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Drawn 12025-03-310001496099Associations, Inc., First lien - Drawn 22025-03-310001496099Associations, Inc., Subordinated 12025-03-310001496099Associations, Inc., Subordinated 22025-03-310001496099nmfc:AssociationsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099GC Waves Holdings, Inc., First lien 12025-03-310001496099GC Waves Holdings, Inc., First lien 22025-03-310001496099nmfc:GCWavesHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099OA Buyer, Inc., First lien 12025-03-310001496099OA Buyer, Inc., First lien 22025-03-310001496099OA Buyer, Inc., First lien 32025-03-310001496099nmfc:OABuyerIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099GS Acquisitionco, Inc., First lien 12025-03-310001496099GS Acquisitionco, Inc., First lien 22025-03-310001496099GS Acquisitionco, Inc., First lien 32025-03-310001496099GS Acquisitionco, Inc., First lien - Drawn2025-03-310001496099nmfc:GSAcquisitioncoIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Einstein Parent, Inc., First Lien - Drawn 12025-03-310001496099nmfc:EinsteinParentInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099OEConnection LLC, First lien 12025-03-310001496099OEConnection LLC, First lien 22025-03-310001496099nmfc:OEConnectionLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099iCIMS, Inc., First lien 12025-03-310001496099iCIMS, Inc., First lien 22025-03-310001496099iCIMS, Inc., First lien - Drawn2025-03-310001496099nmfc:ICIMSIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Model N, Inc., First lien2025-03-310001496099Deca Dental Holdings LLC, First lien 12025-03-310001496099Deca Dental Holdings LLC, First lien 22025-03-310001496099Deca Dental Holdings LLC, First lien - Drawn2025-03-310001496099nmfc:DecaDentalHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Foreside Financial Group, LLC, First lien 12025-03-310001496099Foreside Financial Group, LLC, First lien 22025-03-310001496099Foreside Financial Group, LLC, Subordinated2025-03-310001496099nmfc:InfogainCorporationMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Sierra Enterprises, LLC2025-03-310001496099Foreside Financial Group, LLC, First Lien 12025-03-310001496099Foreside Financial Group, LLC, First Lien - Drawn2025-03-310001496099Foreside Financial Group, LLC, First Lien 22025-03-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Wealth Enhancement Group, LLC, First lien 12025-03-310001496099Wealth Enhancement Group, LLC, First lien 22025-03-310001496099Wealth Enhancement Group, LLC, First lien 32025-03-310001496099Wealth Enhancement Group, LLC, First lien 42025-03-310001496099Wealth Enhancement Group, LLC, First lien 52025-03-310001496099Wealth Enhancement Group, LLC, Subordinated2025-03-310001496099nmfc:WealthEnhancementGroupLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099MRI Software LLC, First lien 12025-03-310001496099MRI Software LLC, First lien 22025-03-310001496099MRI Software LLC, First lien 32025-03-310001496099MRI Software LLC, First lien 42025-03-310001496099MRI Software LLC, First lien 52025-03-310001496099MRI Software LLC, First lien - Drawn2025-03-310001496099nmfc:MRISoftwareLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099CentralSquare Technologies, LLC, Second Lien 12025-03-310001496099nmfc:CentralSquareTechnologiesLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Auctane Inc. (fka Stamps.com Inc.) First Lien 12025-03-310001496099nmfc:AuctaneInc.FkaStamps.comInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099IG Investments Holdings, LLC, First lien 12025-03-310001496099IG Investments Holdings, LLC, First lien 22025-03-310001496099nmfc:IGInvestmentsHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Foundational Education Group, Inc., Second lien 12025-03-310001496099Foundational Education Group, Inc., Second lien 22025-03-310001496099nmfc:FoundationalEducationGroupIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099TigerConnect, Inc., First lien2025-03-310001496099TigerConnect, Inc., First lien - Drawn2025-03-310001496099nmfc:TigerConnectIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Fortis Solutions Group, LLC, First lien 12025-03-310001496099Fortis Solutions Group, LLC, First lien 22025-03-310001496099Fortis Solutions Group, LLC, First lien - Drawn 12025-03-310001496099Fortis Solutions Group, LLC, First lien - Drawn 22025-03-310001496099Fortis Solutions Group, LLC, First lien 32025-03-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099PPV Intermediate Holdings, LLC, First lien 12025-03-310001496099PPV Intermediate Holdings, LLC, First lien 22025-03-310001496099nmfc:PPVIntermediateHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Brave Parent Holdings, Inc., First lien 12025-03-310001496099Brave Parent Holdings, Inc., First lien 22025-03-310001496099Brave Parent Holdings, Inc., First lien - Drawn 12025-03-310001496099Brave Parent Holdings, Inc., First lien - Drawn 22025-03-310001496099nmfc:BraveParentHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099ACI Group Holdings, Inc., First lien 12025-03-310001496099ACI Group Holdings, Inc., First lien 22025-03-310001496099ACI Group Holdings, Inc., First lien 32025-03-310001496099ACI Group Holdings, Inc., First lien - Drawn2025-03-310001496099nmfc:ACIGroupHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099NMC Crimson Holdings, Inc., First lien 12025-03-310001496099NMC Crimson Holdings, Inc., First lien 22025-03-310001496099NMC Crimson Holdings, Inc., First lien 32025-03-310001496099nmfc:NMCCrimsonHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099DOCS, MSO, LLC, First lien 12025-03-310001496099DOCS, MSO, LLC, First lien 22025-03-310001496099DOCS, MSO, LLC, First lien 32025-03-310001496099DOCS, MSO, LLC, First lien - Drawn2025-03-310001496099DOCS, MSO, LLC, First lien (3)(13)(16) - Drawn2025-03-310001496099nmfc:DOCSMSOLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Nelipak Holding Company, First lien 12025-03-310001496099Nelipak Holding Company, First lien 22025-03-310001496099Nelipak Holding Company, First lien - Drawn 12025-03-310001496099Nelipak Holding Company, First lien - Drawn 22025-03-310001496099nmfc:NelipakHoldingCompanyMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Syndigo LLC, Second lien 12025-03-310001496099Syndigo LLC, Second lien 22025-03-310001496099nmfc:SyndigoLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099PetVet Care Centers, LLC, First lien2025-03-310001496099Bullhorn, Inc., First lien 12025-03-310001496099Bullhorn, Inc., First lien 22025-03-310001496099Bullhorn, Inc., First lien 32025-03-310001496099Bullhorn, Inc., First lien 42025-03-310001496099Bullhorn, Inc., First lien 52025-03-310001496099Bullhorn, Inc., First lien 62025-03-310001496099nmfc:BullhornIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Pioneer Buyer I, LLC, First lien 12025-03-310001496099Pioneer Buyer I, LLC, First lien 22025-03-310001496099nmfc:PioneerBuyerILLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099AmeriVet Partners Management, Inc., First lien 12025-03-310001496099AmeriVet Partners Management, Inc., First lien 22025-03-310001496099AmeriVet Partners Management, Inc., First lien 32025-03-310001496099nmfc:AmeriVetPartnersManagementIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Diligent Corporation , First lien 12025-03-310001496099Diligent Corporation , First lien 22025-03-310001496099nmfc:DiligentCorporationMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099PDI TA Holdings, Inc., First lien 12025-03-310001496099PDI TA Holdings, Inc., First lien 22025-03-310001496099PDI TA Holdings, Inc., First lien - Drawn2025-03-310001496099nmfc:PDITAHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099Power Grid Holdings, Inc., First lien2025-03-310001496099Xactly Corporation, First lien2025-03-310001496099TMK Hawk Parent, Corp., First lien 12025-03-310001496099TMK Hawk Parent, Corp., First lien 22025-03-310001496099TMK Hawk Parent, Corp., First lien 32025-03-310001496099TMK Hawk Parent, Corp., Subordinated 12025-03-310001496099TMK Hawk Parent, Corp., Subordinated 22025-03-310001496099nmfc:TMKHawkParentCorpMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099YLG Holdings, Inc., First lien2025-03-310001496099Cardinal Parent, Inc., First lien2025-03-310001496099Cardinal Parent, Inc., Second lien2025-03-310001496099nmfc:CardinalParentIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Trinity Air Consultants Holdings Corporation, First lien 12025-03-310001496099Trinity Air Consultants Holdings Corporation, First lien 22025-03-310001496099Trinity Air Consultants Holdings Corporation, First lien Drawn2025-03-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Oranje Holdco, Inc., First lien 12025-03-310001496099Oranje Holdco, Inc., First lien 22025-03-310001496099nmfc:OranjeHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099DG Investment Intermediate Holdings 2, Inc., Second lien2025-03-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 12025-03-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 22025-03-310001496099nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099FS WhiteWater Borrower, LLC, First lien 12025-03-310001496099FS WhiteWater Borrower, LLC, First lien 22025-03-310001496099FS WhiteWater Borrower, LLC, First lien 32025-03-310001496099FS WhiteWater Borrower, LLC, First lien 42025-03-310001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099GraphPAD Software, LLC, First lien2025-03-310001496099GraphPAD Software, LLC, First lien - Drawn2025-03-310001496099nmfc:GraphPADSoftwareLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 12025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 22025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated2025-03-310001496099nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Notorious Topco, LLC, First lien 12025-03-310001496099Notorious Topco, LLC, First lien 22025-03-310001496099Notorious Topco, LLC, First lien 32025-03-310001496099Notorious Topco, LLC, First lien Drawn 2025-03-310001496099nmfc:NotoriousTopcoLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Flash Charm Inc. (fka Idera, Inc.), Second lien 12025-03-310001496099Flash Charm Inc. (fka Idera, Inc.), Second lien 22025-03-310001496099nmfc:FlashCharmInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099Kele Holdco, Inc. First Lien 12025-03-310001496099Kele Holdco, Inc. First Lien 22025-03-310001496099Kele Holdco, Inc. First Lien - Drawn2025-03-310001496099nmfc:KeleHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099Viper Bidco. Inc., First lien2025-03-310001496099nmfc:ViperBidco.Inc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099Bonterra LLC, First lien2025-03-310001496099Bonterra LLC, First lien - Drawn2025-03-310001496099nmfc:BonterraLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Calabrio, Inc., First lien 12025-03-310001496099Calabrio, Inc., First lien 22025-03-310001496099Calabrio, Inc., First lien - Drawn2025-03-310001496099nmfc:CalabrioIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Coupa Holdings, LLC, First lien2025-03-310001496099Houghton Mifflin Harcourt Company, First lien2025-03-310001496099Convey Health Solutions, Inc., First lien 12025-03-310001496099Convey Health Solutions, Inc., First lien 22025-03-310001496099nmfc:ConveyHealthSolutionsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Daxko Acquisition Corporation, First lien 12025-03-310001496099Daxko Acquisition Corporation, First lien 22025-03-310001496099Daxko Acquisition Corporation, First lien 32025-03-310001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Baker Tilly Advisory Group, LP, First lien2025-03-310001496099CFS Management, LLC, First lien 12025-03-310001496099CFS Management, LLC, First lien 22025-03-310001496099nmfc:CFSManagementLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099USRP Holdings, Inc., First lien 12025-03-310001496099USRP Holdings, Inc., First lien 22025-03-310001496099nmfc:USRPHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099eResearchTechnology, Inc., First lien2025-03-310001496099eResearchTechnology, Inc., First lien - Drawn2025-03-310001496099nmfc:EResearchTechnologyInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099Anaplan, Inc., First lien2025-03-310001496099Project Accelerate Parent, LLC, First lien2025-03-310001496099Specialtycare, Inc., First lien 12025-03-310001496099Specialtycare, Inc., First lien - Drawn2025-03-310001496099Specialtycare, Inc., First lien 22025-03-310001496099nmfc:SpecialtycareIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099CG Group Holdings, LLC, First lien2025-03-310001496099CG Group Holdings, LLC, First lien - Drawn2025-03-310001496099nmfc:CGGroupHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Ciklum Inc., First lien2025-03-310001496099Planview Parent, Inc., Second lien2025-03-310001496099Safety Borrower Holdings LLC, First lien 12025-03-310001496099Safety Borrower Holdings LLC, First lien 22025-03-310001496099Safety Borrower Holdings LLC, First lien - Drawn2025-03-310001496099nmfc:SafetyBorrowerHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Icefall Parent, Inc., First lien2025-03-310001496099KPSKY Acquisition Inc., First lien 12025-03-310001496099KPSKY Acquisition Inc., First lien 22025-03-310001496099KPSKY Acquisition Inc., First lien 32025-03-310001496099KPSKY Acquisition Inc., First lien - Drawn2025-03-310001496099nmfc:KPSKYAcquisitionIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Park Place Technologies, LLC, First lien2025-03-310001496099Park Place Technologies, LLC, First lien - Drawn 12025-03-310001496099Park Place Technologies, LLC, First lien - Drawn 22025-03-310001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Alegeus Technologies Holdings Corp., First lien2025-03-310001496099Firebird Acquisition Corp, Inc., First lien2025-03-310001496099Higginbotham Insurance Agency, Inc., First lien2025-03-310001496099Higginbotham Insurance Agency, Inc., First lien - Drawn2025-03-310001496099nmfc:HigginbothamInsuranceAgencyInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099Eclipse Buyer Inc., First lien2025-03-310001496099CRCI Longhorn Holdings, Inc., First lien2025-03-310001496099CRCI Longhorn Holdings, Inc., First lien - Drawn2025-03-310001496099nmfc:CRCILonghornHoldingsIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099PPVA Black Elk (Equity) LLC, Subordinated2025-03-310001496099Legends Hospitality Holding Company, LLC, First lien2025-03-310001496099Legends Hospitality Holding Company, LLC, First lien - Drawn2025-03-310001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Next Holdco, LLC, First lien2025-03-310001496099Greenway Health, LLC, First lien2025-03-310001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien2025-03-310001496099NC Topco, LLC, First lien2025-03-310001496099Healthspan Buyer, LLC, First lien2025-03-310001496099 Adelaide Borrower, LLC, First lien2025-03-310001496099Logrhythm, Inc., First lien2025-03-310001496099CommerceHub, Inc., First lien2025-03-310001496099Kene Acquisition, Inc., First lien2025-03-310001496099Kene Acquisition, Inc, First lien - Drawn2025-03-310001496099nmfc:KeneAcquisitionInc.Membernmfc:FundedDebtSecuritiesMember2025-03-310001496099RLG Holdings, LLC, First lien2025-03-310001496099AI Altius US Bidco, Inc., First lien2025-03-310001496099Galway Borrower LLC, First lien Drawn2025-03-310001496099Galway Borrower LLC, First lien2025-03-310001496099nmfc:GalwayBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099DCA Investment Holding, LLC, First lien 12025-03-310001496099DCA Investment Holding, LLC, First lien 22025-03-310001496099nmfc:DCAInvestmentHoldingLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Compsych Investments Corp, First lien 2025-03-310001496099CoreTrust Purchasing Group LLC, First lien 2025-03-310001496099Beacon Pointe Harmony, LLC, First lien 2025-03-310001496099Reorganized Careismatic Brands, LLC, Trust Claim 12025-03-310001496099Reorganized Careismatic Brands, LLC, Trust Claim 22025-03-310001496099nmfc:ReorganizedCareismaticBrandsLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099PPVA Fund, L.P., Collateralized Financing2025-03-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Aston FinCo S.a r.l. / Aston US Finco, LLC, Second lien2025-03-310001496099country:GBus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Tennessee Bidco Limited, First lien 2025-03-310001496099country:JEus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Atlas AU Bidco Pty Ltd, First lien 12025-03-310001496099Atlas AU Bidco Pty Ltd, First lien 22025-03-310001496099nmfc:AtlasAUBidcoPtyLtdMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099country:AUus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Dealer Tire Holdings, LLC, Preferred shares2025-03-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 12025-03-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 22025-03-310001496099nmfc:SymplrSoftwareIntermediateHoldingsIncMemberus-gaap:EquitySecuritiesMember2025-03-310001496099ACI Parent Inc., Preferred shares2025-03-310001496099Project Essential Super Parent, Inc., Preferred shares2025-03-310001496099OA Topco, L.P., Ordinary shares2025-03-310001496099Diligent Preferred Issuer, Inc., Preferred shares2025-03-310001496099Knockout Intermediate Holdings I Inc., Preferred shares2025-03-310001496099HBWM Holdings, LLC, Ordinary shares 2025-03-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Preferred shares 12025-03-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Preferred shares 22025-03-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Ordinary shares2025-03-310001496099nmfc:EclipseTopcoHoldingsInc.FkaTranscendiaHoldingsInc.Memberus-gaap:EquitySecuritiesMember2025-03-310001496099FS WhiteWater Holdings, LLC, Ordinary shares2025-03-310001496099Firebird Co-Invest L.P, LP Interest2025-03-310001496099Ambrosia Holdco Corp., Ordinary shares 12025-03-310001496099Ambrosia Holdco Corp., Ordinary shares 22025-03-310001496099nmfc:AmbrosiaHoldcoCorp.Memberus-gaap:EquitySecuritiesMember2025-03-310001496099Pioneer Topco I, L.P., Ordinary shares2025-03-310001496099Eclipse Topco, Inc., Preferred shares2025-03-310001496099GEDC Equity, LLC, Participation Interest2025-03-310001496099Ancora Acquisition LLC, Preferred shares2025-03-310001496099AAC Lender Holdings, LLC, Ordinary shares2025-03-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-03-310001496099us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-03-310001496099Ivy Hill Middle Market Credit Fund, Ltd, Structured Finance Obligations 2025-03-310001496099nmfc:IvyHillMiddleMarketCreditFundLtdMembernmfc:StructuredFinanceObligationsMember2025-03-310001496099Reorganized Careismatic Brands, LLC, Warrants 12025-03-310001496099Reorganized Careismatic Brands, LLC, Warrants 22025-03-310001496099nmfc:ReorganizedCareismaticBrandsLLCMemberus-gaap:WarrantMember2025-03-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:WarrantMember2025-03-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedSecuritiesMember2025-03-310001496099Associations, Inc., First lien - Undrawn 12025-03-310001496099Associations, Inc., First lien - Undrawn 22025-03-310001496099nmfc:AssociationsIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Beacon Pointe Harmony, LLC, First lien - Undrawn2025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien - Undrawn2025-03-310001496099TMK Hawk Parent, Corp., First lien - Undrawn2025-03-310001496099DOXA Insurance Holdings LLC, First lien - Undrawn2025-03-310001496099AI Altius US Bidco, Inc., First lien - Undrawn2025-03-310001496099Higginbotham Insurance Agency, Inc., First lien - Undrawn2025-03-310001496099Riskonnect Parent, LLC, First lien - Undrawn2025-03-310001496099CG Group Holdings, LLC, First lien - Undrawn2025-03-310001496099Safety Borrower Holdings LLC, First lien - Undrawn2025-03-310001496099CoreTrust Purchasing Group LLC, First lien - Undrawn2025-03-310001496099Next Holdco, LLC, First lien - Undrawn 12025-03-310001496099Next Holdco, LLC, First lien - Undrawn 22025-03-310001496099nmfc:NextHoldcoLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien - Undrawn2025-03-310001496099Bullhorn, Inc., First lien - Undrawn 12025-03-310001496099Bullhorn, Inc., First lien - Undrawn 22025-03-310001496099nmfc:BullhornIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099PPV Intermediate Holdings, LLC, First lien - Undrawn2025-03-310001496099Kene Acquisition, Inc., First lien - Undrawn 12025-03-310001496099Kene Acquisition, Inc., First lien - Undrawn 22025-03-310001496099nmfc:KeneAcquisitionInc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Calabrio, Inc., First lien - Undrawn2025-03-310001496099Wealth Enhancement Group, LLC, LLC, First lien - Undrawn2025-03-310001496099Adelaide Borrower, LLC, First lien - Undrawn 12025-03-310001496099Adelaide Borrower, LLC, First lien - Undrawn 22025-03-310001496099nmfc:AdelaideBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Icefall Parent, Inc., First lien - Undrawn2025-03-310001496099Project Accelerate Parent, LLC, First lien - Undrawn2025-03-310001496099PDI TA Holdings, Inc., First lien - Undrawn 12025-03-310001496099PDI TA Holdings, Inc., First lien - Undrawn 22025-03-310001496099nmfc:PDITAHoldingsInc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Kele Holdco, Inc.., First lien - Undrawn2025-03-310001496099USRP Holdings, Inc., First lien - Undrawn2025-03-310001496099MRI Software LLC., First lien - Undrawn2025-03-310001496099Daxko Acquisition Corporation, First lien - Undrawn2025-03-310001496099Daxko Acquisition Corporation., First lien - Undrawn2025-03-310001496099AmeriVet Partners Management, Inc., First lien - Undrawn2025-03-310001496099Healthspan Buyer, LLC, First lien - Undrawn2025-03-310001496099Coupa Holdings, LLC, First lien - Undrawn 12025-03-310001496099Coupa Holdings, LLC, First lien - Undrawn 22025-03-310001496099nmfc:CoupaHoldingsLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 12025-03-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 22025-03-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 32025-03-310001496099nmfc:BraveParentHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 12025-03-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 22025-03-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 32025-03-310001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099GraphPAD Software, LLC, First lien - Undrawn 12025-03-310001496099GraphPAD Software, LLC, First lien - Undrawn 22025-03-310001496099nmfc:GraphPADSoftwareLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 12025-03-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 22025-03-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 12025-03-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 22025-03-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Nelipak Holding Company, First lien - Undrawn 12025-03-310001496099Nelipak Holding Company, First lien - Undrawn 22025-03-310001496099Nelipak Holding Company, First lien - Undrawn 32025-03-310001496099Nelipak Holding Company, First lien - Undrawn 42025-03-310001496099nmfc:NelipakHoldingCompanyMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Foreside Financial Group, LLC, First lien - Undrawn 12025-03-310001496099Foreside Financial Group, LLC, First lien - Undrawn 22025-03-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Diligent Corporation, First lien - Undrawn 12025-03-310001496099Diligent Corporation, First lien - Undrawn 22025-03-310001496099nmfc:DiligentCorporationMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Oranje Holdco, Inc., First lien - Undrawn2025-03-310001496099OEConnection LLC., First lien - Undrawn2025-03-310001496099Pioneer Buyer I, LLC., First lien - Undrawn2025-03-310001496099GS Acquisitionco, Inc., First lien - Undrawn 12025-03-310001496099GS Acquisitionco, Inc., First lien - Undrawn 22025-03-310001496099nmfc:GSAcquisitioncoIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Infogain Corporation, First lien - Undrawn2025-03-310001496099GC Waves Holdings, Inc., First lien - Undrawn2025-03-310001496099OA Buyer, Inc., First lien - Undrawn2025-03-310001496099AAH Topco, LLC, First lien - Undrawn2025-03-310001496099Ciklum Inc., First lien - Undrawn 12025-03-310001496099Ciklum Inc, First lien - Undrawn 22025-03-310001496099nmfc:CiklumInc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099IG Investments Holdings, LLC, First lien - Undrawn2025-03-310001496099Power Grid Holdings, Inc., First lien - Undrawn2025-03-310001496099TigerConnect, Inc., First lien - Undrawn 12025-03-310001496099TigerConnect, Inc., First lien - Undrawn 22025-03-310001496099nmfc:TigerConnectIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099CentralSquare Technologies, LLC, First lien - Undrawn2025-03-310001496099Compsych Investments Corp., First lien - Undrawn2025-03-310001496099Park Place Technologies, LLC, First lien - Undrawn 12025-03-310001496099Park Place Technologies, LLC, First lien - Undrawn 22025-03-310001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Bonterra LLC, First lien - Undrawn 12025-03-310001496099Bonterra LLC, First lien - Undrawn 22025-03-310001496099nmfc:BonterraLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Firebird Acquisition Corp, Inc., First lien - Undrawn 12025-03-310001496099Firebird Acquisition Corp, Inc., First lien - Undrawn 22025-03-310001496099nmfc:FirebirdAcquisitionCorpInc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Logrhythm, Inc., First lien - Undrawn2025-03-310001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 12025-03-310001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 22025-03-310001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099DOCS, MSO, LLC, First lien - Undrawn2025-03-310001496099Specialtycare, Inc., First lien - Undrawn2025-03-310001496099Xactly Corporation, First lien - Undrawn2025-03-310001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 12025-03-310001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 22025-03-310001496099nmfc:CRCILonghornHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099NC Topco, LLC, First lien - Undrawn 12025-03-310001496099NC Topco, LLC, First lien - Undrawn 22025-03-310001496099nmfc:NCTopcoLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Eclipse Buyer Inc., First lien - Undrawn 12025-03-310001496099Eclipse Buyer Inc., First lien - Undrawn 22025-03-310001496099nmfc:EclipseBuyerIncMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099e Research Technology, Inc., First lien - Undrawn 12025-03-310001496099e Research Technology, Inc., First lien - Undrawn 22025-03-310001496099e Research Technology, Inc., First lien - Undrawn 32025-03-310001496099nmfc:EResearchTechnologyInc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 12025-03-310001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 22025-03-310001496099nmfc:BakerTillyAdvisoryGroupLPMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Viper Bidco. Inc., First lien - Undrawn 12025-03-310001496099Viper Bidco. Inc., First lien - Undrawn 22025-03-310001496099nmfc:ViperBidco.Inc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099iCIMS, Inc., First lien - Undrawn2025-03-310001496099KPSKY Acquisition Inc., First lien - Undrawn2025-03-310001496099Einstein Parent, Inc.., First lien - Undrawn2025-03-310001496099Model N, Inc., First lien - Undrawn 12025-03-310001496099Model N, Inc., First lien - Undrawn 22025-03-310001496099nmfc:ModelNInc.Membernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099ACI Group Holdings, Inc., First lien - Undrawn2025-03-310001496099Notorious Topco, LLC, First lien - Undrawn2025-03-310001496099PetVet Care Centers, LLC, First lien - Undrawn 12025-03-310001496099PetVet Care Centers, LLC, First lien - Undrawn 22025-03-310001496099nmfc:PetVetCareCentersLLCMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Atlas AU Bidco Pty Ltd, First lien - Undrawn2025-03-310001496099country:AUus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Edmentum Ultimate Holdings, LLC, Subordinated2025-03-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 12025-03-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 22025-03-310001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099Permian Trust, Trust Claim2025-03-310001496099Permian Trust, First lien2025-03-310001496099nmfc:PermianTrustMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099TVG-Edmentum Holdings, LLC, Ordinary shares2025-03-310001496099TVG-Edmentum Holdings, LLC, Preferred shares2025-03-310001496099nmfc:TVGEdmentumHoldingsLLCMemberus-gaap:EquitySecuritiesMember2025-03-310001496099Eagle Infrastructure Super HoldCo, LLC, Ordinary shares2025-03-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 12025-03-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 22025-03-310001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:EquitySecuritiesMember2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-03-310001496099New Benevis Holdco, Inc., First lien 12025-03-310001496099New Benevis Holdco, Inc., First lien 22025-03-310001496099New Benevis Holdco, Inc., Subordinated2025-03-310001496099nmfc:NewBenevisHoldcoIncMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099New Permian Holdco, L.L.C., First lien2025-03-310001496099New Permian Holdco, L.L.C., First lien - Drawn2025-03-310001496099nmfc:NewPermianHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2025-03-310001496099National HME, Inc., Second lien2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMember2025-03-310001496099NMFC Senior Loan Program III LLC, Membership interest2025-03-310001496099NMFC Senior Loan Program IV LLC, Membership interest2025-03-310001496099NM NL Holdings, L.P., Membership interest2025-03-310001496099UniTek Global Services, Inc., Preferred shares 12025-03-310001496099UniTek Global Services, Inc., Preferred shares 22025-03-310001496099UniTek Global Services, Inc., Preferred shares 32025-03-310001496099UniTek Global Services, Inc., Preferred shares 42025-03-310001496099UniTek Global Services, Inc., Ordinary shares 12025-03-310001496099UniTek Global Services, Inc., Ordinary shares 22025-03-310001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:EquitySecuritiesMember2025-03-310001496099New Benevis Topco, LLC, Ordinary shares 12025-03-310001496099New Benevis Topco, LLC, Ordinary shares 22025-03-310001496099nmfc:NewBenevisTopcoLLCMemberus-gaap:EquitySecuritiesMember2025-03-310001496099New Permian Holdco, Inc., Ordinary shares2025-03-310001496099NM YI, LLC, Membership interest2025-03-310001496099NM GP Holdco, LLC, Membership interest2025-03-310001496099NHME Holdings Corp., Ordinary shares2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-03-310001496099NHME Holdings Corp., Warrants2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:WarrantMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:FundedSecuritiesMember2025-03-310001496099New Permian Holdco, L.L.C., First lien - Undrawn2025-03-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:UnfundedDebtSecuritiesMember2025-03-310001496099Viper Bidco,Inc., First lien 2025-03-310001496099Nelipak Holding Company, Undrawn Delayed Draw Term Loan2025-03-310001496099Nelipak Holding Company, Undrawn Revolver2025-03-310001496099Nelipak Holding Company, Drawn Revolver2025-03-310001496099National HME, Inc., Second lien, Tranche A Term Loan2025-03-310001496099National HME, Inc., Second lien, Tranche B Term Loan2025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien2025-03-310001496099Diamond Parent Holdings