nmfc-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended March 31, 2025

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

Commission
File Number

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

I.R.S. Employer
Identification Number

814-00832

New Mountain Finance Corporation

27-2978010

1633 Broadway, 48th Floor

New York, New York 10019

Telephone: (212) 720-0300

State of Incorporation: Delaware

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

NMFC

NASDAQ Global Select Market

8.250% Notes due 2028

NMFCZ

NASDAQ Global Select Market

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

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

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


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

Table of Contents

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

TABLE OF CONTENTS


		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

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

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

PART II. OTHER INFORMATION		136

Item 1.	Legal Proceedings	136
Item 1A.	Risk Factors	136
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	137
Item 3.	Defaults Upon Senior Securities	137
Item 4.	Mine Safety Disclosures	137
Item 5.	Other Information	137
Item 6.	Exhibits	138
	Signatures	139

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

New Mountain Finance Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)


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


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

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

Derivative liability at fair value	3,368		7,423
Deferred tax liability	1,432		1,410
Other liabilities	3,573		2,436
Total liabilities	1,848,473		1,887,410
Commitments and contingencies (See Note 9)
Net assets
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued	—		—
Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 107,851,415 and 107,851,415 shares issued and outstanding, respectively	1,079		1,079
Paid in capital in excess of par	1,365,824		1,365,852

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)


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

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

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

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

Controlled investments	38,899		31


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


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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Changes in Net Assets

(in thousands, except shares and per share data)

(unaudited)


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

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



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

Capital share activity
Shares sold	—		3,730,434



Net increase in shares outstanding	—		3,730,434

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


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

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

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



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

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

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

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

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

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


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

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


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

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.30%	05/2022	10/2028	$	15,553	$	15,527	$	15,553
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.30%	08/2021	10/2028	11,878		11,858		11,878
	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.30%	08/2021	10/2028	6,642		6,627		6,642
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.32%	01/2022	10/2028	1,225		1,219		1,225
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.30%	01/2022	10/2028	822		817		822
	Subordinated (3)(13)	FIXED(Q)*	13.00%/PIK	13.00%	05/2023	05/2033	4,235		4,190		4,235
									40,238		40,355		2.99	%
MRI Software LLC
Software	First lien (5)(13)	SOFR(Q)	4.75%	9.05%	01/2020	02/2027	21,373		21,345		21,373
	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.05%	03/2021	02/2027	7,571		7,561		7,571
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.05%	03/2021	02/2027	4,509		4,509		4,509
	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.05%	01/2020	02/2027	3,099		3,096		3,099
	First lien (3)(11)(13)	SOFR(Q)	4.75%	9.05%	01/2020	02/2027	791		790		791
	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.75%	9.05%	01/2020	02/2027	111		111		111
									37,412		37,454		2.78	%
CentralSquare Technologies, LLC
Software	First lien (2)(12)(13)	SOFR(M)*	2.88%+ 3.38%/PIK	10.57%	04/2024	04/2030	36,023		35,640		36,023		2.67	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (3)(11)(13)	SOFR(Q)	5.75%	10.14%	10/2021	10/2028	36,155		35,945		35,446		2.63	%
IG Investments Holdings, LLC
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.00%	9.29%	09/2021	09/2028	32,717		32,540		32,717
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.29%	03/2024	09/2028	2,536		2,534		2,536
									35,074		35,253		2.61	%
Foundational Education Group, Inc.
Education	Second lien (5)(13)	SOFR(Q)	6.50%	11.05%	08/2021	08/2029	22,500		22,426		22,500
	Second lien (3)(11)(13)	SOFR(Q)	6.50%	11.05%	08/2021	08/2029	10,965		10,720		10,965
									33,146		33,465		2.48	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

TigerConnect, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(Q)*	3.38% +3.38%/PIK	11.19%	02/2022	02/2028	$	29,868	$	29,701	$	29,868
	First lien (2)(13)(16) - Drawn	SOFR(Q)*	3.38% +3.38%/PIK	11.19%	02/2022	02/2028	2,724		2,724		2,724
									32,425		32,592		2.42	%
Fortis Solutions Group, LLC
Packaging	First lien (2)(12)(13)	SOFR(Q)	5.50%	9.90%	10/2021	10/2028	17,132		17,028		17,132
	First lien (3)(11)(13)	SOFR(Q)	5.50%	9.90%	10/2021	10/2028	12,330		12,260		12,330
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	9.90%	10/2021	10/2027	1,287		1,274		1,287
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	9.90%	06/2022	10/2028	98		99		98
	First lien (3)(13)	SOFR(Q)	5.50%	9.90%	10/2021	10/2028	79		79		79
									30,740		30,926		2.29	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(13)	SOFR(Q)	5.75%	10.06%	08/2022	08/2029	22,331		22,279		22,331
	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.06%	06/2024	08/2029	8,238		8,238		8,238
									30,517		30,569		2.27	%
Brave Parent Holdings, Inc.
Software	First lien (5)(13)	SOFR(M)	5.00%	9.32%	11/2023	11/2030	19,969		19,883		19,969
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.32%	05/2024	11/2030	7,808		7,808		7,808
	First lien (5)(13)(16) - Drawn	SOFR(M)	5.00%	9.32%	11/2023	11/2030	1,316		1,315		1,316
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.00%	9.32%	05/2024	11/2030	515		518		515
									29,524		29,608		2.20	%
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.42%	08/2021	08/2028	22,089		21,968		21,300
	First lien (3)(11)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.42%	08/2021	08/2028	4,240		4,206		4,089
	First lien (3)(11)(13)	SOFR(M)*	2.75% + 3.25%/PIK	10.42%	08/2021	08/2028	3,915		3,890		3,776
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.50%	9.92%	08/2021	08/2027	282		280		272
									30,344		29,437		2.18	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligations (3)(13)	SOFR(S)	7.00%	11.46%	11/2024	01/2037	3,232		$	3,232	$	3,232	0.24	%
Total Structured Finance Obligations - United States									$	3,232	$	3,232	0.24	%
Warrants - United States
Reorganized Careismatic Brands, LLC
Healthcare	Warrants (2)(13)	—	—	—	06/2024	06/2029	138,622		$	183	$	272
	Warrants (3)(13)	—	—	—	06/2024	06/2029	47,459		63		93
									$	246	$	365	0.03	%
Total Warrants - United States									$	246	$	365	0.03	%
Total Funded Investments									$	2,277,016	$	2,261,413	167.74	%
Unfunded Debt Investments - United States
Associations, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	07/2028	$	2,884	$	(1)	$	29
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	07/2028	800		—		—
									(1)		29		0.00	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	12/2025	1,685		—		—		—	%
AAC Lender Holdings, LLC(24)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(13)(16) - Undrawn	—	—	—	01/2021	09/2026	2,652		—		—		—	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (3)(13)(16) - Undrawn	—	—	—	10/2024	10/2026	2,695		—		—		—	%
DOXA Insurance Holdings LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	3,046		—		—		—	%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	05/2026	3,077		—		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)


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

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

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

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

(3)Investment is held by New Mountain Finance Corporation

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

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

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

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

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

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

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

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

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

(12)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent, and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian.. See Note 7. Borrowings, for details.

(13)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

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

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

(16)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(17)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of March 31, 2025.

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

(19)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $13,500 as of March 31, 2025. See Note 2. Summary of Significant Accounting Policies, for details.

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

(21)The Company holds ordinary shares and preferred equity in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC.

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

(23)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.

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

(25)The Company holds investments in two wholly-owned subsidiaries of Diamond Parent Holdings Corp. The Company holds two first lien term loans, a first lien delayed draw and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc.

(26)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc.

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

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

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

(30)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc.

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

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

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

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


Portfolio Company	Fair Value at December 31, 2024		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2025		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC	$	19,156	$	—	$	—	$	(819)	$	18,337	$	—	$	327	$	—	$	—
Sierra Hamilton Holdings Corporation	2,000		—		—		—		2,000		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	91,620		2,673		—		(4,072)		90,221		—		991		1,683		63
Total Non-Controlled/Affiliated Investments	$	112,776	$	2,673	$	—	$	(4,891)	$	110,558	$	—	$	1,318	$	1,683	$	63

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

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

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(in thousands, except shares)

(unaudited)

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


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

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

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

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

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2025

(unaudited)


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


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


	March 31, 2025
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	86.50	%
Fixed rates	13.50	%
Total investments	100.00	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except shares)


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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
Groundworks, LLC
Business Services	First lien (4)	SOFR(M)	3.25%	7.65%	03/2024	03/2031	$	18,908	$	18,734	$	19,034
	First lien (4)(16) - Drawn	SOFR(M)	3.25%	7.65%	03/2024	03/2031	557		552		560
									19,286		19,594		1.44	%
Notorious Topco, LLC
Consumer Products	First lien (3)(11)(13)	SOFR(Q)*	4.75% + 2.50%/PIK	11.91%	11/2021	11/2027	10,058		10,017		9,241
	First lien (3)(11)(13)	SOFR(Q)*	4.75% +2.50%/PIK	11.91%	05/2022	11/2027	9,932		9,889		9,126
	First lien (3)(11)(13)	SOFR(Q)*	4.75% + 2.50%/PIK	11.91%	11/2021	11/2027	877		870		805
									20,776		19,172		1.41	%
GraphPAD Software, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.08%	06/2024	06/2031	17,901		17,858		17,856
	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.75%	9.08%	06/2024	06/2031	448		445		446
									18,303		18,302		1.35	%
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%	11.90%	09/2015	09/2026	29,879		29,843		17,999
	First lien (3)(13)	SOFR(M)(18)*	14.50%/PIK + 0.50%	19.65%	06/2021	09/2026	1,527		1,527		—
	Subordinated (3)(13)	SOFR(Q)(18)*	1.00%/PIK	5.74%	03/2021	09/2026	5,230		—		—
									31,370		17,999		1.32	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)	SOFR(Q)	6.75%	11.44%	11/2019	11/2027	22,500		22,441		14,513
	Second lien (2)(12)	SOFR(Q)	6.75%	11.44%	11/2019	11/2027	4,208		4,188		2,714
									26,629		17,227		1.27	%
Avalara, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	6.25%	10.58%	10/2022	10/2028	17,198		17,045		17,198		1.27	%
Idera, Inc.
Software	Second lien (4)(13)	SOFR(Q)	6.75%	11.47%	06/2019	03/2029	15,091		14,961		15,091
	Second lien (3)(11)(13)	SOFR(Q)	6.75%	11.47%	04/2021	03/2029	2,012		2,006		2,012
									16,967		17,103		1.26	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

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
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(13)	SOFR(M)	4.50%	8.84%	02/2020	02/2028	$	14,635	$	14,617	$	14,635
	First lien (5)(13)	SOFR(M)	4.50%	8.84%	02/2024	02/2028	2,268		2,254		2,268
									16,871		16,903		1.24	%
Viper Bidco. Inc.
Software	First lien (3)(11)(13)(14)	SONIA(D)	5.00%	9.70%	11/2024	11/2031	£	12,030	$	15,181	$	14,981	1.10	%
Calabrio, Inc.
Software	First lien (5)(13)	SOFR(Q)	5.50%	10.01%	04/2021	04/2027	12,286		12,244		12,286
	First lien (5)(13)	SOFR(Q)	5.50%	10.01%	01/2024	04/2027	1,574		1,562		1,574
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.50%	10.02%	04/2021	04/2027	637		633		637
									14,439		14,497		1.07	%
Coupa Holdings, LLC
Software	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.84%	02/2023	02/2030	14,388		14,243		14,388		1.06	%
Houghton Mifflin Harcourt Company
Education	First lien (3)(11)	SOFR(M)	5.25%	9.71%	10/2023	04/2029	14,484		14,108		14,291		1.05	%
Daxko Acquisition Corporation
Software	First lien (3)(11)(13)	SOFR(M)	5.00%	9.36%	10/2021	10/2028	12,878		12,799		12,878
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	10/2021	10/2028	1,085		1,078		1,085
	First lien (3)(13)	SOFR(M)	5.00%	9.36%	10/2021	10/2028	65		64		65
									13,941		14,028		1.03	%
Convey Health Solutions, Inc.
Healthcare	First lien (3)(11)(13)	SOFR(Q)*	1.00% + 4.25%/PIK	9.68%	09/2019	07/2029	13,152		13,101		11,935
	First lien (3)(11)(13)	SOFR(Q)*	1.00% + 4.25%/PIK	9.68%	02/2022	07/2029	2,196		2,180		1,993
									15,281		13,928		1.02	%
CFS Management, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)*	6.25% + 2.25%/PIK	13.09%	08/2019	09/2026	11,881		11,880		10,693
	First lien (2)(12)(13)	SOFR(Q)*	6.25% + 2.25%/PIK	13.09%	08/2019	09/2026	3,539		3,548		3,185
									15,428		13,878		1.02	%
Baker Tilly Advisory Group, LP
Financial Services	First lien (3)(11)(13)	SOFR(M)	4.75%	9.11%	05/2024	06/2031	13,687		13,591		13,585		1.00	%
USRP Holdings, Inc.
Business Services	First lien (3)(11)(13)	SOFR(M)	5.00%	9.36%	07/2021	12/2029	6,984		6,946		6,984
	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	07/2021	12/2029	5,541		5,512		5,541
									12,458		12,525		0.92	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
Anaplan, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.58%	06/2022	06/2029	$	10,618	$	10,548	$	10,618	0.78	%
Project Accelerate Parent, LLC
Software	First lien (5)(13)	SOFR(M)	5.25%	9.61%	02/2024	02/2031	10,519		10,470		10,519		0.77	%
Specialtycare, Inc.
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.60%	06/2021	06/2028	10,247		10,167		9,953
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	4.00%	9.04%	06/2021	06/2026	324		319		315
	First lien (3)(11)(13)	SOFR(Q)	5.75%	10.66%	06/2021	06/2028	77		76		75
									10,562		10,343		0.76	%
Ciklum Inc.**
Business Services	First lien (2)(12)(13)	SOFR(Q)	6.50%	11.17%	02/2024	02/2030	9,536		9,430		9,536		0.70	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(12)(13)	SOFR(Q)*	6.75% + 2.00%/PIK	13.08%	07/2021	07/2027	8,493		8,447		8,449
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	13.11%	07/2021	07/2026	954		945		950
									9,392		9,399		0.69	%
Planview Parent, Inc.
Software	Second lien (2)(12)	SOFR(Q)	5.75%	10.08%	06/2024	12/2028	9,231		9,208		9,208		0.68	%
Safety Borrower Holdings LLC
Software	First lien (2)(12)(13)	SOFR(M)	5.25%	9.72%	09/2021	09/2027	7,446		7,425		7,446
	First lien (3)(11)(13)	SOFR(M)	5.25%	9.72%	09/2021	09/2027	1,523		1,523		1,523
	First lien (3)(13)(16) - Drawn	P(Q)	4.25%	11.75%	09/2021	09/2027	128		127		128
									9,075		9,097		0.67	%
Icefall Parent, Inc.
Software	First lien (3)(11)(13)	SOFR(M)	6.50%	10.86%	01/2024	01/2030	8,696		8,619		8,696		0.64	%
KPSKY Acquisition Inc.
Business Services	First lien (3)(11)(13)	SOFR(Q)	5.50%	10.19%	10/2021	10/2028	6,827		6,785		6,570
	First lien (3)(11)(13)	SOFR(Q)	5.50%	10.15%	06/2022	10/2028	1,149		1,140		1,106
	First lien (3)(11)(13)	SOFR(Q)	5.50%	10.28%	10/2021	10/2028	782		777		752
	First lien (3)(13)(16) - Drawn	SOFR(Q)	5.75%	10.36%	11/2023	10/2028	19		19		18
									8,721		8,446		0.62	%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.75%	11.30%	10/2024	11/2029	8,510		8,406		8,404		0.62	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

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
Park Place Technologies, LLC
Business Services	First lien (2)(12)(13)	SOFR(M)	5.25%	9.61%	07/2024	03/2031	$	7,654	$	7,635	$	7,635
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	5.25%	9.80%	07/2024	03/2030	258		258		258
									7,893		7,893		0.58	%
Eclipse Topco, Inc. (33)
Eclipse Buyer Inc.
Software	First lien (4)(13)	SOFR(M)	4.75%	9.26%	09/2024	09/2031	7,113		7,078		7,078		0.52	%
CRCI Longhorn Holdings, Inc.
Business Services	First lien (2)(12)(13)	SOFR(M)	5.00%	9.36%	08/2024	08/2031	6,516		6,484		6,483
	First lien (3)(11)(13)(16) - Drawn	SOFR(M)	5.00%	9.36%	08/2024	08/2031	489		486		486
									6,970		6,969		0.51	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(13)	—	—	—	05/2013	—	14,500		14,500		6,525		0.48	%
Greenway Health, LLC
Healthcare	First lien (3)(11)(13)	SOFR(Q)	6.75%	11.08%	12/2023	04/2029	6,302		6,221		6,302		0.46	%
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(13)	SOFR(Q)*	2.75%+ 2.75%/PIK	10.02%	08/2024	08/2031	6,124		6,065		6,062
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.00%	9.41%	08/2024	08/2030	72		71		71
									6,136		6,133		0.45	%
Higginbotham Insurance Agency, Inc.
Business Services	First lien (3)(11)(13)	SOFR(M)	4.50%	8.86%	03/2024	11/2028	3,808		3,808		3,808
	First lien (3)(13)(16) - Drawn	SOFR(M)	4.75%	9.11%	03/2024	11/2028	2,313		2,302		2,313
									6,110		6,121		0.45	%
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.) (20)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First lien (3)(11)(13)	SOFR(S)	7.00%	12.08%	05/2021	05/2027	6,109		6,081		6,109		0.45	%
NC Topco, LLC
Software	First lien (2)(12)(13)	SOFR(M)*	2.50% + 2.75%/PIK	9.61%	08/2024	09/2031	5,853		5,825		5,824		0.43	%
Healthspan Buyer, LLC
Healthcare	First lien (3)(11)(13)	SOFR(Q)	5.25%	9.58%	10/2023	10/2030	5,069		5,025		5,069		0.37	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

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
Michael Baker International, LLC
Business Services	First lien (3)(11)	SOFR(M)	4.75%	9.11%	05/2024	12/2028	$	4,892	$	4,869	$	4,910	0.36	%
Adelaide Borrower, LLC**
Software	First lien (3)(11)(13)	SOFR(Q)	6.25%	10.58%	05/2024	05/2030	4,698		4,656		4,698		0.35	%
Logrhythm, Inc.
Software	First lien (3)(11)(13)	SOFR(M)	7.50%	11.86%	07/2024	07/2029	4,196		4,138		4,196		0.31	%
RLG Holdings, LLC
Packaging	First lien (2)(12)	SOFR(M)	5.00%	9.36%	06/2024	07/2028	3,970		3,970		3,934		0.29	%
CommerceHub, Inc.
Software	First lien (3)(11)(13)	SOFR(Q)	6.25%	10.90%	06/2023	12/2027	3,920		3,608		3,920		0.29	%
Kene Acquisition, Inc.
Business Services	First lien (2)(12)(13)	SOFR(Q)	5.25%	9.84%	02/2024	02/2031	3,509		3,477		3,509
	First lien (3)(13)(16) - Drawn	SOFR(M)	5.25%	9.59%	02/2024	02/2031	162		161		162
									3,638		3,671		0.27	%
Next Holdco, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	5.75%	10.27%	11/2023	11/2030	3,494		3,471		3,494		0.26	%
CB Buyer, Inc.
Software	First lien (2)(12)(13)	SOFR(M)	5.25%	9.61%	07/2024	07/2031	3,308		3,293		3,292		0.24	%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(11)(13)	SOFR(S)	4.75%	9.03%	05/2024	12/2028	3,062		3,048		3,062		0.23	%
Galway Borrower LLC
Business Services	First lien (3)(13)(16) - Drawn	SOFR(Q)	4.50%	8.83%	04/2024	09/2028	1,806		1,779		1,788
	First lien (2)(12)(13)	SOFR(Q)	4.50%	8.83%	04/2024	09/2028	1,090		1,083		1,080
									2,862		2,868		0.21	%
DCA Investment Holding, LLC
Healthcare	First lien (2)(12)(13)	SOFR(Q)	6.41%	10.73%	03/2021	04/2028	1,804		1,798		1,758
	First lien (3)(11)(13)	SOFR(Q)	6.50%	10.83%	12/2022	04/2028	1,011		1,000		987
									2,798		2,745		0.20	%
Compsych Investments Corp.
Business Services	First lien (2)(12)(13)	SOFR(Q)	4.75%	9.38%	07/2024	07/2031	1,164		1,162		1,162		0.09	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(11)(13)	SOFR(M)	5.25%	9.61%	05/2024	10/2029	1,050		1,045		1,050		0.08	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (3)(13)(16) - Drawn	SOFR(S)	4.75%	9.18%	06/2024	12/2028	467		464		467		0.03	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
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	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (18)(19)	—	—	—	11/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States									$	2,022,101	$	1,990,400	146.43	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First lien (3)(11)(13)	SOFR(S)*	3.50% + 2.00%/PIK	10.76%	07/2024	07/2031	$	19,418	$	19,326	$	19,321	1.42	%
Total Funded Debt Investments - Jersey									$	19,326	$	19,321	1.42	%
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%	12.72%	10/2019	10/2027	$	34,459	$	34,335	$	34,459	2.54	%
Integro Parent Inc.**
Business Services	Second lien (3)(11)(13)	SOFR(Q)*	12.25%/PIK	16.58%	10/2015	07/2025	7,091		6,405		6,331		0.47	%
Total Funded Debt Investments - United Kingdom									$	40,740	$	40,790	3.01	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.63%	12/2022	12/2029	$	3,445	$	3,405	$	3,445
	First lien (3)(11)(13)	SOFR(Q)	5.00%	9.63%	12/2023	12/2029	1,342		1,330		1,342
									4,735		4,787		0.35	%
Total Funded Debt Investments - Australia									$	4,735	$	4,787	0.35	%
Total Funded Debt Investments									$	2,086,902	$	2,055,298	151.21	%
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		$	75,927	$	79,222	5.83	%
Symplr Software Intermediate Holdings, Inc.
Healthcare	Preferred shares (4)(13)	SOFR(Q)*	10.50%/PIK	14.97%	11/2018	—	7,500		16,363		16,450
	Preferred shares (3)(11)(13)	SOFR(Q)*	10.50%/PIK	14.97%	11/2018	—	2,586		5,641		5,671
									22,004		22,121		1.63	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

