Community Brands ParentCo, LLC
Software	First lien (2)(15)	SOFR(M)	5.50%	10.93%	02/2022	02/2028	7,073		7,022		6,943		0.51	%
Sun Acquirer Corp.
Consumer Services	First lien (2)(15)	SOFR(M)	5.75%	11.19%	09/2021	09/2028	3,935		3,910		3,935
	First lien (2)(15)	SOFR(M)	5.75%	11.19%	09/2021	09/2028	2,781		2,751		2,781
									6,661		6,716		0.49	%
Greenway Health, LLC
Healthcare	First lien (8)(15)	SOFR(S)	6.75%	11.93%	12/2023	04/2029	6,349		6,258		6,349		0.46	%
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)(22)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First lien (8)(15)	SOFR(Q)	7.00%	12.48%	05/2021	05/2027	6,172		6,136		6,172
	First lien (3)(15)(18) - Drawn	P(Q)	6.00%	14.50%	05/2021	05/2027	42		41		42
									6,177		6,214		0.45	%
Transcendia Holdings, Inc.
Packaging	Second lien (8)(15)	P(Q)(35)*	7.00%/PIK	15.50%	06/2017	05/2025	14,500		14,445		5,610		0.41	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (8)(15)	SOFR(Q)	5.50%	10.96%	11/2021	11/2027	5,096		5,060		5,096		0.37	%
Healthspan Buyer, LLC
Healthcare	First lien (8)(15)	SOFR(Q)	5.75%	11.06%	10/2023	10/2030	5,108		5,059		5,055		0.37	%
Cube Industrials Buyer Inc.
Business Products	First lien (3)(15)	SOFR(Q)	6.00%	11.30%	10/2023	10/2030	4,483		4,451		4,450		0.33	%
CommerceHub, Inc.
Software	First lien (3)(15)	SOFR(Q)	6.25%	11.58%	06/2023	12/2027	3,950		3,574		3,950		0.29	%
Higginbotham Insurance Agency, Inc.
Business Services	First lien (8)(15)	SOFR(M)	5.50%	10.93%	03/2024	11/2028	2,054		2,054		2,054
	First lien (8)(15)	SOFR(M)	5.50%	10.93%	03/2024	11/2028	1,792		1,792		1,792
									3,846		3,846		0.28	%
Project Power Buyer, LLC
Software	First lien (2)(15)	SOFR(Q)	7.00%	12.30%	01/2023	05/2026	3,544		3,508		3,544		0.26	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

Next Holdco, LLC
Healthcare	First lien (2)(15)	SOFR(Q)	6.00%	11.32%	11/2023	11/2030	$	3,520	$	3,495	$	3,494	0.26	%
Kene Acquisition, Inc.
Business Services	First lien (2)(15)	SOFR(Q)	5.25%	10.57%	02/2024	02/2031	3,527		3,492		3,492		0.26	%
DCA Investment Holding, LLC
Healthcare	First lien (2)(15)	SOFR(Q)	6.41%	11.71%	03/2021	04/2028	1,818		1,811		1,793
	First lien (3)(15)	SOFR(Q)	6.50%	11.80%	12/2022	04/2028	1,018		1,005		1,006
									2,816		2,799		0.20	%
New Trojan Parent, Inc.
Healthcare	Second lien (2)	SOFR(M)(35)*	9.25%/PIK	14.69%	01/2021	01/2029	26,762		26,663		335
	Second lien (3)	SOFR(M)(35)*	9.25%/PIK	14.69%	03/2024	01/2029	9,162		115		115
									26,778		450		0.03	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (35)(36)	—	—	—	11/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States									$	2,031,630	$	1,977,953	144.49	%
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(15)	SOFR(M)	8.25%	13.69%	10/2019	10/2027	$	34,459	$	34,309	$	34,459	2.52	%
Integro Parent Inc.**
Business Services	First lien (2)(15)	SOFR(Q)*	12.25%/PIK	17.56%	10/2015	10/2024	4,266		4,265		4,266
	First lien (3)(15)	SOFR(Q)*	12.25%/PIK	17.56%	06/2018	10/2024	842		840		842
	Second lien (3)(15)	SOFR(Q)*	12.25%/PIK	17.56%	10/2015	10/2024	14,257		13,491		13,733
									18,596		18,841		1.38	%
Total Funded Debt Investments - United Kingdom									$	52,905	$	53,300	3.90	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)	SONIA(D)*	5.00% +2.50% /PIK	12.97%	08/2021	08/2028	£	13,205	$	18,081	$	16,668
	First lien (3)(15)(16)	SONIA(D)*	5.00% +2.50% /PIK	12.97%	08/2021	08/2028	£	10,803	13,499		13,635
	First lien (3)(15)	SOFR(S)*	5.00% +2.50% /PIK	12.68%	08/2021	08/2028	$	10,446	10,338		10,446
	First lien (3)(15)	SOFR(S)*	5.00% +2.50% /PIK	12.90%	08/2021	08/2028	$	6,406	6,336		6,406
	First lien (3)(15)(16)	EURIBOR(S)*	5.00% +2.50% /PIK	11.37%	08/2021	08/2028	€	726	736		783
									48,990		47,938		3.50	%
Total Funded Debt Investments - Jersey									$	48,990	$	47,938	3.50	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (8)(15)	SOFR(Q)	7.25%	12.55%	12/2022	12/2029	$	3,454	$	3,409	$	3,454
	First lien (8)(15)	SOFR(Q)	6.75%	12.05%	12/2023	12/2029	1,345		1,332		1,332
									4,741		4,786		0.35	%
Total Funded Debt Investments - Australia									$	4,741	$	4,786	0.35	%
Total Funded Debt Investments									$	2,138,266	$	2,083,977	152.24	%
Equity - United States
Dealer Tire Holdings, LLC
Distribution & Logistics	Preferred shares (3)(15)	FIXED(S)*	7.00%/PIK	7.00%	09/2021	—	56,271		$	70,383	$	75,568	5.52	%
Symplr Software Intermediate Holdings, Inc.
Healthcare	Preferred shares (4)(15)	SOFR(Q)*	10.50%/PIK	15.90%	11/2018	—	7,500		14,563		14,110
	Preferred shares (3)(15)	SOFR(Q)*	10.50%/PIK	15.90%	11/2018	—	2,586		5,020		4,864
									19,583		18,974		1.39	%
Knockout Intermediate Holdings I Inc. (32)
Software	Preferred shares (3)(15)	SOFR(S)*	10.75%/PIK	16.07%	06/2022	—	15,150		17,844		18,028		1.32	%
ACI Parent Inc.(28)
Healthcare	Preferred shares (3)(15)	FIXED(Q)*	11.75%/PIK	11.75%	08/2021	—	12,500		16,897		15,288		1.12	%
Diamond Parent Holdings Corp. (27)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(15)	FIXED(S)*	10.50%/PIK	10.50%	04/2021	—	10,000		12,773		12,464		0.91	%
Project Essential Super Parent, Inc.
Software	Preferred shares (3)(15)	SOFR(Q)*	9.50%/PIK	14.81%	04/2021	—	10,000		14,276		12,480		0.91	%
OEC Holdco, LLC (21)
Software	Preferred shares (12)	FIXED(S)*	11.00%/PIK	11.00%	12/2021	—	7,214		8,906		8,978		0.66	%
HB Wealth Management, LLC
Financial Services	Preferred shares (11)(15)	FIXED(Q)	4.00%	4.00%	09/2021	—	48,303		4,765		6,023		0.44	%
FS WhiteWater Holdings, LLC (29)
Consumer Services	Ordinary shares (5)(15)	—	—	—	12/2021	—	50,000		5,000		4,435		0.32	%
OA Topco, L.P. (31)
Healthcare	Ordinary shares (3)(15)	—	—	—	12/2021	—	2,000,000		2,000		3,620		0.26	%

Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)(22)
Healthcare	Preferred shares (3)(15)	FIXED(Q)*	11.00%/PIK	11.00%	05/2021	—	2,333		3,075		2,945		0.22	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

Ambrosia Holdco Corp. (34)
Distribution & Logistics	Ordinary shares (8)(15)	—	—	—	01/2024	—	122,044		$	1,300	$	1,300
	Ordinary shares (2)(15)	—	—	—	01/2024	—	126,536		1,348		1,348
									2,648		2,648		0.19	%
Pioneer Topco I, L.P. (30)
Software	Ordinary shares (13)(15)	—	—	—	11/2021	—	199,980		2,000		1,959		0.14	%
GEDC Equity, LLC
Healthcare	Ordinary shares (3)(15)	—	—	—	06/2023	—	190,000		190		100		0.01	%
Ancora Acquisition LLC
Education	Preferred shares (9)(15)	—	—	—	08/2013	—	372		83		—		—	%
AAC Lender Holdings, LLC(26)
Education	Ordinary shares (3)(15)	—	—	—	03/2021	—	758		—		—		—	%
Total Shares - United States									$	180,423	$	183,510	13.41	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(15)	FIXED(Q)*	12.25%/PIK	12.25%	09/2017	—	126,554		$	12,576	$	12,534	0.92	%
Total Shares - Hong Kong									$	12,576	$	12,534	0.92	%
Total Shares									$	192,999	$	196,044	14.33	%
Total Funded Investments									$	2,331,265	$	2,280,021	166.57	%
Unfunded Debt Investments - United States
Coupa Holdings, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	08/2024	$	1,291	$	—	$	26
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	02/2029	989		(12)		—
									(12)		26		0.00	%
KPSKY Acquisition Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	11/2025	1,568		—		—		—	%
AAC Lender Holdings, LLC(26)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(15)(18) - Undrawn	—	—	—	01/2021	09/2026	2,652		—		—		—	%
Riskonnect Parent, LLC
Software	First lien (3)(18) - Undrawn	—	—	—	03/2024	03/2026	6,349		—		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

Higginbotham Insurance Agency, Inc.
Business Services	First lien (3)(18) - Undrawn	—	—	—	03/2024	03/2026	$	8,000	$	—	$	—	—	%
FS WhiteWater Holdings, LLC (29)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2022	07/2024	769		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2027	105		(1)		—
									(1)		—		—	%
Safety Borrower Holdings LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	435		(2)		—		—	%
Project Power Buyer, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2023	05/2025	184		(3)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(15)(18) - Undrawn	—	—	—	02/2020	02/2026	580		(3)		—		—	%
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)(22)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	05/2021	05/2027	375		(4)		—		—	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	08/2022	08/2029	486		(5)		—		—	%
Sun Acquirer Corp.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	559		(5)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2019	09/2026	852		(6)		—		—	%
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	684		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	10/2027	2,040		(6)		—
									(6)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

USRP Holdings, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2027	$	893	$	(9)	$	—	—	%
Daxko Acquisition Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	04/2024	459		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	928		(9)		—
									(9)		—		—
Associations, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2027	1,724		(9)		—		—	%
Xactly Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	07/2017	07/2025	992		(10)		—		—	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		—		—	%
MRI Software LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2020	02/2027	2,002		(10)		—		—	%
Diamond Parent Holdings Corp. (27)
Diligent Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	03/2021	08/2025	2,029		(10)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(15)(18) - Undrawn	—	—	—	06/2021	06/2024	958		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2027	1,501		(15)		—
									(15)		—		—	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2026	1,161		(16)		—		—	%
Recorded Future, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	08/2019	07/2025	2,981		(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)

March 31, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (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)(18) - Undrawn	—	—	—	10/2021	12/2024	$	785	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	—	—	11/2019	10/2025	3,968		(20)		—
									(20)		—		—	%
Foreside Financial Group, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	2,497		—		—
	First lien (3)(18) - Undrawn	—	—	—	03/2024	03/2026	3,474		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	09/2027	2,095		(21)		—
									(21)		—		—	%
Avalara, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	10/2022	10/2028	1,720		(21)		—		—	%
Knockout Intermediate Holdings I Inc. (32)
Kaseya Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	3,616		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2029	2,888		(22)		—
									(22)		—		—	%
Oranje Holdco, Inc.
Education	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	02/2029	1,860		(23)		—		0
IG Investments Holdings, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	2,298		(23)		—		—	%
Pioneer Topco I, L.P. (30)
Pioneer Buyer I, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2027	3,284		(26)		—		—	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	3,832		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	2,718		(27)		—
									(27)		—		—	%
Infogain Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2026	3,827		(29)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (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	—	—	—	10/2019	08/2029	$	3,951	$	(30)	$	—	—	%
OA Topco, L.P. (31)
OA Buyer, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2028	3,120		(31)		—		—	%
iCIMS, Inc.
Software	First lien (8)(15)(18) - Undrawn	—	—	—	08/2022	08/2024	5,989		—		—
	First lien (2)(15)(18) - Undrawn	—	—	—	09/2023	08/2024	2,429		(2)		—
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2022	08/2028	3,265		(29)		—
									(31)		—		—	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2027	3,659		(37)		—		—	%
PetVet Care Centers, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	10/2023	11/2025	3,708		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	10/2023	11/2029	3,708		(37)		—
									(37)		—		—	%
TigerConnect, Inc.
Healthcare	First lien (2)(15)(18) - Undrawn	—	—	—	02/2022	02/2025	615		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	4,267		(43)		—
									(43)		—		—	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2026	226		(3)		(3)		(0.00)%
Next Holdco, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	11/2025	903		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	11/2029	339		(3)		(3)
									(3)		(3)		(0.00)%
Cube Industrials Buyer Inc.
Business Products	First lien (3)(15)(18) - Undrawn	—	—	—	10/2023	10/2029	517		(4)		(4)		(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)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

