nmfc-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended March 31, 2025

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

Commission
File Number

Exact name of registrant as specified in its charter, address of principal executive
offices, telephone numbers and states or other jurisdictions of incorporation or organization

I.R.S. Employer
Identification Number

814-00832

New Mountain Finance Corporation

27-2978010

1633 Broadway, 48th Floor

New York, New York 10019

Telephone: (212) 720-0300

State of Incorporation: Delaware

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

NMFC

NASDAQ Global Select Market

8.250% Notes due 2028

NMFCZ

NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Description						Shares as of May 5, 2025
Common stock, par value $0.01 per share						107,851,415

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025

TABLE OF CONTENTS


		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	New Mountain Finance Corporation
	Consolidated Statements of Assets and Liabilities as of March 3 1 , 202 5 (unaudited) and December 31, 2 024	3
	Consolidated Statements of Operations for the three months ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 202 5 (unaudited) and March 31, 202 4 (unaudited)	6
	Consolidated Schedule of Investments as of March 31, 202 5 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 202 4	37
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	66
	Report of Independent Registered Public Accounting Firm	115

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	116
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	134
Item 4.	Controls and Procedures	135

PART II. OTHER INFORMATION		136

Item 1.	Legal Proceedings	136
Item 1A.	Risk Factors	136
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	138
	Signatures	139

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

New Mountain Finance Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)


	March 31, 2025		December 31, 2024
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,276,008 and $2,298,083, respectively)	$	2,260,728	$	2,277,352
Non-controlled/affiliated investments (cost of $126,927 and $124,254, respectively)	110,558		112,776
Controlled investments (cost of $690,008 and $679,587, respectively)	662,925		700,896
Total investments at fair value (cost of $3,092,943 and $3,101,924, respectively)	3,034,211		3,091,024
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	13,500		13,500
Cash and cash equivalents	85,496		80,320
Interest and dividend receivable	41,239		42,379


Derivative asset at fair value	3,117		—
Receivable from affiliates	247		213

Other assets	18,841		19,265
Total assets	$	3,196,651	$	3,246,701
Liabilities
Borrowings
Unsecured Notes	$	985,227	$	978,503
Holdings Credit Facility	270,563		294,363
SBA-guaranteed debentures	262,500		300,000
2022 Convertible Notes	258,846		260,091
NMFC Credit Facility	29,059		27,944
Deferred financing costs (net of accumulated amortization of $66,182 and $63,971, respectively)	(23,343)		(24,191)
Net borrowings	1,782,852		1,836,710
Interest payable	18,437		17,109
Payable for unsettled securities purchased	12,022		—
Payable to broker	10,130		3,230
Management fee payable	9,945		10,467
Incentive fee payable	6,714		8,625

Derivative liability at fair value	3,368		7,423
Deferred tax liability	1,432		1,410
Other liabilities	3,573		2,436
Total liabilities	1,848,473		1,887,410
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 107,851,415 shares issued and outstanding, respectively	1,079		1,079
Paid in capital in excess of par	1,365,824		1,365,852

Accumulated undistributed earnings	(24,691)		(13,592)
Total net assets of New Mountain Finance Corporation	$	1,342,212	$	1,353,339
Non-controlling interest in New Mountain Net Lease Corporation	5,966		5,952
Total net assets	$	1,348,178	$	1,359,291
Total liabilities and net assets	$	3,196,651	$	3,246,701
Number of shares outstanding	107,851,415		107,851,415
Net asset value per share of New Mountain Finance Corporation	$	12.45	$	12.55

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)


	Three Months Ended
	March 31, 2025		March 31, 2024
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	52,113	$	56,237
PIK interest income	2,913		4,683
Dividend income	557		293
Non-cash dividend income	4,434		4,684
Other income	1,312		1,600
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	331		368
PIK interest income	987		836

Non-cash dividend income	1,683		1,244
Other income	63		63
From controlled investments:
Interest income (excluding PIK interest income)	1,485		1,361
PIK interest income	3,688		4,135
Dividend income	12,198		12,683
Non-cash dividend income	2,071		1,496
Other income	1,828		873
Total investment income	85,663		90,556
Expenses
Interest and other financing expenses	31,374		31,016
Management fee	10,233		10,997
Incentive fee	8,247		9,389

Professional fees	1,389		1,067
Administrative expenses	1,104		968
Other general and administrative expenses	516		465
Total expenses	52,863		53,902
Less: management and incentive fees waived (See Note 5)	(1,822)		(901)

Net expenses	51,041		53,001
Net investment income before income taxes	34,622		37,555
Income tax (benefit) expense	(19)		1
Net investment income	34,641		37,554
Net realized (losses) gains:
Non-controlled/non-affiliated investments	(1,074)		(11,858)

Controlled investments	38,899		31


Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	4,206		23,160
Non-controlled/affiliated investments	(4,891)		(22,463)
Controlled investments	(48,392)		2,320


Foreign currency	150		(23)
Provision for taxes	(22)		(637)
Net realized and unrealized losses	(11,124)		(9,470)
Net increase in net assets resulting from operations	23,517		28,084
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(104)		(676)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	$	23,413	$	27,408
Basic earnings per share	$	0.22	$	0.26
Weighted average shares of common stock outstanding - basic (See Note 11)	107,851,415		103,660,370
Diluted earnings per share	$	0.22	$	0.26
Weighted average shares of common stock outstanding - diluted (See Note 11)	126,852,911		122,443,478
Distributions declared and paid per share	$	0.32	$	0.36

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Changes in Net Assets

(in thousands, except shares and per share data)

(unaudited)


	Three Months Ended
	March 31, 2025		March 31, 2024
Increase (decrease) in net assets resulting from operations:
Net investment income	$	34,641	$	37,554
Net realized gains (losses) on investments and foreign currency	37,825		(11,827)
Net change in unrealized (depreciation) appreciation of investments, foreign currency and New Mountain Net Lease Corporation	(48,927)		2,994

Provision for taxes	(22)		(637)
Net increase in net assets resulting from operations	23,517		28,084
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	(104)		(676)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	23,413		27,408
Capital transactions
Net proceeds from shares sold	—		47,919
Offering costs	(28)		(81)
Distributions declared to stockholders from net investment income	(34,512)		(38,265)



Total net (decrease) increase in net assets resulting from capital transactions	(34,540)		9,573
Net (decrease) increase in net assets	(11,127)		36,981
New Mountain Finance Corporation net assets at the beginning of the period	1,353,339		1,319,951
New Mountain Finance Corporation net assets at the end of the period	1,342,212		1,356,932
Non-controlling interest in NMNLC	5,966		12,251
Net assets at the end of the period	$	1,348,178	$	1,369,183

Capital share activity
Shares sold	—		3,730,434



Net increase in shares outstanding	—		3,730,434

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Three Months Ended
	March 31, 2025		March 31, 2024
Cash flows from operating activities
Net increase in net assets resulting from operations	$	23,517	$	28,084
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized (gains) losses on investments	(37,825)		11,827

Net change in unrealized depreciation (appreciation) of investments and New Mountain Net Lease Corporation	49,077		(3,017)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(150)		23

Amortization of purchase discount	(1,578)		(1,762)
Amortization of deferred financing costs	2,227		1,985
Amortization of premium on 2022 Convertible Notes	(17)		(29)
Amortization of discount on 6.875% and 6.200% Unsecured Notes	307		102
Net change due to hedging activity	(755)		—
Non-cash investment income	(14,021)		(16,527)
(Increase) decrease in operating assets:



Purchase of investments and delayed draw facilities	(121,120)		(192,397)
Proceeds from sales and paydowns of investments	186,901		145,475
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	97		120
Cash paid for purchase of drawn portion of revolving credit facilities	—		(76)
Cash paid on drawn revolvers	(7,524)		(7,705)
Cash repayments on drawn revolvers	4,051		5,036
Deferred tax asset	—		527
Interest and dividend receivable	1,200		949
Receivable from broker	—		(960)

Receivable from affiliates	(34)		32
Other assets	454		(922)
(Decrease) increase in operating liabilities:
Management fee payable	(522)		(20)
Incentive fee payable	(1,911)		834
Payable for unsettled securities purchased	12,022		94,147
Interest payable	1,424		2,631

Deferred tax liability	22		—
Payable to broker	6,900		—
Other liabilities	1,174		(78)

Net cash flows provided by operating activities	103,916		68,279
Cash flows from financing activities
Net proceeds from shares sold	—		47,919
Offering costs paid	(75)		(117)
Distributions paid	(34,512)		(38,265)
Proceeds from Holdings Credit Facility	93,000		184,600
Repayment of Holdings Credit Facility	(116,800)		(408,100)

Repayment of 2022 Convertible Notes	(1,216)		—
Proceeds from Unsecured Notes	—		296,994
Repayment of Unsecured Notes	—		(116,500)
Proceeds from NMFC Credit Facility	—		18,083
Repayment of NMFC Credit Facility	—		(6,950)

Repayment of DB Credit Facility	—		(4,400)
Repayment of SBA-guaranteed debentures	(37,500)		—
Proceeds from NMNLC Credit Facility II	—		1,140
Repayment of NMNLC Credit Facility II	—		(1,055)


Distributions related to non-controlling interest in NMNLC	(90)		(197)
Deferred financing costs paid	(1,405)		(3,955)

Net cash flows used in financing activities	(98,598)		(30,803)
Net increase in cash and cash equivalents	5,318		37,476
Effect of foreign exchange rate changes on cash and cash equivalents	(142)		(99)
Cash and cash equivalents at the beginning of the period	80,320		70,090
Cash and cash equivalents at the end of the period	$	85,496	$	107,467
Supplemental disclosure of cash flow information
Cash interest paid	$	27,085	$	25,360
Income taxes received	(390)		(10)
Non-cash operating activities:
Non-cash activity on investments	$	61,007	$	20,291
Non-cash financing activities:


Accrual for offering costs	$	84	$	79
Accrual for deferred financing costs	94		203

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		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)(12)(13)	SOFR(M)	5.25%	9.67%	12/2021	12/2027	$	22,675	$	22,537	$	22,675
	First lien (3)(11)(13)	SOFR(M)	5.25%	9.67%	12/2021	12/2027	20,165		20,061		20,165
	First lien (4)(13)	SOFR(M)	5.25%	9.67%	01/2022	12/2027	9,575		9,524		9,575
	First lien (4)(13)	SOFR(M)	5.25%	9.67%	12/2021	12/2027	7,357		7,312		7,357
	Subordinated (3)(11)(13)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	16,185		16,053		15,916
	Subordinated (4)(13)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	6,347		6,296		6,242
									81,783		81,930		6.08	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First lien (3)(11)(13)	SOFR(Q)	6.50%	11.06%	05/2024	07/2028	49,306		49,285		49,799
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.50%	11.07%	05/2024	07/2028	2,277		2,276		2,277
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.50%	11.06%	05/2024	07/2028	953		954		962
	Subordinated (3)(13)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	8,243		8,226		8,366
	Subordinated (3)(13)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	3,148		3,141		3,195
									63,882		64,599		4.79	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(12)(13)	SOFR(M)	4.75%	9.17%	08/2021	10/2030	40,211		39,992		40,211
	First lien (5)(13)	SOFR(M)	4.75%	9.17%	08/2021	10/2030	21,395		21,335		21,395
									61,327		61,606		4.57	%
OA Topco, L.P.(29)
OA Buyer, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(M)	4.50%	8.82%	06/2024	12/2028	31,434		31,367		31,434
	First lien (2)(12)(13)	SOFR(M)	4.50%	8.82%	12/2021	12/2028	27,355		27,188		27,355
	First lien (2)(12)(13)	SOFR(M)	4.50%	8.82%	05/2022	12/2028	1,732		1,721		1,732
									60,276		60,521		4.49	%
GS Acquisitionco, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.55%	08/2019	05/2028	34,628		34,576		34,628
	First lien (5)(13)	SOFR(Q)	5.25%	9.55%	08/2019	05/2028	21,241		21,209		21,241
	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.55%	08/2019	05/2028	2,901		2,895		2,901
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.25%	9.55%	03/2024	05/2028	318		318		318
									58,998		59,088		4.38	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Einstein Parent, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	6.50%	10.79%	01/2025	01/2031	$	55,582	$	55,039	$	55,026	4.08	%
OEConnection LLC
Software	First lien (2)(12)(13)	SOFR(M)	5.00%	9.32%	04/2024	04/2031	46,313		46,104		46,313
	First lien (3)(11)(13)	SOFR(M)	5.00%	9.32%	04/2024	04/2031	8,081		8,041		8,081
									54,145		54,394		4.03	%
iCIMS, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.04%	09/2023	08/2028	44,742		44,549		44,151
	First lien (2)(12)(13)	SOFR(Q)	6.25%	10.54%	10/2022	08/2028	7,366		7,323		7,269
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.75%	10.04%	08/2022	08/2028	388		390		383
									52,262		51,803		3.84	%
Model N, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.05%	06/2024	06/2031	44,107		43,904		43,886		3.26	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.15%	08/2021	08/2028	36,998		36,788		36,672
	First lien (3)(11)(13)	SOFR(Q)	5.75%	10.15%	08/2021	08/2028	3,894		3,872		3,860
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	5.75%	10.15%	08/2021	08/2027	3,027		2,997		3,000
									43,657		43,532		3.23	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(12)(13)	SOFR(M)	5.75%	10.17%	07/2021	07/2028	18,372		18,295		18,372
	First lien (3)(11)(13)	SOFR(M)	5.75%	10.17%	07/2022	07/2028	7,744		7,696		7,744
	Subordinated (3)(13)	SOFR(Q)	7.50%	11.90%	07/2022	07/2029	16,953		16,802		16,953
									42,793		43,069		3.19	%
Sierra Enterprises, LLC
Food & Beverage	First lien (3)(11)(13)	SOFR(Q)	6.25%	10.54%	06/2023	05/2027	42,345		39,073		42,345		3.14	%
Foreside Financial Group, LLC
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.71%	05/2022	09/2027	37,095		36,918		37,095
	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.71%	05/2022	09/2027	4,064		4,034		4,064
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.25%	9.70%	05/2022	09/2027	601		597		601
									41,549		41,760		3.10	%

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.30%	05/2022	10/2028	$	15,553	$	15,527	$	15,553
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.30%	08/2021	10/2028	11,878		11,858		11,878
	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.30%	08/2021	10/2028	6,642		6,627		6,642
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.32%	01/2022	10/2028	1,225		1,219		1,225
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.30%	01/2022	10/2028	822		817		822
	Subordinated (3)(13)	FIXED(Q)*	13.00%/PIK	13.00%	05/2023	05/2033	4,235		4,190		4,235
									40,238		40,355		2.99	%
MRI Software LLC
Software	First lien (5)(13)	SOFR(Q)	4.75%	9.05%	01/2020	02/2027	21,373		21,345		21,373
	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.05%	03/2021	02/2027	7,571		7,561		7,571
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.05%	03/2021	02/2027	4,509		4,509		4,509
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.05%	01/2020	02/2027	3,099		3,096		3,099
	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.05%	01/2020	02/2027	791		790		791
	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.75%	9.05%	01/2020	02/2027	111		111		111
									37,412		37,454		2.78	%
CentralSquare Technologies, LLC
Software	First lien (2)(12)(13)	SOFR(M)*	2.88%+ 3.38%/PIK	10.57%	04/2024	04/2030	36,023		35,640		36,023		2.67	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (3)(11)(13)	SOFR(Q)	5.75%	10.14%	10/2021	10/2028	36,155		35,945		35,446		2.63	%
IG Investments Holdings, LLC
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.29%	09/2021	09/2028	32,717		32,540		32,717
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.29%	03/2024	09/2028	2,536		2,534		2,536
									35,074		35,253		2.61	%
Foundational Education Group, Inc.
Education	Second lien (5)(13)	SOFR(Q)	6.50%	11.05%	08/2021	08/2029	22,500		22,426		22,500
	Second lien (3)(11)(13)	SOFR(Q)	6.50%	11.05%	08/2021	08/2029	10,965		10,720		10,965
									33,146		33,465		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)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

TigerConnect, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(Q)*	3.38% +3.38%/PIK	11.19%	02/2022	02/2028	$	29,868	$	29,701	$	29,868
	First lien (2)(13)(16) - Drawn	SOFR(Q)*	3.38% +3.38%/PIK	11.19%	02/2022	02/2028	2,724		2,724		2,724
									32,425		32,592		2.42	%
Fortis Solutions Group, LLC
Packaging	First lien (2)(12)(13)	SOFR(Q)	5.50%	9.90%	10/2021	10/2028	17,132		17,028		17,132
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.90%	10/2021	10/2028	12,330		12,260		12,330
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	9.90%	10/2021	10/2027	1,287		1,274		1,287
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	9.90%	06/2022	10/2028	98		99		98
	First lien (3)(13)	SOFR(Q)	5.50%	9.90%	10/2021	10/2028	79		79		79
									30,740		30,926		2.29	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(13)	SOFR(Q)	5.75%	10.06%	08/2022	08/2029	22,331		22,279		22,331
	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.06%	06/2024	08/2029	8,238		8,238		8,238
									30,517		30,569		2.27	%
Brave Parent Holdings, Inc.
Software	First lien (5)(13)	SOFR(M)	5.00%	9.32%	11/2023	11/2030	19,969		19,883		19,969
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.32%	05/2024	11/2030	7,808		7,808		7,808
	First lien (5)(13)(16) - Drawn	SOFR(M)	5.00%	9.32%	11/2023	11/2030	1,316		1,315		1,316
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.00%	9.32%	05/2024	11/2030	515		518		515
									29,524		29,608		2.20	%
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.42%	08/2021	08/2028	22,089		21,968		21,300
	First lien (3)(11)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.42%	08/2021	08/2028	4,240		4,206		4,089
	First lien (3)(11)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.42%	08/2021	08/2028	3,915		3,890		3,776
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.50%	9.92%	08/2021	08/2027	282		280		272
									30,344		29,437		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)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

