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Drawn 12025-03-310001496099Associations, Inc., First lien - Drawn 22025-03-310001496099Associations, Inc., Subordinated 12025-03-310001496099Associations, Inc., Subordinated 22025-03-310001496099nmfc:AssociationsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099GC Waves Holdings, Inc., First lien 12025-03-310001496099GC Waves Holdings, Inc., First lien 22025-03-310001496099nmfc:GCWavesHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099OA Buyer, Inc., First lien 12025-03-310001496099OA Buyer, Inc., First lien 22025-03-310001496099OA Buyer, Inc., First lien 32025-03-310001496099nmfc:OABuyerIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099GS Acquisitionco, Inc., First lien 12025-03-310001496099GS Acquisitionco, Inc., First lien 22025-03-310001496099GS Acquisitionco, Inc., First lien 32025-03-310001496099GS Acquisitionco, Inc., First lien - Drawn2025-03-310001496099nmfc:GSAcquisitioncoIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Einstein Parent, Inc., First Lien - Drawn 12025-03-310001496099nmfc:EinsteinParentInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099OEConnection LLC, First lien 12025-03-310001496099OEConnection LLC, First lien 22025-03-310001496099nmfc:OEConnectionLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099iCIMS, Inc., First lien 12025-03-310001496099iCIMS, Inc., First lien 22025-03-310001496099iCIMS, Inc., First lien - Drawn2025-03-310001496099nmfc:ICIMSIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Model N, Inc., First lien2025-03-310001496099Deca Dental Holdings LLC, First lien 12025-03-310001496099Deca Dental Holdings LLC, First lien 22025-03-310001496099Deca Dental Holdings LLC, First lien - Drawn2025-03-310001496099nmfc:DecaDentalHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Foreside Financial Group, LLC, First lien 12025-03-310001496099Foreside Financial Group, LLC, First lien 22025-03-310001496099Foreside Financial Group, LLC, Subordinated2025-03-310001496099nmfc:InfogainCorporationMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Sierra Enterprises, LLC2025-03-310001496099Foreside Financial Group, LLC, First Lien 12025-03-310001496099Foreside Financial Group, LLC, First Lien - Drawn2025-03-310001496099Foreside Financial Group, LLC, First Lien 22025-03-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Wealth Enhancement Group, LLC, First lien 12025-03-310001496099Wealth Enhancement Group, LLC, First lien 22025-03-310001496099Wealth Enhancement Group, LLC, First lien 32025-03-310001496099Wealth Enhancement Group, LLC, First lien 42025-03-310001496099Wealth Enhancement Group, LLC, First lien 52025-03-310001496099Wealth Enhancement Group, LLC, Subordinated2025-03-310001496099nmfc:WealthEnhancementGroupLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099MRI Software LLC, First lien 12025-03-310001496099MRI Software LLC, First lien 22025-03-310001496099MRI Software LLC, First lien 32025-03-310001496099MRI Software LLC, First lien 42025-03-310001496099MRI Software LLC, First lien 52025-03-310001496099MRI Software LLC, First lien - Drawn2025-03-310001496099nmfc:MRISoftwareLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099CentralSquare Technologies, LLC, Second Lien 12025-03-310001496099nmfc:CentralSquareTechnologiesLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Auctane Inc. (fka Stamps.com Inc.) First Lien 12025-03-310001496099nmfc:AuctaneInc.FkaStamps.comInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099IG Investments Holdings, LLC, First lien 12025-03-310001496099IG Investments Holdings, LLC, First lien 22025-03-310001496099nmfc:IGInvestmentsHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Foundational Education Group, Inc., Second lien 12025-03-310001496099Foundational Education Group, Inc., Second lien 22025-03-310001496099nmfc:FoundationalEducationGroupIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099TigerConnect, Inc., First lien2025-03-310001496099TigerConnect, Inc., First lien - Drawn2025-03-310001496099nmfc:TigerConnectIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Fortis Solutions Group, LLC, First lien 12025-03-310001496099Fortis Solutions Group, LLC, First lien 22025-03-310001496099Fortis Solutions Group, LLC, First lien - Drawn 12025-03-310001496099Fortis Solutions Group, LLC, First lien - Drawn 22025-03-310001496099Fortis Solutions Group, LLC, First lien 32025-03-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099PPV Intermediate Holdings, LLC, First lien 12025-03-310001496099PPV Intermediate Holdings, LLC, First lien 22025-03-310001496099nmfc:PPVIntermediateHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Brave Parent Holdings, Inc., First lien 12025-03-310001496099Brave Parent Holdings, Inc., First lien 22025-03-310001496099Brave Parent Holdings, Inc., First lien - Drawn 12025-03-310001496099Brave Parent Holdings, Inc., First lien - Drawn 22025-03-310001496099nmfc:BraveParentHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099ACI Group Holdings, Inc., First lien 12025-03-310001496099ACI Group Holdings, Inc., First lien 22025-03-310001496099ACI Group Holdings, Inc., First lien 32025-03-310001496099ACI Group Holdings, Inc., First lien - Drawn2025-03-310001496099nmfc:ACIGroupHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099NMC Crimson Holdings, Inc., First lien 12025-03-310001496099NMC Crimson Holdings, Inc., First lien 22025-03-310001496099NMC Crimson Holdings, Inc., First lien 32025-03-310001496099nmfc:NMCCrimsonHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099DOCS, MSO, LLC, First lien 12025-03-310001496099DOCS, MSO, LLC, First lien 22025-03-310001496099DOCS, MSO, LLC, First lien 32025-03-310001496099DOCS, MSO, LLC, First lien - Drawn2025-03-310001496099DOCS, MSO, LLC, First lien (3)(13)(16) - Drawn2025-03-310001496099nmfc:DOCSMSOLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Nelipak Holding Company, First lien 12025-03-310001496099Nelipak Holding Company, First lien 22025-03-310001496099Nelipak Holding Company, First lien - Drawn 12025-03-310001496099Nelipak Holding Company, First lien - Drawn 22025-03-310001496099nmfc:NelipakHoldingCompanyMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Syndigo LLC, Second lien 12025-03-310001496099Syndigo LLC, Second lien 22025-03-310001496099nmfc:SyndigoLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099PetVet Care Centers, LLC, First lien2025-03-310001496099Bullhorn, Inc., First lien 12025-03-310001496099Bullhorn, Inc., First lien 22025-03-310001496099Bullhorn, Inc., First lien 32025-03-310001496099Bullhorn, Inc., First lien 42025-03-310001496099Bullhorn, Inc., First lien 52025-03-310001496099Bullhorn, Inc., First lien 62025-03-310001496099nmfc:BullhornIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Pioneer Buyer I, LLC, First lien 12025-03-310001496099Pioneer Buyer I, LLC, First lien 22025-03-310001496099nmfc:PioneerBuyerILLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099AmeriVet Partners Management, Inc., First lien 12025-03-310001496099AmeriVet Partners Management, Inc., First lien 22025-03-310001496099AmeriVet Partners Management, Inc., First lien 32025-03-310001496099nmfc:AmeriVetPartnersManagementIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Diligent Corporation , First lien 12025-03-310001496099Diligent Corporation , First lien 22025-03-310001496099nmfc:DiligentCorporationMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099PDI TA Holdings, Inc., First lien 12025-03-310001496099PDI TA Holdings, Inc., First lien 22025-03-310001496099PDI TA Holdings, Inc., First lien - Drawn2025-03-310001496099nmfc:PDITAHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099Power Grid Holdings, Inc., First lien2025-03-310001496099Xactly Corporation, First lien2025-03-310001496099TMK Hawk Parent, Corp., First lien 12025-03-310001496099TMK Hawk Parent, Corp., First lien 22025-03-310001496099TMK Hawk Parent, Corp., First lien 32025-03-310001496099TMK Hawk Parent, Corp., Subordinated 12025-03-310001496099TMK Hawk Parent, Corp., Subordinated 22025-03-310001496099nmfc:TMKHawkParentCorpMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099YLG Holdings, Inc., First lien2025-03-310001496099Cardinal Parent, Inc., First lien2025-03-310001496099Cardinal Parent, Inc., Second lien2025-03-310001496099nmfc:CardinalParentIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Trinity Air Consultants Holdings Corporation, First lien 12025-03-310001496099Trinity Air Consultants Holdings Corporation, First lien 22025-03-310001496099Trinity Air Consultants Holdings Corporation, First lien Drawn2025-03-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Oranje Holdco, Inc., First lien 12025-03-310001496099Oranje Holdco, Inc., First lien 22025-03-310001496099nmfc:OranjeHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099DG Investment Intermediate Holdings 2, Inc., Second lien2025-03-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 12025-03-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 22025-03-310001496099nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099FS WhiteWater Borrower, LLC, First lien 12025-03-310001496099FS WhiteWater Borrower, LLC, First lien 22025-03-310001496099FS WhiteWater Borrower, LLC, First lien 32025-03-310001496099FS WhiteWater Borrower, LLC, First lien 42025-03-310001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099GraphPAD Software, LLC, First lien2025-03-310001496099GraphPAD Software, LLC, First lien - Drawn2025-03-310001496099nmfc:GraphPADSoftwareLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 12025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 22025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated2025-03-310001496099nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Notorious Topco, LLC, First lien 12025-03-310001496099Notorious Topco, LLC, First lien 22025-03-310001496099Notorious Topco, LLC, First lien 32025-03-310001496099Notorious Topco, LLC, First lien Drawn 2025-03-310001496099nmfc:NotoriousTopcoLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Flash Charm Inc. (fka Idera, Inc.), Second lien 12025-03-310001496099Flash Charm Inc. (fka Idera, Inc.), Second lien 22025-03-310001496099nmfc:FlashCharmInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099Kele Holdco, Inc. First Lien 12025-03-310001496099Kele Holdco, Inc. First Lien 22025-03-310001496099Kele Holdco, Inc. First Lien - Drawn2025-03-310001496099nmfc:KeleHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099Viper Bidco. Inc., First lien2025-03-310001496099nmfc:ViperBidco.Inc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099Bonterra LLC, First lien2025-03-310001496099Bonterra LLC, First lien - Drawn2025-03-310001496099nmfc:BonterraLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Calabrio, Inc., First lien 12025-03-310001496099Calabrio, Inc., First lien 22025-03-310001496099Calabrio, Inc., First lien - Drawn2025-03-310001496099nmfc:CalabrioIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Coupa Holdings, LLC, First lien2025-03-310001496099Houghton Mifflin Harcourt Company, First lien2025-03-310001496099Convey Health Solutions, Inc., First lien 12025-03-310001496099Convey Health Solutions, Inc., First lien 22025-03-310001496099nmfc:ConveyHealthSolutionsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Daxko Acquisition Corporation, First lien 12025-03-310001496099Daxko Acquisition Corporation, First lien 22025-03-310001496099Daxko Acquisition Corporation, First lien 32025-03-310001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Baker Tilly Advisory Group, LP, First lien2025-03-310001496099CFS Management, LLC, First lien 12025-03-310001496099CFS Management, LLC, First lien 22025-03-310001496099nmfc:CFSManagementLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099USRP Holdings, Inc., First lien 12025-03-310001496099USRP Holdings, Inc., First