Kene Acquisition, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	02/2024	02/2026	$	1,561	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2024	02/2031	468		(5)		(5)
									(5)		(5)		(0.00)%
Brave Parent Holdings, Inc.
Software	First lien (5)(15)(18) - Undrawn	—	—	—	11/2023	05/2025	2,292		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	11/2030	1,146		(6)		(6)
									(6)		(6)		(0.00)%
Community Brands ParentCo, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	425		(4)		(8)		(0.00)%
Icefall Parent, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2024	01/2030	828		(8)		(8)		(0.00)%
Project Accelerate Parent, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2024	02/2031	1,510		(8)		(8)		(0.00)%
PDI TA Holdings, Inc.
Software	First lien (4)(15)(18) - Undrawn	—	—	—	01/2024	02/2026	6,177		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	01/2024	02/2031	1,830		(9)		(9)
									(9)		(9)		(0.00)%
Healthspan Buyer, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	10/2023	10/2030	1,229		(12)		(12)		(0.00)%
GS Acquisitionco, Inc.
Software	First lien (3)(18) - Undrawn	—	—	—	03/2024	03/2026	4,365		—		—
	First lien (3)(18) - Undrawn	—	—	—	08/2019	05/2028	4,821		(26)		(12)
									(26)		(12)		(0.00)%
Calabrio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	04/2021	04/2027	1,487		(11)		(14)		(0.00)%
Specialtycare, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2026	458		(7)		(17)		(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)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

Groundworks, LLC
Business Services	First lien (4)(18) - Undrawn	—	—	—	03/2024	03/2026	$	3,497	$	(17)	$	(17)	(0.00)%
DOCS, MSO, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2028	2,405		—		(19)		(0.00)%
Ncontracts, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	12/2023	12/2029	696		(9)		(9)
	First lien (3)(15)(18) - Undrawn	—	—	—	12/2023	12/2025	773		—		(10)
									(9)		(19)		(0.00)%
IMO Investor Holdings, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2028	1,301		(13)		(8)
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	1,805		—		(14)
									(13)		(22)		(0.00)%
Nelipak Holding Company
Packaging	First lien (3)(18) - Undrawn	—	—	—	03/2024	03/2027	$	3,501	—		—
	First lien (3)(16)(18) - Undrawn	—	—	—	03/2024	03/2027	€	6,411	—		—
	First lien (3)(16)(18) - Undrawn	—	—	—	03/2024	03/2031	€	1,196	(10)		(9)
	First lien (3)(18) - Undrawn	—	—	—	03/2024	03/2031	$	2,613	(20)		(20)
									(30)		(29)		(0.00)%
Ciklum Inc.**
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	02/2024	08/2025	11,955		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2024	02/2030	2,989		(37)		(37)
									(37)		(37)		(0.00)%
Notorious Topco, LLC
Consumer Products	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	05/2027	587		(4)		(42)		(0.00)%
Power Grid Holdings, Inc.
Business Products	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	12/2030	4,182		(42)		(42)		(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)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