Corp, Wholly-owned subsidiaries2025-03-310001496099Digital Corporation, First Lien2025-03-310001496099ACI Group Holdings, Inc., First lien2025-03-310001496099FS WhiteWater Borrower, LLC, First lien2025-03-310001496099Pioneer Buyer I, LLC, First lien2025-03-310001496099OA Buyer, Inc., First lien2025-03-310001496099Ambrosia Holdco Corp., First lien2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorp.AndEagleInfrastructureSuperHoldCoLLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorp.AndEagleInfrastructureSuperHoldCoLLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorp.AndEagleInfrastructureSuperHoldCoLLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:SierraHamiltonHoldingsCorporationMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:SierraHamiltonHoldingsCorporationMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:SierraHamiltonHoldingsCorporationMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NationalHMEIncAndNHMEHoldingsCorpMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NationalHMEIncAndNHMEHoldingsCorpMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NationalHMEIncAndNHMEHoldingsCorpMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMNLHoldingsLPMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMNLHoldingsLPMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMNLHoldingsLPMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMGPHoldcoLLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMGPHoldcoLLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMGPHoldcoLLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMYILLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMYILLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMYILLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMFCSeniorLoanProgramIIILLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMFCSeniorLoanProgramIIILLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMFCSeniorLoanProgramIIILLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMFCSeniorLoanProgramIVLLCMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:NMFCSeniorLoanProgramIVLLCMember2025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:UniTekGlobalServicesIncMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:UniTekGlobalServicesIncMember2025-01-012025-03-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:UniTekGlobalServicesIncMember2025-03-310001496099nmfc:DebtSecuritiesFirstLienMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:DebtSecuritiesSecondLienMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:SubordinatedDebtMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:StructuredFinanceObligationsMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:OtherAggregatedInvestmentsMembernmfc:InvestmentTypeConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:SoftwareSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:BusinessServicesSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:HealthcareSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:InvestmentFundsIncludingInvestmentsInJointVenturesMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:ConsumerServicesSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:EducationSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:FinancialServicesSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:TransportationSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:RealEstateSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:ContainerAndPackagingSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:EnergySectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:FoodAndBeverageSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:BusinessProductsSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:ConsumerProductsSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099us-gaap:ChemicalsSectorMembernmfc:IndustryConcentrationRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:DebtSecuritiesFloatingInterestRateMembernmfc:InterestRateTypeRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099nmfc:DebtSecuritiesFixedInterestRateMembernmfc:InterestRateTypeRiskMembernmfc:InvestmentsAtFairValueMember2025-01-012025-03-310001496099AAH Topco, LLC, First lien 12024-12-310001496099AAH Topco, LLC, First lien 22024-12-310001496099AAH Topco, LLC, First lien 32024-12-310001496099AAH Topco, LLC, First lien 42024-12-310001496099AAH Topco, LLC, Subordinated 12024-12-310001496099AAH Topco, LLC, Subordinated 22024-12-310001496099nmfc:AAHTopcoLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Kaseya Inc., First lien 12024-12-310001496099Kaseya Inc., First lien - Drawn 12024-12-310001496099Kaseya Inc., First lien - Drawn 22024-12-310001496099Kaseya Inc., First lien 22024-12-310001496099nmfc:KaseyaIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Associations, Inc., First lien2024-12-310001496099Associations, Inc., First lien - Drawn 12024-12-310001496099Associations, Inc., First lien - Drawn 22024-12-310001496099Associations, Inc., Subordinated 12024-12-310001496099Associations, Inc., Subordinated 22024-12-310001496099nmfc:AssociationsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099GC Waves Holdings, Inc., First lien 12024-12-310001496099GC Waves Holdings, Inc., First lien 22024-12-310001496099nmfc:GCWavesHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099OA Buyer, Inc., First lien 12024-12-310001496099OA Buyer, Inc., First lien 22024-12-310001496099OA Buyer, Inc., First lien 32024-12-310001496099nmfc:OABuyerIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099GS Acquisitionco, Inc., First lien 12024-12-310001496099GS Acquisitionco, Inc., First lien 22024-12-310001496099GS Acquisitionco, Inc., First lien 32024-12-310001496099GS Acquisitionco, Inc., First lien - Drawn2024-12-310001496099nmfc:GSAcquisitioncoIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099iCIMS, Inc., First lien 12024-12-310001496099iCIMS, Inc., First lien 22024-12-310001496099iCIMS, Inc., First lien - Drawn2024-12-310001496099nmfc:ICIMSIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099OEConnection LLC, First lien2024-12-310001496099Model N, Inc., First lien2024-12-310001496099Deca Dental Holdings LLC, First lien 12024-12-310001496099Deca Dental Holdings LLC, First lien 22024-12-310001496099Deca Dental Holdings LLC, First lien - Drawn2024-12-310001496099nmfc:DecaDentalHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Infogain Corporation, First lien 12024-12-310001496099Infogain Corporation, First lien 22024-12-310001496099Infogain Corporation, Subordinated2024-12-310001496099nmfc:InfogainCorporationMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Sierra Enterprises, LLC2024-12-310001496099Wealth Enhancement Group, LLC, First lien 12024-12-310001496099Wealth Enhancement Group, LLC, First lien 22024-12-310001496099Wealth Enhancement Group, LLC, First lien 32024-12-310001496099Wealth Enhancement Group, LLC, First lien 42024-12-310001496099Wealth Enhancement Group, LLC, First lien 52024-12-310001496099Wealth Enhancement Group, LLC, Subordinated2024-12-310001496099nmfc:WealthEnhancementGroupLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099MRI Software LLC, First lien 12024-12-310001496099MRI Software LLC, First lien 22024-12-310001496099MRI Software LLC, First lien 32024-12-310001496099MRI Software LLC, First lien 42024-12-310001496099MRI Software LLC, First lien 52024-12-310001496099MRI Software LLC, First lien - Drawn2024-12-310001496099nmfc:MRISoftwareLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Foreside Financial Group, LLC, First lien 12024-12-310001496099Foreside Financial Group, LLC, First lien 22024-12-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099CentralSquare Technologies, LLC, First lien2024-12-310001496099Auctane Inc. (fka Stamps.com Inc.), First lien 12024-12-310001496099Auctane Inc. (fka Stamps.com Inc.), First lien 22024-12-310001496099nmfc:AuctaneInc.FkaStamps.comInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099IG Investments Holdings, LLC, First lien 12024-12-310001496099IG Investments Holdings, LLC, First lien 22024-12-310001496099nmfc:IGInvestmentsHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099TigerConnect, Inc., First lien2024-12-310001496099TigerConnect, Inc., First lien - Drawn2024-12-310001496099nmfc:TigerConnectIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PPV Intermediate Holdings, LLC, First lien 12024-12-310001496099PPV Intermediate Holdings, LLC, First lien 22024-12-310001496099nmfc:PPVIntermediateHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Fortis Solutions Group, LLC, First lien 12024-12-310001496099Fortis Solutions Group, LLC, First lien 22024-12-310001496099Fortis Solutions Group, LLC, First lien - Drawn 12024-12-310001496099Fortis Solutions Group, LLC, First lien - Drawn 22024-12-310001496099Fortis Solutions Group, LLC, First lien 32024-12-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Brave Parent Holdings, Inc., First lien 12024-12-310001496099Brave Parent Holdings, Inc., First lien 22024-12-310001496099Brave Parent Holdings, Inc., First lien - Drawn 12024-12-310001496099Brave Parent Holdings, Inc., First lien - Drawn 22024-12-310001496099nmfc:BraveParentHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Foundational Education Group, Inc., Second lien 12024-12-310001496099Foundational Education Group, Inc., Second lien 22024-12-310001496099nmfc:FoundationalEducationGroupIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099ACI Group Holdings, Inc., First lien 12024-12-310001496099ACI Group Holdings, Inc., First lien 22024-12-310001496099ACI Group Holdings, Inc., First lien 32024-12-310001496099ACI Group Holdings, Inc., First lien - Drawn2024-12-310001496099nmfc:ACIGroupHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099NMC Crimson Holdings, Inc., First lien 12024-12-310001496099NMC Crimson Holdings, Inc., First lien 22024-12-310001496099NMC Crimson Holdings, Inc., First lien 32024-12-310001496099nmfc:NMCCrimsonHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Syndigo LLC, Second lien 12024-12-310001496099Syndigo LLC, Second lien 22024-12-310001496099nmfc:SyndigoLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PetVet Care Centers, LLC, First lien2024-12-310001496099Nelipak Holding Company, First lien 12024-12-310001496099Nelipak Holding Company, First lien 22024-12-310001496099Nelipak Holding Company, First lien - Drawn 12024-12-310001496099Nelipak Holding Company, First lien - Drawn 22024-12-310001496099nmfc:NelipakHoldingCompanyMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Bullhorn, Inc., First lien 12024-12-310001496099Bullhorn, Inc., First lien 22024-12-310001496099Bullhorn, Inc., First lien 32024-12-310001496099Bullhorn, Inc., First lien 42024-12-310001496099Bullhorn, Inc., First lien - Drawn2024-12-310001496099Bullhorn, Inc., First lien 52024-12-310001496099Bullhorn, Inc., First lien 62024-12-310001496099nmfc:BullhornIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Pioneer Buyer I, LLC, First lien 12024-12-310001496099Pioneer Buyer I, LLC, First lien 22024-12-310001496099nmfc:PioneerBuyerILLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099DOCS, MSO, LLC, First lien 12024-12-310001496099DOCS, MSO, LLC, First lien 22024-12-310001496099nmfc:DOCSMSOLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099AmeriVet Partners Management, Inc., First lien 12024-12-310001496099AmeriVet Partners Management, Inc., First lien 22024-12-310001496099AmeriVet Partners Management, Inc., First lien 32024-12-310001496099nmfc:AmeriVetPartnersManagementIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Diligent Corporation, First lien 12024-12-310001496099Diligent Corporation, First lien 22024-12-310001496099nmfc:DiligentCorporationMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099FS WhiteWater Borrower, LLC, First lien 12024-12-310001496099FS WhiteWater Borrower, LLC, First lien 22024-12-310001496099FS WhiteWater Borrower, LLC, First lien 32024-12-310001496099FS WhiteWater Borrower, LLC, First lien 42024-12-310001496099nmfc:FSWhiteWaterBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Power Grid Holdings, Inc., First lien2024-12-310001496099Xactly Corporation, First lien2024-12-310001496099YLG Holdings, Inc., First lien2024-12-310001496099TMK Hawk Parent, Corp., First lien 12024-12-310001496099TMK Hawk Parent, Corp., First lien 22024-12-310001496099TMK Hawk Parent, Corp., First lien 32024-12-310001496099TMK Hawk Parent, Corp., Subordinated 12024-12-310001496099TMK Hawk Parent, Corp., Subordinated 22024-12-310001496099nmfc:TMKHawkParentCorpMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Cardinal Parent, Inc., First lien2024-12-310001496099Cardinal Parent, Inc., Second lien2024-12-310001496099nmfc:CardinalParentIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PDI TA Holdings, Inc., First lien2024-12-310001496099PDI TA Holdings, Inc., First lien - Drawn2024-12-310001496099nmfc:PDITAHoldingsInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099Oranje Holdco, Inc., First lien 12024-12-310001496099Oranje Holdco, Inc., First lien 22024-12-310001496099Oranje Holdco, Inc., First lien 32024-12-310001496099nmfc:OranjeHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099DG Investment Intermediate Holdings 2, Inc., Second lien2024-12-310001496099Trinity Air Consultants Holdings Corporation, First lien 12024-12-310001496099Trinity Air Consultants Holdings Corporation, First lien 22024-12-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Groundworks, LLC, First lien2024-12-310001496099Groundworks, LLC, First lien - Drawn2024-12-310001496099nmfc:GroundworksLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Notorious Topco, LLC, First lien 12024-12-310001496099Notorious Topco, LLC, First lien 22024-12-310001496099Notorious Topco, LLC, First lien 32024-12-310001496099nmfc:NotoriousTopcoLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099GraphPAD Software, LLC, First lien2024-12-310001496099GraphPAD Software, LLC, First lien - Drawn2024-12-310001496099nmfc:GraphPADSoftwareLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 12024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 22024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated2024-12-310001496099nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 12024-12-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 22024-12-310001496099nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Avalara, Inc., First lien2024-12-310001496099Idera, Inc., Second lien 12024-12-310001496099Idera, Inc., Second lien 22024-12-310001496099nmfc:IderaIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Kele Holdco, Inc., First lien 12024-12-310001496099Kele Holdco, Inc., First lien 22024-12-310001496099nmfc:KeleHoldcoInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099Viper Bidco. Inc., First lien2024-12-310001496099Calabrio, Inc., First lien 12024-12-310001496099Calabrio, Inc., First lien 22024-12-310001496099Calabrio, Inc., First lien - Drawn2024-12-310001496099nmfc:CalabrioIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Coupa Holdings, LLC, First lien2024-12-310001496099Houghton Mifflin Harcourt Company, First lien2024-12-310001496099Daxko Acquisition Corporation, First lien 12024-12-310001496099Daxko Acquisition Corporation, First lien 22024-12-310001496099Daxko Acquisition Corporation, First lien 32024-12-310001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Convey Health Solutions, Inc., First lien 12024-12-310001496099Convey Health Solutions, Inc., First lien 22024-12-310001496099nmfc:ConveyHealthSolutionsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099CFS Management, LLC, First lien 12024-12-310001496099CFS Management, LLC, First lien 22024-12-310001496099nmfc:CFSManagementLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Baker Tilly Advisory Group, LP, First lien2024-12-310001496099USRP Holdings, Inc., First lien 12024-12-310001496099USRP Holdings, Inc., First lien 22024-12-310001496099nmfc:USRPHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Anaplan, Inc., First lien2024-12-310001496099Project Accelerate Parent, LLC, First lien2024-12-310001496099Specialtycare, Inc., First lien 12024-12-310001496099Specialtycare, Inc., First lien - Drawn2024-12-310001496099Specialtycare, Inc., First lien 22024-12-310001496099nmfc:SpecialtycareIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Ciklum Inc., First lien2024-12-310001496099CG Group Holdings, LLC, First lien2024-12-310001496099CG Group Holdings, LLC, First lien - Drawn2024-12-310001496099nmfc:CGGroupHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Planview Parent, Inc., Second lien2024-12-310001496099Safety Borrower Holdings LLC, First lien 12024-12-310001496099Safety Borrower Holdings LLC, First lien 22024-12-310001496099Safety Borrower Holdings LLC, First lien - Drawn2024-12-310001496099nmfc:SafetyBorrowerHoldingsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Icefall Parent, Inc., First lien2024-12-310001496099KPSKY Acquisition Inc., First lien 12024-12-310001496099KPSKY Acquisition Inc., First lien 22024-12-310001496099KPSKY Acquisition Inc., First lien 32024-12-310001496099KPSKY Acquisition Inc., First lien - Drawn2024-12-310001496099nmfc:KPSKYAcquisitionIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Alegeus Technologies Holdings Corp., First lien2024-12-310001496099Park Place Technologies, LLC, First lien2024-12-310001496099Park Place Technologies, LLC, First lien - Drawn2024-12-310001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Eclipse Buyer Inc., First lien2024-12-310001496099CRCI Longhorn Holdings, Inc., First lien2024-12-310001496099CRCI Longhorn Holdings, Inc., First lien - Drawn2024-12-310001496099nmfc:CRCILonghornHoldingsIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PPVA Black Elk (Equity) LLC, Subordinated2024-12-310001496099Greenway Health, LLC, First lien2024-12-310001496099Legends Hospitality Holding Company, LLC, First lien2024-12-310001496099Legends Hospitality Holding Company, LLC, First lien - Drawn2024-12-310001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Higginbotham Insurance Agency, Inc., First lien2024-12-310001496099Higginbotham Insurance Agency, Inc., First lien - Drawn2024-12-310001496099nmfc:HigginbothamInsuranceAgencyInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien2024-12-310001496099NC Topco, LLC, First lien2024-12-310001496099Healthspan Buyer, LLC, First lien2024-12-310001496099Michael Baker International, LLC, First lien2024-12-310001496099Adelaide Borrower, LLC, First lien2024-12-310001496099Logrhythm, Inc., First lien2024-12-310001496099RLG Holdings, LLC, First lien2024-12-310001496099CommerceHub, Inc., First lien2024-12-310001496099Kene Acquisition, Inc., First lien2024-12-310001496099Kene Acquisition, Inc., First lien - Drawn2024-12-310001496099nmfc:KeneAcquisitionInc.Membernmfc:FundedDebtSecuritiesMember2024-12-310001496099Next Holdco, LLC, First lien2024-12-310001496099CB Buyer, Inc., First lien2024-12-310001496099AI Altius US Bidco, Inc., First lien2024-12-310001496099Galway Borrower LLC, First lien - Drawn2024-12-310001496099Galway Borrower LLC, First lien2024-12-310001496099nmfc:GalwayBorrowerLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099DCA Investment Holding, LLC, First lien 12024-12-310001496099DCA Investment Holding, LLC, First lien 22024-12-310001496099nmfc:DCAInvestmentHoldingLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Compsych Investments Corp., First lien2024-12-310001496099CoreTrust Purchasing Group LLC, First lien2024-12-310001496099Beacon Pointe Harmony, LLC, First lien - Drawn2024-12-310001496099Reorganized Careismatic Brands, LLC, Trust Claim 12024-12-310001496099Reorganized Careismatic Brands, LLC, Trust Claim 22024-12-310001496099nmfc:ReorganizedCareismaticBrandsLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099PPVA Fund, L.P., Collateralized Financing2024-12-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Tennessee Bidco Limited, First lien2024-12-310001496099country:JEus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Aston FinCo S.a r.l. / Aston US Finco, LLC, Second lien2024-12-310001496099Integro Parent Inc., Second lien2024-12-310001496099country:GBus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Atlas AU Bidco Pty Ltd, First lien 12024-12-310001496099Atlas AU Bidco Pty Ltd, First lien 22024-12-310001496099nmfc:AtlasAUBidcoPtyLtdMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099country:AUus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Dealer Tire Holdings, LLC, Preferred shares2024-12-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 12024-12-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 22024-12-310001496099nmfc:SymplrSoftwareIntermediateHoldingsIncMemberus-gaap:EquitySecuritiesMember2024-12-310001496099Knockout Intermediate Holdings I Inc., Preferred shares2024-12-310001496099ACI Parent Inc., Preferred shares2024-12-310001496099Project Essential Super Parent, Inc., Preferred shares2024-12-310001496099Diligent Preferred Issuer, Inc., Preferred shares2024-12-310001496099HBWM Holdings, LLC, Ordinary shares2024-12-310001496099OA Topco, L.P., Ordinary shares2024-12-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Preferred shares 12024-12-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Preferred shares 22024-12-310001496099Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.), Ordinary shares2024-12-310001496099nmfc:EclipseTopcoHoldingsInc.FkaTranscendiaHoldingsInc.Memberus-gaap:EquitySecuritiesMember2024-12-310001496099FS WhiteWater Holdings, LLC, Ordinary shares2024-12-310001496099Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.), Preferred shares2024-12-310001496099Ambrosia Holdco Corp., Ordinary shares 12024-12-310001496099Ambrosia Holdco Corp., Ordinary shares 22024-12-310001496099nmfc:AmbrosiaHoldcoCorp.Memberus-gaap:EquitySecuritiesMember2024-12-310001496099Pioneer Topco I, L.P., Ordinary shares2024-12-310001496099Eclipse Topco, Inc., Preferred shares2024-12-310001496099GEDC Equity, LLC, Participation Interest2024-12-310001496099Ancora Acquisition LLC, Preferred shares2024-12-310001496099AAC Lender Holdings, LLC, Ordinary shares2024-12-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001496099Bach Special Limited (Bach Preference Limited), Preferred shares2024-12-310001496099country:HKus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001496099Ivy Hill Middle Market Credit Fund, Ltd, Structured Finance Obligations2024-12-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:StructuredFinanceObligationsMember2024-12-310001496099Reorganized Careismatic Brands, LLC, Warrants 12024-12-310001496099Reorganized Careismatic Brands, LLC, Warrants 22024-12-310001496099nmfc:ReorganizedCareismaticBrandsLLCMemberus-gaap:EquitySecuritiesMember2024-12-310001496099country:USus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:WarrantMember2024-12-310001496099us-gaap:InvestmentUnaffiliatedIssuerMembernmfc:FundedSecuritiesMember2024-12-310001496099Groundworks, LLC, First lien - Undrawn2024-12-310001496099Beacon Pointe Harmony, LLC, First lien - Undrawn2024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien - Undrawn2024-12-310001496099TMK Hawk Parent, Corp., First lien - Undrawn2024-12-310001496099DOXA Insurance Holdings LLC, First lien - Undrawn2024-12-310001496099AI Altius US Bidco, Inc., First lien - Undrawn2024-12-310001496099Higginbotham Insurance Agency, Inc., First lien - Undrawn2024-12-310001496099Riskonnect Parent, LLC, First lien - Undrawn2024-12-310001496099Safety Borrower Holdings LLC, First lien - Undrawn2024-12-310001496099CoreTrust Purchasing Group LLC, First lien - Undrawn2024-12-310001496099Next Holdco, LLC, First lien - Undrawn 12024-12-310001496099Next Holdco, LLC, First lien - Undrawn 22024-12-310001496099nmfc:NextHoldcoLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Associations, Inc., First lien - Undrawn 12024-12-310001496099Associations, Inc., First lien - Undrawn 22024-12-310001496099nmfc:AssociationsIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First lien - Undrawn2024-12-310001496099Bullhorn, Inc., First lien - Undrawn 12024-12-310001496099Bullhorn, Inc., First lien - Undrawn 22024-12-310001496099nmfc:BullhornIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099PPV Intermediate Holdings, LLC, First lien - Undrawn2024-12-310001496099Kene Acquisition, Inc., First lien - Undrawn 12024-12-310001496099Kene Acquisition, Inc., First lien - Undrawn 22024-12-310001496099nmfc:KeneAcquisitionInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Logrhythm, Inc., First lien - Undrawn2024-12-310001496099Calabrio, Inc., First lien - Undrawn2024-12-310001496099Wealth Enhancement Group, LLC, First lien - Undrawn2024-12-310001496099Adelaide Borrower, LLC, First lien - Undrawn 12024-12-310001496099Adelaide Borrower, LLC, First lien - Undrawn 22024-12-310001496099nmfc:AdelaideBorrowerLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Icefall Parent, Inc., First lien - Undrawn2024-12-310001496099Project Accelerate Parent, LLC, First lien - Undrawn2024-12-310001496099USRP Holdings, Inc., First lien - Undrawn2024-12-310001496099Kele Holdco, Inc., First lien - Undrawn2024-12-310001496099MRI Software LLC, First lien - Undrawn2024-12-310001496099PDI TA Holdings, Inc., First lien - Undrawn 12024-12-310001496099PDI TA Holdings, Inc., First lien - Undrawn 22024-12-310001496099nmfc:PDITAHoldingsInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Daxko Acquisition Corporation, First lien - Undrawn2024-12-310001496099AmeriVet Partners Management, Inc., First lien - Undrawn2024-12-310001496099Healthspan Buyer, LLC, First lien - Undrawn2024-12-310001496099Coupa Holdings, LLC, First lien - Undrawn 12024-12-310001496099Coupa Holdings, LLC, First lien - Undrawn 22024-12-310001496099nmfc:CoupaHoldingsLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 12024-12-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 22024-12-310001496099Brave Parent Holdings, Inc., First lien - Undrawn 32024-12-310001496099nmfc:BraveParentHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn2024-12-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 12024-12-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 22024-12-310001496099nmfc:TrinityAirConsultantsHoldingsCorporationMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Nelipak Holding Company, First lien - Undrawn 12024-12-310001496099Nelipak Holding Company, First lien - Undrawn 22024-12-310001496099Nelipak Holding Company, First lien - Undrawn 32024-12-310001496099Nelipak Holding Company, First lien - Undrawn 42024-12-310001496099nmfc:NelipakHoldingCompanyMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 12024-12-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 22024-12-310001496099nmfc:FortisSolutionsGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Avalara, Inc., First lien - Undrawn2024-12-310001496099Foreside Financial Group, LLC, First lien - Undrawn 12024-12-310001496099Foreside Financial Group, LLC, First lien - Undrawn 22024-12-310001496099nmfc:ForesideFinancialGroupLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Diligent Corporation, First lien - Undrawn 12024-12-310001496099Diligent Corporation, First lien - Undrawn 22024-12-310001496099nmfc:DiligentCorporationMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Kaseya Inc., First lien - Undrawn 12024-12-310001496099Kaseya Inc., First lien - Undrawn 22024-12-310001496099nmfc:KaseyaIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Oranje Holdco, Inc., First lien - Undrawn2024-12-310001496099OEConnection LLC, First lien - Undrawn 12024-12-310001496099OEConnection LLC, First lien - Undrawn 22024-12-310001496099nmfc:OEConnectionLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Pioneer Buyer I, LLC, First lien - Undrawn2024-12-310001496099GS Acquisitionco, Inc., First lien - Undrawn 12024-12-310001496099GS Acquisitionco, Inc., First lien - Undrawn 22024-12-310001496099nmfc:GSAcquisitioncoIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Infogain Corporation, First lien - Undrawn2024-12-310001496099GC Waves Holdings, Inc., First lien - Undrawn2024-12-310001496099OA Buyer, Inc., First lien - Undrawn2024-12-310001496099AAH Topco, LLC, First lien - Undrawn2024-12-310001496099PetVet Care Centers, LLC, First lien - Undrawn 12024-12-310001496099PetVet Care Centers, LLC, First lien - Undrawn 22024-12-310001496099nmfc:PetVetCareCentersLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Ciklum Inc., First lien - Undrawn 12024-12-310001496099Ciklum Inc., First lien - Undrawn 22024-12-310001496099nmfc:CiklumInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099IG Investments Holdings, LLC, First lien - Undrawn2024-12-310001496099Power Grid Holdings, Inc., First lien - Undrawn2024-12-310001496099TigerConnect, Inc., First lien - Undrawn 12024-12-310001496099TigerConnect, Inc., First lien - Undrawn 22024-12-310001496099nmfc:TigerConnectIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099CentralSquare Technologies, LLC, First lien - Undrawn2024-12-310001496099Compsych Investments Corp., First lien - Undrawn2024-12-310001496099CG Group Holdings, LLC, First lien - Undrawn2024-12-310001496099Park Place Technologies, LLC, First lien - Undrawn 12024-12-310001496099Park Place Technologies, LLC, First lien - Undrawn 22024-12-310001496099nmfc:ParkPlaceTechnologiesLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099CB Buyer, Inc., First lien - Undrawn 12024-12-310001496099CB Buyer, Inc., First lien - Undrawn 22024-12-310001496099nmfc:CBBuyerInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Specialtycare, Inc., First lien - Undrawn2024-12-310001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 12024-12-310001496099Legends Hospitality Holding Company, LLC, First lien - Undrawn 22024-12-310001496099nmfc:LegendsHospitalityHoldingCompanyLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 12024-12-310001496099CRCI Longhorn Holdings, Inc., First lien - Undrawn 22024-12-310001496099nmfc:CRCILonghornHoldingsIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099NC Topco, LLC, First lien - Undrawn 12024-12-310001496099NC Topco, LLC, First lien - Undrawn 22024-12-310001496099nmfc:NCTopcoLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Xactly Corporation, First lien - Undrawn2024-12-310001496099DOCS, MSO, LLC, First lien - Undrawn2024-12-310001496099GraphPAD Software, LLC, First lien - Undrawn 12024-12-310001496099GraphPAD Software, LLC, First lien - Undrawn 22024-12-310001496099nmfc:GraphPADSoftwareLLCMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Viper Bidco. Inc., First lien - Undrawn 12024-12-310001496099Viper Bidco. Inc., First lien - Undrawn 22024-12-310001496099nmfc:ViperBidco.Inc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099iCIMS, Inc., First lien - Undrawn2024-12-310001496099Eclipse Buyer Inc., First lien - Undrawn 12024-12-310001496099Eclipse Buyer Inc., First lien - Undrawn 22024-12-310001496099nmfc:EclipseBuyerIncMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 12024-12-310001496099Baker Tilly Advisory Group, LP, First lien - Undrawn 22024-12-310001496099nmfc:BakerTillyAdvisoryGroupLPMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099KPSKY Acquisition Inc., First lien - Undrawn2024-12-310001496099ACI Group Holdings, Inc., First lien - Undrawn2024-12-310001496099Model N, Inc., First lien - Undrawn 12024-12-310001496099Model N, Inc., First