lien 22025-03-310001496099nmfc:USRPHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099eResearchTechnology, Inc., First lien2025-03-310001496099eResearchTechnology, Inc., First lien - Drawn2025-03-310001496099nmfc:EResearchTechnologyInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099Anaplan, Inc., First lien2025-03-310001496099Project Accelerate Parent, LLC, First lien2025-03-310001496099Specialtycare, Inc., First lien 12025-03-310001496099Specialtycare, Inc., First lien - Drawn2025-03-310001496099Specialtycare, Inc., First lien 22025-03-310001496099nmfc:SpecialtycareIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099CG Group Holdings, LLC, First lien2025-03-310001496099CG Group Holdings, LLC, First lien - Drawn2025-03-310001496099nmfc:CGGroupHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Ciklum Inc., First lien2025-03-310001496099Planview Parent, Inc., Second lien2025-03-310001496099Safety Borrower Holdings LLC, First lien 12025-03-310001496099Safety Borrower Holdings LLC, First lien 22025-03-310001496099Safety Borrower Holdings LLC, First lien - Drawn2025-03-310001496099nmfc:SafetyBorrowerHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Icefall Parent, Inc., First lien2025-03-310001496099KPSKY Acquisition Inc., First lien 12025-03-310001496099KPSKY Acquisition Inc., First lien 22025-03-310001496099KPSKY Acquisition Inc., First lien 32025-03-310001496099KPSKY Acquisition Inc., First lien - Drawn2025-03-310001496099nmfc:KPSKYAcquisitionIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Park Place Technologies, LLC, First lien2025-03-310001496099Park Place Technologies, LLC, First lien - Drawn 12025-03-310001496099Park Place Technologies, LLC, First lien - Drawn 22025-03-310001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Alegeus Technologies Holdings Corp., First lien2025-03-310001496099Firebird Acquisition Corp, Inc., First lien2025-03-310001496099Higginbotham Insurance Agency, Inc., First lien2025-03-310001496099Higginbotham Insurance Agency, Inc., First lien - Drawn2025-03-310001496099nmfc:HigginbothamInsuranceAgencyInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099Eclipse Buyer Inc., First lien2025-03-310001496099CRCI Longhorn Holdings, Inc., First lien2025-03-310001496099CRCI Longhorn Holdings, Inc., First lien - Drawn2025-03-310001496099nmfc:CRCILonghornHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099PPVA Black Elk (Equity) LLC, Subordinated2025-03-310001496099Legends Hospitality Holding Company, LLC, First lien2025-03-310001496099Legends Hospitality Holding Company, LLC, First lien - Drawn2025-03-310001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Next Holdco, LLC, First lien2025-03-310001496099Greenway Health, LLC, First lien2025-03-310001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien2025-03-310001496099NC Topco, LLC, First lien2025-03-310001496099Healthspan Buyer, LLC, First lien2025-03-310001496099 Adelaide Borrower, LLC, First lien2025-03-310001496099Logrhythm, Inc., First lien2025-03-310001496099CommerceHub, Inc., First lien2025-03-310001496099Kene Acquisition, Inc., First lien2025-03-310001496099Kene Acquisition, Inc, First lien - Drawn2025-03-310001496099nmfc:KeneAcquisitionInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099RLG Holdings, LLC, First lien2025-03-310001496099AI Altius US Bidco, Inc., First lien2025-03-310001496099Galway Borrower LLC, First lien Drawn2025-03-310001496099Galway Borrower LLC, First lien2025-03-310001496099nmfc:GalwayBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099DCA Investment Holding, LLC, First lien 12025-03-310001496099DCA Investment Holding, LLC, First lien 22025-03-310001496099nmfc:DCAInvestmentHoldingLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Compsych Investments Corp, First lien 2025-03-310001496099CoreTrust Purchasing Group LLC, First lien 2025-03-310001496099Beacon Pointe Harmony, LLC, First lien 2025-03-310001496099Reorganized Careismatic Brands, LLC, Trust Claim 12025-03-310001496099Reorganized Careismatic Brands, LLC, Trust Claim 22025-03-310001496099nmfc:ReorganizedCareismaticBrandsLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099PPVA Fund, L.P., Collateralized Financing2025-03-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Aston FinCo S.a r.l. / Aston US Finco, LLC, Second lien2025-03-310001496099country:GBus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Tennessee Bidco Limited, First lien 2025-03-310001496099country:JEus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Atlas AU Bidco Pty Ltd, First lien 12025-03-310001496099Atlas AU Bidco Pty Ltd, First lien 22025-03-310001496099nmfc:AtlasAUBidcoPtyLtdMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099country:AUus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Dealer Tire Holdings, LLC, Preferred shares2025-03-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 12025-03-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 22025-03-310001496099nmfc:SymplrSoftwareIntermediateHoldingsIncMemberus-gaap:EquitySecuritiesMember2025-03-310001496099ACI Parent Inc., Preferred shares2025-03-310001496099Project Essential Super Parent, Inc., Preferred shares2025-03-310001496099OA Topco, L.P., Ordinary shares2025-03-310001496099Diligent Preferred Issuer, Inc., Preferred shares2025-03-310001496099Knockout Intermediate Holdings I Inc., Preferred shares2025-03-310001496099HBWM Holdings, LLC, Ordinary shares 2025-03-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Preferred shares 12025-03-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Preferred shares 22025-03-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Ordinary shares2025-03-310001496099nmfc:EclipseTopcoHoldingsInc.FkaTranscendiaHoldingsInc.Memberus-gaap:EquitySecuritiesMember2025-03-310001496099FS WhiteWater Holdings, LLC, Ordinary shares2025-03-310001496099Firebird Co-Invest L.P, LP Interest2025-03-310001496099Ambrosia Holdco Corp., Ordinary shares 12025-03-310001496099Ambrosia Holdco Corp., Ordinary shares 22025-03-310001496099nmfc:AmbrosiaHoldcoCorp.Memberus-gaap:EquitySecuritiesMember2025-03-310001496099Pioneer Topco I, L.P., Ordinary shares2025-03-310001496099Eclipse Topco, Inc., Preferred shares2025-03-310001496099GEDC Equity, LLC, Participation Interest2025-03-310001496099Ancora Acquisition LLC, Preferred shares2025-03-310001496099AAC Lender Holdings, LLC, Ordinary shares2025-03-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-03-310001496099us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-03-310001496099Ivy Hill Middle Market Credit Fund, Ltd, Structured Finance Obligations 2025-03-310001496099nmfc:IvyHillMiddleMarketCreditFundLtdMembernmfc:StructuredFinanceObligationsMember2025-03-310001496099Reorganized Careismatic Brands, LLC, Warrants 12025-03-310001496099Reorganized Careismatic Brands, LLC, Warrants 22025-03-310001496099nmfc:ReorganizedCareismaticBrandsLLCMemberus-gaap:WarrantMember2025-03-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:WarrantMember2025-03-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedSecuritiesMember2025-03-310001496099Associations, Inc., First lien - Undrawn 12025-03-310001496099Associations, Inc., First lien - Undrawn 22025-03-310001496099nmfc:AssociationsIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Beacon Pointe Harmony, LLC, First lien - Undrawn2025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien - Undrawn2025-03-310001496099TMK Hawk Parent, Corp., First lien - Undrawn2025-03-310001496099DOXA Insurance Holdings LLC, First lien - Undrawn2025-03-310001496099AI Altius US Bidco, Inc., First lien - Undrawn2025-03-310001496099Higginbotham Insurance Agency, Inc., First lien - Undrawn2025-03-310001496099Riskonnect Parent, LLC, First lien - Undrawn2025-03-310001496099CG Group Holdings, LLC, First lien - Undrawn2025-03-310001496099Safety Borrower Holdings LLC, First lien - Undrawn2025-03-310001496099CoreTrust Purchasing Group LLC, First lien - Undrawn2025-03-310001496099Next Holdco, LLC, First lien - Undrawn 12025-03-310001496099Next Holdco, LLC, First lien - Undrawn 22025-03-310001496099nmfc:NextHoldcoLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien - Undrawn2025-03-310001496099Bullhorn, Inc., First lien - Undrawn 12025-03-310001496099Bullhorn, Inc., First lien - Undrawn 22025-03-310001496099nmfc:BullhornIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099PPV Intermediate Holdings, LLC, First lien - Undrawn2025-03-310001496099Kene Acquisition, Inc., First lien - Undrawn 12025-03-310001496099Kene Acquisition, Inc., First lien - Undrawn 22025-03-310001496099nmfc:KeneAcquisitionInc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Calabrio, Inc., First lien - Undrawn2025-03-310001496099Wealth Enhancement Group, LLC, LLC, First lien - Undrawn2025-03-310001496099Adelaide Borrower, LLC, First lien - Undrawn 12025-03-310001496099Adelaide Borrower, LLC, First lien - Undrawn 22025-03-310001496099nmfc:AdelaideBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Icefall Parent, Inc., First lien - Undrawn2025-03-310001496099Project Accelerate Parent, LLC, First lien - Undrawn2025-03-310001496099PDI TA Holdings, Inc., First lien - Undrawn 12025-03-310001496099PDI TA Holdings, Inc., First lien - Undrawn 22025-03-310001496099nmfc:PDITAHoldingsInc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Kele Holdco, Inc.., First lien - Undrawn2025-03-310001496099USRP Holdings, Inc., First lien - Undrawn2025-03-310001496099MRI Software LLC., First lien - Undrawn2025-03-310001496099Daxko Acquisition Corporation, First lien - Undrawn2025-03-310001496099Daxko Acquisition Corporation., First lien - Undrawn2025-03-310001496099AmeriVet Partners Management, Inc., First lien - Undrawn2025-03-310001496099Healthspan Buyer, LLC, First lien - Undrawn2025-03-310001496099Coupa Holdings, LLC, First lien - Undrawn 12025-03-310001496099Coupa Holdings, LLC, First lien - Undrawn 22025-03-310001496099nmfc:CoupaHoldingsLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 12025-03-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 22025-03-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 32025-03-310001496099nmfc:BraveParentHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 12025-03-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 22025-03-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 32025-03-310001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099GraphPAD Software, LLC, First lien - Undrawn 12025-03-310001496099GraphPAD Software, LLC, First lien - Undrawn 22025-03-310001496099nmfc:GraphPADSoftwareLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 12025-03-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 22025-03-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 12025-03-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 22025-03-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Nelipak Holding Company, First lien - Undrawn 12025-03-310001496099Nelipak Holding Company, First lien - Undrawn 22025-03-310001496099Nelipak Holding Company, First lien - Undrawn 32025-03-310001496099Nelipak Holding Company, First lien - Undrawn 42025-03-310001496099nmfc:NelipakHoldingCompanyMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Foreside Financial Group, LLC, First lien - Undrawn 12025-03-310001496099Foreside Financial Group, LLC, First lien - Undrawn 22025-03-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Diligent Corporation, First lien - Undrawn 12025-03-310001496099Diligent Corporation, First lien - Undrawn 22025-03-310001496099nmfc:DiligentCorporationMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Oranje Holdco, Inc., First lien - Undrawn2025-03-310001496099OEConnection LLC., First lien - Undrawn2025-03-310001496099Pioneer Buyer I, LLC., First lien - Undrawn2025-03-310001496099GS Acquisitionco, Inc., First lien - Undrawn 12025-03-310001496099GS Acquisitionco, Inc., First