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
Knockout Intermediate Holdings I Inc.(30)
Software	Preferred shares (3)(13)	SOFR(S)*	10.75%/PIK	15.03%	06/2022	—	15,150	$	20,819	$	21,010	1.55	%
ACI Parent Inc.(26)
Healthcare	Preferred shares (3)(13)	FIXED(Q)*	11.75%/PIK	11.75%	08/2021	—	12,500	18,444		16,419		1.21	%
Project Essential Super Parent, Inc.
Software	Preferred shares (3)(13)	SOFR(Q)*	9.50%/PIK	14.10%	04/2021	—	10,000	15,929		14,833		1.09	%
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	14,162		13,609		1.00	%
HBWM Holdings, LLC
Financial Services	Ordinary shares (9)(13)	FIXED(Q)	4.00%	4.00%	09/2021	—	47,114	4,717		9,532		0.70	%
OA Topco, L.P.(29)
Healthcare	Ordinary shares (3)(13)	—	—	—	12/2021	—	2,000,000	2,000		7,646		0.56	%
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		0.43	%
FS WhiteWater Holdings, LLC(27)
Consumer Services	Ordinary shares (5)(13)	—	—	—	12/2021	—	50,000	5,000		4,618		0.34	%
Appriss Health Holdings, Inc. (20)
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)(20)
Healthcare	Preferred shares (3)(13)	FIXED(Q)*	11.00%/PIK	11.00%	05/2021	—	2,333	3,432		3,371		0.25	%
Ambrosia Holdco Corp. (32)
Distribution & Logistics	Ordinary shares (2)(13)	—	—	—	01/2024	—	126,536	1,348		1,348
	Ordinary shares (3)(13)	—	—	—	01/2024	—	122,044	1,300		1,300
								2,648		2,648		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.(33)
Software	Preferred shares (4)(13)	FIXED(S)*	12.50%/PIK	12.50%	09/2024	—	190	1,952		1,952		0.14	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

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
GEDC Equity, LLC
Healthcare	Participation Interest(3)(13)	—	—	—	06/2023	—	190,000		$	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									$	194,917	$	204,938	15.07	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(11)	FIXED(Q)	11.75%	11.75%	09/2017	—	138,678		$	13,788	$	13,867	1.02	%
Total Shares - Hong Kong									$	13,788	$	13,867	1.02	%
Total Shares									$	208,705	$	218,805	16.09	%
Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment Fund	Structured Finance Obligations (3)	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		$	182	$	327
	Warrants (3)(13)	—	—	—	06/2024	06/2029	47,459		62		112
									244		439		0.03	%
Total Warrants - United States									$	244	$	439	0.03	%
Total Funded Investments									$	2,299,083	$	2,277,774	167.57	%
Unfunded Debt Investments - United States
Groundworks, LLC
Business Services	First lien (4)(16) - Undrawn	—	—	—	03/2024	03/2026	$	2,938	$	(15)	$	20	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		—		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
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		—		—		—	%
Higginbotham Insurance Agency, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	5,676		—		—		—	%
Riskonnect Parent, LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2026	6,349		—		—		—	%
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)		—		—	%
Associations, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	07/2028	1,539		(1)		—
	First lien (3)(13)(16) - Undrawn	—	—	—	05/2024	07/2028	3,200		(2)		—
									(3)		—		—	%
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)( (20)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First lien (3)(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)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
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)		—		—	%
Logrhythm, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	07/2029	420		(6)		—		—	%
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)		—		—	%
USRP Holdings, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2021	12/2029	893		(9)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(13)(16) - Undrawn	—	—	—	02/2020	02/2028	1,799		(9)		—		—	%
MRI Software LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	01/2020	02/2027	1,891		(9)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
PDI TA Holdings, Inc.
Software	First lien (4)(13)(16) - Undrawn	—	—	—	01/2024	02/2026	$	1,865	$	—	$	—
	First lien (3)(13)(16) - Undrawn	—	—	—	01/2024	02/2031	1,830		(9)		—
									(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)		—		—	%
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	—	—	—	12/2021	12/2027	1,400		(14)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(12)(13)(16) - Undrawn	—	—	—	12/2024	04/2025	785		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2021	06/2028	1,501		(15)		—
									(15)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

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
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	€	804	(6)		—
	First lien (3)(13)(16) - Undrawn	—	—	—	03/2024	03/2031	1,515		(11)		—
									(17)		—		—	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(13)(16) - Undrawn	—	—	—	06/2022	06/2025	3,360		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	10/2021	10/2027	1,859		(19)		—
									(19)		—		—	%
Avalara, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	10/2022	10/2028	1,720		(21)		—		—	%
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	2,095		(21)		—
									(21)		—		—	%
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)		—		—	%
Knockout Intermediate Holdings I Inc.(30)
Kaseya Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	06/2022	06/2025	2,865		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2022	06/2029	2,888		(22)		—
									(22)		—		—	%
Oranje Holdco, Inc.
Education	First lien (3)(13)(16) - Undrawn	—	—	—	02/2023	02/2029	1,860		(23)		—

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

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
OEConnection LLC
Software	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	04/2026	$	8,101	$	—	$	—
	First lien (3)(13)(16) - Undrawn	—	—	—	04/2024	04/2031	5,063		(25)		—
									(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)		—		—	%
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)		—		—	%
PetVet Care Centers, LLC
Consumer Services	First lien (3)(13)(16) - Undrawn	—	—	—	10/2023	11/2025	3,708		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	10/2023	11/2029	3,708		(37)		—
									(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)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
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	1,301		—		—
	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)		—		—	%
Compsych Investments Corp.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	07/2027	333		—		(1)		(0.00)	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(13)(16) - Undrawn	—	—	—	07/2021	07/2026	226		(3)		(1)		(0.00)	%
Park Place Technologies, LLC
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	03/2030	643		(2)		(2)
	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	09/2025	1,201		(3)		(3)
									(5)		(5)		(0.00)	%
CB Buyer, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	07/2031	364		(2)		(2)
	First lien (3)(13)(16) - Undrawn	—	—	—	07/2024	07/2026	934		—		(5)
									(2)		(7)		(0.00)	%
Specialtycare, Inc.
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2021	06/2026	235		(4)		(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	644		(6)		(6)
									(6)		(10)		(0.00)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

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
CRCI Longhorn Holdings, Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	08/2024	08/2031	$	597	$	(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)	%
Xactly Corporation
Software	First lien (3)(13)(16) - Undrawn	—	—	—	07/2017	07/2027	992		(10)		(11)		(0.00)	%
DOCS, MSO, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2022	06/2028	2,405		—		(13)		(0.00)	%
GraphPAD Software, LLC
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2031	1,682		(4)		(4)
	First lien (3)(13)(16) - Undrawn	—	—	—	06/2024	06/2026	4,038		(10)		(10)
									(14)		(14)		(0.00)	%
Viper Bidco. Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	11/2024	11/2026	4,150		—		—
	First lien (3)(13)(16) - Undrawn	—	—	—	11/2024	11/2031	3,320		(17)		(17)
									(17)		(17)		(0.00)	%
iCIMS, Inc.
Software	First lien (3)(13)(16) - Undrawn	—	—	—	08/2022	08/2028	2,824		(25)		(21)		(0.00)	%
Eclipse Topco, Inc. (33)
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)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
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)	%
KPSKY Acquisition Inc.
Business Services	First lien (3)(13)(16) - Undrawn	—	—	—	11/2023	11/2025	1,568		—		(47)		(0.00)	%
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
Healthcare	First lien (3)(13)(16) - Undrawn	—	—	—	08/2021	08/2027	2,118		(21)		(62)		(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)	%
Notorious Topco, LLC
Consumer Products	First lien (3)(13)(16) - Undrawn	—	—	—	11/2021	05/2027	880		(7)		(71)		(0.01)	%
Total Unfunded Debt Investments - United States									$	(995)	$	(422)	(0.03)	%
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									$	(1,000)	$	(422)	(0.03)	%
Total Non-Controlled/Non-Affiliated Investments									$	2,298,083	$	2,277,352	167.54	%
Non-Controlled/Affiliated Investments (34)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (21)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(13)	SOFR(Q)*	13.25%/PIK	17.58%	12/2020	01/2028	$	22,290	$	22,223	$	22,290	1.64	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)		Cost		Fair Value		Percent of Net Assets
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%	11.98%	03/2023	04/2028	$	10,628	$	10,628	$	10,628
	First lien (3)(13)	SOFR(Q)	7.50%	11.98%	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									$	33,191	$	33,258	2.45	%
Equity - United States
TVG-Edmentum Holdings, LLC(21)
Education	Ordinary shares (3)(13)	FIXED(Q)*	12.00%/PIK	12.00%	12/2020	—	48,899		$	66,651	$	59,978
	Preferred shares (3)(13)	FIXED(Q)*	15.00%/PIK	15.00%	05/2024	—	3,480		7,525		9,352
									74,176		69,330		5.10	%
Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary shares (3)(13)	—	—	—	03/2023	—	72,536		4,104		8,188		0.60	%
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									$	91,063	$	79,518	5.85	%
Total Non-Controlled/Affiliated Investments									$	124,254	$	112,776	8.30	%
Controlled Investments (35)
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	$	46,068	$	46,068	$	46,068
	First lien (3)(11)(13)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2026	33,155		33,155		33,155
	Subordinated (3)(13)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2026	23,814		22,942		19,051
									102,165		98,274		7.23	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

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
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(11)(13)	SOFR(Q)	9.00%	13.59%	10/2020	12/2027	$	23,336	$	23,336	$	23,336
	First lien (3)(11)(13)(16) - Drawn	SOFR(Q)	6.00%	10.59%	10/2020	12/2027	20,840		20,840		20,840
									44,176		44,176		3.25	%
UniTek Global Services, Inc.
Business Services	Second lien (3)(13)	FIXED(Q)*	15.00%/PIK	15.00%	12/2020	06/2028	15,608		15,608		15,459
	Second lien (3)(13)	FIXED(Q)*	15.00%/PIK	15.00%	07/2022	06/2028	6,919		6,919		6,853
									22,527		22,312		1.64	%
NHME Holdings Corp. (22)
National HME, Inc.
Healthcare	Second lien (3)(13)	SOFR(Q)(18)*	5.00%/PIK	9.85%	11/2018	11/2025	8,281		7,871		3,000		0.22	%
Total Funded Debt Investments - United States									$	176,739	$	167,762	12.34	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(13)	—	—	—	05/2018	—	—		$	160,000	$	160,000	11.77	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(13)	—	—	—	05/2021	—	—		112,400		112,400		8.27	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (6)(13)	—	—	—	06/2018	—	—		74,248		104,512		7.69	%
New Benevis Topco, LLC (23)
Healthcare	Ordinary shares (2)(13)	—	—	—	10/2020	—	325,516		27,154		28,481
	Ordinary shares (3)(13)	—	—	—	10/2020	—	152,548		12,768		13,347
									39,922		41,828		3.08	%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(13)	FIXED(Q)*	20.00%/PIK	20.00%	08/2018	—	22,803,214		22,803		20,646
	Preferred shares (3)(13)	FIXED(Q)*	20.00%/PIK	20.00%	08/2019	—	13,553,020		13,553		12,682
	Preferred shares (3)(13)	FIXED(Q)(18)*	19.00%/PIK	19.00%	06/2017	—	19,795,435		19,795		3,080
	Preferred shares (2)(13)	FIXED(Q)(18)*	13.50%/PIK	13.50%	01/2015	—	29,326,545		26,946		—
	Preferred shares (3)(13)	FIXED(Q)(18)*	13.50%/PIK	13.50%	01/2015	—	8,104,462		7,447		—
	Ordinary shares (2)(13)	—	—	—	01/2015	—	2,096,477		1,925		—
	Ordinary shares (3)(13)	—	—	—	01/2015	—	1,993,749		532		—
									93,001		36,408		2.68	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (17)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (15)	Cost		Fair Value		Percent of Net Assets
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(13)	—	—	—	10/2020	—	100	$	11,155	$	18,900	1.39	%
NM YI, LLC
Net Lease	Membership interest (6)(13)	—	—	—	09/2019	—	—	6,272		9,960		0.73	%
NM GP Holdco, LLC**
Net Lease	Membership interest (6)(13)	—	—	—	06/2018	—	—	850		322		0.02	%
NHME Holdings Corp.(22)
Healthcare	Ordinary shares (3)(13)	—	—	—	11/2018	—	640,000	4,000		—		—	%
Total Shares - United States								$	501,848	$	484,330	35.63	%
Total Shares								$	501,848	$	484,330	35.63	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(13)	—	—	—	12/2020	06/2028	13,339	$	—	$	48,804	3.59	%
NHME Holdings Corp. (22)
Healthcare	Warrants (3)(13)	—	—	—	11/2018	01/2033	160,000	1,000		—		—	%
Total Warrants - United States								$	1,000	$	48,804	3.59	%
Total Funded Investments								$	679,587	$	700,896	51.56	%
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	1,055	$	—	$	—	—	%
Total Unfunded Debt Investments - United States								$	—	$	—	—	%
Total Controlled Investments								$	679,587	$	700,896	51.56	%
Total Investments								$	3,101,924	$	3,091,024	227.40	%

(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.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

(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 December 31, 2024, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $15,057 and the Nelipak Holding Company first lien term loan, drawn revolver, undrawn delayed draw term loan and undrawn revolver is $17,109, $406 $6,638 and $833, 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 ("€").

(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 December 31, 2024. See Note 2. Summary of Significant Accounting Policies, for details.

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

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

(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 Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and two first lien delayed draws in Kaseya, Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I Inc.

(33)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.

(34)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 December 31, 2024 and December 31, 2023 along with transactions during the year ended December 31, 2024 in which the issuer was a non-controlled/affiliated investment is as follows:

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company	Fair Value at December 31, 2023		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2024		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC	$	17,873	$	—	$	(50)	$	1,333	$	19,156	$	—	$	1,432	$	—	$	—
Sierra Hamilton Holdings Corporation	2,000		—		—		—		2,000		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	113,786		16,409		—		(38,575)		91,620		—		3,659		5,843		250
Total Non-Controlled/Affiliated Investments	$	133,659	$	16,409	$	(50)	$	(37,242)	$	112,776	$	—	$	5,091	$	5,843	$	250

(B)Gross reductions 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.

(35) Denotes investments in which the Company is in “Control”, 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 December 31, 2024 and December 31, 2023 along with transactions during the year ended December 31, 2024 in which the issuer was a controlled investment, is as follows:


Portfolio Company	Fair Value at December 31, 2023		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2024		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	$	3,419	$	—	$	—	$	(3,419)	$	—	$	4,981	$	—	$	—	$	41
National HME, Inc./NHME Holdings Corp.	3,000		—		—		—		3,000		—		—		—		—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	135,401		10,595		—		(5,894)		140,102		—		12,934		—		375
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	63,170		7,005		—		(7,099)		63,076		—		5,382		—		500
NM APP CANADA CORP	7		—		—		(7)		—		31		—		—		—
NM CLFX LP	11,731		—		(12,279)		548		—		(2,461)		—		24		845
NM NL Holdings, L.P.	96,071		—		(2,123)		10,564		104,512		(548)		—		8,116		181
NM GP Holdco, LLC	1,048		—		(11)		(715)		322		(3)		—		89		—
NM YI LLC	9,550		—		—		410		9,960		—		—		879		—
NMFC Senior Loan Program III LLC	140,000		20,000		—		—		160,000		—		—		23,304		—
NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		16,228		—
UniTek Global Services, Inc.	91,999		9,577		—		5,948		107,524		—		3,133		6,446		1,450
Total Controlled Investments	$	667,796	$	47,177	$	(14,413)	$	336	$	700,896	$	2,000	$	21,449	$	55,086	$	3,392

* All or a portion of interest contains PIK interest.

** 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 December 31, 2024, 14.6% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


	December 31, 2024
Investment Type	Percent of Total Investments at Fair Value
First lien	63.31	%
Second lien	6.37	%
Subordinated	3.30	%
Structured Finance Obligations	0.10	%
Equity and other	26.92	%
Total investments	100.00	%


	December 31, 2024
Industry Type	Percent of Total Investments at Fair Value
Software	27.44	%
Healthcare	16.24	%
Business Services	16.11	%
Investment Funds (includes investments in joint ventures)	8.92	%
Consumer Services	6.22	%
Education	6.07	%
Financial Services	4.07	%
Distribution & Logistics	3.90	%
Net Lease	3.71	%
Packaging	2.20	%
Energy	2.11	%
Food & Beverage	1.37	%
Business Products	0.72	%
Consumer Products	0.62	%
Specialty Chemicals & Materials	0.30	%
Total investments	100.00	%


	December 31, 2024
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	86.62	%
Fixed rates	13.38	%
Total investments	100.00	%

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

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Notes to the Consolidated Financial Statements of

New Mountain Finance Corporation

March 31, 2025

(in thousands, except share data)

(unaudited)

Note 1. Formation and Business Purpose

New Mountain Finance Corporation (“NMFC” or the “Company”) is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering ("IPO") on May 19, 2011. NMFC is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). NMFC has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Since NMFC’s IPO, and through March 31, 2025, NMFC has raised approximately $1,034,550 in net proceeds from additional offerings of its common stock.

New Mountain Finance Advisers, L.L.C. (the “Investment Adviser”), formerly known as New Mountain Finance Advisers BDC, L.L.C., is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with over $55 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations.

The Company has established the following wholly-owned direct and indirect subsidiaries:

•New Mountain Finance Holdings, L.L.C. ("NMF Holdings") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings’ credit facility and were used to secure NMFDB’s credit facility, until its termination on September 30, 2024, respectively;

•New Mountain Finance SBIC, L.P. ("SBIC I") and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the U.S. Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act"), and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP"), and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively;

•NMF Ancora Holdings, Inc. ("NMF Ancora"), NMF QID NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC"), which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity related investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); the Company consolidates these corporations for accounting purposes but the corporations are not consolidated for U.S federal income tax purposes and may incur U.S. federal income tax expense as a result of their ownership of the portfolio companies; and

•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.

New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of the Company, which acquires commercial real estate properties that are subject to "triple net" leases and has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.

NMFC is a BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company’s investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

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Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, the Company’s investments may also include equity interests.

NMFC primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $10 million to $200 million. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Similar to the Company, the investment objective of SBIC I and SBIC II is to generate current income and capital appreciation under the investment criteria used by the Company. However, SBIC I and SBIC II investments must be in SBA eligible small businesses. The Company’s portfolio may be concentrated in a limited number of industries. As of March 31, 2025, the Company’s top five industry concentrations were software, healthcare, business services, investment funds (which includes the Company's investments in its joint ventures) and consumer services.

Note 2. Summary of Significant Accounting Policies

Basis of accounting—The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC 946”). The Company consolidates its wholly-owned direct and indirect subsidiaries: NMF Holdings, NMFDB, NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF OEC and its majority-owned consolidated subsidiary: NMNLC. For majority-owned consolidated subsidiaries, the third-party equity interest is referred to as non-controlling interest. The net income attributable to non-controlling interests for such subsidiaries is presented as “Net increase (decrease) in net assets resulting from operations related to non-controlling interest” in the Company’s Consolidated Statements of Operations. The portion of shareholders' equity that is attributable to non-controlling interests for such subsidiaries is presented as “Non-controlling interest”, a component of total equity, on the Company’s Consolidated Statements of Assets and Liabilities.

The Company’s consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for all periods presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company’s portfolio investments are not consolidated in the financial statements.

The Company’s interim consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 6 or 10 of Regulation S-X. Accordingly, the Company’s interim consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2025.

Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company’s Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company’s Consolidated Statements of Operations as “Net change in unrealized appreciation (depreciation) of investments” and realizations on portfolio investments reflected in the Company’s Consolidated Statements of Operations as “Net realized gains (losses) on investments”.

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company’s board of directors is ultimately and solely responsible for determining the fair value of the portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company’s quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

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(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:

i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and

ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b.Preliminary valuation conclusions will then be documented and discussed with the Company’s senior management;

c.If an investment falls into (3) above for four consecutive quarters and if the investment’s par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company’s board of directors; and

d.When deemed appropriate by the Company’s management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period and the fluctuations could be material.

See Note 3. Investments, for further discussion relating to investments.

Derivative instruments and hedging activities—The Company follows the guidance in Accounting Standards Codification Topic 815, Derivatives and Hedging ("ASC 815"), when accounting for derivative instruments and hedging activities. The Company may utilize derivatives to support its overarching risk management objectives. The primary market risk that the Company is exposed to is interest rate risk, which we seek to mitigate through derivative transactions.

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The Company enters into derivative financial instruments to manage interest rate risk, facilitate asset/liability management strategies and manage other exposures. These instruments primarily include interest rate swaps. All derivative financial instruments are recognized as derivative assets at fair value or derivative liabilities at fair value, as applicable.

The Company has entered into an International Swaps and Derivatives Association, Inc. 2002 Master Agreement, (together with the Schedule and Credit Support Annex thereto and any transactions thereunder, the "ISDA Master Agreement"), on March 18, 2024, with a derivative counterparty (the “ISDA Counterparty”). The ISDA Master Agreement is a bilateral agreement between the Company and the ISDA Counterparty that governs over-the-counter derivatives, into which the Company enters for hedging purposes. The ISDA Master Agreement provides for, among other things, collateral posting terms and netting provisions in the event of certain specified defaults and/or termination events, including bankruptcy or insolvency of the counterparty. The ISDA Master Agreement also includes termination rights that permit the termination of outstanding transactions by the ISDA Counterparty in the event the Company fails to maintain sufficient asset levels, and by the Company in the event the ISDA Counterparty is downgraded below a specified minimum rating level. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties. The collateral terms of the ISDA Master Agreement provide for the bilateral posting of collateral in the form of cash or U.S. government securities for any outstanding exposure under the transactions. In the case of the Company, the agreement provides for the segregation of posted collateral at the Company’s custodian subject to a perfected security interest in favor of the ISDA Counterparty. Upon the close-out of the transactions outstanding under the ISDA Master Agreement following a default, the ISDA Master Agreement provides for a single net payment between the parties equal to the close-out replacement value of the terminated transactions, the right to offset receivables and payables with the same counterparty and/or the right to liquidate collateral.

Interest rate swaps are agreements to exchange interest payments based upon notional amounts and subject the Company to market risk associated with changes in interest rates and changes in interest rate volatility, as well as the credit risk that the counterparty will fail to perform. The Company designates all interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship. As a result, the change in fair value of the hedging instrument and hedged item are recorded in "Interest expense" and recognized as components of "Interest expense" in the Company’s Consolidated Statements of Operations. The fair value of the interest rate swap is included as a component of "Derivative asset at fair value" or "Derivative liability at fair value" on the Company’s Consolidated Statements of Assets and Liabilities. Derivative assets at fair value and derivative liabilities at fair value, including variation margin as applicable, are included in the "Net change due to hedging activity" line item in the operating section in the Company’s Consolidated Statements of Cash Flows.

The Company elected not to offset derivative assets and liabilities and cash collateral held with the same counterparty where it has a legally enforceable master netting agreement.

Refer to Note 4. Fair Value and Note 7. Borrowings for more information on derivative instruments and hedging activities.

New Mountain Net Lease Corporation

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments as of March 31, 2025 are disclosed on the Company's Consolidated Schedule of Investments.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666. Immediately thereafter, NMNLC sold 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666.