ACI Parent Inc.(28)
ACI Group Holdings, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2027	$	2,001	$	(20)	$	(53)
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2024	2,262		—		(60)
									(20)		(113)		(0.01)	%
Total Unfunded Debt Investments - United States									$	(864)	$	(423)	(0.01)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	12/2022	12/2028	$	320	$	(5)	$	—	—	%
Total Unfunded Debt Investments - Australia									$	(5)	$	—	—	%
Total Unfunded Debt Investments									$	(869)	$	(423)	(0.01)	%
Total Non-Controlled/Non-Affiliated Investments									$	2,330,396	$	2,279,598	166.56	%
Non-Controlled/Affiliated Investments (37)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (23)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(15)	SOFR(Q)*	12.00%/PIK	17.30%	12/2020	01/2027	$	19,470	$	19,386	$	19,471	1.42	%
Eagle Infrastructure Super HoldCo, LLC (33)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services	First lien (2)(15)	SOFR(Q)	7.50%	12.96%	03/2023	04/2028	10,676		10,676		10,676
	First lien (3)(15)	SOFR(Q)	7.50%	12.96%	03/2023	04/2028	342		342		342
									11,018		11,018		0.80	%
Permian Holdco 3, Inc.
Permian Trust
Energy	First lien (10)(15)	FIXED(Q)(35)*	10.00%/PIK	10.00%	03/2021	—	247		—		—
	First lien (3)(15)	SOFR(Q)(35)*	10.00%/PIK	11.00%	07/2020	—	3,409		—		—
									—		—		—	%
Total Funded Debt Investments - United States									$	30,404	$	30,489	2.22	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (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 (23)
Education	Ordinary shares (3)(15)	FIXED(Q)*	12.00%/PIK	12.00%	12/2020	—	48,899		$	62,689	$	72,414	5.29	%
Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary shares (3)(15)	—	—	—	03/2023	—	72,536		4,104		8,378		0.61	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(15)	—	—	—	07/2017	—	25,000,000		11,501		1,799
	Ordinary shares (3)(15)	—	—	—	07/2017	—	2,786,000		1,282		201
									12,783		2,000		0.15	%
Total Shares - United States									$	79,576	$	82,792	6.05	%
Total Non-Controlled/Affiliated Investments									$	109,980	$	113,281	8.27	%
Controlled Investments (38)
Funded Debt Investments - United States
New Benevis Topco, LLC (25)
New Benevis Holdco, Inc.
Healthcare	First lien (2)(15)	SOFR(Q)*	9.50%/PIK	14.94%	10/2020	04/2026	$	42,812	$	42,812	$	42,812
	First lien (3)(15)	SOFR(Q)*	9.50%/PIK	14.94%	10/2020	04/2026	20,393		20,393		20,393
	First lien (8)(15)	SOFR(Q)*	9.50%/PIK	14.94%	10/2020	04/2026	10,504		10,504		10,504
	Subordinated (3)(15)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2026	21,738		20,546		17,391
									94,255		91,100		6.65	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)	SOFR(Q)	9.00%	14.56%	10/2020	12/2024	23,336		23,336		23,336
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.00%	11.56%	10/2020	12/2024	15,905		15,905		15,905
									39,241		39,241		2.87	%
UniTek Global Services, Inc.
Business Services	Second lien (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	12/2020	06/2028	13,948		13,948		13,720
	Second lien (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	07/2022	06/2028	6,183		6,183		6,082
									20,131		19,802		1.45	%
NHME Holdings Corp. (24)
National HME, Inc.
Healthcare	Second lien (3)(15)	SOFR(Q)(35)*	5.00%/PIK	10.59%	11/2018	11/2025	8,281		7,872		3,000		0.22	%
Total Funded Debt Investments - United States									$	161,499	$	153,143	11.19	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(15)	—	—	—	05/2018	—	—	$	140,000	$	140,000	10.23	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(15)	—	—	—	05/2021	—	—	112,400		112,400		8.21	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (7)(15)	—	—	—	06/2018	—	—	76,371		100,832		7.36	%
New Benevis Topco, LLC (25)
Healthcare	Ordinary shares (2)(15)	—	—	—	10/2020	—	325,516	27,155		28,232
	Ordinary shares (8)(15)	—	—	—	10/2020	—	79,867	6,662		6,927
	Ordinary shares (3)(15)	—	—	—	10/2020	—	72,681	6,105		6,304
								39,922		41,463		3.03	%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(15)	FIXED(Q)*	20.00%/PIK	20.00%	08/2018	—	19,698,274	19,698		18,170
	Preferred shares (3)(15)	FIXED(Q)*	20.00%/PIK	20.00%	08/2019	—	11,707,608	11,708		11,038
	Preferred shares (3)(15)	FIXED(Q)(35)*	19.00%/PIK	19.00%	06/2017	—	19,795,435	19,795		3,298
	Preferred shares (2)(15)	FIXED(Q)(35)*	13.50%/PIK	13.50%	01/2015	—	29,326,545	26,946		—
	Preferred shares (3)(15)	FIXED(Q)(35)*	13.50%/PIK	13.50%	01/2015	—	8,104,462	7,447		—
	Ordinary shares (2)(15)	—	—	—	01/2015	—	2,096,477	1,925		—
	Ordinary shares (3)(15)	—	—	—	01/2015	—	1,993,749	532		—
								88,051		32,506		2.37	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(15)	—	—	—	10/2020	—	100	11,155		26,000		1.90	%
NM CLFX LP
Net Lease	Membership interest (7)(15)	—	—	—	10/2017	—	—	12,279		11,265		0.82	%
NM YI, LLC
Net Lease	Membership interest (7)(15)	—	—	—	09/2019	—	—	6,272		9,650		0.70	%
QID TRH Holdings LLC (20)
Haven Midstream Holdings LLC(20)
Specialty Chemicals & Materials	Ordinary shares (14)(15)	—	—	—	10/2021	—	80	—		3,322
	Profit Interest (6)(15)	—	—	—	10/2021	—	5	—		96
								—		3,418		0.24	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)


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

NM GP Holdco, LLC**
Net Lease	Membership interest (7)(15)	—	—	—	06/2018	—	—		$	861	$	1,100	0.08	%
NHME Holdings Corp.(24)
Healthcare	Ordinary shares (3)(15)	—	—	—	11/2018	—	640,000		4,000		—		—	%
Total Shares - United States									$	491,311	$	478,634	34.94	%
Equity - Canada
NM APP Canada Corp.**
Net Lease	Membership interest (7)(15)	—	—	—	09/2016	—	—		$	—	$	—	—	%
Total Shares - Canada									$	—	$	—	—	%
Total Shares									$	491,311	$	478,634	34.94	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(15)	—	—	—	12/2020	02/2025	13,339		$	—	$	45,326	3.31	%
NHME Holdings Corp. (24)
Healthcare	Warrants (3)(15)	—	—	—	11/2018	—	160,000		1,000		—		—	%
Total Warrants - United States									$	1,000	$	—	3.31	%
Total Funded Investments									$	653,810	$	677,103	49.44	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)(18) - Undrawn	—	—	—	10/2020	12/2024	$	5,989	$	—	$	—	—	%
Haven Midstream Holdings LLC (20)
Haven Midstream LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	10/2026	8,000		—		—		—	%
Total Unfunded Debt Investments - United States									$	—	$	—	—	%
Total Controlled Investments									$	653,810	$	677,103	49.44	%
Total Investments									$	3,094,186	$	3,069,982	224.27	%

(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, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender 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 by New Mountain Finance SBIC, L.P.

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

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

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

(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.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)

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

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

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

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

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

(14)Investment is held by 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 March 31, 2024, the par value U.S. dollar equivalent of the Tennesee Bidco Limited first lien term loan and drawn first lien term loans is $16,669 and $14,421, respectively, and the Nelipak Holding Company first lien term loan, undrawn first lien term loan and undrawn revolver is $17,964, $6,917 and $1,290, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

(17)Par amount is denominated in U.S. Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").

(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)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q) or semi-annually (S). For each investment the current coupon rate provided reflects the rate in effect as of March 31, 2024.

(20)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 97.0% 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 first lien revolver in Haven Midstream LLC.

(21)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.

(22)The Company holds preferred equity in Bamboo Health Intermediate Holdings, Inc.(fka Appriss Health Intermediate Holdings, Inc.) and holds a first lien term loan and a first lien revolver in Bamboo Health Holdings, LLC (fka Appriss Health, LLC), a wholly-owned subsidiary of Bamboo Health Intermediate Holdings, Inc.

(23)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.

(24)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR + 5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR + 6.00%.

(25)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.

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

(27)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.

(28)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, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc.