NMC Crimson Holdings, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.09%	10.55%	03/2021	03/2028	$	19,259	$	19,116	$	19,259
	First lien (3)(11)(13)	SOFR(Q)	6.09%	10.55%	03/2021	03/2028	5,012		4,997		5,012
	First lien (2)(12)(13)	SOFR(Q)	6.09%	10.55%	03/2021	03/2028	4,913		4,876		4,913
									28,989		29,184		2.16	%
DOCS, MSO, LLC
Healthcare	First lien (3)(11)(13)	SOFR(M)	5.75%	10.17%	06/2022	06/2028	18,290		18,290		18,213
	First lien (4)(13)	SOFR(M)	5.75%	10.17%	06/2022	06/2028	6,849		6,849		6,821
	First lien (3)(11)(13)	SOFR(M)	5.75%	10.17%	02/2025	06/2028	3,380		3,355		3,366
	First lien (3)(13)(16) - Drawn	SOFR(S)	5.75%	10.13%	06/2022	06/2028	481		481		479
									28,975		28,879		2.14	%
Nelipak Holding Company
Packaging	First lien (3)(11)(13)(14)	EURIBOR(Q)	5.50%	7.86%	03/2024	03/2031	€	16,482	17,735		17,830
	First lien (2)(12)(13)	SOFR(Q)	5.50%	9.80%	03/2024	03/2031	$	9,001	8,940		9,001
	First lien (3)(11)(13)(14)(16) - Drawn	SOFR(M)	5.50%	9.82%	03/2024	03/2031	$	1,306	1,296		1,306
	First lien (3)(13)(16) - Drawn	EURIBOR(M)	5.50%	7.88%	03/2024	03/2031	€	209	224		226
									28,195		28,363		2.10	%
Syndigo LLC
Software	Second lien (4)(13)	SOFR(Q)	8.00%	12.55%	12/2020	12/2028	22,500		22,402		22,500
	Second lien (2)(12)(13)	SOFR(Q)	8.00%	12.55%	02/2022	12/2028	5,697		5,706		5,697
									28,108		28,197		2.09	%
PetVet Care Centers, LLC
Consumer Services	First lien (3)(11)(13)	SOFR(M)	6.00%	10.32%	10/2023	11/2030	28,074		27,833		27,614		2.05	%
Bullhorn, Inc.
Software	First lien (2)(12)(13)	SOFR(M)	5.00%	9.32%	09/2019	10/2029	13,206		13,172		13,206
	First lien (3)(11)(13)	SOFR(M)	5.00%	9.32%	05/2024	10/2029	8,879		8,893		8,879
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.32%	10/2021	10/2029	3,398		3,394		3,398
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.32%	09/2019	10/2029	761		759		761
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.32%	09/2019	10/2029	341		340		341
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.32%	09/2019	10/2029	272		271		272
									26,829		26,857		1.99	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Pioneer Topco I, L.P.(28)
Pioneer Buyer I, LLC
Software	First lien (3)(11)(13)	SOFR(Q)	6.00%	10.30%	03/2024	11/2028	$	23,089	$	23,002	$	23,089
	First lien (3)(11)(13)	SOFR(Q)	6.00%	10.30%	03/2022	11/2028	2,374		2,364		2,374
									25,366		25,463		1.89	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(11)(13)	SOFR(S)	5.25%	9.72%	02/2022	02/2028	18,915		18,863		18,915
	First lien (2)(12)(13)	SOFR(S)	5.25%	9.72%	02/2022	02/2028	5,264		5,247		5,264
	First lien (3)(11)(13)	SOFR(S)	5.25%	9.72%	02/2022	02/2028	691		689		691
									24,799		24,870		1.84	%
Diamond Parent Holdings Corp. (25)
Diligent Corporation
Software	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.31%	04/2024	08/2030	19,821		19,755		19,821
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.31%	04/2024	08/2030	3,398		3,387		3,398
									23,142		23,219		1.72	%
PDI TA Holdings, Inc.
Software	First lien (4)(13)	SOFR(Q)	5.50%	9.79%	01/2024	02/2031	20,469		20,378		20,469
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.79%	03/2025	02/2031	513		513		513
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	9.79%	01/2024	02/2031	244		243		244
									21,134		21,226		1.57	%
Power Grid Holdings, Inc.
Business Products	First lien (4)(13)	SOFR(Q)	4.75%	9.05%	11/2023	12/2030	22,331		22,177		22,331		1.66	%
Xactly Corporation
Software	First lien (4)(13)	SOFR(Q)	6.25%	10.66%	07/2017	07/2027	22,500		22,484		22,286		1.65	%
Ambrosia Holdco Corp(32)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(13)	SOFR(M)*	3.25%/PIK + 2.00%	9.58%	01/2024	06/2029	12,475		11,951		10,526
	First lien (3)(11)(13)	SOFR(M)*	3.25%/PIK + 2.00%	9.58%	01/2024	06/2029	10,043		9,941		8,474
	First lien (3)(11)(13)	SOFR(M)*	3.00%/PIK + 1.00%	8.32%	03/2024	06/2029	2,863		2,359		2,368
	Subordinated (2)(13)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	311		311		311
	Subordinated (3)(13)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	300		300		300
									24,862		21,979		1.63	%
YLG Holdings, Inc.
Business Services	First lien (5)(13)	SOFR(Q)	4.75%	9.05%	11/2019	12/2030	21,825		21,799		21,825		1.62	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Cardinal Parent, Inc.
Software	First lien (4)	SOFR(Q)	4.50%	8.95%	10/2020	11/2027	$	11,700	$	11,661	$	11,433
	Second lien (4)(13)	SOFR(Q)	7.75%	12.20%	11/2020	11/2028	9,767		9,712		9,655
									21,373		21,088		1.56	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(12)(13)	SOFR(S)	5.25%	9.76%	06/2021	06/2028	15,382		15,308		15,382
	First lien (2)(12)(13)	SOFR(S)	5.25%	9.62%	06/2021	06/2028	4,467		4,440		4,467
	First lien (2)(12)(13)(16) - Drawn	SOFR(S)	4.50%	8.82%	12/2024	06/2028	690		687		690
									20,435		20,539		1.52	%
Oranje Holdco, Inc.
Education	First lien (3)(11)(13)	SOFR(Q)	7.75%	12.04%	02/2023	02/2029	14,880		14,745		14,880
	First lien (3)(11)(13)	SOFR(Q)	7.25%	11.54%	04/2024	02/2029	5,454		5,407		5,454
									20,152		20,334		1.51	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)(11)	SOFR(M)	6.75%	11.19%	03/2021	03/2029	20,313		20,280		20,034		1.49	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)	SOFR(Q)	6.75%	11.14%	11/2019	11/2027	22,500		22,441		16,313
	Second lien (2)(12)	SOFR(Q)	6.75%	11.14%	11/2019	11/2027	4,208		4,188		3,051
									26,629		19,364		1.44	%
FS WhiteWater Holdings, LLC(27)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(13)	SOFR(Q)	5.00%	9.45%	12/2021	12/2029	8,527		8,483		8,527
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.45%	07/2022	12/2029	4,753		4,721		4,753
	First lien (5)(13)	SOFR(Q)	5.00%	9.45%	12/2021	12/2029	2,863		2,846		2,863
	First lien (5)(13)	SOFR(Q)	5.00%	9.45%	12/2021	12/2029	2,844		2,829		2,844
									18,879		18,987		1.41	%
GraphPAD Software, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.05%	06/2024	06/2031	17,856		17,815		17,856
	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.75%	9.05%	06/2024	06/2031	446		444		446
									18,259		18,302		1.36	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

