<SEC-DOCUMENT>0001104659-21-133593.txt : 20211103
<SEC-HEADER>0001104659-21-133593.hdr.sgml : 20211103
<ACCEPTANCE-DATETIME>20211103150913
ACCESSION NUMBER:		0001104659-21-133593
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20211101
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20211103
DATE AS OF CHANGE:		20211103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Mountain Finance Corp
		CENTRAL INDEX KEY:			0001496099
		IRS NUMBER:				272978010
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00832
		FILM NUMBER:		211374992

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		STREET 2:		48TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2127300200

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		STREET 2:		48TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	New Mountain Guardian Corp
		DATE OF NAME CHANGE:	20100706
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2131732d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<body style="font: 10pt Times New Roman, Times, Serif">

<p style="margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES </b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549 </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 5pt">&nbsp;</font></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM 8-K </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 3pt">&nbsp;</font></p>

<p style="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT </b></p>

<p style="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to section 13 or 15(d) of the </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities Exchange Act of 1934 </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of Earliest Event Reported):
November 1, 2021</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 3pt">&nbsp;</font></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>New Mountain Finance Corporation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified in its
charter) </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; text-align: center; font-size: 10pt; width: 34%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</b></font></td>
    <td style="vertical-align: bottom; font-size: 10pt; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt; width: 32%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>814-00832</b></font></td>
    <td style="vertical-align: bottom; font-size: 10pt; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt; width: 32%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27-2978010</b></font></td></tr>
  <tr>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(State or other jurisdiction of</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>incorporation or organization)</b>&nbsp;</p></td>
    <td style="vertical-align: bottom; font-size: 10pt">&nbsp;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Commission</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>File Number)</b>&nbsp;</p></td>
    <td style="vertical-align: bottom; font-size: 10pt">&nbsp;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(IRS Employer</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Identification Number)</b>&nbsp;</p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>1633 Broadway, 48<sup>th</sup> Floor, </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>New York, NY 10019 </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Address of principal executive offices) (zip
code)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Registrant&rsquo;s telephone number, including
area code (212) 720-0300</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 3pt">&nbsp;</font></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; font-size: 10pt"><font style="font-family: Wingdings; font-size: 10pt"><font style="font-family: Wingdings">&#168;</font></font></td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; font-size: 10pt"><font style="font-family: Wingdings; font-size: 10pt"><font style="font-family: Wingdings">&#168;</font></font></td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; font-size: 10pt"><font style="font-family: Wingdings; font-size: 10pt"><font style="font-family: Wingdings">&#168;</font></font></td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 3%; font-size: 10pt"><font style="font-family: Wingdings; font-size: 10pt"><font style="font-family: Wingdings">&#168;</font></font></td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&nbsp;12(b)&nbsp;of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 35%; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of each class</b></font></td>
    <td style="width: 32%; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Symbol (s)</b></font></td>
    <td style="width: 33%; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of each exchange on which<br>
 registered</b></font></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock, par value $0.01 per share</font></td>
    <td style="text-align: center; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NMFC</font></td>
    <td style="text-align: center; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The NASDAQ Global Select Market</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule
12b-2 of the Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font-size: 3pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Emerging growth company&nbsp;<font style="font-family: Wingdings">&#168;</font>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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.&nbsp;<font style="font-family: Wingdings">&#168;</font>&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 12%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item&nbsp;1.01.</b></font></td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Entry into a Material Definitive Agreement. </b></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendment
No.&nbsp;1 to the </i></font><i>Investment Advisory and Management Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
</font>November&nbsp;1, 2021, New Mountain Finance Corporation, a Delaware corporation (the <i>&ldquo;<b>Company</b>&rdquo;</i>) and New
Mountain Finance Advisers BDC, L.L.C., a Delaware limited liability company (the <i>&ldquo;<b>Adviser</b>&rdquo;</i>), the Company&rsquo;s
registered investment adviser, entered Amendment No.&nbsp;1 (the &ldquo;<b><i>Amendment</i></b>&rdquo;) to the Investment Advisory and
Management Agreement, dated as of May&nbsp;8, 2014 (the &ldquo;<b><i>Management Agreement</i></b>&rdquo;). Pursuant to the Amendment,
Section&nbsp;3 of the Management Agreement was amended and restated for the sole purpose of reducing the Base Management Fee (as defined
in the Management Agreement) from 1.75% of the Company&rsquo;s gross assets to 1.4% of the Company&rsquo;s gross assets. No other changes
were made to the Management Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
description above is qualified in its entirety by reference to the copy of the Amendment</font>, which is filed as Exhibit&nbsp;10.1 to