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

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

(31)The Company holds ordinary shares in OA Topco, L.P., and two first lien term loans and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidiary of OA Topco, L.P.

(32)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.

(33)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.

(34)The Company holds ordinary shares in Ambrosia Holdco Corp. and two first lien term loans and a subordinated loan in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Holdco Corp.

(35)Investment is on non-accrual status. See Note 3. Investments, for details.

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)

March 31, 2024

(in thousands, except shares)

(unaudited)

(36)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 $16,500 as of March 31, 2024. See Note 2. Summary of Significant Accounting Policies, for details.

(37)Denotes a portfolio company of 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 March 31, 2024 and December 31, 2023, along with transactions during the three months ended March 31, 2024 in which the issuer was a non-controlled/affiliated investment, is as follows:


Portfolio Company	Fair Value at December 31, 2023		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2024		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC	$	17,873	$	—	$	—	$	1,523	$	19,396	$	—	$	363	$	—	$	—
Sierra Hamilton Holdings Corporation	2,000		—		—		—		2,000		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	113,786		2,085		—		(23,986)		91,885		—		841		1,244		63
Total Non-Controlled/Affiliated Investments	$	133,659	$	2,085	$	—	$	(22,463)	$	113,281	$	—	$	1,204	$	1,244	$	63

(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.

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

(unaudited)

(38) Denotes portfolio companies which the Company "controls", 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 March 31, 2024 and December 31, 2023, along with transactions during the three months ended March 31, 2024 in which the issuer was a controlled investment, is as follows:


Portfolio Company (1)	Fair Value at December 31, 2023		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2024		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	$	3,419	$	—	$	—	$	(1)	$	3,418	$	—	$	—	$	—	$	10
National HME, Inc./NHME Holdings Corp.	3,000		—		—		—		3,000		—		—		—		—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	135,401		2,685		—		(5,523)		132,563		—		3,488		—		375
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	63,170		2,071		—		—		65,241		—		1,272		—		125
NM APP Canada Corp.	7		—		—		(7)		—		31		—		—		—
NM CLFX LP	11,731		—		—		(466)		11,265		—		—		195		—
NM NL Holdings, L.P.	96,071		—		—		4,761		100,832		—		—		2,030		—
NM GP Holdco, LLC	1,048		—		—		52		1,100		—		—		21		—
NM YI LLC	9,550		—		—		100		9,650		—		—		219		—
NMFC Senior Loan Program III LLC	140,000		—		—		—		140,000		—		—		5,862		—
NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		4,356		—
UniTek Global Services, Inc.	91,999		2,231		—		3,404		97,634		—		736		1,496		363
Total Controlled Investments	$	667,796	$	6,987	$	—	$	2,320	$	677,103	$	31	$	5,496	$	14,179	$	873

(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 March 31, 2024, 14.8% 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)

March 31, 2024

(unaudited)


	March 31, 2024
Investment Type	Percent of Total Investments at Fair Value
First lien	57.23	%
Second lien	13.52	%
Subordinated	3.10	%
Equity and other	26.15	%
Total investments	100.00	%


	March 31, 2024
Industry Type	Percent of Total Investments at Fair Value
Software	28.29	%
Business Services	17.74	%
Healthcare	15.39	%
Investment Funds (includes investments in joint ventures)	8.22	%
Education	6.47	%
Consumer Services	5.70	%
Net Lease	4.00	%
Distribution & Logistics	3.80	%
Financial Services	3.51	%
Energy	2.19	%
Packaging	2.02	%
Food & Beverage	0.90	%
Business Products	0.73	%
Consumer Products	0.63	%
Specialty Chemicals & Materials	0.41	%
Total investments	100.00	%


	March 31, 2024
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	89.67	%
Fixed rates	10.33	%
Total investments	100.00	%

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments

December 31, 2023

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (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%	10.96%	12/2021	12/2027	$	22,965	$	22,772	$	22,965
	First lien (8)(15)	SOFR(M)	5.50%	10.96%	12/2021	12/2027	20,426		20,278		20,426
	First lien (4)(15)	SOFR(M)	5.50%	10.96%	01/2022	12/2027	9,698		9,628		9,698
	First lien (4)(15)(18) - Drawn	SOFR(M)	5.50%	10.96%	12/2021	12/2027	7,450		7,388		7,450
	Subordinated (3)(15)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	14,011		13,865		13,420
	Subordinated (4)(15)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	5,495		5,437		5,263
									79,368		79,222		5.95	%
Associations, Inc.
Business Services	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.18%	07/2021	07/2027	33,701		33,604		33,701
	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.13%	07/2021	07/2027	9,037		9,007		9,037
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.15%	07/2021	07/2027	9,036		9,006		9,036
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.13%	07/2021	07/2027	5,457		5,439		5,457
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.17%	07/2021	07/2027	4,341		4,327		4,341
	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.16%	10/2023	07/2027	4,121		4,102		4,121
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.50%	12.14%	07/2021	07/2027	1,252		1,246		1,252
									66,731		66,945		5.03	%
Knockout Intermediate Holdings I Inc. (32)
Kaseya Inc.
Software	First lien (2)(15)	SOFR(Q)*	3.50% + 2.50%/PIK	11.38%	06/2022	06/2029	63,633		63,237		63,633
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.86%	06/2022	06/2029	973		966		973
	First lien (3)(15)(18) - Drawn	SOFR(Q)*	3.50% + 2.50%/PIK	11.38%	06/2022	06/2029	237		235		237
									64,438		64,843		4.87	%