lien - Undrawn 22024-12-310001496099nmfc:ModelNInc.Membernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Notorious Topco, LLC, First lien - Undrawn2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Atlas AU Bidco Pty Ltd, First lien - Undrawn2024-12-310001496099country:AUus-gaap:InvestmentUnaffiliatedIssuerMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Edmentum Ultimate Holdings, LLC, Subordinated2024-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 12024-12-310001496099Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 22024-12-310001496099nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099Permian Trust, Trust Claim2024-12-310001496099Permian Trust, First lien2024-12-310001496099nmfc:PermianTrustMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099TVG-Edmentum Holdings, LLC, Ordinary shares2024-12-310001496099TVG-Edmentum Holdings, LLC, Preferred shares2024-12-310001496099nmfc:TVGEdmentumHoldingsLLCMemberus-gaap:EquitySecuritiesMember2024-12-310001496099Eagle Infrastructure Super HoldCo, LLC, Ordinary shares2024-12-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 12024-12-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 22024-12-310001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:EquitySecuritiesMember2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2024-12-310001496099New Benevis Holdco, Inc., First lien 12024-12-310001496099New Benevis Holdco, Inc., First lien 22024-12-310001496099New Benevis Holdco, Inc., Subordinated2024-12-310001496099nmfc:NewBenevisHoldcoIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099New Permian Holdco, L.L.C., First lien2024-12-310001496099New Permian Holdco, L.L.C., First lien - Drawn2024-12-310001496099nmfc:NewPermianHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099UniTek Global Services, Inc., Second lien 12024-12-310001496099UniTek Global Services, Inc., Second lien 22024-12-310001496099nmfc:UniTekGlobalServicesIncMembernmfc:FundedDebtSecuritiesMember2024-12-310001496099National HME, Inc., Second lien2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001496099NMFC Senior Loan Program III LLC, Membership interest2024-12-310001496099NMFC Senior Loan Program IV LLC, Membership interest2024-12-310001496099NM NL Holdings, L.P., Membership interest2024-12-310001496099New Benevis Topco, LLC, Ordinary shares 12024-12-310001496099New Benevis Topco, LLC, Ordinary shares 22024-12-310001496099nmfc:NewBenevisTopcoLLCMemberus-gaap:EquitySecuritiesMember2024-12-310001496099UniTek Global Services, Inc., Preferred shares 12024-12-310001496099UniTek Global Services, Inc., Preferred shares 22024-12-310001496099UniTek Global Services, Inc., Preferred shares 32024-12-310001496099UniTek Global Services, Inc., Preferred shares 42024-12-310001496099UniTek Global Services, Inc., Preferred shares 52024-12-310001496099UniTek Global Services, Inc., Ordinary shares 12024-12-310001496099UniTek Global Services, Inc., Ordinary shares 22024-12-310001496099nmfc:UniTekGlobalServicesIncMemberus-gaap:EquitySecuritiesMember2024-12-310001496099New Permian Holdco, Inc., Ordinary shares2024-12-310001496099NM YI, LLC, Membership interest2024-12-310001496099NM GP Holdco, LLC, Membership interest2024-12-310001496099NHME Holdings Corp., Ordinary shares2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-12-310001496099UniTek Global Services, Inc., Warrants2024-12-310001496099NHME Holdings Corp., Warrants2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:WarrantMember2024-12-310001496099us-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:FundedSecuritiesMember2024-12-310001496099New Permian Holdco, L.L.C., First lien - Undrawn2024-12-310001496099country:USus-gaap:InvestmentAffiliatedIssuerControlledMembernmfc:UnfundedDebtSecuritiesMember2024-12-310001496099Viper Bidco. Inc., First lien 12024-12-310001496099Nelipak Holding Company First lien 12024-12-310001496099Nelipak Holding Company First lien 22024-12-310001496099Nelipak Holding Company First lien 32024-12-310001496099Nelipak Holding Company First lien 42024-12-310001496099National HME, Inc., Second lien, Tranche A Term Loan2024-12-310001496099National HME, Inc., Second lien, Tranche B Term Loan2024-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien2024-12-310001496099Diamond Parent Holdings Corp, Wholly-owned subsidiaries2024-12-310001496099Diligent Corporation, First lien2024-12-310001496099ACI Group Holdings, Inc., First lien2024-12-310001496099FS WhiteWater Borrower, LLC, First lien2024-12-310001496099Pioneer Buyer I, LLC, First lien2024-12-310001496099OA Buyer, Inc., First lien2024-12-310001496099Kaseya, Inc., First lien2024-12-310001496099Ambrosia Holdco Corp., First 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HME, Inc., Second lien, Non-accrual status2025-01-012025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated, Non-accrual status2021-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien, Non-accrual status2021-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien, Non-accrual status2023-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2025-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2025-01-012025-03-310001496099Eclipse Topco Holdings, Inc., Junior preferred shares, Non-accrual status2025-03-310001496099Eclipse Topco Holdings, Inc., Junior preferred shares, Non-accrual status2025-01-012025-03-310001496099PPVA Black Elk (Equity) LLC, Subordinated2013-05-030001496099PPVA Black Elk (Equity) LLC, Subordinated2014-08-012014-08-310001496099nmfc:BlackElkTrusteeMember2017-08-012017-08-310001496099nmfc:BlackElkTrusteeMember2017-12-222017-12-220001496099nmfc:BlackElkTrusteeMember2018-01-012018-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-01-012025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:SkyKnightIncomeIILLCMember2025-03-310001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:DuringReinvestmentPeriodMember2024-07-032024-07-030001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:AfterReinvestmentPeriodMember2024-07-032024-07-030001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:DuringReinvestmentPeriodMember2023-06-232023-06-230001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:AfterReinvestmentPeriodMember2023-06-232023-06-230001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIIILLCMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:RevolvingCreditFacilityMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:RevolvingCreditFacilityMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:DelayedDrawTermLoanMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembersrt:WeightedAverageMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembersrt:WeightedAverageMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLargest Portfolio Company Investment2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLargest Portfolio Company Investment2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTop Five Largest Portfolio Company Investments2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTop Five Largest Portfolio Company Investments2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAG Parent Holdings, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberArdonagh Midco 3 Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAssuredPartners, Inc, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAston FinCo S.a r.l., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAsurion, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberathenahealth Group Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBach Finance Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBayou Intermediate II, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBCPE Empire Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBella Holding Company, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBIFM CA Buyer Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBoxer Parent Company Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBracket Intermediate Holding Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBW Holding, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCardinal Parent, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCloudera, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberClubessential, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCohnreznick Advisory LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Health, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Medical Technologies, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConnectWise, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConvey Health Solutions, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCornerstone OnDemand, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCVET Midco 2, L.P., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDealer Tire Financial, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDiscovery Purchaser Corporation, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEAB Global, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEagle Parent Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEisner Advisory Group LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFlash Charm, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFNZ Group Entities Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFoundational Education Group, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHeartland Dental, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHelp/Systems Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHigginbotham Insurance Agency, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHP PHRG Borrower, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberInizio Group Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKaseya Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLI Group Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLSCS Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 3, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMED ParentCo, LP, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.) 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.) 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMichael Baker International, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberNielsen Consumer Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOceankey (U.S.) II Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsaic Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOutcomes Group Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPeraton Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPerforce Software, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPhysician Partners, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPhysician Partners, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlano Holdco, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlanview Parent, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPushpay USA Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberQuartz Holding Company, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRealPage, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRLG Holdings, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSecretariat Advisors LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSierra Enterprises, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSpring Education Group, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberStorable, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSummit Acquisition Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSymplr Software, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSyndigo LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTherapy Brands Holdings LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberThermostat Purchaser III, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTMF Sapphire Bidco B.V., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTRC Companies LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberUKG Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberViant Medical Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberVSTG Intermediate Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWatchGuard Technologies, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWrench Group LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberXplor T1, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberZest Acquisition Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:FundedSecuritiesMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l., First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCohnreznick Advisory LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSecretariat Advisors LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:UnfundedSecuritiesMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAG Parent Holdings, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberArdonagh Midco 3 Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAscensus Group Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAssuredPartners, Inc, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAston FinCo S.a r.l., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAsurion, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberathenahealth Group Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBach Finance Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBayou Intermediate II, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBCPE Empire Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBella Holding Company, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBIFM CA Buyer Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBoxer Parent Company Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBracket Intermediate Holding Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBrown Group Holding, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBW Holding, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCardinal Parent, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCE Intermediate I, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCloudera, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCommerceHub, Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Health, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Medical Technologies, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConnectWise, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConvey Health Solutions, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCornerstone OnDemand, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCVET Midco 2, L.P., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDealer Tire Financial, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDiscovery Purchaser Corporation, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEAB Global, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEagle Parent Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEisner Advisory Group LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembereResearchTechnology, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFlash Charm, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFNZ Group Entities Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFoundational Education Group, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHeartland Dental, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHelp/Systems Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHigginbotham Insurance Agency, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHighTower Holding, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberInizio Group Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLI Group Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLSCS Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaverick Bidco Inc. 3, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMED ParentCo, LP, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.) 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMH Sub I, LLC (Micro Holding Corp.) 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberNielsen Consumer Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOMNIA Partners, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsaic Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberOsmosis Buyer Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPearls (Netherlands) Bidco B.V., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPeraton Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPerforce Software, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPhysician Partners, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlano Holdco, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPlanview Parent, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberPushpay USA Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberQuartz Holding Company, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRealPage, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRealPage, Inc. 2, First lien - Funded 12024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRLG Holdings, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberRxB Holdings, Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSierra Enterprises, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSpring Education Group, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberStorable, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSummit Acquisition Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSymplr Software, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSyndigo LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTherapy Brands Holdings LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberThermostat Purchaser III, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTMF Sapphire Bidco B.V., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberTRC Companies LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberUKG Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberValcour Packaging, LLC 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberViant Medical Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberVSTG Intermediate Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWatchGuard Technologies, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberWrench Group LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberXplor T1, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberZest Acquisition Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:FundedSecuritiesMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberAmSpec Parent, LLC, First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberChrysaor Bidco S.a r.l.,. First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberDG Investment Intermediate Holdings 2, Inc., First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberGroundworks, LLC, First lien - Unfunded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembernmfc:UnfundedSecuritiesMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-01-012024-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2025-01-012025-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-01-012024-03-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2025-01-012025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:SkyKnightIncomeAlphaLLCMember2025-03-310001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIVLLCMember2021-05-050001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIVLLCMember2024-12-202024-12-200001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIVLLCMember2024-03-272024-03-270001496099us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIVLLCMember2023-04-282024-03-270001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:DelayedDrawTermLoanMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:DelayedDrawTermLoanMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembersrt:WeightedAverageMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembersrt:WeightedAverageMember2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLargest Portfolio Company Investment2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLargest Portfolio Company Investment2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTop Five Largest Portfolio Company Investments2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTop Five Largest Portfolio Company Investments2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADG, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAmSpec Parent, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAsurion, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberathenahealth Group Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBach Finance Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBayou Intermediate II, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBCPE Empire Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBella Holding Company, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBIFM CA Buyer Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBoxer Parent Company Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBracket Intermediate Holding Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBW Holding, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberChrysaor Bidco S.a r.l., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCloudera, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCohnreznick Advisory LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCommerceHub, Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCommerceHub, Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluence Technologies, Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluence Technologies, Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Health, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Medical Technologies, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConvey Health Solutions, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCornerstone OnDemand, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCVET Midco 2, L.P., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDealer Tire Financial, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDiscovery Purchaser Corporation, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEAB Global, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEagle Parent Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEisner Advisory Group LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFlash Charm, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFNZ Group Entities Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFoundational Education Group, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHeartland Dental, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHelp/Systems Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHP PHRG Borrower, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberInizio Group Limited, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKaseya Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLSCS Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMED ParentCo, LP, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.) 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.) 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMichael Baker International, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNielsen Consumer Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOceankey (U.S.) II Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsaic Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOutcomes Group Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPerforce Software, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPhysician Partners, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPhysician Partners, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPlanview Parent, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPushpay USA Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberQuartz Holding Company, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRealPage, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRxB Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSecretariat Advisors LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSierra Enterprises, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSpring Education Group, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSTATS Intermediate Holdings, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSTATS Intermediate Holdings, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberStorable, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSymplr Software, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSyndigo LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTherapy Brands Holdings LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberThermostat Purchaser III, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTRC Companies LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberValcour Packaging, LLC 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberValcour Packaging, LLC 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberViant Medical Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVSTG Intermediate Holdings, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVT Topco, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberWatchGuard Technologies, Inc., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberWrench Group LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberXplor T1, LLC, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZest Acquisition Corp., First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZone Climate Services, Inc. 1, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberZone Climate Services, Inc. 2, First lien - Funded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:FundedSecuritiesMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAmSpec Parent, LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberChrysaor Bidco S.a r.l., First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCohnreznick Advisory LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSecretariat Advisors LLC, First lien - Unfunded2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:UnfundedSecuritiesMember2025-03-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADG, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAmSpec Parent LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAscensus Group Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberAsurion, LLC, First Lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberathenahealth Group Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBach Finance Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBarracuda Parent, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBayou Intermediate II, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBCPE Empire Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBella Holding Company, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBIFM CA Buyer Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBleriot US Bidco Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBoxer Parent Company Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBracket Intermediate Holding Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBW Holding, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCE Intermediate I, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberChrysaor Bidco S.a r.l., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCloudera, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCommerceHub, Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCommerceHub, Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Health, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Medical Technologies, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConvey Health Solutions, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCornerstone OnDemand, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCVET Midco 2, L.P., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDealer Tire Financial, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDiscovery Purchaser Corporation, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDispatch Acquisition Holdings, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEAB Global, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEagle Parent Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEisner Advisory Group LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembereResearchTechnology, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFlash Charm, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFNZ Group Entities Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberFoundational Education Group, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGroundworks, LLC 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHeartland Dental, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHelp/Systems Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHoughton Mifflin Harcourt Company, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberInizio Group Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLSCS Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMandolin Technology Intermediate Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMarcel Bidco LLC (Marcel Bidco GmbH), First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 1, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMaverick Bidco Inc. 2, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMavis Tire Express Services Topco, Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMED ParentCo, LP, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.), First lien - Funded 12024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.), First lien - Funded 22024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNielsen Consumer Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOMNIA Partners, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsaic Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberOsmosis Buyer Limited, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPearls (Netherlands) Bidco B.V., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPerforce Software, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPhysician Partners, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPlanview Parent, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Alpha Intermediate Holding, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Ruby Ultimate Parent Corp., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberQuartz Holding Company, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRealPage, Inc., First lien - Funded 12024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRealPage, Inc., First lien - Funded 22024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberRxB Holdings, Inc., First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSierra Enterprises, LLC, First lien - Funded2024-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSpring Education Group, Inc., First lien - 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended March 31, 2025
o         Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission
File Number
 Exact name of registrant as specified in its charter, address of principal executive
offices, telephone numbers and states or other jurisdictions of incorporation or organization
 I.R.S. Employer
Identification Number
814-00832 New Mountain Finance Corporation 27-2978010
  