lien - Undrawn 22025-03-310001496099nmfc:GSAcquisitioncoIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Infogain Corporation, First lien - Undrawn2025-03-310001496099GC Waves Holdings, Inc., First lien - Undrawn2025-03-310001496099OA Buyer, Inc., First lien - Undrawn2025-03-310001496099AAH Topco, LLC, First lien - Undrawn2025-03-310001496099Ciklum Inc., First lien - Undrawn 12025-03-310001496099Ciklum Inc, First lien - Undrawn 22025-03-310001496099nmfc:CiklumInc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099IG Investments Holdings, LLC, First lien - Undrawn2025-03-310001496099Power Grid Holdings, Inc., First lien - Undrawn2025-03-310001496099TigerConnect, Inc., First lien - Undrawn 12025-03-310001496099TigerConnect, Inc., First lien - Undrawn 22025-03-310001496099nmfc:TigerConnectIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099CentralSquare Technologies, LLC, First lien - Undrawn2025-03-310001496099Compsych Investments Corp., First lien - Undrawn2025-03-310001496099Park Place Technologies, LLC, First lien - Undrawn 12025-03-310001496099Park Place Technologies, LLC, First lien - Undrawn 22025-03-310001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Bonterra LLC, First lien - Undrawn 12025-03-310001496099Bonterra LLC, First lien - Undrawn 22025-03-310001496099nmfc:BonterraLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Firebird Acquisition Corp, Inc., First lien - Undrawn 12025-03-310001496099Firebird Acquisition Corp, Inc., First lien - Undrawn 22025-03-310001496099nmfc:FirebirdAcquisitionCorpInc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Logrhythm, Inc., First lien - Undrawn2025-03-310001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 12025-03-310001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 22025-03-310001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099DOCS, MSO, LLC, First lien - Undrawn2025-03-310001496099Specialtycare, Inc., First lien - Undrawn2025-03-310001496099Xactly Corporation, First lien - Undrawn2025-03-310001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 12025-03-310001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 22025-03-310001496099nmfc:CRCILonghornHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099NC Topco, LLC, First lien - Undrawn 12025-03-310001496099NC Topco, LLC, First lien - Undrawn 22025-03-310001496099nmfc:NCTopcoLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Eclipse Buyer Inc., First lien - Undrawn 12025-03-310001496099Eclipse Buyer Inc., First lien - Undrawn 22025-03-310001496099nmfc:EclipseBuyerIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099e Research Technology, Inc., First lien - Undrawn 12025-03-310001496099e Research Technology, Inc., First lien - Undrawn 22025-03-310001496099e Research Technology, Inc., First lien - Undrawn 32025-03-310001496099nmfc:EResearchTechnologyInc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 12025-03-310001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 22025-03-310001496099nmfc:BakerTillyAdvisoryGroupLPMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Viper Bidco. Inc., First lien - Undrawn 12025-03-310001496099Viper Bidco. Inc., First lien - Undrawn 22025-03-310001496099nmfc:ViperBidco.Inc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099iCIMS, Inc., First lien - Undrawn2025-03-310001496099KPSKY Acquisition Inc., First lien - Undrawn2025-03-310001496099Einstein Parent, Inc.., First lien - Undrawn2025-03-310001496099Model N, Inc., First lien - Undrawn 12025-03-310001496099Model N, Inc., First lien - Undrawn 22025-03-310001496099nmfc:ModelNInc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099ACI Group Holdings, Inc., First lien - Undrawn2025-03-310001496099Notorious Topco, LLC, First lien - Undrawn2025-03-310001496099PetVet Care Centers, LLC, First lien - Undrawn 12025-03-310001496099PetVet Care Centers, LLC, First lien - Undrawn 22025-03-310001496099nmfc:PetVetCareCentersLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Atlas AU Bidco Pty Ltd, First lien - Undrawn2025-03-310001496099country:AUus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Edmentum Ultimate Holdings, LLC, Subordinated2025-03-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 12025-03-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 22025-03-310001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Permian Trust, Trust Claim2025-03-310001496099Permian Trust, First lien2025-03-310001496099nmfc:PermianTrustMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099TVG-Edmentum Holdings, LLC, Ordinary shares2025-03-310001496099TVG-Edmentum Holdings, LLC, Preferred shares2025-03-310001496099nmfc:TVGEdmentumHoldingsLLCMemberus-gaap:EquitySecuritiesMember2025-03-310001496099Eagle Infrastructure Super HoldCo, LLC, Ordinary shares2025-03-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 12025-03-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 22025-03-310001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:EquitySecuritiesMember2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-03-310001496099New Benevis Holdco, Inc., First lien 12025-03-310001496099New Benevis Holdco, Inc., First lien 22025-03-310001496099New Benevis Holdco, Inc., Subordinated2025-03-310001496099nmfc:NewBenevisHoldcoIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099New Permian Holdco, L.L.C., First lien2025-03-310001496099New Permian Holdco, L.L.C., First lien - Drawn2025-03-310001496099nmfc:NewPermianHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099National HME, Inc., Second lien2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMember2025-03-310001496099NMFC Senior Loan Program III LLC, Membership interest2025-03-310001496099NMFC Senior Loan Program IV LLC, Membership interest2025-03-310001496099NM NL Holdings, L.P., Membership interest2025-03-310001496099UniTek Global Services, Inc., Preferred shares 12025-03-310001496099UniTek Global Services, Inc., Preferred shares 22025-03-310001496099UniTek Global Services, Inc., Preferred shares 32025-03-310001496099UniTek Global Services, Inc., Preferred shares 42025-03-310001496099UniTek Global Services, Inc., Ordinary shares 12025-03-310001496099UniTek Global Services, Inc., Ordinary shares 22025-03-310001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:EquitySecuritiesMember2025-03-310001496099New Benevis Topco, LLC, Ordinary shares 12025-03-310001496099New Benevis Topco, LLC, Ordinary shares 22025-03-310001496099nmfc:NewBenevisTopcoLLCMemberus-gaap:EquitySecuritiesMember2025-03-310001496099New Permian Holdco, Inc., Ordinary shares2025-03-310001496099NM YI, LLC, Membership interest2025-03-310001496099NM GP Holdco, LLC, Membership interest2025-03-310001496099NHME Holdings Corp., Ordinary shares2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-03-310001496099NHME Holdings Corp., Warrants2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:WarrantMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:FundedSecuritiesMember2025-03-310001496099New Permian Holdco, L.L.C., First lien - Undrawn2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Viper Bidco,Inc., First lien 2025-03-310001496099Nelipak Holding Company, Undrawn Delayed Draw Term Loan2025-03-310001496099Nelipak Holding Company, Undrawn Revolver2025-03-310001496099Nelipak Holding Company, Drawn Revolver2025-03-310001496099National HME, Inc., Second lien, Tranche A Term Loan2025-03-310001496099National HME, Inc., Second lien, Tranche B Term Loan2025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien2025-03-310001496099Diamond Parent Holdings Corp, Wholly-owned subsidiaries2025-03-310001496099Digital Corporation, First Lien2025-03-310001496099ACI Group Holdings, Inc., First lien2025-03-310001496099FS WhiteWater Borrower, LLC, First lien2025-03-310001496099Pioneer Buyer I, LLC, First lien2025-03-310001496099OA Buyer, Inc., First lien2025-03-310001496099Ambrosia Holdco Corp., First lien2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorp.AndEagleInfrastructureSuperHoldCoLLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorp.AndEagleInfrastructureSuperHoldCoLLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorp.AndEagleInfrastructureSuperHoldCoLLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:SierraHamiltonHoldingsCorporationMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:SierraHamiltonHoldingsCorporationMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:SierraHamiltonHoldingsCorporationMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NationalHMEIncAndNHMEHoldingsCorpMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NationalHMEIncAndNHMEHoldingsCorpMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NationalHMEIncAndNHMEHoldingsCorpMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMNLHoldingsLPMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMNLHoldingsLPMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMNLHoldingsLPMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMGPHoldcoLLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMGPHoldcoLLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMGPHoldcoLLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMYILLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMYILLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMYILLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMFCSeniorLoanProgramIIILLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMFCSeniorLoanProgramIIILLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMFCSeniorLoanProgramIIILLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMFCSeniorLoanProgramIVLLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:UniTekGlobalServicesIncMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:UniTekGlobalServicesIncMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:UniTekGlobalServicesIncMember2025-03-310001496099nmfc:DebtSecuritiesFirstLienMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:DebtSecuritiesSecondLienMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:SubordinatedDebtMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:StructuredFinanceObligationsMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:OtherAggregatedInvestmentsMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:SoftwareSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:BusinessServicesSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:HealthcareSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:InvestmentFundsIncludingInvestmentsInJointVenturesMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:ConsumerServicesSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:EducationSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:FinancialServicesSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:TransportationSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:RealEstateSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:ContainerAndPackagingSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:EnergySectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:FoodAndBeverageSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:BusinessProductsSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:ConsumerProductsSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:ChemicalsSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:DebtSecuritiesFloatingInterestRateMembernmfc:InterestRateTypeRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:DebtSecuritiesFixedInterestRateMembernmfc:InterestRateTypeRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099AAH Topco, LLC, First lien 12024-12-310001496099AAH Topco, LLC, First lien 22024-12-310001496099AAH Topco, LLC, First lien 32024-12-310001496099AAH Topco, LLC, First lien 42024-12-310001496099AAH Topco, LLC, Subordinated 12024-12-310001496099AAH Topco, LLC, Subordinated 22024-12-310001496099nmfc:AAHTopcoLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Kaseya