this current report on Form&nbsp;8-K and is incorporated herein by reference thereto.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fee
Waiver</i></font><i> Letter</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
</font>November&nbsp;2, 2021, the Adviser delivered a Fee Waiver Letter (the &ldquo;<b><i>Fee Waiver Letter</i></b>&rdquo;) to the Company
for the purpose of extending the term of that certain fee waiver letter dated May&nbsp;4, 2021 (the &ldquo;<b><i>Initial Fee Waiver Letter</i></b>&rdquo;)
provided to the Company by the Adviser. Pursuant to the Fee Waiver Letter, the Adviser extended the term of the Initial Fee Waiver Letter
to be effective through the quarter ending December&nbsp;31, 2023, rather than the quarter ending December&nbsp;31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Fee Waiver Letter, the Adviser </font>agreed to voluntarily reduce the Base Management Fee (as defined in the Management Agreement)
payable to the Adviser by the Company under the Management Agreement, as amended by the Amendment (the &ldquo;<b><i>Amended Management
Agreement</i></b>&rdquo;). Effective as of and for the quarter ended March&nbsp;31, 2021 (the &ldquo;<b><i>Effective Date</i></b>&rdquo;)
through the quarter ending December&nbsp;31, 2023 (the <i>&ldquo;<b>Termination Date</b>&rdquo;</i>), the Adviser has agreed to calculate
the Base Management Fee as set forth herein (defined below as the &ldquo;<b><i>Reduced Base Management Fee</i></b>&rdquo;), and to waive
such portion of the Base Management Fee payable under the Amended Management Agreement that is in excess of the Reduced Base Management
Fee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Amended Management
Agreement, the Adviser, for its services to the Company, is entitled to receive a Base Management Fee from the Company calculated at
an annual rate of 1.4% of the Company&rsquo;s gross assets, as presented in the Company&rsquo;s consolidated financial statements prepared
in conformity with accounting principles generally accepted in the United States of America (&ldquo;<b><i>GAAP</i></b>&rdquo;), less
cash and cash equivalents.&nbsp;The Base Management Fee is payable quarterly in arrears, and is calculated based on the average value
of the Company&rsquo;s  gross assets at the end of each of the two most recently completed calendar quarters, and appropriately
adjusted on a pro rata basis for any equity capital raised or repurchased during the current calendar quarter. The Base Management Fee
for any partial month or quarter will be appropriately pro-rated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Fee Waiver Letter</font>, as of the Effective Date and through the Termination Date, the Reduced Base Management Fee will be calculated
at an annual rate of 1.25% of the Company&rsquo;s gross assets, as presented in the Company&rsquo;s consolidated financial statements
prepared in conformity with GAAP. The Reduced Base Management Fee will be payable quarterly in arrears, and will be calculated based on
the average value of the Company&rsquo;s gross assets at the end of each of the two most recently completed calendar quarters, and appropriately
adjusted on a pro rata basis for any equity capital raised or repurchased during the current calendar quarter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the avoidance of doubt,
the purpose of the Fee Waiver Letter was to reduce the base management fees payable to the Adviser by the Company for the quarter ended
March&nbsp;31, 2021 through the quarter ending December&nbsp;31, 2023. In order to ensure that the Reduced Base Management Fee is less
than the Base Management Fee that would otherwise be payable under the Amended Management Agreement, the Adviser will, for each quarterly
period during the term of the Fee Waiver Letter, calculate the Reduced Base Management Fee and the Base Management Fee under the terms
of the Amended Management Agreement. If, for any quarterly period during the term of the Fee Waiver Letter, the Reduced Base Management
Fee would be greater than the Base Management Fee calculated under the terms of the Amended Management Agreement, the Adviser shall only
be entitled to the lesser of those two amounts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
description above is qualified in its entirety by reference to the copy of the Fee Waiver Letter</font>, which is filed as Exhibit&nbsp;10.2
to this current report on Form&nbsp;8-K and is incorporated herein by reference thereto.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 9.01</b></td><td style="text-align: justify"><b>Financial Statements and Exhibits</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(a)</td><td>Not applicable.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(b)</td><td>Not applicable.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(c)</td><td>Not applicable.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(d)</td><td>Exhibits.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Exhibit&nbsp;No.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><a href="tm2131732d1_ex10-1.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</font></a></td><td style="text-align: justify"><a href="tm2131732d1_ex10-1.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No.&nbsp;1 to the </font>Investment Advisory and
Management Agreement by and between New Mountain Finance Corporation and New Mountain Finance Advisers BDC, L.L.C.</a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><a href="tm2131732d1_ex10-2.htm" style="-sec-extract: exhibit"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</font></a></td><td><a href="tm2131732d1_ex10-2.htm" style="-sec-extract: exhibit">Fee Waiver Letter Delivered to New Mountain Finance Corporation by New Mountain Finance Advisers BDC, L.L.C.</a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form&nbsp;8-K to be signed on its behalf by the
undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td colspan="3" style="vertical-align: top; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NEW MOUNTAIN FINANCE CORPORATION</font></td></tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&nbsp;November&nbsp;3, 2021</font></td>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font>&nbsp;&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; vertical-align: top">/s/ Karrie J. Jerry</td></tr>
  <tr>
    <td style="vertical-align: top; width: 50%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%">&nbsp;</td>
    <td style="vertical-align: top; font-size: 10pt; width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></td>
    <td style="vertical-align: top; font-size: 10pt; width: 45%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Karrie J. Jerry</font></td></tr>
  <tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Secretary</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2131732d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>
<head>
     <title></title>
</head>
<body style="font: 10pt Times New Roman, Times, Serif">

