nmfc-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended June 30, 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 July 31, 2024
Common stock, par value $0.01 per share						107,851,415

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 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 June 3 0 , 2024 (unaudited) and December 31, 2023	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 (unaudited) and June 30 , 2023 (unaudited)	6
	Consolidated Schedule of Investments as of June 30 , 2024 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2023	36
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	62
	Report of Independent Registered Public Accounting Firm	112

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	113
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	133
Item 4.	Controls and Procedures	134

PART II. OTHER INFORMATION		135

Item 1.	Legal Proceedings	135
Item 1A.	Risk Factors	135
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	137
Item 3.	Defaults Upon Senior Securities	137
Item 4.	Mine Safety Disclosures	137
Item 5.	Other Information	137
Item 6.	Exhibits	139
	Signatures	141

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

New Mountain Finance Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)


	June 30, 2024		December 31, 2023
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,429,377 and $2,283,490, respectively)	$	2,411,396	$	2,209,867
Non-controlled/affiliated investments (cost of $119,130 and $107,895, respectively)	118,351		133,659
Controlled investments (cost of $659,042 and $646,823, respectively)	684,033		667,796
Total investments at fair value (cost of $3,207,549 and $3,038,208, respectively)	3,213,780		3,011,322
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	13,500		16,500
Cash and cash equivalents	119,607		70,090
Interest and dividend receivable	48,071		44,107


Deferred tax asset	—		594
Receivable from affiliates	154		82
Other assets	28,506		16,519
Total assets	$	3,423,618	$	3,159,214
Liabilities
Borrowings
Unsecured Notes	$	685,974	$	506,500
Holdings Credit Facility	386,563		515,063
SBA-guaranteed debentures	300,000		300,000
Convertible Notes	260,150		260,207
DB Credit Facility	182,000		186,400
NMFC Credit Facility	141,840		36,813
NMNLC Credit Facility II	2,948		2,853
Deferred financing costs (net of accumulated amortization of $58,243 and $54,263, respectively)	(22,516)		(22,387)
Net borrowings	1,936,959		1,785,449
Payable for unsettled securities purchased	51,199		—
Interest payable	22,937		20,440
Management fee payable	10,490		10,116

Incentive fee payable	9,550		8,555

Payable to broker	1,650		—
Derivative liability at fair value	1,552		—
Deferred tax liability	63		—
Other liabilities	2,701		2,931
Total liabilities	2,037,101		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 107,851,415 and 102,558,859 shares issued and outstanding, respectively	1,079		1,026
Paid in capital in excess of par	1,398,438		1,331,269

Accumulated undistributed earnings	(25,399)		(12,344)
Total net assets of New Mountain Finance Corporation	$	1,374,118	$	1,319,951
Non-controlling interest in New Mountain Net Lease Corporation	12,399		11,772
Total net assets	$	1,386,517	$	1,331,723
Total liabilities and net assets	$	3,423,618	$	3,159,214
Number of shares outstanding	107,851,415		102,558,859
Net asset value per share of New Mountain Finance Corporation	$	12.74	$	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				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	57,583	$	64,649	$	113,820	$	125,407
PIK interest income	4,437		3,767		9,120		7,711
Dividend income	2,284		47		2,577		94
Non-cash dividend income	4,797		4,305		9,481		8,471
Other income	3,291		686		4,891		2,604
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	376		683		744		692
PIK interest income	873		414		1,709		1,105

Non-cash dividend income	1,374		1,139		2,618		2,244
Other income	62		63		125		126
From controlled investments:
Interest income (excluding PIK interest income)	1,383		1,243		2,744		2,687
PIK interest income	3,721		3,686		7,856		8,074
Dividend income	12,340		12,143		25,023		23,138
Non-cash dividend income	1,570		1,292		3,066		2,522
Other income	497		1,375		1,370		2,570
Total investment income	94,588		95,492		185,144		187,445
Expenses
Interest and other financing expenses	33,113		31,700		64,129		62,496
Management fee	11,351		11,577		22,348		23,215
Incentive fee	9,550		9,982		18,939		19,579
Professional fees	1,127		1,003		2,194		1,968
Administrative expenses	1,108		953		2,076		2,001

Other general and administrative expenses	527		513		992		1,001
Total expenses	56,776		55,728		110,678		110,260
Less: management fee waived (See Note 5)	(861)		(1,096)		(1,762)		(2,159)

Net expenses	55,915		54,632		108,916		108,101
Net investment income before income taxes	38,673		40,860		76,228		79,344
Income tax expense	234		932		235		1,028
Net investment income	38,439		39,928		75,993		78,316
Net realized (losses) gains:
Non-controlled/non-affiliated investments	(34,966)		(7,314)		(46,824)		(8,622)

Controlled investments	3,800		9,880		3,831		11,853

Foreign currency	—		1		—		13
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	32,895		2,174		56,055		(755)
Non-controlled/affiliated investments	(4,080)		1		(26,543)		(15)
Controlled investments	1,697		(9,488)		4,017		(691)
Securities purchased under collateralized agreements to resell	(3,000)		(39)		(3,000)		(39)

Foreign currency	129		29		106		55
Provision for taxes	(130)		(94)		(767)		(225)
Net realized and unrealized (losses) gains	(3,655)		(4,850)		(13,125)		1,574
Net increase in net assets resulting from operations	34,784		35,078		62,868		79,890
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(313)		(248)		(989)		(487)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	$	34,471	$	34,830	$	61,879	$	79,403
Basic earnings per share	$	0.32	$	0.35	$	0.59	$	0.79
Weighted average shares of common stock outstanding - basic (See Note 11)	106,891,784		100,937,026		105,276,077		100,937,026
Diluted earnings per share	$	0.31	$	0.32	$	0.56	$	0.71
Weighted average shares of common stock outstanding - diluted (See Note 11)	125,759,769		127,016,910		124,101,624		125,313,634
Distributions declared and paid per share	$	0.34	$	0.35	$	0.70	$	0.67

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Changes in Net Assets

(in thousands, except shares and per share data)

(unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Increase (decrease) in net assets resulting from operations:
Net investment income	$	38,439	$	39,928	$	75,993	$	78,316
Net realized (losses) gains on investments and foreign currency	(31,166)		2,567		(42,993)		3,244
Net change in unrealized appreciation (depreciation) of investments and foreign currency	30,641		(7,284)		33,635		(1,406)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	(3,000)		(39)		(3,000)		(39)
Provision for taxes	(130)		(94)		(767)		(225)
Net increase in net assets resulting from operations	34,784		35,078		62,868		79,890
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	(313)		(248)		(989)		(487)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	34,471		34,830		61,879		79,403
Capital transactions
Net proceeds from shares sold	19,772		—		67,691		—
Offering costs	(388)		(91)		(469)		(147)
Distributions declared to stockholders from net investment income	(36,669)		(35,328)		(74,934)		(67,628)



Total net decrease in net assets resulting from capital transactions	(17,285)		(35,419)		(7,712)		(67,775)
Net increase (decrease) in net assets	17,186		(589)		54,167		11,628
New Mountain Finance Corporation net assets at the beginning of the period	1,356,932		1,326,690		1,319,951		1,314,473
New Mountain Finance Corporation net assets at the end of the period	1,374,118		1,326,101		1,374,118		1,326,101
Non-controlling interest in NMNLC	12,399		11,861		12,399		11,861
Net assets at the end of the period	$	1,386,517	$	1,337,962	$	1,386,517	$	1,337,962

Capital share activity
Shares sold	1,562,122		—		5,292,556		—



Net increase in shares outstanding	1,562,122		—		5,292,556		—

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Six Months Ended
	June 30, 2024		June 30, 2023
Cash flows from operating activities
Net increase in net assets resulting from operations	$	62,868	$	79,890
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	42,993		(3,231)
Net realized gains on translation of assets and liabilities in foreign currencies	—		(13)
Net change in unrealized (appreciation) depreciation of investments	(33,529)		1,461
Net change in unrealized appreciation on translation of assets and liabilities in foreign currencies	(106)		(55)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	3,000		39
Amortization of purchase discount	(4,014)		(2,768)
Amortization of deferred financing costs	4,001		3,329
Amortization of premium on Convertible Notes	(57)		(49)
Amortization of discount on 6.875% Unsecured Notes	257		—
Net change due to hedging activity	377		—
Non-cash investment income	(29,404)		(30,091)
(Increase) decrease in operating assets:

Purchase of investments and delayed draw facilities	(630,519)		(124,702)
Proceeds from sales and paydowns of investments	454,546		202,242
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	397		110

Cash paid on drawn revolvers	(20,360)		(15,783)
Cash repayments on drawn revolvers	17,037		15,986
Deferred tax asset	594		—
Interest and dividend receivable	(3,966)		(4,369)
Receivable from unsettled securities sold	—		(683)
Cash paid for purchase of drawn portion of revolving credit facilities	(48)		—
Receivable from affiliates	(72)		—
Other assets	(12,231)		(4,016)
(Decrease) increase in operating liabilities:
Management fee payable	374		(43)
Incentive fee payable	995		3,686
Payable for unsettled securities purchased	51,132		4,897
Interest payable	2,497		(830)
Payable to affiliates	—		15
Deferred tax liability	63		(5,407)
Payable to broker	1,650		—
Other liabilities	(79)		324

Net cash flows (used in) provided by operating activities	(91,604)		119,939
Cash flows from financing activities
Net proceeds from shares sold	67,691		—
Offering costs paid	(178)		(156)
Distributions paid	(74,934)		(67,628)
Proceeds from Holdings Credit Facility	446,100		85,000
Repayment of Holdings Credit Facility	(574,600)		(129,700)
Proceeds from Convertible Notes	—		60,300