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Below is certain summarized property information for NMNLC as of March 31, 2025:

Lease

Total

Fair Value as of

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

March 31, 2025

NM NL Holdings LP / NM GP Holdco LLC

Various

105,594

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

8,927

114,521

Collateralized agreements or repurchase financings—The Company follows the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral (“ASC 860”), when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of March 31, 2025 and December 31, 2024, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of $13,500 and $13,500, respectively. The collateralized agreement to resell is on non-accrual status. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from the Company at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to the Company, and therefore, the Company does not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized the Company’s contractual rights under the collateralized agreement. The Company continues to exercise its rights under the collateralized agreement and continues to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.

Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of March 31, 2025 and December 31, 2024. The cash deposits are FDIC insured up to $250 per ownership category, per institution.

Revenue recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three months ended March 31, 2025 and March 31, 2024, the Company recognized PIK and non-cash interest from investments of $7,588 and $9,654, respectively, and PIK and non-cash dividends from investments of $8,188 and $7,424, respectively.

Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.

Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

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Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Other income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.

Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 7. Borrowings, for details.

Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company’s borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 7. Borrowings, for details.

Deferred offering costs—The Company's deferred offering costs consist of fees and expenses incurred in connection with equity offerings and the filing of shelf registration statements. Upon the issuance of shares, offering costs are charged as a direct reduction to net assets. Deferred offering costs are included in other assets on the Company's Consolidated Statements of Assets and Liabilities.

Income taxes—The Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its stockholders.

To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.

Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.

For U.S. federal income tax purposes, distributions paid to stockholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.

The Company will be subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.

Certain consolidated subsidiaries of the Company are subject to U.S. federal and state income taxes. These taxable entities are not consolidated for U.S. federal income tax purposes and may generate income tax liabilities or assets from permanent and temporary differences in the recognition of items for financial reporting and U.S. federal income tax purposes.

The following table summarizes the current income tax (benefit) expense, deferred income tax provision and total income tax provision, for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
	March 31, 2025		March 31, 2024
Current income tax (benefit) expense	$	(19)	$	1
Deferred income tax provision	22		637
Total income tax provision	$	3	$	638

As of March 31, 2025 and December 31, 2024, the Company had $1,432 and $1,410, respectively, of deferred tax liabilities, primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S. federal income tax purposes as compared to GAAP.

Based on its analysis, the Company has determined that there were no uncertain income tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740")

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through December 31, 2024. The 2021 through 2024 tax years remain subject to examination by the U.S. federal, state, and local tax authorities.

Distributions—Distributions to common stockholders of the Company are recorded on the record date as set by the board of directors. The Company intends to make distributions to its stockholders that will be sufficient to enable the Company to maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income (see Note 5. Agreements, for details) on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash.

The Company applies the following in implementing the dividend reinvestment plan. If the price at which newly issued shares are to be credited to stockholders' accounts is equal to or greater than 110.0% of the last determined net asset value of the shares, the Company will use only newly issued shares to implement its dividend reinvestment plan. Under such circumstances, the number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of the Company's common stock on NASDAQ Global Select Market ("NASDAQ") on the distribution payment date. Market price per share on that date will be the closing price for such shares on NASDAQ or, if no sale is reported for such day, the average of their electronically reported bid and ask prices.

If the price at which newly issued shares are to be credited to stockholders' accounts is less than 110.0% of the last determined net asset value of the shares, the Company will either issue new shares or instruct the plan administrator to purchase shares in the open market to satisfy the additional shares required. Shares purchased in open market transactions by the plan administrator will be allocated to a stockholder based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market. The number of shares of the Company's common stock to be outstanding after giving effect to payment of the distribution cannot be established until the value per share at which additional shares will be issued has been determined and elections of the Company's stockholders have been tabulated.

Stock repurchase program—On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of the Company's common stock (the "Repurchase Program"). Under the Repurchase Program, the Company was permitted, but was not obligated, to repurchase its outstanding shares of common stock in the open market from time to time provided that it complied with the Company's code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On October 23, 2024, the Company's board of directors extended the Repurchase Program and the Company expects the Repurchase Program to be in place until the earlier of December 31, 2025 or until $50,000 of its outstanding shares of common stock have been repurchased. During the three months ended March 31, 2025 and March 31, 2024, the Company did not repurchase any shares of the Company's common stock. The Company previously repurchased $2,948 outstanding shares of its common stock under the Repurchase Program.

Earnings per share—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued, and its related net impact to net assets accounted for, and the additional shares of common stock were dilutive. Diluted EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation)" and "Net realized gains (losses)" in the Company's Consolidated Statements of Operations.

Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and such foreign currencies. This movement is beyond the control of the Company and cannot be predicted.

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Use of estimates—The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

Note 3. Investments

At March 31, 2025, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,975,174	$	1,959,038
Second lien	186,274		173,598
Subordinated	116,809		104,948
Structured Finance Obligations	3,232		3,232
Equity and other	811,454		793,395
Total investments	$	3,092,943	$	3,034,211

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	843,518	$	835,189
Healthcare	535,646		529,371
Business Services	500,719		445,593
Investment Funds (includes investments in joint ventures)	275,632		275,632
Consumer Services	188,708		188,503
Education	197,890		176,319
Financial Services	120,261		125,472
Distribution & Logistics	119,441		119,128
Net Lease	81,370		114,521
Packaging	68,471		68,856
Energy	69,458		63,520
Food & Beverage	39,073		42,345
Business Products	22,134		22,331
Consumer Products	21,090		17,844
Specialty Chemicals & Materials	9,532		9,587
Total investments	$	3,092,943	$	3,034,211

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At December 31, 2024, the Company’s investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,970,251	$	1,956,608
Second lien	211,449		197,050
Subordinated	113,928		102,034
Structured Finance Obligations	3,232		3,232
Equity and other	803,064		832,100
Total investments	$	3,101,924	$	3,091,024

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	857,673	$	848,086
Healthcare	513,429		501,850
Business Services	508,536		497,954
Investment Funds (includes investments in joint ventures)	275,632		275,632
Consumer Services	192,052		192,340
Education	205,283		187,620
Financial Services	120,505		125,750
Distribution & Logistics	119,947		120,493
Net Lease	81,370		114,794
Packaging	68,200		68,093
Energy	68,114		65,076
Food & Beverage	38,840		42,450
Business Products	22,185		22,387
Consumer Products	20,769		19,101
Specialty Chemicals & Materials	9,389		9,398
Total investments	$	3,101,924	$	3,091,024

During the second quarter of 2022, the Company placed its second lien position in National HME, Inc. ("National HME") on non-accrual status. As of March 31, 2025, the Company's second lien position in National HME had an aggregate cost basis of $7,872, an aggregate fair value of $3,000 and total unearned interest income of $493 for the three months then ended.

As of March 31, 2025, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $31,406, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its first lien term loans on non-accrual status. As of March 31, 2025, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $31,369, an aggregate fair value of $17,999 and total unearned interest income of $1,293, for the three months then ended.

During the second quarter of 2024, the Company placed its junior preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of March 31, 2025, the Company's junior preferred shares in Transcendia had an aggregate cost basis of $2,565, an aggregate fair value of $2,702 and total unearned income of $106 for the three months then ended.

For a discussion of the Company's unfunded commitments, see Note 9. Commitments and Contingencies.

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PPVA Black Elk (Equity) LLC

On May 3, 2013, the Company entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, the Company purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20,000 with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20,000 plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, the Company received a payment of $20,540, the full amount due under the SPP Agreement.

In August 2017, a trustee (the “Trustee”) for Black Elk informed the Company that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against the Company and one of its affiliates seeking the return of the $20,540 repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to the Company under the SPP Agreement. The Company was unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.

On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of March 31, 2025 and December 31, 2024, the SPP Agreement had a cost basis of $14,500 and $14,500, respectively and a fair value of $6,525 and $6,525, respectively, which is reflective of the higher inherent risk in this transaction.

NMFC Senior Loan Program III LLC

NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between the Company and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III had a five year investment period and will continue in existence until July 8, 2029. On July 3, 2024, the investment period was extended until July 8, 2027. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of March 31, 2025, the Company and SkyKnight II have committed and contributed $160,000 and $40,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2025 and December 31, 2024.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on July 3, 2024, the maturity date of SLP III's revolving credit facility was extended from January 8, 2026 to January 8, 2029, and the reinvestment period was extended from July 8, 2026 to July 8, 2027. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.65%, and after the reinvestment period it will bear interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%. As of March 31, 2025, SLP III's revolving credit facility has a maximum borrowing capacity of $600,000. As of March 31, 2025 and December 31, 2024, SLP III had total investments with an aggregate fair value of approximately $688,213 and $715,096, respectively, and debt outstanding under its credit facility of $477,700 and $511,200, respectively. As of March 31, 2025 and December 31, 2024, none of SLP III's investments were on non-accrual status. Additionally, as of March 31, 2025 and December 31, 2024, SLP III had unfunded commitments in the form of delayed draws of $4,909 and $2,654, respectively.

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Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of March 31, 2025 and December 31, 2024:


	March 31, 2025			December 31, 2024
First lien investments (1)	$	710,505		$	727,619
Weighted average interest rate on first lien investments (2)	8.31		%	8.49		%
Number of portfolio companies in SLP III	90			90
Largest portfolio company investment (1)	$	17,650		$	17,697
Total of five largest portfolio company investments (1)	$	80,092		$	80,215

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

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The following table is a listing of the individual investments in SLP III's portfolio as of March 31, 2025:


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.19%	12/2027	$	2,346	$	2,340	$	2,331
AG Parent Holdings, LLC	Healthcare	SOFR(Q)	5.00%	9.57%	07/2026	7,199		7,191		6,911
AmSpec Parent, LLC	Energy	SOFR(Q)	4.25%	8.55%	12/2031	5,754		5,725		5,754
Ardonagh Midco 3 Limited	Financial Services	SOFR(S)	2.75%	7.04%	02/2031	6,400		6,371		6,320
AssuredPartners, Inc	Business Services	SOFR(M)	3.50%	7.82%	02/2031	1,950		1,948		1,955
Aston FinCo S.a r.l.	Software	SOFR(M)	4.25%	8.69%	10/2026	5,700		5,685		5,447
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.67%	08/2028	13,101		13,013		12,999
athenahealth Group Inc.	Healthcare	SOFR(M)	3.00%	7.32%	02/2029	6,773		6,592		6,714
Bach Finance Limited	Education	SOFR(S)	3.25%	7.50%	01/2032	2,123		2,119		2,125
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	9.05%	08/2028	6,649		6,612		6,648
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.25%	7.57%	12/2030	9,896		9,835		9,775
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.25%	7.57%	05/2028	7,780		7,762		7,774
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.75%	8.07%	05/2028	3,571		3,534		3,577
Boxer Parent Company Inc.	Software	SOFR(Q)	3.00%	7.29%	07/2031	15,321		15,285		15,074
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	4.25%	8.55%	05/2028	14,075		13,790		14,137
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	8.46%	12/2028	2,735		2,593		2,285
Cardinal Parent, Inc.	Software	SOFR(Q)	4.50%	8.95%	11/2027	9,695		9,572		9,474
Chrysaor Bidco S.a r.l.	Information Services	SOFR(Q)	3.50%	7.79%	10/2031	2,126		2,126		2,133
Cloudera, Inc.	Software	SOFR(M)	3.75%	8.17%	10/2028	12,463		12,310		12,291
Clubessential, LLC	Software	SOFR (Q)	3.00%	7.29%	02/2032	4,713		4,713		4,687
Cohnreznick Advisory LLC	Business Services	SOFR(Q)	4.00%	8.29%	03/2032	5,312		5,285		5,312
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	10.56%	12/2027	3,910		3,609		3,910
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	8.46%	12/2027	6,863		6,810		6,666
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	8.44%	11/2028	4,640		4,626		4,408
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.25%	7.55%	02/2029	6,791		6,770		6,825
ConnectWise, LLC	Software	SOFR(Q)	3.50%	8.06%	09/2028	7,938		7,921		7,942
Convey Health Solutions, Inc.	Healthcare	SOFR(S)	1.00% + 4.25%/PIK	9.57%	07/2029	8,938		8,805		8,220
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	8.19%	10/2028	2,553		2,546		2,236
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.30%	10/2029	9,781		9,435		9,402
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.00%	7.32%	07/2031	11,522		11,469		11,565
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	8.19%	03/2028	10,261		10,234		10,290
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	3.75%	8.04%	10/2029	9,449		9,030		9,362
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	8.70%	03/2028	15,250		14,998		14,392
EAB Global, Inc.	Education	SOFR(M)	3.00%	7.32%	08/2030	2,809		2,791		2,735
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	8.55%	04/2029	7,373		7,277		7,032
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	8.32%	02/2031	8,610		8,552		8,616
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	7.79%	03/2028	16,466		16,456		15,277
FNZ Group Entities Limited	Financial Services	SOFR(Q)	5.00%	9.29%	11/2031	10,255		10,056		9,537
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.30%	08/2028	14,173		14,074		13,500
Groundworks, LLC	Business Services	SOFR(M)	3.00%	7.32%	03/2031	258		256		252
Groundworks, LLC	Business Services	SOFR(M)	3.00%	7.32%	03/2031	8,765		8,718		8,568
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	8.82%	04/2028	14,001		13,623		13,992
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.39%	11/2026	17,650		17,599		16,212
Higginbotham Insurance Agency, Inc.	Business Services	SOFR(M)	4.50%	8.83%	11/2028	8,874		8,836		8,874
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	9.67%	04/2029	8,048		7,846		7,966
HP PHRG Borrower, LLC	Consumer Services	SOFR(Q)	4.00%	8.29%	02/2032	7,147		7,080		6,915
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.65%	08/2028	4,500		4,471		4,348

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Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Kaseya Inc.	Software	SOFR(M)	3.25%	7.57%	03/2032	$	5,140	$	5,115	$	5,114
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	3.00%	7.29%	03/2031	3,777		3,769		3,748
LI Group Holdings, Inc.	Software	SOFR(M)	3.50%	7.94%	03/2028	3,691		3,686		3,704
LSCS Holdings, Inc.	Healthcare	SOFR(Q)	4.50%	8.80%	03/2032	11,973		11,913		11,913
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	3.50%	7.84%	11/2030	2,823		2,787		2,855
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.39%	05/2028	1,960		1,900		1,967
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	8.19%	05/2028	8,832		8,807		8,857
Maverick Bidco Inc.	Software	SOFR(Q)	4.25%	8.80%	05/2028	2,456		2,374		2,465
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(Q)	3.00%	7.31%	05/2028	4,090		4,080		4,070
MED ParentCo, LP	Healthcare	SOFR(M)	3.50%	7.82%	04/2031	9,905		9,860		9,901
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	8.57%	12/2031	9,834		9,737		9,038
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	8.57%	05/2028	4,214		4,147		4,027
Michael Baker International, LLC	Business Services	SOFR(M)	4.00%	8.32%	12/2028	5,575		5,575		5,568
Nielsen Consumer Inc.	Business Services	SOFR(M)	3.50%	7.82%	03/2028	15,295		14,128		15,261
Oceankey (U.S.) II Corp.	Media	SOFR(Q)	3.50%	7.79%	12/2028	4,421		4,410		4,416
Osaic Holdings, Inc.	Financial Services	SOFR(M)	3.50%	7.82%	08/2028	11,539		11,430		11,461
Outcomes Group Holdings, Inc.	Healthcare	SOFR(Q)	3.25%	7.54%	05/2031	4,119		4,103		4,126
Peraton Corp.	Federal Services	SOFR(M)	3.75%	8.17%	02/2028	4,092		4,082		3,650
Perforce Software, Inc.	Software	SOFR(M)	4.75%	9.07%	03/2031	6,580		6,554		6,181
Physician Partners, LLC	Healthcare	SOFR(Q)	6.00%	10.30%	12/2029	2,379		2,311		2,220
Physician Partners, LLC	Healthcare	SOFR(Q)	1.50% + 2.50%/PIK	8.45%	12/2029	2,752		2,735		1,454
Plano Holdco, Inc.	Information Technology	SOFR(Q)	3.50%	7.80%	10/2031	4,625		4,603		4,694
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.80%	12/2027	13,606		13,440		13,532
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	7.55%	10/2030	13,608		13,377		13,744
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	3.00%	7.44%	03/2028	2,269		2,263		2,264
Pushpay USA Inc.	Software	SOFR(Q)	4.00%	8.30%	08/2031	5,606		5,575		5,606
Quartz Holding Company	Software	SOFR(M)	3.50%	7.82%	10/2028	6,397		6,373		6,368
RealPage, Inc.	Software	SOFR(Q)	3.75%	8.05%	04/2028	5,000		4,977		5,010
RLG Holdings, LLC	Packaging	SOFR(M)	4.25%	8.69%	07/2028	5,654		5,639		5,173
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.94%	12/2027	6,258		6,192		6,259
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.25%	9.57%	12/2027	2,637		2,594		2,637
Secretariat Advisors LLC	Business Services	SOFR(Q)	4.00%	8.29%	02/2032	8,505		8,463		8,484
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.25%	10.54%	05/2027	2,534		2,533		2,534
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	8.30%	10/2030	13,264		13,136		13,263
Storable, Inc.	Software	SOFR(M)	3.25%	7.57%	04/2031	3,746		3,742		3,729
Summit Acquisition Inc.	Financial Services	SOFR(M)	3.75%	8.07%	10/2031	6,000		5,971		6,000
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.89%	12/2027	15,360		15,296		13,411
Syndigo LLC	Software	SOFR(Q)	4.50%	9.07%	12/2027	14,636		14,587		14,636
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	8.44%	05/2028	4,006		3,995		3,345
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	8.55%	08/2028	8,484		8,465		8,484
TMF Sapphire Bidco B.V.	Business Services	SOFR(Q)	2.75%	7.05%	05/2028	1,885		1,858		1,890
TRC Companies LLC	Business Services	SOFR(M)	3.00%	7.32%	12/2028	9,448		9,417		9,368
UKG Inc.	Software	SOFR(Q)	3.00%	7.30%	02/2031	5,798		5,793		5,795
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	9.57%	10/2028	2,256		2,236		2,279
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50% + 2.25%/PIK	8.19%	10/2028	3,122		3,122		2,668
Viant Medical Holdings, Inc.	Healthcare	SOFR(M)	4.00%	8.32%	10/2031	7,082		7,048		7,098
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	3.75%	8.05%	07/2029	5,289		5,270		5,302
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.57%	07/2029	6,900		6,661		6,856

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Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	8.56%	10/2028	$	14,073	$	14,052	$	13,422
Xplor T1, LLC	Software	SOFR(Q)	3.50%	7.80%	06/2031	5,573		5,547		5,613
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	9.54%	02/2028	4,021		3,914		4,021
						$	705,596	$	697,931	$	688,246
Unfunded Investments - First lien
AmSpec Parent, LLC	Energy	—	—	—	12/2026	$	885	$	(2)	$	—
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	07/2026	158		—		—
Cohnreznick Advisory LLC	Business Services	—	—	—	03/2027	1,230		(6)		—
DG Investment Intermediate Holdings 2, Inc.	Business Services	—	—	—	03/2026	246		(1)		1
Groundworks, LLC	Business Services	—	—	—	03/2026	1,365		(4)		(31)
Secretariat Advisors LLC	Business Services	—	—	—	02/2027	1,025		—		(3)
Total Unfunded Investments						$	4,909	$	(13)	$	(33)
Total Investments						$	710,505	$	697,918	$	688,213

(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of March 31, 2025.

(2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III.

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The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2024:


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.22%	12/2027	$	2,352	$	2,345	$	2,318
AG Parent Holdings, LLC	Healthcare	SOFR(Q)	5.00%	9.78%	07/2026	7,218		7,208		6,821
AmSpec Parent, LLC	Energy	SOFR(Q)	4.25%	8.56%	12/2031	5,754		5,725		5,797
Ardonagh Midco 3 Limited	Financial Services	SOFR(Q)	3.75%	8.51%	02/2031	9,400		9,354		9,459
Ascensus Group Holdings, Inc.	Business Services	SOFR(M)	3.00%	7.36%	08/2028	2,787		2,778		2,815
AssuredPartners, Inc	Business Services	SOFR(M)	3.50%	7.86%	02/2031	1,955		1,953		1,962
Aston FinCo S.a r.l.	Software	SOFR(M)	4.25%	8.72%	10/2026	5,715		5,698		5,486
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.71%	08/2028	13,134		13,041		13,167
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	7.61%	02/2029	6,773		6,582		6,806
Bach Finance Limited	Education	SOFR(Q)	3.75%	8.26%	02/2031	2,123		2,118		2,143
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	9.35%	08/2028	6,667		6,629		6,667
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.50%	7.86%	12/2028	8,921		8,863		8,981
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	8.21%	05/2028	7,800		7,780		7,859
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.75%	8.11%	05/2028	3,580		3,541		3,616
Boxer Parent Company Inc.	Software	SOFR(Q)	3.75%	8.34%	07/2031	15,321		15,284		15,470
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	4.25%	8.58%	05/2028	14,111		13,805		14,256
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	2.50%	6.86%	07/2031	2,697		2,648		2,708
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	8.66%	12/2028	2,742		2,592		2,453
Cardinal Parent, Inc.	Software	SOFR(Q)	4.50%	8.98%	11/2027	9,720		9,586		9,321
CE Intermediate I, LLC	Software	SOFR(M)	3.50%	8.05%	11/2028	10,700		10,654		10,761
Chrysaor Bidco S.a r.l.	Information Services	SOFR(Q)	3.50%	8.12%	07/2031	2,131		2,131		2,151
Cloudera, Inc.	Software	SOFR(M)	3.75%	8.21%	10/2028	12,495		12,333		12,514
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	10.90%	12/2027	3,920		3,596		3,920
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	8.80%	12/2027	6,881		6,823		6,540
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	8.47%	11/2028	4,653		4,638		4,554
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.25%	7.85%	02/2029	6,808		6,786		6,842
ConnectWise, LLC	Software	SOFR(Q)	3.50%	8.09%	09/2028	7,959		7,940		8,022
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	1.00% + 4.25%/PIK	9.68%	07/2029	8,876		8,737		8,055
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	8.22%	10/2028	2,560		2,552		2,257
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.33%	10/2029	9,806		9,444		9,455
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.50%	7.86%	07/2031	11,551		11,496		11,580
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	8.22%	03/2028	10,288		10,258		10,406
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	8.95%	10/2029	9,449		9,012		9,517
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	8.73%	03/2028	15,289		15,019		14,611
EAB Global, Inc.	Education	SOFR(M)	3.25%	7.61%	08/2028	2,816		2,798		2,831
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	8.58%	04/2029	7,392		7,291		7,261
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	8.36%	02/2031	8,632		8,571		8,745
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.00%	8.36%	02/2027	3,594		3,594		3,620
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	8.07%	03/2028	16,508		16,496		16,226
FNZ Group Entities Limited	Financial Services	SOFR(Q)	5.00%	9.55%	11/2031	10,255		10,050		10,037
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.60%	08/2028	14,209		14,104		13,925
Groundworks, LLC	Business Services	SOFR(M)	3.25%	7.65%	03/2031	259		257		260
Groundworks, LLC	Business Services	SOFR(M)	3.25%	7.65%	03/2031	8,787		8,738		8,846
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	8.86%	04/2028	14,036		13,631		14,080
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.69%	11/2026	17,697		17,638		15,640
Higginbotham Insurance Agency, Inc.	Business Services	SOFR(M)	4.50%	8.86%	11/2028	8,896		8,856		8,897
HighTower Holding, LLC	Financial Services	SOFR(Q)	3.50%	8.07%	04/2028	4,682		4,656		4,707

