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Investments

9 Months Ended

Sep. 30, 2022

At September 30, 2022, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,811,879	$	1,770,125
Second lien	642,943		573,535
Subordinated	80,484		73,763
Equity and other	723,597		817,010
Total investments	$	3,258,903	$	3,234,433

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	898,673	$	885,447
Business Services	566,853		494,874
Healthcare Services	520,449		482,067
Investment Funds (includes investments in joint ventures)	252,400		252,400
Education	198,050		247,882
Consumer Services	178,805		178,097
Net Lease	103,387		134,911
Specialty Chemicals & Materials	58,430		97,959
Distribution & Logistics	106,081		96,759
Financial Services	76,961		76,911
Healthcare Information Technology	69,009		68,858
Information Technology	58,621		58,553
Energy	54,262		50,319
Packaging	42,121		40,689
Consumer Products	20,750		20,737
Federal Services	12,700		12,372
Insurance Services	15,634		11,990
Business Products	10,767		8,787
Industrial Services	7,863		7,823
Information Services	7,087		6,998
Total investments	$	3,258,903	$	3,234,433

At December 31, 2021, the Company’s investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,682,541	$	1,657,815
Second lien	645,370		627,356
Subordinated	54,996		50,742
Equity and other	743,585		838,451
Total investments	$	3,126,492	$	3,174,364

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	782,714	$	781,304
Business Services	578,635		514,013
Healthcare Services	510,832		509,941
Investment Funds (includes investments in joint ventures)	252,400		252,400
Education	200,895		250,351
Net Lease	150,603		229,253
Consumer Services	111,464		111,140
Distribution & Logistics	106,211		104,112
Insurance Services	76,307		75,094
Specialty Chemicals & Materials	60,295		60,367
Information Technology	58,570		58,553
Financial Services	55,424		55,745
Healthcare Information Technology	52,804		52,946
Energy	47,702		38,759
Packaging	34,763		33,723
Federal Services	12,797		12,790
Business Products	10,764		10,586
Consumer Products	10,218		10,206
Industrial Services	7,368		7,362
Information Services	5,726		5,719
Total investments	$	3,126,492	$	3,174,364

During the third quarter of 2022, the Company placed its first lien term loan and first lien delayed draw term loan positions in Ansira Holdings, Inc. ("Ansira") on non-accrual status. As of September 30, 2022, the Company's positions in Ansira had an aggregate cost basis of $41,313, an aggregate fair value of $19,708, and total unearned interest income of $979 and $979, respectively, for the three and nine months then ended.

As of September 30, 2022, the Company's aggregate principal amount of its second lien term loan in Integro Parent Inc. ("Integro") was $11,068. During the second quarter of 2022, the Company placed an aggregate principal amount of $3,874 of its second lien position on non-accrual status. As of September 30, 2022, the Company's position in Integro on non-accrual status had an aggregate cost basis of $3,787, an aggregate fair value of $2,509, total unearned interest income of $117 and $218, respectively, for the three and nine months then ended and total unearned other income of $0 and $36, respectively, for the three and nine months then ended.

During the second quarter of 2022, the Company placed its second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2022, the Company's second lien positions in National HME had an aggregate cost basis of $36,512, an aggregate fair value of $7,021, and total unearned interest income of $1,488 and $2,651, respectively, for the three and nine months then ended.

As of September 30, 2022, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $29,986, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an aggregate principal amount of $12,911 of its first lien term loans on non-accrual status. As of September 30, 2022, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $12,893, an aggregate fair value of $8,134 and total unearned interest income of $382 and $988, respectively, for the three and nine months then ended.

During the third quarter of 2021, the Company placed its second lien position in Sierra Hamilton Holdings Corporation ("Sierra") on non-accrual status. As of September 30, 2022, the Company's second lien position in Sierra had an aggregate cost basis of $5, an aggregate fair value of $0, and total unearned interest income of $1 and $1, respectively, for the three and nine months then ended.

During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of September 30, 2022, the Company's junior preferred shares in UniTek had an aggregate cost basis of $34,393, an aggregate fair value of $0 and total unearned dividend income of $1,703 and $4,944, respectively, for the three and nine months then ended. During the third quarter of 2021, the Company placed an aggregate principal amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status. As of September 30, 2022, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $2,194 and total unearned dividend income of approximately $1,190 and $3,410, respectively, for the three and nine months then ended.

During the first quarter of 2018, the Company placed its first lien positions in Education Management II LLC ("EDMC") on non-accrual status as EDMC announced its intention to wind down and liquidate the business. As of September 30, 2022, the Company's investment in EDMC, which was placed on non-accrual status, represented an aggregate cost basis of $956, an aggregate fair value of $0 and total unearned interest income of $8 and $17, respectively, for the three and nine months then ended.

As of September 30, 2022, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $97,859 and $0, respectively. As of September 30, 2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $156,538. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2022.

As of December 31, 2021, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $86,989 and $0, respectively. As of December 31, 2021, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $128,446. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of December 31, 2021.

PPVA Black Elk (Equity) LLC

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

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

On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of September 30, 2022 and December 31, 2021, the SPP Agreement has a cost basis of $14,500 and $14,500, respectively, and a fair value of $9,377 and $10,354, respectively, which is reflective of the higher inherent risk in this transaction.

NMFC Senior Loan Program III LLC

NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between the Company and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III has a five year investment period and will continue in existence until April 25, 2025. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 2022, the Company and SkyKnight II have committed and contributed $140,000 and $35,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2022 and December 31, 2021.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A., which matures on January 8, 2026. Effective July 8, 2021, the reinvestment period was extended to July 8, 2024. As of the most recent amendment on July 8, 2021, during the reinvestment period the credit facility bears interest at a rate of the London Interbank Offered Rate ("LIBOR") plus 1.60% and after the reinvestment period it will bear interest at a rate of LIBOR plus 1.90%. Prior to July 8, 2021, the credit facility bore interest at a rate of LIBOR plus 1.70%. Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000. As of September 30, 2022 and December 31, 2021, SLP III had total investments with an aggregate fair value of approximately $635,750 and $702,148, respectively, and debt outstanding under its credit facility of $501,500 and $510,900, respectively. As of September 30, 2022 and December 31, 2021, none of SLP III's investments were on non-accrual. Additionally, as of September 30, 2022 and December 31, 2021, SLP III had unfunded commitments in the form of delayed draws of $4,171 and $4,569, respectively.

Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of September 30, 2022 and December 31, 2021:


	September 30, 2022			December 31, 2021
First lien investments (1)	$	681,054		$	709,517
Weighted average interest rate on first lien investments (2)	7.30		%	4.50		%
Number of portfolio companies in SLP III	81			80
Largest portfolio company investment (1)	$	18,355		$	23,489
Total of five largest portfolio company investments (1)	$	88,767		$	95,504

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

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

The following table is a listing of the individual investments in SLP III's portfolio as of September 30, 2022:


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	Healthcare Services	6.87% (L + 3.75%)	12/23/2027	$	2,406	$	2,396	$	2,134
Advisor Group Holdings, Inc.	Financial Services	7.62% (L + 4.50%)	7/31/2026	9,725		9,696		9,258
AG Parent Holdings, LLC	Healthcare Services	8.12% (L + 5.00%)	7/31/2026	12,157		12,120		11,789
Artera Services, LLC	Distribution & Logistics	7.17% (L + 3.50%)	3/6/2025	6,855		6,820		5,633
Aston FinCo S.a.r.l. / Aston US Finco, LLC	Software	7.37% (L + 4.25%)	10/9/2026	5,850		5,814		5,484
athenahealth Group Inc.	Healthcare I.T.	6.58% (SOFR + 3.50%)	2/15/2029	3,227		3,212		2,900
BCPE Empire Holdings, Inc.	Distribution & Logistics	7.12% (L + 4.00%)	6/11/2026	4,269		4,245		4,109
BCPE Empire Holdings, Inc.	Distribution & Logistics	7.76% (SOFR + 4.63%)	6/11/2026	3,265		3,158		3,175
Bella Holding Company, LLC	Healthcare Services	6.87% (L + 3.75%)	5/10/2028	2,243		2,225		2,098
Bluefin Holding, LLC	Software	6.33% (L + 4.25%)	9/4/2026	9,725		9,637		9,442
Bluefin Holding, LLC	Software	7.08% (L + 5.00%)	9/4/2026	2,569		2,535		2,494
Bracket Intermediate Holding Corp.	Healthcare Services	6.54% (L + 4.25%)	9/5/2025	14,400		14,367		13,662
Brave Parent Holdings, Inc.	Software	7.12% (L + 4.00%)	4/18/2025	4,277		4,271		4,095
Brown Group Holding, LLC	Distribution & Logistics	6.78% (SOFR + 3.75%)	7/2/2029	7,063		6,888		6,857
Cano Health, LLC	Healthcare Services	7.13% (SOFR + 4.00%)	11/23/2027	10,260		10,226		9,926
Cardinal Parent, Inc.	Software	8.17% (L + 4.50%)	11/12/2027	6,932		6,851		6,603
CE Intermediate I, LLC	Software	6.91% (L + 4.00%)	11/10/2028	10,948		10,879		10,236
CentralSquare Technologies, LLC	Software	7.42% (L + 3.75%)	8/29/2025	14,438		14,421		12,683
CHA Holdings, Inc.	Business Services	8.17% (L + 4.50%)	4/10/2025	959		959		943
CommerceHub, Inc.	Software	7.67% (L + 4.00%)	12/29/2027	5,731		5,709		5,177
Confluent Health, LLC	Healthcare Services	7.12% (L + 4.00%)	11/30/2028	11,993		11,938		10,614
Confluent Health, LLC	Healthcare Services	7.12% (L + 4.00%)	11/30/2028	712		708		630
Confluent Medical Technologies, Inc.	Healthcare Products	7.30% (SOFR + 3.75%)	2/16/2029	6,965		6,933		6,582
Cornerstone OnDemand, Inc.	Software	6.87% (L + 3.75%)	10/16/2028	4,523		4,503		3,822
Covenant Surgical Partners, Inc.	Healthcare Services	7.12% (L + 4.00%)	7/1/2026	2,000		1,983		1,860
Covenant Surgical Partners, Inc.	Healthcare Services	7.12% (L + 4.00%)	7/1/2026	9,704		9,648		9,025
CRCI Longhorn Holdings, Inc.	Business Services	6.18% (L + 3.50%)	8/8/2025	14,401		14,368		13,498
CVET Midco 2, L.P.	Software	8.14% (SOFR + 5.00%)	10/13/2029	6,965		6,547		6,539
Dealer Tire, LLC	Distribution & Logistics	7.37% (L + 4.25%)	12/12/2025	9,725		9,711		9,506
DG Investment Intermediate Holdings 2, Inc.	Business Services	6.87% (L + 3.75%)	3/31/2028	7,406		7,382		6,923
Discovery Purchaser Corporation	Specialty Chemicals & Materials	7.52% (SOFR + 4.38%)	10/4/2029	7,100		6,532		6,625
Dispatch Acquisition Holdings, LLC	Industrial Services	7.92% (L + 4.25%)	3/27/2028	14,027		13,882		11,572
Drilling Info Holdings, Inc.	Business Services	7.37% (L + 4.25%)	7/30/2025	18,245		18,202		17,606
EAB Global, Inc.	Education	6.31% (L + 3.50%)	8/16/2028	3,220		3,206		3,033
Energize Holdco LLC	Business Services	6.87% (L + 3.75%)	12/8/2028	12,519		12,462		11,893
eResearchTechnology, Inc.	Healthcare Services	7.62% (L + 4.50%)	2/4/2027	7,289		7,264		6,817
EyeCare Partners, LLC	Healthcare Services	7.42% (L + 3.75%)	2/18/2027	14,648		14,636		13,317
Foundational Education Group, Inc.	Education	7.56% (SOFR + 3.75%)	8/31/2028	9,429		9,346		9,161
Frontline Technologies Intermediate Holdings, LLC	Software	11.00% (P + 4.75%)	9/18/2023	10,000		10,000		10,000
Frontline Technologies Intermediate Holdings, LLC	Software	11.00% (P + 4.75%)	9/18/2023	6,368		6,368		6,368
Frontline Technologies Intermediate Holdings, LLC	Software	11.00% (P + 4.75%)	9/18/2023	1,987		1,987		1,987
Greenway Health, LLC	Healthcare I.T.	6.87% (L + 3.75%)	2/16/2024	14,257		14,260		12,840
Heartland Dental, LLC	Healthcare Services	6.62% (L + 3.50%)	4/30/2025	18,208		18,170		16,831
Help/Systems Holdings, Inc.	Software	7.13% (SOFR + 4.00%)	11/19/2026	18,116		17,993		16,702
Higginbotham Insurance Agency, Inc.	Insurance Services	8.37% (L + 5.25%)	11/25/2026	9,102		9,038		8,994
HighTower Holding, LLC	Financial Services	6.73% (L + 4.00%)	4/21/2028	4,790		4,750		4,461
Houghton Mifflin Harcourt Company	Education	8.38% (SOFR + 5.25%)	4/9/2029	5,667		5,502		5,185
Idera, Inc.	Software	6.32% (L + 3.75%)	3/2/2028	15,843		15,832		14,703
Kestra Advisor Services Holdings A, Inc.	Financial Services	7.93% (L + 4.25%)	6/3/2026	11,965		11,917		11,532
LI Group Holdings, Inc.	Software	6.87% (L + 3.75%)	3/11/2028	4,585		4,576		4,402
LSCS Holdings, Inc.	Healthcare Services	8.17% (L + 4.50%)	12/16/2028	7,586		7,552		7,283
Mamba Purchaser, Inc.	Healthcare Services	6.55% (L + 3.50%)	10/16/2028	5,744		5,719		5,464