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, 2023

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (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 (2)(15)	SOFR(M)	6.00%	11.46%	08/2021	08/2028	$	40,270	$	40,008	$	40,270
	First lien (5)(15)	SOFR(M)	6.00%	11.46%	08/2021	08/2028	21,666		21,591		21,666
	First lien (2)(15)(18) - Drawn	SOFR(M)	6.00%	11.46%	10/2019	08/2028	451		446		451
									62,045		62,387		4.68	%
GS Acquisitionco, Inc.
Software	First lien (2)(15)	SOFR(Q)	5.50%	11.00%	08/2019	05/2026	34,023		33,947		34,023
	First lien (5)(15)	SOFR(Q)	5.50%	11.00%	08/2019	05/2026	21,521		21,476		21,521
									55,423		55,544		4.17	%
CentralSquare Technologies, LLC
Software	Second lien (3)(15)	SOFR(Q)	7.50%	13.00%	08/2018	08/2026	47,838		47,581		45,072
	Second lien (8)(15)	SOFR(Q)	7.50%	13.00%	08/2018	08/2026	7,500		7,459		7,066
									55,040		52,138		3.91	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(15)	SOFR(M)	5.50%	10.96%	07/2021	07/2028	18,707		18,605		18,707
	First lien (8)(15)	SOFR(M)	5.50%	10.96%	07/2022	07/2028	7,844		7,781		7,844
	Subordinated (3)(15)	SOFR(Q)	8.25%	13.70%	07/2022	07/2029	17,245		17,060		17,245
									43,446		43,796		3.29	%
iCIMS, Inc.
Software	First lien (8)(15)	SOFR(Q)*	3.88%/PIK + 3.38%	12.62%	08/2022	08/2028	30,783		30,569		31,008
	First lien (2)(15)	SOFR(Q)	7.25%	12.62%	10/2022	08/2028	7,366		7,311		7,440
	First lien (2)(15)	SOFR(Q)*	3.88%/PIK + 3.38%	12.62%	09/2023	08/2028	4,772		4,726		4,807
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	12.10%	08/2022	08/2028	471		467		471
									43,073		43,726		3.28	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(15)	SOFR(Q)	5.75%	11.20%	08/2021	08/2028	37,477		37,204		36,791
	First lien (3)(15)	SOFR(Q)	5.75%	11.20%	08/2021	08/2028	3,945		3,915		3,873
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.75%	11.20%	08/2021	08/2027	2,623		2,597		2,576
									43,716		43,240		3.25	%
MRI Software LLC
Software	First lien (5)(15)	SOFR(Q)	5.50%	10.95%	01/2020	02/2027	21,655		21,610		21,598
	First lien (3)(15)	SOFR(Q)	5.50%	10.95%	03/2021	02/2027	7,670		7,655		7,650
	First lien (2)(15)	SOFR(Q)	5.50%	10.95%	03/2021	02/2027	4,568		4,561		4,557
	First lien (2)(15)	SOFR(Q)	5.50%	10.95%	01/2020	02/2027	3,140		3,133		3,132
	First lien (3)(15)	SOFR(Q)	5.50%	10.95%	01/2020	02/2027	801		799		800
									37,758		37,737		2.83	%

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, 2023

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(15)	SOFR(Q)	5.75%	11.11%	08/2021	10/2027	$	18,758	$	18,715	$	18,758
	First lien (2)(15)(18) - Drawn	SOFR(Q)	5.75%	11.20%	05/2022	10/2027	13,336		13,307		13,336
	First lien (2)(15)	SOFR(Q)	5.75%	11.23%	01/2022	10/2027	1,241		1,232		1,241
	First lien (2)(15)	SOFR(Q)	5.75%	11.23%	01/2022	10/2027	832		826		832
	Subordinated (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	05/2023	05/2033	3,513		3,464		3,459
									37,544		37,626		2.83	%
Recorded Future, Inc.
Software	First lien (8)(15)	SOFR(M)	5.25%	10.71%	08/2019	07/2025	24,220		24,147		24,220
	First lien (2)(15)	SOFR(M)	5.25%	10.71%	03/2021	07/2025	12,524		12,484		12,524
									36,631		36,744		2.76	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (8)(15)	SOFR(Q)	5.75%	11.23%	10/2021	10/2028	21,847		21,684		21,473
	First lien (2)(15)	SOFR(Q)	5.75%	11.23%	10/2021	10/2028	14,774		14,664		14,522
									36,348		35,995		2.70	%
OEC Holdco, LLC (21)
OEConnection LLC
Software	Second lien (2)(15)	SOFR(M)	7.00%	12.46%	12/2021	09/2027	23,406		23,239		23,406
	Second lien (2)(15)	SOFR(M)	7.00%	12.46%	09/2019	09/2027	12,044		11,977		12,044
									35,216		35,450		2.66	%
Foreside Financial Group, LLC
Business Services	First lien (2)(15)	SOFR(Q)	5.50%	11.04%	05/2022	09/2027	33,698		33,444		33,698
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	11.02%	05/2022	09/2027	1,006		996		1,006
	First lien (3)(15)	SOFR(Q)	5.50%	11.04%	05/2022	09/2027	347		344		347
									34,784		35,051		2.63	%
KAMC Holdings, Inc.
Business Services	Second lien (2)(15)	SOFR(Q)	8.00%	13.63%	08/2019	08/2027	18,750		18,673		17,079
	Second lien (8)(15)	SOFR(Q)	8.00%	13.63%	08/2019	08/2027	18,750		18,673		17,079
									37,346		34,158		2.56	%
IG Investments Holdings, LLC
Business Services	First lien (2)(15)	SOFR(Q)	6.00%	11.48%	09/2021	09/2028	28,839		28,625		28,839
	First lien (2)(15)	SOFR(Q)	6.00%	11.48%	02/2022	09/2028	4,214		4,197		4,214
									32,822		33,053		2.48	%