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Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	9.71%	04/2029	$	8,069	$	7,856	$	7,961
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.68%	08/2028	4,500		4,470		4,449
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(M)	3.00%	7.37%	03/2031	10,022		10,001		10,046
LI Group Holdings, Inc.	Software	SOFR(M)	3.50%	7.97%	03/2028	3,702		3,697		3,716
LSCS Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.97%	12/2028	11,973		11,883		12,070
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	3.50%	8.07%	11/2030	2,823		2,785		2,855
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.69%	05/2028	1,965		1,901		1,968
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	8.49%	05/2028	8,855		8,828		8,869
Maverick Bidco Inc.	Software	SOFR(Q)	4.25%	9.10%	05/2028	2,463		2,374		2,466
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(M)	3.50%	7.86%	05/2028	4,090		4,079		4,123
MED ParentCo, LP	Healthcare	SOFR(M)	3.50%	7.86%	04/2031	9,930		9,883		9,987
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	8.56%	05/2028	7,094		6,973		7,111
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	8.56%	12/2031	7,000		6,930		6,950
Nielsen Consumer Inc.	Business Services	SOFR(M)	4.75%	9.11%	03/2028	14,753		13,504		14,720
OMNIA Partners, LLC	Business Services	SOFR(Q)	2.75%	7.37%	07/2030	8,438		8,379		8,483
Osaic Holdings, Inc.	Financial Services	SOFR(M)	3.50%	7.86%	08/2028	11,568		11,452		11,627
Osmosis Buyer Limited	Consumer Products	SOFR(M)	3.50%	8.05%	07/2028	11,021		10,912		11,066
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	4.00%	8.59%	02/2029	1,695		1,692		1,712
Peraton Corp.	Federal Services	SOFR(M)	3.75%	8.21%	02/2028	4,103		4,093		3,830
Perforce Software, Inc.	Software	SOFR(M)	4.75%	9.11%	03/2031	6,597		6,570		6,509
Physician Partners, LLC	Healthcare	SOFR(Q)	4.00%	8.74%	12/2028	4,188		4,160		1,766
Plano Holdco, Inc.	Information Technology	SOFR(Q)	3.50%	7.83%	10/2031	4,625		4,602		4,694
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.83%	12/2027	13,633		13,454		13,747
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	7.58%	10/2030	13,642		13,403		13,748
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	3.00%	7.47%	03/2028	4,274		4,263		4,299
Pushpay USA Inc.	Software	SOFR(Q)	4.50%	8.83%	08/2031	3,120		3,090		3,147
Quartz Holding Company	Software	SOFR(M)	3.50%	7.86%	10/2028	9,084		9,044		9,129
RealPage, Inc.	Software	SOFR(Q)	3.00%	7.59%	04/2028	4,261		4,255		4,259
RealPage, Inc.	Software	SOFR(Q)	3.75%	8.08%	04/2028	5,000		4,975		5,028
RLG Holdings, LLC	Packaging	SOFR(M)	4.25%	8.72%	07/2028	5,668		5,652		5,613
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.97%	12/2027	6,274		6,203		6,274
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.25%	9.61%	12/2027	3,632		3,568		3,632
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.75%	11.34%	05/2027	2,540		2,539		2,540
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	8.33%	10/2030	12,225		12,093		12,315
Storable, Inc.	Software	SOFR(M)	3.50%	7.86%	04/2028	3,746		3,741		3,776
Summit Acquisition Inc.	Financial Services	SOFR(Q)	3.75%	8.08%	10/2031	6,000		5,971		6,000
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.19%	12/2027	15,400		15,331		14,122
Syndigo LLC	Software	SOFR(Q)	4.50%	9.28%	12/2027	14,674		14,622		14,720
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	8.47%	05/2028	4,016		4,005		3,414
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	8.58%	08/2028	8,506		8,485		8,506
TMF Sapphire Bidco B.V.	Business Services	SOFR(Q)	3.50%	8.09%	05/2028	2,640		2,600		2,657
TRC Companies LLC	Business Services	SOFR(M)	3.50%	7.97%	12/2028	13,884		13,836		14,018
UKG Inc.	Software	SOFR(Q)	3.00%	7.62%	02/2031	5,812		5,808		5,861
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	9.73%	10/2028	2,256		2,235		2,328
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50% + 2.25%/PIK	8.35%	10/2028	3,105		3,105		2,738
Viant Medical Holdings, Inc.	Healthcare	SOFR(Q)	4.00%	8.59%	10/2031	7,100		7,065		7,188
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	4.75%	9.08%	07/2029	4,455		4,436		4,475
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.61%	07/2029	6,918		6,667		6,869

Table of Contents


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	8.59%	10/2028	$	14,109	$	14,086	$	13,597
Xplor T1, LLC	Software	SOFR(Q)	3.50%	7.83%	06/2031	5,587		5,560		5,651
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	9.84%	02/2028	4,031		3,916		4,082
Total Funded Investments						$	724,965	$	716,661	$	715,076
Unfunded Investments - First lien
AmSpec Parent, LLC	Energy	—	—	—	12/2026	$	885	$	(2)	$	7
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	07/2026	158		—		1
DG Investment Intermediate Holdings 2, Inc.	Business Services	—	—	—	03/2028	246		(1)		3
Groundworks, LLC	Business Services	—	—	—	03/2026	1,365		(4)		9
Total Unfunded Investments						$	2,654	$	(7)	$	20
Total Investments						$	727,619	$	716,654	$	715,096

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Below is certain summarized financial information for SLP III as of March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and March 31, 2024:


Selected Balance Sheet Information:	March 31, 2025		December 31, 2024
Investments at fair value (cost of $697,918 and $716,654)	$	688,213	$	715,096
Cash and other assets	24,858		20,988
Receivable from unsettled securities sold	14,241		9,652
Total assets	$	727,312	$	745,736

Credit facility	$	477,700	$	511,200
Deferred financing costs (net of accumulated amortization of $6,827 and $6,515, respectively)	(3,380)		(3,692)
Payable for unsettled securities purchased	51,283		27,428
Distribution payable	7,250		7,625
Other liabilities	7,132		7,493
Total liabilities	539,985		550,054

Members' capital	$	187,327	$	195,682
Total liabilities and members' capital	$	727,312	$	745,736


Selected Statement of Operations Information:	Three Months Ended
	March 31, 2025		March 31, 2024
Interest income	$	15,131	$	16,789
Other income	76		27
Total investment income	15,207		16,816

Interest and other financing expenses	8,180		8,790
Other expenses	306		241
Total expenses	8,486		9,031


Net investment income	6,721		7,785

Net realized gains (losses) on investments	321		(5,669)
Net change in unrealized (depreciation) appreciation of investments	(8,147)		10,723
Net (decrease) increase in members' capital	$	(1,105)	$	12,839

For the three months ended March 31, 2025 and March 31, 2024, the Company earned approximately $5,800 and $5,863, respectively, of dividend income related to SLP III, which is included in dividend income. As of March 31, 2025 and December 31, 2024, approximately $5,800 and $6,100, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

The Company has determined that SLP III is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP III.

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NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV had a five year investment period and will continue in existence until May 5, 2029. On March 15, 2024, the investment period was extended until May 5, 2027 pursuant to the terms of the SLP IV Agreement.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of March 31, 2025, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2025 and December 31, 2024.

On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on March 27, 2029. As of the amendment on December 20, 2024, the facility bears interest at a rate of SOFR plus 1.50%. From March 27, 2024 to December 20, 2024, the facility bore interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%. As of March 31, 2025 and December 31, 2024, SLP IV had total investments with an aggregate fair value of approximately $451,133 and $469,326, respectively, and debt outstanding under its credit facility of $323,437 and $334,437, respectively. As of March 31, 2025 and December 31, 2024, none of SLP IV’s investments were on non-accrual status. Additionally, as of March 31, 2025 and December 31, 2024, SLP IV had unfunded commitments in the form of delayed draws of $2,772 and $1,212, respectively.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of March 31, 2025 and December 31, 2024:


	March 31, 2025			December 31, 2024
First lien investments (1)	$	467,692		$	481,040
Weighted average interest rate on first lien investments (2)	8.38		%	8.54		%
Number of portfolio companies in SLP IV	79			79
Largest portfolio company investment (1)	$	18,015		$	17,933
Total of five largest portfolio company investments (1)	$	66,265		$	62,752

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

Table of Contents

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of March 31, 2025:


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Funded Investments - First lien
ADG, LLC	Healthcare	SOFR(Q)	1.00% + 3.00%/PIK	8.45%	09/2026	$	18,015	$	18,011	$	15,545
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.19%	12/2027	1,809		1,805		1,798
AmSpec Parent, LLC	Energy	SOFR(Q)	4.25%	8.55%	12/2031	2,986		2,971		2,986
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.67%	08/2028	9,667		9,603		9,592
athenahealth Group Inc.	Healthcare	SOFR(M)	3.00%	7.32%	02/2029	2,349		2,342		2,329
Bach Finance Limited	Education	SOFR(S)	3.25%	7.50%	01/2032	1,607		1,603		1,608
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	9.05%	08/2028	8,834		8,803		8,834
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.25%	7.57%	12/2030	5,285		5,250		5,221
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.25%	7.57%	05/2028	743		742		742
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.75%	8.07%	05/2028	2,703		2,675		2,707
Boxer Parent Company Inc.	Software	SOFR(Q)	3.00%	7.29%	07/2031	10,440		10,418		10,271
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	4.25%	8.55%	05/2028	4,339		4,251		4,358
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	8.46%	12/2028	2,019		1,913		1,686
Chrysaor Bidco S.a r.l.	Information Services	SOFR(Q)	3.50%	7.79%	10/2031	1,569		1,569		1,574
Cloudera, Inc.	Software	SOFR(M)	3.75%	8.17%	10/2028	9,298		9,182		9,170
Cohnreznick Advisory LLC	Business Services	SOFR(Q)	4.00%	8.29%	03/2032	3,676		3,658		3,676
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	10.56%	12/2027	538		538		538
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	8.46%	12/2027	4,057		3,926		3,940
Confluence Technologies, Inc.	Software	SOFR(Q)	3.75%	8.20%	07/2028	9,675		9,649		8,629
Confluence Technologies, Inc.	Software	SOFR(Q)	5.00%	9.29%	07/2028	943		943		943
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	8.44%	11/2028	3,106		3,097		2,951
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.25%	7.55%	02/2029	6,791		6,770		6,825
Convey Health Solutions, Inc.	Healthcare	SOFR(S)	1.00% + 4.25%/PIK	9.57%	07/2029	3,437		3,387		3,161
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	8.19%	10/2028	1,823		1,818		1,597
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.30%	10/2029	6,573		6,432		6,318
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.00%	7.32%	07/2031	10,454		10,406		10,493
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	3.75%	8.04%	10/2029	5,788		5,475		5,734
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	8.70%	03/2028	9,649		9,584		9,106
EAB Global, Inc.	Education	SOFR(M)	3.00%	7.32%	08/2030	993		987		966
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	8.55%	04/2029	7,386		7,297		7,044
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	8.32%	02/2031	5,014		4,969		5,017
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	7.79%	03/2028	10,031		9,990		9,306
FNZ Group Entities Limited	Financial Services	SOFR(Q)	5.00%	9.29%	11/2031	7,270		7,129		6,762
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.30%	08/2028	11,015		10,917		10,492
Groundworks, LLC	Business Services	SOFR(M)	3.00%	7.32%	03/2031	121		120		118
Groundworks, LLC	Business Services	SOFR(M)	3.00%	7.32%	03/2031	4,093		4,056		4,000
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	8.82%	04/2028	9,985		9,784		9,979
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.39%	11/2026	9,581		9,569		8,800
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	9.67%	04/2029	6,231		6,075		6,167
HP PHRG Borrower, LLC	Consumer Services	SOFR(Q)	4.00%	8.29%	02/2032	5,103		5,055		4,937
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.65%	08/2028	3,949		3,927		3,816
Kaseya Inc.	Software	SOFR(M)	3.25%	7.57%	03/2032	3,557		3,540		3,539
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	3.00%	7.29%	03/2031	1,292		1,289		1,282
LSCS Holdings, Inc.	Healthcare	SOFR(Q)	4.50%	8.80%	03/2032	9,774		9,725		9,725
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	3.50%	7.84%	11/2030	2,029		2,003		2,052
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.39%	05/2028	1,960		1,900		1,966
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	8.19%	05/2028	7,740		7,721		7,762

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Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Mavis Tire Express Services Topco, Corp.	Retail	SOFR(Q)	3.00%	7.31%	05/2028	$	8,180	$	8,157	$	8,140
MED ParentCo, LP	Healthcare	SOFR(M)	3.50%	7.82%	04/2031	7,309		7,276		7,306
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	8.57%	12/2031	5,443		5,389		5,002
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	8.57%	05/2028	3,620		3,561		3,460
Michael Baker International, LLC	Business Services	SOFR(M)	4.00%	8.32%	12/2028	3,858		3,858		3,854
Nielsen Consumer Inc.	Business Services	SOFR(M)	3.50%	7.82%	03/2028	14,000		13,230		13,969
Oceankey (U.S.) II Corp.	Media	SOFR(Q)	3.50%	7.79%	12/2028	3,060		3,052		3,056
Osaic Holdings, Inc.	Financial Services	SOFR(M)	3.50%	7.82%	08/2028	11,403		11,321		11,326
Outcomes Group Holdings, Inc.	Healthcare	SOFR(Q)	3.25%	7.54%	05/2031	2,850		2,840		2,855
Perforce Software, Inc.	Software	SOFR(M)	4.75%	9.07%	03/2031	4,856		4,836		4,562
Physician Partners, LLC	Healthcare	SOFR(Q)	6.00%	10.30%	12/2029	1,798		1,747		1,678
Physician Partners, LLC	Healthcare	SOFR(Q)	1.50% + 2.50%/PIK	8.45%	12/2029	2,080		2,067		1,099
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.80%	12/2027	2,992		2,985		2,976
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	7.55%	10/2030	9,781		9,615		9,879
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	3.00%	7.44%	03/2028	973		969		971
Pushpay USA Inc.	Software	SOFR(Q)	4.00%	8.30%	08/2031	3,990		3,990		3,990
Quartz Holding Company	Software	SOFR(M)	3.50%	7.82%	10/2028	4,841		4,823		4,820
RealPage, Inc.	Software	SOFR(Q)	3.75%	8.05%	04/2028	2,000		1,991		2,004
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.94%	12/2027	7,268		7,250		7,268
Secretariat Advisors LLC	Business Services	SOFR(Q)	4.00%	8.29%	02/2032	5,886		5,857		5,871
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.25%	10.54%	05/2027	4,439		4,435		4,439
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	8.30%	10/2030	10,232		10,132		10,232
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	5.25%	9.83%	07/2026	3,974		3,896		3,855
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	11.83%	07/2026	2,243		2,206		2,243
Storable, Inc.	Software	SOFR(M)	3.25%	7.57%	04/2031	3,880		3,875		3,862
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.89%	12/2027	3,678		3,673		3,212
Syndigo LLC	Software	SOFR(Q)	4.50%	9.07%	12/2027	9,772		9,764		9,772
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	8.44%	05/2028	5,892		5,876		4,920
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	8.55%	08/2028	5,634		5,620		5,634
TRC Companies LLC	Business Services	SOFR(M)	3.00%	7.32%	12/2028	5,372		5,355		5,327
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	9.57%	10/2028	1,641		1,626		1,658
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50% + 2.25%/PIK	8.19%	10/2028	2,271		2,271		1,941
Viant Medical Holdings, Inc.	Healthcare	SOFR(M)	4.00%	8.32%	10/2031	2,494		2,482		2,499
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	3.75%	8.05%	07/2029	3,948		3,934		3,958
VT Topco, Inc.	Business Services	SOFR(Q)	3.00%	7.30%	08/2030	5,710		5,662		5,714
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.57%	07/2029	3,989		3,806		3,963
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	8.56%	10/2028	9,277		9,251		8,848
Xplor T1, LLC	Software	SOFR(Q)	3.50%	7.80%	06/2031	4,055		4,036		4,084
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	9.54%	02/2028	3,102		3,027		3,102
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	9.94%	03/2028	9,700		9,592		9,623
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	9.94%	03/2028	2,132		2,109		2,115
Total Funded Investments						$	464,920	$	460,316	$	451,149
Unfunded Investments - First lien
AmSpec Parent, LLC	Energy	—	—	—	12/2026	$	459	$	(1)	$	—
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	07/2026	116		—		—
Cohnreznick Advisory LLC	Business Services	—	—	—	03/2027	851		(4)		—
Groundworks, LLC	Business Services	—	—	—	03/2026	637		(3)		(14)
Secretariat Advisors LLC	Business Services	—	—	—	02/2027	709		—		(2)
Total Unfunded Investments						$	2,772	$	(8)	$	(16)
Total Investments						$	467,692	$	460,308	$	451,133

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(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV.

Table of Contents

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2024:


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Funded Investments - First lien
ADG, LLC	Healthcare	SOFR(Q)	1.00% + 3.00%/PIK	8.48%	09/2026	$	17,933	$	17,928	$	15,544
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.22%	12/2027	1,814		1,809		1,788
AmSpec Parent, LLC	Energy	SOFR(Q)	4.25%	8.56%	12/2031	2,986		2,971		3,009
Ascensus Group Holdings, Inc.	Business Services	SOFR(M)	3.00%	7.36%	08/2028	4,127		4,115		4,168
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.71%	08/2028	9,692		9,623		9,716
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	7.61%	02/2029	2,349		2,342		2,361
Bach Finance Limited	Education	SOFR(Q)	3.75%	8.26%	02/2031	1,607		1,603		1,621
Barracuda Parent, LLC	Software	SOFR(Q)	4.50%	9.09%	08/2029	4,900		4,793		4,551
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	9.35%	08/2028	8,853		8,820		8,853
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.50%	7.86%	12/2028	5,299		5,264		5,334
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	8.21%	05/2028	745		743		751
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.75%	8.11%	05/2028	2,709		2,679		2,736
Bleriot US Bidco Inc.	Federal Services	SOFR(Q)	2.75%	7.08%	10/2030	3,861		3,846		3,885
Boxer Parent Company Inc.	Software	SOFR(Q)	3.75%	8.34%	07/2031	10,440		10,415		10,541
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	4.25%	8.58%	05/2028	4,350		4,255		4,394
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	8.66%	12/2028	2,024		1,913		1,810
CE Intermediate I, LLC	Software	SOFR(M)	3.50%	8.05%	11/2028	8,013		7,978		8,058
Chrysaor Bidco S.a r.l.	Information Services	SOFR(Q)	3.50%	8.12%	07/2031	1,573		1,573		1,588
Cloudera, Inc.	Software	SOFR(M)	3.75%	8.21%	10/2028	9,322		9,199		9,336
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	10.90%	12/2027	539		539		539
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	8.80%	12/2027	4,067		3,926		3,866
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	8.47%	11/2028	3,115		3,104		3,048
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.25%	7.85%	02/2029	6,808		6,786		6,842
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	1.00% + 4.25%/PIK	9.68%	07/2029	3,414		3,360		3,098
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	8.22%	10/2028	1,828		1,823		1,612
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.33%	10/2029	6,589		6,442		6,354
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.50%	7.86%	07/2031	10,480		10,431		10,507
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	8.95%	10/2029	5,788		5,461		5,830
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	8.73%	03/2028	9,674		9,604		9,245
EAB Global, Inc.	Education	SOFR(M)	3.25%	7.61%	08/2028	995		990		1,000
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	8.58%	04/2029	7,405		7,312		7,273
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	8.36%	02/2031	5,026		4,980		5,092
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.00%	8.36%	02/2027	2,167		2,160		2,183
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	8.07%	03/2028	10,056		10,012		9,885
FNZ Group Entities Limited	Financial Services	SOFR(Q)	5.00%	9.55%	11/2031	7,270		7,126		7,116
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.60%	08/2028	11,044		10,939		10,823
Groundworks, LLC	Business Services	SOFR(M)	3.25%	7.65%	03/2031	121		121		122
Groundworks, LLC	Business Services	SOFR(M)	3.25%	7.65%	03/2031	4,103		4,065		4,130
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	8.86%	04/2028	10,011		9,795		10,042
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.69%	11/2026	9,607		9,593		8,490
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	9.71%	04/2029	6,246		6,083		6,163
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.68%	08/2028	3,949		3,926		3,905
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(M)	3.00%	7.37%	03/2031	4,560		4,549		4,571
LSCS Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.97%	12/2028	9,774		9,721		9,853
Mandolin Technology Intermediate Holdings, Inc.	Software	SOFR(Q)	3.75%	8.23%	07/2028	9,700		9,672		7,954

Table of Contents


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)

Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	3.50%	8.07%	11/2030	$	2,029	$	2,002	$	2,052
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.69%	05/2028	1,965		1,900		1,968
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	8.49%	05/2028	7,761		7,739		7,773
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(M)	3.50%	7.86%	05/2028	8,180		8,158		8,246
MED ParentCo, LP	Healthcare	SOFR(M)	3.50%	7.86%	04/2031	7,327		7,293		7,370
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	8.56%	12/2031	3,000		2,970		2,979
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	8.56%	05/2028	6,095		5,989		6,110
Nielsen Consumer Inc.	Business Services	SOFR(M)	4.75%	9.11%	03/2028	9,836		9,009		9,813
OMNIA Partners, LLC	Business Services	SOFR(Q)	2.75%	7.37%	07/2030	4,970		4,928		4,997
Osaic Holdings, Inc.	Financial Services	SOFR(M)	3.50%	7.86%	08/2028	11,432		11,344		11,490
Osmosis Buyer Limited	Consumer Products	SOFR(M)	3.50%	8.05%	07/2028	8,828		8,742		8,864
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	4.00%	8.59%	02/2029	1,307		1,305		1,321
Perforce Software, Inc.	Software	SOFR(M)	4.75%	9.11%	03/2031	4,868		4,848		4,803
Physician Partners, LLC	Healthcare	SOFR(Q)	4.00%	8.74%	12/2028	3,165		3,144		1,334
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.83%	12/2027	2,993		2,985		3,018
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	7.58%	10/2030	9,806		9,633		9,882
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	3.00%	7.47%	03/2028	4,975		4,955		5,004
Quartz Holding Company	Software	SOFR(M)	3.50%	7.86%	10/2028	6,874		6,845		6,909
RealPage, Inc.	Software	SOFR(Q)	3.00%	7.59%	04/2028	1,357		1,354		1,357
RealPage, Inc.	Software	SOFR(Q)	3.75%	8.08%	04/2028	2,000		1,990		2,011
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.97%	12/2027	7,287		7,268		7,287
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.75%	11.34%	05/2027	4,450		4,445		4,450
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	8.33%	10/2030	9,431		9,327		9,500
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	5.25%	10.03%	07/2026	3,984		3,892		3,941
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	12.03%	07/2026	2,248		2,205		2,248
Storable, Inc.	Software	SOFR(M)	3.50%	7.86%	04/2028	3,880		3,867		3,911
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.19%	12/2027	3,688		3,683		3,382
Syndigo LLC	Software	SOFR(Q)	4.50%	9.28%	12/2027	9,798		9,788		9,828
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	8.47%	05/2028	5,908		5,891		5,021
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	8.58%	08/2028	5,648		5,634		5,648
TRC Companies LLC	Business Services	SOFR(M)	3.50%	7.97%	12/2028	9,973		9,939		10,070
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	9.73%	10/2028	1,641		1,625		1,693
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50% + 2.25%/PIK	8.35%	10/2028	2,258		2,258		1,992
Viant Medical Holdings, Inc.	Healthcare	SOFR(Q)	4.00%	8.59%	10/2031	2,500		2,488		2,531
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	4.75%	9.08%	07/2029	3,372		3,357		3,387
VT Topco, Inc.	Business Services	SOFR(Q)	3.00%	7.33%	08/2030	5,724		5,675		5,771
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.61%	07/2029	3,999		3,807		3,971
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	8.59%	10/2028	9,300		9,273		8,963
Xplor T1, LLC	Software	SOFR(Q)	3.50%	7.83%	06/2031	4,065		4,046		4,112
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	9.84%	02/2028	3,110		3,032		3,149
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	10.27%	03/2028	9,725		9,609		9,489
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	10.27%	03/2028	2,138		2,112		2,086
Total Funded Investments						$	479,828	$	474,743	$	469,318
Unfunded Investments - First lien
AmSpec Parent, LLC	Energy	—	—	—	12/2026	$	459	$	(1)	$	3
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	07/2026	116		—		1
Groundworks, LLC	Business Services	—	—	—	03/2026	637		(4)		4
Total Unfunded Investments						$	1,212	$	(5)	$	8
Total Investments						$	481,040	$	474,738	$	469,326

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(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV.