Proceeds from Unsecured Notes	296,892		—
Repayment of Unsecured Notes	(116,500)		(140,000)
Proceeds from NMFC Credit Facility	112,386		218,500
Repayment of NMFC Credit Facility	(6,950)		(169,000)

Repayment of DB Credit Facility	(4,400)		—
Proceeds from NMNLC Credit Facility II	2,090		3,777
Repayment of NMNLC Credit Facility II	(1,995)		(4,636)


Distributions related to non-controlling interest in NMNLC	(362)		(344)
Deferred financing costs paid	(4,299)		(1,364)

Net cash flows provided by (used in) financing activities	140,941		(145,251)
Net increase (decrease) in cash and cash equivalents	49,337		(25,312)
Effect of foreign exchange rate changes on cash and cash equivalents	180		52
Cash and cash equivalents at the beginning of the period	70,090		71,190
Cash and cash equivalents at the end of the period	$	119,607	$	45,930
Supplemental disclosure of cash flow information
Cash interest paid	$	55,658	$	59,120
Income taxes paid	145		6,801
Non-cash operating activities:
Non-cash activity on investments	$	26,350	$	15,772
Non-cash financing activities:


Accrual for offering costs	$	195	$	140
Accrual for deferred financing costs	14		82

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		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)(14)	SOFR(M)	5.50%	10.94%	12/2021	12/2027	$	22,849	$	22,677	$	22,849
	First lien (8)(14)	SOFR(M)	5.50%	10.94%	12/2021	12/2027	20,322		20,191		20,321
	First lien (4)(14)	SOFR(M)	5.50%	10.94%	01/2022	12/2027	9,649		9,586		9,648
	First lien (4)(14)	SOFR(M)	5.50%	10.94%	12/2021	12/2027	7,413		7,357		7,413
	Subordinated (3)(14)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	14,838		14,697		14,405
	Subordinated (4)(14)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	5,819		5,764		5,649
									80,272		80,285		5.79	%
Knockout Intermediate Holdings I Inc. (30)
Kaseya Inc.
Software	First lien (2)(14)	SOFR(Q)	5.50%	10.83%	06/2022	06/2029	64,440		64,071		64,440
	First lien (3)(14)(17) - Drawn	SOFR(Q)	5.50%	10.83%	06/2022	06/2029	973		966		973
	First lien (3)(14)	SOFR(Q)	5.50%	10.83%	06/2022	06/2029	238		237		238
	First lien (3)(14)(17) - Drawn	SOFR(Q)	5.50%	10.82%	06/2022	06/2029	193		192		193
									65,466		65,844		4.75	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(14)	SOFR(M)	5.25%	10.69%	08/2021	08/2029	40,067		39,826		40,067
	First lien (5)(14)	SOFR(M)	5.25%	10.69%	08/2021	08/2029	21,557		21,488		21,557
	First lien (2)(14)	SOFR(M)	5.25%	10.69%	10/2019	08/2029	448		444		448
									61,758		62,072		4.48	%
OA Topco, L.P. (29)
OA Buyer, Inc.
Healthcare	First lien (2)(14)	SOFR(M)	5.25%	10.58%	06/2024	12/2028	31,592		31,514		31,592
	First lien (2)(14)	SOFR(M)	5.25%	10.59%	12/2021	12/2028	27,566		27,370		27,567
	First lien (2)(14)	SOFR(M)	5.25%	10.59%	05/2022	12/2028	1,745		1,732		1,745
	First lien (3)(14)(17) - Drawn	SOFR(M)	5.25%	10.58%	12/2021	12/2028	300		297		300
									60,913		61,204		4.41	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First lien (8)(14)	SOFR(Q)	6.50%	12.09%	05/2024	07/2028	49,679		49,655		49,655
	Subordinated (3)(14)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	7,404		7,386		7,386
	Subordinated (3)(14)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	2,827		2,821		2,820
									59,862		59,861		4.32	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

GS Acquisitionco, Inc.
Software	First lien (2)(14)	SOFR(Q)	5.25%	10.58%	08/2019	05/2028	$	34,902	$	34,839	$	34,902
	First lien (5)(14)	SOFR(Q)	5.25%	10.58%	08/2019	05/2028	21,409		21,370		21,409
	First lien (3)(14)(17) - Drawn	SOFR(Q)	5.25%	10.58%	08/2019	05/2028	643		643		643
	First lien (3)(14)(17) - Drawn	SOFR(Q)	5.25%	10.58%	03/2024	05/2028	233		232		233
									57,084		57,187		4.12	%
iCIMS, Inc.
Software	First lien (2)(14)	SOFR(Q)*	3.88%/PIK + 3.38%	12.58%	09/2023	08/2028	44,118		43,888		44,118
	First lien (2)(14)	SOFR(Q)	7.25%	12.58%	10/2022	08/2028	7,366		7,316		7,366
	First lien (3)(14)(17) - Drawn	SOFR(S)	6.75%	12.08%	08/2022	08/2028	353		355		353
									51,559		51,837		3.74	%
OEConnection LLC
Software	First lien (2)(14)	SOFR(M)	5.25%	10.59%	04/2024	04/2031	46,663		46,434		46,663		3.37	%
Model N, Inc.
Software	First lien (2)	SOFR(Q)	5.00%	10.34%	06/2024	06/2031	44,329		44,107		44,107		3.18	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(14)	SOFR(Q)	5.50%	10.93%	08/2021	08/2028	37,285		37,037		36,614
	First lien (3)(14)	SOFR(Q)	5.50%	10.93%	08/2021	08/2028	3,925		3,898		3,854
	First lien (3)(14)	SOFR(Q)	5.50%	10.94%	08/2021	08/2027	3,027		2,997		2,972
									43,932		43,440		3.13	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(14)	SOFR(M)	5.75%	11.19%	07/2021	07/2028	18,372		18,282		18,372
	First lien (8)(14)	SOFR(M)	5.75%	11.19%	07/2022	07/2028	7,804		7,747		7,804
	Subordinated (3)(14)	SOFR(Q)	8.25%	13.68%	07/2022	07/2029	17,245		17,071		17,245
									43,100		43,421		3.13	%
Recorded Future, Inc.
Software	First lien (3)	SOFR(Q)	5.75%	11.08%	06/2024	06/2030	41,688		41,480		41,480		2.99	%
RealPage, Inc.
Software	Second lien (2)	SOFR(M)	6.50%	11.96%	03/2024	04/2029	41,887		41,681		40,944		2.95	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(14)	SOFR(Q)	5.50%	10.82%	05/2022	10/2027	15,670		15,638		15,670
	First lien (8)(14)	SOFR(Q)	5.50%	10.83%	08/2021	10/2027	11,969		11,946		11,969
	First lien (2)(14)	SOFR(Q)	5.50%	10.83%	08/2021	10/2027	6,693		6,676		6,693
	First lien (8)(14)	SOFR(Q)	5.50%	10.85%	01/2022	10/2027	1,234		1,227		1,234
	First lien (8)(14)	SOFR(Q)	5.50%	10.83%	01/2022	10/2027	828		823		828
	Subordinated (3)(14)	FIXED(Q)*	15.00%/PIK	15.00%	05/2023	05/2033	3,784		3,737		3,784
									40,047		40,178		2.90	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

YLG Holdings, Inc.
Business Services	First lien (5)(14)	SOFR(Q)	5.00%	10.43%	11/2019	10/2025	$	17,586	$	17,562	$	17,586
	First lien (2)(14)	SOFR(Q)	5.00%	10.43%	06/2024	10/2025	8,391		8,391		8,391
	First lien (2)(14)	SOFR(Q)	5.00%	10.99%	06/2024	10/2025	3,514		3,514		3,514
	First lien (5)(14)	SOFR(Q)	5.00%	10.43%	11/2019	10/2025	2,290		2,287		2,290
	First lien (2)(14)(17) - Drawn	SOFR(Q)	5.00%	10.43%	06/2024	10/2025	2,096		2,096		2,096
	First lien (2)(14)	SOFR(Q)	5.00%	10.43%	06/2024	10/2025	1,321		1,321		1,321
	First lien (5)(14)	SOFR(Q)	5.00%	10.99%	10/2021	10/2025	1,198		1,192		1,198
	First lien (2)(14)	SOFR(Q)	5.00%	10.43%	06/2024	10/2025	846		846		846
	First lien (5)(14)(17) - Drawn	SOFR(Q)	5.00%	10.43%	10/2021	10/2025	715		715		715
	First lien (3)(14)(17) - Drawn	P(M)	4.00%	12.50%	11/2019	10/2025	326		332		326
									38,256		38,283		2.76	%
MRI Software LLC
Software	First lien (5)(14)	SOFR(Q)	5.50%	10.93%	01/2020	02/2027	21,542		21,504		21,542
	First lien (3)(14)	SOFR(Q)	5.50%	10.93%	03/2021	02/2027	7,631		7,617		7,631
	First lien (2)(14)	SOFR(Q)	5.50%	10.93%	03/2021	02/2027	4,545		4,539		4,545
	First lien (2)(14)	SOFR(Q)	5.50%	10.93%	01/2020	02/2027	3,124		3,118		3,124
	First lien (3)(14)	SOFR(Q)	5.50%	10.93%	01/2020	02/2027	797		795		797
									37,573		37,639		2.71	%
Sierra Enterprises, LLC
Food & Beverage	First lien (3)(14)	SOFR(Q)*	4.25%/PIK + 2.50%	12.08%	06/2023	05/2027	38,740		34,817		37,295		2.69	%
Foreside Financial Group, LLC
Business Services	First lien (2)(14)	SOFR(Q)	5.25%	10.75%	05/2022	09/2027	33,527		33,302		33,527
	First lien (3)(14)	SOFR(Q)	5.25%	10.75%	05/2022	09/2027	2,673		2,650		2,673
									35,952		36,200		2.61	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (8)(14)	SOFR(Q)	5.75%	11.18%	10/2021	10/2028	21,735		21,587		21,222
	First lien (2)(14)	SOFR(Q)	5.75%	11.18%	10/2021	10/2028	14,699		14,599		14,352
									36,186		35,574		2.57	%
IG Investments Holdings, LLC
Business Services	First lien (2)(14)	SOFR(Q)	6.00%	11.43%	09/2021	09/2028	28,691		28,496		28,691
	First lien (2)(14)	SOFR(Q)	6.00%	11.43%	02/2022	09/2028	4,192		4,177		4,192
	First lien (8)(14)	SOFR(Q)	6.00%	11.43%	03/2024	09/2028	1,690		1,690		1,690
	First lien (8)(14)	SOFR(Q)	6.00%	11.33%	04/2024	09/2028	635		632		635
	First lien (8)(14)	SOFR(Q)	6.00%	11.43%	03/2024	09/2028	223		223		223
									35,218		35,431		2.56	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