Inc., First lien 12024-12-310001496099Kaseya Inc., First lien - Drawn 12024-12-310001496099Kaseya Inc., First lien - Drawn 22024-12-310001496099Kaseya Inc., First lien 22024-12-310001496099nmfc:KaseyaIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Associations, Inc., First lien2024-12-310001496099Associations, Inc., First lien - Drawn 12024-12-310001496099Associations, Inc., First lien - Drawn 22024-12-310001496099Associations, Inc., Subordinated 12024-12-310001496099Associations, Inc., Subordinated 22024-12-310001496099nmfc:AssociationsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099GC Waves Holdings, Inc., First lien 12024-12-310001496099GC Waves Holdings, Inc., First lien 22024-12-310001496099nmfc:GCWavesHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099OA Buyer, Inc., First lien 12024-12-310001496099OA Buyer, Inc., First lien 22024-12-310001496099OA Buyer, Inc., First lien 32024-12-310001496099nmfc:OABuyerIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099GS Acquisitionco, Inc., First lien 12024-12-310001496099GS Acquisitionco, Inc., First lien 22024-12-310001496099GS Acquisitionco, Inc., First lien 32024-12-310001496099GS Acquisitionco, Inc., First lien - Drawn2024-12-310001496099nmfc:GSAcquisitioncoIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099iCIMS, Inc., First lien 12024-12-310001496099iCIMS, Inc., First lien 22024-12-310001496099iCIMS, Inc., First lien - Drawn2024-12-310001496099nmfc:ICIMSIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099OEConnection LLC, First lien2024-12-310001496099Model N, Inc., First lien2024-12-310001496099Deca Dental Holdings LLC, First lien 12024-12-310001496099Deca Dental Holdings LLC, First lien 22024-12-310001496099Deca Dental Holdings LLC, First lien - Drawn2024-12-310001496099nmfc:DecaDentalHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Infogain Corporation, First lien 12024-12-310001496099Infogain Corporation, First lien 22024-12-310001496099Infogain Corporation, Subordinated2024-12-310001496099nmfc:InfogainCorporationMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Sierra Enterprises, LLC2024-12-310001496099Wealth Enhancement Group, LLC, First lien 12024-12-310001496099Wealth Enhancement Group, LLC, First lien 22024-12-310001496099Wealth Enhancement Group, LLC, First lien 32024-12-310001496099Wealth Enhancement Group, LLC, First lien 42024-12-310001496099Wealth Enhancement Group, LLC, First lien 52024-12-310001496099Wealth Enhancement Group, LLC, Subordinated2024-12-310001496099nmfc:WealthEnhancementGroupLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099MRI Software LLC, First lien 12024-12-310001496099MRI Software LLC, First lien 22024-12-310001496099MRI Software LLC, First lien 32024-12-310001496099MRI Software LLC, First lien 42024-12-310001496099MRI Software LLC, First lien 52024-12-310001496099MRI Software LLC, First lien - Drawn2024-12-310001496099nmfc:MRISoftwareLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Foreside Financial Group, LLC, First lien 12024-12-310001496099Foreside Financial Group, LLC, First lien 22024-12-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099CentralSquare Technologies, LLC, First lien2024-12-310001496099Auctane Inc. (fka Stamps.com Inc.), First lien 12024-12-310001496099Auctane Inc. (fka Stamps.com Inc.), First lien 22024-12-310001496099nmfc:AuctaneInc.FkaStamps.comInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099IG Investments Holdings, LLC, First lien 12024-12-310001496099IG Investments Holdings, LLC, First lien 22024-12-310001496099nmfc:IGInvestmentsHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099TigerConnect, Inc., First lien2024-12-310001496099TigerConnect, Inc., First lien - Drawn2024-12-310001496099nmfc:TigerConnectIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PPV Intermediate Holdings, LLC, First lien 12024-12-310001496099PPV Intermediate Holdings, LLC, First lien 22024-12-310001496099nmfc:PPVIntermediateHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Fortis Solutions Group, LLC, First lien 12024-12-310001496099Fortis Solutions Group, LLC, First lien 22024-12-310001496099Fortis Solutions Group, LLC, First lien - Drawn 12024-12-310001496099Fortis Solutions Group, LLC, First lien - Drawn 22024-12-310001496099Fortis Solutions Group, LLC, First lien 32024-12-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Brave Parent Holdings, Inc., First lien 12024-12-310001496099Brave Parent Holdings, Inc., First lien 22024-12-310001496099Brave Parent Holdings, Inc., First lien - Drawn 12024-12-310001496099Brave Parent Holdings, Inc., First lien - Drawn 22024-12-310001496099nmfc:BraveParentHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Foundational Education Group, Inc., Second lien 12024-12-310001496099Foundational Education Group, Inc., Second lien 22024-12-310001496099nmfc:FoundationalEducationGroupIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099ACI Group Holdings, Inc., First lien 12024-12-310001496099ACI Group Holdings, Inc., First lien 22024-12-310001496099ACI Group Holdings, Inc., First lien 32024-12-310001496099ACI Group Holdings, Inc., First lien - Drawn2024-12-310001496099nmfc:ACIGroupHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099NMC Crimson Holdings, Inc., First lien 12024-12-310001496099NMC Crimson Holdings, Inc., First lien 22024-12-310001496099NMC Crimson Holdings, Inc., First lien 32024-12-310001496099nmfc:NMCCrimsonHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Syndigo LLC, Second lien 12024-12-310001496099Syndigo LLC, Second lien 22024-12-310001496099nmfc:SyndigoLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PetVet Care Centers, LLC, First lien2024-12-310001496099Nelipak Holding Company, First lien 12024-12-310001496099Nelipak Holding Company, First lien 22024-12-310001496099Nelipak Holding Company, First lien - Drawn 12024-12-310001496099Nelipak Holding Company, First lien - Drawn 22024-12-310001496099nmfc:NelipakHoldingCompanyMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Bullhorn, Inc., First lien 12024-12-310001496099Bullhorn, Inc., First lien 22024-12-310001496099Bullhorn, Inc., First lien 32024-12-310001496099Bullhorn, Inc., First lien 42024-12-310001496099Bullhorn, Inc., First lien - Drawn2024-12-310001496099Bullhorn, Inc., First lien 52024-12-310001496099Bullhorn, Inc., First lien 62024-12-310001496099nmfc:BullhornIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Pioneer Buyer I, LLC, First lien 12024-12-310001496099Pioneer Buyer I, LLC, First lien 22024-12-310001496099nmfc:PioneerBuyerILLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099DOCS, MSO, LLC, First lien 12024-12-310001496099DOCS, MSO, LLC, First lien 22024-12-310001496099nmfc:DOCSMSOLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099AmeriVet Partners Management, Inc., First lien 12024-12-310001496099AmeriVet Partners Management, Inc., First lien 22024-12-310001496099AmeriVet Partners Management, Inc., First lien 32024-12-310001496099nmfc:AmeriVetPartnersManagementIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Diligent Corporation, First lien 12024-12-310001496099Diligent Corporation, First lien 22024-12-310001496099nmfc:DiligentCorporationMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099FS WhiteWater Borrower, LLC, First lien 12024-12-310001496099FS WhiteWater Borrower, LLC, First lien 22024-12-310001496099FS WhiteWater Borrower, LLC, First lien 32024-12-310001496099FS WhiteWater Borrower, LLC, First lien 42024-12-310001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Power Grid Holdings, Inc., First lien2024-12-310001496099Xactly Corporation, First lien2024-12-310001496099YLG Holdings, Inc., First lien2024-12-310001496099TMK Hawk Parent, Corp., First lien 12024-12-310001496099TMK Hawk Parent, Corp., First lien 22024-12-310001496099TMK Hawk Parent, Corp., First lien 32024-12-310001496099TMK Hawk Parent, Corp., Subordinated 12024-12-310001496099TMK Hawk Parent, Corp., Subordinated 22024-12-310001496099nmfc:TMKHawkParentCorpMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Cardinal Parent, Inc., First lien2024-12-310001496099Cardinal Parent, Inc., Second lien2024-12-310001496099nmfc:CardinalParentIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PDI TA Holdings, Inc., First lien2024-12-310001496099PDI TA Holdings, Inc., First lien - Drawn2024-12-310001496099nmfc:PDITAHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099Oranje Holdco, Inc., First lien 12024-12-310001496099Oranje Holdco, Inc., First lien 22024-12-310001496099Oranje Holdco, Inc., First lien 32024-12-310001496099nmfc:OranjeHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099DG Investment Intermediate Holdings 2, Inc., Second lien2024-12-310001496099Trinity Air Consultants Holdings Corporation, First lien 12024-12-310001496099Trinity Air Consultants Holdings Corporation, First lien 22024-12-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Groundworks, LLC, First lien2024-12-310001496099Groundworks, LLC, First lien - Drawn2024-12-310001496099nmfc:GroundworksLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Notorious Topco, LLC, First lien 12024-12-310001496099Notorious Topco, LLC, First lien 22024-12-310001496099Notorious Topco, LLC, First lien 32024-12-310001496099nmfc:NotoriousTopcoLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099GraphPAD Software, LLC, First lien2024-12-310001496099GraphPAD Software, LLC, First lien - Drawn2024-12-310001496099nmfc:GraphPADSoftwareLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 12024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 22024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated2024-12-310001496099nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 12024-12-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 22024-12-310001496099nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Avalara, Inc., First lien2024-12-310001496099Idera, Inc., Second lien 12024-12-310001496099Idera, Inc., Second lien 22024-12-310001496099nmfc:IderaIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Kele Holdco, Inc., First lien 12024-12-310001496099Kele Holdco, Inc., First lien 22024-12-310001496099nmfc:KeleHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099Viper Bidco. Inc., First lien2024-12-310001496099Calabrio, Inc., First lien 12024-12-310001496099Calabrio, Inc., First lien 22024-12-310001496099Calabrio, Inc., First lien - Drawn2024-12-310001496099nmfc:CalabrioIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Coupa Holdings, LLC, First lien2024-12-310001496099Houghton Mifflin Harcourt Company, First lien2024-12-310001496099Daxko Acquisition Corporation, First lien 12024-12-310001496099Daxko Acquisition Corporation, First lien 22024-12-310001496099Daxko Acquisition Corporation, First lien 32024-12-310001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Convey Health Solutions, Inc., First lien 12024-12-310001496099Convey Health Solutions, Inc., First lien 22024-12-310001496099nmfc:ConveyHealthSolutionsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099CFS Management, LLC, First lien 12024-12-310001496099CFS Management, LLC, First lien 22024-12-310001496099nmfc:CFSManagementLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Baker Tilly Advisory Group, LP, First lien2024-12-310001496099USRP Holdings, Inc., First lien 12024-12-310001496099USRP Holdings, Inc., First lien 22024-12-310001496099nmfc:USRPHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Anaplan, Inc., First lien2024-12-310001496099Project Accelerate Parent, LLC, First lien2024-12-310001496099Specialtycare, Inc., First lien 12024-12-310001496099Specialtycare, Inc., First lien - Drawn2024-12-310001496099Specialtycare, Inc., First lien 22024-12-310001496099nmfc:SpecialtycareIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Ciklum Inc., First lien2024-12-310001496099CG Group Holdings, LLC, First