<p style="margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Exhibit 10.1</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AMENDMENT NO. 1 TO THE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BETWEEN</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NEW MOUNTAIN FINANCE CORPORATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AND</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NEW MOUNTAIN FINANCE ADVISERS BDC, L.L.C.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This AMENDMENT NO. 1 (this &ldquo;<u>Amendment</u>&rdquo;),
dated as of November&nbsp;1, 2021, is made with respect to the Investment Advisory and Management Agreement, dated as of May&nbsp;8, 2014
(the &ldquo;<u>Agreement</u>&rdquo;), by and between New Mountain Finance Corporation, a Delaware corporation (the &ldquo;<u>Company</u>&rdquo;),
and New Mountain Finance Advisers BDC, L.L.C., a Delaware limited liability company (the &ldquo;<u>Adviser</u>&rdquo;). Capitalized terms
not otherwise defined herein shall have the meanings ascribed to them in the Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In consideration of the promises and the mutual
agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3
of the Agreement is hereby amended and restated as set forth below for the sole purpose of reducing the Base Management Fee from </font>1.75%
of the Company&rsquo;s gross assets to 1.4% of the Company&rsquo;s gross assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><b>3. <u>Compensation of the Adviser.</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company agrees to pay, and the Adviser agrees
to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (&ldquo;Base Management Fee&rdquo;)
and an incentive fee (&ldquo;Incentive Fee&rdquo;) as hereinafter set forth.&nbsp; The Company shall make any payments due hereunder to
the Adviser or to the Adviser&rsquo;s designee as the Adviser may otherwise direct.&nbsp; To the extent permitted by applicable law, the
Adviser may elect, or the Company may adopt a deferred compensation plan pursuant to which the Adviser may elect, to defer all or a portion
of its fees hereunder for a specified period of time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Base Management Fee shall be calculated at an annual rate of 1.4% of the Company&rsquo;s gross assets, as presented in the Company&rsquo;s
consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America,
less cash and cash equivalents. For services
rendered under this Agreement, the Base Management Fee will be payable quarterly in arrears. The Base Management Fee will be calculated
based on the average value of the Company&rsquo;s gross assets at the end of each of the two most recently completed calendar quarters,
and appropriately adjusted on a pro rata basis for any equity capital raised or repurchased during the current calendar quarter. Base
Management Fees for any partial month or quarter will be appropriately pro rated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Incentive Fee shall consist of two parts, as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">(i)</td><td style="text-align: justify">One part will be calculated and payable quarterly in arrears based on the Company&rsquo;s &ldquo;Pre-Incentive Fee Net Investment
Income&rdquo; for the immediately preceding calendar quarter. For this purpose, Pre-Incentive Fee Net Investment Income means interest
income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as
commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies)
accrued by the Company during the calendar quarter, minus the Company&rsquo;s operating expenses for the quarter (including the Base Management
Fee, expenses payable under the administration agreement with the Administrator, and any interest expense and distributions paid on any
issued and outstanding preferred membership units, but excluding the Incentive Fee).&nbsp; Pre-Incentive Fee Net Investment Income includes,
in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay in kind interest
and zero coupon securities), accrued income that the Company has not yet received in cash.&nbsp; Pre-Incentive Fee Net Investment Income
does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.&nbsp; Pre-Incentive
Fee Net Investment Income, expressed as a rate of return on the value of the Company&rsquo;s net assets at the end of the immediately
preceding calendar quarter, will be compared to a &ldquo;hurdle rate&rdquo; of 2% per quarter (8% annualized), subject to a &ldquo;catch-up&rdquo;
provision measured as of the end of each calendar quarter.&nbsp; The Company&rsquo;s net investment income used to calculate this part