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Below is certain summarized consolidated financial information for SLP IV as of March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and March 31, 2024:


Selected Consolidated Balance Sheet Information:	March 31, 2025		December 31, 2024
Investments at fair value (cost of $460,308 and $474,738, respectively)	$	451,133	$	469,326
Cash and other assets	32,585		15,401
Receivable from unsettled securities sold	17,224		7,232
Total assets	$	500,942	$	491,959

Credit facility	$	323,437	$	334,437
Deferred financing costs (net of accumulated amortization of $2,898 and $2,616, respectively)	(2,807)		(3,088)
Payable for unsettled securities purchased	38,393		13,485
Distribution payable	5,005		5,184
Other liabilities	5,307		6,090
Total liabilities	369,335		356,108

Members' capital	$	131,607	$	135,851
Total liabilities and members' capital	$	500,942	$	491,959


Selected Consolidated Statement of Operations Information:	Three Months Ended
	March 31, 2025		March 31, 2024
Interest income	$	10,077	$	11,962
Other income	30		21
Total investment income	10,107		11,983

Interest and other financing expenses	5,132		6,100
Other expenses	222		224
Total expenses	5,354		6,324


Net investment income	4,753		5,659

Net realized losses on investments	(229)		(4,698)
Net change in unrealized (depreciation) appreciation of investments	(3,763)		6,928
Net increase in members' capital	$	761	$	7,889

For the three months ended March 31, 2025 and March 31, 2024, the Company earned approximately $3,934 and $4,356, respectively, of dividend income related to SLP IV, which is included in dividend income. As of March 31, 2025 and December 31, 2024, approximately $3,934 and $4,075, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

The Company has determined that SLP IV is an investment company under ASC 946; in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP IV.

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Unconsolidated Significant Subsidiaries

In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any qualify as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X. As of March 31, 2025, SLP III is considered a significant unconsolidated subsidiary under Regulation S-X Rule 10-01(b)(1). Based on the requirements under Regulation S-X Rule 10-01(b)(1), the summarized financial information of SLP III is shown above.

Investment Risk Factors

First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these securities. This illiquidity may make it more difficult to value the investments.

Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.

The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.

Note 4. Fair Value

Pursuant to Rule 2a-5, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

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inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of March 31, 2025:


	Total		Level I		Level II		Level III
First lien	$	1,959,038	$	—	$	29,393	$	1,929,645
Second lien	173,598		—		48,594		125,004
Subordinated	104,948		—		—		104,948
Structured Finance Obligations	3,232		—		—		3,232
Equity and other	793,395		—		—		793,395
Total investments	$	3,034,211	$	—	$	77,987	$	2,956,224

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, 2024:


	Total		Level I		Level II		Level III
First lien	$	1,956,608	$	—	$	53,998	$	1,902,610
Second lien	197,050		—		46,716		150,334
Subordinated	102,034		—		—		102,034
Structured Finance Obligations	3,232		—		3,232		—
Equity and other	832,100		—		—		832,100
Total investments	$	3,091,024	$	—	$	103,946	$	2,987,078

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2025:


	Total		First Lien		Second Lien		Subordinated		Structured Finance Obligations		Equity and other
Fair Value, December 31, 2024	$	2,987,078	$	1,902,610	$	150,334	$	102,034	$	—	$	832,100
Total gains or losses included in earnings:
Net realized gains (losses) on investments	37,668		67		(2,229)		—		—		39,830
Net change in unrealized (depreciation) appreciation of investments	(47,770)		(712)		(128)		163		—		(47,093)
Purchases, including capitalized PIK and revolver fundings(1)	203,575		125,756		4,255		2,751		—		70,813
Proceeds from sales and paydowns of investments(1)	(227,559)		(98,076)		(27,228)		—		—		(102,255)
Transfers into Level III(2)	3,232		—		—		—		3,232		—

Fair Value, March 31, 2025	$	2,956,224	$	1,929,645	$	125,004	$	104,948	$	3,232	$	793,395
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(61)	$	(668)	$	(416)	$	163	$	—	$	860

(1)Includes non-cash reorganizations and restructurings.

(2)As of March 31, 2025, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2024:


	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, December 31, 2023	$	2,938,849	$	1,637,889	$	406,180	$	82,871	$	811,909
Total gains or losses included in earnings:
Net realized losses on investments	(11,890)		(11,859)		—		—		(31)
Net change in unrealized appreciation (depreciation) of investments	3,097		15,974		5,557		(261)		(18,173)
Purchases, including capitalized PIK and revolver fundings(1)	227,711		172,750		43,125		2,733		9,103
Proceeds from sales and paydowns of investments(1)	(170,754)		(111,778)		(58,964)		—		(12)
Transfers into Level III(2)	28,440		28,440		—		—		—

Fair Value, March 31, 2024	$	3,015,453	$	1,731,416	$	395,898	$	85,343	$	802,796
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(12,429)	$	3,813	$	2,216	$	(261)	$	(18,197)

(1)Includes non-cash reorganizations and restructurings.

(2)As of March 31, 2024, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the tables above, there were no other transfers in or out of Levels I, II, or III during the three months ended March 31, 2025 and March 31, 2024. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs.

The Company invests in revolving credit facilities. These investments are categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies.

The Company generally uses the following framework when determining the fair value of investments where there is little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

Company Performance, Financial Review, and Analysis: Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("EBITDA") growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation.

For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company’s debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company’s debt

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investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiple will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of March 31, 2025 and December 31, 2024, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of March 31, 2025 and December 31, 2024, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of March 31, 2025 were as follows:


					Range
Type	Fair Value as of March 31, 2025		Approach	Unobservable Input	Low		High		Weighted Average(1)
First lien	$	1,885,015	Market & Income Approach	EBITDA multiple	6.5x		33.0x		14.2x
				Revenue multiple	4.0x		18.5x		9.2x
				Discount rate	6.3	%	21.9	%	9.3	%

	44,630		Other	N/A(2)	N/A		N/A		N/A
Second lien	125,004		Market & Income Approach	EBITDA multiple	8.0x		20.0x		17.3x

				Discount rate	9.5	%	13.3	%	9.9	%


Subordinated	104,948		Market & Income Approach	EBITDA multiple	8.0x		24.5x		15.7x
				Discount rate	12.6	%	27.6	%	17.6	%

Structured Finance Obligations	3,232		Income Approach	Discount Rate	11.4	%	11.4	%	11.4	%
Equity and other	399,105		Market & Income Approach	EBITDA multiple	6.0x		23.0x		11.7x
				Revenue multiple	5.0x		20.0x		6.7x
				Discount rate	8.6	%	32.6	%	9.0	%
	386,921		Income Approach	Discount rate	6.5	%	13.0	%	10.0	%


	7,369		Other	N/A(2)	N/A		N/A		N/A
	$	2,956,224

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2024 were as follows:


					Range
Type	Fair Value as of December 31, 2024		Approach	Unobservable Input	Low		High		Weighted Average(1)
First lien	$	1,884,611	Market & income approach	EBITDA multiple	6.0x		35.0x		14.8x
				Revenue multiple	3.0x		19.5x		6.9x
				Discount rate	6.8	%	22.1	%	9.8	%

	17,999		Other	N/A(2)	N/A		N/A		N/A
Second lien	144,003		Market & income approach	EBITDA multiple	7.0x		20.0x		15.2x

				Discount rate	10.1	%	20.6	%	12.2	%

	6,331		Other	N/A(2)	N/A		N/A		N/A
Subordinated	102,034		Market & income approach	EBITDA multiple	8.0x		21.0x		15.4x
				Discount rate	12.5	%	25.9	%	16.8	%

Equity and other	422,851		Market & income approach	EBITDA multiple	5.5x		26.5x		12.8x
				Revenue multiple	9.0x		19.5x		14.1x
				Discount rate	8.2	%	44.6	%	8.9	%
	387,194		Income approach	Discount rate	6.4	%	12.2	%	9.9	%




	22,055		Other	N/A(2)	N/A		N/A		N/A
	$	2,987,078

(1)Unobservable inputs were weighted by the relative fair value of the investments.

The carrying value of the collateralized agreement approximates fair value as of March 31, 2025 and is considered a Level III investment. The fair value of other financial assets and liabilities approximates their carrying value based on the short-term nature of these items.

The 2021A Unsecured Notes, 2022A Unsecured Notes, Holdings Credit Facility, SBA-guaranteed debentures and NMFC Credit Facility are considered Level III investments. The fair value of the 2022 Convertible Notes, the 8.250% Unsecured Notes, the 6.875% Unsecured Notes and the 6.200% Unsecured Notes are based on quoted prices and are considered Level II investments. See Note 7. Borrowings, for details.

The following are the principal amounts and fair values of the Company’s borrowings as of March 31, 2025 and December 31, 2024. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings or market quotes, if available.


	As of
	March 31, 2025				December 31, 2024
	Principal Amount		Fair Value		Principal Amount		Fair Value
Unsecured Notes	$	990,000	$	993,883	$	990,000	$	991,624
Holdings Credit Facility	270,563		266,747		294,363		298,435
SBA-guaranteed debentures	262,500		231,596		300,000		270,548
2022 Convertible Notes	258,784		262,148		260,000		261,811
NMFC Credit Facility (1)	29,059		28,678		27,944		26,812
Total Borrowings	$	1,810,906	$	1,783,052	$	1,872,307	$	1,849,230

(1) As of March 31, 2025, the principal amount of the NMFC Credit Facility was $29,059, which includes €16,512 denominated in EUR and £8,666 denominated in GBP that has been converted to U.S. dollars. As of March 31, 2025, the fair value of the NMFC Credit Facility was $28,678, which included €16,288 denominated in EUR and £8,560 denominated in GBP that has been converted to U.S. dollars. As of December 31, 2024, the principal amount of the NMFC Credit Facility was $27,944, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been converted to U.S. dollars. As of December 31, 2024, the fair value of the NMFC Credit Facility was

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$26,812, which included €15,379 denominated in EUR and £8,700 denominated in GBP that has been converted to U.S. dollars.

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of March 31, 2025. The Company's derivative instruments are considered Level II investments.


	As of March 31, 2025						As of December 31, 2024
	Notional Amount		Fair Value				Notional Amount		Fair Value
			Asset		Liability				Asset		Liability
Derivatives in fair value hedging relationships:
Interest rate swaps	$	600,000	$	3,117	$	(3,368)	$	600,000	$	—	$	(7,423)
Total derivatives designated as hedging instruments	600,000		3,117		(3,368)		600,000		—		(7,423)
Total derivatives	600,000		3,117		(3,368)		600,000		—		(7,423)
Total net derivatives(1)	$	600,000	$	—	$	(251)	$	600,000	$	—	$	(7,423)

(1)As of March 31, 2025 and December 31, 2024, the Company had net derivative liabilities at fair value subject to such enforceable master netting arrangement in the amount of $251 and $7,423, respectively and a collateral balance of $10,130 and $3,230, respectively, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. If the Company had elected to offset, the net amount would be $0 and $0, respectively.

Fair value risk factors—The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Company's portfolio companies conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the operations and profitability of the Company's investments and/or on the fair value of the Company's investments. The Company's investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in income to the Company and their corresponding fair valuations. Also, there may be risk associated with the concentration of investments in one geographic region or in certain industries. These events are beyond the control of the Company and cannot be predicted. Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.

Note 5. Agreements

The Company entered into an investment advisory and management agreement (the “Investment Management Agreement”) with the Investment Adviser, which was most recently re-approved by the Company's board of directors on January 29, 2025, at an in-person meeting, for a period of 12 months commencing on March 1, 2025. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives a fee from the Company, consisting of two components—a base management fee and an incentive fee. On November 1, 2021, the Company entered into Amendment No. 1 to the Investment Management Agreement (“Amendment No. 1”). As described below, the sole purpose of Amendment No. 1 was to reduce the base management fee from 1.75% of the Company’s gross assets to 1.4% of the Company’s gross assets. On January 29, 2025, the Company entered into Amendment No. 2 to the Investment Management Agreement ("Amendment No. 2"), the sole purpose of which was to reduce the base management fee from 1.4% of the Company's gross assets to 1.25% of the Company's gross assets.

Pursuant to Amendment No. 1, prior to January 29, 2025, the base management fee was calculated at an annual rate of 1.4% of the Company's gross assets, which equals the Company's total assets on the Consolidated Statements of Assets and Liabilities, less cash and cash equivalents. Pursuant to Amendment No. 2, as of January 29, 2025, the base management fee is calculated at an annual rate of 1.25% of the Company's gross assets. The base management fee is payable quarterly in arrears, and is calculated based on the average value of the Company's gross assets, which equals the Company's total assets, as determined in accordance with GAAP, less cash and cash equivalents at the end of each of the two most recently completed calendar quarters, and appropriately adjusted on a pro rata basis for any equity capital raises or repurchases during the current calendar quarter. To the extent the Company invests in derivatives, the Company uses the actual value of the derivatives, as reported on the Consolidated Statements of Assets and Liabilities, for purposes of calculating its base management fee.

The Company entered into a fee waiver agreement, dated March 31, 2021, as subsequently amended on November 2, 2021 and August 3, 2023, pursuant to which, effective as of and for the quarter ended March 31, 2021 through the quarter ended December 31, 2024, the Investment Adviser waived base management fees in order to reach a target base management fee of 1.25% on gross assets. Following the expiration of the Fee Waiver Agreement on December 31, 2024, the Investment Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of

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the Company's gross assets. The Investment Adviser cannot recoup management fees that the Investment Adviser has previously waived. For the three months ended March 31, 2025 and March 31, 2024, management fees waived were approximately $288 and $901, respectively.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter, subject to a “preferred return”, or “hurdle”, and a “catch-up” feature. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under an administration agreement, as amended and restated (the “Administration Agreement”), with the Administrator, and any interest expense and distributions paid on any issued and outstanding preferred stock (of which there were none as of March 31, 2025), but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, will be compared to a "hurdle rate" of 2.0% per quarter (8.0% annualized), subject to a "catch-up" provision measured as of the end of each calendar quarter. The hurdle rate is appropriately pro-rated for any partial periods. The calculation of the Company’s incentive fee with respect to the Pre-Incentive Fee Net Investment Income for each quarter is as follows:

•No incentive fee is payable to the Investment Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2.0% (the "preferred return" or "hurdle").

•100.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the "catch-up". The catch-up provision is intended to provide the Investment Adviser with an incentive fee of 20.0% on all of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company's Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter.

•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser once the hurdle is reached and the catch-up is achieved.

For the three months ended March 31, 2025 incentive fees waived were approximately $1,534. For the three months ended March 31, 2024, no incentive fees were waived.

The second part of the incentive fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement) and will equal 20.0% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee.

In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on actual realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year.

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The following table summarizes the management fees and incentive fees incurred by the Company for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
	March 31, 2025		March 31, 2024
Management fee	$	10,233	$	10,997
Less: management fee waiver	(288)		(901)
Total management fee	9,945		10,096
Incentive fee, excluding accrued capital gains incentive fees	$	8,247	$	9,389
Less: incentive fee waiver	(1,534)		—
Total incentive fee	6,713		9,389
Accrued capital gains incentive fees(1)	$	—	$	—

(1)As of March 31, 2025 and March 31, 2024, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.

The Company has entered into the Administration Agreement with the Administrator under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the Company's board of directors on January 29, 2025 for a period of 12 months commencing on March 1, 2025. The Administrator maintains, or oversees the maintenance of, the Company’s consolidated financial records, prepares reports filed with the SEC, generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. However, it is expected that the Administrator will continue to support part of the expense burden of the Company in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three months ended March 31, 2025 and March 31, 2024, approximately $640 and $578, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of March 31, 2025 and December 31, 2024, approximately $590 and $580, respectively, of indirect administrative expenses were included in payable to affiliates. For the three months ended March 31, 2025 and March 31, 2024, the reimbursement to the Administrator represented approximately 0.02% and 0.02%, respectively, of the Company's gross assets.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain" and the "New Mountain Finance" names, as well as the NMF logo. Under the Trademark License Agreement, as amended, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "New Mountain" and "New Mountain Finance" names, as well as the NMF logo, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain" or the "New Mountain Finance" names, as well as the NMF logo.

In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs through December 31, 2020 (the “Temporary Relief), the Company was permitted, subject to the satisfaction of certain conditions, to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds did not hold an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such co-investments with the Company unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with the Company. Although the Temporary Relief expired on December 31, 2020, the SEC’s Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continued to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary

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Relief is no longer effective; however, on August 30, 2022, the Company received an Order from the SEC that amended its existing Exemptive Order to permit the Company to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

Note 6. Related Parties

The Company has entered into a number of business relationships with affiliated or related parties.

The Company has entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

The Company has entered into the Fee Waiver Agreement with the Investment Adviser, pursuant to which the Investment Adviser originally agreed to voluntarily reduce the base management fees payable to the Investment Adviser by the Company under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ended December 31, 2022. Subsequently, the Company and the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ended December 31, 2024. Following the expiration of the Fee Waiver Agreement, the Investment Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of the Company's gross assets. See Note 5. Agreements, for details.

The Company has entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges office space for the Company and provides office equipment and administrative services necessary to conduct their respective day-to-day operations pursuant to the Administration Agreement. The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to the Company under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance and compliance functions, and the compensation of the Company's chief financial officer and chief compliance officer and their respective staffs.

The Company, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.

The Company has adopted a formal code of ethics that governs the conduct of its officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company’s investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser’s allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the “Exemptive Order”), which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company's independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit the Company to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

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105,030 shares of its common stock held by the Company in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to the Company on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666.

On March 30, 2020, the Company entered into an unsecured revolving credit facility with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000. On December 17, 2021, the Company entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. On October 31, 2023, we entered into a Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings thereunder from $50,000 to $100,000, extended the maturity date from December 31, 2024 to December 31, 2027 and changed the interest rate to the Applicable Federal Rate. Refer to Note 7. Borrowings for discussion of the Unsecured Management Company Revolver (defined below).

Note 7. Borrowings

On June 8, 2018 the Company's shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to the Company from 200.0% to 150.0% as of June 9, 2018 (which means the Company can borrow $2 for every $1 of its equity). As a result of the Company's exemptive relief received on November 5, 2014, the Company is permitted to exclude the SBA-guaranteed debentures issued by SBIC I and SBIC II from the definition of "senior security" for the 150.0% asset coverage ratio that the Company is required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, the Convertible Notes (as defined below) and certain of the Unsecured Notes (as defined below) contain certain covenants and terms, including a requirement that the Company not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that the Company not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of March 31, 2025, the Company’s asset coverage ratio was 187.0%.

Holdings Credit Facility—On October 24, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement (as amended from time to time, the "Loan and Security Agreement") among the Company, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (the "Holdings Credit Facility"). As of the amendment on March 28, 2025, the maturity date of the Holdings Credit Facility is March 28, 2030, and the maximum facility amount is the lesser of $800,000 and the actual commitments of the lenders to make advances as of such date.

As of March 31, 2025, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730,000. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 35.0%, 45.0%, 55.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires the Company to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.

As of the amendment on March 28, 2025, the Holdings Credit Facility bears interest at a rate of SOFR plus 1.95% per annum. From July 29, 2024 to March 27, 2025, the Holdings Credit Facility bore interest at a rate of SOFR plus 2.15% per annum. From October 26, 2023 to July 28, 2024, the Holdings Credit Facility bore interest at a rate of SOFR plus 2.50%. The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Loan and Security Agreement).

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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
	March 31, 2025			March 31, 2024
Interest expense	$	5,033		$	7,087
Non-usage fee	$	578		$	508
Amortization of financing costs	$	577		$	576
Weighted average interest rate	6.5		%	7.8		%
Effective interest rate	8.1		%	9.2		%
Average debt outstanding	$	310,636		$	358,489

As of March 31, 2025 and December 31, 2024, the outstanding balance on the Holdings Credit Facility was $270,563 and $294,363, respectively, and NMF Holdings was in compliance with the applicable covenants of the Holdings Credit Facility on such dates.

NMFC Credit Facility—The Second Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated September 30, 2024, among the Company, as the Borrower, Sumitomo Mitsui Banking Corporation, as the Administrative Agent, and the Lenders, as outlined in the RCA (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of the Company's domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment and restatement on September 30, 2024, the maturity date of the NMFC Credit Facility is June 4, 2026 for Non-Extending Lenders and September 28, 2029 for Extending Lenders (each as defined in the RCA).