AAC Lender Holdings, LLC(24)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(13)	SOFR(M)(18)*	6.75%/PIK + 0.50%	11.67%	09/2015	09/2026	$	29,879	$	29,842	$	17,999
	First lien (3)(13)	SOFR(M)(18)*	14.50%/PIK + 0.50%	19.42%	06/2021	09/2026	1,527		1,527		—
	Subordinated (3)(13)	SOFR(Q)(18)*	1.00%/PIK	5.46%	03/2021	09/2026	5,230		—		—
									31,369		17,999		1.34	%
Notorious Topco, LLC
Consumer Products	First lien (3)(11)(13)	SOFR(Q)*	4.75% + 2.50%/PIK	11.71%	11/2021	11/2027	10,096		10,058		8,553
	First lien (3)(11)(13)	SOFR(Q)*	4.75% + 2.50%/PIK	11.71%	05/2022	11/2027	9,970		9,930		8,446
	First lien (3)(11)(13)	SOFR(Q)*	4.75% + 2.50%/PIK	11.71%	11/2021	11/2027	880		874		745
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.75%	11.21%	11/2021	05/2027	235		233		199
									21,095		17,943		1.33	%
Flash Charm Inc. (fka Idera, Inc.)
Software	Second lien (4)(13)	SOFR(Q)	6.75%	11.19%	06/2019	03/2029	15,091		14,967		14,319
	Second lien (3)(11)(13)	SOFR(Q)	6.75%	11.19%	04/2021	03/2029	2,012		2,006		1,909
									16,973		16,228		1.20	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(13)	SOFR(M)	4.50%	8.82%	02/2020	02/2028	14,594		14,578		14,594
	First lien (5)(13)	SOFR(M)	4.50%	8.82%	02/2024	02/2028	1,261		1,254		1,261
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	4.50%	8.82%	02/2020	02/2028	180		179		180
									16,011		16,035		1.19	%
Viper Bidco. Inc.
Software	First lien (3)(11)(13)(14)	SONIA(D)	5.00%	9.46%	11/2024	11/2031	£	12,000	15,142		15,425		1.14	%
Bonterra LLC
Software	First lien (3)(11)	SOFR(Q)	5.00%	9.30%	03/2025	03/2032	15,065		15,027		15,027
	First lien (3)(16) - Drawn	SOFR(Q)	5.00%	9.30%	03/2025	03/2032	266		265		265
									15,292		15,292		1.13	%
Calabrio, Inc.
Software	First lien (5)(13)	SOFR(Q)	5.50%	9.81%	04/2021	04/2027	12,255		12,217		12,255
	First lien (5)(13)	SOFR(Q)	5.50%	9.81%	01/2024	04/2027	1,570		1,559		1,570
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	9.81%	04/2021	04/2027	637		633		637
									14,409		14,462		1.07	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Coupa Holdings, LLC
Software	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.54%	02/2023	02/2030	$	14,352	$	14,212	$	14,352	1.06	%
Houghton Mifflin Harcourt Company
Education	First lien (3)(11)	SOFR(M)	5.25%	9.67%	10/2023	04/2029	14,447		14,091		14,300		1.06	%
Convey Health Solutions, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(S)*	1.00% + 4.25%/PIK	9.57%	09/2019	07/2029	13,243		13,195		12,180
	First lien (3)(11)(13)	SOFR(S)*	1.00% + 4.25%/PIK	9.57%	02/2022	07/2029	2,211		2,196		2,034
									15,391		14,214		1.05	%
Daxko Acquisition Corporation
Software	First lien (3)(11)(13)	SOFR(M)	5.00%	9.32%	10/2021	10/2028	12,845		12,771		12,845
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.32%	10/2021	10/2028	1,082		1,076		1,082
	First lien (3)(13)	SOFR(M)	5.00%	9.32%	10/2021	10/2028	65		64		65
									13,911		13,992		1.04	%
Baker Tilly Advisory Group, LP
Financial Services	First lien (3)(11)(13)	SOFR(M)	4.75%	9.07%	05/2024	06/2031	13,652		13,559		13,550		1.01	%
CFS Management, LLC
Healthcare	First lien (3)(11)(13)	SOFR(Q)*	6.25% + 2.25%/PIK	13.06%	08/2019	09/2026	11,918		11,918		10,429
	First lien (2)(12)(13)	SOFR(Q)*	6.25% + 2.25%/PIK	13.06%	08/2019	09/2026	3,551		3,559		3,107
									15,477		13,536		1.00	%
USRP Holdings, Inc.
Business Services	First lien (3)(11)(13)	SOFR(M)	5.00%	9.32%	07/2021	12/2029	6,966		6,930		6,966
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.32%	07/2021	12/2029	5,527		5,499		5,527
									12,429		12,493		0.93	%
eResearchTechnology, Inc.
Healthcare	First lien (3)	SOFR(M)	4.75%	9.07%	03/2025	01/2032	11,380		11,266		11,266
	First lien (3)(16) - Drawn	SOFR(M)	4.75%	9.07%	03/2025	01/2032	107		96		107
									11,362		11,373		0.84	%
Anaplan, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.30%	06/2022	06/2029	10,592		10,525		10,592		0.79	%
Project Accelerate Parent, LLC
Software	First lien (5)(13)	SOFR(M)	5.25%	9.57%	02/2024	02/2031	10,493		10,446		10,493		0.78	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Specialtycare, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.32%	06/2021	06/2028	$	10,220	$	10,145	$	9,927
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	4.00%	8.44%	06/2021	06/2026	235		231		228
	First lien (3)(11)(13)	SOFR(Q)	5.75%	10.31%	06/2021	06/2028	77		75		75
									10,451		10,230		0.76	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(12)(13)	SOFR(Q)*	6.75%+ 2.00%/PIK	13.05%	07/2021	07/2027	8,514		8,472		8,514
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	13.08%	07/2021	07/2026	1,073		1,061		1,073
									9,533		9,587		0.71	%
Ciklum Inc.**
Business Services	First lien (2)(12)(13)	SOFR(Q)	6.50%	10.89%	02/2024	02/2030	9,512		9,410		9,512		0.71	%
Planview Parent, Inc.
Software	Second lien (3)(11)	SOFR(Q)	5.75%	10.05%	06/2024	12/2028	9,231		9,209		9,196		0.68	%
Safety Borrower Holdings LLC
Software	First lien (2)(12)(13)	SOFR(M)	5.25%	9.69%	09/2021	09/2027	7,427		7,408		7,427
	First lien (3)(11)(13)	SOFR(M)	5.25%	9.69%	09/2021	09/2027	1,519		1,519		1,519
	First lien (3)(13)(16) - Drawn	P(Q)	4.25%	11.75%	09/2021	09/2027	128		127		128
									9,054		9,074		0.67	%
Icefall Parent, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	6.50%	10.79%	01/2024	01/2030	8,696		8,622		8,696		0.65	%
KPSKY Acquisition Inc.
Business Services	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.89%	10/2021	10/2028	6,809		6,770		6,591
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.91%	06/2022	10/2028	1,146		1,138		1,109
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.89%	10/2021	10/2028	780		776		755
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.75%	10.16%	11/2023	10/2028	19		19		18
									8,703		8,473		0.63	%
Park Place Technologies, LLC
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.54%	07/2024	03/2031	7,635		7,617		7,616
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.25%	9.57%	07/2024	03/2031	617		615		615
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	5.25%	9.57%	07/2024	03/2030	210		210		210
									8,442		8,441		0.63	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Alegeus Technologies Holdings Corp.
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.75%	11.05%	10/2024	11/2029	$	8,478	$	8,378	$	8,372	0.62	%
Firebird Co-Invest L.P. (20)
Firebird Acquisition Corp, Inc.
Business Services	First lien (3)(11)(13)	SOFR(Q)*	2.25% + 2.75%/PIK	9.29%	01/2025	02/2032	8,058		8,039		8,038		0.60	%
Higginbotham Insurance Agency, Inc.
Business Services	First lien (3)(11)(13)	SOFR(M)	4.50%	8.83%	03/2024	11/2028	3,798		3,798		3,798
	First lien (3)(13)(16) - Drawn	SOFR(M)	4.75%	9.07%	03/2024	11/2028	3,315		3,300		3,315
									7,098		7,113		0.53	%
Eclipse Topco, Inc. (30)
Eclipse Buyer Inc.
Software	First lien (4)(13)	SOFR(M)	4.75%	9.06%	09/2024	09/2031	7,113		7,079		7,078		0.53	%
CRCI Longhorn Holdings, Inc.
Business Services	First lien (2)(12)(13)	SOFR(M)	5.00%	9.32%	08/2024	08/2031	6,500		6,469		6,467
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	5.00%	9.32%	08/2024	08/2031	565		562		562
									7,031		7,029		0.52	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(13)	—	—	—	05/2013	—	14,500		14,500		6,525		0.48	%
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(13)	SOFR(Q)*	2.75%+ 2.75%/PIK	9.83%	08/2024	08/2031	6,151		6,095		6,090
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.00%	9.32%	08/2024	08/2030	333		329		329
									6,424		6,419		0.48	%
Next Holdco, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.55%	11/2023	11/2030	6,312		6,276		6,312		0.47	%
Greenway Health, LLC
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.75%	11.05%	12/2023	04/2029	6,286		6,210		6,286		0.47	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First lien (3)(11)(13)	SOFR(Q)	7.00%	11.48%	05/2021	05/2027	6,086		6,061		6,086		0.45	%
NC Topco, LLC
Software	First lien (2)(12)(13)	SOFR(M)*	2.50% + 2.75%/PIK	9.57%	08/2024	09/2031	5,879		5,851		5,849		0.43	%
Healthspan Buyer, LLC
Healthcare	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.55%	10/2023	10/2030	5,056		5,013		5,056		0.38	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Adelaide Borrower, LLC**
Software	First lien (3)(11)(13)	SOFR(Q)	6.25%	10.55%	05/2024	05/2030	$	4,698	$	4,657	$	4,698	0.35	%
Logrhythm, Inc.
Software	First lien (3)(13)	SOFR(Q)	7.50%	11.81%	07/2024	07/2029	4,196		4,140		4,127		0.31	%
CommerceHub, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	6.25%	10.56%	06/2023	12/2027	3,910		3,621		3,910		0.29	%
Kene Acquisition, Inc.
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.54%	02/2024	02/2031	3,500		3,470		3,500
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.25%	9.54%	02/2024	02/2031	162		160		162
									3,630		3,662		0.27	%
RLG Holdings, LLC
Packaging	First lien (2)(12)	SOFR(M)	5.00%	9.32%	06/2024	07/2028	3,959		3,959		3,660		0.27	%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(11)(13)	SOFR(S)	4.75%	9.03%	05/2024	12/2028	3,062		3,049		3,062		0.23	%
Galway Borrower LLC
Business Services	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.50%	8.80%	04/2024	09/2028	1,801		1,775		1,783
	First lien (2)(12)(13)	SOFR(Q)	4.50%	8.80%	04/2024	09/2028	1,087		1,081		1,077
									2,856		2,860		0.21	%
DCA Investment Holding, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	6.41%	10.70%	03/2021	04/2028	1,799		1,794		1,761
	First lien (3)(11)(13)	SOFR(Q)	6.50%	10.80%	12/2022	04/2028	1,008		998		988
									2,792		2,749		0.20	%
Compsych Investments Corp.
Business Services	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.04%	07/2024	07/2031	1,162		1,159		1,159		0.09	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(11)(13)	SOFR(M)	5.25%	9.57%	05/2024	10/2029	1,047		1,042		1,047		0.08	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (3)(13)(16) - Drawn	SOFR(S)	4.75%	9.18%	06/2024	12/2028	466		462		466		0.03	%
Reorganized Careismatic Brands, LLC
Healthcare	Trust Claim(2)(13)	—	—	—	06/2024	06/2029	152		152		152
	Trust Claim(3)(13)	—	—	—	06/2024	06/2029	52		52		52
									204		204		0.02	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

PPVA Fund, L.P.
Business Services	Collateralized Financing (18)(19)	—	—	—	11/2014	—	$	—	$	—	$	—	—	%
Total Funded Debt Investments - United States									$	2,025,041	$	1,992,883	147.81	%
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (3)(11)(13)	SOFR(M)	8.25%	12.69%	10/2019	10/2027	$	34,459	$	34,345	$	34,459	2.56	%
Total Funded Debt Investments - United Kingdom									$	34,345	$	34,459	2.56	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First lien (3)(11)(13)	SOFR(S)*	3.50%+ 2.00%/PIK	9.76%	07/2024	07/2031	$	19,617	$	19,564	$	19,519	1.45	%
Total Funded Debt Investments - Jersey									$	19,564	$	19,519	1.45	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.29%	12/2022	12/2029	$	3,437	$	3,398	$	3,437
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.29%	12/2023	12/2029	1,338		1,327		1,338
									4,725		4,775		0.35	%
Total Funded Debt Investments - Australia									$	4,725	$	4,775	0.35	%
Total Funded Debt Investments									$	2,083,675	$	2,051,636	152.17	%
Equity - United States
Dealer Tire Holdings, LLC
Distribution & Logistics	Preferred shares (3)(11)(13)	FIXED(A)*	7.00%/PIK	7.00%	09/2021	—	56,271		$	75,928	$	78,578	5.83	%
Symplr Software Intermediate Holdings, Inc.
Healthcare	Preferred shares (4)(13)	SOFR(Q)*	10.50%/PIK	14.94%	11/2018	—	7,500		16,979		16,815
	Preferred shares (3)(11)(13)	SOFR(Q)*	10.50%/PIK	14.94	11/2018	—	2,586		5,853		5,797
									22,832		22,612		1.68	%
ACI Parent Inc.(26)
Healthcare	Preferred shares (3)(13)	FIXED(Q)*	11.75%/PIK	11.75%	8/2/2021	—	12,500		18,982		16,872		1.25	%
Project Essential Super Parent, Inc.
Software	Preferred shares (3)(13)	SOFR(Q)*	9.50%/PIK	13.95%	04/2021	—	10,000		16,492		15,548		1.15	%
OA Topco, L.P.(29)
Healthcare	Ordinary shares (3)(13)	—	—	—	12/2021	—	2,000,000		2,000		14,980		1.11	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)	Cost		Fair Value		Percent of Net Assets