of the Incentive Fee is also included in the amount of its gross assets used to calculate the&nbsp;1.5% Base Management Fee.&nbsp; The
Company will keep track of the transferred value of each of its assets acquired on May&nbsp;19, 2011 and for purposes of the incentive
fee calculation, adjust Pre-Incentive Fee Net Investment Income to eliminate the effect of additional amortization of purchase discount
or original issue discount taken into account in each period as a result of the lower original purchase price of assets acquired on May&nbsp;19,
2011 as to the transferred value of that date. The Company will pay the Adviser an Incentive Fee with respect to the Company&rsquo;s Pre-Incentive
Fee Net Investment Income in each calendar quarter as follows: (1)&nbsp;no Incentive Fee in any calendar quarter in which the Company&rsquo;s
Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2% (the &ldquo;preferred return&rdquo; or &ldquo;hurdle&rdquo;);
(2)&nbsp;100% of the Company&rsquo;s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net
Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any calendar quarter (10% annualized); this
portion of the Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to
herein as the &ldquo;catch-up.&rdquo; The &ldquo;catch-up&rdquo; is meant to provide the Adviser with an incentive fee of 20% on all of
the Company&rsquo;s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company&rsquo;s Pre-Incentive Fee
Net Investment Income exceeds 2.5% in any calendar quarter; and (3)&nbsp;20% of the amount of the Company&rsquo;s Pre-Incentive Fee Net
Investment Income, if any, that exceeds 2.5% in any calendar quarter (10% annualized) payable to the Adviser once the hurdle is reached
and the catch-up is achieved, (20% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Adviser).&nbsp; These
calculations will be appropriately pro rated for any period of less than three months and adjusted for any equity capital raises or repurchases
during the relevant calendar quarter.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">(ii)</td><td style="text-align: justify">The second part of the Incentive Fee (the &ldquo;<u>Capital Gains Fee</u>&rdquo;) will be determined and payable in arrears as of
the end of each calendar year (or upon termination of this Agreement as set forth below), commencing on December&nbsp;31, 2011, and will
equal 20% of the Company&rsquo;s realized capital gains, if any, on a cumulative basis from inception through the end of each calendar
year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount
of any previously paid capital gain Incentive Fees; provided that the Incentive Fee determined as of December&nbsp;31, 2011 will be calculated
for a period of shorter than twelve calendar months to take into account any realized capital gains computed net of all realized capital
losses and unrealized capital depreciation from inception.&nbsp; The Company will keep track of the transferred value of each of its assets
acquired on May&nbsp;19, 2011 and for purposes of the second part of the incentive fee calculation, adjust realized capital gains, realized
capital losses, unrealized capital appreciation and unrealized capital depreciation to eliminate the effect of the difference in cost
basis and calculate these amounts &ldquo;as if&rdquo; the GAAP built-in gain for each asset was zero on May&nbsp;19, 2011.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in">(iii)</td><td style="text-align: justify">The last day of each calendar quarter in which the Adviser is entitled to receive an Incentive Fee shall be referred to herein as
an &ldquo;<u>Incentive Fee Date</u>.&rdquo;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>[Signature pages&nbsp;follow]</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have caused
this Amendment No.&nbsp;1 to the Investment Advisory and Management Agreement to be duly executed and delivered as of the day and year
first above written.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</td>
  <td style="padding-left: 10pt; text-indent: -10pt; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NEW MOUNTAIN FINANCE CORPORATION</b></font></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</td>
  <td style="padding-left: 10pt; text-indent: -10pt; width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
  <td style="border-bottom: Black 1pt solid; width: 45%"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Shiraz Y. Kajee</font></td></tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="width: 50%">&nbsp;</td>
  <td style="padding-left: 10pt; text-indent: -10pt; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:  Shiraz Y. Kajee</font></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0"></p>