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Maverick Bidco Inc.	Software	6.56% (L + 3.75%)	5/18/2028	$	3,970	$	3,954	$	3,816
Maverick Bidco Inc.	Software	7.59% (SOFR + 5.00%)	5/18/2028	2,000		1,901		1,923
Mavis Tire Express Services Topco Corp.	Retail	7.25% (SOFR + 4.00%)	5/4/2028	4,184		4,167		3,937
MED ParentCo, LP	Healthcare Services	7.37% (L + 4.25%)	8/31/2026	12,621		12,548		10,702
Mercury Borrower, Inc.	Business Services	7.19% (L + 3.50%)	8/2/2028	4,189		4,170		3,823
MH Sub I, LLC (Micro Holding Corp.)	Software	6.87% (L + 3.75%)	9/13/2024	10,722		10,702		10,240
Mitnick Corporate Purchaser, Inc.	Software	7.39% (SOFR + 4.75%)	5/2/2029	4,667		4,644		4,449
National Intergovernmental Purchasing Alliance Company	Business Services	5.75% (L + 3.50%)	5/23/2025	8,500		8,498		8,266
Navex Topco, Inc.	Software	6.37% (L + 3.25%)	9/5/2025	10,916		10,866		10,597
Netsmart, Inc.	Healthcare I.T.	7.12% (L + 4.00%)	10/1/2027	3,950		3,950		3,777
Outcomes Group Holdings, Inc.	Healthcare Services	7.17% (L + 3.50%)	10/24/2025	3,340		3,336		3,198
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	6.78% (SOFR + 3.75%)	2/26/2029	1,732		1,728		1,587
Peraton Corp.	Federal Services	6.87% (L + 3.75%)	2/1/2028	7,253		7,224		6,893
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	6.62% (L + 3.50%)	2/14/2025	4,584		4,582		4,275
Physician Partners, LLC	Healthcare Services	7.13% (SOFR + 4.00%)	12/26/2028	8,076		8,000		7,632
Planview Parent, Inc.	Software	7.67% (L + 4.00%)	12/17/2027	7,859		7,798		7,499
Premise Health Holding Corp.	Healthcare Services	7.92% (SOFR + 3.75%)	7/10/2025	7,425		7,408		7,202
Project Ruby Ultimate Parent Corp.	Healthcare I.T.	6.37% (L + 3.25%)	3/10/2028	4,363		4,345		4,087
Project Ruby Ultimate Parent Corp.	Healthcare I.T.	8.89% (SOFR + 5.75%)	3/10/2028	5,000		4,851		4,850
RealPage, Inc.	Business Services	6.12% (L + 3.00%)	4/24/2028	10,185		10,164		9,558
RLG Holdings, LLC	Packaging	7.12% (L + 4.00%)	7/7/2028	5,800		5,775		5,471
Sierra Enterprises, LLC	Food & Beverage	7.12% (L + 4.00%)	11/11/2024	2,387		2,386		2,173
Snap One Holdings Corp.	Distribution & Logistics	7.38% (L + 4.50%)	12/8/2028	6,639		6,579		6,058
Sovos Brands Intermediate, Inc.	Food & Beverage	6.62% (L + 3.50%)	6/8/2028	9,429		9,410		9,013
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	7.92% (L + 4.25%)	7/30/2025	11,965		11,951		11,406
Storable, Inc.	Software	6.38% (SOFR + 3.50%)	4/17/2028	3,833		3,825		3,603
Symplr Software, Inc.	Healthcare I.T.	7.63% (SOFR + 4.50%)	12/22/2027	15,760		15,645		14,880
Syndigo LLC	Software	7.32% (L + 4.50%)	12/15/2027	14,775		14,689		14,338
Therapy Brands Holdings LLC	Healthcare I.T.	6.99% (L + 4.00%)	5/18/2028	3,374		3,360		3,223
Thermostat Purchaser III, Inc.	Business Services	7.57% (L + 4.50%)	8/31/2028	6,018		5,992		5,814
Valcour Packaging, LLC	Packaging	5.22% (L + 3.75%)	10/4/2028	4,516		4,503		4,143
VT Topco, Inc.	Business Services	6.87% (L + 3.75%)	8/1/2025	31		31		30
VT Topco, Inc.	Business Services	6.62% (L + 3.50%)	8/1/2025	2,736		2,736		2,637
VT Topco, Inc.	Business Services	6.87% (L + 3.75%)	8/1/2025	840		837		808
WatchGuard Technologies, Inc.	Software	8.28% (SOFR + 5.25%)	7/2/2029	5,303		4,960		4,949
Waystar Technologies, Inc.	Healthcare Services	7.12% (L + 4.00%)	10/22/2026	4,035		4,028		3,879
WP CityMD Bidco LLC	Healthcare Services	6.92% (L + 3.25%)	12/22/2028	4,159		4,132		3,986
Wrench Group LLC	Consumer Services	7.67% (L + 4.00%)	4/30/2026	7,844		7,828		7,589
YI, LLC	Healthcare Services	7.12% (L + 4.00%)	11/7/2024	9,515		9,512		9,309

Total Funded Investments				$	676,883	$	672,359	$	636,093

Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare I.T.	—	1/26/2024	$	548	$	—	$	(56)
Confluent Health, LLC	Healthcare Services	—	11/30/2023	1,926		(9)		(221)
Therapy Brands Holdings LLC	Healthcare I.T.	—	5/18/2023	735		—		(33)
Thermostat Purchaser III, Inc.	Business Services	—	8/31/2023	937		—		(32)
VT Topco, Inc.	Business Services	—	8/1/2023	25		—		(1)
Total Unfunded Investments				$	4,171	$	(9)	$	(343)
Total Investments				$	681,054	$	672,350	$	635,750

(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P), Secured Overnight Financing Rate (SOFR), and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2022.

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

The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2021:


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	Healthcare Services	4.00% (L + 3.50%)	12/23/2027	$	2,424	$	2,413	$	2,424
Advisor Group Holdings, Inc.	Financial Services	4.60% (L + 4.50%)	7/31/2026	9,800		9,766		9,832
AG Parent Holdings, LLC	Healthcare Services	5.10% (L + 5.00%)	7/31/2026	12,250		12,207		12,227
Artera Services, LLC	Distribution & Logistics	4.50% (L + 3.50%)	3/6/2025	6,907		6,861		6,706
Aston FinCo S.a.r.l. / Aston US Finco, LLC	Software	4.35% (L + 4.25%)	10/9/2026	5,895		5,853		5,877
BCPE Empire Holdings, Inc.	Distribution & Logistics	4.10% (L + 4.00%)	6/11/2026	4,302		4,273		4,278
Bearcat Buyer, Inc.	Healthcare Services	5.25% (L + 4.25%)	7/9/2026	19,456		19,388		19,455
Bearcat Buyer, Inc.	Healthcare Services	5.25% (L + 4.25%)	7/9/2026	4,033		4,018		4,033
Bella Holding Company, LLC	Healthcare Services	4.50% (L + 3.75%)	5/10/2028	2,260		2,240		2,262
Bluefin Holding, LLC	Software	4.43% (L + 4.25%)	9/4/2026	9,800		9,696		9,800
Bracket Intermediate Holding Corp.	Healthcare Services	4.38% (L + 4.25%)	9/5/2025	14,513		14,471		14,498
Brave Parent Holdings, Inc.	Software	4.10% (L + 4.00%)	4/18/2025	4,347		4,339		4,352
Cano Health, LLC	Healthcare Services	5.25% (L + 4.50%)	11/23/2027	6,948		6,910		6,961
Cardinal Parent, Inc.	Software	5.25% (L + 4.50%)	11/12/2027	6,985		6,893		6,977
CE Intermediate I, LLC	Software	4.50% (L + 4.00%)	11/10/2028	11,004		10,927		10,934
CentralSquare Technologies, LLC	Software	3.97% (L + 3.75%)	8/29/2025	14,550		14,529		13,761
CHA Holdings, Inc.	Business Services	5.50% (L + 4.50%)	4/10/2025	967		967		967
CommerceHub, Inc.	Software	4.75% (L + 4.00%)	12/29/2027	5,775		5,750		5,724
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)	Software	5.00% (L + 4.00%)	12/2/2022	2,985		2,969		2,985
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)	Software	5.00% (L + 4.00%)	12/2/2022	4,455		4,450		4,455
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)	Software	5.00% (L + 4.00%)	12/2/2022	862		861		862
Confluent Health, LLC	Healthcare Services	4.50% (L + 4.00%)	11/30/2028	12,054		11,993		12,053
Cornerstone OnDemand, Inc.	Software	4.25% (L + 3.75%)	10/16/2028	4,545		4,523		4,541
Covenant Surgical Partners, Inc.	Healthcare Services	4.10% (L + 4.00%)	7/1/2026	9,777		9,711		9,655
Covenant Surgical Partners, Inc.	Healthcare Services	4.10% (L + 4.00%)	7/1/2026	2,000		1,980		1,975
CRCI Longhorn Holdings, Inc.	Business Services	3.60% (L + 3.50%)	8/8/2025	14,513		14,471		14,408
Dealer Tire, LLC	Distribution & Logistics	4.35% (L + 4.25%)	12/12/2025	9,800		9,783		9,817
DG Investment Intermediate Holdings 2, Inc.	Business Services	4.25% (L + 3.50%)	3/31/2028	7,463		7,435		7,471
Dispatch Acquisition Holdings, LLC	Industrial Services	5.00% (L + 4.25%)	3/27/2028	14,133		13,970		14,124
Drilling Info Holdings, Inc.	Business Services	4.35% (L + 4.25%)	7/30/2025	18,387		18,335		18,249
EAB Global, Inc.	Education	4.00% (L + 3.50%)	8/16/2028	4,250		4,230		4,234
Energize Holdco LLC	Business Services	4.25% (L + 3.75%)	12/8/2028	12,582		12,519		12,550
eResearchTechnology, Inc.	Healthcare Services	5.50% (L + 4.50%)	2/4/2027	7,345		7,316		7,388
EyeCare Partners, LLC	Healthcare Services	3.97% (L + 3.75%)	2/18/2027	14,760		14,745		14,678
Foundational Education Group, Inc.	Education	4.75% (L + 4.25%)	8/31/2028	9,500		9,408		9,524
Frontline Technologies Intermediate Holdings, LLC	Software	6.25% (L + 5.25%)	9/18/2023	6,448		6,448		6,448
Frontline Technologies Intermediate Holdings, LLC	Software	6.25% (L + 5.25%)	9/18/2023	2,012		2,012		2,012
Greenway Health, LLC	Healthcare I.T.	4.75% (L + 3.75%)	2/16/2024	14,369		14,374		13,790
Heartland Dental, LLC	Healthcare Services	3.60% (L + 3.50%)	4/30/2025	18,350		18,302		18,191
Help/Systems Holdings, Inc.	Software	4.75% (L + 4.00%)	11/19/2026	18,254		18,112		18,214
Higginbotham Insurance Agency, Inc.	Insurance Services	6.25% (L + 5.50%)	11/25/2026	9,170		9,096		9,239
HighTower Holding, LLC	Financial Services	4.75% (L + 4.00%)	4/21/2028	4,826		4,781		4,838
Idera, Inc.	Software	4.50% (L + 3.75%)	3/2/2028	15,964		15,951		15,997
Kestra Advisor Services Holdings A, Inc.	Financial Services	4.36% (L + 4.25%)	6/3/2026	12,058		12,000		11,998
LI Group Holdings, Inc.	Software	4.50% (L + 3.75%)	3/11/2028	4,620		4,610		4,620
LSCS Holdings, Inc.	Healthcare Services	5.00% (L + 4.50%)	12/16/2028	7,644		7,605		7,663
Mamba Purchaser, Inc.	Healthcare Services	4.25% (L + 3.75%)	10/16/2028	5,773		5,745		5,777
Maravai Intermediate Holdings, LLC	Specialty Chemicals & Materials	4.75% (L + 3.75%)	10/19/2027	2,939		2,914		2,956
Maverick Bidco Inc.	Software	4.50% (L + 3.75%)	5/18/2028	4,000		3,982		4,008
Mavis Tire Express Services Topco Corp.	Retail	4.75% (L + 4.00%)	5/4/2028	4,216		4,197		4,224
MED ParentCo, LP	Healthcare Services	4.35% (L + 4.25%)	8/31/2026	12,718		12,633		12,727


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Mercury Borrower, Inc.	Business Services	4.00% (L + 3.50%)	8/2/2028	$	4,211	$	4,189	$	4,204
MH Sub I, LLC (Micro Holding Corp.)	Software	4.75% (L + 3.75%)	9/13/2024	10,804		10,777		10,842
National Intergovernmental Purchasing Alliance Company	Business Services	3.72% (L + 3.50%)	5/23/2025	8,540		8,538		8,526
Navex Topco, Inc.	Software	3.36% (L + 3.25%)	9/5/2025	17,024		16,927		16,946
Netsmart, Inc.	Healthcare I.T.	4.75% (L + 4.00%)	10/1/2027	3,980		3,980		3,992
Newport Group Holdings II, Inc.	Business Services	3.72% (L + 3.50%)	9/12/2025	4,838		4,824		4,835
Outcomes Group Holdings, Inc.	Healthcare Services	3.47% (L + 3.25%)	10/24/2025	3,366		3,361		3,335
Peraton Corp.	Federal Services	4.50% (L + 3.75%)	2/1/2028	7,444		7,410		7,460
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	4.25% (L + 3.50%)	2/14/2025	5,719		5,716		5,726
Planview Parent, Inc.	Software	4.75% (L + 4.00%)	12/17/2027	7,919		7,850		7,929
Premise Health Holding Corp.	Healthcare Services	3.72% (L + 3.50%)	7/10/2025	7,483		7,462		7,455
Project Ruby Ultimate Parent Corp.	Healthcare I.T.	4.00% (L + 3.25%)	3/10/2028	11,414		11,361		11,407
Quest Software US Holdings Inc.	Software	4.38% (L + 4.25%)	5/16/2025	14,550		14,511		14,555
RealPage, Inc.	Business Services	3.75% (L + 3.25%)	4/24/2028	13,965		13,933		13,941
RLG Holdings, LLC	Packaging	5.00% (L + 4.25%)	7/7/2028	5,844		5,816		5,841
Sierra Enterprises, LLC	Food & Beverage	5.00% (L + 4.00%)	11/11/2024	2,406		2,405		2,406
Snap One Holdings Corp.	Distribution & Logistics	5.00% (L + 4.50%)	12/8/2028	6,672		6,606		6,664
Sovos Brands Intermediate, Inc.	Food & Beverage	4.50% (L + 3.75%)	6/8/2028	9,429		9,407		9,437
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	4.47% (L + 4.25%)	7/30/2025	12,058		12,041		11,666
Storable, Inc.	Software	3.75% (L + 3.25%)	4/17/2028	3,862		3,853		3,854
Symplr Software, Inc.	Healthcare I.T.	5.25% (L + 4.50%)	12/22/2027	15,880		15,750		15,938
Syndigo LLC	Software	5.25% (L + 4.50%)	12/15/2027	14,888		14,790		14,925
Therapy Brands Holdings LLC	Healthcare I.T.	4.75% (L + 4.00%)	5/18/2028	3,400		3,384		3,400
Thermostat Purchaser III, Inc.	Business Services	5.25% (L + 4.50%)	8/31/2028	5,953		5,924		5,953
TIBCO Software Inc.	Software	3.86% (L + 3.75%)	6/30/2026	7,577		7,563		7,535
Trader Interactive, LLC (fka Dominion Web Solutions LLC)	Business Services	4.50% (L + 4.00%)	7/28/2028	4,910		4,886		4,904
Unified Women's Healthcare, LP	Healthcare Services	5.00% (L + 4.25%)	12/20/2027	9,950		9,883		9,984
Valcour Packaging, LLC	Packaging	4.25% (L + 3.75%)	10/4/2028	4,538		4,524		4,538
VetCor Professional Practices LLC	Consumer Services	5.00% (L + 4.25%)	7/2/2025	6,980		6,846		6,922
VT Topco, Inc.	Business Services	3.35% (L + 3.25%)	8/1/2025	2,766		2,766		2,748
VT Topco, Inc.	Business Services	4.50% (L + 3.75%)	8/1/2025	849		845		844
Waystar Technologies, Inc.	Healthcare Services	4.10% (L + 4.00%)	10/22/2026	4,066		4,058		4,069
WP CityMD Bidco LLC	Healthcare Services	3.75% (L + 3.25%)	12/22/2028	9,180		9,136		9,182
Wrench Group LLC	Consumer Services	4.22% (L + 4.00%)	4/30/2026	7,905		7,886		7,905
YI, LLC	Healthcare Services	5.00% (L + 4.00%)	11/7/2024	9,590		9,586		9,542
Total Funded Investments				704,948		701,756		702,149
Unfunded Investments - First lien
Confluent Health, LLC	Healthcare Services	—	11/30/2023	2,638		(13)		—
Therapy Brands Holdings LLC	Healthcare I.T.	—	5/18/2023	735		—		—
Thermostat Purchaser III, Inc.	Business Services	—	8/31/2023	1,047		—		—
VT Topco, Inc.	Business Services	—	8/1/2023	149		—		(1)