CentralSquare Technologies, LLC
Software	First lien (2)(14)	SOFR(M)*	3.00% + 3.50%/PIK	11.83%	04/2024	04/2030	$	35,238	$	34,811	$	35,238	2.54	%
TigerConnect, Inc.
Healthcare	First lien (2)(14)	SOFR(Q)*	3.38% + 3.38%/PIK	12.23%	02/2022	02/2028	29,868		29,666		29,868
	First lien (2)(14)(17) - Drawn	SOFR(Q)*	3.38% + 3.38%/PIK	12.23%	02/2022	02/2028	1,889		1,889		1,889
									31,555		31,757		2.29	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(14)	SOFR(Q)	5.75%	11.10%	08/2022	08/2029	22,500		22,439		22,500
	First lien (2)(14)	SOFR(Q)	5.75%	11.10%	06/2024	08/2029	8,300		8,300		8,300
									30,739		30,800		2.22	%
Fortis Solutions Group, LLC
Packaging	First lien (2)(14)	SOFR(Q)	5.50%	10.93%	10/2021	10/2028	17,264		17,142		17,264
	First lien (8)(14)	SOFR(Q)	5.50%	10.93%	10/2021	10/2028	10,041		9,972		10,041
	First lien (3)(14)	SOFR(Q)	5.50%	10.93%	10/2021	10/2028	1,172		1,163		1,172
	First lien (3)(14)(17) - Drawn	SOFR(Q)	5.50%	10.93%	06/2022	10/2028	869		863		869
	First lien (3)(14)(17) - Drawn	SOFR(Q)	5.50%	10.93%	10/2021	10/2027	572		566		572
	First lien (3)(14)	SOFR(Q)	5.50%	10.93%	10/2021	10/2028	80		79		80
									29,785		29,998		2.16	%

Brave Parent Holdings, Inc.
Software	First lien (5)(14)	SOFR(Q)	5.00%	10.33%	11/2023	11/2030	20,120		20,025		20,020
	First lien (2)(14)	SOFR(Q)	5.00%	10.33%	05/2024	11/2030	7,867		7,867		7,827
	First lien (5)(14)(17) - Drawn	SOFR(Q)	5.00%	10.33%	11/2023	11/2030	1,326		1,324		1,319
	First lien (3)(14)(17) - Drawn	SOFR(Q)	5.00%	10.33%	05/2024	11/2030	518		518		516
									29,734		29,682		2.14	%
Bullhorn, Inc.
Software	First lien (2)(14)	SOFR(M)	5.00%	10.34%	09/2019	10/2029	16,444		16,396		16,444
	First lien (3)(14)(17) - Drawn	SOFR(M)	5.00%	10.33%	05/2024	10/2029	8,462		8,442		8,462
	First lien (2)(14)	SOFR(M)	5.00%	10.34%	10/2021	10/2029	3,398		3,393		3,398
	First lien (2)(14)	SOFR(M)	5.00%	10.34%	09/2019	10/2029	761		758		761
	First lien (2)(14)	SOFR(M)	5.00%	10.34%	09/2019	10/2029	341		340		341
	First lien (2)(14)	SOFR(M)	5.00%	10.34%	09/2019	10/2029	272		271		272
									29,600		29,678		2.14	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

Foundational Education Group, Inc.
Education	Second lien (5)(14)	SOFR(Q)	6.50%	12.09%	08/2021	08/2029	$	22,500	$	22,417	$	22,500
	Second lien (2)(14)	SOFR(Q)	6.50%	12.09%	08/2021	08/2029	7,009		6,990		7,009
									29,407		29,509		2.13	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (8)(14)	SOFR(Q)	6.09%	11.54%	03/2021	03/2028	19,259		19,086		19,259
	First lien (3)(14)	SOFR(Q)	6.09%	11.58%	03/2021	03/2028	5,012		4,994		5,012
	First lien (2)(14)	SOFR(Q)	6.09%	11.54%	03/2021	03/2028	4,913		4,869		4,913
									28,949		29,184		2.10	%
PetVet Care Centers, LLC
Consumer Services	First lien (2)(14)	SOFR(M)	6.00%	11.34%	10/2023	11/2030	28,288		28,021		28,288		2.04	%
Syndigo LLC
Software	Second lien (4)(14)	SOFR(M)	8.00%	13.45%	12/2020	12/2028	22,500		22,388		22,500
	Second lien (2)(14)	SOFR(M)	8.00%	13.45%	02/2022	12/2028	5,697		5,707		5,697
									28,095		28,197		2.03	%
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(14)	SOFR(M)	5.50%	10.94%	08/2021	08/2028	21,913		21,770		21,387
	First lien (3)(14)	SOFR(M)	5.50%	10.94%	08/2021	08/2028	3,884		3,854		3,791
	First lien (3)(14)(17) - Drawn	SOFR(M)	5.50%	10.94%	08/2021	08/2028	2,323		2,302		2,267
	First lien (3)(14)(17) - Drawn	SOFR(M)	5.50%	10.94%	08/2021	08/2027	588		583		574
									28,509		28,019		2.02	%
Nelipak Holding Company
Packaging	First lien (3)(14)(15)	EURIBOR(Q)	5.50%	9.22%	03/2024	03/2031	€	16,607	17,857		17,791
	First lien (2)(14)	SOFR(Q)	5.50%	10.83%	03/2024	03/2031	$	9,069	9,003		9,069
	First lien (3)(14)(15)(17) - Drawn	SOFR(M)	5.50%	10.84%	03/2024	03/2031	$	993	985		993
	First lien (3)(14)(17) - Drawn	EURIBOR(Q)	5.50%	9.18%	03/2024	03/2031	€	105	110		112
									27,955		27,965		2.02	%
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)	SOFR(M)	7.25%	12.69%	08/2018	08/2026	18,266		18,242		18,266
	Second lien (8)	SOFR(M)	7.25%	12.69%	08/2018	08/2026	7,500		7,490		7,500
									25,732		25,766		1.86	%
Pioneer Topco I, L.P. (28)
Pioneer Buyer I, LLC
Software	First lien (8)(14)	SOFR(Q)	6.50%	11.83%	11/2021	11/2028	17,321		17,226		17,321
	First lien (3)(14)	SOFR(Q)	6.50%	11.83%	03/2024	11/2028	5,768		5,761		5,768
	First lien (8)(14)	SOFR(Q)	6.50%	11.83%	03/2022	11/2028	2,374		2,360		2,374
									25,347		25,463		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)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

DOCS, MSO, LLC
Healthcare	First lien (8)(14)	SOFR(M)	5.75%	11.18%	06/2022	06/2028	$	18,478	$	18,478	$	18,269
	First lien (4)(14)	SOFR(M)	5.75%	11.18%	06/2022	06/2028	6,920		6,920		6,842
									25,398		25,111		1.81	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (2)(14)	SOFR(Q)	5.25%	10.73%	02/2022	02/2028	19,062		18,997		19,062
	First lien (2)(14)	SOFR(Q)	5.25%	10.73%	02/2022	02/2028	5,304		5,284		5,304
	First lien (3)(14)	SOFR(Q)	5.25%	10.73%	02/2022	02/2028	697		694		697
									24,975		25,063		1.81	%
FS WhiteWater Holdings, LLC (27)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(14)	SOFR(Q)	5.75%	11.23%	12/2021	12/2027	10,238		10,171		10,238
	First lien (3)(14)	SOFR(Q)	6.00%	11.49%	07/2022	12/2027	5,706		5,659		5,706
	First lien (5)(14)	SOFR(Q)	5.75%	11.23%	12/2021	12/2027	3,436		3,412		3,436
	First lien (5)(14)	SOFR(Q)	5.75%	11.23%	12/2021	12/2027	3,415		3,393		3,415
	First lien (3)(14)(17) - Drawn	SOFR(M)	5.75%	11.24%	12/2021	12/2027	1,173		1,162		1,173
									23,797		23,968		1.73	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)(14)	SOFR(Q)	6.75%	12.20%	11/2019	11/2027	22,500		22,437		20,079
	Second lien (2)(14)	SOFR(Q)	6.75%	12.20%	11/2019	11/2027	4,208		4,186		3,755
									26,623		23,834		1.72	%
Diamond Parent Holdings Corp. (25)
Diligent Corporation
Software	First lien (3)(14)	SOFR(M)	5.00%	10.34%	04/2024	08/2030	3,398		3,385		3,385
	First lien (2)(14)	SOFR(M)	5.00%	10.34%	04/2024	08/2030	19,821		19,748		19,748
									23,133		23,133		1.67	%
Xactly Corporation
Software	First lien (4)(14)	SOFR(Q)	7.25%	12.70%	07/2017	07/2025	22,500		22,480		22,500		1.62	%
Ambrosia Holdco Corp(32)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(14)	SOFR(M)*	5.25%/PIK	10.59%	01/2024	06/2029	11,681		11,096		10,069
	First lien (8)(14)	SOFR(M)*	5.25%/PIK	10.59%	01/2024	06/2029	9,405		9,295		8,106
	First lien (3)(14)	SOFR(M)*	2.00%/PIK + 1.00%	8.34%	03/2024	06/2029	2,814		2,244		2,378
	Subordinated (2)(14)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	286		286		286
	Subordinated (8)(14)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	276		276		276
									23,197		21,115		1.52	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