Diamond Parent Holdings Corp. (25)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(13)	FIXED(S)*	10.50%/PIK	10.50%	04/2021	—	10,000	$	14,912	$	14,364	1.07	%
Knockout Intermediate Holdings I Inc.
Software	Preferred shares (3)(13)	SOFR(S)*	10.75%/PIK	15.03%	06/2022	—	7,376	13,143		13,236		0.98	%
HBWM Holdings, LLC
Financial Services	Ordinary shares (9)(13)	FIXED(Q)*	4.00%	4.00%	09/2021	—	47,114	4,733		9,532		0.71	%
Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.)
Packaging	Preferred shares (3)(13)	FIXED(A)*	15.00%/PIK	15.00%	05/2024	—	2,900	2,900		2,900
	Preferred shares (3)(13)	FIXED(A)(18)*	11.50%/PIK	11.50%	05/2024	—	3,691	2,565		2,702
	Ordinary shares (3)(13)	—	—	—	05/2024	—	290	145		305
								5,610		5,907		0.44	%
FS WhiteWater Holdings, LLC(27)
Consumer Services	Ordinary shares (5)(13)	—	—	—	12/2021	—	50,000	5,000		4,655		0.35	%
Firebird Co-Invest L.P.(20)
Business Services	LP Interest (3)(13)	—	—	—	01/2025	—	3,358,474	3,358		3,358		0.25	%
Ambrosia Holdco Corp. (32)
Distribution & Logistics	Ordinary shares (2)(13)	—	—	—	01/2024	—	126,536	1,348		1,291
	Ordinary shares (3)(13)	—	—	—	01/2024	—	122,044	1,300		1,245
								2,648		2,536		0.19	%
Pioneer Topco I, L.P.(28)
Software	Ordinary shares (10)(13)	—	—	—	11/2021	—	199,980	2,000		2,000		0.15	%
Eclipse Topco, Inc.(30)
Software	Preferred shares (4)(13)	FIXED(S)*	12.50%/PIK	12.50%	09/2024	—	190	1,952		1,952		0.14	%
GEDC Equity, LLC
Healthcare	Participation Interest(3)(13)	—	—	—	06/2023	—	190	190		50		0.00	%
Ancora Acquisition LLC
Education	Preferred shares (7)(13)	—	—	—	08/2013	—	372	83		—		—	%
AAC Lender Holdings, LLC(24)
Education	Ordinary shares (3)(13)	—	—	—	03/2021	—	758	—		—		—	%
Total Shares - United States								$	189,863	$	206,180	15.30	%
Total Shares								$	189,863	$	206,180	15.30	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligations (3)(13)	SOFR(S)	7.00%	11.46%	11/2024	01/2037	3,232		$	3,232	$	3,232	0.24	%
Total Structured Finance Obligations - United States									$	3,232	$	3,232	0.24	%
Warrants - United States
Reorganized Careismatic Brands, LLC
Healthcare	Warrants (2)(13)	—	—	—	06/2024	06/2029	138,622		$	183	$	272
	Warrants (3)(13)	—	—	—	06/2024	06/2029	47,459		63		93
									$	246	$	365	0.03	%
Total Warrants - United States									$	246	$	365	0.03	%
Total Funded Investments									$	2,277,016	$	2,261,413	167.74	%
Unfunded Debt Investments - United States
Associations, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	07/2028	$	2,884	$	(1)	$	29
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	07/2028	800		—		—
									(1)		29		0.00	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	12/2025	1,685		—		—		—	%
AAC Lender Holdings, LLC(24)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(13)(16) - Undrawn	—	—	—	01/2021	09/2026	2,652		—		—		—	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (3)(13)(16) - Undrawn	—	—	—	10/2024	10/2026	2,695		—		—		—	%
DOXA Insurance Holdings LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	3,046		—		—		—	%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(13)(16) - 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)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Higginbotham Insurance Agency, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	$	4,665	$	—	$	—	—	%
Riskonnect Parent, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	6,349		—		—		—	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(13)(16) - Undrawn	—	—	—	07/2021	07/2026	113		(1)		—		—	%
Safety Borrower Holdings LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	09/2021	09/2027	384		(2)		—		—	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	578		(3)		—		—	%
Next Holdco, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2025	903		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2029	339		(3)		—
									(3)		—		—	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	05/2021	05/2027	417		(4)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	1,847		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	09/2019	10/2029	935		(4)		—
									(4)		—		—	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	08/2022	08/2029	486		(5)		—		—	%
Kene Acquisition, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	02/2026	1,398		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	02/2031	468		(5)		—
									(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)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Calabrio, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	04/2021	04/2027	$	850	$	(6)	$	—	—	%
Wealth Enhancement Group, LLC
Financial Services	First lien (3)(13)(16) - Undrawn	—	—	—	08/2021	10/2028	2,040		(6)		—		—	%
Adelaide Borrower, LLC**
Software	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	1,048		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2030	667		(7)		—
									(7)		—		—	%
Icefall Parent, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	01/2024	01/2030	828		(8)		—		—	%
Project Accelerate Parent, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	02/2031	1,510		(8)		—		—	%
PDI TA Holdings, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	01/2024	02/2031	1,586		(8)		—
	First lien (4)(13)(16) - Undrawn	—	—	—	01/2024	02/2026	1,865		—		—
									(8)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(13)(16) - Undrawn	—	—	—	02/2020	02/2028	1,619		(8)		—		—	%
USRP Holdings, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2021	12/2029	893		(9)		—		—	%
MRI Software LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	01/2020	02/2027	1,891		(9)		—		—	%
Daxko Acquisition Corporation
Software	First lien (3)(13)(16) - Undrawn	—	—	—	10/2021	10/2028	986		(10)		—		—	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Healthspan Buyer, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	10/2023	10/2030	$	1,229	$	(12)	$	—	—	%
Coupa Holdings, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	02/2023	08/2025	1,291		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	02/2023	02/2029	989		(12)		—
									(12)		—		—	%
Brave Parent Holdings, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2025	376		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2030	1,594		(6)		—
	First lien (5)(13)(16) - Undrawn	—	—	—	11/2023	05/2025	963		(7)		—
									(13)		—		—	%
FS WhiteWater Holdings, LLC(27)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	03/2025	03/2027	909		—		—
	First lien (5)(13)(16) - Undrawn	—	—	—	03/2025	03/2027	2,723		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	12/2021	12/2029	1,400		(14)		—
									(14)		—		—	%
GraphPAD Software, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2031	1,682		(4)		—
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2026	4,038		(10)		—
									(14)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(12)(13)(16) - Undrawn	—	—	—	12/2024	04/2025	95		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2021	06/2028	1,501		(15)		—
									(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)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Fortis Solutions Group, LLC
Packaging	First lien (3)(13)(16) - Undrawn	—	—	—	06/2022	06/2025	$	3,262	$	—	$	—
	First lien (3)(13)(16) - Undrawn	—	—	—	10/2021	10/2027	1,573		(16)		—
									(16)		—		—	%
Nelipak Holding Company
Packaging	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2027	$	3,501	—		—
	First lien (3)(11)(13)(14)(16) - Undrawn	—	—	—	03/2024	03/2027	€	6,411	—		—
	First lien (3)(11)(13)(14)(16) - Undrawn	—	—	—	03/2024	03/2031	€	987	(7)		—
	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2031	$	1,306	(10)		—
									(17)		—		—	%
Foreside Financial Group, LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	3,312		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2022	09/2027	1,710		(17)		—
									(17)		—		—	%
Diamond Parent Holdings Corp. (25)
Diligent Corporation
Software	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	08/2030	2,265		(8)		—
	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	04/2026	3,398		(13)		—
									(21)		—		—	%
Oranje Holdco, Inc.
Education	First lien (3)(13)(16) - Undrawn	—	—	—	02/2023	02/2029	1,860		(23)		—		—	%
OEConnection LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	04/2031	5,063		(25)		—		—	%
Pioneer Topco I, L.P.(28)
Pioneer Buyer I, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	11/2021	11/2027	3,284		(26)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