Total Unfunded Investments				$	4,569	$	(13)	$	(1)
Total Investments				$	709,517	$	701,743	$	702,148

(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2021.

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

Below is certain summarized financial information for SLP III as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and September 30, 2021:


Selected Balance Sheet Information:	September 30, 2022		December 31, 2021
Investments at fair value (cost of $672,350 and $701,743)	$	635,750	$	702,148
Cash and other assets	25,474		16,505
Receivable from unsettled securities sold	—		7,351
Total assets	$	661,224	$	726,004

Credit facility	$	501,500	$	510,900
Deferred financing costs (net of accumulated amortization of $3,708 and $3,338, respectively)	(2,074)		(3,198)
Payable for unsettled securities purchased	13,079		34,552
Distribution payable	4,922		5,031
Other liabilities	5,059		2,378
Total liabilities	522,486		549,663

Members' capital	$	138,738	$	176,341
Total liabilities and members' capital	$	661,224	$	726,004


Selected Statement of Operations Information:	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Interest income	$	11,113	$	8,080	$	27,767	$	23,278
Other income	110		172		463		487
Total investment income	11,223		8,252		28,230		23,765

Interest and other financing expenses	5,468		2,679		11,875		7,954
Other expenses	205		207		641		585
Total expenses	5,673		2,886		12,516		8,539


Net investment income	5,550		5,366		15,714		15,226

Net realized (losses) gains on investments	(128)		(83)		(145)		488
Net change in unrealized (depreciation) appreciation of investments	(1,566)		887		(37,004)		6,439
Net increase (decrease) in members' capital	$	3,856	$	6,170	$	(21,435)	$	22,153

For the three and nine months ended September 30, 2022, the Company earned approximately $3,938 and $12,935, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and nine months ended September 30, 2021, the Company earned approximately $3,675 and $12,687, respectively, of dividend income related to SLP III, which is included in dividend income. As of September 30, 2022 and December 31, 2021, approximately $3,938 and $4,025, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

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

NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement dated May 5, 2021, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV has a five year investment period and will continue in existence until May 5, 2028. The investment period may be extended for up to one year pursuant to certain terms of the SLP IV Agreement.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of September 30, 2022, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2022 and December 31, 2021.

On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on May 5, 2026 and bears interest at a rate of LIBOR plus 1.60% per annum. As of September 30, 2022 and December 31, 2021, SLP IV had total investments with an aggregate fair value of approximately $475,893 and $504,948, respectively, and debt outstanding under its credit facility of $359,537 and $360,137, respectively. As of September 30, 2022 and December 31, 2021, none of SLP IV’s investments were on non-accrual. Additionally, as of September 30, 2022 and December 31, 2021, SLP IV had unfunded commitments in the form of delayed draws of $4,066 and $6,103, respectively.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2022 and December 31, 2021:


	September 30, 2022			December 31, 2021
First lien investments (1)	$	508,640		513,298
Weighted average interest rate on first lien investments (2)	7.19		%	4.64	%
Number of portfolio companies in SLP IV	73			68
Largest portfolio company investment (1)	$	22,041		22,215
Total of five largest portfolio company investments (1)	$	94,230		99,875

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

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

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2022:


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADG, LLC	Healthcare Services	8.38% (L + 4.75% + 0.50%% PIK)	9/28/2023	$	16,627	$	16,601	$	16,627
ADMI Corp. (aka Aspen Dental)	Healthcare Services	6.87% (L + 3.75%)	12/23/2027	1,856		1,849		1,646
Advisor Group Holdings, Inc.	Financial Services	7.62% (L + 4.50%)	7/31/2026	11,607		11,538		11,050
Artera Services, LLC	Distribution & Logistics	7.17% (L + 3.50%)	3/6/2025	5,288		5,261		4,345
athenahealth Group Inc.	Healthcare Information Technology	6.58% (SOFR + 3.50%)	2/15/2029	2,305		2,295		2,071
Barracuda Networks, Inc.	Software	7.53% (SOFR + 4.50%)	8/15/2029	5,000		4,852		4,715
Bayou Intermediate II, LLC	Healthcare Services	7.30% (L + 4.50%)	8/2/2028	8,628		8,591		8,218
Bella Holding Company, LLC	Healthcare Services	6.87% (L + 3.75%)	5/10/2028	1,755		1,750		1,641
Bleriot US Bidco Inc.	Federal Services	7.67% (L + 4.00%)	10/30/2026	3,950		3,950		3,831
Bracket Intermediate Holding Corp.	Healthcare Services	6.54% (L + 4.25%)	9/5/2025	4,439		4,428		4,211
Brave Parent Holdings, Inc.	Software	7.12% (L + 4.00%)	4/18/2025	2,351		2,348		2,251
Brown Group Holding, LLC	Distribution & Logistics	6.78% (SOFR + 3.75%)	7/2/2029	5,438		5,302		5,279
Cano Health, LLC	Healthcare Services	7.13% (SOFR + 4.00%)	11/23/2027	8,069		8,063		7,807
CE Intermediate I, LLC	Software	6.91% (L + 4.00%)	11/10/2028	8,198		8,145		7,665
CentralSquare Technologies, LLC	Software	7.42% (L + 3.75%)	8/29/2025	14,437		14,420		12,683
Certara Holdco, Inc.	Healthcare Information Technology	6.62% (L + 3.50%)	8/15/2026	3,910		3,902		3,788
CHA Holdings, Inc.	Business Services	8.17% (L + 4.50%)	4/10/2025	10,834		10,814		10,649
CHA Holdings, Inc.	Business Services	8.17% (L + 4.50%)	4/10/2025	1,989		1,984		1,955
Confluent Health, LLC	Healthcare Services	7.12% (L + 4.00%)	11/30/2028	8,035		7,998		7,111
Confluent Health, LLC	Healthcare Services	7.12% (L + 4.00%)	11/30/2028	475		473		420
Confluent Medical Technologies, Inc.	Healthcare Products	7.30% (SOFR + 3.75%)	2/16/2029	6,965		6,933		6,582
Corgi Bidco, Inc.	Software	8.14% (SOFR + 5.00%)	9/20/2029	2,687		2,525		2,522
Cornerstone OnDemand, Inc.	Software	6.87% (L + 3.75%)	10/16/2028	3,231		3,216		2,730
Dealer Tire, LLC	Distribution & Logistics	7.37% (L + 4.25%)	12/12/2025	10,666		10,651		10,426
Discovery Purchaser Corporation	Specialty Chemicals & Materials	7.52% (SOFR + 4.38%)	10/4/2029	5,400		4,968		5,039
Dispatch Acquisition Holdings, LLC	Industrial Services	7.92% (L + 4.25%)	3/27/2028	9,900		9,789		8,167
Drilling Info Holdings, Inc.	Business Services	7.37% (L + 4.25%)	7/30/2025	20,341		20,301		19,629
EAB Global, Inc.	Education	6.31% (L + 3.50%)	8/16/2028	6,438		6,410		6,064
Emerald 2 Limited	Business Services	6.92% (L + 3.25%)	7/12/2028	442		441		426
Energize Holdco LLC	Business Services	6.87% (L + 3.75%)	12/8/2028	9,023		8,982		8,572
eResearchTechnology, Inc.	Healthcare Services	7.62% (L + 4.50%)	2/4/2027	4,396		4,366		4,111
EyeCare Partners, LLC	Healthcare Services	7.42% (L + 3.75%)	11/15/2028	9,950		9,928		9,030
Foundational Education Group, Inc.	Education	7.56% (SOFR + 3.75%)	8/31/2028	6,451		6,395		6,268
Geo Parent Corporation	Business Services	8.37% (L + 5.25%)	12/19/2025	9,735		9,508		9,566
Greenway Health, LLC	Healthcare Information Technology	6.87% (L + 3.75%)	2/16/2024	20,784		20,760		18,718
Heartland Dental, LLC	Healthcare Services	6.62% (L + 3.50%)	4/30/2025	3,545		3,537		3,277
Heartland Dental, LLC	Healthcare Services	7.08% (L + 4.00%)	4/30/2025	6,221		6,200		5,792
Help/Systems Holdings, Inc.	Software	7.13% (SOFR + 4.00%)	11/19/2026	9,833		9,806		9,066
Houghton Mifflin Harcourt Company	Education	8.38% (SOFR + 5.25%)	4/9/2029	4,048		3,932		3,704
Hunter Holdco 3 Limited	Healthcare Services	7.92% (L + 4.25%)	8/19/2028	3,949		3,915		3,742
Idera, Inc.	Software	6.32% (L + 3.75%)	3/2/2028	9,248		9,183		8,582
Kestra Advisor Services Holdings A, Inc.	Financial Services	7.93% (L + 4.25%)	6/3/2026	5,444		5,400		5,247
LSCS Holdings, Inc.	Healthcare Services	8.17% (L + 4.50%)	12/16/2028	8,691		8,655		8,344
Mamba Purchaser, Inc.	Healthcare Services	6.55% (L + 3.50%)	10/16/2028	4,103		4,085		3,903
Mandolin Technology Intermediate Holdings, Inc.	Software	6.56% (L + 3.75%)	7/31/2028	9,925		9,883		9,565
Maverick Bidco Inc.	Software	6.56% (L + 3.75%)	5/18/2028	7,940		7,908		7,633
Maverick Bidco Inc.	Software	7.59% (SOFR + 5.00%)	5/18/2028	2,000		1,901		1,923
Mavis Tire Express Services Topco Corp.	Retail	7.25% (SOFR + 4.00%)	5/4/2028	8,369		8,334		7,874
Mercury Borrower, Inc.	Business Services	7.19% (L + 3.50%)	8/2/2028	6,203		6,177		5,660


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
MH Sub I, LLC (Micro Holding Corp.)	Software	6.87% (L + 3.75%)	9/13/2024	$	7,838	$	7,824	$	7,485
National Intergovernmental Purchasing Alliance Company	Business Services	5.75% (L + 3.50%)	5/23/2025	1,321		1,322		1,285
Netsmart, Inc.	Healthcare Information Technology	7.12% (L + 4.00%)	10/1/2027	6,912		6,912		6,610
OEConnection LLC	Business Services	7.56% (L + 4.00%)	9/25/2026	4,091		4,065		3,917
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	6.78% (SOFR + 3.75%)	2/26/2029	1,336		1,333		1,224
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	6.62% (L + 3.50%)	2/14/2025	7,996		7,981		7,456
Physician Partners, LLC	Healthcare Services	7.13% (SOFR + 4.00%)	12/23/2028	6,103		6,047		5,767
Premise Health Holding Corp.	Healthcare Services	7.92% (L + 3.50%)	7/10/2025	1,951		1,947		1,892
Project Boost Purchaser, LLC	Business Services	6.62% (L + 3.50%)	5/30/2026	2,469		2,464		2,344
RealPage, Inc.	Business Services	6.12% (L + 3.00%)	4/24/2028	3,638		3,626		3,414
RLG Holdings, LLC	Packaging	7.12% ( L+ 4.00%)	7/7/2028	4,731		4,711		4,463
Sierra Enterprises, LLC	Food & Beverage	7.12% (L + 4.00%)	11/11/2024	4,183		4,174		3,806
Snap One Holdings Corp.	Distribution & Logistics	7.38% (L + 4.50%)	12/8/2028	8,606		8,528		7,853
Sovos Brands Intermediate, Inc.	Food & Beverage	6.62% (L + 3.50%)	6/8/2028	8,290		8,272		7,924
Storable, Inc.	Software	6.38% (SOFR + 3.50%)	4/17/2028	3,970		3,950		3,732
Symplr Software, Inc.	Healthcare Information Technology	7.63% (SOFR + 4.50%)	12/22/2027	3,774		3,766		3,563
Syndigo LLC	Software	7.32% (L + 4.50%)	12/15/2027	9,784		9,768		9,495
Therapy Brands Holdings LLC	Healthcare Information Technology	6.99% (L + 4.00%)	5/18/2028	4,575		4,556		4,369
Thermostat Purchaser III, Inc.	Business Services	7.57% (L + 4.50%)	8/31/2028	4,299		4,280		4,153
USIC Holdings, Inc.	Business Services	6.62% (L + 3.50%)	5/12/2028	3,811		3,798		3,583
Valcour Packaging, LLC	Packaging	5.22% (L + 3.75%)	10/4/2028	3,286		3,277		3,015
Virtusa Corporation	Information Technology	6.81% (SOFR + 3.75%)	2/15/2029	2,286		2,265		2,150
VT Topco, Inc.	Business Services	6.87% (L + 3.75%)	8/1/2025	8,399		8,368		8,084
VT Topco, Inc.	Business Services	6.87% (L + 3.75%)	8/1/2025	309		309		298
WatchGuard Technologies, Inc.	Software	8.28% (SOFR + 5.25%)	7/2/2029	4,091		3,826		3,818
WP CityMD Bidco LLC	Healthcare Services	6.92% (L + 3.25%)	12/22/2028	1,735		1,724		1,663
Wrench Group LLC	Consumer Services	7.67% (L + 4.00%)	4/30/2026	9,493		9,443		9,185
YI, LLC	Healthcare Services	7.12% (L + 4.00%)	11/7/2024	22,041		22,032		21,563
Zone Climate Services, Inc.	Consumer Services	7.53% (SOFR + 4.75%)	3/9/2028	9,950		9,767		9,791
Zone Climate Services, Inc.	Consumer Services	7.60% (SOFR + 4.75%)	3/9/2028	2,187		2,147		2,152