Cardinal Parent, Inc.
Software	First lien (4)	SOFR(Q)	4.50%	9.98%	10/2020	11/2027	$	11,791	$	11,743	$	11,091
	Second lien (4)(14)	SOFR(Q)	7.75%	13.23%	11/2020	11/2028	9,767		9,703		9,306
									21,446		20,397		1.47	%
Oranje Holdco, Inc.
Education	First lien (8)(14)	SOFR(Q)	7.50%	12.83%	02/2023	02/2029	7,440		7,363		7,440
	First lien (2)(14)	SOFR(Q)	7.50%	12.83%	02/2023	02/2029	7,440		7,363		7,440
	First lien (8)	SOFR(M)	7.25%	12.59%	04/2024	02/2029	5,454		5,399		5,399
									20,125		20,279		1.46	%
AAC Lender Holdings, LLC(24)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(14)	SOFR(M)(33)*	5.75%/PIK + 0.50%	11.68%	09/2015	09/2026	29,879		29,842		20,000
	First lien (3)(14)	SOFR(M)(33)*	13.50%/PIK + 0.50%	19.43%	06/2021	09/2026	1,527		1,527		—
	Subordinated (3)(14)	SOFR(Q)(33)*	1.00%/PIK	6.45%	03/2021	09/2026	5,230		—		—
									31,369		20,000		1.44	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)	SOFR(M)	6.75%	12.21%	03/2021	03/2029	20,313		20,277		19,953		1.44	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(14)	SOFR(S)	5.25%	10.66%	06/2021	06/2028	15,382		15,295		15,382
	First lien (2)(14)(17) - Drawn	SOFR(S)	5.25%	10.59%	06/2021	06/2028	4,295		4,264		4,295
									19,559		19,677		1.42	%
Groundworks, LLC
Business Services	First lien (4)	SOFR(M)	3.50%	8.83%	03/2024	03/2031	19,003		18,817		19,014
	First lien (4)(17) - Drawn	SOFR(M)	3.50%	8.83%	03/2024	03/2031	560		554		560
									19,371		19,574		1.41	%
Notorious Topco, LLC
Consumer Products	First lien (8)(14)	SOFR(Q)*	4.75% + 2.50%/PIK	12.73%	11/2021	11/2027	9,961		9,914		9,265
	First lien (8)(14)	SOFR(Q)*	4.75% + 2.50%/PIK	12.73%	05/2022	11/2027	9,836		9,787		9,149
	First lien (3)(14)	SOFR(Q)*	4.75% + 2.50%/PIK	12.73%	11/2021	11/2027	868		860		807
									20,561		19,221		1.39	%
Convey Health Solutions, Inc.
Healthcare	First lien (4)(14)	SOFR(Q)	5.25%	10.68%	09/2019	09/2026	18,926		18,848		16,307
	First lien (4)(14)	SOFR(Q)	5.25%	10.68%	02/2022	09/2026	3,160		3,136		2,723
									21,984		19,030		1.37	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

PDI TA Holdings, Inc.
Software	First lien (4)(14)	SOFR(Q)	5.25%	10.58%	01/2024	02/2031	$	16,300	$	16,222	$	16,300
	First lien (4)(14)(17) - Drawn	SOFR(Q)	5.25%	10.60%	01/2024	02/2031	1,952		1,942		1,952
									18,164		18,252		1.32	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(14)	SOFR(M)	5.25%	10.69%	02/2020	02/2026	14,716		14,691		14,716
	First lien (5)(14)	SOFR(M)	5.25%	10.69%	02/2024	02/2026	2,656		2,639		2,656
	First lien (3)(14)(17) - Drawn	SOFR(M)	5.25%	10.69%	02/2020	02/2026	769		765		769
									18,095		18,141		1.31	%
Power Grid Holdings, Inc.
Business Products	First lien (4)(14)	SOFR(M)	4.75%	10.09%	11/2023	12/2030	18,148		17,977		17,966		1.30	%
GraphPAD Software, LLC
Healthcare	First lien (2)	SOFR(Q)	4.75%	10.08%	06/2024	06/2031	17,946		17,901		17,901		1.29	%
Avalara, Inc.
Software	First lien (8)(14)	SOFR(Q)	6.75%	12.08%	10/2022	10/2028	17,198		17,030		17,198		1.24	%
Idera, Inc.
Software	Second lien (4)(14)	SOFR(Q)	6.75%	12.23%	06/2019	03/2029	15,091		14,949		15,091
	Second lien (3)(14)	SOFR(Q)	6.75%	12.23%	04/2021	03/2029	2,012		2,005		2,012
									16,954		17,103		1.23	%
Coupa Holdings, LLC
Software	First lien (8)(14)	SOFR(Q)	5.50%	10.83%	02/2023	02/2030	14,460		14,303		14,460		1.04	%
IMO Investor Holdings, Inc.
Healthcare	First lien (2)(14)	SOFR(Q)	5.50%	10.82%	05/2022	05/2029	12,779		12,682		12,779
	First lien (3)(14)	SOFR(Q)	5.50%	10.82%	05/2022	05/2029	1,633		1,618		1,633
									14,300		14,412		1.04	%
Daxko Acquisition Corporation
Software	First lien (8)(14)	SOFR(M)	5.50%	10.94%	10/2021	10/2028	12,945		12,856		12,945
	First lien (2)(14)	SOFR(M)	5.50%	10.94%	10/2021	10/2028	1,091		1,083		1,091
	First lien (3)(14)	SOFR(M)	5.50%	10.94%	10/2021	10/2028	65		65		65
	First lien (3)(14)(17) - Drawn	P(Q)	4.50%	13.00%	10/2021	10/2027	148		146		148
									14,150		14,249		1.03	%
Calabrio, Inc.
Software	First lien (5)(14)	SOFR(Q)	7.13%	12.47%	04/2021	04/2027	12,347		12,297		12,347
	First lien (5)(14)	SOFR(Q)	7.13%	12.47%	01/2024	04/2027	1,582		1,568		1,582
									13,865		13,929		1.00	%
Houghton Mifflin Harcourt Company
Education	First lien (8)	SOFR(Q)	5.25%	10.70%	10/2023	04/2029	14,558		14,143		13,889		1.00	%
Baker Tilly Advisory Group, LP
Financial Services	First lien (8)(14)	SOFR(M)	5.00%	10.34%	05/2024	06/2031	13,155		13,058		13,058		0.94	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

CFS Management, LLC
Healthcare	First lien (2)(14)	SOFR(Q)*	6.25% + 2.75%/PIK	14.60%	08/2019	07/2024	$	11,242	$	11,242	$	10,044
	First lien (2)(14)	SOFR(Q)*	6.25% + 2.75%/PIK	14.60%	08/2019	07/2024	3,349		3,349		2,992
									14,591		13,036		0.94	%
USRP Holdings, Inc.
Business Services	First lien (2)(14)	SOFR(M)	5.75%	11.19%	07/2021	07/2027	5,584		5,552		5,584
	First lien (8)(14)	SOFR(M)	5.75%	11.19%	07/2021	07/2027	5,584		5,552		5,584
	First lien (3)(14)	SOFR(M)	5.75%	11.19%	07/2021	07/2027	1,454		1,445		1,454
									12,549		12,622		0.91	%
Anaplan, Inc.
Software	First lien (8)(14)	SOFR(Q)	5.75%	11.08%	06/2022	06/2029	10,618		10,542		10,618		0.77	%
Project Accelerate Parent, LLC
Software	First lien (5)(14)	SOFR(S)	5.25%	10.54%	02/2024	02/2031	10,572		10,521		10,572		0.76	%
Specialtycare, Inc.
Healthcare	First lien (2)(14)	SOFR(Q)	5.75%	11.31%	06/2021	06/2028	10,300		10,210		9,975
	First lien (3)(14)(17) - Drawn	SOFR(M)	4.00%	9.88%	06/2021	06/2026	212		209		206
	First lien (3)(14)	SOFR(Q)	5.75%	11.33%	06/2021	06/2028	77		76		75
									10,495		10,256		0.74	%
Virtusa Corporation
Business Services	Subordinated (3)	FIXED(S)	7.13%	7.13%	10/2022	12/2028	11,001		9,143		10,135		0.73	%
Ciklum Inc.**
Business Services	First lien (2)(14)	SOFR(Q)	7.00%	12.43%	02/2024	02/2030	9,584		9,470		9,584		0.69	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(14)	SOFR(Q)*	6.75% + 2.00%/PIK	14.08%	07/2021	07/2027	8,447		8,393		8,366
	First lien (3)(14)(17) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	14.09%	07/2021	07/2026	945		935		936
									9,328		9,302		0.67	%
Safety Borrower Holdings LLC
Software	First lien (2)(14)	SOFR(Q)	5.25%	10.81%	09/2021	09/2027	7,503		7,480		7,503
	First lien (8)(14)	SOFR(Q)	5.25%	10.81%	03/2024	09/2027	1,535		1,535		1,535
	First lien (3)(14)(17) - Drawn	P(Q)	4.25%	12.75%	09/2021	09/2027	179		178		179
									9,193		9,217		0.66	%
Planview Parent, Inc.
Software	Second lien (2)	SOFR(Q)	6.00%	11.33%	06/2024	12/2028	9,231		9,208		9,208		0.66	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