As of the amendment and restatement on September 30, 2024, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $638,500, of which $527,100 has been committed by Extending Lenders and $111,400 has been committed by Non-Extending Lenders. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on the Company’s Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to asset coverage and liquidity and other maintenance covenants.

As of the amendment and restatement on September 30, 2024, the NMFC Credit Facility generally bears interest at a rate of SOFR or SONIA, plus any applicable credit spread adjustment or EURIBOR plus any applicable credit spread adjustment plus 1.90% per annum for Extending Lenders and 2.10% per annum for Non-Extending Lenders, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA). From June 29, 2023 to September 29, 2024, the NMFC Credit Facility bore interest at a rate of SOFR plus any applicable credit spread adjustment, SONIA or EURIBOR plus 2.10% per annum or the prime rate plus 1.10% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.375% per annum. As of the amendment on June 5, 2024, the Canadian Dollar Offered Rate was replaced with the Canadian Overnight Repo Rate Average term rate plus a credit spread adjustment as a benchmark rate for certain assets.

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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
	March 31, 2025			March 31, 2024
Interest expense	$	376		$	653
Non-usage fee	$	574		$	154
Amortization of financing costs	$	184		$	54
Weighted average interest rate	5.3		%	7.3		%
Effective interest rate	16.2		%	9.7		%
Average debt outstanding	$	28,302		$	35,729

As of March 31, 2025, the outstanding balance on the NMFC Credit Facility was $29,059, which included €16,512 denominated in Euro ("EUR") and £8,666 denominated in British Pound Sterling ("GBP") that has been converted to U.S. dollars. As of December 31, 2024, the outstanding balance on the NMFC Credit Facility was $27,944, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been converted to U.S. dollars.

Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement (the "Uncommitted Revolving Loan Agreement"), dated March 30, 2020, by and between the Company, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment on October 31, 2023, the maturity date of the Unsecured Management Company Revolver is December 31, 2027.

As of the amendment on October 31, 2023, the Unsecured Management Company Revolver bears interest at the Applicable Federal Rate. As of December 17, 2021 through the amendment on October 31, 2023, the Unsecured Management Company Revolver bore interest at a rate of 4.00% per annum. On October 31, 2023, the Company entered into a Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amount of revolving borrowings available thereunder from $50,000 to $100,000. As of March 31, 2025, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $100,000 and no borrowings were outstanding. For the three months ended March 31, 2025 and March 31, 2024, amortization of financing costs were $1 and $2, respectively.

DB Credit Facility—The Loan Financing and Servicing Agreement (the "LFSA"), dated December 14, 2018 and as amended from time to time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S. Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), was structured as a secured revolving credit facility. As of the amendment on October 31, 2023, the maturity date of the DB Credit Facility was March 25, 2027. On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

Prior to its termination on September 30, 2024, the maximum amount of revolving borrowings available under the DB Credit Facility was $280,000. The Company was permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the LFSA. The DB Credit Facility was non-recourse to the Company and was collateralized by all of the investments of NMFDB on an investment by investment basis. All fees associated with the origination and amending of the DB Credit Facility were capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the DB Credit Facility. The DB Credit Facility contained certain customary affirmative and negative covenants and events of default. The covenants were generally not tied to mark to market fluctuations in the prices of NMFDB investments, but rather to the performance of the underlying portfolio companies.

The advances under the DB Credit Facility accrued interest at a per annum rate equal to the Applicable Margin (as defined in the LFSA) plus the lender's Cost of Funds Rate (as defined in the LFSA). As of the amendment on October 31, 2023, the Applicable Margin was equal to 2.55% during the Revolving Period (as defined in the LFSA), increased by 0.20% per annum after the Revolving Period and would have been increased by 2.00% per annum during an Event of Default (as defined in the LFSA). The "Cost of Funds Rate" for a conduit lender was the lower of its commercial paper rate and the Base Rate (as defined in the LFSA) plus 0.50%, and for any other lender was the Base Rate. Effective June 29, 2023, the Base Rate was the three-months SOFR Rate. The Company was also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the LFSA) and a facility agent fee of 0.25% per annum, until the amendment on October

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31, 2023, on the total facility amount. As of the amendment on October 31, 2023, the facility agent fee was 0.20% per annum on the total facility amounts.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three months ended March 31, 2024:


	Three Months Ended
	March 31, 2024(2)
Interest expense(1)	$	3,781
Non-usage fee(1)	$	108
Amortization of financing costs	$	191
Weighted average interest rate	8.1		%
Effective interest rate	8.9		%
Average debt outstanding	$	185,095

(1)Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the DB Credit Facility and non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the DB Credit Facility.

(2)On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

NMNLC Credit Facility II—The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), was structured as a senior secured revolving credit facility. As of the amendment on November 1, 2022, NM CLFX LP was added as a co-borrower and the NMNLC CA would have matured on November 1, 2024. As of the most recent amendment on October 29, 2024, the NMNLC CA maturity date was December 2, 2024. On November 14, 2024, NMNLC and NM CLFX LP repaid all amounts outstanding under the NMNLC Credit Facility II, and terminated the NMNLC Credit Facility II on November 22, 2024. The NMNLC Credit Facility II was guaranteed by the Company and proceeds from the NMNLC Credit Facility II were used for refinancing existing loans on properties held.

As of the amendment on November 1, 2022, the NMNLC Credit Facility II bore interest at a rate of SOFR plus 2.25% per annum with a 0.35% floor, and charged a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). As of the amendment on November 1, 2022, the maximum amount of revolving borrowings available to all borrowers under the NMNLC Credit Facility II was $27,500.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMNLC Credit Facility II for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
	March 31, 2024(1)
Interest expense	$	45
Non-usage fee	$	—
Amortization of financing costs	$	21
Weighted average interest rate	7.6		%
Effective interest rate	11.4		%
Average debt outstanding	$	2,371

(1)On November 14, 2024, NMNLC repaid all amounts outstanding under the NMNLC Credit Facility II, including outstanding borrowings and accrued interest, and terminated the NMNLC Credit Facility II on November 22, 2024.

2022 Convertible Notes — On November 2, 2022, the Company closed a private offering of $200,000 aggregate principal amount of unsecured convertible notes (the “2022 Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a third supplemental indenture thereto, dated November 2, 2022 (together the “2018C Indenture”). On March 14, 2023, the Company issued an additional $60,000 aggregate principal amount of the 2022 Convertible Notes. These additional 2022 Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a

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single series with the $200,000 aggregate principal amount of the 2022 Convertible Notes that the Company issued in November 2022.

The 2022 Convertible Notes bear interest at an annual rate of 7.50%, payable semi-annually in arrears on April 15 and October 15 of each year. The 2022 Convertible Notes will mature on October 15, 2025 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018C Indenture. The Company may not redeem the 2022 Convertible Notes prior to July 15, 2025. On or after July 15, 2025, the Company may redeem the 2022 Convertible Notes for cash, in whole or from time to time in part, at our option at a redemption price, subject to an exception for redemption dates occurring after a record date but on or prior to the interest payment date, equal to the sum of (i) 100% of the principal amount of the 2022 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.

On January 21, 2025, the Company launched a tender offer to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated January 21, 2025, up to $260,000 aggregate principal amount of the outstanding 2022 Convertible Notes for cash in an amount equal to $1.01 per $1.00 principal amount of Notes purchased (exclusive of accrued and unpaid interest on such notes) (the "2022 Convertible Notes Tender Offer"). The 2022 Convertible Notes Tender Offer expired on February 19, 2025. As of the expiration of the 2022 Convertible Tender Offer, $1,216 aggregate principal amount of the 2022 Convertible Notes were validly tendered and not validly withdrawn pursuant to the 2022 Convertible Notes Tender Offer. The Company accepted for purchase all of the 2022 Convertible Notes that were validly tendered and not validly withdrawn at the expiration of the 2022 Convertible Notes Tender Offer. Following settlement of the 2022 Convertible Notes Tender Offer on February 24, 2025, approximately $258,784 aggregate principal amount of the 2022 Convertible Notes remained outstanding.

The following table summarizes certain key terms related to the convertible features of the 2022 Convertible Notes as of March 31, 2025:


	2022 Convertible Notes
Initial conversion premium(1)	14.7		%
Initial conversion rate(2)	70.4225
Initial conversion price	$	14.20

Conversion rate at March 31, 2025(1)(2)	73.3323
Conversion price at March 31, 2025(2)(3)	$	13.64
Last conversion price calculation date	March 17, 2025

(1)Conversion rates denominated in shares of common stock per $1 principal amount of the 2022 Convertible Notes converted.

(2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.

(3)The conversion price in effect at March 31, 2025 on the 2022 Convertible Notes was calculated on March 17, 2025.

The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.30 per share per quarter for the 2022 Convertible Notes and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, are subject to a conversion price floor of $12.38 per share for the 2022 Convertible Notes. In no event will the total number of shares of common stock issuable upon conversion exceed 80.7754 per $1 principal amount of the 2022 Convertible Notes. The Company has determined that the embedded conversion option in the 2022 Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

The 2022 Convertible Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the 2022 Convertible Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles. As reflected in Note 11. Earnings Per Share, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.

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The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the 2022 Convertible Notes for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
	March 31, 2025			March 31, 2024
Interest expense	$	4,865		$	4,875
Amortization of financing costs	$	426		$	396
Amortization of premium	$	(17)		$	(29)
Weighted average interest rate	7.5		%	7.5		%
Effective interest rate	8.1		%	8.1		%
Average debt outstanding	$	259,514		$	260,000

As of March 31, 2025 and December 31, 2024, the outstanding balance on the 2022 Convertible Notes was $258,784 and $260,000, respectively. The Company was in compliance with the terms of the 2018C Indenture on such dates.

Unsecured Notes

On April 30, 2019, the Company issued $116,500 in aggregate principal amount of five year unsecured notes with a maturity of April 30, 2024 (the "2019A Unsecured Notes") pursuant to the NPA and a fourth supplement to the NPA (the "Fourth Supplement"). On February 5, 2024, the Company fully repaid $116,500 in aggregate principal amount of issued and outstanding 2019A Unsecured Notes. On January 29, 2021, the Company issued $200,000 in aggregate principal amount of five year unsecured notes that mature on January 29, 2026 (the "2021A Unsecured Notes") pursuant to the NPA and a fifth supplement to the NPA (the "Fifth Supplement"). On June 15, 2022, the Company issued $75,000 in aggregate principal amount of five year unsecured notes that mature on June 15, 2027 (the "2022A Unsecured Notes") pursuant to the NPA and a sixth supplement to the NPA (the "Sixth Supplement"). The NPA provides for future issuances of unsecured notes in separate series or tranches.

The 2019A Unsecured Notes bore interest at an annual rate of 5.494%. The 2021A Unsecured Notes bear interest at an annual rate of 3.875%, payable semi-annually in arrears on January 29 and July 29 of each year. The 2022A Unsecured Notes bear interest at an annual rate of 5.900%, payable semi-annually in arrears on June 15 and December 15 of each year. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or the Company ceases to have an investment grade rating or (ii) the aggregate amount of the Company’s unsecured debt falls below $150,000. In each such event, the Company has the option to offer to prepay the underlying unsecured notes at par, in which case holders of the underlying unsecured notes who accept the offer would not receive the increased interest rate. In addition, the Company is obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be the Company’s investment adviser or if certain change in control events occur with respect to the Investment Adviser.

The NPA contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, an option to offer to prepay all or a portion of the unsecured notes under its governance at par (plus a make-whole amount, if applicable), affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC under the 1940 Act and a RIC under the Code, minimum stockholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes at the Company or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. The Third Supplement, Fourth Supplement, Fifth Supplement and Sixth Supplement all include additional financial covenants related to asset coverage as well as other terms.

On November 13, 2023, the Company closed a registered public offering of $115,000 in aggregate principal amount of 8.250% notes that mature on November 15, 2028 (the "8.250% Unsecured Notes"), pursuant to a base indenture and fourth supplemental indenture thereto dated November 13, 2023 (the "Fourth Supplemental Indenture") between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee.

The 8.250% Unsecured Notes bear interest at an annual rate of 8.250%, payable quarterly on February 15, May 15, August 15 and November 15 of each year. The 8.250% Unsecured Notes are listed on NASDAQ and trade under the trading symbol "NMFCZ".

The Company may redeem the 8.250% Unsecured Notes, in whole or in part, at any time, or from time to time, at its option on or after November 15, 2025 at the redemption price of par, plus accrued interest.

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No sinking fund provision is provided for the 8.250% Unsecured Notes and holders of the 8.250% Unsecured Notes have no option to have their 8.250% Unsecured Notes repaid prior to the stated maturity date.

On February 1, 2024, the Company issued $300,000 in aggregate principal amount of its 6.875% notes that mature on February 1, 2029 (the "6.875% Unsecured Notes") pursuant to a base indenture and fifth supplemental indenture thereto dated February 1, 2024 (the "Fifth Supplemental Indenture"). The 6.875% Unsecured Notes bear interest at an annual rate of 6.875%, payable semi-annually on February 1 and August 1 of each year. The Company may redeem the 6.875% Unsecured Notes, in whole or in part, at any time prior to January 1, 2029, at par plus a "make-whole" premium, and thereafter at par, plus accrued interest.

On September 26, 2024, the Company issued $300,000 in aggregate principal amount of its 6.200% notes that mature on October 15, 2027 (the "6.200% Unsecured Notes", together with the 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes, 2021A Unsecured Notes, 2022A Unsecured Notes, 8.250% Unsecured Notes and 6.875% Unsecured Notes, the "Unsecured Notes") pursuant to a base indenture and sixth supplemental indenture thereto dated September 26, 2024 (together, with the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the "Indenture"). The 6.200% Unsecured Notes bear interest at an annual rate of 6.200%, payable semi-annually on April 15 and October 15 of each year, beginning on April 15, 2025. The Company may redeem the 6.200% Unsecured Notes, in whole or in part, at any time prior to October 15, 2027, at par plus a "make-whole" premium and accrued interest.

The Unsecured Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles.

The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
	March 31, 2025			March 31, 2024
Interest expense(1)	$	15,395		$	9,614
Amortization of financing costs	$	802		$	495
Amortization of discount	$	307		$	102
Weighted average interest rate	6.5		%	6.0		%
Effective interest rate	6.7		%	6.4		%
Average debt outstanding	$	990,000		$	632,610

(1)Interest expense includes net expense recognized on fair value hedges.

As of March 31, 2025 and December 31, 2024, the outstanding balance on the Unsecured Notes was $985,227 and $978,503, respectively, and the Company was in compliance with the terms of the NPA and Indenture as of such dates, as applicable.

In connection with the issuance of the 6.875% Unsecured Notes, the Company entered into an interest rate swap on March 22, 2024 with Morgan Stanley Bank N.A., in which the Company receives a fixed interest rate of 6.875% and pays a floating interest rate of one-month SOFR plus 2.8183% on the notional amount of $300,000. In connection with the issuance of the 6.200% Unsecured Notes, the Company entered into an interest rate swap on September 23, 2024 with Morgan Stanley Bank, N.A., in which the Company receives a fixed interest rate of 6.200% and pays a floating rate of one-month SOFR plus 2.882% on the notional amount of $300,000. The Company designates interest rate swaps as fair value hedges in a qualifying fair value hedge accounting relationship to mitigate risk of changes in the fair value of financial liabilities due to interest rate risk. As a result, the Company will present changes in fair value of the hedging instruments and the related hedged items in interest expense within the Company’s Consolidated Statements of Operations.

The Company recorded and formally documented all hedging relationships, its risk management objective and strategy upon entering into each hedging relationship. For each hedging relationship, the Company performs quarterly quantitative assessments of the hedge effectiveness to assess that the hedging relationships are highly effective in offsetting changes in fair values of hedged items and whether the relationship is expected to continue to be highly effective in the future. To the extent the changes in fair value of the derivative do not offset the changes in fair value of the hedged item, the difference is recognized. The corresponding adjustment to the hedged asset or liability is included in the basis of the hedged item, while the

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corresponding change in the fair value of the derivative instrument is recorded as an adjustment to "Derivative assets at fair value" or "Derivative liabilities at fair value", as applicable.

If a hedge relationship is de-designated or if hedge accounting is discontinued because the hedged item no longer exists, the derivative will continue to be recorded as a "Derivative asset at fair value" or "Derivative liability at fair value" in the Consolidated Statements of Assets and Liabilities at its fair value, with changes in fair value recognized in net change in unrealized appreciation (depreciation).

The following table presents the effect of hedging derivative instruments on the Consolidated Statements of Operations and the total amounts for the respective line items affected:


	Three Months Ended		Three Months Ended
	March 31, 2025		March 31, 2024
(Losses) gains on fair value hedging relationship:
Interest rate swap contract:
Interest expense recognized on derivative	$	(928)	$	(64)
Gains (Losses) recognized on derivative	7,172		(424)
(Losses) Gains recognized on hedged item	(6,417)		331
Net expense recognized on fair value hedge	$	(173)	$	(157)

The following table summarizes the carrying value of the Company's hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of March 31, 2025 and December 31, 2024.


	As of
	March 31, 2025				December 31, 2024
Description	Carrying Value		Cumulative Amount of Basis Adjustment		Carrying Value		Cumulative Amount of Basis Adjustment
6.875% Unsecured Notes	$	300,053	$	(2,438)	$	296,590	$	871
6.200% Unsecured Notes	$	295,174	$	3,235	$	291,913	$	6,343

The Company’s derivative instrument contracts are subject to ISDA Master Agreements which contain certain covenants and other provisions upon the occurrence of specific credit-risk-related events which may allow the counterparties to terminate derivatives contracts if the Company fails to maintain sufficient asset coverage for its derivative contracts or upon certain credit events. As a result, the hedging relationship terminates and is immediately accelerated and deemed payable pursuant to the ISDA Master Agreement.

The aggregate fair values of all derivative instruments with any credit-risk-related contingent features that were in a liability position on March 31, 2025 and December 31, 2024 were $251 and $7,423, respectively, for which Morgan Stanley Bank N.A. had posted collateral of $10,130 and $3,230, respectively. The Company does not have any derivatives that are not designated as hedging instruments.

SBA-guaranteed debentures—On August 1, 2014 and August 25, 2017, respectively, SBIC I and SBIC II received licenses from the SBA to operate as SBICs.

These SBIC licenses allow each of SBIC I and SBIC II to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a capital commitment by the SBA and other customary procedures. SBA-guaranteed debentures are non-recourse, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with ten year maturities. The SBA, as a creditor, will have a superior claim to the assets of SBIC I and SBIC II over the Company's stockholders in the event SBIC I and SBIC II are liquidated or the SBA exercises its remedies upon an event of default.

Prior to June 2018, the maximum amount of borrowings available under SBA regulations for a single licensee was $150,000 as long as the licensee had at least $75,000 in regulatory capital, received a capital commitment from the SBA and had been through an examination by the SBA subsequent to licensing. In June 2018, legislation amended the 1958 Act by increasing the individual leverage limit from $150,000 to $175,000, subject to SBA approvals.

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As of March 31, 2025 and December 31, 2024, SBIC I had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $112,500 and $150,000, respectively. On February 28, 2025, $37,500 of SBA-guaranteed debentures that were to mature on March 1, 2025, were repaid. As of March 31, 2025 and December 31, 2024, SBIC II had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $150,000 and $150,000, respectively. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures.

The following table summarizes the Company’s SBA-guaranteed debentures as of March 31, 2025:


Issuance Date	Maturity Date	Debenture Amount		Interest Rate		SBA Annual Charge
Fixed SBA-guaranteed debentures(1):
September 23, 2015	September 1, 2025	$	37,500	2.829	%	0.355	%
September 23, 2015	September 1, 2025	28,795		2.829	%	0.742	%
March 23, 2016	March 1, 2026	13,950		2.507	%	0.742	%
September 21, 2016	September 1, 2026	4,000		2.051	%	0.742	%
September 20, 2017	September 1, 2027	13,000		2.518	%	0.742	%
March 21, 2018	March 1, 2028	15,255		3.187	%	0.742	%
Fixed SBA-guaranteed debentures(2):
September 19, 2018	September 1, 2028	15,000		3.548	%	0.222	%
September 25, 2019	September 1, 2029	19,000		2.283	%	0.222	%
March 25, 2020	March 1, 2030	41,000		2.078	%	0.222	%
March 25, 2020	March 1, 2030	24,000		2.078	%	0.275	%
September 23, 2020	September 1, 2030	51,000		1.034	%	0.275	%
Total SBA-guaranteed debentures		$	262,500

(1)SBA-guaranteed debentures are held by SBIC I.

(2)SBA-guaranteed debentures are held by SBIC II.

Prior to pooling, the SBA-guaranteed debentures bear interest at an interim interest rate equal to the Federal Home Loan Bank of Chicago's Fixed Regular Advance Rate (Bank Advance Rate), plus 41 basis points. Once pooled, which occurs in March and September each year, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.

The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
	March 31, 2025			March 31, 2024
Interest expense	$	1,907		$	2,020
Amortization of financing costs	$	237		$	250
Weighted average interest rate	2.7		%	2.7		%
Effective interest rate	3.0		%	3.0		%
Average debt outstanding	$	287,083		$	300,000

The SBIC program is designed to stimulate the flow of private investor capital into eligible small businesses, as defined by SBA regulations that, among other things: require SBICs to invest in eligible small businesses and invest at least 25.0% of investment capital in eligible smaller enterprises (as defined by the SBA regulations), place certain limitations on the financing terms of investments, regulate the types of financing provided by an SBIC, prohibit investments in small businesses with certain characteristics or in certain industries and require capitalization thresholds that limit distributions to the Company. SBICs are subject to an annual periodic examination by an SBA examiner to determine the SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor.

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Leverage risk factors—The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The Company's lenders will have fixed dollar claims on certain assets that are superior to the claims of the Company's common stockholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's net asset value. Similarly, leverage may cause a sharper decline in the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its stockholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.

Note 8. Regulation

The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under Subchapter M of the Code. In order to continue to qualify and be subject to tax treatment as a RIC, among other things, the Company is generally required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code).

Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.

Note 9. Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of March 31, 2025, the Company had unfunded commitments on revolving credit facilities of $137,398, no outstanding bridge financing commitments and other future funding commitments of $113,028. As of December 31, 2024, the Company had unfunded commitments on revolving credit facilities of $126,723, no outstanding bridge financing commitments and other future funding commitments of $116,953. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedules of Investments.

The Company also had revolving borrowings available under the Holdings Credit Facility, the NMFC Credit Facility and the Unsecured Management Company Revolver, as of March 31, 2025 and December 31, 2024. See Note 7. Borrowings, for details.

The Company may from time to time enter into financing commitment letters. As of March 31, 2025 and December 31, 2024, the Company had commitment letters to purchase investments in the aggregate par amount of $4,727 and $83,638, respectively, which could require funding in the future.

