XML 24 R11.htm IDEA: XBRL DOCUMENT

Investments

3 Months Ended

Mar. 31, 2023

At March 31, 2023, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,862,802	$	1,798,746
Second lien	616,660		562,413
Subordinated	87,726		78,282
Equity and other	735,426		830,885
Total investments	$	3,302,614	$	3,270,326

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	951,994	$	933,923
Business Services	639,640		577,406
Healthcare	582,366		558,625
Investment Funds (includes investments in joint ventures)	252,400		252,400
Education	202,706		243,339
Consumer Services	152,247		150,766
Net Lease	96,041		120,623
Distribution & Logistics	111,266		103,157
Financial Services	98,346		99,197
Energy	56,820		62,876
Information Technology	58,654		58,865
Specialty Chemicals & Materials	25,354		40,795
Packaging	43,177		40,731
Consumer Products	20,833		19,976
Business Products	10,770		7,647
Total investments	$	3,302,614	$	3,270,326

At December 31, 2022, the Company’s investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,816,091	$	1,753,967
Second lien	632,990		561,207
Subordinated	85,774		76,659
Equity and other	725,112		829,414
Total investments	$	3,259,967	$	3,221,247

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	916,259	$	897,008
Business Services	661,079		592,868
Healthcare	586,311		548,383
Investment Funds (includes investments in joint ventures)	252,400		252,400
Education	200,117		239,301
Consumer Services	126,392		123,880
Net Lease	96,041		120,986
Distribution & Logistics	111,096		102,410
Financial Services	96,021		95,839
Energy	55,507		61,564
Specialty Chemicals & Materials	25,363		60,268
Information Technology	58,638		58,165
Packaging	43,124		40,547
Consumer Products	20,850		20,624
Business Products	10,769		7,004
Total investments	$	3,259,967	$	3,221,247

During the first quarter of 2023, the Company placed its second lien term loan position in ADG, LLC ("ADG") on non-accrual status. As of March 31, 2023, the Company's position in ADG on non-accrual status had an aggregate cost basis of $7,413, an aggregate fair value of $2,667 and total unearned interest income of $275 for the three months then ended.

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 March 31, 2023, the Company's positions in Ansira on non-accrual status had an aggregate cost basis of $41,295, an aggregate fair value of $9,211 and total unearned interest income of $2,495 for the three months then ended.

As of March 31, 2023, the Company's aggregate principal amount of its second lien term loan in Integro Parent Inc. ("Integro") was $12,000. During the second quarter of 2022, the Company placed an aggregate principal amount of $4,200 of its second lien position on non-accrual status. As of March 31, 2023, the Company's position in Integro on non-accrual status had an aggregate cost basis of $4,002, an aggregate fair value of $3,346 and total unearned interest income of $170 for the three 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 March 31, 2023, the Company's second lien position in National HME had an aggregate cost basis of $7,872, an aggregate fair value of $5,000 and total unearned interest income of $413 for the three months then ended. During the fourth quarter of 2022, the Company reversed $11,236 of previously recorded PIK interest in National HME and $1,500 of previously recorded other income in NHME Holdings Corp. as the Company believes this PIK interest and other income will ultimately not be collectible.

As of March 31, 2023, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $30,778, 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 $13,227 of its first lien term loans on non-accrual status. As of March 31, 2023, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $13,212, an aggregate fair value of $8,739 and total unearned interest income of $514 for the three 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 March 31, 2023, 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 $0 for the three 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 March 31, 2023, 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 $1,820, for the three 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 March 31, 2023, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $10,145 and total unearned dividend income of approximately $1,305 for the three 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 March 31, 2023, the Company's investment in EDMC, which was placed on non-accrual status, represented an aggregate cost basis of $953, an aggregate fair value of $0 and total unearned interest income of $14 for the three months then ended.

As of March 31, 2023, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $107,125 and $0, respectively. As of March 31, 2023, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $109,064. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2023.

As of December 31, 2022, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $100,315 and $0, respectively. As of December 31, 2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $123,748. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of December 31, 2022.

PPVA Black Elk (Equity) LLC

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

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

On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of March 31, 2023 and December 31, 2022, the SPP Agreement has a cost basis of $14,500 and $14,500, respectively and a fair value of $7,995 and $7,995, 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 March 31, 2023, 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 March 31, 2023 and December 31, 2022.