KPSKY Acquisition Inc.
Business Services	First lien (8)(14)	SOFR(Q)	5.50%	10.93%	10/2021	10/2028	$	6,862	$	6,815	$	6,862
	First lien (8)(14)	SOFR(Q)	5.50%	10.93%	06/2022	10/2028	1,155		1,145		1,155
	First lien (8)(14)	SOFR(Q)	5.50%	10.90%	10/2021	10/2028	786		781		786
	First lien (3)(14)(17) - Drawn	SOFR(Q)	5.75%	11.19%	11/2023	10/2028	19		19		19
									8,760		8,822		0.64	%
Icefall Parent, Inc.
Software	First lien (8)(14)	SOFR(Q)	6.50%	11.83%	01/2024	01/2030	8,696		8,613		8,696		0.63	%
Ncontracts, LLC
Software	First lien (2)(14)	SOFR(S)	6.50%	11.77%	12/2023	12/2029	8,372		8,274		8,372
	First lien (3)(14)(17) - Drawn	SOFR(Q)	6.50%	11.83%	12/2023	12/2029	258		254		258
									8,528		8,630		0.62	%
Community Brands ParentCo, LLC
Software	First lien (2)	SOFR(M)	5.50%	10.94%	02/2022	02/2028	7,055		7,007		7,055		0.51	%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (8)(14)	SOFR(Q)	8.25%	13.67%	09/2018	09/2026	6,939		6,942		6,939		0.50	%
Sun Acquirer Corp.
Consumer Services	First lien (2)(14)	SOFR(M)	5.75%	11.21%	09/2021	09/2028	3,925		3,902		3,925
	First lien (2)(14)	SOFR(M)	5.75%	11.21%	09/2021	09/2028	2,774		2,745		2,774
									6,647		6,699		0.48	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(14)	—	—	—	05/2013	—	14,500		14,500		6,525		0.47	%
Greenway Health, LLC
Healthcare	First lien (8)(14)	SOFR(S)	6.75%	12.01%	12/2023	04/2029	6,333		6,245		6,333		0.46	%
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.) (20)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First lien (8)(14)	SOFR(Q)	7.00%	12.48%	05/2021	05/2027	6,156		6,122		6,156
	First lien (3)(14)(17) - Drawn	SOFR(Q)	7.00%	12.48%	05/2021	05/2027	63		62		63
									6,184		6,219		0.45	%
Healthspan Buyer, LLC
Healthcare	First lien (8)(14)	SOFR(Q)	5.50%	10.83%	10/2023	10/2030	5,095		5,047		5,095		0.37	%

Michael Baker International, LLC
Business Services	First lien (8)	SOFR(M)	4.75%	10.09%	05/2024	12/2028	4,916		4,892		4,941		0.36	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

Higginbotham Insurance Agency, Inc.
Business Services	First lien (8)(14)	SOFR(M)	5.50%	10.94%	03/2024	11/2028	$	2,044	$	2,044	$	2,044
	First lien (8)(14)	SOFR(M)	5.50%	10.94%	03/2024	11/2028	1,380		1,380		1,380
	First lien (3)(14)(17) - Drawn	SOFR(M)	4.75%	10.09%	03/2024	11/2028	890		886		890
	First lien (8)(14)	SOFR(M)	5.50%	10.94%	03/2024	11/2028	402		402		402
									4,712		4,716		0.34	%
Adelaide Borrower, LLC**
Software	First lien (8)(14)	SOFR(Q)*	3.38% + 3.38%/PIK	12.08%	05/2024	05/2030	4,657		4,612		4,657		0.34	%
Cube Industrials Buyer Inc.
Business Products	First lien (3)(14)	SOFR(Q)	6.00%	11.33%	10/2023	10/2030	4,472		4,440		4,472		0.32	%
RLG Holdings, LLC
Packaging	First lien (2)	SOFR(M)	5.00%	10.34%	06/2024	07/2028	3,990		3,990		3,990		0.29	%
AI Altius US Bidco, Inc.
Business Services	First lien (8)(14)	SOFR(S)	4.75%	10.03%	05/2024	12/2028	3,062		3,046		3,062		0.22	%
CommerceHub, Inc.
Software	First lien (3)(14)	SOFR(Q)	6.25%	11.58%	06/2023	12/2027	3,940		3,585		3,940		0.28	%
Project Power Buyer, LLC
Software	First lien (2)(14)	SOFR(Q)	7.00%	12.33%	01/2023	05/2026	3,535		3,503		3,535		0.25	%
Kene Acquisition, Inc.
Business Services	First lien (2)(14)	SOFR(Q)	5.25%	10.58%	02/2024	02/2031	3,527		3,493		3,527		0.25	%
Next Holdco, LLC
Healthcare	First lien (2)(14)	SOFR(Q)	6.00%	11.32%	11/2023	11/2030	3,512		3,487		3,512		0.25	%
Geo Parent Corporation
Business Services	First lien (2)(14)	SOFR(Q)	5.25%	10.50%	12/2018	12/2028	3,299		3,299		3,299		0.24	%
DCA Investment Holding, LLC
Healthcare	First lien (2)(14)	SOFR(Q)	6.41%	11.74%	03/2021	04/2028	1,813		1,806		1,777
	First lien (3)(14)	SOFR(Q)	6.50%	11.83%	12/2022	04/2028	1,016		1,003		997
									2,809		2,774		0.20	%
Galway Borrower LLC
Business Services	First lien (2)(14)	SOFR(Q)	5.75%	11.18%	04/2024	09/2028	1,218		1,210		1,218		0.09	%
CoreTrust Purchasing Group LLC
Business Services	First lien (8)(14)	SOFR(M)	5.25%	10.59%	05/2024	10/2029	1,055		1,050		1,055		0.08	%
Reorganized Careismatic Brands, LLC
Healthcare	Trust Claim(2)(14)	—	—	—	06/2024	06/2029	152		152		152
	Trust Claim(3)(14)	—	—	—	06/2024	06/2029	52		52		52
									204		204		0.01	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (33)(34)	—	—	—	11/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States									$	2,130,016	$	2,106,367	151.89	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(14)	SOFR(M)	8.25%	13.71%	10/2019	10/2027	$	34,459	$	34,318	$	34,459	2.49	%
Integro Parent Inc.**
Business Services	First lien (2)(14)	SOFR(Q)*	12.25%/PIK	17.56%	10/2015	10/2024	4,349		4,349		4,349
	First lien (3)(14)	SOFR(Q)*	12.25%/PIK	17.56%	6/8/2018	10/2024	859		857		858
	Second lien (3)(14)	SOFR(Q)*	12.25%/PIK	17.56%	10/2015	10/2024	14,897		14,132		14,897
									19,338		20,104		1.45	%
Total Funded Debt Investments - United Kingdom									$	53,656	$	54,563	3.94	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(14)(15)	SONIA(D)*	5.00% +2.50% /PIK	12.97%	08/2021	08/2028	£	13,205	$	18,089	$	16,699
	First lien (3)(14)(15)	SONIA(D)*	5.00% +2.50% /PIK	12.97%	08/2021	08/2028	£	10,870	13,587		13,741
	First lien (3)(14)	SOFR(S)*	5.00% + 2.50%/PIK	12.68%	08/2021	08/2028	$	10,446	10,342		10,446
	First lien (3)(14)	SOFR(S)*	5.00% +2.50% /PIK	12.89%	08/2021	08/2028	$	6,454	6,387		6,454
	First lien (3)(14)(15)	EURIBOR(S)*	5.00% +2.50% /PIK	11.37%	08/2021	08/2028	€	726	736		777
									49,141		48,117		3.47	%
Total Funded Debt Investments - Jersey									$	49,141	$	48,117	3.47	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (8)(14)	SOFR(Q)	5.75%	11.08%	12/2022	12/2029	$	3,454	$	3,410	$	3,454
	First lien (8)(14)	SOFR(Q)	5.75%	11.08%	12/2023	12/2029	1,345		1,333		1,345
									4,743		4,799		0.35	%
Total Funded Debt Investments - Australia									$	4,743	$	4,799	0.35	%
Total Funded Debt Investments									$	2,237,556	$	2,213,846	159.76	%
Equity - United States
Dealer Tire Holdings, LLC
Distribution & Logistics	Preferred shares (3)(14)	FIXED(S)*	7.00%/PIK	7.00%	09/2021	—	56,271		$	70,383	$	74,308	5.36	%
Symplr Software Intermediate Holdings, Inc.
Healthcare	Preferred shares (4)(14)	SOFR(Q)*	10.50%/PIK	15.93%	11/2018	—	7,500		15,148		15,260
	Preferred shares (3)(14)	SOFR(Q)*	10.50%/PIK	15.93%	11/2018	—	2,586		5,222		5,261
									20,370		20,521		1.48	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)	Cost		Fair Value		Percent of Net Assets