1633 Broadway, 48th Floor
New York, New York 10019
Telephone: (212720-0300
State of Incorporation: Delaware
  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareNMFCNASDAQ Global Select Market
8.250% Notes due 2028NMFCZNASDAQ 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 filerý Accelerated filer o
 Non-accelerated filer o Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Description Shares as of May 5, 2025
Common stock, par value $0.01 per share 107,851,415


Table of Contents
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025
TABLE OF CONTENTS
 PAGE
  
 
   
  
 
 
 
 
 
 
 
 
  
 
 
 
2

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, 2025December 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 equivalents85,496 80,320 
Interest and dividend receivable41,239 42,379 
Derivative asset at fair value3,117  
Receivable from affiliates247 213 
Other assets18,841 19,265 
Total assets$3,196,651 $3,246,701 
Liabilities  
Borrowings
     Unsecured Notes$985,227 $978,503 
     Holdings Credit Facility270,563 294,363 
     SBA-guaranteed debentures262,500 300,000 
     2022 Convertible Notes258,846 260,091 
     NMFC Credit Facility29,059 27,944 
     Deferred financing costs (net of accumulated amortization of $66,182 and $63,971, respectively)
(23,343)(24,191)
Net borrowings1,782,852 1,836,710 
Interest payable18,437 17,109 
Payable for unsettled securities purchased12,022  
Payable to broker10,130 3,230 
Management fee payable9,945 10,467 
Incentive fee payable6,714 8,625 
Derivative liability at fair value3,368 7,423 
Deferred tax liability1,432 1,410 
Other liabilities3,573 2,436 
Total liabilities1,848,473 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 par1,365,824 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 Corporation5,966 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 outstanding107,851,415 107,851,415 
Net asset value per share of New Mountain Finance Corporation$12.45 $12.55 
The accompanying notes are an integral part of these consolidated financial statements.
3

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, 2025March 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 income2,913 4,683 
Dividend income557 293 
Non-cash dividend income4,434 4,684 
Other income1,312 1,600 
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)331 368 
PIK interest income987 836 
Non-cash dividend income1,683 1,244 
Other income63 63 
From controlled investments:
Interest income (excluding PIK interest income)1,485 1,361 
PIK interest income3,688 4,135 
Dividend income12,198 12,683 
Non-cash dividend income2,071 1,496 
Other income1,828 873 
Total investment income85,663 90,556 
Expenses
Interest and other financing expenses31,374 31,016 
Management fee10,233 10,997 
Incentive fee8,247 9,389 
Professional fees1,389 1,067 
Administrative expenses1,104 968 
Other general and administrative expenses516 465 
Total expenses52,863 53,902 
Less: management and incentive fees waived (See Note 5) (1,822)(901)
Net expenses51,041 53,001 
Net investment income before income taxes34,622 37,555 
Income tax (benefit) expense(19)1 
Net investment income34,641 37,554 
Net realized (losses) gains:
Non-controlled/non-affiliated investments(1,074)(11,858)
Controlled investments38,899 31 
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments4,206 23,160 
Non-controlled/affiliated investments(4,891)(22,463)
Controlled investments(48,392)2,320 
Foreign currency150 (23)
Provision for taxes (22)(637)
Net realized and unrealized losses(11,124)(9,470)
Net increase in net assets resulting from operations23,517 28,084 
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation(104)(676)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation$23,413 $27,408 
Basic earnings per share$0.22 $0.26 
Weighted average shares of common stock outstanding - basic (See Note 11)
107,851,415 103,660,370 
Diluted earnings per share$0.22 $0.26 
Weighted average shares of common stock outstanding - diluted (See Note 11)
126,852,911 122,443,478 
Distributions declared and paid per share$0.32 $0.36 
The accompanying notes are an integral part of these consolidated financial statements.
4

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, 2025March 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 currency37,825 (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 operations23,517 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 Corporation23,413 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 period1,353,339 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 NMNLC5,966 12,251 
Net assets at the end of the period$1,348,178 $1,369,183 
Capital share activity
Shares sold 3,730,434 
Net increase in shares outstanding 3,730,434 


The accompanying notes are an integral part of these consolidated financial statements.
5

Table of Contents
New Mountain Finance Corporation
 
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
March 31, 2025March 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 Corporation49,077 (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 purchased12,022 94,147 
Interest payable1,424 2,631 
Deferred tax liability22  
Payable to broker6,900  
Other liabilities1,174 (78)
Net cash flows provided by operating activities103,916 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 Facility93,000 184,600 
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 equivalents5,318 37,476 
Effect of foreign exchange rate changes on cash and cash equivalents(142)(99)
Cash and cash equivalents at the beginning of the period80,320 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 costs94 203 

The accompanying notes are an integral part of these consolidated financial statements.
6