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Note 10. Net Assets

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three months ended March 31, 2025:


						Accumulated Undistributed (Overdistributed) Earnings
	Common Stock			Paid in Capital in Excess		Accumulated Net Investment		Accumulated Net Realized		Net Unrealized Appreciation		Total Net Assets		Non- Controlling Interest in		Total
	Shares	Par Amount		of Par		Income		(Losses) Gains		(Depreciation)		of NMFC		NMNLC		Net Assets
Net assets at December 31, 2024	107,851,415	$	1,079	$	1,365,852	$	181,266	$	(141,279)	$	(53,579)	$	1,353,339	$	5,952	$	1,359,291




Offering costs	—	—		(28)		—		—		—		(28)		—		(28)
Distributions declared	—	—		—		(34,512)		—		—		(34,512)		(90)		(34,602)

Net increase (decrease) in net assets resulting from operations	—	—		—		34,524		37,825		(48,936)		23,413		104		23,517
Net assets at March 31, 2025	107,851,415	$	1,079	$	1,365,824	$	181,278	$	(103,454)	$	(102,515)	$	1,342,212	$	5,966	$	1,348,178

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three months ended March 31, 2024:


						Accumulated Undistributed (Overdistributed) Earnings
	Common Stock			Paid in Capital in Excess		Accumulated Net Investment		Accumulated Net Realized (Losses)		Net Unrealized Appreciation		Total Net Assets		Non-Controlling Interest in		Total
	Shares	Par Amount		of Par		Income		Gains		(Depreciation)		of NMFC		NMNLC		Net Assets
Net assets at December 31, 2023	102,558,859	$	1,026	$	1,331,269	$	150,407	$	(100,015)	$	(62,736)	$	1,319,951	$	11,772	$	1,331,723
Issuances of common stock	3,730,434	37		47,882		—		—		—		47,919		—		47,919



Offering costs	—	—		(81)		—		—		—		(81)		—		(81)
Distributions declared	—	—		—		(38,265)		—		—		(38,265)		(197)		(38,462)

Net increase (decrease) in net assets resulting from operations	—	—		—		37,325		(11,830)		1,913		27,408		676		28,084
Net assets at March 31, 2024	106,289,293	$	1,063	$	1,379,070	$	149,467	$	(111,845)	$	(60,823)	$	1,356,932	$	12,251	$	1,369,183

On November 3, 2021, the Company entered into an equity distribution agreement, as amended on May 18, 2023, August 23, 2023, June 27, 2024 and August 1, 2024 (the “Distribution Agreement”), with B. Riley Securities, Inc. and Raymond James & Associates, Inc. On August 1, 2024, the Company entered into Amendment No. 4 to the Distribution Agreement with B. Riley Securities, Inc., Raymond James & Associates, Inc., and Citizens JMP Securities, LLC (collectively, the "Agents") for the purpose of adding Citizens JMP Securities, LLC as an Agent. The Distribution Agreement originally provided that the Company may issue and sell its shares from time to time through the Agents, up to $250,000 worth of its common stock by means of at-the-market ("ATM") offerings. As of the amendment on June 27, 2024, the Company increased the maximum amount of shares to be sold through the ATM program from $250,000 to $400,000.

For the three months ended March 31, 2025, the Company did not sell any shares of common stock under the Distribution Agreement. For the three months ended March 31, 2024, the Company sold 3,730,434 shares of common stock under the Distribution Agreement. For the three months ended March 31, 2024, the Company received total accumulated net proceeds of approximately $47,919, including $7 of offering expenses, from these sales.

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The Company generally uses net proceeds from these offerings to make investments, to pay down liabilities and for general corporate purposes. As of March 31, 2025, shares representing approximately $257,991 of its common stock remain available for issuance and sale under the Distribution Agreement.

Note 11. Earnings Per Share

The following information sets forth the computation of basic and diluted net increase in the Company’s net assets per share resulting from operations for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
	March 31, 2025		March 31, 2024
Earnings per share—basic
Numerator for basic earnings per share:	$	23,413	$	27,408
Denominator for basic weighted average share:	107,851,415		103,660,370
Basic earnings per share:	$	0.22	$	0.26
Earnings per share—diluted(1)
Numerator for increase in net assets per share	$	23,413	$	27,408
Adjustment for interest on 2022 Convertible Notes and incentive fees, net	4,062		3,900
Numerator for diluted earnings per share:	$	27,475	$	31,308
Denominator for basic weighted average share	107,851,415		103,660,370
Adjustment for dilutive effect of 2022 Convertible Notes	19,001,496		18,783,108
Denominator for diluted weighted average share	126,852,911		122,443,478
Diluted earnings per share:	$	0.22	$	0.26

(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive.

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Note 12. Financial Highlights

The following information sets forth the Company's financial highlights for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
	March 31, 2025			March 31, 2024
Per share data(1):
Net asset value, January 1, 2025 and January 1, 2024, respectively	$	12.55		$	12.87
Net investment income	0.32			0.36
Net realized and unrealized losses	(0.10)			(0.10)
Total net increase	0.22			0.26
Distributions declared to stockholders from net investment income	(0.32)			(0.36)
Net asset value, March 31, 2025 and March 31, 2024, respectively	$	12.45		$	12.77
Per share market value, March 31, 2025 and March 31, 2024, respectively	$	11.03		$	12.67
Total return based on market value(2)	0.77		%	2.45		%
Total return based on net asset value(3)	1.73		%	1.99		%
Shares outstanding at end of period	107,851,415			106,289,293
Average weighted shares outstanding for the period	107,851,415			103,660,370
Average net assets for the period	$	1,353,216		1,334,024
Ratio to average net assets(4):
Net investment income	10.35		%	11.25		%
Total expenses, before waivers/reimbursements	15.84		%	16.25		%
Total expenses, net of waivers/reimbursements	15.29		%	15.97		%
Average debt outstanding—Unsecured Notes	$	990,000		$	632,610
Average debt outstanding—Holdings Credit Facility	310,636			358,489
Average debt outstanding—SBA-guaranteed debentures	287,083			300,000
Average debt outstanding—2022 Convertible Notes	259,514			260,000
Average debt outstanding—NMFC Credit Facility(5)	28,302			35,729
Average debt outstanding—DB Credit Facility (6)	—			185,095
Average debt outstanding—NMNLC Credit Facility II (7)	—			2,371
Asset coverage ratio(8)	186.95		%	192.25		%
Portfolio turnover	3.92		%	4.83		%

(1)Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which is based on actual rate per share).

(2)Total return is calculated assuming a purchase of common stock at the opening of the first day of the year and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. Total return does not reflect sales load.

(3)Total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. Total return does not reflect sales load.

(4)Interim periods are annualized.

(5)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2025 and March 31, 2024, the Company had borrowings denominated in EUR of €16,512 and €17,400, respectively, and borrowings denominated in GBP of £8,666 and £22,850, respectively, that have been converted to U.S. dollars.

(6)On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

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(7)On November 22, 2024, the Company repaid all amounts outstanding under the NMNLC Credit Facility II, including outstanding borrowings and accrued interest, and terminated the NMNLC Credit Facility II.

(8)On November 5, 2014, the Company received exemptive relief from the SEC allowing the Company to modify the asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation.

Note 13. Recent Accounting Standards Updates

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Note 14. Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The chief operating decision maker ("CODM") is the Company’s Chief Executive Officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

Note 15. Subsequent Events

On April 22, 2025, the Company’s board of directors declared a second quarter 2025 distribution of $0.32 per share, payable on June 30, 2025 to holders of record as of June 16, 2025.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of New Mountain Finance Corporation

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities of New Mountain Finance Corporation and subsidiaries (the "Company"), including the consolidated schedule of investments, as of March 31, 2025, the related consolidated statements of operations, changes in net assets, and cash flows for the three-month periods ended March 31, 2025 and 2024, and the related notes (collectively referred to as the "interim financial information"). Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments as of December 31, 2024, and the related consolidated statements of operations, changes in net assets and cash flows for the year then ended (not presented herein); and in our report dated February 26, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

New York, New York

May 5, 2025

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information in management's discussion and analysis of financial condition and results of operations relates to New Mountain Finance Corporation, including its wholly-owned direct and indirect subsidiaries (collectively, "we", "us", "our", "NMFC" or the "Company").

Forward-Looking Statements

The information contained in this section should be read in conjunction with the financial data and consolidated financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:

•statements concerning the impact of a protracted decline in the liquidity of credit markets;

•the general economy, including fluctuating interest and inflation rates, on the industries in which we invest;

•the uncertainty associated with the imposition of tariffs and/or trade barriers and changes in trade policy and its impact on our portfolio companies and the global economy;

•the impact of interest rate volatility on our business and our portfolio companies;

•our future operating results, our business prospects, the adequacy of our cash resources and working capital;

•the ability of our portfolio companies to achieve their objectives;

•our ability to make investments consistent with our investment objectives, including with respect to the size, nature and terms of our investments;

•the ability of New Mountain Finance Advisers, L.L.C. (the "Investment Adviser"), formerly known as New Mountain Finance Advisers BDC, L.L.C., or its affiliates to attract and retain highly talented professionals;

•actual and potential conflicts of interest with the Investment Adviser and New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor; and

•the risk factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024 and in this Quarterly Report on Form 10-Q.

Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024 and in this Quarterly Report on Form 10-Q.

We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

We are a Delaware corporation that was originally incorporated on June 29, 2010 and completed our initial public offering ("IPO") on May 19, 2011. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Since our IPO, and through March 31, 2025, we have raised approximately $1,034.6 million in net proceeds from additional offerings of our common stock.

The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with over $55 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment

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strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations.

We have established the following wholly-owned direct and indirect subsidiaries:

•New Mountain Finance SBIC, L.P. ("SBIC I") and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the U.S. Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act") and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP") and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively;

•NMF Ancora Holdings, Inc. ("NMF Ancora"), NMF QID NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC"), which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity related investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); we consolidate these corporations for accounting purposes but the corporations are not consolidated for income tax purposes and may incur income tax expense as a result of their ownership of the portfolio companies; and

•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.

New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of ours, which acquires commercial real estate properties that are subject to "triple net" leases has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.

We are a leading BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. Our investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. Our differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

Senior secured loans may include traditional first lien loans or unitranche loans. We invest a significant portion of our portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, our investments may also include equity interests.

We primarily invest in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $10 million to $200 million. Our focus is on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Similar to us, the investment objective of SBIC I and SBIC II is to generate current income and capital appreciation under the investment criteria we use. However, SBIC I and SBIC II investments must be in SBA eligible small businesses. Our portfolio may be concentrated in a limited number of industries. As of March 31, 2025, our top five industry concentrations were software, healthcare, business services, investment funds (which includes our investments in our joint ventures) and consumer services.

As of March 31, 2025, our net asset value was approximately $1,342.2 million and our portfolio had a fair value, as determined in good faith by the board of directors, of approximately $3,034.2 million in 118 portfolio companies, with a weighted average yield to maturity at cost for income producing investments ("YTM at Cost") of approximately 10.7% and a weighted average yield to maturity at cost for all investments ("YTM at Cost for Investments") of approximately 10.2%. The YTM at Cost calculation assumes that all investments, including secured collateralized agreements, not on non-accrual are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. The YTM at Cost for Investments calculation assumes that all investments, including secured collateralized

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agreements, are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. YTM at Cost and YTM at Cost for Investments calculations exclude the impact of existing leverage. YTM at Cost and YTM at Cost for Investments use Sterling Overnight Interbank Average Rate ("SONIA"), Secured Overnight Financing Rate ("SOFR") and Euro Interbank Offered Rate ("EURIBOR") curves at each quarter's end date. The actual yield to maturity may be higher or lower due to the future selection of the SONIA, SOFR and EURIBOR contracts by the individual companies in our portfolio or other factors.

Recent Developments

On April 22, 2025, our board of directors declared a second quarter 2025 distribution of $0.32 per share payable on June 30, 2025 to holders of record as of June 16, 2025.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.

Basis of Accounting

We consolidate our wholly-owned direct and indirect subsidiaries: NMF Holdings, NMF Servicing, NMFDB, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF OEC and our majority-owned consolidated subsidiary, NMNLC. We are an investment company following accounting and reporting guidance as described in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946").

Valuation and Leveling of Portfolio Investments

At all times consistent with GAAP and the 1940 Act, we conduct a valuation of our assets, which impacts our net asset value.

We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of directors is ultimately and solely responsible for determining the fair value of our portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where our portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Our quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, we look at the number of quotes readily available and perform the following procedures:

i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. We will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, we will use one or more of the methodologies outlined below to determine fair value;

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investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b.Preliminary valuation conclusions will then be documented and discussed with our senior management;

c.If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors; and

d.When deemed appropriate by our management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period and the fluctuations could be material.

GAAP fair value measurement guidance classifies the inputs used in measuring fair value into three levels as follows:

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and we have the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), we, to the extent that we hold such investments, do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

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quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of March 31, 2025.

We generally use the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. We typically determine the fair value of our performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

Company Performance, Financial Review, and Analysis: Prior to investment, as part of our due diligence process, we evaluate the overall performance and financial stability of the portfolio company. Post investment, we analyze each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("EBITDA") growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. We also attempt to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of our original investment thesis. This analysis is specific to each portfolio company. We leverage the knowledge gained from our original due diligence process, augmented by this subsequent monitoring, to continually refine our outlook for each of our portfolio companies and ultimately form the valuation of our investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, we will consider the pricing indicated by the external event to corroborate the private valuation.

For debt investments, we may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of our debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, we may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for our debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach: We may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. We consider numerous factors when selecting the appropriate companies whose trading multiples are used to value our portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. We may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue, or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.

Income Based Approach: We also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of March 31, 2025.

NMFC Senior Loan Program III LLC

NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between us and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from us and SkyKnight II. SLP III has a five year investment

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period and will continue in existence until July 8, 2029. On July 3, 2024, the investment period was extended until July 8, 2027. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of March 31, 2025, we and SkyKnight II have committed and contributed $160.0 million and $40.0 million, respectively, of equity to SLP III. Our investment in SLP III is disclosed on our Consolidated Schedule of Investments as of March 31, 2025 and December 31, 2024.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on July 3, 2024, the maturity date of SLP III's revolving credit facility was extended from January 8, 2026 to January 8, 2029, and the reinvestment period was extended from July 8, 2026 to July 8, 2027. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.65%, and after the reinvestment period it will bear interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%. As of March 31, 2025, SLP III's revolving credit facility had a maximum borrowing capacity of $600.0 million. As of March 31, 2025 and December 31, 2024, SLP III had total investments with an aggregate fair value of approximately $688.2 million and $715.1 million, respectively, and debt outstanding under its credit facility of $477.7 million and $511.2 million, respectively. As of March 31, 2025 and December 31, 2024, none of SLP III's investments were on non-accrual. Additionally, as of March 31, 2025 and December 31, 2024, SLP III had unfunded commitments in the form of delayed draws of $4.9 million and $2.7 million, respectively.

Below is a summary of SLP III's portfolio as of March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025			December 31, 2024
First lien investments (1)	$	710,505		$	727,619
Weighted average interest rate on first lien investments (2)	8.31		%	8.49		%
Number of portfolio companies in SLP III	90			90
Largest portfolio company investment (1)	$	17,650		$	17,697
Total of five largest portfolio company investments (1)	$	80,092		$	80,215

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP III's portfolio as of March 31, 2025 and December 31, 2024 and additional information on certain summarized financial information for SLP III as of March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and March 31, 2024.

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NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between us and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from us and SkyKnight Alpha. SLP IV had a five year investment period and will continue in existence until May 5, 2029. On March 15, 2024, the investment period was extended until May 5, 2027 pursuant to the terms of the SLP IV Agreement.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of March 31, 2025, we and SkyKnight Alpha have transferred and contributed $112.4 million and $30.6 million, respectively, of their membership interests in SLP I and SLP II to SLP IV. Our investment in SLP IV is disclosed on our Consolidated Schedule of Investments as of March 31, 2025 and December 31, 2024.

On May 5, 2021, SLP IV entered into a $370.0 million revolving credit facility with Wells Fargo Bank, National Association which matures on March 27, 2029. As of the amendment on December 20, 2024, the facility bears interest at a rate of SOFR plus 1.50%. From March 27, 2024 to December 20, 2024, the facility bore interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%. As of March 31, 2025 and December 31, 2024, SLP IV had total investments with an aggregate fair value of approximately $451.1 million and $469.3 million, respectively, and debt outstanding under its credit facility of $323.4 million and $334.4 million, respectively. As of March 31, 2025 and December 31, 2024, none of SLP IV’s investments were on non-accrual. Additionally, as of March 31, 2025 and December 31, 2024, SLP IV had unfunded commitments in the form of delayed draws of $2.8 million and $1.2 million, respectively.

Below is a summary of SLP IV's consolidated portfolio as of March 31, 2025 and December 31, 2024:


(in thousands)	March 31, 2025			December 31, 2024
First lien investments (1)	$	467,692		$	481,040
Weighted average interest rate on first lien investments (2)	8.38		%	8.54		%
Number of portfolio companies in SLP IV	79			79
Largest portfolio company investment (1)	$	18,015		$	17,933
Total of five largest portfolio company investments (1)	$	66,265		$	62,752

(1)Reflects principal amount or par value of investment.

(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.

See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP IV's consolidated portfolio as of March 31, 2025 and December 31, 2024 and additional information on certain summarized financial information for SLP IV as of March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and March 31, 2024.

New Mountain Net Lease Corporation

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on our Consolidated Schedule of Investments as of March 31, 2025.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million.

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Below is certain summarized property information for NMNLC as of March 31, 2025:

Lease

Total

Fair Value as of

Portfolio Company

Tenant

Expiration Date

Location

Square Feet

March 31, 2025

(in thousands)

NM NL Holdings LP / NM GP Holdco LLC

Various

105,594

NM YI, LLC

Young Innovations, Inc.

10/31/2039

IL / MO

212

8,927

114,521

Collateralized agreements or repurchase financings

We follow the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral ("ASC 860") when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of March 31, 2025 and December 31, 2024, we held one collateralized agreement to resell with a cost basis of $30.0 million and $30.0 million, respectively, and a fair value of $13.5 million and $13.5 million, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from us at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to us, therefore, we do not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized our contractual rights under the collateralized agreement. We continue to exercise our rights under the collateralized agreement and continue to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.

PPVA Black Elk (Equity) LLC

On May 3, 2013, we entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, we purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20.0 million with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20.0 million plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, we received a payment of $20.5 million, the full amount due under the SPP Agreement.

In August 2017, a trustee (the “Trustee”) for Black Elk informed us that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against us and one of its affiliates seeking the return of the $20.5 million repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to us under the SPP Agreement. We were unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.

On December 22, 2017, we settled the Trustee’s $20.5 million Claim for $16.0 million and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16.0 million that is owed to us under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. We continue to exercise our rights under the SPP Agreement and continue to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, we received a $1.5 million payment from our insurance carrier in respect to the settlement. As of March 31, 2025 and December 31, 2024, the SPP Agreement had a cost basis of $14.5 million and $14.5 million, respectively, and a fair value of $6.5 million and $6.5 million, respectively, which is reflective of the higher inherent risk in this transaction.

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Revenue Recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three months ended March 31, 2025 and March 31, 2024 we recognized PIK and non-cash interest from investments of approximately $7.6 million and $9.7 million, respectively, and PIK and non-cash dividends from investments of approximately $8.2 million and $7.4 million, respectively.

Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate collectibility. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after trade date. Other income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.

Monitoring of Portfolio Investments

We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy. Our portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating (as defined below).

We use an investment risk rating system to characterize and monitor the credit profile and expected level of returns on each investment in the portfolio. As such, we assign each investment a composite score (“Risk Rating”) based on two metrics – 1) Operating Performance and 2) Business Characteristics:

•Operating Performance assesses the health of the investment in context of its financial performance and the market environment it faces. The metric is expressed in Tiers of “4” to “1”, with “4” being the best and “1” being the worst:

◦Tier 4 – Business performance is in-line with or above expectations

◦Tier 3 – Moderate business underperformance and/or moderate market headwinds

◦Tier 2 – Significant business underperformance and/or significant market headwinds

◦Tier 1 – Severe business underperformance and/or severe market headwinds

•Business Characteristics assesses the health of the investment in context of the underlying portfolio company’s business and credit quality, the underlying portfolio company’s current balance sheet, and the level of support from the equity sponsor. The metric is expressed as on a qualitative scale of “A” to “C”, with “A” being the best and “C” being the worst.

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The Risk Rating for each investment is a composite of these two metrics. The Risk Rating is expressed in categories of Green, Yellow, Orange and Red, with Green reflecting an investment that is in-line with or above expectations and Red reflecting an investment performing materially below expectations. The mapping of the composite scores to these categories are below:

•Green – 4C, 3B, 2A, 4B, 3A, and 4A (e.g., Tier 4 for Operating Performance and C for Business Characteristics)

•Yellow – 3C, 2B, and 1A

•Orange – 2C and 1B

•Red – 1C

The following table shows the Risk Rating of our portfolio companies as of March 31, 2025:


(in millions)	As of March 31, 2025
Risk Rating		Cost		Percent		Fair Value		Percent
Green		$	2,942.2	94.3	%	$	2,939.1	96.5	%
Yellow		107.6		3.4	%	71.4		2.3	%
Orange		73.1		2.3	%	37.2		1.2	%
Red		—		—		—		—
Total		$	3,122.9	100.0	%	$	3,047.7	100.0	%

As of March 31, 2025, all investments in our portfolio had a Green Risk Rating with the exception of five portfolio companies that had a Yellow Risk Rating and six portfolio companies that had an Orange Risk Rating. As of March 31, 2025, no portfolio companies had a Red Risk Rating.

During the second quarter of 2022, we placed our second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of March 31, 2025, our second lien position in National HME had an aggregate cost basis of $7.9 million, an aggregate fair value of $3.0 million and total unearned interest income of $0.5 million for the three months then ended. As of March 31, 2025, our investment in National HME had an Orange Risk Rating.

As of March 31, 2025, our aggregate principal amount of our subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5.2 million and $31.4 million, respectively. During the first quarter of 2021, we placed an aggregate principal amount of $5.2 million of our subordinated position on non-accrual status. During the third quarter of 2021, we placed an aggregate principal amount of $13.5 million of our first lien term loans on non-accrual status. During the third quarter of 2023, we placed the remaining aggregate principal amount of $17.9 million of our first lien term loans on non-accrual status. As of March 31, 2025, our positions in AAC on non-accrual status had an aggregate cost basis of $31.4 million, an aggregate fair value of $18.0 million and total unearned interest income of $1.3 million for the three months then ended. As of March 31, 2025, our investment in AAC had an Orange Risk Rating.

During the second quarter of 2024, we placed our investment in our junior preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of March 31, 2025, our junior preferred shares in Transcendia had an aggregate cost basis of $2.6 million, an aggregate fair value of $2.7 million and total unearned income of $0.1 million for the three months then ended. As of March 31, 2025, our investment in Transcendia had a Green Risk Rating.

During the year ended December 31, 2019, our security purchased under collateralized agreements to resell was placed on non-accrual. As of March 31, 2025, our investment in this security had a Yellow Risk Rating and had an aggregate cost basis of $30.0 million and an aggregate fair value of approximately $13.5 million.