Knockout Intermediate Holdings I Inc. (30)
Software	Preferred shares (3)(14)	SOFR(M)*	10.75%/PIK	15.91%	06/2022	—	15,150	$	17,844	$	18,028	1.30	%
ACI Parent Inc.(26)
Healthcare	Preferred shares (3)(14)	FIXED(Q)*	11.75%/PIK	11.75%	08/2021	—	12,500	17,394		15,639		1.13	%
Project Essential Super Parent, Inc.
Software	Preferred shares (3)(14)	SOFR(Q)*	9.50%/PIK	15.11%	04/2021	—	10,000	14,815		13,933		1.00	%
Diamond Parent Holdings Corp. (25)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(14)	FIXED(S)*	10.50%/PIK	10.50%	04/2021	—	10,000	13,450		12,429		0.90	%
HB Wealth Management, LLC
Financial Services	Preferred shares (11)(14)	FIXED(Q)	4.00%	4.00%	09/2021	—	48,303	4,748		6,594		0.48	%
Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.)
Packaging	Preferred shares (3)(14)	FIXED(S)*	15.00%/PIK	15.00%	05/2024	—	2,900,000	2,900		2,900
	Preferred shares (3)(14)	FIXED(S)(33)*	11.50%/PIK	11.50%	05/2024	—	3,691,120	2,565		2,565
	Ordinary shares (3)(14)	—	—	—	05/2024	—	290	145		145
								5,610		5,610		0.40	%
OA Topco, L.P. (29)
Healthcare	Ordinary shares (3)(14)	—	—	—	12/2021	—	2,000,000	2,000		5,329		0.38	%
FS WhiteWater Holdings, LLC (27)
Consumer Services	Ordinary shares (5)(14)	—	—	—	12/2021	—	50,000	5,000		4,437		0.32	%
Appriss Health Holdings, Inc. (20)
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)(20)
Healthcare	Preferred shares (3)(14)	FIXED(Q)*	11.00%/PIK	11.00%	05/2021	—	2,333	3,161		2,999		0.22	%
Ambrosia Holdco Corp. (32)
Distribution & Logistics	Ordinary shares (8)(14)	—	—	—	01/2024	—	122,044	1,300		1,300
	Ordinary shares (2)(14)	—	—	—	01/2024	—	126,536	1,348		1,348
								2,648		2,648		0.19	%
Pioneer Topco I, L.P. (28)
Software	Ordinary shares (12)(14)	—	—	—	11/2021	—	199,980	2,000		2,040		0.15	%
GEDC Equity, LLC
Healthcare	Ordinary shares (3)(14)	—	—	—	06/2023	—	190,000	190		100		0.01	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

Ancora Acquisition LLC
Education	Preferred shares (9)(14)	—	—	—	08/2013	—	372		$	83	$	—	—	%
AAC Lender Holdings, LLC(24)
Education	Ordinary shares (3)(14)	—	—	—	03/2021	—	758		—		—		—	%
Total Shares - United States									$	179,696	$	184,615	13.32	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(14)	FIXED(Q)*	12.25%/PIK	12.25%	09/2017	—	130,472		$	12,967	$	12,913	0.93	%
Total Shares - Hong Kong									$	12,967	$	12,913	0.93	%
Total Shares									$	192,663	$	197,528	14.25	%
Warrants - United States
Reorganized Careismatic Brands, LLC
Healthcare	Warrants (2)(14)	—	—	—	06/2024	—	138,622		$	182	$	327
	Warrants (3)(14)	—	—	—	06/2024	—	47,459		62		112
									244		439		0.03	%
Total Warrants - United States									$	244	$	439	0.03	%
Total Funded Investments									$	2,430,463	$	2,411,813	174.04	%
Unfunded Debt Investments - United States
Groundworks, LLC
Business Services	First lien (4)(17) - Undrawn	—	—	—	03/2024	03/2026	$	2,938	$	(15)	$	2	0.00	%
KPSKY Acquisition Inc.
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	11/2023	11/2025	1,568		—		—		—	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (3)(14)(17) - Undrawn	—	—	—	06/2024	12/2025	2,154		—		—		—	%
AAC Lender Holdings, LLC(24)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(14)(17) - Undrawn	—	—	—	01/2021	09/2026	2,652		—		—		—	%
DOXA Insurance Holdings LLC
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	05/2024	05/2026	3,046		—		—		—	%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	05/2024	05/2026	3,077		—		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

Riskonnect Parent, LLC
Software	First lien (3)(14)(17) - Undrawn	—	—	—	03/2024	03/2026	$	6,349	$	—	$	—	—	%
Higginbotham Insurance Agency, Inc.
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	03/2024	03/2026	7,107		—		—		—	%
FS WhiteWater Holdings, LLC (27)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(14)(17) - Undrawn	—	—	—	12/2021	12/2027	228		(2)		—		—	%
Safety Borrower Holdings LLC
Software	First lien (3)(14)(17) - Undrawn	—	—	—	09/2021	09/2027	333		(2)		—		—	%
Project Power Buyer, LLC
Software	First lien (3)(14)(17) - Undrawn	—	—	—	01/2023	05/2025	184		(3)		—		—	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	05/2024	05/2026	578		(3)		—		—	%
Next Holdco, LLC
Healthcare	First lien (3)(14)(17) - Undrawn	—	—	—	11/2023	11/2025	903		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	11/2023	11/2029	339		(3)		—
									(3)		—		—	%
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.) (20)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First lien (3)(14)(17) - Undrawn	—	—	—	05/2021	05/2027	354		(4)		—		—	%
Community Brands ParentCo, LLC
Software	First lien (3)(17) - Undrawn	—	—	—	02/2022	02/2028	425		(4)		—		—	%
Cube Industrials Buyer Inc.
Business Products	First lien (3)(14)(17) - Undrawn	—	—	—	10/2023	10/2029	517		(4)		—		—	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(14)(17) - Undrawn	—	—	—	08/2022	08/2029	486		(5)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

Sun Acquirer Corp.
Consumer Services	First lien (3)(14)(17) - Undrawn	—	—	—	09/2021	09/2027	$	559	$	(5)	$	—	—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(14)(17) - Undrawn	—	—	—	02/2020	02/2026	1,030		(5)		—		—	%
Kene Acquisition, Inc.
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	02/2024	02/2026	1,561		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	02/2024	02/2031	468		(5)		—
									(5)		—		—	%
Ncontracts, LLC
Software	First lien (3)(14)(17) - Undrawn	—	—	—	12/2023	12/2025	773		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	12/2023	12/2029	515		(6)		—
									(6)		—		—	%
Wealth Enhancement Group, LLC
Financial Services	First lien (3)(14)(17) - Undrawn	—	—	—	08/2021	10/2027	2,040		(6)		—		—	%
Adelaide Borrower, LLC**
Software	First lien (3)(14)(17) - Undrawn	—	—	—	05/2024	05/2026	1,048		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	05/2024	05/2030	667		(7)		—
									(7)		—		—	%
Icefall Parent, Inc.
Software	First lien (3)(14)(17) - Undrawn	—	—	—	01/2024	01/2030	828		(8)		—		—	%
Daxko Acquisition Corporation
Software	First lien (3)(14)(17) - Undrawn	—	—	—	10/2021	10/2027	838		(8)		—		—	%
Project Accelerate Parent, LLC
Software	First lien (3)(14)(17) - Undrawn	—	—	—	02/2024	02/2031	1,510		(8)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(14)(17) - Undrawn	—	—	—	05/2024	05/2026	2,264		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	09/2019	10/2029	1,447		(8)		—
									(8)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

USRP Holdings, Inc.
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	07/2021	07/2027	$	893	$	(9)	$	—	—	%
PDI TA Holdings, Inc.
Software	First lien (4)(14)(17) - Undrawn	—	—	—	01/2024	02/2026	4,225		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	01/2024	02/2031	1,830		(9)		—
									(9)		—		—	%

Xactly Corporation
Software	First lien (3)(14)(17) - Undrawn	—	—	—	07/2017	07/2025	992		(10)		—		—	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(14)(17) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		—		—	%
MRI Software LLC
Software	First lien (3)(14)(17) - Undrawn	—	—	—	01/2020	02/2027	2,002		(10)		—		—	%
Calabrio, Inc.
Software	First lien (3)(14)(17) - Undrawn	—	—	—	04/2021	04/2027	1,487		(11)		—		—	%
Healthspan Buyer, LLC
Healthcare	First lien (3)(14)(17) - Undrawn	—	—	—	10/2023	10/2030	1,229		(12)		—		—	%
Coupa Holdings, LLC
Software	First lien (3)(14)(17) - Undrawn	—	—	—	02/2023	08/2024	1,291		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	02/2023	02/2029	989		(12)		—
									(12)		—		—	%
Galway Borrower LLC
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	04/2024	10/2025	1,846		(14)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(14)(17) - Undrawn	—	—	—	06/2021	12/2024	958		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	06/2021	06/2028	1,501		(15)		—
									(15)		—		—	%
IMO Investor Holdings, Inc.
Healthcare	First lien (3)(14)(17) - Undrawn	—	—	—	05/2022	05/2028	1,548		(15)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