lien2024-12-310001496099CG Group Holdings, LLC, First lien - Drawn2024-12-310001496099nmfc:CGGroupHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Planview Parent, Inc., Second lien2024-12-310001496099Safety Borrower Holdings LLC, First lien 12024-12-310001496099Safety Borrower Holdings LLC, First lien 22024-12-310001496099Safety Borrower Holdings LLC, First lien - Drawn2024-12-310001496099nmfc:SafetyBorrowerHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Icefall Parent, Inc., First lien2024-12-310001496099KPSKY Acquisition Inc., First lien 12024-12-310001496099KPSKY Acquisition Inc., First lien 22024-12-310001496099KPSKY Acquisition Inc., First lien 32024-12-310001496099KPSKY Acquisition Inc., First lien - Drawn2024-12-310001496099nmfc:KPSKYAcquisitionIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Alegeus Technologies Holdings Corp., First lien2024-12-310001496099Park Place Technologies, LLC, First lien2024-12-310001496099Park Place Technologies, LLC, First lien - Drawn2024-12-310001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Eclipse Buyer Inc., First lien2024-12-310001496099CRCI Longhorn Holdings, Inc., First lien2024-12-310001496099CRCI Longhorn Holdings, Inc., First lien - Drawn2024-12-310001496099nmfc:CRCILonghornHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PPVA Black Elk (Equity) LLC, Subordinated2024-12-310001496099Greenway Health, LLC, First lien2024-12-310001496099Legends Hospitality Holding Company, LLC, First lien2024-12-310001496099Legends Hospitality Holding Company, LLC, First lien - Drawn2024-12-310001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Higginbotham Insurance Agency, Inc., First lien2024-12-310001496099Higginbotham Insurance Agency, Inc., First lien - Drawn2024-12-310001496099nmfc:HigginbothamInsuranceAgencyInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien2024-12-310001496099NC Topco, LLC, First lien2024-12-310001496099Healthspan Buyer, LLC, First lien2024-12-310001496099Michael Baker International, LLC, First lien2024-12-310001496099Adelaide Borrower, LLC, First lien2024-12-310001496099Logrhythm, Inc., First lien2024-12-310001496099RLG Holdings, LLC, First lien2024-12-310001496099CommerceHub, Inc., First lien2024-12-310001496099Kene Acquisition, Inc., First lien2024-12-310001496099Kene Acquisition, Inc., First lien - Drawn2024-12-310001496099nmfc:KeneAcquisitionInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099Next Holdco, LLC, First lien2024-12-310001496099CB Buyer, Inc., First lien2024-12-310001496099AI Altius US Bidco, Inc., First lien2024-12-310001496099Galway Borrower LLC, First lien - Drawn2024-12-310001496099Galway Borrower LLC, First lien2024-12-310001496099nmfc:GalwayBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099DCA Investment Holding, LLC, First lien 12024-12-310001496099DCA Investment Holding, LLC, First lien 22024-12-310001496099nmfc:DCAInvestmentHoldingLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Compsych Investments Corp., First lien2024-12-310001496099CoreTrust Purchasing Group LLC, First lien2024-12-310001496099Beacon Pointe Harmony, LLC, First lien - Drawn2024-12-310001496099Reorganized Careismatic Brands, LLC, Trust Claim 12024-12-310001496099Reorganized Careismatic Brands, LLC, Trust Claim 22024-12-310001496099nmfc:ReorganizedCareismaticBrandsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PPVA Fund, L.P., Collateralized Financing2024-12-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Tennessee Bidco Limited, First lien2024-12-310001496099country:JEus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Aston FinCo S.a r.l. / Aston US Finco, LLC, Second lien2024-12-310001496099Integro Parent Inc., Second lien2024-12-310001496099country:GBus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Atlas AU Bidco Pty Ltd, First lien 12024-12-310001496099Atlas AU Bidco Pty Ltd, First lien 22024-12-310001496099nmfc:AtlasAUBidcoPtyLtdMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099country:AUus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Dealer Tire Holdings, LLC, Preferred shares2024-12-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 12024-12-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 22024-12-310001496099nmfc:SymplrSoftwareIntermediateHoldingsIncMemberus-gaap:EquitySecuritiesMember2024-12-310001496099Knockout Intermediate Holdings I Inc., Preferred shares2024-12-310001496099ACI Parent Inc., Preferred shares2024-12-310001496099Project Essential Super Parent, Inc., Preferred shares2024-12-310001496099Diligent Preferred Issuer, Inc., Preferred shares2024-12-310001496099HBWM Holdings, LLC, Ordinary shares2024-12-310001496099OA Topco, L.P., Ordinary shares2024-12-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Preferred shares 12024-12-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Preferred shares 22024-12-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Ordinary shares2024-12-310001496099nmfc:EclipseTopcoHoldingsInc.FkaTranscendiaHoldingsInc.Memberus-gaap:EquitySecuritiesMember2024-12-310001496099FS WhiteWater Holdings, LLC, Ordinary shares2024-12-310001496099Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.), Preferred shares2024-12-310001496099Ambrosia Holdco Corp., Ordinary shares 12024-12-310001496099Ambrosia Holdco Corp., Ordinary shares 22024-12-310001496099nmfc:AmbrosiaHoldcoCorp.Memberus-gaap:EquitySecuritiesMember2024-12-310001496099Pioneer Topco I, L.P., Ordinary shares2024-12-310001496099Eclipse Topco, Inc., Preferred shares2024-12-310001496099GEDC Equity, LLC, Participation Interest2024-12-310001496099Ancora Acquisition LLC, Preferred shares2024-12-310001496099AAC Lender Holdings, LLC, Ordinary shares2024-12-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001496099Bach Special Limited (Bach Preference Limited), Preferred shares2024-12-310001496099country:HKus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001496099Ivy Hill Middle Market Credit Fund, Ltd, Structured Finance Obligations2024-12-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:StructuredFinanceObligationsMember2024-12-310001496099Reorganized Careismatic Brands, LLC, Warrants 12024-12-310001496099Reorganized Careismatic Brands, LLC, Warrants 22024-12-310001496099nmfc:ReorganizedCareismaticBrandsLLCMemberus-gaap:EquitySecuritiesMember2024-12-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:WarrantMember2024-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedSecuritiesMember2024-12-310001496099Groundworks, LLC, First lien - Undrawn2024-12-310001496099Beacon Pointe Harmony, LLC, First lien - Undrawn2024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien - Undrawn2024-12-310001496099TMK Hawk Parent, Corp., First lien - Undrawn2024-12-310001496099DOXA Insurance Holdings LLC, First lien - Undrawn2024-12-310001496099AI Altius US Bidco, Inc., First lien - Undrawn2024-12-310001496099Higginbotham Insurance Agency, Inc., First lien - Undrawn2024-12-310001496099Riskonnect Parent, LLC, First lien - Undrawn2024-12-310001496099Safety Borrower Holdings LLC, First lien - Undrawn2024-12-310001496099CoreTrust Purchasing Group LLC, First lien - Undrawn2024-12-310001496099Next Holdco, LLC, First lien - Undrawn 12024-12-310001496099Next Holdco, LLC, First lien - Undrawn 22024-12-310001496099nmfc:NextHoldcoLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Associations, Inc., First lien - Undrawn 12024-12-310001496099Associations, Inc., First lien - Undrawn 22024-12-310001496099nmfc:AssociationsIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien - Undrawn2024-12-310001496099Bullhorn, Inc., First lien - Undrawn 12024-12-310001496099Bullhorn, Inc., First lien - Undrawn 22024-12-310001496099nmfc:BullhornIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099PPV Intermediate Holdings, LLC, First lien - Undrawn2024-12-310001496099Kene Acquisition, Inc., First lien - Undrawn 12024-12-310001496099Kene Acquisition, Inc., First lien - Undrawn 22024-12-310001496099nmfc:KeneAcquisitionInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Logrhythm, Inc., First lien - Undrawn2024-12-310001496099Calabrio, Inc., First lien - Undrawn2024-12-310001496099Wealth Enhancement Group, LLC, First lien - Undrawn2024-12-310001496099Adelaide Borrower, LLC, First lien - Undrawn 12024-12-310001496099Adelaide Borrower, LLC, First lien - Undrawn 22024-12-310001496099nmfc:AdelaideBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Icefall Parent, Inc., First lien - Undrawn2024-12-310001496099Project Accelerate Parent, LLC, First lien - Undrawn2024-12-310001496099USRP Holdings, Inc., First lien - Undrawn2024-12-310001496099Kele Holdco, Inc., First lien - Undrawn2024-12-310001496099MRI Software LLC, First lien - Undrawn2024-12-310001496099PDI TA Holdings, Inc., First lien - Undrawn 12024-12-310001496099PDI TA Holdings, Inc., First lien - Undrawn 22024-12-310001496099nmfc:PDITAHoldingsInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Daxko Acquisition Corporation, First lien - Undrawn2024-12-310001496099AmeriVet Partners Management, Inc., First lien - Undrawn2024-12-310001496099Healthspan Buyer, LLC, First lien - Undrawn2024-12-310001496099Coupa Holdings, LLC, First lien - Undrawn 12024-12-310001496099Coupa Holdings, LLC, First lien - Undrawn 22024-12-310001496099nmfc:CoupaHoldingsLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 12024-12-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 22024-12-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 32024-12-310001496099nmfc:BraveParentHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn2024-12-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 12024-12-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 22024-12-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Nelipak Holding Company, First lien - Undrawn 12024-12-310001496099Nelipak Holding Company, First lien - Undrawn 22024-12-310001496099Nelipak Holding Company, First lien - Undrawn 32024-12-310001496099Nelipak Holding Company, First lien - Undrawn 42024-12-310001496099nmfc:NelipakHoldingCompanyMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 12024-12-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 22024-12-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Avalara, Inc., First lien - Undrawn2024-12-310001496099Foreside Financial Group, LLC, First lien - Undrawn 12024-12-310001496099Foreside Financial Group, LLC, First lien - Undrawn 22024-12-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Diligent Corporation, First lien - Undrawn 12024-12-310001496099Diligent Corporation, First lien - Undrawn 22024-12-310001496099nmfc:DiligentCorporationMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Kaseya Inc., First lien - Undrawn 12024-12-310001496099Kaseya Inc., First lien - Undrawn 22024-12-310001496099nmfc:KaseyaIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Oranje Holdco, Inc., First lien - Undrawn2024-12-310001496099OEConnection LLC, First lien - Undrawn 12024-12-310001496099OEConnection LLC, First lien - Undrawn 22024-12-310001496099nmfc:OEConnectionLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Pioneer Buyer I, LLC, First lien - Undrawn2024-12-310001496099GS Acquisitionco, Inc., First lien - Undrawn 12024-12-310001496099GS Acquisitionco, Inc., First lien - Undrawn 22024-12-310001496099nmfc:GSAcquisitioncoIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Infogain Corporation, First lien - Undrawn2024-12-310001496099GC Waves Holdings, Inc., First lien - Undrawn2024-12-310001496099OA Buyer, Inc., First lien - Undrawn2024-12-310001496099AAH Topco, LLC, First lien - Undrawn2024-12-310001496099PetVet Care Centers, LLC, First lien - Undrawn 12024-12-310001496099PetVet Care Centers, LLC, First lien - Undrawn 22024-12-310001496099nmfc:PetVetCareCentersLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Ciklum Inc., First lien - Undrawn 12024-12-310001496099Ciklum Inc., First lien - Undrawn 