Table of Contents
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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst lien (2)(12)(13)SOFR(M)5.25%9.67%12/202112/2027$22,675 $22,537 $22,675 
First lien (3)(11)(13)SOFR(M)5.25%9.67%12/202112/202720,165 20,061 20,165 
First lien (4)(13)SOFR(M)5.25%9.67%01/202212/20279,575 9,524 9,575 
First lien (4)(13)SOFR(M)5.25%9.67%12/202112/20277,357 7,312 7,357 
Subordinated (3)(11)(13)FIXED(Q)*
11.50%/PIK
11.50%12/202112/203116,185 16,053 15,916 
Subordinated (4)(13)FIXED(Q)*
11.50%/PIK
11.50%01/202212/20316,347 6,296 6,242 
81,783 81,930 6.08 %
Associations Finance, Inc.
Associations, Inc.
Business ServicesFirst lien (3)(11)(13)SOFR(Q)6.50%11.06%05/202407/202849,30649,28549,799
First lien (3)(13)(16) - DrawnSOFR(Q)6.50%11.07%05/202407/20282,2772,2762,277
First lien (3)(13)(16) - DrawnSOFR(Q)6.50%11.06%05/202407/2028953954962
Subordinated (3)(13)FIXED(Q)*
14.25%/PIK
14.25%05/202405/20308,2438,2268,366
Subordinated (3)(13)FIXED(Q)*
14.25%/PIK
14.25%05/202405/20303,1483,141 3,195 
63,882 64,599 4.79 %
GC Waves Holdings, Inc.
Financial ServicesFirst lien (2)(12)(13)SOFR(M)4.75%9.17%08/202110/203040,21139,99240,211
First lien (5)(13)SOFR(M)4.75%9.17%08/202110/203021,39521,33521,395
61,327 61,606 4.57 %
OA Topco, L.P.(29)
OA Buyer, Inc.
HealthcareFirst lien (2)(12)(13)SOFR(M)4.50%8.82%06/202412/202831,43431,36731,434
First lien (2)(12)(13)SOFR(M)4.50%8.82%12/202112/202827,35527,18827,355
First lien (2)(12)(13)SOFR(M)4.50%8.82%05/202212/20281,7321,7211,732
60,276 60,521 4.49 %
GS Acquisitionco, Inc.
SoftwareFirst lien (2)(12)(13)SOFR(Q)5.25%9.55%08/201905/202834,62834,57634,628
First lien (5)(13)SOFR(Q)5.25%9.55%08/201905/202821,24121,20921,241
First lien (3)(11)(13)SOFR(Q)5.25%9.55%08/201905/20282,9012,8952,901
First lien (3)(13)(16) - DrawnSOFR(Q)5.25%9.55%03/202405/2028318318318
58,998 59,088 4.38 %
The accompanying notes are an integral part of these consolidated financial statements.
7

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Einstein Parent, Inc.
SoftwareFirst lien (3)(11)(13)SOFR(Q)6.50%10.79%01/202501/2031$55,582 $55,039 $55,026 4.08 %
OEConnection LLC
SoftwareFirst lien (2)(12)(13)SOFR(M)5.00%9.32%04/202404/203146,313 46,104 46,313 
First lien (3)(11)(13)SOFR(M)5.00%9.32%04/202404/20318,081 8,041 8,081 
54,145 54,394 4.03 %
iCIMS, Inc.
SoftwareFirst lien (2)(12)(13)SOFR(Q)5.75%10.04%09/202308/202844,742 44,549 44,151 
First lien (2)(12)(13)SOFR(Q)6.25%10.54%10/202208/20287,366 7,323 7,269 
First lien (3)(13)(16) - DrawnSOFR(Q)5.75%10.04%08/202208/2028388 390 383 
52,262 51,803 3.84 %
Model N, Inc.
SoftwareFirst lien (2)(12)(13)SOFR(Q)4.75%9.05%06/202406/203144,107 43,904 43,886 3.26 %
Deca Dental Holdings LLC
HealthcareFirst lien (2)(12)(13)SOFR(Q)5.75%10.15%08/202108/202836,998 36,788 36,672 
First lien (3)(11)(13)SOFR(Q)5.75%10.15%08/202108/20283,894 3,872 3,860 
First lien (3)(11)(13)(16) - DrawnSOFR(Q)5.75%10.15%08/202108/20273,027 2,997 3,000 
43,657 43,532 3.23 %
IG Intermediateco LLC
Infogain Corporation
Business ServicesFirst lien (2)(12)(13)SOFR(M)5.75%10.17%07/202107/202818,372 18,295 18,372 
First lien (3)(11)(13)SOFR(M)5.75%10.17%07/202207/20287,744 7,696 7,744 
Subordinated (3)(13)SOFR(Q)7.50%11.90%07/202207/202916,953 16,802 16,953 
42,793 43,069 3.19 %
Sierra Enterprises, LLC
Food & BeverageFirst lien (3)(11)(13)SOFR(Q)6.25%10.54%06/202305/202742,345 39,073 42,345 3.14 %
Foreside Financial Group, LLC
Business ServicesFirst lien (2)(12)(13)SOFR(Q)5.25%9.71%05/202209/202737,095 36,918 37,095 
First lien (3)(11)(13)SOFR(Q)5.25%9.71%05/202209/20274,064 4,034 4,064 
First lien (3)(13)(16) - DrawnSOFR(Q)5.25%9.70%05/202209/2027601 597 601 
41,549 41,760 3.10 %
The accompanying notes are an integral part of these consolidated financial statements.
8

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial ServicesFirst lien (2)(12)(13)SOFR(Q)5.00%9.30%05/202210/2028$15,553 $15,527 $15,553 
First lien (3)(11)(13)SOFR(Q)5.00%9.30%08/202110/202811,878 11,858 11,878 
First lien (2)(12)(13)SOFR(Q)5.00%9.30%08/202110/20286,642 6,627 6,642 
First lien (3)(11)(13)SOFR(Q)5.00%9.32%01/202210/20281,225 1,219 1,225 
First lien (3)(11)(13)SOFR(Q)5.00%9.30%01/202210/2028822 817 822 
Subordinated (3)(13)FIXED(Q)*
13.00%/PIK
13.00%05/202305/20334,235 4,190 4,235 
40,238 40,355 2.99 %
MRI Software LLC
SoftwareFirst lien (5)(13)SOFR(Q)4.75%9.05%01/202002/202721,373 21,345 21,373 
First lien (3)(11)(13)SOFR(Q)4.75%9.05%03/202102/20277,571 7,561 7,571 
First lien (2)(12)(13)SOFR(Q)4.75%9.05%03/202102/20274,509 4,509 4,509 
First lien (2)(12)(13)SOFR(Q)4.75%9.05%01/202002/20273,099 3,096 3,099 
First lien (3)(11)(13)SOFR(Q)4.75%9.05%01/202002/2027791 790 791 
First lien (3)(13)(16) - DrawnSOFR(Q)4.75%9.05%01/202002/2027111 111 111 
37,412 37,454 2.78 %
CentralSquare Technologies, LLC
SoftwareFirst lien (2)(12)(13)SOFR(M)*
2.88%+ 3.38%/PIK
10.57%04/202404/203036,023 35,640 36,023 2.67 %
Auctane Inc. (fka Stamps.com Inc.)
SoftwareFirst lien (3)(11)(13)SOFR(Q)5.75%10.14%10/202110/202836,155 35,945 35,446 2.63 %
IG Investments Holdings, LLC
Business ServicesFirst lien (2)(12)(13)SOFR(Q)5.00%9.29%09/202109/202832,717 32,540 32,717 
First lien (3)(11)(13)SOFR(Q)5.00%9.29%03/202409/20282,536 2,534 2,536 
35,074 35,253 2.61 %
Foundational Education Group, Inc.
EducationSecond lien (5)(13)SOFR(Q)6.50%11.05%08/202108/202922,500 22,426 22,500 
Second lien (3)(11)(13)SOFR(Q)6.50%11.05%08/202108/202910,965 10,720 10,965 
33,146 33,465 2.48 %
The accompanying notes are an integral part of these consolidated financial statements.
9

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
TigerConnect, Inc.
HealthcareFirst lien (3)(11)(13)SOFR(Q)*
3.38% +3.38%/PIK
11.19%02/202202/2028$29,868 $29,701 $29,868 
First lien (2)(13)(16) - DrawnSOFR(Q)*
3.38% +3.38%/PIK
11.19%02/202202/20282,724 2,724 2,724 
32,425 32,592 2.42 %
Fortis Solutions Group, LLC
PackagingFirst lien (2)(12)(13)SOFR(Q)5.50%9.90%10/202110/202817,132 17,028 17,132 
First lien (3)(11)(13)SOFR(Q)5.50%9.90%10/202110/202812,330 12,260 12,330 
First lien (3)(13)(16) - DrawnSOFR(Q)5.50%9.90%10/202110/20271,287 1,274 1,287 
First lien (3)(13)(16) - DrawnSOFR(Q)5.50%9.90%06/202210/202898 99 98 
First lien (3)(13)SOFR(Q)5.50%9.90%10/202110/202879 79 79 
30,740 30,926 2.29 %
PPV Intermediate Holdings, LLC
Consumer ServicesFirst lien (4)(13)SOFR(Q)5.75%10.06%08/202208/202922,331 22,279 22,331 
First lien (2)(12)(13)SOFR(Q)5.75%10.06%06/202408/20298,238 8,238 8,238 
30,517 30,569 2.27 %
Brave Parent Holdings, Inc.
SoftwareFirst lien (5)(13)SOFR(M)5.00%9.32%11/202311/203019,969 19,883 19,969 
First lien (2)(12)(13)SOFR(M)5.00%9.32%05/202411/20307,808 7,808 7,808 
First lien (5)(13)(16) - DrawnSOFR(M)5.00%9.32%11/202311/20301,316 1,315 1,316 
First lien (3)(13)(16) - DrawnSOFR(M)5.00%9.32%05/202411/2030515 518 515 
29,524 29,608 2.20 %
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
HealthcareFirst lien (2)(12)(13)SOFR(M)*
2.75% + 3.25%/PIK
10.42%08/202108/202822,089 21,968 21,300 
First lien (3)(11)(13)SOFR(M)*
2.75% + 3.25%/PIK
10.42%08/202108/20284,240 4,206 4,089 
First lien (3)(11)(13)SOFR(M)*
2.75% + 3.25%/PIK
10.42%08/202108/20283,915 3,890 3,776 
First lien (3)(13)(16) - DrawnSOFR(M)5.50%9.92%08/202108/2027282 280 272 
30,344 29,437 2.18 %
The accompanying notes are an integral part of these consolidated financial statements.
10

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
NMC Crimson Holdings, Inc.
HealthcareFirst lien (3)(11)(13)SOFR(Q)6.09%10.55%03/202103/2028$19,259 $19,116 $19,259 
First lien (3)(11)(13)SOFR(Q)6.09%10.55%03/202103/20285,012 4,997 5,012 
First lien (2)(12)(13)SOFR(Q)6.09%10.55%03/202103/20284,913 4,876 4,913 
28,989 29,184 2.16 %
DOCS, MSO, LLC
HealthcareFirst lien (3)(11)(13)SOFR(M)5.75%10.17%06/202206/202818,290 18,290 18,213 
First lien (4)(13)SOFR(M)5.75%10.17%06/202206/20286,849 6,849 6,821 
First lien (3)(11)(13)SOFR(M)5.75%10.17%02/202506/20283,380 3,355 3,366 
First lien (3)(13)(16) - DrawnSOFR(S)5.75%10.13%06/202206/2028481 481 479 
28,975 28,879 2.14 %
Nelipak Holding Company
PackagingFirst lien (3)(11)(13)(14)EURIBOR(Q)5.50%7.86%03/202403/203116,482 17,735 17,830 
First lien (2)(12)(13)SOFR(Q)5.50%9.80%03/202403/2031$9,001 8,940 9,001 
First lien (3)(11)(13)(14)(16) - DrawnSOFR(M)5.50%9.82%03/202403/2031$1,306 1,296 1,306 
First lien (3)(13)(16) - DrawnEURIBOR(M)5.50%7.88%03/202403/2031209 224 226 
28,195 28,363 2.10 %
Syndigo LLC
SoftwareSecond lien (4)(13)SOFR(Q)8.00%12.55%12/202012/202822,500 22,402 22,500 
Second lien (2)(12)(13)SOFR(Q)8.00%12.55%02/202212/20285,697 5,706 5,697 
28,108 28,197 2.09 %
PetVet Care Centers, LLC
Consumer ServicesFirst lien (3)(11)(13)SOFR(M)6.00%10.32%10/202311/203028,074 27,833 27,614 2.05 %
Bullhorn, Inc.
SoftwareFirst lien (2)(12)(13)SOFR(M)5.00%9.32%09/201910/202913,206 13,172 13,206 
First lien (3)(11)(13)SOFR(M)5.00%9.32%05/202410/20298,879 8,893 8,879 
First lien (2)(12)(13)SOFR(M)5.00%9.32%10/202110/20293,398 3,394 3,398 
First lien (2)(12)(13)SOFR(M)5.00%9.32%09/201910/2029761 759 761 
First lien (2)(12)(13)SOFR(M)5.00%9.32%09/201910/2029341 340 341 
First lien (2)(12)(13)SOFR(M)5.00%9.32%09/201910/2029272 271 272 
26,829 26,857 1.99 %
The accompanying notes are an integral part of these consolidated financial statements.
11

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Pioneer Topco I, L.P.(28)
Pioneer Buyer I, LLC
SoftwareFirst lien (3)(11)(13)SOFR(Q)6.00%10.30%03/202411/2028$23,089 $23,002 $23,089 
First lien (3)(11)(13)SOFR(Q)6.00%10.30%03/202211/20282,374 2,364 2,374 
25,366 25,463 1.89 %
AmeriVet Partners Management, Inc.
Consumer ServicesFirst lien (3)(11)(13)SOFR(S)5.25%9.72%02/202202/202818,915 18,863 18,915 
First lien (2)(12)(13)SOFR(S)5.25%9.72%02/202202/20285,264 5,247 5,264 
First lien (3)(11)(13)SOFR(S)5.25%9.72%02/202202/2028691 689 691 
24,799 24,870 1.84 %
Diamond Parent Holdings Corp. (25)
Diligent Corporation
SoftwareFirst lien (2)(12)(13)SOFR(Q)5.00%9.31%04/202408/203019,821 19,755 19,821 
First lien (3)(11)(13)SOFR(Q)5.00%9.31%04/202408/20303,398 3,387 3,398 
23,142 23,219 1.72 %
PDI TA Holdings, Inc.
SoftwareFirst lien (4)(13)SOFR(Q)5.50%9.79%01/202402/203120,469 20,378 20,469 
First lien (3)(11)(13)SOFR(Q)5.50%9.79%03/202502/2031513 513 513 
First lien (3)(13)(16) - DrawnSOFR(Q)5.50%9.79%01/202402/2031244 243 244 
21,134 21,226 1.57 %
Power Grid Holdings, Inc.
Business ProductsFirst lien (4)(13)SOFR(Q)4.75%9.05%11/202312/203022,331 22,177 22,331 1.66 %
Xactly Corporation
SoftwareFirst lien (4)(13)SOFR(Q)6.25%10.66%07/201707/202722,500 22,484 22,286 1.65 %
Ambrosia Holdco Corp(32)
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (2)(13)SOFR(M)*
3.25%/PIK + 2.00%
9.58%01/202406/202912,475 11,951 10,526 
First lien (3)(11)(13)SOFR(M)*
3.25%/PIK + 2.00%
9.58%01/202406/202910,043 9,941 8,474 
First lien (3)(11)(13)SOFR(M)*
3.00%/PIK + 1.00%
8.32%03/202406/20292,863 2,359 2,368 
Subordinated (2)(13)FIXED(Q)*
11.00%/PIK
11.00%01/202412/2031311 311 311 
Subordinated (3)(13)FIXED(Q)*
11.00%/PIK
11.00%01/202412/2031300 300 300 
24,862 21,979 1.63 %
YLG Holdings, Inc.
Business ServicesFirst lien (5)(13)SOFR(Q)4.75%9.05%11/201912/203021,825 21,799 21,825 1.62 %
The accompanying notes are an integral part of these consolidated financial statements.
12

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Cardinal Parent, Inc.
SoftwareFirst lien (4)SOFR(Q)4.50%8.95%10/202011/2027$11,700 $11,661 $11,433 
Second lien (4)(13)SOFR(Q)7.75%12.20%11/202011/20289,767 9,712 9,655 
21,373 21,088 1.56 %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (2)(12)(13)SOFR(S)5.25%9.76%06/202106/202815,382 15,308 15,382 
First lien (2)(12)(13)SOFR(S)5.25%9.62%06/202106/20284,467 4,440 4,467 
First lien (2)(12)(13)(16) - DrawnSOFR(S)4.50%8.82%12/202406/2028690 687 690 
20,435 20,539 1.52 %
Oranje Holdco, Inc.
EducationFirst lien (3)(11)(13)SOFR(Q)7.75%12.04%02/202302/202914,880 14,745 14,880 
First lien (3)(11)(13)SOFR(Q)7.25%11.54%04/202402/20295,454 5,407 5,454 
20,152 20,334 1.51 %
DG Investment Intermediate Holdings 2, Inc.
Business ServicesSecond lien (3)(11)SOFR(M)6.75%11.19%03/202103/202920,313 20,280 20,034 1.49 %
HS Purchaser, LLC / Help/Systems Holdings, Inc.
SoftwareSecond lien (5)SOFR(Q)6.75%11.14%11/201911/202722,500 22,441 16,313 
Second lien (2)(12)SOFR(Q)6.75%11.14%11/201911/20274,208 4,188 3,051 
26,629 19,364 1.44 %
FS WhiteWater Holdings, LLC(27)
FS WhiteWater Borrower, LLC
Consumer ServicesFirst lien (5)(13)SOFR(Q)5.00%9.45%12/202112/20298,527 8,483 8,527 
First lien (3)(11)(13)SOFR(Q)5.00%9.45%07/202212/20294,753 4,721 4,753 
First lien (5)(13)SOFR(Q)5.00%9.45%12/202112/20292,863 2,846 2,863 
First lien (5)(13)SOFR(Q)5.00%9.45%12/202112/20292,844 2,829 2,844 
18,879 18,987 1.41 %
GraphPAD Software, LLC
HealthcareFirst lien (2)(12)(13)SOFR(Q)4.75%9.05%06/202406/203117,856 17,815 17,856 
First lien (3)(13)(16) - DrawnSOFR(Q)4.75%9.05%06/202406/2031446 444 446 
18,259 18,302 1.36 %
The accompanying notes are an integral part of these consolidated financial statements.
13