Nelipak Holding Company
Packaging	First lien (3)(14)(17) - Undrawn	—	—	—	03/2024	03/2027	$	3,501	$	—	$	—
	First lien (3)(14)(15)(17) - Undrawn	—	—	—	03/2024	03/2027	€	6,411	—		—
	First lien (3)(14)(15)(17) - Undrawn	—	—	—	03/2024	03/2031	€	1092	(8)		—
	First lien (3)(14)(17) - Undrawn	—	—	—	03/2024	03/2031	$	1,620	(12)		—
									(20)		—		—	%
Avalara, Inc.
Software	First lien (3)(14)(17) - Undrawn	—	—	—	10/2022	10/2028	1,720		(21)		—		—	%
Foreside Financial Group, LLC
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	05/2022	11/2024	2,218		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	03/2024	03/2026	3,474		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	05/2022	09/2027	2,095		(21)		—
									(21)		—		—	%
Knockout Intermediate Holdings I Inc. (30)
Kaseya Inc.
Software	First lien (3)(14)(17) - Undrawn	—	—	—	06/2022	06/2025	3,424		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	06/2022	06/2029	2,888		(22)		—
									(22)		—		—	%
Oranje Holdco, Inc.
Education	First lien (3)(14)(17) - Undrawn	—	—	—	02/2023	02/2029	1,860		(23)		—		—	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(14)(17) - Undrawn	—	—	—	06/2022	06/2025	3,702		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	10/2021	10/2027	2,288		(23)		—
									(23)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

OEConnection LLC
Software	First lien (3)(14)(17) - Undrawn	—	—	—	04/2024	04/2026	$	8,101	$	—	$	—
	First lien (3)(14)(17) - Undrawn	—	—	—	04/2024	04/2031	5,063		(25)		—
									(25)		—		—	%
YLG Holdings, Inc.
Business Services	First lien (5)(14)(17) - Undrawn	—	—	—	10/2021	12/2024	150		—		—
	First lien (2)(14)(17) - Undrawn	—	—	—	06/2024	12/2024	440		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	11/2019	10/2025	5,107		(26)		—
									(26)		—		—	%
GS Acquisitionco, Inc.
Software	First lien (3)(14)(17) - Undrawn	—	—	—	03/2024	03/2026	4,132		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	08/2019	05/2028	4,179		(26)		—
									(26)		—		—	%
Infogain Corporation
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	07/2021	07/2026	3,827		(29)		—		—	%
GC Waves Holdings, Inc.
Financial Services	First lien (3)(14)(17) - Undrawn	—	—	—	10/2019	08/2029	3,951		(30)		—		—	%
iCIMS, Inc.
Software	First lien (2)(14)(17) - Undrawn	—	—	—	09/2023	08/2024	7,994		(2)		—
	First lien (3)(14)(17) - Undrawn	—	—	—	08/2022	08/2028	3,177		(28)		—
									(30)		—		—	%
OA Topco, L.P. (29)
OA Buyer, Inc.
Healthcare	First lien (3)(14)(17) - Undrawn	—	—	—	12/2021	12/2028	3,300		(33)		—		—	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(14)(17) - Undrawn	—	—	—	12/2021	12/2027	3,659		(37)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

PetVet Care Centers, LLC
Consumer Services	First lien (3)(14)(17) - Undrawn	—	—	—	10/2023	11/2025	$	3,708	$	—	$	—
	First lien (3)(14)(17) - Undrawn	—	—	—	10/2023	11/2029	3,708		(37)		—
									(37)		—		—	%
Ciklum Inc.**
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	02/2024	08/2025	11,955		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	02/2024	02/2030	2,989		(37)		—
									(37)		—		—	%
IG Investments Holdings, LLC
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	09/2021	09/2027	3,780		(38)		—		—	%
TigerConnect, Inc.
Healthcare	First lien (2)(14)(17) - Undrawn	—	—	—	02/2022	02/2025	350		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	02/2022	02/2028	4,267		(43)		—
									(43)		—		—	%
CentralSquare Technologies, LLC
Software	First lien (3)(14)(17) - Undrawn	—	—	—	04/2024	04/2030	3,980		(50)		—		—	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(14)(17) - Undrawn	—	—	—	07/2021	07/2026	226		(3)		(2)		(0.00)%
Associations, Inc.
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	05/2024	07/2028	3,840		(2)		(2)
	First lien (3)(14)(17) - Undrawn	—	—	—	05/2024	07/2028	3,077		(2)		(2)
									(4)		(4)		(0.00)%
Specialtycare, Inc.
Healthcare	First lien (3)(14)(17) - Undrawn	—	—	—	06/2021	06/2026	347		(5)		(11)		(0.00)%
Pioneer Topco I, L.P. (28)
Pioneer Buyer I, LLC
Software	First lien (3)(14)(17) - Undrawn	—	—	—	11/2021	11/2027	3,284		(26)		(13)		(0.00)%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

Brave Parent Holdings, Inc.
Software	First lien (3)(14)(17) - Undrawn	—	—	—	05/2024	05/2025	$	376	$	—	$	(2)
	First lien (5)(14)(17) - Undrawn	—	—	—	11/2023	05/2025	963		(7)		(5)
	First lien (3)(14)(17) - Undrawn	—	—	—	11/2023	11/2030	1,594		(6)		(8)
									(13)		(15)		(0.00)%
GraphPAD Software, LLC
Healthcare	First lien (3)(17) - Undrawn	—	—	—	06/2024	06/2026	4,486		(11)		(11)
	First lien (3)(17) - Undrawn	—	—	—	06/2024	06/2031	1,682		(4)		(4)
									(15)		(15)		(0.00)%
Diamond Parent Holdings Corp. (25)
Diligent Corporation
Software	First lien (3)(14)(17) - Undrawn	—	—	—	04/2024	08/2030	2,265		(8)		(8)
	First lien (3)(14)(17) - Undrawn	—	—	—	04/2024	04/2026	3,398		(13)		(13)
									(21)		(21)		(0.00)%
Baker Tilly Advisory Group, LP
Financial Services	First lien (3)(14)(17) - Undrawn	—	—	—	05/2024	06/2026	2,631		—		—
	First lien (3)(14)(17) - Undrawn	—	—	—	05/2024	06/2030	2,894		(22)		(22)
									(22)		(22)		(0.00)%
Model N, Inc.
Software	First lien (3)(17) - Undrawn	—	—	—	06/2024	06/2026	9,047		—		—
	First lien (3)(17) - Undrawn	—	—	—	06/2024	06/2031	4,825		(24)		(24)
									(24)		(24)		(0.00)%
DOCS, MSO, LLC
Healthcare	First lien (3)(14)(17) - Undrawn	—	—	—	06/2022	06/2028	2,405		—		(27)		(0.00)%
Power Grid Holdings, Inc.
Business Products	First lien (3)(14)(17) - Undrawn	—	—	—	11/2023	12/2030	4,289		(43)		(43)		(0.00)%
Notorious Topco, LLC
Consumer Products	First lien (3)(14)(17) - Undrawn	—	—	—	11/2021	05/2027	880		(7)		(62)		(0.00)%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

Recorded Future, Inc.
Software	First lien (3)(17) - Undrawn	—	—	—	06/2024	06/2030	$	4,531	$	(23)	$	(23)
	First lien (3)(17) - Undrawn	—	—	—	06/2024	06/2026	9,667		(48)		(48)
									(71)		(71)		(0.01)	%
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare	First lien (3)(14)(17) - Undrawn	—	—	—	08/2021	08/2027	1,765		(18)		(42)
	First lien (3)(14)(17) - Undrawn	—	—	—	08/2021	08/2024	1,973		—		(47)
									(18)		(89)		(0.01)	%
Total Unfunded Debt Investments - United States									$	(1,081)	$	(417)	(0.02)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(14)(17) - Undrawn	—	—	—	12/2022	12/2028	$	320	$	(5)	$	—	—	%
Total Unfunded Debt Investments - Australia									$	(5)	$	—	—	%
Total Unfunded Debt Investments									$	(1,086)	$	(417)	(0.03)	%
Total Non-Controlled/Non-Affiliated Investments									$	2,429,377	$	2,411,396	173.92	%
Non-Controlled/Affiliated Investments (35)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (21)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(14)	SOFR(Q)*	12.00%/PIK	17.33%	12/2020	01/2027	$	20,354	$	20,274	$	20,354	1.47	%
Eagle Infrastructure Super HoldCo, LLC (31)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services	First lien (2)(14)	SOFR(Q)	7.50%	12.98%	03/2023	04/2028	10,676		10,676		10,676
	First lien (3)(14)	SOFR(Q)	7.50%	12.98%	03/2023	04/2028	342		342		342
									11,018		11,018		0.79	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