GS Acquisitionco, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	$	1,120	$	—	$	—
	First lien (3)(13)(16) - Undrawn	—	—	—	08/2019	05/2028	4,821		(26)		—
									(26)		—		—	%
Infogain Corporation
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2021	07/2026	3,827		(29)		—		—	%
GC Waves Holdings, Inc.
Financial Services	First lien (3)(13)(16) - Undrawn	—	—	—	10/2019	10/2030	3,951		(30)		—		—	%
OA Topco, L.P.(29)
OA Buyer, Inc.
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	12/2021	12/2028	3,600		(36)		—		—	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	12/2021	12/2027	3,659		(37)		—		—	%
Ciklum Inc.**
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	08/2025	11,955		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	02/2024	02/2030	2,989		(37)		—
									(37)		—		—	%
IG Investments Holdings, LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	09/2021	09/2028	3,780		(38)		—		—	%
Power Grid Holdings, Inc.
Business Products	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	12/2030	4,289		(43)		—		—	%
TigerConnect, Inc.
Healthcare	First lien (2)(13)(16) - Undrawn	—	—	—	02/2022	12/2025	1,017		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	02/2022	02/2028	4,267		(43)		—
									(43)		—		—	%
CentralSquare Technologies, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	04/2030	3,980		(50)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Compsych Investments Corp.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	07/2027	$	333	$	—	$	(1)	(0.00)	%
Park Place Technologies, LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	09/2025	583		(1)		(1)
	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	03/2030	691		(2)		(2)
									(3)		(3)		(0.00)	%
Bonterra LLC
Software	First lien (3)(16) - Undrawn	—	—	—	03/2025	03/2027	1,629		—		—
	First lien (3)(16) - Undrawn	—	—	—	03/2025	03/2032	1,363		(3)		(3)
									(3)		(3)		(0.00)	%
Firebird Co-Invest L.P. (20)
Firebird Acquisition Corp, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	01/2025	02/2028	4,740		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	01/2025	02/2032	1,422		(4)		(4)
									(4)		(4)		(0.00)	%
Logrhythm, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	07/2029	420		(6)		(7)		(0.00)	%
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(13)(16) - Undrawn	—	—	—	08/2024	08/2026	358		—		(4)
	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2030	383		(4)		(4)
									(4)		(8)		(0.00)	%
DOCS, MSO, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2022	06/2028	1,924		—		(8)		(0.00)	%
Specialtycare, Inc.
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2021	06/2026	324		(5)		(9)		(0.00)	%
Xactly Corporation
Software	First lien (3)(13)(16) - Undrawn	—	—	—	07/2017	07/2027	992		(10)		(9)		(0.00)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

CRCI Longhorn Holdings, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2031	$	521	$	(3)	$	(3)
	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2026	1,629		—		(8)
									(3)		(11)		(0.00)	%
NC Topco, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	09/2031	669		(3)		(3)
	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2026	1,672		—		(8)
									(3)		(11)		(0.00)	%
Eclipse Topco, Inc. (30)
Eclipse Buyer Inc.
Software	First lien (4)(13)(16) - Undrawn	—	—	—	09/2024	09/2026	1,206		—		(6)
	First lien (3)(13)(16) - Undrawn	—	—	—	09/2024	09/2031	4,190		(21)		(21)
									(21)		(27)		(0.00)	%
eResearchTechnology, Inc.
Healthcare	First lien (3)(16) - Undrawn	—	—	—	03/2025	03/2026	1,889		(9)		(9)
	First lien (3)(16) - Undrawn	—	—	—	03/2025	01/2027	2,040		—		(11)
	First lien (3)(16) - Undrawn	—	—	—	03/2025	10/2031	1,074		(11)		(11)
									(20)		(31)		(0.00)	%
Baker Tilly Advisory Group, LP
Financial Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	06/2026	2,065		—		(15)
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	06/2030	2,894		(22)		(22)
									(22)		(37)		(0.00)	%
Viper Bidco. Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	11/2024	11/2026	4,150		—		(21)
	First lien (3)(13)(16) - Undrawn	—	—	—	11/2024	11/2031	3,320		(17)		(17)
									(17)		(38)		(0.00)	%
iCIMS, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	08/2022	08/2028	3,142		(27)		(41)		(0.00)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

KPSKY Acquisition Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2025	$	1,568	$	—	$	(45)	(0.00)	%
Einstein Parent, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	01/2025	01/2031	5,750		(57)		(57)		(0.00)	%
Model N, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2031	4,825		(24)		(24)
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2026	9,047		—		(45)
									(24)		(69)		(0.01)	%
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	08/2021	08/2027	2,071		(21)		(74)		(0.01)	%
Notorious Topco, LLC
Consumer Products	First lien (3)(13)(16) - Undrawn	—	—	—	11/2021	05/2027	646		(5)		(99)		(0.01)	%
PetVet Care Centers, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	10/2023	11/2025	3,708		—		(61)
	First lien (3)(13)(16) - Undrawn	—	—	—	10/2023	11/2029	3,708		(37)		(61)
									(37)		(122)		(0.01)	%
Total Unfunded Debt Investments - United States									$	(1,003)	$	(685)	(0.04)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	12/2022	12/2028	$	320	$	(5)	$	—	—	%
Total Unfunded Debt Investments - Australia									(5)		—		—	%
Total Unfunded Debt Investments									(1,008)		(685)		(0.04)	%
Total Non-Controlled/Non-Affiliated Investments									2,276,008		2,260,728		167.70	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Non-Controlled/Affiliated Investments (33)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (21)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(13)	SOFR(Q)*	13.50%/PIK	17.80%	12/2020	01/2028	$	23,277	$	23,214	$	23,277	1.73	%
Eagle Infrastructure Super HoldCo, LLC (31)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services	First lien (2)(12)(13)	SOFR(Q)	7.50%	11.95%	03/2023	04/2028	10,628		10,628		10,628
	First lien (3)(13)	SOFR(Q)	7.50%	11.95%	03/2023	04/2028	340		340		340
									10,968		10,968		0.81	%
Permian Holdco 3, Inc.
Permian Trust
Energy	Trust Claim(8)(13)	FIXED(Q)(18)*	10.00%/PIK	10.00%	03/2021	—	247		—		—
	First lien (3)(13)	SOFR(Q)(18)*	10.00%/PIK	11.00%	07/2020	—	3,409		—		—
									—		—		—	%
Total Funded Debt Investments - United States									$	34,182	$	34,245	2.54	%
Equity - United States
TVG-Edmentum Holdings, LLC(21)
Education	Ordinary shares (3)(13)	FIXED(Q)*	12.00%/PIK	12.00%	12/2020	—	48,899		$	68,051	$	59,136
	Preferred shares (3)(13)	FIXED(Q)*	15.00%/PIK	15.00%	05/2024	—	3,480		7,807		7,808
									75,858		66,944		4.97	%
Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary shares (3)(13)	—	—	—	03/2023	—	72,536		4,104		7,369		0.55	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(13)	—	—	—	07/2017	—	25,000,000		11,501		1,799
	Ordinary shares (3)(13)	—	—	—	07/2017	—	2,786,000		1,282		201
									12,783		2,000		0.15	%
Total Shares - United States									$	92,745	$	76,313	5.67	%
Total Non-Controlled/Affiliated Investments									$	126,927	$	110,558	8.21	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

Controlled Investments (34)
Funded Debt Investments - United States
New Benevis Topco, LLC (23)
New Benevis Holdco, Inc.
Healthcare	First lien (2)(13)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2026	$	47,496	$	47,496	$	47,496
	First lien (3)(11)(13)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2026	36,948		36,948		36,948
	Subordinated (3)(13)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2026	24,535		23,776		19,628
									108,220		104,072		7.72	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(11)(13)	SOFR(Q)	9.00%	13.56%	10/2020	12/2027	23,336		23,336		23,336
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	6.00%	10.56%	10/2020	12/2027	22,184		22,184		22,184
									45,520		45,520		3.38	%
NHME Holdings Corp. (22)
National HME, Inc.
Healthcare	Second lien (3)(13)	SOFR(Q)(18)*	5.00%/PIK	9.57%	11/27/2018	11/2025	8,281		7,872		3,000		0.00%
Total Funded Debt Investments - United States									$	161,612	$	152,592	11.32	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(13)	—	—	—	05/2018	—	—		$	160,000	$	160,000	11.87	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(13)	—	—	—	05/2021	—	—		112,400		112,400		8.34	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (6)(13)	—	—	—	06/2018	—	—		74,248		105,211		7.80	%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(13)	FIXED(Q)*	20.00%/PIK	20.00%	08/2018	—	55,705,117		52,381		45,347
	Preferred shares (3)(13)	—	—	—	06/2017	—	80,994,293		29,318		21,388
	Preferred shares (2)(13)	—	—	—	01/2015	—	29,326,545		26,946		—
	Preferred shares (3)(13)	—	—	—	01/2015	—	141,354,439		7,447		—
	Ordinary shares (2)(13)	—	—	—	01/2015	—	2,096,477		1,925		—
	Ordinary shares (3)(13)	—	—	—	01/2015	—	9,236,492		532		—
									118,549		66,735		4.95	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets

New Benevis Topco, LLC (23)
Healthcare	Ordinary shares (2)(13)	—	—	—	10/2020	—	325,516		$	27,154	$	27,697
	Ordinary shares (3)(13)	—	—	—	10/2020	—	152,548		12,768		12,980
									39,922		40,677		3.02	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(13)	—	—	—	10/2020	—	100		11,155		16,000		1.19	%
NM YI, LLC
Net Lease	Membership interest (6)(13)	—	—	—	09/2019	—	—		6,272		8,927		0.66	%
NM GP Holdco, LLC**
Net Lease	Membership interest (6)(13)	—	—	—	06/2018	—	—		850		383		0.03	%
NHME Holdings Corp.(22)
Healthcare	Ordinary shares (3)(13)	—	—	—	11/2018	—	640,000		4,000		—		—	%
Total Shares - United States									$	527,396	$	510,333	37.86	%
Total Shares									$	527,396	$	510,333	37.86	%
Warrants - United States
NHME Holdings Corp. (22)
Healthcare	Warrants (3)(13)	—	—	—	11/2018	01/2033	160,000		$	1,000	$	—	—	%
Total Warrants - United States									$	1,000	$	—	—	%
Total Funded Investments									$	690,008	$	662,925	49.18	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(13)(16) - Undrawn	—	—	—	10/2020	12/2027	$	9,710	$	—	$	—	—	%
Total Unfunded Debt Investments - United States									$	—	$	—	—	%
Total Controlled Investments									$	690,008	$	662,925	49.18	%
Total Investments									$	3,092,943	$	3,034,211	225.09	%

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

(2)Investment is held by New Mountain Finance Holdings, L.L.C.

(3)Investment is held by New Mountain Finance Corporation

(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 New Mountain Net Lease Corporation.