<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="width: 50%">&nbsp;</td>
  <td style="width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:  &nbsp;&nbsp;Chief Financial Officer</font></td></tr>
</table>





<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</td>
  <td style="padding-left: 10pt; text-indent: -10pt; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NEW MOUNTAIN FINANCE ADVISERS BDC, L.L.C.</b></font></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</td>
  <td style="padding-left: 10pt; text-indent: -10pt; width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </font></td>
  <td style="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 45%">/s/ Adam B. Weinstein</td></tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</td>
  <td style="padding-left: 10pt; text-indent: -10pt; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Adam B. Weinstein</font></td></tr>
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  <td style="padding-left: 10pt; text-indent: -10pt; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: &nbsp;&nbsp;Authorized Person</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Amendment No. 1 to Investment Advisory and Management Agreement</p>

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<TYPE>EX-10.2
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<DESCRIPTION>EXHIBIT 10.2
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<p style="margin: 0">&nbsp;</p>

<p style="margin: 0; text-align: right"><b>Exhibit 10.2</b></p>

<p style="margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
</b></font><b>Mountain Finance Advisers BDC, L.L.C.</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>1633 Broadway, 47<sup>th</sup> Floor</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>New York, New York 10019</b>&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">November&nbsp;2, 2021</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Robert A. Hamwee&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New Mountain Finance Corporation&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">787 Seventh Avenue, 48th&nbsp;Floor&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10019</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><b>Re:</b></td><td><b>Waiver of Base Management Fee</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Mr.&nbsp;Hamwee:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose of this letter
is to extend the term of that certain fee waiver letter agreement dated May&nbsp;4, 2021 (the &ldquo;<b><i>Initial Fee Waiver Letter</i></b>&rdquo;)
provided to New Mountain Finance Corporation (the &ldquo;<b><i>Company</i></b>&rdquo;) by New Mountain Finance Advisers BDC, L.L.C. (the
&ldquo;<b><i>Adviser</i></b>&rdquo;). Pursuant to the Initial Fee Waiver Letter, the Adviser agreed to waive a certain amount of the Base
Management Fee beginning with the quarter ended March&nbsp;31, 2021 through the quarter ending December&nbsp;31, 2022. The Adviser desires
to extend the term of the Initial Fee Waiver Letter to be effective through the quarter ending December&nbsp;31, 2023. In furtherance
of the foregoing, the Initial Fee Waiver Letter is amended and restated as set forth below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is hereby made to
the Investment Advisory and Management Agreement (the &ldquo;<b><i>Investment Management Agreement</i></b>&rdquo;), dated May&nbsp;8,
2014, as amended by Amendment No.&nbsp;1 thereto on November&nbsp;1, 2021, by and between the Company and the Adviser. Capitalized terms
used but not defined herein shall have the meaning ascribed to them in the Investment Management Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective as of and for the
quarter ended March&nbsp;31, 2021 (the &ldquo;<b><i>Effective Date</i></b>&rdquo;) through the quarter ending December&nbsp;31, 2023 (the
&ldquo;<b><i>Termination Date</i></b>&rdquo;), we hereby agree to calculate the Base Management Fee as indicated below (defined below
as the &ldquo;<b><i>Reduced Base Management Fee</i></b>&rdquo;), and to waive such portion of the Base Management Fee that is in excess
of the Reduced Base Management Fee that the Adviser would otherwise be entitled to receive under the Investment Management Agreement prior
to the Effective Date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the