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, 2023

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (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)	SOFR(Q)*	5.50% + 1.50%/PIK	12.48%	01/2021	01/2027	$	15,463	$	15,396	$	15,463
	First lien (8)(15)	SOFR(Q)*	5.50% + 1.50%/PIK	12.48%	01/2021	01/2027	5,981		5,954		5,981
	First lien (2)(15)	SOFR(Q)*	5.50% + 1.50%/PIK	12.48%	01/2021	01/2027	5,899		5,874		5,899
	First lien (2)(15)	SOFR(Q)	6.00%	11.48%	04/2021	01/2027	4,542		4,511		4,542
	First lien (3)(15)(18) - Drawn	SOFR(M)	6.50%	11.96%	01/2021	01/2027	579		575		579
									32,310		32,464		2.44	%
TigerConnect, Inc.
Healthcare	First lien (8)(15)	SOFR(Q)*	3.38% + 3.38%/PIK	12.28%	02/2022	02/2028	29,868		29,644		29,614
	First lien (2)(15)(18) - Drawn	SOFR(Q)*	3.38% + 3.38%/PIK	12.28%	02/2022	02/2028	1,354		1,354		1,343
									30,998		30,957		2.32	%
Diamond Parent Holdings Corp. (27)
Diligent Corporation
Software	First lien (2)(15)	SOFR(Q)	5.75%	11.28%	03/2021	08/2025	17,404		17,369		16,998
	First lien (3)(15)	SOFR(Q)	6.25%	11.78%	12/2018	08/2025	5,768		5,755		5,654
	First lien (2)(15)	SOFR(Q)	5.75%	11.28%	03/2021	08/2025	5,679		5,667		5,546
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.25%	11.76%	03/2021	08/2025	1,957		1,947		1,919
									30,738		30,117		2.26	%
OA Topco, L.P. (31)
OA Buyer, Inc.
Healthcare	First lien (2)(15)	SOFR(M)	5.50%	10.86%	12/2021	12/2028	27,707		27,493		27,707
	First lien (2)(15)	SOFR(M)	5.50%	10.86%	05/2022	12/2028	1,754		1,740		1,754
									29,233		29,461		2.21	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (8)(15)	SOFR(Q)	6.09%	11.64%	03/2021	03/2028	19,259		19,067		19,133
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.09%	11.62%	03/2021	03/2028	5,012		4,992		4,979
	First lien (2)(15)	SOFR(Q)	6.09%	11.64%	03/2021	03/2028	4,913		4,864		4,881
									28,923		28,993		2.18	%
Foundational Education Group, Inc.
Education	Second lien (5)(15)	SOFR(Q)	6.50%	12.14%	08/2021	08/2029	22,500		22,412		22,100
	Second lien (2)(15)	SOFR(Q)	6.50%	12.14%	08/2021	08/2029	7,009		6,989		6,884
									29,401		28,984		2.18	%

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, 2023

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (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%	10.95%	10/2021	10/2028	$	17,353	$	17,219	$	17,243
	First lien (8)(15)	SOFR(Q)	5.50%	10.95%	10/2021	10/2028	10,092		10,017		10,028
	First lien (3)(15)	SOFR(Q)	5.50%	10.95%	10/2021	10/2028	1,178		1,168		1,171
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.95%	10/2021	10/2027	143		142		142
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.98%	06/2022	10/2028	138		137		138
	First lien (3)(15)	SOFR(Q)	5.50%	10.95%	10/2021	10/2028	80		80		80
									28,763		28,802		2.16	%
PetVet Care Centers, LLC
Consumer Services	First lien (2)	SOFR(M)	6.00%	11.36%	10/2023	11/2030	28,430		28,148		28,439		2.14	%
Syndigo LLC
Software	Second lien (4)(15)	SOFR(M)	8.00%	13.48%	12/2020	12/2028	22,500		22,379		22,500
	Second lien (2)(15)	SOFR(M)	8.00%	13.48%	02/2022	12/2028	5,697		5,708		5,697
									28,087		28,197		2.12	%
ACI Parent Inc. (28)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(15)	SOFR(M)	5.50%	10.96%	08/2021	08/2028	22,025		21,868		21,498
	First lien (3)(15)	SOFR(M)	5.50%	10.96%	08/2021	08/2028	3,904		3,871		3,810
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.96%	08/2021	08/2028	1,397		1,384		1,364
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.96%	08/2021	08/2027	353		350		345
									27,473		27,017		2.03	%
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)(15)	SOFR(M)	7.25%	12.71%	08/2018	08/2026	18,266		18,237		18,184
	Second lien (8)(15)	SOFR(M)	7.25%	12.71%	08/2018	08/2026	7,500		7,488		7,467
									25,725		25,651		1.93	%
Idera, Inc.
Software	Second lien (4)(15)	SOFR(Q)	6.75%	12.28%	06/2019	03/2029	22,500		22,273		22,500
	Second lien (3)(15)	SOFR(Q)	6.75%	12.28%	04/2021	03/2029	3,000		2,989		3,000
									25,262		25,500		1.91	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (2)(15)	SOFR(Q)	5.50%	11.00%	02/2022	02/2028	19,159		19,089		19,159
	First lien (2)(15)	SOFR(Q)	5.50%	11.00%	02/2022	02/2028	5,331		5,308		5,331
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	11.00%	02/2022	02/2028	700		697		700
									25,094		25,190		1.89	%

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, 2023

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
DOCS, MSO, LLC
Healthcare	First lien (8)(15)	SOFR(M)	5.75%	11.20%	06/2022	06/2028	$	18,572	$	18,572	$	18,238
	First lien (4)(15)	SOFR(M)	5.75%	11.20%	06/2022	06/2028	6,955		6,955		6,830
									25,527		25,068		1.88	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)(15)	SOFR(S)	6.75%	12.35%	11/2019	11/2027	22,500		22,429		21,059
	Second lien (2)(15)	SOFR(S)	6.75%	12.35%	11/2019	11/2027	4,208		4,184		3,938
									26,613		24,997		1.88	%
Xactly Corporation
Software	First lien (4)(15)	SOFR(Q)	7.25%	12.74%	07/2017	07/2025	22,500		22,472		22,500		1.69	%
Sierra Enterprises, LLC
Food & Beverage	First lien (3)	SOFR(Q)*	4.25%/PIK + 2.50%	12.13%	06/2023	05/2027	23,780		20,370		22,055		1.66	%
FS WhiteWater Holdings, LLC (29)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(15)	SOFR(Q)	5.75%	11.25%	12/2021	12/2027	10,290		10,217		10,125
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.00%	11.52%	07/2022	12/2027	4,503		4,462		4,466
	First lien (5)(15)	SOFR(Q)	5.75%	11.28%	12/2021	12/2027	3,454		3,427		3,398
	First lien (5)(15)	SOFR(Q)	5.75%	11.25%	12/2021	12/2027	3,432		3,407		3,378
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.75%	11.26%	12/2021	12/2027	315		312		310
									21,825		21,677		1.63	%
Bullhorn, Inc.
Software	First lien (2)(15)	SOFR(M)	5.50%	10.96%	09/2019	09/2026	16,487		16,432		16,487
	First lien (2)(15)	SOFR(M)	5.50%	10.96%	10/2021	09/2026	3,407		3,401		3,407
	First lien (2)(15)	SOFR(M)	5.50%	10.96%	09/2019	09/2026	763		760		763
	First lien (2)(15)	SOFR(M)	5.50%	10.96%	09/2019	09/2026	342		341		342
	First lien (2)(15)	SOFR(M)	5.50%	10.96%	09/2019	09/2026	273		272		273
									21,206		21,272		1.60	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)	SOFR(Q)	5.00%	10.48%	11/2019	10/2025	17,677		17,646		17,676
	First lien (5)(15)	SOFR(Q)	5.00%	10.48%	11/2019	10/2025	2,302		2,298		2,301
	First lien (5)(15)(18) - Drawn	SOFR(Q)	5.00%	10.48%	10/2021	10/2025	1,204		1,196		1,204
	First lien (5)(15)(18) - Drawn	SOFR(Q)	5.50%	10.99%	10/2021	10/2025	80		80		80
									21,220		21,261		1.60	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(15)	SOFR(Q)	3.50%	9.14%	06/2019	08/2024	16,227		15,852		9,736
	First lien (8)(15)	SOFR(Q)	3.50%	9.14%	10/2019	08/2024	15,651		15,190		9,392
	First lien (2)	SOFR(M)	9.50%	14.98%	12/2023	05/2024	1,033		1,033		1,033
	First lien (8)	SOFR(M)	9.50%	14.98%	12/2023	05/2024	996		996		996
									33,071		21,157		1.59	%