Permian Holdco 3, Inc.
Permian Trust
Energy	Trust Claim(10)(14)	FIXED(Q)(33)*	10.00%/PIK	10.00%	03/2021	—	$	247	$	—	$	—
	First lien (3)(14)	SOFR(Q)(33)*	10.00%/PIK	11.00%	07/2020	—	3,409		—		—
									—		—		—	%
Total Funded Debt Investments - United States									$	31,292	$	31,372	2.26	%
Equity - United States
TVG-Edmentum Holdings, LLC(21)
Education	Ordinary shares (3)(14)	FIXED(Q)*	12.00%/PIK	12.00%	12/2020	—	48,899		$	63,971	$	69,708
	Preferred shares (3)(14)	FIXED(Q)*	15.00%/PIK	15.00%	05/2024	—	6,979,536		6,980		7,084
									70,951		76,792		5.54	%
Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary shares (3)(14)	—	—	—	03/2023	—	72,536		4,104		8,187		0.59	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(14)	—	—	—	07/2017	—	25,000,000		11,501		1,799
	Ordinary shares (3)(14)	—	—	—	07/2017	—	2,786,000		1,282		201
									12,783		2,000		0.14	%
Total Shares - United States									$	87,838	$	86,979	6.27	%
Total Non-Controlled/Affiliated Investments									$	119,130	$	118,351	8.53	%
Controlled Investments (36)
Funded Debt Investments - United States
New Benevis Topco, LLC (23)
New Benevis Holdco, Inc.
Healthcare	First lien (2)(14)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2026	$	42,812	$	42,812	$	42,812
	First lien (3)(14)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2026	20,393		20,393		20,393
	First lien (8)(14)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2026	10,504		10,504		10,504
	Subordinated (3)(14)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2026	22,404		21,315		17,923
									95,024		91,632		0.14	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(14)	SOFR(Q)	9.00%	14.60%	10/2020	12/2024	23,336		23,336		23,336
	First lien (3)(14)(17) - Drawn	SOFR(Q)	6.00%	11.60%	10/2020	12/2024	18,035		18,035		18,035
									41,371		41,371		2.98	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)		Cost		Fair Value		Percent of Net Assets

UniTek Global Services, Inc.
Business Services	Second lien (3)(14)	FIXED(Q)*	15.00%/PIK	15.00%	12/2020	06/2028	$	14,477	$	14,477	$	14,401
	Second lien (3)(14)	FIXED(Q)*	15.00%/PIK	15.00%	07/2022	06/2028	6,418		6,418		6,384
									20,895		20,785		1.50	%
NHME Holdings Corp. (22)
National HME, Inc.
Healthcare	Second lien (3)(14)	SOFR(Q)(33)*	5.00%/PIK	10.56%	11/2018	11/2025	8,281		7,872		3,000		0.22	%
Total Funded Debt Investments - United States									$	165,162	$	156,788	11.31	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(14)	—	—	—	05/2018	—	—		$	140,000	$	140,000	10.10	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(14)	—	—	—	05/2021	—	—		112,400		112,400		8.11	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (7)(14)	—	—	—	06/2018	—	—		76,371		102,174		7.37	%
New Benevis Topco, LLC (23)
Healthcare	Ordinary shares (2)(14)	—	—	—	10/2020	—	325,516		27,154		28,469
	Ordinary shares (8)(14)	—	—	—	10/2020	—	79,867		6,662		6,985
	Ordinary shares (3)(14)	—	—	—	10/2020	—	72,681		6,105		6,356
									39,921		41,810		3.02	%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(14)	FIXED(Q)*	20.00%/PIK	20.00%	08/2018	—	20,683,187		20,683		18,482
	Preferred shares (3)(14)	FIXED(Q)*	20.00%/PIK	20.00%	08/2019	—	12,292,988		12,293		11,375
	Preferred shares (3)(14)	FIXED(Q)(33)*	19.00%/PIK	19.00%	06/2017	—	19,795,435		19,795		4,599
	Preferred shares (2)(14)	FIXED(Q)(33)*	13.50%/PIK	13.50%	01/2015	—	29,326,545		26,946		—
	Preferred shares (3)(14)	FIXED(Q)(33)*	13.50%/PIK	13.50%	01/2015	—	8,104,462		7,447		—
	Ordinary shares (2)(14)	—	—	—	01/2015	—	2,096,477		1,925		—
	Ordinary shares (3)(14)	—	—	—	01/2015	—	1,993,749		532		—
									89,621		34,456		2.49	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(14)	—	—	—	10/2020	—	100		11,155		28,000		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)

June 30, 2024

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (18)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (16)	Cost		Fair Value		Percent of Net Assets

NM CLFX LP
Net Lease	Membership interest (7)(14)	—	—	—	10/2017	—	—	$	12,279	$	10,544	0.76	%
NM YI, LLC
Net Lease	Membership interest (7)(14)	—	—	—	09/2019	—	—	6,272		9,754		0.70	%
NM GP Holdco, LLC**
Net Lease	Membership interest (7)(14)	—	—	—	06/2018	—	—	861		1,115		0.08	%
QID TRH Holdings LLC (19)
Haven Midstream Holdings LLC(19)
Specialty Chemicals & Materials	Ordinary shares (13)(14)	—	—	—	10/2021	—	80	—		569
	Profit Interest (6)(14)	—	—	—	10/2021	—	5	—		100
								—		669		0.05	%
NHME Holdings Corp.(22)
Healthcare	Ordinary shares (3)(14)	—	—	—	11/2018	—	640,000	4,000		—		—	%
Total Shares - United States								$	492,880	$	480,922	34.70	%
Equity - Canada
NM APP Canada Corp.**
Net Lease	Membership interest (7)(14)	—	—	—	09/2016	—	—	—		—		—	%
Total Shares - Canada								$	—	$	—	—	%
Total Shares								$	492,880	$	480,922	34.70	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(14)	—	—	—	12/2020	02/2025	13,339	$	—	$	46,323	3.34	%
NHME Holdings Corp. (22)
Healthcare	Warrants (3)(14)	—	—	—	11/2018	—	160,000	1,000		—		—	%
Total Warrants - United States								$	1,000	$	46,323	3.34	%
Total Funded Investments								$	659,042	$	684,033	49.35	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(14)(17) - Undrawn	—	—	—	10/2020	12/2024	3,860	—		—		—	%
Haven Midstream Holdings LLC (19)
Haven Midstream LLC
Specialty Chemicals & Materials	First lien (3)(14)(17) - Undrawn	—	—	—	12/2021	10/2026	8,000	—		—		—	%
Total Unfunded Debt Investments - United States								$	—	$	—	—	%
Total Controlled Investments								$	659,042	$	684,033	49.35	%
Total Investments								$	3,207,549	$	3,213,780	231.80	%

(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.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

(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.

(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 Pioneer, Inc.

(13)Investment is held by NMF TRM, LLC.

(14)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.

(15)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of June 30, 2024, the par value U.S. dollar equivalent of the Tennessee Bidco Limited first lien term loan and drawn first lien term loans is $16,698 and $14,522, respectively, and the Nelipak Holding Company first lien term loan, drawn revolver, undrawn first lien term loan and undrawn revolver is $17,791, $112, $6,868 and $1,169, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

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

(17)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.

(18)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 June 30, 2024.

(19)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.

(20)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.

(21)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.

(22)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%.

(23)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.

(24)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.

(25)The Company holds investments in two wholly-owned subsidiaries 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.

(26)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.

(27)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.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

(28)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.

(29)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.

(30)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.

(31)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.

(32)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.

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

(34)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 $13,500 as of June 30, 2024. See Note 2. Summary of Significant Accounting Policies, for details.

(35)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 June 30, 2024 and December 31, 2023, along with transactions during the six months ended June 30, 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 June 30, 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	$	—	$	—	$	1,332	$	19,205	$	—	$	722	$	—	$	—
Sierra Hamilton Holdings Corporation	2,000		—		—		—		2,000		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	113,786		11,235		—		(27,875)		97,146		—		1,731		2,618		125
Total Non-Controlled/Affiliated Investments	$	133,659	$	11,235	$	—	$	(26,543)	$	118,351	$	—	$	2,453	$	2,618	$	125

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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

(36) 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 June 30, 2024 and December 31, 2023, along with transactions during the six months ended June 30, 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 June 30, 2024		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	$	3,419	$	—	$	—	$	(2,750)	$	669	$	3,800	$	—	$	—	$	20
National HME, Inc./NHME Holdings Corp.	3,000		—		—		—		3,000		—		—		—		—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	135,401		3,454		—		(5,413)		133,442		—		6,493		—		375
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	63,170		4,201		—		2,000		69,371		—		2,608		—		250
NM APP Canada Corp.	7		—		—		(7)		—		31		—		—		—
NM CLFX LP	11,731		—		—		(1,187)		10,544		—		—		401		—
NM NL Holdings, L.P.	96,071		—		—		6,103		102,174		—		—		4,144		—
NM GP Holdco, LLC	1,048		—		—		67		1,115		—				45		—
NM YI LLC	9,550		—		—		204		9,754		—		—		436		—
NMFC Senior Loan Program III LLC	140,000		—		—		—		140,000		—		—		11,637		—
NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		8,360		—
UniTek Global Services, Inc.	91,999		4,565		—		5,000		101,564		—		1,499		3,066		725
Total Controlled Investments	$	667,796	$	12,220	$	—	$	4,017	$	684,033	$	3,831	$	10,600	$	28,089	$	1,370

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

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

** Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of June 30, 2024, 14.3% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

June 30, 2024

(unaudited)


	June 30, 2024
Investment Type	Percent of Total Investments at Fair Value
First lien	62.78	%
Second lien	8.62	%
Subordinated	3.32	%
Equity and other	25.28	%
Total investments	100.00	%


	June 30, 2024
Industry Type	Percent of Total Investments at Fair Value
Software	28.35	%
Business Services	17.47	%
Healthcare	15.74	%
Investment Funds (includes investments in joint ventures)	7.85	%
Consumer Services	6.21	%
Education	6.03	%
Net Lease	3.85	%
Financial Services	3.79	%
Distribution & Logistics	3.62	%
Energy	2.22	%
Packaging	2.10	%
Food & Beverage	1.16	%
Business Products	0.70	%
Consumer Products	0.60	%
Specialty Chemicals & Materials	0.31	%
Total investments	100.00	%


	June 30, 2024
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	86.79	%
Fixed rates	13.21	%
Total investments	100.00	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

December 31, 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.

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
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