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
AAC Lender Holdings, LLC(24)
American Achievement Corporation (aka AAC Holding Corp.)
EducationFirst lien (2)(13)SOFR(M)(18)*
6.75%/PIK + 0.50%
11.67%09/201509/2026$29,879 $29,842 $17,999 
First lien (3)(13)SOFR(M)(18)*
14.50%/PIK + 0.50%
19.42%06/202109/20261,527 1,527  
Subordinated (3)(13)SOFR(Q)(18)*
1.00%/PIK
5.46%03/202109/20265,230   
31,369 17,999 1.34 %
Notorious Topco, LLC
Consumer ProductsFirst lien (3)(11)(13)SOFR(Q)*
4.75% + 2.50%/PIK
11.71%11/202111/202710,096 10,058 8,553 
First lien (3)(11)(13)SOFR(Q)*
4.75% + 2.50%/PIK
11.71%05/202211/20279,970 9,930 8,446 
First lien (3)(11)(13)SOFR(Q)*
4.75% + 2.50%/PIK
11.71%11/202111/2027880 874 745 
First lien (3)(13)(16) - DrawnSOFR(Q)6.75%11.21%11/202105/2027235 233 199 
21,095 17,943 1.33 %
Flash Charm Inc. (fka Idera, Inc.)
SoftwareSecond lien (4)(13)SOFR(Q)6.75%11.19%06/201903/202915,091 14,967 14,319 
Second lien (3)(11)(13)SOFR(Q)6.75%11.19%04/202103/20292,012 2,006 1,909 
16,973 16,228 1.20 %
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (5)(13)SOFR(M)4.50%8.82%02/202002/202814,594 14,578 14,594 
First lien (5)(13)SOFR(M)4.50%8.82%02/202402/20281,261 1,254 1,261 
First lien (3)(11)(13)(16) - DrawnSOFR(M)4.50%8.82%02/202002/2028180 179 180 
16,011 16,035 1.19 %
Viper Bidco. Inc.
SoftwareFirst lien (3)(11)(13)(14)SONIA(D)5.00%9.46%11/202411/2031£12,000 15,142 15,425 1.14 %
Bonterra LLC
SoftwareFirst lien (3)(11)SOFR(Q)5.00%9.30%03/202503/203215,065 15,027 15,027 
First lien (3)(16) - DrawnSOFR(Q)5.00%9.30%03/202503/2032266 265 265 
15,292 15,292 1.13 %
Calabrio, Inc.
SoftwareFirst lien (5)(13)SOFR(Q)5.50%9.81%04/202104/202712,255 12,217 12,255 
First lien (5)(13)SOFR(Q)5.50%9.81%01/202404/20271,570 1,559 1,570 
First lien (3)(13)(16) - DrawnSOFR(Q)5.50%9.81%04/202104/2027637 633 637 
14,409 14,462 1.07 %
The accompanying notes are an integral part of these consolidated financial statements.
14

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Coupa Holdings, LLC
SoftwareFirst lien (3)(11)(13)SOFR(Q)5.25%9.54%02/202302/2030$14,352 $14,212 $14,352 1.06 %
Houghton Mifflin Harcourt Company
EducationFirst lien (3)(11)SOFR(M)5.25%9.67%10/202304/202914,447 14,091 14,300 1.06 %
Convey Health Solutions, Inc.
HealthcareFirst lien (3)(11)(13)SOFR(S)*
1.00% + 4.25%/PIK
9.57%09/201907/202913,243 13,195 12,180 
First lien (3)(11)(13)SOFR(S)*
1.00% + 4.25%/PIK
9.57%02/202207/20292,211 2,196 2,034 
15,391 14,214 1.05 %
Daxko Acquisition Corporation
SoftwareFirst lien (3)(11)(13)SOFR(M)5.00%9.32%10/202110/202812,845 12,771 12,845 
First lien (2)(12)(13)SOFR(M)5.00%9.32%10/202110/20281,082 1,076 1,082 
First lien (3)(13)SOFR(M)5.00%9.32%10/202110/202865 64 65 
13,911 13,992 1.04 %
Baker Tilly Advisory Group, LP
Financial ServicesFirst lien (3)(11)(13)SOFR(M)4.75%9.07%05/202406/203113,652 13,559 13,550 1.01 %
CFS Management, LLC
HealthcareFirst lien (3)(11)(13)SOFR(Q)*
6.25% + 2.25%/PIK
13.06%08/201909/202611,918 11,918 10,429 
First lien (2)(12)(13)SOFR(Q)*
6.25% + 2.25%/PIK
13.06%08/201909/20263,551 3,559 3,107 
15,477 13,536 1.00 %
USRP Holdings, Inc.
Business ServicesFirst lien (3)(11)(13)SOFR(M)5.00%9.32%07/202112/20296,966 6,930 6,966 
First lien (2)(12)(13)SOFR(M)5.00%9.32%07/202112/20295,527 5,499 5,527 
12,429 12,493 0.93 %
eResearchTechnology, Inc.
HealthcareFirst lien (3)SOFR(M)4.75%9.07%03/202501/203211,380 11,266 11,266 
First lien (3)(16) - DrawnSOFR(M)4.75%9.07%03/202501/2032107 96 107 
11,362 11,373 0.84 %
Anaplan, Inc.
SoftwareFirst lien (3)(11)(13)SOFR(Q)5.00%9.30%06/202206/202910,592 10,525 10,592 0.79 %
Project Accelerate Parent, LLC
SoftwareFirst lien (5)(13)SOFR(M)5.25%9.57%02/202402/203110,493 10,446 10,493 0.78 %
The accompanying notes are an integral part of these consolidated financial statements.
15

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Specialtycare, Inc.
HealthcareFirst lien (2)(12)(13)SOFR(Q)5.75%10.32%06/202106/2028$10,220 $10,145 $9,927 
First lien (3)(11)(13)(16) - DrawnSOFR(M)4.00%8.44%06/202106/2026235 231 228 
First lien (3)(11)(13)SOFR(Q)5.75%10.31%06/202106/202877 75 75 
10,451 10,230 0.76 %
CG Group Holdings, LLC
Specialty Chemicals & MaterialsFirst lien (2)(12)(13)SOFR(Q)*
6.75%+ 2.00%/PIK
13.05%07/202107/20278,514 8,472 8,514 
First lien (3)(11)(13)(16) - DrawnSOFR(M)*
6.75% + 2.00%/PIK
13.08%07/202107/20261,073 1,061 1,073 
9,533 9,587 0.71 %
Ciklum Inc.**
Business ServicesFirst lien (2)(12)(13)SOFR(Q)6.50%10.89%02/202402/20309,512 9,410 9,512 0.71 %
Planview Parent, Inc.
SoftwareSecond lien (3)(11)SOFR(Q)5.75%10.05%06/202412/20289,231 9,209 9,196 0.68 %
Safety Borrower Holdings LLC
SoftwareFirst lien (2)(12)(13)SOFR(M)5.25%9.69%09/202109/20277,427 7,408 7,427 
First lien (3)(11)(13)SOFR(M)5.25%9.69%09/202109/20271,519 1,519 1,519 
First lien (3)(13)(16) - DrawnP(Q)4.25%11.75%09/202109/2027128 127 128 
9,054 9,074 0.67 %
Icefall Parent, Inc.
SoftwareFirst lien (3)(11)(13)SOFR(Q)6.50%10.79%01/202401/20308,696 8,622 8,696 0.65 %
KPSKY Acquisition Inc.
Business ServicesFirst lien (3)(11)(13)SOFR(Q)5.50%9.89%10/202110/20286,809 6,770 6,591 
First lien (3)(11)(13)SOFR(Q)5.50%9.91%06/202210/20281,146 1,138 1,109 
First lien (3)(11)(13)SOFR(Q)5.50%9.89%10/202110/2028780 776 755 
First lien (3)(13)(16) - DrawnSOFR(Q)5.75%10.16%11/202310/202819 19 18 
8,703 8,473 0.63 %
Park Place Technologies, LLC
Business ServicesFirst lien (2)(12)(13)SOFR(Q)5.25%9.54%07/202403/20317,635 7,617 7,616 
First lien (3)(13)(16) - DrawnSOFR(M)5.25%9.57%07/202403/2031617 615 615 
First lien (3)(11)(13)(16) - DrawnSOFR(M)5.25%9.57%07/202403/2030210 210 210 
8,442 8,441 0.63 %
The accompanying notes are an integral part of these consolidated financial statements.
16

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Alegeus Technologies Holdings Corp.
HealthcareFirst lien (3)(11)(13)SOFR(Q)6.75%11.05%10/202411/2029$8,478 $8,378 $8,372 0.62 %
Firebird Co-Invest L.P. (20)
Firebird Acquisition Corp, Inc.
Business ServicesFirst lien (3)(11)(13)SOFR(Q)*
2.25% + 2.75%/PIK
9.29%01/202502/20328,058 8,039 8,038 0.60 %
Higginbotham Insurance Agency, Inc.
Business ServicesFirst lien (3)(11)(13)SOFR(M)4.50%8.83%03/202411/20283,798 3,798 3,798 
First lien (3)(13)(16) - DrawnSOFR(M)4.75%9.07%03/202411/20283,315 3,300 3,315 
7,098 7,113 0.53 %
Eclipse Topco, Inc. (30)
Eclipse Buyer Inc.
SoftwareFirst lien (4)(13)SOFR(M)4.75%9.06%09/202409/20317,113 7,079 7,078 0.53 %
CRCI Longhorn Holdings, Inc.
Business ServicesFirst lien (2)(12)(13)SOFR(M)5.00%9.32%08/202408/20316,500 6,469 6,467 
First lien (3)(11)(13)(16) - DrawnSOFR(M)5.00%9.32%08/202408/2031565 562 562 
7,031 7,029 0.52 %
PPVA Black Elk (Equity) LLC
Business ServicesSubordinated (3)(13)05/201314,500 14,500 6,525 0.48 %
Legends Hospitality Holding Company, LLC
Business ServicesFirst lien (5)(13)SOFR(Q)*
2.75%+ 2.75%/PIK
9.83%08/202408/20316,151 6,095 6,090 
First lien (3)(13)(16) - DrawnSOFR(Q)5.00%9.32%08/202408/2030333 329 329 
6,424 6,419 0.48 %
Next Holdco, LLC
HealthcareFirst lien (2)(12)(13)SOFR(Q)5.25%9.55%11/202311/20306,312 6,276 6,312 0.47 %
Greenway Health, LLC
HealthcareFirst lien (3)(11)(13)SOFR(Q)6.75%11.05%12/202304/20296,286 6,210 6,286 0.47 %
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
HealthcareFirst lien (3)(11)(13)SOFR(Q)7.00%11.48%05/202105/20276,086 6,061 6,086 0.45 %
NC Topco, LLC
SoftwareFirst lien (2)(12)(13)SOFR(M)*
2.50% + 2.75%/PIK
9.57%08/202409/20315,879 5,851 5,849 0.43 %
Healthspan Buyer, LLC
HealthcareFirst lien (3)(11)(13)SOFR(Q)5.25%9.55%10/202310/20305,056 5,013 5,056 0.38 %
The accompanying notes are an integral part of these consolidated financial statements.
17

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Adelaide Borrower, LLC**
SoftwareFirst lien (3)(11)(13)SOFR(Q)6.25%10.55%05/202405/2030$4,698 $4,657 $4,698 0.35 %
Logrhythm, Inc.
SoftwareFirst lien (3)(13)SOFR(Q)7.50%11.81%07/202407/20294,196 4,140 4,127 0.31 %
CommerceHub, Inc.
SoftwareFirst lien (3)(11)(13)SOFR(Q)6.25%10.56%06/202312/20273,910 3,621 3,910 0.29 %
Kene Acquisition, Inc.
Business ServicesFirst lien (2)(12)(13)SOFR(Q)5.25%9.54%02/202402/20313,500 3,470 3,500 
First lien (3)(13)(16) - DrawnSOFR(Q)5.25%9.54%02/202402/2031162 160 162 
3,630 3,662 0.27 %
RLG Holdings, LLC
PackagingFirst lien (2)(12)SOFR(M)5.00%9.32%06/202407/20283,959 3,959 3,660 0.27 %
AI Altius US Bidco, Inc.
Business ServicesFirst lien (3)(11)(13)SOFR(S)4.75%9.03%05/202412/20283,062 3,049 3,062 0.23 %
Galway Borrower LLC
Business ServicesFirst lien (3)(13)(16) - DrawnSOFR(Q)4.50%8.80%04/202409/20281,801 1,775 1,783 
First lien (2)(12)(13)SOFR(Q)4.50%8.80%04/202409/20281,087 1,081 1,077 
2,856 2,860 0.21 %
DCA Investment Holding, LLC
HealthcareFirst lien (2)(12)(13)SOFR(Q)6.41%10.70%03/202104/20281,799 1,794 1,761 
First lien (3)(11)(13)SOFR(Q)6.50%10.80%12/202204/20281,008 998 988 
2,792 2,749 0.20 %
Compsych Investments Corp.
Business ServicesFirst lien (2)(12)(13)SOFR(Q)4.75%9.04%07/202407/20311,162 1,159 1,159 0.09 %
CoreTrust Purchasing Group LLC
Business ServicesFirst lien (3)(11)(13)SOFR(M)5.25%9.57%05/202410/20291,047 1,042 1,047 0.08 %
Beacon Pointe Harmony, LLC
Financial ServicesFirst lien (3)(13)(16) - DrawnSOFR(S)4.75%9.18%06/202412/2028466 462 466 0.03 %
Reorganized Careismatic Brands, LLC
HealthcareTrust Claim(2)(13)06/202406/2029152 152 152 
Trust Claim(3)(13)06/202406/202952 52 52 
204 204 0.02 %
The accompanying notes are an integral part of these consolidated financial statements.
18

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
PPVA Fund, L.P.
Business ServicesCollateralized 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**
SoftwareSecond lien (3)(11)(13)SOFR(M)8.25%12.69%10/201910/2027$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 ServicesFirst lien (3)(11)(13)SOFR(S)*
3.50%+ 2.00%/PIK
9.76%07/202407/2031$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 ServicesFirst lien (3)(11)(13)SOFR(Q)5.00%9.29%12/202212/2029$3,437 $3,398 $3,437 
First lien (3)(11)(13)SOFR(Q)5.00%9.29%12/202312/20291,338 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 & LogisticsPreferred shares (3)(11)(13)FIXED(A)*
7.00%/PIK
7.00%09/202156,271 $75,928 $78,578 5.83 %
Symplr Software Intermediate Holdings, Inc.
HealthcarePreferred shares (4)(13)SOFR(Q)*
10.50%/PIK
14.94%11/20187,500 16,979 16,815 
Preferred shares (3)(11)(13)SOFR(Q)*
10.50%/PIK
14.9411/20182,586 5,853 5,797 
22,832 22,612 1.68 %
ACI Parent Inc.(26)
HealthcarePreferred shares (3)(13)FIXED(Q)*
11.75%/PIK
11.75%8/2/202112,500 18,982 16,872 1.25 %
Project Essential Super Parent, Inc.
SoftwarePreferred shares (3)(13)SOFR(Q)*
9.50%/PIK
13.95%04/202110,000 16,492 15,548 1.15 %
OA Topco, L.P.(29)
HealthcareOrdinary shares (3)(13)12/20212,000,000 2,000 14,980 1.11 %
The accompanying notes are an integral part of these consolidated financial statements.
19

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Diamond Parent Holdings Corp. (25)
Diligent Preferred Issuer, Inc.
SoftwarePreferred shares (3)(13)FIXED(S)*
10.50%/PIK
10.50%04/202110,000 $14,912 $14,364 1.07 %
Knockout Intermediate Holdings I Inc.
SoftwarePreferred shares (3)(13)SOFR(S)*
10.75%/PIK
15.03%06/20227,376 13,143 13,236 0.98 %
HBWM Holdings, LLC
Financial ServicesOrdinary shares (9)(13)FIXED(Q)*4.00%4.00%09/202147,114 4,733 9,532 0.71 %
Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.)
PackagingPreferred shares (3)(13)FIXED(A)*
15.00%/PIK
15.00%05/20242,900 2,900 2,900 
Preferred shares (3)(13)FIXED(A)(18)*
11.50%/PIK
11.50%05/20243,691 2,565 2,702 
Ordinary shares (3)(13)05/2024290 145 305 
5,610 5,907 0.44 %
FS WhiteWater Holdings, LLC(27)
Consumer ServicesOrdinary shares (5)(13)12/202150,000 5,000 4,655 0.35 %
Firebird Co-Invest L.P.(20)
Business ServicesLP Interest (3)(13)01/20253,358,474 3,358 3,358 0.25 %
Ambrosia Holdco Corp. (32)
Distribution & LogisticsOrdinary shares (2)(13)01/2024126,536 1,348 1,291 
Ordinary shares (3)(13)01/2024122,044 1,300 1,245 
2,648 2,536 0.19 %
Pioneer Topco I, L.P.(28)
SoftwareOrdinary shares (10)(13)11/2021199,980 2,000 2,000 0.15 %
Eclipse Topco, Inc.(30)
SoftwarePreferred shares (4)(13)FIXED(S)*
12.50%/PIK
12.50%09/2024190 1,952 1,952 0.14 %
GEDC Equity, LLC
HealthcareParticipation Interest(3)(13)06/2023190 190 50 0.00 %
Ancora Acquisition LLC
EducationPreferred shares (7)(13)08/2013372 83   %
AAC Lender Holdings, LLC(24)
EducationOrdinary shares (3)(13)03/2021758    %
Total Shares - United States$189,863 $206,180 15.30 %
Total Shares$189,863 $206,180 15.30 %
The accompanying notes are an integral part of these consolidated financial statements.
20

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Structured Finance Obligations - United States
Ivy Hill Middle Market Credit Fund, Ltd**
Investment FundStructured Finance Obligations (3)(13)SOFR(S)7.00%11.46%11/202401/20373,232 $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
HealthcareWarrants (2)(13)06/202406/2029138,622 $183 $272 
Warrants (3)(13)06/202406/202947,459 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 ServicesFirst lien (3)(13)(16) - Undrawn05/202407/2028$2,884 $(1)$29 
First lien (3)(13)(16) - Undrawn05/202407/2028800   
(1)29 0.00 %
Beacon Pointe Harmony, LLC
Financial ServicesFirst lien (3)(13)(16) - Undrawn06/202412/20251,685    %
AAC Lender Holdings, LLC(24)
American Achievement Corporation (aka AAC Holding Corp.)
EducationFirst lien (3)(13)(16) - Undrawn01/202109/20262,652    %
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (3)(13)(16) - Undrawn10/202410/20262,695    %
DOXA Insurance Holdings LLC
Business ServicesFirst lien (3)(13)(16) - Undrawn05/202405/20263,046    %
AI Altius US Bidco, Inc.
Business ServicesFirst lien (3)(13)(16) - Undrawn05/202405/20263,077    %
The accompanying notes are an integral part of these consolidated financial statements.
21

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Higginbotham Insurance Agency, Inc.
Business ServicesFirst lien (3)(13)(16) - Undrawn03/202403/2026$4,665 $ $  %
Riskonnect Parent, LLC
SoftwareFirst lien (3)(13)(16) - Undrawn03/202403/20266,349    %
CG Group Holdings, LLC
Specialty Chemicals & MaterialsFirst lien (3)(13)(16) - Undrawn07/202107/2026113 (1)  %
Safety Borrower Holdings LLC
SoftwareFirst lien (3)(13)(16) - Undrawn09/202109/2027384 (2)  %
CoreTrust Purchasing Group LLC
Business ServicesFirst lien (3)(13)(16) - Undrawn05/202405/2026578 (3)  %
Next Holdco, LLC
HealthcareFirst lien (3)(13)(16) - Undrawn11/202311/2025903   
First lien (3)(13)(16) - Undrawn11/202311/2029339 (3) 
(3)  %
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
HealthcareFirst lien (3)(13)(16) - Undrawn05/202105/2027417 (4)  %
Bullhorn, Inc.
SoftwareFirst lien (3)(13)(16) - Undrawn05/202405/20261,847   
First lien (3)(13)(16) - Undrawn09/201910/2029935 (4) 
(4)  %
PPV Intermediate Holdings, LLC
Consumer ServicesFirst lien (3)(13)(16) - Undrawn08/202208/2029486 (5)  %
Kene Acquisition, Inc.
Business ServicesFirst lien (3)(13)(16) - Undrawn02/202402/20261,398   
First lien (3)(13)(16) - Undrawn02/202402/2031468 (5) 
(5)  %
The accompanying notes are an integral part of these consolidated financial statements.
22