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

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

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

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

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

(11)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto. See Note 7. Borrowings, for details

(12)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. 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.

(13)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.

(14)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of March 31, 2025, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $15,503 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan, undrawn revolver and drawn revolver is $17,830, $6,935, $1,068 and $226, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

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

(16)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.

(17)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), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of March 31, 2025.

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

(19)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 March 31, 2025. See Note 2. Summary of Significant Accounting Policies, for details.

(20)The Company holds a LP Interest in Firebird Co-Invest L.P. and holds a first lien term loan, a first lien delayed and a first lien revolver in Firebird Acquisition Corp, Inc., a wholly-owned subsidiary of Firebird Co-Invest L.P. .

(21)The Company holds ordinary shares and preferred equity 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 two first lien term loans, a first lien delayed draw 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 five first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.

(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 three 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 Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, 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, a subordinated loan and a first lien delayed draw in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Holdco Corp.

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

(33)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of March 31, 2025 and December 31, 2024, along with transactions during the three months ended March 31, 2025 in which the issuer was a non-controlled/affiliated investment, is as follows:


Portfolio Company	Fair Value at December 31, 2024		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2025		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	$	19,156	$	—	$	—	$	(819)	$	18,337	$	—	$	327	$	—	$	—
Sierra Hamilton Holdings Corporation	2,000		—		—		—		2,000		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	91,620		2,673		—		(4,072)		90,221		—		991		1,683		63
Total Non-Controlled/Affiliated Investments	$	112,776	$	2,673	$	—	$	(4,891)	$	110,558	$	—	$	1,318	$	1,683	$	63

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

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

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

(34) Denotes investments in which the Company "controls", as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of March 31, 2025 and December 31, 2024, along with transactions during the three months ended March 31, 2025 in which the issuer was a controlled investment, is as follows:


Portfolio Company (1)	Fair Value at December 31, 2024		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2025		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
National HME, Inc./NHME Holdings Corp.	$	3,000	$	—	$	—	$	—	$	3,000	$	—	$	—	$	—	$	—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	140,102		6,055		—		(1,408)		144,749		—		3,311		—		1,383
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	63,076		1,345		—		(2,901)		61,520		—		1,346		—		125
NM NL Holdings, L.P.	104,512		—		—		699		105,211		—		—		2,225		—
NM GP Holdco, LLC	322		—		—		61		383		—		—		13		—
NM YI LLC	9,960		—		—		(1,033)		8,927		—		—		226		—
NMFC Senior Loan Program III LLC	160,000		—		—		—		160,000		—		—		5,800		—
NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		3,934		—
UniTek Global Services, Inc.	107,524		63,603		(60,582)		(43,810)		66,735		38,899		516		2,071		320
Total Controlled Investments	$	700,896	$	71,003	$	(60,582)	$	(48,392)	$	662,925	$	38,899	$	5,173	$	14,269	$	1,828

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

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

** Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2025, 14.2% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(unaudited)


	March 31, 2025
Investment Type	Percent of Total Investments at Fair Value
First lien	64.56	%
Second lien	5.72	%
Subordinated	3.46	%
Structured Finance Obligations	0.11	%
Equity and other	26.15	%
Total investments	100.00	%


	March 31, 2025
Industry Type	Percent of Total Investments at Fair Value
Software	27.51	%
Healthcare	17.45	%
Business Services	14.69	%
Investment Funds (includes investments in joint ventures)	9.08	%
Consumer Services	6.21	%
Education	5.81	%
Financial Services	4.14	%
Distribution & Logistics	3.93	%
Net Lease	3.77	%
Packaging	2.27	%
Energy	2.09	%
Food & Beverage	1.40	%
Business Products	0.74	%
Consumer Products	0.59	%
Specialty Chemicals & Materials	0.32	%
Total investments	100.00	%


	March 31, 2025
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	86.50	%
Fixed rates	13.50	%
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, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		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)(12)(13)	SOFR(M)	5.25%	9.71%	12/2021	12/2027	$	22,733	$	22,583	$	22,734
	First lien (3)(11)(13)	SOFR(M)	5.25%	9.71%	12/2021	12/2027	20,218		20,104		20,218
	First lien (4)(13)	SOFR(M)	5.25%	9.71%	01/2022	12/2027	9,599		9,545		9,599
	First lien (4)(13)	SOFR(M)	5.25%	9.71%	12/2021	12/2027	7,375		7,327		7,375
	Subordinated (3)(11)(13)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	15,733		15,598		15,366
	Subordinated (4)(13)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	6,170		6,117		6,027
									81,274		81,319		5.98	%
Knockout Intermediate Holdings I Inc.(30)
Kaseya Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.50%	10.09%	06/2022	06/2029	64,124		63,786		64,124
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	5.50%	9.83%	06/2022	06/2029	973		966		973
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	10.09%	06/2022	06/2029	751		746		751
	First lien (3)(11)(13)	SOFR(Q)	5.50%	10.09%	06/2022	06/2029	238		237		238
									65,735		66,086		4.86	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First lien (3)(11)(13)	SOFR(Q)	6.50%	11.32%	05/2024	07/2028	49,430		49,409		49,430
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.50%	11.28%	05/2024	07/2028	1,539		1,538		1,539
	First lien (3)(13)(16) - Drawn	SOFR(Q)	6.50%	11.32%	05/2024	07/2028	641		641		641
	Subordinated (3)(13)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	7,959		7,942		7,959
	Subordinated (3)(13)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	3,039		3,033		3,039
									62,563		62,608		4.61	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(12)(13)	SOFR(M)	4.75%	9.21%	08/2021	10/2030	40,312		40,084		40,312
	First lien (5)(13)	SOFR(M)	4.75%	9.21%	08/2021	10/2030	21,448		21,386		21,448
									61,470		61,760		4.54	%

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, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
OA Topco, L.P.(29)
OA Buyer, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(M)	4.75%	9.11%	06/2024	12/2028	$	31,513	$	31,442	$	31,513
	First lien (2)(12)(13)	SOFR(M)	4.75%	9.11%	12/2021	12/2028	27,425		27,248		27,425
	First lien (2)(12)(13)	SOFR(M)	4.75%	9.11%	05/2022	12/2028	1,736		1,724		1,736
									60,414		60,674		4.46	%
GS Acquisitionco, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.58%	08/2019	05/2028	34,719		34,663		34,719
	First lien (5)(13)	SOFR(Q)	5.25%	9.58%	08/2019	05/2028	21,297		21,263		21,297
	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.58%	08/2019	05/2028	2,909		2,902		2,909
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.25%	9.58%	03/2024	05/2028	319		319		319
									59,147		59,244		4.36	%
iCIMS, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.38%	09/2023	08/2028	44,742		44,537		44,406
	First lien (2)(12)(13)	SOFR(Q)	6.25%	10.88%	10/2022	08/2028	7,366		7,321		7,311
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.75%	10.34%	08/2022	08/2028	706		705		701
									52,563		52,418		3.86	%
OEConnection LLC
Software	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	04/2024	04/2031	46,430		46,214		46,430		3.42	%
Model N, Inc.
Software	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.33%	06/2024	06/2031	44,218		44,008		43,997		3.24	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.18%	08/2021	08/2028	37,094		36,871		36,604
	First lien (3)(11)(13)	SOFR(Q)	5.75%	10.18%	08/2021	08/2028	3,905		3,880		3,853
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	5.75%	10.20%	08/2021	08/2027	3,027		2,997		2,987
									43,748		43,444		3.20	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(12)(13)	SOFR(M)	5.75%	10.21%	07/2021	07/2028	18,372		18,291		18,372
	First lien (3)(11)(13)	SOFR(M)	5.75%	10.21%	07/2022	07/2028	7,764		7,713		7,764
	Subordinated (3)(13)	SOFR(Q)	7.50%	11.93%	07/2022	07/2029	16,953		16,795		16,953
									42,799		43,089		3.17	%
Sierra Enterprises, LLC
Food & Beverage	First lien (3)(11)(13)	SOFR(Q)	6.75%	11.34%	06/2023	05/2027	42,450		38,840		42,450		3.12	%

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, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.55%	05/2022	10/2028	$	15,593	$	15,565	$	15,593
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.55%	08/2021	10/2028	11,908		11,887		11,908
	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.55%	08/2021	10/2028	6,659		6,644		6,659
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.50%	01/2022	10/2028	1,228		1,221		1,228
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.56%	01/2022	10/2028	824		819		824
	Subordinated (3)(13)	FIXED(Q)*	13.00%/PIK	13.00%	05/2023	05/2033	4,231		4,185		4,231
									40,321		40,443		2.98	%
MRI Software LLC
Software	First lien (5)(13)	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	21,430		21,398		21,430
	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.08%	03/2021	02/2027	7,591		7,580		7,591
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.08%	03/2021	02/2027	4,521		4,516		4,521
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	3,107		3,103		3,107
	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	793		792		793
	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	111		111		111
									37,500		37,553		2.76	%
Foreside Financial Group, LLC
Business Services	First lien (2)(12)(13)	SOFR(M)	5.25%	9.71%	05/2022	09/2027	33,356		33,163		33,356
	First lien (3)(11)(13)	SOFR(M)	5.25%	9.71%	05/2022	09/2027	4,075		4,041		4,075
									37,204		37,431		2.75	%
CentralSquare Technologies, LLC
Software	First lien (2)(12)(13)	SOFR(M)*	2.88% + 3.38%/PIK	10.63%	04/2024	04/2030	35,797		35,399		35,797		2.63	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (3)(11)(13)	SOFR(S)	5.75%	10.94%	10/2021	10/2028	21,624		21,492		21,138
	First lien (2)(12)(13)	SOFR(S)	5.75%	10.94%	10/2021	10/2028	14,624		14,534		14,295
									36,026		35,433		2.61	%
IG Investments Holdings, LLC
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.67%	09/2021	09/2028	32,799		32,611		32,799
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.67%	03/2024	09/2028	2,542		2,540		2,542
									35,151		35,341		2.60	%