Investment Management Agreement, the Adviser, for its services to the Company, is entitled to receive a Base Management Fee from the
Company calculated at an annual rate of 1.4% of the Company&rsquo;s gross assets, as presented in the Company&rsquo;s consolidated
financial statements prepared in conformity with accounting principles generally accepted in the United States of America
(&ldquo;<b><i>GAAP</i></b>&rdquo;), less cash and cash equivalents.&nbsp;The Base Management Fee is payable quarterly in arrears,
and is calculated based on the average value of the Company&rsquo;s gross assets at the end of each of the two most recently
completed calendar quarters, and appropriately adjusted on a pro rata basis for any equity capital raised or repurchased during the
current calendar quarter. Base Management Fees for any partial month or quarter will be appropriately pro-rated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the Effective Date and
through the Termination Date, the Base Management Fee will be calculated at an annual rate of 1.25% of the Company&rsquo;s gross assets,
as presented in the Company&rsquo;s consolidated financial statements prepared in conformity with GAAP (the &ldquo;<b><i>Reduced Base
Management Fee</i></b>&rdquo;). The Reduced Base Management Fee will be payable quarterly in arrears, and will be calculated based on
the average value of the Company&rsquo;s gross assets at the end of each of the two most recently completed calendar quarters, and appropriately
adjusted on a pro rata basis for any equity capital raised or repurchased during the current calendar quarter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the avoidance of doubt,
the purpose of this waiver agreement is to reduce the base management fees payable to the Adviser by the Company for the quarter ended
March&nbsp;31, 2021 through the quarter ending December&nbsp;31, 2023. In order to ensure that the Reduced Base Management Fee is less
than the Base Management Fee that would otherwise be payable under the Investment Management Agreement, the Adviser will, for each quarterly
period during the term of this waiver agreement, calculate the Reduced Base Management Fee and the Base Management Fee under the terms
of the Investment Management Agreement. If, for any quarterly period during the term of this waiver agreement, the Reduced Base Management
Fee would be greater than the Base Management Fee calculated under the terms of the Investment Management Agreement, the Adviser shall
only be entitled to the lesser of those two amounts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise agreed to
in writing by the Adviser and the Company, and assuming the Investment Management Agreement remains in effect, beginning with the quarter
ending March&nbsp;31, 2024, the Company will pay the Adviser a Base Management Fee that complies with the terms of the Investment Management
Agreement. The Fee Waiver Agreement does not change the calculation of the incentive fees payable under the Investment Management Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<i>Signature page&nbsp;to follow</i>]</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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    <td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt"><font style="font-size: 10pt">Sincerely yours,</font></td></tr>
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    <td style="font-size: 10pt; width: 50%">&nbsp;</td>
    <td style="font-size: 10pt; width: 4%"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%"><font style="font-size: 10pt">&nbsp;</font></td></tr>
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    <td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt"><font style="font-size: 10pt"><b>New Mountain Finance Advisers BDC, L.L.C.</b></font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;</font></td></tr>
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    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt"><font style="font-size: 10pt">By:&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">&nbsp;/s/ Adam B. Weinstein</font></td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Name: Adam B. Weinstein&nbsp;</font></td></tr>
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    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 10pt">Title: Authorized Signatory</font></td></tr>
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