22024-12-310001496099nmfc:CiklumInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099IG Investments Holdings, LLC, First lien - Undrawn2024-12-310001496099Power Grid Holdings, Inc., First lien - Undrawn2024-12-310001496099TigerConnect, Inc., First lien - Undrawn 12024-12-310001496099TigerConnect, Inc., First lien - Undrawn 22024-12-310001496099nmfc:TigerConnectIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099CentralSquare Technologies, LLC, First lien - Undrawn2024-12-310001496099Compsych Investments Corp., First lien - Undrawn2024-12-310001496099CG Group Holdings, LLC, First lien - Undrawn2024-12-310001496099Park Place Technologies, LLC, First lien - Undrawn 12024-12-310001496099Park Place Technologies, LLC, First lien - Undrawn 22024-12-310001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099CB Buyer, Inc., First lien - Undrawn 12024-12-310001496099CB Buyer, Inc., First lien - Undrawn 22024-12-310001496099nmfc:CBBuyerInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Specialtycare, Inc., First lien - Undrawn2024-12-310001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 12024-12-310001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 22024-12-310001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 12024-12-310001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 22024-12-310001496099nmfc:CRCILonghornHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099NC Topco, LLC, First lien - Undrawn 12024-12-310001496099NC Topco, LLC, First lien - Undrawn 22024-12-310001496099nmfc:NCTopcoLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Xactly Corporation, First lien - Undrawn2024-12-310001496099DOCS, MSO, LLC, First lien - Undrawn2024-12-310001496099GraphPAD Software, LLC, First lien - Undrawn 12024-12-310001496099GraphPAD Software, LLC, First lien - Undrawn 22024-12-310001496099nmfc:GraphPADSoftwareLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Viper Bidco. Inc., First lien - Undrawn 12024-12-310001496099Viper Bidco. Inc., First lien - Undrawn 22024-12-310001496099nmfc:ViperBidco.Inc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099iCIMS, Inc., First lien - Undrawn2024-12-310001496099Eclipse Buyer Inc., First lien - Undrawn 12024-12-310001496099Eclipse Buyer Inc., First lien - Undrawn 22024-12-310001496099nmfc:EclipseBuyerIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 12024-12-310001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 22024-12-310001496099nmfc:BakerTillyAdvisoryGroupLPMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099KPSKY Acquisition Inc., First lien - Undrawn2024-12-310001496099ACI Group Holdings, Inc., First lien - Undrawn2024-12-310001496099Model N, Inc., First lien - Undrawn 12024-12-310001496099Model N, Inc., First lien - Undrawn 22024-12-310001496099nmfc:ModelNInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Notorious Topco, LLC, First lien - Undrawn2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Atlas AU Bidco Pty Ltd, First lien - Undrawn2024-12-310001496099country:AUus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Edmentum Ultimate Holdings, LLC, Subordinated2024-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 12024-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 22024-12-310001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Permian Trust, Trust Claim2024-12-310001496099Permian Trust, First lien2024-12-310001496099nmfc:PermianTrustMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099TVG-Edmentum Holdings, LLC, Ordinary shares2024-12-310001496099TVG-Edmentum Holdings, LLC, Preferred shares2024-12-310001496099nmfc:TVGEdmentumHoldingsLLCMemberus-gaap:EquitySecuritiesMember2024-12-310001496099Eagle Infrastructure Super HoldCo, LLC, Ordinary shares2024-12-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 12024-12-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 22024-12-310001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:EquitySecuritiesMember2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2024-12-310001496099New Benevis Holdco, Inc., First lien 12024-12-310001496099New Benevis Holdco, Inc., First lien 22024-12-310001496099New Benevis Holdco, Inc., Subordinated2024-12-310001496099nmfc:NewBenevisHoldcoIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099New Permian Holdco, L.L.C., First lien2024-12-310001496099New Permian Holdco, L.L.C., First lien - Drawn2024-12-310001496099nmfc:NewPermianHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099UniTek Global Services, Inc., Second lien 12024-12-310001496099UniTek Global Services, Inc., Second lien 22024-12-310001496099nmfc:UniTekGlobalServicesIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099National HME, Inc., Second lien2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099NMFC Senior Loan Program III LLC, Membership interest2024-12-310001496099NMFC Senior Loan Program IV LLC, Membership interest2024-12-310001496099NM NL Holdings, L.P., Membership interest2024-12-310001496099New Benevis Topco, LLC, Ordinary shares 12024-12-310001496099New Benevis Topco, LLC, Ordinary shares 22024-12-310001496099nmfc:NewBenevisTopcoLLCMemberus-gaap:EquitySecuritiesMember2024-12-310001496099UniTek Global Services, Inc., Preferred shares 12024-12-310001496099UniTek Global Services, Inc., Preferred shares 22024-12-310001496099UniTek Global Services, Inc., Preferred shares 32024-12-310001496099UniTek Global Services, Inc., Preferred shares 42024-12-310001496099UniTek Global Services, Inc., Preferred shares 52024-12-310001496099UniTek Global Services, Inc., Ordinary shares 12024-12-310001496099UniTek Global Services, Inc., Ordinary shares 22024-12-310001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:EquitySecuritiesMember2024-12-310001496099New Permian Holdco, Inc., Ordinary shares2024-12-310001496099NM YI, LLC, Membership interest2024-12-310001496099NM GP Holdco, LLC, Membership interest2024-12-310001496099NHME Holdings Corp., Ordinary shares2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-12-310001496099UniTek Global Services, Inc., Warrants2024-12-310001496099NHME Holdings Corp., Warrants2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:WarrantMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:FundedSecuritiesMember2024-12-310001496099New Permian Holdco, L.L.C., First lien - Undrawn2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Viper Bidco. Inc., First lien 12024-12-310001496099Nelipak Holding Company First lien 12024-12-310001496099Nelipak Holding Company First lien 22024-12-310001496099Nelipak Holding Company First lien 32024-12-310001496099Nelipak Holding Company First lien 42024-12-310001496099National HME, Inc., Second lien, Tranche A Term Loan2024-12-310001496099National HME, Inc., Second lien, Tranche B Term Loan2024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien2024-12-310001496099Diamond Parent Holdings Corp, Wholly-owned subsidiaries2024-12-310001496099Diligent Corporation, First lien2024-12-310001496099ACI Group Holdings, Inc., First lien2024-12-310001496099FS WhiteWater Borrower, LLC, First lien2024-12-310001496099Pioneer Buyer I, LLC, First lien2024-12-310001496099OA Buyer, Inc., First lien2024-12-310001496099Kaseya, Inc., First lien2024-12-310001496099Ambrosia Holdco Corp., First 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HME, Inc., Second lien, Non-accrual status2025-01-012025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated, Non-accrual status2021-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien, Non-accrual status2021-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien, Non-accrual status2023-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2025-01-012025-03-310001496099Eclipse Topco Holdings, Inc., Junior preferred shares, Non-accrual status2025-03-310001496099Eclipse Topco Holdings, Inc., Junior preferred shares, Non-accrual status2025-01-012025-03-310001496099PPVA Black Elk (Equity) LLC, Subordinated2013-05-030001496099PPVA Black Elk (Equity) LLC, Subordinated2014-08-012014-08-310001496099nmfc:BlackElkTrusteeMember2017-08-012017-08-310001496099nmfc:BlackElkTrusteeMember2017-12-222017-12-220001496099nmfc:BlackElkTrusteeMember2018-01-012018-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-01-012025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:SkyKnightIncomeIILLCMember2025-03-310001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:DuringReinvestmentPeriodMember2024-07-032024-07-030001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:AfterReinvestmentPeriodMember2024-07-032024-07-030001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:DuringReinvestmentPeriodMember2023-06-232023-06-230001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:AfterReinvestmentPeriodMember2023-06-232023-06-230001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIIILLCMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:RevolvingCreditFacilityMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:RevolvingCreditFacilityMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:DelayedDrawTermLoanMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembersrt:WeightedAverageMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembersrt:WeightedAverageMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLargest Portfolio Company Investment2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLargest Portfolio Company Investment2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTop Five Largest Portfolio Company Investments2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTop Five Largest Portfolio Company Investments2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAG Parent Holdings, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberArdonagh Midco 3 Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAssuredPartners, Inc, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAston FinCo S.a r.l., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAsurion, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberathenahealth Group Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBach Finance Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBayou Intermediate II, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBCPE Empire Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBella Holding Company, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBIFM CA Buyer Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBoxer Parent Company Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBracket Intermediate Holding Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBW Holding, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCardinal Parent, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCloudera, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberClubessential, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCohnreznick Advisory LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Health, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Medical Technologies, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConnectWise, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConvey Health Solutions, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCornerstone OnDemand, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCVET Midco 2, L.P., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDealer Tire Financial, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDiscovery Purchaser Corporation, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEAB Global, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEagle Parent Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEisner Advisory Group LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFlash Charm, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFNZ Group Entities Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFoundational Education Group, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHeartland Dental, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHelp/Systems Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHigginbotham Insurance Agency, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHP PHRG Borrower, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberInizio Group Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKaseya Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLI Group Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLSCS Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 3, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMED ParentCo, LP, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.) 