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, 2023

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
AAC Lender Holdings, LLC (26)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	SOFR(M)(34)*	5.75%/PIK + 0.50%	11.69%	09/2015	09/2026	$	29,879	$	29,842	$	20,586
	First lien (3)(15)	SOFR(M)(34)*	13.50%/PIK + 0.50%	19.44%	06/2021	09/2026	1,527		1,527		—
	Subordinated (3)(15)	SOFR(Q)(34)*	1.00%/PIK	7.54%	03/2021	09/2026	5,230		—		—
									31,369		20,586		1.55	%
MED Parentco, LP
Healthcare	Second lien (8)(15)	SOFR(M)	8.25%	13.72%	08/2019	08/2027	20,857		20,769		20,119		1.51	%
Brave Parent Holdings, Inc.
Software	First lien (5)(15)	SOFR(M)	5.00%	10.36%	11/2023	11/2030	20,171		20,071		20,070		1.51	%
Cardinal Parent, Inc.
Software	First lien (4)	SOFR(Q)	4.50%	10.00%	10/2020	11/2027	11,852		11,798		10,919
	Second lien (4)(15)	SOFR(Q)	7.75%	13.25%	11/2020	11/2028	9,767		9,698		8,975
									21,496		19,894		1.49	%
Convey Health Solutions, Inc.
Healthcare	First lien (4)(15)	SOFR(Q)	5.25%	10.70%	09/2019	09/2026	19,022		18,928		16,768
	First lien (4)(15)	SOFR(Q)	5.25%	10.70%	02/2022	09/2026	3,176		3,146		2,800
									22,074		19,568		1.47	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(15)	SOFR(S)	5.75%	11.29%	06/2021	06/2027	15,382		15,283		15,382
	First lien (2)(15)(18) - Drawn	SOFR(S)	5.75%	11.18%	06/2021	06/2027	4,070		4,038		4,070
									19,321		19,452		1.46	%
Groundworks, LLC
Consumer Services	First lien (4)(15)	SOFR(Q)	6.50%	11.90%	03/2023	03/2030	19,517		19,245		19,330		1.45	%
Notorious Topco, LLC
Consumer Products	First lien (8)(15)	SOFR(Q)	6.75%	12.28%	11/2021	11/2027	9,950		9,896		9,215
	First lien (8)(15)	SOFR(Q)	6.75%	12.28%	05/2022	11/2027	9,825		9,769		9,100
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	12.28%	11/2021	11/2027	867		858		803
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	12.28%	11/2021	05/2027	59		59		55
									20,582		19,173		1.44	%

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, 2023

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (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. (30)
Pioneer Buyer I, LLC
Software	First lien (8)(15)	SOFR(Q)*	7.00%/PIK	12.35%	11/2021	11/2028	$	16,802	$	16,700	$	16,802
	First lien (8)(15)	SOFR(Q)*	7.00%/PIK	12.35%	03/2022	11/2028	2,303		2,287		2,303
									18,987		19,105		1.43	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)	SOFR(M)	6.75%	12.22%	03/2021	03/2029	20,313		20,275		18,333		1.38	%
Power Grid Holdings, Inc.
Business Products	First lien (4)(15)	SOFR(Q)	4.75%	10.14%	11/2023	12/2030	18,193		18,013		18,011
	First lien (3)(15)(18) - Drawn	SOFR(Q)	4.75%	10.12%	11/2023	12/2030	214		212		212
									18,225		18,223		1.37	%
Avalara, Inc.
Software	First lien (8)(15)	SOFR(Q)	7.25%	12.60%	10/2022	10/2028	17,198		17,015		17,198		1.29	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (5)	SOFR(Q)	6.00%	11.53%	03/2020	02/2026	13,653		13,625		13,653
	First lien (5)	SOFR(Q)	8.00%	13.54%	10/2020	08/2026	2,457		2,445		2,457
									16,070		16,110		1.21	%
Oranje Holdco, Inc.
Education	First lien (8)(15)	SOFR(Q)	7.50%	12.88%	02/2023	02/2029	7,440		7,357		7,440
	First lien (2)(15)	SOFR(Q)	7.50%	12.88%	02/2023	02/2029	7,440		7,357		7,440
									14,714		14,880		1.12	%
EAB Global, Inc.
Education	Second lien (2)(15)	SOFR(M)	6.50%	11.97%	08/2021	08/2029	14,868		14,695		14,868		1.12	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(15)	SOFR(M)	5.25%	10.71%	02/2020	02/2026	14,796		14,767		14,796		1.11	%
Coupa Holdings, LLC
Software	First lien (2)(15)	SOFR(M)	7.50%	12.86%	02/2023	02/2030	7,230		7,147		7,303
	First lien (8)(15)	SOFR(M)	7.50%	12.86%	02/2023	02/2030	7,230		7,147		7,303
									14,294		14,606		1.10	%
Daxko Acquisition Corporation
Software	First lien (8)(15)	SOFR(M)	5.50%	10.96%	10/2021	10/2028	13,011		12,914		13,011
	First lien (2)(15)	SOFR(M)	5.50%	10.96%	10/2021	10/2028	1,096		1,088		1,096
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.96%	10/2021	10/2028	66		65		66
	First lien (3)(15)(18) - Drawn	P(Q)	4.50%	13.00%	10/2021	10/2027	66		65		66
									14,132		14,239		1.07	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)

Type of
Investment

Reference