Total Funded Investments				$	504,574	$	501,135	$	476,179

Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare Information Technology	—	1/26/2024	$	392	$	—	$	(40)
Confluent Health, LLC	Healthcare Services	—	11/30/2023	1,284		(6)		(148)
Therapy Brands Holdings LLC	Healthcare Information Technology	—	5/18/2023	1,470		—		(66)
Thermostat Purchaser III, Inc.	Business Services	—	8/31/2023	669		—		(23)
VT Topco, Inc.	Business Services	—	8/1/2023	251		—		(9)
Total Unfunded Investments				$	4,066	$	(6)	$	(286)
Total Investments				$	508,640	$	501,129	$	475,893

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

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2021:


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADG, LLC	Healthcare Services	6.25% (L + 4.75% + 0.50% PIK)	9/28/2023	$	16,565	$	16,518	$	16,565
ADMI Corp. (aka Aspen Dental)	Healthcare Services	4.00% (L + 3.50%)	12/23/2027	1,870		1,862		1,870
Advisor Group Holdings, Inc.	Financial Services	4.60% (L + 4.50%)	7/31/2026	11,697		11,615		11,735
Artera Services, LLC	Distribution & Logistics	4.50% (L + 3.50%)	3/6/2025	5,329		5,293		5,173
Bayou Intermediate II, LLC	Healthcare Services	5.25% (L + 4.50%)	8/2/2028	8,693		8,652		8,704
Bearcat Buyer, Inc.	Healthcare Services	5.25% (L + 4.25%)	7/9/2026	1,976		1,969		1,976
Bearcat Buyer, Inc.	Healthcare Services	5.25% (L + 4.25%)	7/9/2026	410		408		410
Bella Holding Company, LLC	Healthcare Services	4.50% (L + 3.75%)	5/10/2028	1,769		1,763		1,770
Bleriot US Bidco Inc.	Federal Services	4.22% (L + 4.00%)	10/30/2026	3,980		3,980		3,983
Bracket Intermediate Holding Corp.	Healthcare Services	4.38% (L + 4.25%)	9/5/2025	4,473		4,461		4,469
Brave Parent Holdings, Inc.	Software	4.10% (L + 4.00%)	4/18/2025	2,390		2,385		2,392
Cano Health, LLC	Healthcare Services	5.25% (L + 4.50%)	11/23/2027	5,737		5,731		5,748
CE Intermediate I, LLC	Software	4.50% (L + 4.00%)	11/10/2028	8,239		8,182		8,188
CentralSquare Technologies, LLC	Software	3.97% (L + 3.75%)	8/29/2025	14,550		14,530		13,761
Certara Holdco, Inc.	Healthcare Information Technology	3.60% (L + 3.50%)	8/15/2026	3,940		3,931		3,932
CHA Holdings, Inc.	Business Services	5.50% (L + 4.50%)	4/10/2025	10,919		10,894		10,919
CHA Holdings, Inc.	Business Services	5.50% (L + 4.50%)	4/10/2025	2,004		1,998		2,004
Confluent Health, LLC	Healthcare Services	4.50% (L + 4.00%)	11/30/2028	8,076		8,035		8,076
Cornerstone OnDemand, Inc.	Software	4.25% (L + 3.75%)	10/16/2028	3,247		3,231		3,244
Cvent, Inc.	Software	3.85% (L + 3.75%)	11/29/2024	2,322		2,319		2,322
Dealer Tire, LLC	Distribution & Logistics	4.35% (L + 4.25%)	12/12/2025	10,748		10,729		10,767
Dispatch Acquisition Holdings, LLC	Industrial Services	5.00% (L + 4.25%)	3/27/2028	9,975		9,851		9,969
Drilling Info Holdings, Inc.	Business Services	4.35% (L + 4.25%)	7/30/2025	20,500		20,449		20,346
EAB Global, Inc.	Education	4.00% (L + 3.50%)	8/16/2028	10,000		9,952		9,961
Emerald 2 Limited	Business Services	3.47% (L + 3.25%)	7/12/2028	445		444		443
Energize Holdco LLC	Business Services	4.25% (L + 3.75%)	12/8/2028	9,068		9,023		9,045
eResearchTechnology, Inc.	Healthcare Services	5.50% (L + 4.50%)	2/4/2027	4,429		4,396		4,455
EyeCare Partners, LLC	Healthcare Services	4.25% (L + 3.75%)	11/15/2028	8,000		7,980		7,982
EyeCare Partners, LLC	Healthcare Services	6.00% (P + 2.75%)	11/15/2028	1,364		1,360		1,360
Foundational Education Group, Inc.	Education	4.75% (L + 4.25%)	8/31/2028	6,500		6,438		6,516
Greenway Health, LLC	Healthcare Information Technology	4.75% (L + 3.75%)	2/16/2024	20,948		20,912		20,104
Heartland Dental, LLC	Healthcare Services	3.60% (L + 3.50%)	4/30/2025	3,572		3,563		3,541
Heartland Dental, LLC	Healthcare Services	4.10% (L + 4.00%)	4/30/2025	6,269		6,241		6,261
Help/Systems Holdings, Inc.	Software	4.75% (L + 4.00%)	11/19/2026	9,909		9,876		9,888
Hunter Holdco 3 Limited	Healthcare Services	4.75% (L + 4.25%)	8/19/2028	3,949		3,911		3,959
Idera, Inc.	Software	4.50% (L + 3.75%)	3/2/2028	9,318		9,245		9,338
Kestra Advisor Services Holdings A, Inc.	Financial Services	4.36% (L + 4.25%)	6/3/2026	5,486		5,434		5,459
Keystone Acquisition Corp.	Healthcare Services	6.25% (L + 5.25%)	5/1/2024	5,171		5,150		5,146
LSCS Holdings, Inc.	Healthcare Services	5.00% (L + 4.50%)	12/16/2028	5,897		5,867		5,911
Mamba Purchaser, Inc.	Healthcare Services	4.25% (L + 3.75%)	10/16/2028	4,124		4,104		4,126
Mandolin Technology Intermediate Holdings, Inc.	Software	4.25% (L + 3.75%)	7/31/2028	10,000		9,953		9,975
Maverick Bidco Inc.	Software	4.50% (L + 3.75%)	5/18/2028	8,000		7,963		8,015
Mavis Tire Express Services Topco Corp.	Retail	4.75% (L + 4.00%)	5/4/2028	8,432		8,394		8,447
Mercury Borrower, Inc.	Business Services	4.00% (L + 3.50%)	8/2/2028	6,250		6,220		6,240
MH Sub I, LLC (Micro Holding Corp.)	Software	4.75% (L + 3.75%)	9/13/2024	7,898		7,878		7,925
Ministry Brands, LLC	Software	5.00% (L + 4.00%)	12/2/2022	16,734		16,719		16,734
Ministry Brands, LLC	Software	5.00% (L + 4.00%)	12/2/2022	2,051		2,050		2,051
Ministry Brands, LLC	Software	5.00% (L + 4.00%)	12/2/2022	862		861		862
National Intergovernmental Purchasing Alliance Company	Business Services	3.72% (L + 3.50%)	5/23/2025	1,327		1,329		1,325
Netsmart, Inc.	Healthcare Information Technology	4.75% (L + 4.00%)	10/1/2027	6,965		6,965		6,987