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.) 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMichael Baker International, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberNielsen Consumer Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOceankey (U.S.) II Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsaic Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOutcomes Group Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPeraton Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPerforce Software, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPhysician Partners, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPhysician Partners, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlano Holdco, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlanview Parent, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPushpay USA Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberQuartz Holding Company, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRealPage, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRLG Holdings, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSecretariat Advisors LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSierra Enterprises, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSpring Education Group, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberStorable, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSummit Acquisition Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSymplr Software, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSyndigo LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTherapy Brands Holdings LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberThermostat Purchaser III, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTMF Sapphire Bidco B.V., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTRC Companies LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberUKG Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberViant Medical Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberVSTG Intermediate Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWatchGuard Technologies, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWrench Group LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberXplor T1, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberZest Acquisition Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:FundedSecuritiesMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l., First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCohnreznick Advisory LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSecretariat Advisors LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:UnfundedSecuritiesMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAG Parent Holdings, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberArdonagh Midco 3 Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAscensus Group Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAssuredPartners, Inc, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAston FinCo S.a r.l., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAsurion, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberathenahealth Group Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBach Finance Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBayou Intermediate II, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBCPE Empire Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBella Holding Company, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBIFM CA Buyer Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBoxer Parent Company Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBracket Intermediate Holding Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBrown Group Holding, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBW Holding, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCardinal Parent, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCE Intermediate I, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCloudera, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Health, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Medical Technologies, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConnectWise, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConvey Health Solutions, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCornerstone OnDemand, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCVET Midco 2, L.P., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDealer Tire Financial, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDiscovery Purchaser Corporation, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEAB Global, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEagle Parent Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEisner Advisory Group LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembereResearchTechnology, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFlash Charm, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFNZ Group Entities Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFoundational Education Group, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHeartland Dental, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHelp/Systems Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHigginbotham Insurance Agency, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHighTower Holding, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberInizio Group Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLI Group Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLSCS Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 3, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMED ParentCo, LP, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.) 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.) 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberNielsen Consumer Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOMNIA Partners, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsaic Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsmosis Buyer Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPearls (Netherlands) Bidco B.V., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPeraton Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPerforce Software, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPhysician Partners, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlano Holdco, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlanview Parent, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPushpay USA Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberQuartz Holding Company, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRealPage, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRealPage, Inc. 2, First lien - Funded 12024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRLG Holdings, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSierra Enterprises, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSpring Education Group, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberStorable, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSummit Acquisition Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSymplr Software, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSyndigo LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTherapy Brands Holdings LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberThermostat Purchaser III, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTMF Sapphire Bidco B.V., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTRC Companies LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberUKG Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberViant Medical Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberVSTG Intermediate Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWatchGuard Technologies, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWrench Group LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberXplor T1, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberZest Acquisition Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:FundedSecuritiesMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC, First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l.,. First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC, First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:UnfundedSecuritiesMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-01-012024-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-01-012025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-01-012024-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2025-01-012025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:SkyKnightIncomeAlphaLLCMember2025-03-310001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIVLLCMember2021-05-050001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIVLLCMember2024-12-202024-12-200001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIVLLCMember2024-03-272024-03-270001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIVLLCMember2023-04-282024-03-270001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:DelayedDrawTermLoanMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembersrt:WeightedAverageMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembersrt:WeightedAverageMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLargest Portfolio Company Investment2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLargest Portfolio Company Investment2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTop Five Largest Portfolio Company Investments2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTop Five Largest Portfolio Company Investments2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADG, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAmSpec Parent, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAsurion, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberathenahealth Group Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBach Finance Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBayou Intermediate II, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBCPE Empire Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBella Holding Company, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBIFM CA Buyer Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBoxer Parent Company Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBracket Intermediate Holding Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBW Holding, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberChrysaor Bidco S.a r.l., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCloudera, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCohnreznick Advisory LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCommerceHub, Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCommerceHub, Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluence Technologies, Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluence Technologies, Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Health, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Medical Technologies, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConvey Health Solutions, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCornerstone OnDemand, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCVET Midco 2, L.P., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDealer Tire Financial, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDiscovery Purchaser Corporation, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEAB Global, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEagle Parent Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEisner Advisory Group LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFlash Charm, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFNZ Group Entities Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFoundational Education Group, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHeartland Dental, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHelp/Systems Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHP PHRG Borrower, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberInizio Group Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKaseya Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLSCS Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMED ParentCo, LP, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.) 