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Calabrio, Inc.
SoftwareFirst lien (3)(13)(16) - Undrawn04/202104/2027$850 $(6)$  %
Wealth Enhancement Group, LLC
Financial ServicesFirst lien (3)(13)(16) - Undrawn08/202110/20282,040 (6)  %
Adelaide Borrower, LLC**
SoftwareFirst lien (3)(13)(16) - Undrawn05/202405/20261,048   
First lien (3)(13)(16) - Undrawn05/202405/2030667 (7) 
(7)  %
Icefall Parent, Inc.
SoftwareFirst lien (3)(13)(16) - Undrawn01/202401/2030828 (8)  %
Project Accelerate Parent, LLC
SoftwareFirst lien (3)(13)(16) - Undrawn02/202402/20311,510 (8)  %
PDI TA Holdings, Inc.
SoftwareFirst lien (3)(13)(16) - Undrawn01/202402/20311,586 (8) 
First lien (4)(13)(16) - Undrawn01/202402/20261,865   
(8)  %
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (3)(13)(16) - Undrawn02/202002/20281,619 (8)  %
USRP Holdings, Inc.
Business ServicesFirst lien (3)(13)(16) - Undrawn07/202112/2029893 (9)  %
MRI Software LLC
SoftwareFirst lien (3)(13)(16) - Undrawn01/202002/20271,891 (9)  %
Daxko Acquisition Corporation
SoftwareFirst lien (3)(13)(16) - Undrawn10/202110/2028986 (10)  %
AmeriVet Partners Management, Inc.
Consumer ServicesFirst lien (3)(13)(16) - Undrawn02/202202/20281,969 (10)  %
The accompanying notes are an integral part of these consolidated financial statements.
23

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Healthspan Buyer, LLC
HealthcareFirst lien (3)(13)(16) - Undrawn10/202310/2030$1,229 $(12)$  %
Coupa Holdings, LLC
SoftwareFirst lien (3)(13)(16) - Undrawn02/202308/20251,291   
First lien (3)(13)(16) - Undrawn02/202302/2029989 (12) 
(12)  %
Brave Parent Holdings, Inc.
SoftwareFirst lien (3)(13)(16) - Undrawn05/202405/2025376   
First lien (3)(13)(16) - Undrawn11/202311/20301,594 (6) 
First lien (5)(13)(16) - Undrawn11/202305/2025963 (7) 
(13)  %
FS WhiteWater Holdings, LLC(27)
FS WhiteWater Borrower, LLC
Consumer ServicesFirst lien (3)(13)(16) - Undrawn03/202503/2027909   
First lien (5)(13)(16) - Undrawn03/202503/20272,723   
First lien (3)(13)(16) - Undrawn12/202112/20291,400 (14) 
(14)  %
GraphPAD Software, LLC
HealthcareFirst lien (3)(13)(16) - Undrawn06/202406/20311,682 (4) 
First lien (3)(13)(16) - Undrawn06/202406/20264,038 (10) 
(14)  %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (2)(12)(13)(16) - Undrawn12/202404/202595   
First lien (3)(13)(16) - Undrawn06/202106/20281,501 (15) 
(15)  %
The accompanying notes are an integral part of these consolidated financial statements.
24

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Fortis Solutions Group, LLC
PackagingFirst lien (3)(13)(16) - Undrawn06/202206/2025$3,262 $ $ 
First lien (3)(13)(16) - Undrawn10/202110/20271,573 (16) 
(16)  %
Nelipak Holding Company
PackagingFirst lien (3)(13)(16) - Undrawn03/202403/2027$3,501   
First lien (3)(11)(13)(14)(16) - Undrawn03/202403/20276,411   
First lien (3)(11)(13)(14)(16) - Undrawn03/202403/2031987 (7) 
First lien (3)(13)(16) - Undrawn03/202403/2031$1,306 (10) 
(17)  %
Foreside Financial Group, LLC
Business ServicesFirst lien (3)(13)(16) - Undrawn03/202403/20263,312   
First lien (3)(13)(16) - Undrawn05/202209/20271,710 (17) 
(17)  %
Diamond Parent Holdings Corp. (25)
Diligent Corporation
SoftwareFirst lien (3)(13)(16) - Undrawn04/202408/20302,265 (8) 
First lien (3)(13)(16) - Undrawn04/202404/20263,398 (13) 
(21)  %
Oranje Holdco, Inc.
EducationFirst lien (3)(13)(16) - Undrawn02/202302/20291,860 (23)  %
OEConnection LLC
SoftwareFirst lien (3)(13)(16) - Undrawn04/202404/20315,063 (25)  %
Pioneer Topco I, L.P.(28)
Pioneer Buyer I, LLC
SoftwareFirst lien (3)(13)(16) - Undrawn11/202111/20273,284 (26)  %
The accompanying notes are an integral part of these consolidated financial statements.
25

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
GS Acquisitionco, Inc.
SoftwareFirst lien (3)(13)(16) - Undrawn03/202403/2026$1,120 $ $ 
First lien (3)(13)(16) - Undrawn08/201905/20284,821 (26) 
(26)  %
Infogain Corporation
Business ServicesFirst lien (3)(13)(16) - Undrawn07/202107/20263,827 (29)  %
GC Waves Holdings, Inc.
Financial ServicesFirst lien (3)(13)(16) - Undrawn10/201910/20303,951 (30)  %
OA Topco, L.P.(29)
OA Buyer, Inc.
HealthcareFirst lien (3)(13)(16) - Undrawn12/202112/20283,600 (36)  %
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst lien (3)(13)(16) - Undrawn12/202112/20273,659 (37)  %
Ciklum Inc.**
Business ServicesFirst lien (3)(13)(16) - Undrawn02/202408/202511,955   
First lien (3)(13)(16) - Undrawn02/202402/20302,989 (37) 
(37)  %
IG Investments Holdings, LLC
Business ServicesFirst lien (3)(13)(16) - Undrawn09/202109/20283,780 (38)  %
Power Grid Holdings, Inc.
Business ProductsFirst lien (3)(13)(16) - Undrawn11/202312/20304,289 (43)  %
TigerConnect, Inc.
HealthcareFirst lien (2)(13)(16) - Undrawn02/202212/20251,017   
First lien (3)(13)(16) - Undrawn02/202202/20284,267 (43) 
(43)  %
CentralSquare Technologies, LLC
SoftwareFirst lien (3)(13)(16) - Undrawn04/202404/20303,980 (50)  %
The accompanying notes are an integral part of these consolidated financial statements.
26

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Compsych Investments Corp.
Business ServicesFirst lien (3)(13)(16) - Undrawn07/202407/2027$333 $ $(1)(0.00)%
Park Place Technologies, LLC
Business ServicesFirst lien (3)(13)(16) - Undrawn07/202409/2025583 (1)(1)
First lien (3)(13)(16) - Undrawn07/202403/2030691 (2)(2)
(3)(3)(0.00)%
Bonterra LLC
SoftwareFirst lien (3)(16) - Undrawn03/202503/20271,629   
First lien (3)(16) - Undrawn03/202503/20321,363 (3)(3)
(3)(3)(0.00)%
Firebird Co-Invest L.P. (20)
Firebird Acquisition Corp, Inc.
Business ServicesFirst lien (3)(13)(16) - Undrawn01/202502/20284,740   
First lien (3)(13)(16) - Undrawn01/202502/20321,422 (4)(4)
(4)(4)(0.00)%
Logrhythm, Inc.
SoftwareFirst lien (3)(13)(16) - Undrawn07/202407/2029420 (6)(7)(0.00)%
Legends Hospitality Holding Company, LLC
Business ServicesFirst lien (5)(13)(16) - Undrawn08/202408/2026358  (4)
First lien (3)(13)(16) - Undrawn08/202408/2030383 (4)(4)
(4)(8)(0.00)%
DOCS, MSO, LLC
HealthcareFirst lien (3)(13)(16) - Undrawn06/202206/20281,924  (8)(0.00)%
Specialtycare, Inc.
HealthcareFirst lien (3)(13)(16) - Undrawn06/202106/2026324 (5)(9)(0.00)%
Xactly Corporation
SoftwareFirst lien (3)(13)(16) - Undrawn07/201707/2027992 (10)(9)(0.00)%
The accompanying notes are an integral part of these consolidated financial statements.
27

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
CRCI Longhorn Holdings, Inc.
Business ServicesFirst lien (3)(13)(16) - Undrawn08/202408/2031$521 $(3)$(3)
First lien (3)(13)(16) - Undrawn08/202408/20261,629  (8)
(3)(11)(0.00)%
NC Topco, LLC
SoftwareFirst lien (3)(13)(16) - Undrawn08/202409/2031669 (3)(3)
First lien (3)(13)(16) - Undrawn08/202408/20261,672  (8)
(3)(11)(0.00)%
Eclipse Topco, Inc. (30)
Eclipse Buyer Inc.
SoftwareFirst lien (4)(13)(16) - Undrawn09/202409/20261,206  (6)
First lien (3)(13)(16) - Undrawn09/202409/20314,190 (21)(21)
(21)(27)(0.00)%
eResearchTechnology, Inc.
HealthcareFirst lien (3)(16) - Undrawn03/202503/20261,889 (9)(9)
First lien (3)(16) - Undrawn03/202501/20272,040  (11)
First lien (3)(16) - Undrawn03/202510/20311,074 (11)(11)
(20)(31)(0.00)%
Baker Tilly Advisory Group, LP
Financial ServicesFirst lien (3)(13)(16) - Undrawn05/202406/20262,065  (15)
First lien (3)(13)(16) - Undrawn05/202406/20302,894 (22)(22)
(22)(37)(0.00)%
Viper Bidco. Inc.
SoftwareFirst lien (3)(13)(16) - Undrawn11/202411/20264,150  (21)
First lien (3)(13)(16) - Undrawn11/202411/20313,320 (17)(17)
(17)(38)(0.00)%
iCIMS, Inc.
SoftwareFirst lien (3)(13)(16) - Undrawn08/202208/20283,142 (27)(41)(0.00)%
The accompanying notes are an integral part of these consolidated financial statements.
28

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
KPSKY Acquisition Inc.
Business ServicesFirst lien (3)(13)(16) - Undrawn11/202311/2025$1,568 $ $(45)(0.00)%
Einstein Parent, Inc.
SoftwareFirst lien (3)(13)(16) - Undrawn01/202501/20315,750 (57)(57)(0.00)%
Model N, Inc.
SoftwareFirst lien (3)(13)(16) - Undrawn06/202406/20314,825 (24)(24)
First lien (3)(13)(16) - Undrawn06/202406/20269,047  (45)
(24)(69)(0.01)%
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
HealthcareFirst lien (3)(13)(16) - Undrawn08/202108/20272,071 (21)(74)(0.01)%
Notorious Topco, LLC
Consumer ProductsFirst lien (3)(13)(16) - Undrawn11/202105/2027646 (5)(99)(0.01)%
PetVet Care Centers, LLC
Consumer ServicesFirst lien (3)(13)(16) - Undrawn10/202311/20253,708  (61)
First lien (3)(13)(16) - Undrawn10/202311/20293,708 (37)(61)
(37)(122)(0.01)%
Total Unfunded Debt Investments - United States$(1,003)$(685)(0.04)%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business ServicesFirst lien (3)(13)(16) - Undrawn12/202212/2028$320 $(5)$  %
Total Unfunded Debt Investments - Australia(5)  %
Total Unfunded Debt Investments (1,008)(685)(0.04)%
Total Non-Controlled/Non-Affiliated Investments2,276,008 2,260,728 167.70 %
The accompanying notes are an integral part of these consolidated financial statements.
29

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Non-Controlled/Affiliated Investments (33)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (21)
Edmentum Ultimate Holdings, LLC
EducationSubordinated (3)(13)SOFR(Q)*
13.50%/PIK
17.80%12/202001/2028$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 ServicesFirst lien (2)(12)(13)SOFR(Q)7.50%11.95%03/202304/202810,628 10,628 10,628 
First lien (3)(13)SOFR(Q)7.50%11.95%03/202304/2028340 340 340 
10,968 10,968 0.81 %
Permian Holdco 3, Inc.
Permian Trust
EnergyTrust Claim(8)(13)FIXED(Q)(18)*
10.00%/PIK
10.00%03/2021247   
First lien (3)(13)SOFR(Q)(18)*
10.00%/PIK
11.00%07/20203,409   
   %
Total Funded Debt Investments - United States$34,182 $34,245 2.54 %
Equity - United States
TVG-Edmentum Holdings, LLC(21)
EducationOrdinary shares (3)(13)FIXED(Q)*
12.00%/PIK
12.00%12/202048,899 $68,051 $59,136 
Preferred shares (3)(13)FIXED(Q)*
15.00%/PIK
15.00%05/20243,480 7,807 7,808 
75,858 66,944 4.97 %
Eagle Infrastructure Super HoldCo, LLC
Business ServicesOrdinary shares (3)(13)03/202372,536 4,104 7,369 0.55 %
Sierra Hamilton Holdings Corporation
EnergyOrdinary shares (2)(13)07/201725,000,000 11,501 1,799 
Ordinary shares (3)(13)07/20172,786,000 1,282 201 
12,783 2,000 0.15 %
Total Shares - United States$92,745 $76,313 5.67 %
Total Non-Controlled/Affiliated Investments$126,927 $110,558 8.21 %
The accompanying notes are an integral part of these consolidated financial statements.
30

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Controlled Investments (34)
Funded Debt Investments - United States
New Benevis Topco, LLC (23)
New Benevis Holdco, Inc.
HealthcareFirst lien (2)(13)FIXED(Q)*
12.00%/PIK
12.00%10/202010/2026$47,496 $47,496 $47,496 
First lien (3)(11)(13)FIXED(Q)*
12.00%/PIK
12.00%10/202010/202636,948 36,948 36,948 
Subordinated (3)(13)FIXED(M)*
12.00%/PIK
12.00%10/202010/202624,535 23,776 19,628 
108,220 104,072 7.72 %
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
EnergyFirst lien (3)(11)(13)SOFR(Q)9.00%13.56%10/202012/202723,336 23,336 23,336 
First lien (3)(11)(13)(16) - DrawnSOFR(Q)6.00%10.56%10/202012/202722,184 22,184 22,184 
45,520 45,520 3.38 %
NHME Holdings Corp. (22)
National HME, Inc.
HealthcareSecond lien (3)(13)SOFR(Q)(18)*
5.00%/PIK
9.57%11/27/201811/20258,281 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 FundMembership interest (3)(13)05/2018 $160,000 $160,000 11.87 %
NMFC Senior Loan Program IV LLC**
Investment FundMembership interest (3)(13)05/2021 112,400 112,400 8.34 %
NM NL Holdings, L.P.**
Net LeaseMembership interest (6)(13)06/2018 74,248 105,211 7.80 %
UniTek Global Services, Inc.
Business ServicesPreferred shares (3)(13)FIXED(Q)*
20.00%/PIK
20.00%08/201855,705,117 52,381 45,347 
Preferred shares (3)(13)06/201780,994,293 29,318 21,388 
Preferred shares (2)(13)01/201529,326,545 26,946  
Preferred shares (3)(13)01/2015141,354,439 7,447  
Ordinary shares (2)(13)01/20152,096,477 1,925  
Ordinary shares (3)(13)01/20159,236,492 532  
118,549 66,735 4.95 %
The accompanying notes are an integral part of these consolidated financial statements.
31

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
New Benevis Topco, LLC (23)
HealthcareOrdinary shares (2)(13)10/2020325,516 $27,154 $27,697 
Ordinary shares (3)(13)10/2020152,548 12,768 12,980 
39,922 40,677 3.02 %
New Permian Holdco, Inc.
EnergyOrdinary shares (3)(13)10/2020100 11,155 16,000 1.19 %
NM YI, LLC
Net LeaseMembership interest (6)(13)09/2019 6,272 8,927 0.66 %
NM GP Holdco, LLC**
Net LeaseMembership interest (6)(13)06/2018 850 383 0.03 %
NHME Holdings Corp.(22)
HealthcareOrdinary shares (3)(13)11/2018640,000 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)
HealthcareWarrants (3)(13)11/201801/2033160,000 $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.
EnergyFirst lien (3)(13)(16) - Undrawn10/202012/2027$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.
32

Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(in thousands, except shares)
(unaudited)

(11)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto. See Note 7. Borrowings, for details
(12)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent, and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian.. See Note 7. Borrowings, for details.
(13)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.
(14)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of March 31, 2025, the par value U.S. dollar equivalent of the Viper Bidco, Inc. first lien term loans is $15,503 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan, undrawn revolver and drawn revolver is $17,830, $6,935, $1,068 and $226, respectively. See Note 2. Summary of Significant Accounting Policies, for details.
(15)Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").
(16)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.
(17)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of March 31, 2025.
(18)Investment is on non-accrual status. See Note 3. Investments, for details.
(19)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $13,500 as of March 31, 2025. See Note 2. Summary of Significant Accounting Policies, for details.
(20)The Company holds a LP Interest in Firebird Co-Invest L.P. and holds a first lien term loan, a first lien delayed and a first lien revolver in Firebird Acquisition Corp, Inc., a wholly-owned subsidiary of Firebird Co-Invest L.P. .
(21)The Company holds ordinary shares and preferred equity in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC.
(22)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR + 5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR + 6.00%.
(23)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.
(24)The Company holds ordinary shares in AAC Lender Holdings, LLC and two first lien term loans, a first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.
(25)The Company holds investments in two wholly-owned subsidiaries of Diamond Parent Holdings Corp. The Company holds two first lien term loans, a first lien delayed draw and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc.
(26)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc.
(27)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and five first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.
(28)The Company holds ordinary shares in Pioneer Topco I, L.P., and two first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.
(29)The Company holds ordinary shares in OA Topco, L.P., and three first lien term loans and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidiary of OA Topco, L.P.
(30)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc.
(31)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.
(32)The Company holds ordinary shares in Ambrosia Holdco Corp. and two first lien term loans, a subordinated loan and a first lien delayed draw in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Holdco Corp.