Portfolio Company and Type of Investment	Industry	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
OEConnection LLC	Business Services	4.10% (L + 4.00%)	9/25/2026	$	4,123	$	4,092	$	4,118
PetVet Care Centers, LLC	Consumer Services	4.25% (L + 3.50%)	2/14/2025	9,974		9,950		9,987
Premise Health Holding Corp.	Healthcare Services	3.72% (L + 3.50%)	7/10/2025	1,966		1,961		1,959
Project Boost Purchaser, LLC	Business Services	4.00% (L + 3.50%)	5/30/2026	2,488		2,482		2,491
Quest Software US Holdings Inc.	Software	4.38% (L + 4.25%)	5/16/2025	14,550		14,512		14,555
RealPage, Inc.	Business Services	3.75% (L + 3.25%)	4/24/2028	4,988		4,970		4,979
RLG Holdings, LLC	Packaging	5.00% (L + 4.25%)	7/7/2028	4,767		4,744		4,765
Sierra Enterprises, LLC	Food & Beverage	5.00% (L + 4.00%)	11/11/2024	4,216		4,204		4,216
Snap One Holdings Corp.	Distribution & Logistics	5.00% (L + 4.50%)	12/8/2028	8,649		8,563		8,639
Sovos Brands Intermediate, Inc.	Food & Beverage	4.50% (L + 3.75%)	6/8/2028	8,290		8,270		8,296
Storable, Inc.	Software	3.75% (L + 3.25%)	4/17/2028	4,000		3,977		3,991
Syndigo LLC	Software	5.25% (L + 4.50%)	12/15/2027	7,839		7,834		7,858
Therapy Brands Holdings LLC	Healthcare Information Technology	4.75% (L + 4.00%)	5/18/2028	4,609		4,588		4,609
Thermostat Purchaser III, Inc.	Business Services	5.25% (L + 4.50%)	8/31/2028	4,252		4,231		4,252
TIBCO Software Inc.	Software	3.86% (L + 3.75%)	6/30/2026	2,977		2,961		2,961
Trader Interactive, LLC (fka Dominion Web Solutions LLC)	Business Services	4.50% (L + 4.00%)	7/28/2028	5,303		5,277		5,296
Unified Women's Healthcare, LP	Healthcare Services	5.00% (L + 4.25%)	12/20/2027	7,400		7,365		7,426
USIC Holdings, Inc.	Business Services	4.25% (L + 3.50%)	5/12/2028	3,839		3,825		3,839
Valcour Packaging, LLC	Packaging	4.25% (L + 3.75%)	10/4/2028	3,301		3,291		3,301
VetCor Professional Practices LLC	Consumer Services	5.00% (L + 4.25%)	7/2/2025	9,972		9,779		9,889
VT Topco, Inc.	Business Services	4.50% (L + 3.75%)	8/1/2025	8,489		8,451		8,436
WP CityMD Bidco LLC	Healthcare Services	3.75% (L + 3.25%)	12/22/2028	7,044		7,002		7,045
Wrench Group LLC	Consumer Services	4.22% (L + 4.00%)	4/30/2026	9,567		9,506		9,567
YI, LLC	Healthcare Services	5.00% (L + 4.00%)	11/7/2024	22,215		22,203		22,104



Total Funded Investments				$	507,195	$	505,052	$	504,958

Unfunded Investments - First lien
Confluent Health, LLC	Healthcare Services	—	11/30/2023	$	1,759	$	(9)	$	—
EyeCare Partners, LLC	Healthcare Services	—	11/15/2028	636		—		(1)
Therapy Brands Holdings LLC	Healthcare Information Technology	—	5/18/2023	1,470		—		—
Thermostat Purchaser III, Inc.	Business Services	—	8/31/2023	748		—		—
VT Topco, Inc.	Business Services	—	8/4/2023	1,490		—		(9)
Total Unfunded Investments				$	6,103	$	(9)	$	(10)
Total Investments				$	513,298	$	505,043	$	504,948

(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2021.

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

Below is certain summarized consolidated financial information for SLP IV as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022:


Selected Consolidated Balance Sheet Information:	September 30, 2022		December 31, 2021
Investments at fair value (cost of $501,129 and $505,043, respectively)	$	475,893	$	504,948
Receivable from unsettled securities sold	—		2,595
Cash and other assets	15,697		12,912
Total assets	$	491,590	$	520,455

Credit facility	$	359,537	$	360,137
Deferred financing costs (net of accumulated amortization of $845 and $396, respectively)	(2,160)		(2,609)
Payable for unsettled securities purchased	7,493		13,893
Distribution payable	4,022		3,396
Other liabilities	4,178		1,910
Total liabilities	373,070		376,727

Members' capital	$	118,520	$	143,728
Total liabilities and members' capital	$	491,590	$	520,455


Selected Consolidated Statement of Operations Information:	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021(1)
Interest income	$	8,333	$	5,806	$	20,749	$	9,034
Other income	102		143		257		157
Total investment income	8,435		5,949		21,006		9,191

Interest and other financing expenses	3,940		1,649		8,288		2,523
Other expenses	188		206		596		475
Total expenses	4,128		1,855		8,884		2,998


Net investment income	4,307		4,094		12,122		6,193

Net realized (losses) gains on investments	(85)		(85)		(77)		139
Net change in unrealized (depreciation) appreciation of investments	(1,013)		2,214		(25,142)		4,265
Net increase (decrease) in members' capital	$	3,209	$	6,223	$	(13,097)	$	10,597

(1)Reflects the results of operations for the period from May 5, 2021 through September 30, 2021.

For the three and nine months ended September 30, 2022, the Company earned approximately $3,161 and $9,520, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three months ended September 30, 2021, and the period from May 5, 2021 through September 30, 2021, the Company earned approximately $2,670 and $5,098, respectively, of dividend income related to SLP IV, which is included in dividend income. As of September 30, 2022 and December 31, 2021, approximately $3,161 and $2,670, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

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

Unconsolidated Significant Subsidiaries

In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any are as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under this rule. As of September 30, 2022, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary."

Investment Risk Factors

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

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

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

The Company’s operating results and portfolio companies may be negatively impacted by the COVID-19 pandemic. At the time of this Quarterly Report on Form 10-Q, public health restrictions have been partially or fully lifted throughout most of the United States and globally. However, new variants of COVID-19, challenges regarding distribution, hesitancy and efficacy of COVID-19 vaccines and treatments, and the reintroduction of related advisories and restrictions may prolong the effects of the COVID-19 pandemic. To the extent its portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, the Company may have a material adverse impact on future net investment income, the fair value of its portfolio investments and its financial condition.

While general economic conditions have improved since the beginning of the COVID-19 pandemic, the Company continues to see reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both in the United States and globally. The COVID-19 pandemic has and continues to have an adverse impact on the markets and the economy in general, which could have a material adverse impact on, among other things, the ability of lenders to originate loans, the volume and type of loans originated, and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. Any potential impact to the Company's results of operations will depend to a large extent on future developments and new information that could emerge regarding the duration and severity of COVID-19 and the actions taken by authorities and other entities to contain COVID-19 or treat its impact, all of which are beyond the Company's control. These potential impacts, while uncertain, could adversely affect the Company's and its portfolio companies’ operating results.

Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience downturns, and the Company anticipates its business and operations could be materially adversely affected by a prolonged recession in the United States and other major markets.