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.) 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMichael Baker International, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNielsen Consumer Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOceankey (U.S.) II Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsaic Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOutcomes Group Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPerforce Software, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPhysician Partners, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPhysician Partners, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPlanview Parent, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPushpay USA Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberQuartz Holding Company, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRealPage, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRxB Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSecretariat Advisors LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSierra Enterprises, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSpring Education Group, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSTATS Intermediate Holdings, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSTATS Intermediate Holdings, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberStorable, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSymplr Software, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSyndigo LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTherapy Brands Holdings LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberThermostat Purchaser III, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTRC Companies LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberValcour Packaging, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberValcour Packaging, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberViant Medical Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVSTG Intermediate Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVT Topco, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberWatchGuard Technologies, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberWrench Group LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberXplor T1, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZest Acquisition Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZone Climate Services, Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZone Climate Services, Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:FundedSecuritiesMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAmSpec Parent, LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberChrysaor Bidco S.a r.l., First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCohnreznick Advisory LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSecretariat Advisors LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:UnfundedSecuritiesMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADG, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAmSpec Parent LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAscensus Group Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAsurion, LLC, First Lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberathenahealth Group Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBach Finance Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBarracuda Parent, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBayou Intermediate II, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBCPE Empire Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBella Holding Company, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBIFM CA Buyer Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBleriot US Bidco Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBoxer Parent Company Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBracket Intermediate Holding Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBW Holding, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCE Intermediate I, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberChrysaor Bidco S.a r.l., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCloudera, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCommerceHub, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCommerceHub, Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Health, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Medical Technologies, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConvey Health Solutions, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCornerstone OnDemand, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCVET Midco 2, L.P., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDealer Tire Financial, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDiscovery Purchaser Corporation, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEAB Global, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEagle Parent Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEisner Advisory Group LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembereResearchTechnology, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFlash Charm, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFNZ Group Entities Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFoundational Education Group, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHeartland Dental, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHelp/Systems Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberInizio Group Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLSCS Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMandolin Technology Intermediate Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMED ParentCo, LP, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.), First lien - Funded 12024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.), First lien - Funded 22024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNielsen Consumer Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOMNIA Partners, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsaic Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsmosis Buyer Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPearls (Netherlands) Bidco B.V., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPerforce Software, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPhysician Partners, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPlanview Parent, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberQuartz Holding Company, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRealPage, Inc., First lien - Funded 12024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRealPage, Inc., First lien - Funded 22024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRxB Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSierra Enterprises, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSpring Education Group, Inc., First lien - 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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 | ý | | Accelerated filer | o | |
| Non-accelerated filer | o | | Smaller reporting company | o | |
| Emerging growth company | o | | | | |
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 |
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025
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.
3
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.
4
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.
5
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.
6
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.
7
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.
8
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.
9
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.
10
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.
11
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.
12
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.
13
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.
14
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.
15
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.
16
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.
17
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.
18
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.
19
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.
20
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.
21
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.
22
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.
23
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.
24
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.
25
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.
26
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.
27
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.
28
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.
29
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.
30
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 | % |
| | | | | | | | | | | | | | | | | | | | | |
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The accompanying notes are an integral part of these consolidated financial statements.
31
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)
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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 | % |
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(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.
32
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.
33
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.
34
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.
(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.
* 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.
35
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.
36
New Mountain Finance Corporation
Consolidated Schedule of Investments
December 31, 2024
(in thousands, except shares)
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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 | % |
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The accompanying notes are an integral part of these consolidated financial statements.
37
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.
38
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.
39
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.
40
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.
41
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.
42
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.
43
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) | | |