The accompanying notes are an integral part of these consolidated financial statements.
33

Table of Contents
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 CompanyFair Value at December 31, 2024Gross Additions (A)Gross Redemptions (B)Net Change In Unrealized Appreciation (Depreciation)Fair Value at March 31, 2025Net Realized Gains (Losses)Interest IncomeDividend IncomeOther 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 Corporation2,000    2,000     
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC91,620 2,673  (4,072)90,221  991 1,683 63 
Total Non-Controlled/Affiliated Investments$112,776 $2,673 $ $(4,891)$110,558 $ $1,318 $1,683 $63 
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
The accompanying notes are an integral part of these consolidated financial statements.
34

Table of Contents
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, 2024Gross Additions (A)Gross Redemptions (B)Net Change In Unrealized Appreciation (Depreciation)Fair Value at March 31, 2025Net Realized Gains (Losses)Interest IncomeDividend IncomeOther 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, LLC322   61 383   13  
NM YI LLC9,960   (1,033)8,927   226  
NMFC Senior Loan Program III LLC160,000    160,000   5,800  
NMFC Senior Loan Program IV LLC112,400    112,400   3,934  
UniTek Global Services, Inc.107,524 63,603 (60,582)(43,810)66,735 38,899 516 2,071 320 
Total Controlled Investments$700,896 $71,003 $(60,582)$(48,392)$662,925 $38,899 $5,173 $14,269 $1,828 
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
*    All or a portion of interest contains PIK interest. See Note 2. Summary of Significant Accounting Policies-Revenue Recognition, for details.
**    Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2025, 14.2% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.
The accompanying notes are an integral part of these consolidated financial statements.
35

Table of Contents
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
March 31, 2025
(unaudited)

 March 31, 2025
Investment TypePercent of Total
Investments at Fair Value
First lien64.56 %
Second lien5.72 %
Subordinated3.46 %
Structured Finance Obligations 0.11 %
Equity and other26.15 %
Total investments100.00 %
 
 March 31, 2025
Industry TypePercent of Total
Investments at Fair Value
Software27.51 %
Healthcare17.45 %
Business Services14.69 %
Investment Funds (includes investments in joint ventures)9.08 %
Consumer Services6.21 %
Education5.81 %
Financial Services4.14 %
Distribution & Logistics3.93 %
Net Lease3.77 %
Packaging2.27 %
Energy2.09 %
Food & Beverage1.40 %
Business Products0.74 %
Consumer Products0.59 %
Specialty Chemicals & Materials0.32 %
Total investments100.00 %
 
 March 31, 2025
Interest Rate TypePercent of Total
Investments at Fair Value
Floating rates86.50 %
Fixed rates13.50 %
Total investments100.00 %

The accompanying notes are an integral part of these consolidated financial statements.
36

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst lien (2)(12)(13)SOFR(M)5.25%9.71%12/202112/2027$22,733 $22,583 $22,734 
First lien (3)(11)(13)SOFR(M)5.25%9.71%12/202112/202720,218 20,104 20,218 
First lien (4)(13)SOFR(M)5.25%9.71%01/202212/20279,599 9,545 9,599 
First lien (4)(13)SOFR(M)5.25%9.71%12/202112/20277,375 7,327 7,375 
Subordinated (3)(11)(13)FIXED(Q)*
11.50%/PIK
11.50%12/202112/203115,733 15,598 15,366 
Subordinated (4)(13)FIXED(Q)*
11.50%/PIK
11.50%01/202212/20316,170 6,117 6,027 
81,274 81,319 5.98 %
Knockout Intermediate Holdings I Inc.(30)
Kaseya Inc.
SoftwareFirst lien (2)(12)(13)SOFR(Q)5.50%10.09%06/202206/202964,124 63,786 64,124 
First lien (3)(11)(13)(16) - DrawnSOFR(Q)5.50%9.83%06/202206/2029973 966 973 
First lien (3)(13)(16) - DrawnSOFR(Q)5.50%10.09%06/202206/2029751 746 751 
First lien (3)(11)(13)SOFR(Q)5.50%10.09%06/202206/2029238 237 238 
65,735 66,086 4.86 %
Associations Finance, Inc.
Associations, Inc.
Business ServicesFirst lien (3)(11)(13)SOFR(Q)6.50%11.32%05/202407/202849,430 49,409 49,430 
First lien (3)(13)(16) - DrawnSOFR(Q)6.50%11.28%05/202407/20281,539 1,538 1,539 
First lien (3)(13)(16) - DrawnSOFR(Q)6.50%11.32%05/202407/2028641 641 641 
Subordinated (3)(13)FIXED(Q)*
14.25%/PIK
14.25%05/202405/20307,959 7,942 7,959 
Subordinated (3)(13)FIXED(Q)*
14.25%/PIK
14.25%05/202405/20303,039 3,033 3,039 
62,563 62,608 4.61 %
GC Waves Holdings, Inc.
Financial ServicesFirst lien (2)(12)(13)SOFR(M)4.75%9.21%08/202110/203040,312 40,084 40,312 
First lien (5)(13)SOFR(M)4.75%9.21%08/202110/203021,448 21,386 21,448 
61,470 61,760 4.54 %
The accompanying notes are an integral part of these consolidated financial statements.
37

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
OA Topco, L.P.(29)
OA Buyer, Inc.
HealthcareFirst lien (2)(12)(13)SOFR(M)4.75%9.11%06/202412/2028$31,513 $31,442 $31,513 
First lien (2)(12)(13)SOFR(M)4.75%9.11%12/202112/202827,425 27,248 27,425 
First lien (2)(12)(13)SOFR(M)4.75%9.11%05/202212/20281,736 1,724 1,736 
60,414 60,674 4.46 %
GS Acquisitionco, Inc.
SoftwareFirst lien (2)(12)(13)SOFR(Q)5.25%9.58%08/201905/202834,719 34,663 34,719 
First lien (5)(13)SOFR(Q)5.25%9.58%08/201905/202821,297 21,263 21,297 
First lien (3)(11)(13)SOFR(Q)5.25%9.58%08/201905/20282,909 2,902 2,909 
First lien (3)(13)(16) - DrawnSOFR(Q)5.25%9.58%03/202405/2028319 319 319 
59,147 59,244 4.36 %
iCIMS, Inc.
SoftwareFirst lien (2)(12)(13)SOFR(Q)5.75%10.38%09/202308/202844,742 44,537 44,406 
First lien (2)(12)(13)SOFR(Q)6.25%10.88%10/202208/20287,366 7,321 7,311 
First lien (3)(13)(16) - DrawnSOFR(Q)5.75%10.34%08/202208/2028706 705 701 
52,563 52,418 3.86 %
OEConnection LLC
SoftwareFirst lien (2)(12)(13)SOFR(M)5.00%9.36%04/202404/203146,430 46,214 46,430 3.42 %
Model N, Inc.
SoftwareFirst lien (2)(12)(13)SOFR(Q)5.00%9.33%06/202406/203144,218 44,008 43,997 3.24 %
Deca Dental Holdings LLC
HealthcareFirst lien (2)(12)(13)SOFR(Q)5.75%10.18%08/202108/202837,094 36,871 36,604 
First lien (3)(11)(13)SOFR(Q)5.75%10.18%08/202108/20283,905 3,880 3,853 
First lien (3)(11)(13)(16) - DrawnSOFR(Q)5.75%10.20%08/202108/20273,027 2,997 2,987 
43,748 43,444 3.20 %
IG Intermediateco LLC
Infogain Corporation
Business ServicesFirst lien (2)(12)(13)SOFR(M)5.75%10.21%07/202107/202818,372 18,291 18,372 
First lien (3)(11)(13)SOFR(M)5.75%10.21%07/202207/20287,764 7,713 7,764 
Subordinated (3)(13)SOFR(Q)7.50%11.93%07/202207/202916,953 16,795 16,953 
42,799 43,089 3.17 %
Sierra Enterprises, LLC
Food & BeverageFirst lien (3)(11)(13)SOFR(Q)6.75%11.34%06/202305/202742,450 38,840 42,450 3.12 %
The accompanying notes are an integral part of these consolidated financial statements.
38

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial ServicesFirst lien (2)(12)(13)SOFR(Q)5.00%9.55%05/202210/2028$15,593 $15,565 $15,593 
First lien (3)(11)(13)SOFR(Q)5.00%9.55%08/202110/202811,908 11,887 11,908 
First lien (2)(12)(13)SOFR(Q)5.00%9.55%08/202110/20286,659 6,644 6,659 
First lien (3)(11)(13)SOFR(Q)5.00%9.50%01/202210/20281,228 1,221 1,228 
First lien (3)(11)(13)SOFR(Q)5.00%9.56%01/202210/2028824 819 824 
Subordinated (3)(13)FIXED(Q)*
13.00%/PIK
13.00%05/202305/20334,231 4,185 4,231 
40,321 40,443 2.98 %
MRI Software LLC
SoftwareFirst lien (5)(13)SOFR(Q)4.75%9.08%01/202002/202721,430 21,398 21,430 
First lien (3)(11)(13)SOFR(Q)4.75%9.08%03/202102/20277,591 7,580 7,591 
First lien (2)(12)(13)SOFR(Q)4.75%9.08%03/202102/20274,521 4,516 4,521 
First lien (2)(12)(13)SOFR(Q)4.75%9.08%01/202002/20273,107 3,103 3,107 
First lien (3)(11)(13)SOFR(Q)4.75%9.08%01/202002/2027793 792 793 
First lien (3)(13)(16) - DrawnSOFR(Q)4.75%9.08%01/202002/2027111 111 111 
37,500 37,553 2.76 %
Foreside Financial Group, LLC
Business ServicesFirst lien (2)(12)(13)SOFR(M)5.25%9.71%05/202209/202733,356 33,163 33,356 
First lien (3)(11)(13)SOFR(M)5.25%9.71%05/202209/20274,075 4,041 4,075 
37,204 37,431 2.75 %
CentralSquare Technologies, LLC
SoftwareFirst lien (2)(12)(13)SOFR(M)*
2.88% + 3.38%/PIK
10.63%04/202404/203035,797 35,399 35,797 2.63 %
Auctane Inc. (fka Stamps.com Inc.)
SoftwareFirst lien (3)(11)(13)SOFR(S)5.75%10.94%10/202110/202821,624 21,492 21,138 
First lien (2)(12)(13)SOFR(S)5.75%10.94%10/202110/202814,624 14,534 14,295 
36,026 35,433 2.61 %
IG Investments Holdings, LLC
Business ServicesFirst lien (2)(12)(13)SOFR(Q)5.00%9.67%09/202109/202832,799 32,611 32,799 
First lien (3)(11)(13)SOFR(Q)5.00%9.67%03/202409/20282,542 2,540 2,542 
35,151 35,341 2.60 %
The accompanying notes are an integral part of these consolidated financial statements.
39

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
TigerConnect, Inc.
HealthcareFirst lien (2)(12)(13)SOFR(Q)*
3.38% + 3.38%/PIK
11.47%02/202202/2028$29,868 $29,689 $29,868 
First lien (2)(13)(16) - DrawnSOFR(Q)*
3.38% + 3.38%/PIK
11.47%02/202202/20282,440 2,440 2,440 
32,129 32,308 2.38 %
PPV Intermediate Holdings, LLC
Consumer ServicesFirst lien (4)(13)SOFR(Q)5.75%10.26%08/202208/202922,388 22,332 22,388 
First lien (2)(12)(13)SOFR(Q)5.75%10.26%06/202408/20298,258 8,258 8,258 
30,590 30,646 2.25 %
Fortis Solutions Group, LLC
PackagingFirst lien (2)(12)(13)SOFR(Q)5.50%9.93%10/202110/202817,176 17,066 17,176 
First lien (3)(11)(13)SOFR(Q)5.50%9.93%10/202110/202812,020 11,946 12,020 
First lien (3)(13)(16) - DrawnSOFR(Q)5.50%10.30%10/202110/20271,001 990 1,001 
First lien (3)(13)(16) - DrawnSOFR(Q)5.50%9.90%06/202210/2028342 343 342 
First lien (3)(13)SOFR(Q)5.50%9.93%10/202110/202880 79 80 
30,424 30,619 2.25 %
Brave Parent Holdings, Inc.
SoftwareFirst lien (5)(13)SOFR(M)5.00%9.36%11/202311/203020,019 19,931 20,019 
First lien (2)(12)(13)SOFR(M)5.00%9.36%05/202411/20307,827 7,827 7,827 
First lien (5)(13)(16) - DrawnSOFR(M)5.00%9.36%11/202311/20301,319 1,318 1,319 
First lien (3)(13)(16) - DrawnSOFR(M)5.00%9.36%05/202411/2030516 520 516 
29,596 29,681 2.18 %
Foundational Education Group, Inc.
EducationSecond lien (5)(13)SOFR(Q)6.50%11.35%08/202108/202922,500 22,423 22,500 
Second lien (2)(12)(13)SOFR(Q)6.50%11.35%08/202108/20297,009 6,992 7,009 
29,415 29,509 2.17 %
The accompanying notes are an integral part of these consolidated financial statements.
40

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
ACI Parent Inc.(26)
ACI Group Holdings, Inc.
HealthcareFirst lien (2)(12)(13)SOFR(M)*
2.75%+ 3.25%/PIK
10.46%08/202108/2028$21,910 $21,782 $21,266 
First lien (3)(11)(13)SOFR(M)*
2.75% + 3.25%/PIK
10.46%08/202108/20284,206 4,170 4,082 
First lien (3)(11)(13)SOFR(M)*
2.75% +3.25%/PIK
10.46%08/202108/20283,884 3,858 3,769 
First lien (3)(13)(16) - DrawnSOFR(M)5.50%9.96%08/202108/2027235 233 228 
30,043 29,345 2.16 %
NMC Crimson Holdings, Inc.
HealthcareFirst lien (3)(11)(13)SOFR(Q)6.09%10.85%03/202103/202819,259 19,106 19,259 
First lien (3)(11)(13)SOFR(Q)6.09%10.69%03/202103/20285,012 4,996 5,012 
First lien (2)(12)(13)SOFR(Q)6.09%10.85%03/202103/20284,913 4,874 4,913 
28,976 29,184 2.15 %
Syndigo LLC
SoftwareSecond lien (4)(13)SOFR(Q)8.00%12.89%12/202012/202822,500 22,397 22,500 
Second lien (2)(12)(13)SOFR(Q)8.00%12.89%02/202212/20285,697 5,706 5,697 
28,103 28,197 2.07 %
PetVet Care Centers, LLC
Consumer ServicesFirst lien (2)(12)(13)SOFR(M)6.00%10.36%10/202311/203028,145 27,895 28,145 2.07 %
Nelipak Holding Company
PackagingFirst lien (3)(11)(13)(14)EURIBOR(M)5.50%8.36%03/202403/203116,523 17,776 17,108 
First lien (2)(12)(13)SOFR(M)5.50%9.86%03/202403/20319,023 8,961 9,023 
First lien (3)(11)(13)(14)(16) - DrawnSOFR(M)5.50%9.86%03/202403/20311,097 1,089 1,097 
First lien (3)(13)(16) - DrawnEURIBOR(M)5.50%8.32%03/202403/2031392 406 405 
28,232 27,633 2.03 %
The accompanying notes are an integral part of these consolidated financial statements.
41

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Bullhorn, Inc.
SoftwareFirst lien (2)(12)(13)SOFR(M)5.00%9.36%09/201910/2029$13,206 $13,170 $13,206 
First lien (3)(11)(13)SOFR(M)5.00%9.36%05/202410/20298,462 8,452 8,462 
First lien (2)(12)(13)SOFR(M)5.00%9.36%10/202110/20293,398 3,394 3,398 
First lien (2)(12)(13)SOFR(M)5.00%9.36%09/201910/2029761 758 761 
First lien (3)(13)(16) - DrawnSOFR(M)5.00%9.36%05/202410/2029417 417 417 
First lien (2)(12)(13)SOFR(M)5.00%9.36%09/201910/2029341 340 341 
First lien (2)(12)(13)SOFR(M)5.00%9.36%09/201910/2029272 271 272 
26,802 26,857 1.98 %
Pioneer Topco I, L.P.(28)
Pioneer Buyer I, LLC
SoftwareFirst lien (3)(11)(13)SOFR(Q)6.50%10.83%03/202411/202823,089 22,997 23,089 
First lien (3)(11)(13)SOFR(Q)6.50%10.83%03/202211/20282,374 2,364 2,374 
25,361 25,463 1.87 %
DOCS, MSO, LLC
HealthcareFirst lien (3)(11)(13)SOFR(M)5.75%10.40%06/202206/202818,337 18,337 18,236 
First lien (4)(13)SOFR(M)5.75%10.40%06/202206/20286,867 6,867 6,829 
25,204 25,065 1.84 %
AmeriVet Partners Management, Inc.
Consumer ServicesFirst lien (2)(12)(13)SOFR(S)5.25%9.75%02/202202/202818,964 18,908 18,964 
First lien (2)(12)(13)SOFR(S)5.25%9.75%02/202202/20285,277 5,259 5,277 
First lien (3)(11)(13)SOFR(S)5.25%9.75%02/202202/2028693 690 693 
24,857 24,934 1.83 %
Diamond Parent Holdings Corp. (25)
Diligent Corporation
SoftwareFirst lien (2)(12)(13)SOFR(S)5.00%10.09%04/202408/203019,821 19,753 19,821 
First lien (3)(11)(13)SOFR(S)5.00%10.09%04/202408/20303,398 3,386 3,398 
23,139 23,219 1.71 %
FS WhiteWater Holdings, LLC(27)
FS WhiteWater Borrower, LLC
Consumer ServicesFirst lien (5)(13)SOFR(Q)5.75%10.23%12/202112/202710,185 10,127 10,185 
First lien (3)(11)(13)SOFR(Q)6.00%10.48%07/202212/20275,677 5,636 5,677 
First lien (5)(13)SOFR(Q)5.75%10.23%12/202112/20273,419 3,398 3,419 
First lien (5)(13)SOFR(Q)5.75%10.23%12/202112/20273,397 3,378 3,397 
22,539 22,678 1.67 %
The accompanying notes are an integral part of these consolidated financial statements.
42

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)
CostFair ValuePercent of
Net
Assets
Power Grid Holdings, Inc.
Business ProductsFirst lien (4)(13)SOFR(Q)4.75%9.08%11/202312/2030$22,387 $22,228 $22,387 1.65 %
Xactly Corporation
SoftwareFirst lien (4)(13)SOFR(Q)6.25%10.86%07/201707/202722,500 22,483 22,250 1.64 %
YLG Holdings, Inc.
Business ServicesFirst lien (5)(13)SOFR(Q)4.75%9.09%11/201912/203021,825 21,798 21,825 1.61 %
Ambrosia Holdco Corp(32)
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (2)(13)SOFR(M)*
5.25%/PIK
9.59%01/202406/202912,327 11,782 10,402 
First lien (3)(11)(13)SOFR(M)*
5.25%/PIK
9.59%01/202406/20299,925 9,818 8,374 
First lien (3)(11)(13)SOFR(M)*
2.00%/PIK + 1.00%
7.34%03/202406/20292,843 2,317 2,351 
Subordinated (2)(13)FIXED(Q)*
11.00%/PIK
11.00%01/202412/2031302 302 302 
Subordinated (3)(13)FIXED(Q)*
11.00%/PIK
11.00%01/202412/2031291 291 291 
24,510 21,720 1.60 %
Cardinal Parent, Inc.
SoftwareFirst lien (4)SOFR(Q)4.50%8.98%10/202011/202711,730 11,689 11,249 
Second lien (4)(13)SOFR(Q)7.75%12.24%11/202011/20289,767 9,709 9,423 
21,398 20,672 1.52 %
PDI TA Holdings, Inc.
SoftwareFirst lien (4)(13)SOFR(Q)5.50%10.09%01/202402/203118,161 18,078 18,161 
First lien (4)(13)(16) - DrawnSOFR(Q)5.50%10.00%01/202402/20312,360 2,348 2,360 
20,426 20,521 1.51 %
Oranje Holdco, Inc.
EducationFirst lien (2)(12)(13)SOFR(Q)7.75%12.32%02/202302/20297,440 7,370 7,440 
First lien (3)(11)(13)SOFR(Q)7.75%12.32%02/202302/20297,440 7,369 7,440 
First lien (3)(11)(13)SOFR(Q)7.25%11.82%04/202402/20295,454 5,404 5,454 
20,143 20,334 1.50 %
DG Investment Intermediate Holdings 2, Inc.
Business ServicesSecond lien (3)(11)SOFR(M)6.75%11.22%03/202103/202920,313 20,280 20,281 1.49 %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (2)(12)(13)SOFR(S)5.25%9.76%06/202106/202815,382 15,303 15,382 
First lien (2)(12)(13)SOFR(S)5.25%9.94%06/202106/20284,467 4,438 4,467 
19,741 19,849 1.46 %
The accompanying notes are an integral part of these consolidated financial statements.
43

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
ReferenceSpreadTotal Coupon (17)Acquisition DateMaturity/Expiration
Date
Principal
Amount,
Par Value
or Shares (15)