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Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our board of directors, was approximately $3,034.2 million in 118 portfolio companies at March 31, 2025 and approximately $3,091.0 million in 120 portfolio companies at December 31, 2024.

The following table shows our portfolio and investment activity for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
(in millions)	March 31, 2025		March 31, 2024
Investments in 18 and 30 new and existing portfolio companies, respectively	$	121.0	$	192.4
Debt repayments in existing portfolio companies	160.6		145.5
Sales of securities in 3 and 0 portfolio companies, respectively	26.3		—
Change in unrealized appreciation on 25 and 50 portfolio companies, respectively	12.0		38.2
Change in unrealized depreciation on 85 and 59 portfolio companies, respectively	(61.1)		(35.2)

Recent Accounting Standards Updates

See Item 1.—Financial Statements and Supplementary Data—Note 13. Recent Accounting Standards Updates in this Quarterly Report on Form 10-Q for details on recent accounting standards updates.

Results of Operations for the Three Months Ended March 31, 2025 and March 31, 2024

Revenue


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Total interest income	$	61,517	$	67,620
Total dividend income	20,943		20,400
Other income	3,203		2,536
Total investment income	$	85,663	$	90,556

Our total investment income decreased by approximately $4.9 million, or 5%, for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. For the three months ended March 31, 2025, total investment income of approximately $85.7 million consisted of approximately $52.2 million in cash interest from investments, approximately $7.6 million in PIK and non-cash interest from investments, approximately $0.1 million in prepayment fees, net amortization of purchase premiums and discounts of approximately $1.6 million, approximately $12.8 million in cash dividends from investments, approximately $8.2 million in PIK and non-cash dividends from investments and approximately $3.2 million in other income. The decrease in interest income of approximately $6.1 million during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily due to the slightly lower yields on the portfolio. Dividend income remained relatively flat for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Other income during the three months ended March 31, 2025, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 10 different portfolio companies.

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Operating Expenses


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Management fee	$	10,233	$	10,997
Less: management fee waiver	(288)		(901)
Total management fee	9,945		10,096
Incentive fee	8,247		9,389
Less: incentive fee waiver	(1,534)		—
Total incentive fee	6,713		9,389

Interest and other financing expenses	31,374		31,016
Professional fees	1,389		1,067
Administrative expenses	1,104		968
Other general and administrative expenses	516		465
Total expenses	51,041		53,001


Income tax (benefit) expense	(19)		1
Net expenses after income taxes	$	51,022	$	53,002

Our total net operating expenses decreased by approximately $2.0 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Our management fee, net of a management fee waiver, remained relatively flat for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Our incentive fee, net of an incentive fee waiver, decreased by approximately $2.7 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. The decrease in incentives fees was primarily attributable to an incentive fee waiver by the Investment Advisor along with a decrease in net investment income. Interest and other financing expenses remained relatively flat during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Our total professional fees, administrative expenses and total other general and administrative expenses for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 remained relatively flat.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Net realized gains (losses) on investments	$	37,825	$	(11,827)

Net change in unrealized (depreciation) appreciation of investments	(49,077)		3,017

Net change in unrealized appreciation (depreciation) on foreign currency	150		(23)
Provision for taxes	(22)		(637)
Net realized and unrealized losses	$	(11,124)	$	(9,470)

Our net realized losses and unrealized gains and losses resulted in a net loss of approximately $11.1 million for the three months ended March 31, 2025 compared to net realized losses and unrealized gains and losses resulting in a net loss of approximately $9.5 million for the same period in 2024. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended March 31, 2025 was primarily driven by unrealized depreciation in UniTek Global Services, Inc. ("UniTek"), TVG-Edmentum Holdings, LLC ("Edmentum") and New Permian Holdco, Inc., partially offset by unrealized appreciation in OA Buyer and HS Purchaser, LLC. The provision for income taxes was attributable to equity investments that are held as of March 31, 2025 in eight of our corporate subsidiaries. The net loss for the three months ended March 31, 2024 was primarily driven by a realized loss in TMK Hawk Parent, Corp. and unrealized depreciation in Edmentum and New Benevis Topco, LLC, partially offset by unrealized appreciation in NM GP Holdco, LLC, UniTek and CentralSquare Technologies, LLC. The provision for income taxes was attributable to equity investments that are held as of March 31, 2024 in eight of our corporate subsidiaries. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation ("NMNLC")

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	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Total investment income	$	85,663	$	90,556
Net expenses after income taxes	51,022		53,002
Net investment income	34,641		37,554
Less: Net investment income related to non-controlling interest in NMNLC	117		229
Net investment income related to NMFC	$	34,524	$	37,325

Net change in realized gains (losses) on investments	37,825		(11,827)

Less: Net change in realized gains on investments related to non-controlling interest in NMNLC	—		3
Net change in realized gains (losses) of investments related to NMFC	$	37,825	$	(11,830)

Net change in unrealized (depreciation) appreciation of investments	(49,077)		3,017

Net change in unrealized appreciation (depreciation) on foreign currency	150		(23)
Provision for taxes	(22)		(637)
Less: Net change in unrealized (depreciation) appreciation of investments related to non-controlling interest in NMNLC	(13)		444
Net change in unrealized (depreciation) appreciation of investments related to NMFC	$	(48,936)	$	1,913

Liquidity, Capital Resources, Off-Balance Sheet Arrangements and Contractual Obligations

Liquidity and Capital Resources

The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate purposes.

Since our IPO, and through March 31, 2025, we have raised approximately $1,034.6 million in net proceeds from additional offerings of common stock.

Our liquidity is generated and generally available through advances from the revolving credit facilities, from cash flows from operations, and, we expect, through periodic follow-on equity offerings. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including unsecured debt and/or debt securities convertible into common stock. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 8, 2018 our shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0% as of June 9, 2018. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As a result of our exemptive relief received on November 5, 2014, we are permitted to exclude the SBA-guaranteed debentures of SBIC I and SBIC II from the definition of "senior securities" in the asset coverage requirement applicable to us under the 1940 Act. The agreements governing the NMFC Credit Facility, the 2022 Convertible Notes and certain of the Unsecured Notes (as defined in Item 1— Financial Statements—Note 7. Borrowings in this Quarterly Report on Form 10-Q) contain certain covenants and terms, including a requirement that we not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that we not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of March 31, 2025, our asset coverage ratio was 187.0%.

As of March 31, 2025 and December 31, 2024, our borrowings consisted of the 2021A Unsecured Notes, 2022A Unsecured Notes, 8.250% Unsecured Notes, 6.875% Unsecured Notes, 6.200% Unsecured Notes, Holdings Credit Facility, SBA-guaranteed debentures, 2022 Convertible Notes, NMFC Credit Facility and Unsecured Management Company Revolver. See Item 1—Financial Statements —Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information.

At March 31, 2025 and December 31, 2024, we had cash and cash equivalents of approximately $85.5 million and $80.3 million, respectively. Our cash provided by operating activities during the three months ended March 31, 2025 and March 31, 2024 was approximately $103.9 million and $68.3 million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and other activities.

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On November 3, 2021, we entered into an equity distribution agreement, as amended on May 18, 2023, August 23, 2023, June 27, 2024 and August 1, 2024 (the “Distribution Agreement”) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. On August 1, 2024, the Company entered into Amendment No. 4 to the Distribution Agreement with B. Riley Securities, Inc., Raymond James & Associates, Inc., and Citizens JMP Securities, LLC (collectively, the "Agents") for the purpose of adding Citizens JMP Securities, LLC as an Agent. The Distribution Agreement originally provided that we may issue and sell our shares from time to time through the Agents, up to $250.0 million worth of our common stock by means of at-the-market ("ATM") offerings. As of the amendment on June 27, 2024, we increased the maximum amount of shares to be sold through the ATM program from $250.0 million to $400.0 million.

For the three months ended March 31, 2025, we did not sell any shares of common stock under the Distribution Agreement. For the three months ended March 31, 2024, we sold 3,730,434 shares of common stock under the Distribution Agreement and received total accumulated net proceeds of approximately $47.9 million including $0.0 million of offering expenses, from these sales.

We generally use net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of March 31, 2025, shares representing approximately $258.0 million of our common stock remain available for issuance and sale under the Distribution Agreement.

Off-Balance Sheet Agreements

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of March 31, 2025 and December 31, 2024, we had outstanding commitments to third parties to fund investments totaling $250.4 million and $243.7 million, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of March 31, 2025 and December 31, 2024, we had commitment letters to purchase investments in an aggregate par amount of $4.7 million and $83.6 million, respectively. As of March 31, 2025 and December 31, 2024, we had not entered into any bridge financing commitments which could require funding in the future.

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Contractual Obligations

A summary of our significant contractual payment obligations as of March 31, 2025 is as follows:


	Contractual Obligations Payments Due by Period
(in millions)	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Unsecured Notes(1)	$	990.0	$	200.0	$	375.0	$	415.0	$	—
Holdings Credit Facility(2)	270.6		—		—		270.6		—
SBA-guaranteed debentures(3)	262.5		80.2		32.3		99.0		51.0
2022 Convertible Notes(4)	258.8		258.8		—		—		—
NMFC Credit Facility(5)	29.1		—		3.0		26.1		—
Unsecured Management Company Revolver(6)	—		—		—		—		—
Total Contractual Obligations	$	1,811.0	$	539.0	$	410.3	$	810.7	$	51.0

(1)$200.0 million of the 2021A Unsecured Notes will mature on January 29, 2026 unless earlier repurchased, $75.0 million of the 2022A Unsecured Notes will mature on June 15, 2027 unless earlier repurchased, $115.0 million of the 8.250% Unsecured Notes will mature on November 15, 2028 unless earlier redeemed, $300.0 million of the 6.875% Unsecured Notes will mature on February 1, 2029 unless earlier redeemed and $300.0 million of the 6.200% Unsecured Notes will mature on October 15, 2027 unless earlier redeemed.

(2)Under the terms of the $730.0 million Holdings Credit Facility, all outstanding borrowings under that facility ($270.6 million as of March 31, 2025) must be repaid on or before March 28, 2030. As of March 31, 2025, there was approximately $459.4 million of available capacity remaining, subject to borrowing base limitations, under the Holdings Credit Facility.

(3)The SBA-guaranteed debentures held by SBIC I and SBIC II began to mature on March 1, 2025. On February 28, 2025, SBIC I repaid $37.5 million of guaranteed debentures that were due on March 1, 2025.

(4)The 2022 Convertible Notes will mature on October 15, 2025 unless earlier converted or purchased at the holder's option or redeemed by us.

(5)Under the terms of the $638.5 million NMFC Credit Facility, all outstanding borrowings under that facility ($29.1 million, which included €16.5 million denominated in EUR and £8.7 million denominated in GBP that have been converted to U.S. dollars as of March 31, 2025) must be repaid on or before June 4, 2026 for Non-Extending Lenders and on or before September 28, 2029 for Extending Lenders. As of March 31, 2025, there was approximately $609.4 million of available capacity remaining, subject to borrowing base limitations, under the NMFC Credit Facility.

(6)Under the terms of the $100.0 million Unsecured Management Company Revolver, all outstanding borrowings under that facility must be repaid on or before December 31, 2027. As of March 31, 2025, there were no borrowings outstanding.

We have entered into an investment management and advisory agreement (the "Investment Management Agreement") with the Investment Adviser in accordance with the 1940 Act. Under the Investment Management Agreement, the Investment Adviser has agreed to provide us with investment advisory and management services. We have agreed to pay for these services (1) a management fee and (2) an incentive fee based on our performance.

We have also entered into the administration agreement, as amended and restated (the "Administration Agreement") with the Administrator. Under the Administration Agreement, the Administrator has agreed to arrange office space for us and provide office equipment and clerical, bookkeeping and record keeping services and other administrative services necessary to conduct our respective day-to-day operations. The Administrator has also agreed to maintain, or oversee the maintenance of, our financial records, our reports to stockholders and reports filed with the SEC.

If any of the contractual obligations discussed above are terminated, our costs under any new agreements that are entered into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under the Investment Management Agreement and the Administration Agreement.

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Distributions and Dividends

Distributions declared and paid to stockholders for the three months ended March 31, 2025 totaled approximately $34.5 million.

The following table reflects cash distributions, including dividends and returns of capital, if any, per share that have been declared by our board of directors for the two most recently completed fiscal years and the current fiscal year to date:

Fiscal Year Ended

Date Declared

Record Date

Payment Date

Per Share
Amount (1)(2)

December 31, 2025

First Quarter

February 14, 2025

March 17, 2025

March 31, 2025

0.32

December 31, 2024

Fourth Quarter

October 23, 2024

December 17, 2024

December 31, 2024

0.33

Third Quarter

July 23, 2024

September 16, 2024

September 30, 2024

0.34

Second Quarter

April 18, 2024

June 14, 2024

June 28, 2024

0.34

First Quarter

January 30, 2024

March 15, 2024

March 29, 2024

0.36

1.37

December 31, 2023

Fourth Quarter

December 8, 2023

December 22, 2023

December 29, 2023

0.10

(3)

Fourth Quarter

October 24, 2023

December 15, 2023

December 29, 2023

0.36

Third Quarter

July 27, 2023

September 15, 2023

September 29, 2023

0.36

Second Quarter

April 25, 2023

June 16, 2023

June 30, 2023

0.35

First Quarter

January 24, 2023

March 17, 2023

March 31, 2023

0.32

1.49

(1)Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. For the years ended December 31, 2024 and December 31, 2023, total distributions were $147.2 million and $150.7 million, respectively, of which the distributions were comprised of approximately 75.68% and 93.14%, respectively, of ordinary income, 0.00% and 6.86%, respectively, of qualified income, 0.00% and 0.00%, respectively, of long-term capital gains and approximately 24.32% and 0.00%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.

(2)Includes regular quarterly distributions of $0.32 per share and supplemental distributions related to prior quarter earnings of $0.01, $0.02, $0.02, $0.04, $0.04, $0.04, $0.03 for the fourth quarter of 2024, third quarter of 2024, second quarter of 2024, first quarter of 2024, fourth quarter of 2023, third quarter of 2023 and second quarter of 2023, respectively.

(3)Special distribution of excess undistributed taxable income, driven primarily from the gain realized on our investment in Haven Midstream Holdings LLC.

We intend to pay quarterly distributions to our stockholders in amounts sufficient to maintain our status as a RIC. We intend to distribute approximately all of our net investment income on a quarterly basis and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment.

We maintain an "opt out" dividend reinvestment plan on behalf of our common stockholders, pursuant to which each of our stockholders' cash distributions will be automatically reinvested in additional shares of our common stock, unless the stockholder elects to receive cash. See Item 1— Financial Statements—Note 2. Summary of Significant Accounting Policies in this Quarterly Report on Form 10-Q for additional details regarding our dividend reinvestment plan.

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Related Parties

We have entered into a number of business relationships with affiliated or related parties, including the following:

•We have entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

•We have entered into a fee waiver agreement (the "Fee Waiver Agreement") with the Investment Adviser, pursuant to which the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by us under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ended December 31, 2024. Following the expiration of the Fee Waiver Agreement, the Investment Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of our gross assets. See Item 1— Financial Statements—Note 5. Agreements in this Quarterly Report on Form 10-Q for details.

•We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance, and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. However, it is expected that the Administrator will continue to support part of our expense burden in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three months ended March 31, 2025 approximately $0.6 million of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of March 31, 2025, approximately $0.6 million of indirect administrative expenses were included in payable to affiliates. For the three months ended March 31, 2025, the reimbursement to the Administrator represented approximately 0.02% of our gross assets.

•We, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant us, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.

In addition, we have adopted a formal code of ethics that governs the conduct of our officers and directors, which is available on our website at www.newmountainfinance.com. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the “Exemptive Order”), which superseded a prior order issued on December 18, 2017, which permits us to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the potential

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co-investment transaction is consistent with the interests of our stockholders and is consistent with our then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit us to complete follow-on investments in our existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million.

On March 30, 2020, we entered into the Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30.0 million maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, we entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30.0 million to $50.0 million. On December 17, 2021, we entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. On October 31, 2023, we entered into the Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amount of revolving borrowings thereunder from $50.0 million to $100.0 million, extended the maturity date from December 31, 2024 to December 31, 2027 and changed the interest rate to the Applicable Federal Rate. Refer to Item 1 — Financial Statements — Note 7. Borrowings for discussion of the Unsecured Management Company Revolver.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. The Federal Reserve held interest rates steady in the first quarter of 2025, following consecutive rate reductions in the third and fourth quarter of 2024. The Federal Reserve has indicated it will consider additional rate reductions in the near term; however, future reductions to benchmark rates are not certain. In a high interest rate environment, our net investment income would increase due to an increase in interest income generated by our investment portfolio. However, our cost of funds would also increase, which would also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as SONIA or SOFR, to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. During the three months ended March 31, 2025, certain of the loans held in our portfolio had floating SOFR, SONIA, EURIBOR or Prime interest rates. As of March 31, 2025, approximately 83.91% of our investments at fair value (excluding investments on non-accrual, unfunded debt investments and non-interest bearing equity investments) represent floating-rate investments with a SOFR, SONIA or EURIBOR floor (includes investments bearing prime interest rate contracts) and approximately 16.09% of investments at fair value represent fixed-rate investments. Additionally, our senior secured revolving credit facilities are also subject to floating interest rates and are currently paid based on floating SOFR, SONIA or EURIBOR rates.

The following table estimates the potential changes in interest income, net of interest expense, should interest rates decrease by 200, 150, 100 or 50 basis points, or increase by 50, 100, 150 or 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on March 31, 2025. Interest expense is calculated based on the terms of our outstanding revolving credit facilities, convertible notes and unsecured notes. For our credit facilities, we use the outstanding balance as of March 31, 2025. This analysis does not take into account the impact of the incentive fee or other expenses. These hypothetical calculations are based on a model of the investments in our portfolio, held as of March 31, 2025, and are only adjusted for assumed changes in the underlying base interest rates.

Actual results could differ significantly from those estimated in the table.


Change in Interest Rates	Estimated Percentage Change in Interest Income Net of Interest Expense (unaudited)
-200 Basis Points	(15.53)	%
-150 Basis Points	(11.64)	%
-100 Basis Points	(7.76)	%
-50 Basis Points	(3.88)	%
+50 Basis Points	3.88	%
+100 Basis Points	7.76	%
+150 Basis Points	11.64	%
+200 Basis Points	15.53	%

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Item 4. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

As of March 31, 2025 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

(b)Changes in Internal Controls Over Financial Reporting

Management has not identified any change in our internal control over financial reporting that occurred during the quarter ended March 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

The terms “we”, “us”, “our” and the “Company” refers to New Mountain Finance Corporation and its consolidated subsidiaries.

Item 1. Legal Proceedings

We, our consolidated subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material pending legal proceedings as of March 31, 2025. From time to time, we or our consolidated subsidiaries may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "Small Business Credit Availability Act allows us to incur additional leverage, which could increase the risk of investing in our securities". The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the three months ended March 31, 2025 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

We did not engage in unregistered sales of equity securities during the three months ended March 31, 2025.

Issuer Purchases of Equity Securities

Dividend Reinvestment Plan

During the three months ended March 31, 2025, as part of our dividend reinvestment plan for our common stockholders, our dividend reinvestment plan administrator purchased 101,771 shares of our common stock for approximately $1.2 million in the open market in order to satisfy the reinvestment portion of our distribution. The following table outlines purchases by our dividend reinvestment plan administrator of our common stock for this purpose during the three months ended March 31, 2025.


(in thousands, except shares and per share data)	Total Number of	Weighted Average Price		Total Number of Shares Purchased as Part of Publicly Announced Plans	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the
Period	Shares Purchased	Paid Per Share		or Programs	Plans or Programs
January 2025	101,771	$	11.36	—	$	—
February 2025	—	—		—	—
March 2025	—	—		—	—









Total	101,771	$	11.36	—	$	—

Stock Repurchase Program

On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Repurchase Program"). Under the Repurchase Program, we were permitted, but were not obligated, to repurchase our outstanding common stock in the open market from time to time, provided that we complied with our code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On October 23, 2024, our board of directors extended our Repurchase Program and we expect the Repurchase Program to be in place until the earlier of December 31, 2025 or until $50.0 million of outstanding shares of common stock have been repurchased. To date, approximately $2.9 million of common stock has been repurchased by us under the Repurchase Program. We did not repurchase any shares of our common stock under the Repurchase Program during the three months ended March 31, 2025.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

(a)None.

(b)None.

(c)For the period covered by this Quarterly Report on Form 10-Q, no director or officer has entered into or terminated any (i) contract, instruction or written plan for the purchase or sale of securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

We have adopted insider trading policies and procedures governing the purchase, sale, and disposition of the our securities by our officers and directors that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

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Item 6. Exhibits

(a)Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the U.S. Securities and Exchange Commission:


Exhibit Number						Description
3.1(a)						Amended and Restated Certificate of Incorporation of New Mountain Finance Corporation(2)

3.1(b)						Certificate of Change of Registered Agent and/or Registered Office of New Mountain Finance Corporation(3)

3.2						Amended and Restated Bylaws of New Mountain Finance Corporation(2)

3.3						Certificate of Amendment to the Amended and Restated Certificate of Incorporation New Mountain Finance Corporation(4)

4.1						Form of Stock Certificate of New Mountain Finance Corporation(1)

10.1						Thirteenth Amended and Restated Loan and Security Agreement, dated as of March 28, 2025, by and among New Mountain Finance Corporation, as the collateral manager, New Mountain Finance Holdings, L.L.C., as the borrower, Wells Fargo Bank, National Association, as the administrative agent, the lenders party thereto and Wells Fargo Bank, National Association, as the collateral custodian*

31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*

31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*

32.1						Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*

32.2						Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*

101.INS						Inline XBRL Instance Document.

101.SCH						Inline XBRL Taxonomy Extension Schema Document.

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

(1)Previously filed in connection with New Mountain Finance Holdings, L.L.C.’s registration statement on Form N-2 Pre-Effective Amendment No. 3 (File Nos. 333-168280 and 333-172503) filed on May 9, 2011.

(2)Previously filed in connection with New Mountain Finance Corporation’s Quarterly Report on Form 10-Q filed on August 11, 2011.

(3)Previously filed in connection with New Mountain Finance Corporation's and New Mountain Finance AIV Holdings Corporation's Current Report on Form 8-K filed on August 25, 2011.

(4)Previously filed in connection with New Mountain Finance Corporation's Current Report on Form 8-K filed on April 3, 2019.

*Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on May 5, 2025.


			NEW MOUNTAIN FINANCE CORPORATION

			By:			/s/ JOHN R. KLINE
						John R. Kline
						President, Chief Executive Officer
						(Principal Executive Officer) and Director

			By:			/s/ KRIS CORBETT
						Kris Corbett
						Chief Financial Officer and Treasurer (Principal
						Financial and Accounting Officer)

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