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, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
TigerConnect, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(Q)*	3.38% + 3.38%/PIK	11.47%	02/2022	02/2028	$	29,868	$	29,689	$	29,868
	First lien (2)(13)(16) - Drawn	SOFR(Q)*	3.38% + 3.38%/PIK	11.47%	02/2022	02/2028	2,440		2,440		2,440
									32,129		32,308		2.38	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(13)	SOFR(Q)	5.75%	10.26%	08/2022	08/2029	22,388		22,332		22,388
	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.26%	06/2024	08/2029	8,258		8,258		8,258
									30,590		30,646		2.25	%
Fortis Solutions Group, LLC
Packaging	First lien (2)(12)(13)	SOFR(Q)	5.50%	9.93%	10/2021	10/2028	17,176		17,066		17,176
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.93%	10/2021	10/2028	12,020		11,946		12,020
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	10.30%	10/2021	10/2027	1,001		990		1,001
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	9.90%	06/2022	10/2028	342		343		342
	First lien (3)(13)	SOFR(Q)	5.50%	9.93%	10/2021	10/2028	80		79		80
									30,424		30,619		2.25	%
Brave Parent Holdings, Inc.
Software	First lien (5)(13)	SOFR(M)	5.00%	9.36%	11/2023	11/2030	20,019		19,931		20,019
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	05/2024	11/2030	7,827		7,827		7,827
	First lien (5)(13)(16) - Drawn	SOFR(M)	5.00%	9.36%	11/2023	11/2030	1,319		1,318		1,319
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.00%	9.36%	05/2024	11/2030	516		520		516
									29,596		29,681		2.18	%
Foundational Education Group, Inc.
Education	Second lien (5)(13)	SOFR(Q)	6.50%	11.35%	08/2021	08/2029	22,500		22,423		22,500
	Second lien (2)(12)(13)	SOFR(Q)	6.50%	11.35%	08/2021	08/2029	7,009		6,992		7,009
									29,415		29,509		2.17	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(M)*	2.75%+ 3.25%/PIK	10.46%	08/2021	08/2028	$	21,910	$	21,782	$	21,266
	First lien (3)(11)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.46%	08/2021	08/2028	4,206		4,170		4,082
	First lien (3)(11)(13)	SOFR(M)*	2.75% +3.25%/PIK	10.46%	08/2021	08/2028	3,884		3,858		3,769
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.50%	9.96%	08/2021	08/2027	235		233		228
									30,043		29,345		2.16	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.09%	10.85%	03/2021	03/2028	19,259		19,106		19,259
	First lien (3)(11)(13)	SOFR(Q)	6.09%	10.69%	03/2021	03/2028	5,012		4,996		5,012
	First lien (2)(12)(13)	SOFR(Q)	6.09%	10.85%	03/2021	03/2028	4,913		4,874		4,913
									28,976		29,184		2.15	%
Syndigo LLC
Software	Second lien (4)(13)	SOFR(Q)	8.00%	12.89%	12/2020	12/2028	22,500		22,397		22,500
	Second lien (2)(12)(13)	SOFR(Q)	8.00%	12.89%	02/2022	12/2028	5,697		5,706		5,697
									28,103		28,197		2.07	%
PetVet Care Centers, LLC
Consumer Services	First lien (2)(12)(13)	SOFR(M)	6.00%	10.36%	10/2023	11/2030	28,145		27,895		28,145		2.07	%
Nelipak Holding Company
Packaging	First lien (3)(11)(13)(14)	EURIBOR(M)	5.50%	8.36%	03/2024	03/2031	16,523		17,776		17,108
	First lien (2)(12)(13)	SOFR(M)	5.50%	9.86%	03/2024	03/2031	9,023		8,961		9,023
	First lien (3)(11)(13)(14)(16) - Drawn	SOFR(M)	5.50%	9.86%	03/2024	03/2031	1,097		1,089		1,097
	First lien (3)(13)(16) - Drawn	EURIBOR(M)	5.50%	8.32%	03/2024	03/2031	392		406		405
									28,232		27,633		2.03	%

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, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
Bullhorn, Inc.
Software	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	09/2019	10/2029	$	13,206	$	13,170	$	13,206
	First lien (3)(11)(13)	SOFR(M)	5.00%	9.36%	05/2024	10/2029	8,462		8,452		8,462
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	10/2021	10/2029	3,398		3,394		3,398
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	09/2019	10/2029	761		758		761
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.00%	9.36%	05/2024	10/2029	417		417		417
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	09/2019	10/2029	341		340		341
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	09/2019	10/2029	272		271		272
									26,802		26,857		1.98	%
Pioneer Topco I, L.P.(28)
Pioneer Buyer I, LLC
Software	First lien (3)(11)(13)	SOFR(Q)	6.50%	10.83%	03/2024	11/2028	23,089		22,997		23,089
	First lien (3)(11)(13)	SOFR(Q)	6.50%	10.83%	03/2022	11/2028	2,374		2,364		2,374
									25,361		25,463		1.87	%
DOCS, MSO, LLC
Healthcare	First lien (3)(11)(13)	SOFR(M)	5.75%	10.40%	06/2022	06/2028	18,337		18,337		18,236
	First lien (4)(13)	SOFR(M)	5.75%	10.40%	06/2022	06/2028	6,867		6,867		6,829
									25,204		25,065		1.84	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (2)(12)(13)	SOFR(S)	5.25%	9.75%	02/2022	02/2028	18,964		18,908		18,964
	First lien (2)(12)(13)	SOFR(S)	5.25%	9.75%	02/2022	02/2028	5,277		5,259		5,277
	First lien (3)(11)(13)	SOFR(S)	5.25%	9.75%	02/2022	02/2028	693		690		693
									24,857		24,934		1.83	%
Diamond Parent Holdings Corp. (25)
Diligent Corporation
Software	First lien (2)(12)(13)	SOFR(S)	5.00%	10.09%	04/2024	08/2030	19,821		19,753		19,821
	First lien (3)(11)(13)	SOFR(S)	5.00%	10.09%	04/2024	08/2030	3,398		3,386		3,398
									23,139		23,219		1.71	%
FS WhiteWater Holdings, LLC(27)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(13)	SOFR(Q)	5.75%	10.23%	12/2021	12/2027	10,185		10,127		10,185
	First lien (3)(11)(13)	SOFR(Q)	6.00%	10.48%	07/2022	12/2027	5,677		5,636		5,677
	First lien (5)(13)	SOFR(Q)	5.75%	10.23%	12/2021	12/2027	3,419		3,398		3,419
	First lien (5)(13)	SOFR(Q)	5.75%	10.23%	12/2021	12/2027	3,397		3,378		3,397
									22,539		22,678		1.67	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
Power Grid Holdings, Inc.
Business Products	First lien (4)(13)	SOFR(Q)	4.75%	9.08%	11/2023	12/2030	$	22,387	$	22,228	$	22,387	1.65	%
Xactly Corporation
Software	First lien (4)(13)	SOFR(Q)	6.25%	10.86%	07/2017	07/2027	22,500		22,483		22,250		1.64	%
YLG Holdings, Inc.
Business Services	First lien (5)(13)	SOFR(Q)	4.75%	9.09%	11/2019	12/2030	21,825		21,798		21,825		1.61	%
Ambrosia Holdco Corp(32)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(13)	SOFR(M)*	5.25%/PIK	9.59%	01/2024	06/2029	12,327		11,782		10,402
	First lien (3)(11)(13)	SOFR(M)*	5.25%/PIK	9.59%	01/2024	06/2029	9,925		9,818		8,374
	First lien (3)(11)(13)	SOFR(M)*	2.00%/PIK + 1.00%	7.34%	03/2024	06/2029	2,843		2,317		2,351
	Subordinated (2)(13)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	302		302		302
	Subordinated (3)(13)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	291		291		291
									24,510		21,720		1.60	%
Cardinal Parent, Inc.
Software	First lien (4)	SOFR(Q)	4.50%	8.98%	10/2020	11/2027	11,730		11,689		11,249
	Second lien (4)(13)	SOFR(Q)	7.75%	12.24%	11/2020	11/2028	9,767		9,709		9,423
									21,398		20,672		1.52	%
PDI TA Holdings, Inc.
Software	First lien (4)(13)	SOFR(Q)	5.50%	10.09%	01/2024	02/2031	18,161		18,078		18,161
	First lien (4)(13)(16) - Drawn	SOFR(Q)	5.50%	10.00%	01/2024	02/2031	2,360		2,348		2,360
									20,426		20,521		1.51	%
Oranje Holdco, Inc.
Education	First lien (2)(12)(13)	SOFR(Q)	7.75%	12.32%	02/2023	02/2029	7,440		7,370		7,440
	First lien (3)(11)(13)	SOFR(Q)	7.75%	12.32%	02/2023	02/2029	7,440		7,369		7,440
	First lien (3)(11)(13)	SOFR(Q)	7.25%	11.82%	04/2024	02/2029	5,454		5,404		5,454
									20,143		20,334		1.50	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)(11)	SOFR(M)	6.75%	11.22%	03/2021	03/2029	20,313		20,280		20,281		1.49	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(12)(13)	SOFR(S)	5.25%	9.76%	06/2021	06/2028	15,382		15,303		15,382
	First lien (2)(12)(13)	SOFR(S)	5.25%	9.94%	06/2021	06/2028	4,467		4,438		4,467
									19,741		19,849		1.46	%

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, 2024

(in thousands, except shares)

Portfolio Company, Location and Industry(1)

Type of
Investment

Reference

Spread

Total Coupon (17)

Acquisition Date

Maturity/Expiration
Date

Principal
Amount,
Par Value
or Shares (15)