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%. Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000. As of March 31, 2023 and December 31, 2022, SLP III had total investments with an aggregate fair value of approximately $651,129 and $639,327, respectively, and debt outstanding under its credit facility of $498,000 and $512,100, respectively. As of March 31, 2023 and December 31, 2022, none of SLP III's investments were on non-accrual. Additionally, as of March 31, 2023 and December 31, 2022, SLP III had unfunded commitments in the form of delayed draws of $2,016 and $2,948, 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 March 31, 2023 and December 31, 2022:


	March 31, 2023			December 31, 2022
First lien investments (1)	$	694,046		$	690,017
Weighted average interest rate on first lien investments (2)	9.09		%	8.51		%
Number of portfolio companies in SLP III	86			83
Largest portfolio company investment (1)	$	18,149		$	18,197
Total of five largest portfolio company investments (1)	$	85,727		$	85,948

(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 March 31, 2023:


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	Healthcare	L(M)	3.75%	8.59%	12/2027	$	2,394	$	2,385	$	2,228
Advisor Group Holdings, Inc.	Financial Services	L(M)	4.50%	9.34%	07/2026	9,675		9,649		9,551
AG Parent Holdings, LLC	Healthcare	L(M)	5.00%	9.84%	07/2026	12,094		12,062		11,747
Artera Services, LLC	Distribution & Logistics	L(Q)	3.50%	8.66%	03/2025	6,821		6,792		5,809
Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(Q)	4.50%	9.41%	03/2030	4,936		4,838		4,838
AssuredPartners, Inc.	Insurance Services	SOFR(M)	4.25%	9.06%	02/2027	1,990		1,925		1,988
Aston FinCo S.a.r.l. / Aston US Finco, LLC	Software	L(M)	4.25%	9.09%	10/2026	5,820		5,788		5,005
athenahealth Group Inc.	Healthcare	SOFR(M)	3.50%	8.26%	02/2029	6,895		6,636		6,429
BCPE Empire Holdings, Inc.	Distribution & Logistics	L(M)	4.00%	8.84%	06/2026	4,247		4,226		4,177
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.63%	9.53%	06/2026	3,249		3,154		3,219
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	8.66%	05/2028	2,232		2,215		2,162
Bluefin Holding, LLC	Software	L(Q)	5.75%	10.91%	09/2026	9,675		9,597		9,503
Bluefin Holding, LLC	Software	L(Q)	5.75%	10.91%	09/2026	2,556		2,526		2,511
Bracket Intermediate Holding Corp.	Healthcare	L(Q)	4.25%	9.04%	09/2025	14,325		14,297		14,137
Brave Parent Holdings, Inc.	Software	L(M)	4.00%	8.84%	04/2025	4,254		4,249		4,173
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	8.46%	07/2029	7,027		6,863		7,040
Cardinal Parent, Inc.	Software	L(Q)	4.50%	9.66%	11/2027	9,897		9,693		9,228
CE Intermediate I, LLC	Software	L(Q)	4.00%	8.86%	11/2028	10,893		10,829		10,430
CentralSquare Technologies, LLC	Software	L(Q)	3.75%	8.91%	08/2025	14,362		14,349		12,668
CHA Holdings, Inc.	Business Services	L(Q)	4.50%	9.66%	04/2025	954		954		954
CommerceHub, Inc.	Software	SOFR(S)	4.00%	8.78%	12/2027	5,702		5,681		5,341
Confluent Health, LLC	Healthcare	L(M)	4.00%	8.84%	11/2028	14,562		14,498		11,904
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	8.65%	02/2029	6,930		6,900		6,722
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	10.25%	09/2026	12,935		12,588		12,935
Cornerstone OnDemand, Inc.	Software	L(M)	3.75%	8.59%	10/2028	4,500		4,481		4,168
Covenant Surgical Partners, Inc.	Healthcare	SOFR(S)	4.00%	8.82%	07/2026	2,000		1,986		1,698
Covenant Surgical Partners, Inc.	Healthcare	SOFR(S)	4.00%	8.82%	07/2026	9,656		9,607		8,195
CRCI Longhorn Holdings, Inc.	Business Services	L(M)	3.50%	8.31%	08/2025	14,325		14,298		14,030
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.90%	10/2029	6,965		6,566		6,547
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	8.56%	03/2028	7,369		7,346		7,185
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	9.31%	12/2027	9,701		9,688		9,655
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	8.96%	10/2029	7,082		6,542		6,707
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.30%	03/2028	15,567		15,173		14,107
Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.)	Business Services	L(M)	4.25%	9.09%	07/2025	18,149		18,115		17,423
Eisner Advisory Group LLC	Financial Services	SOFR(M)	5.25%	10.17%	07/2028	2,207		2,120		2,209
EAB Global, Inc.	Education	L(M)	3.50%	8.34%	08/2028	3,204		3,191		3,133
Energize Holdco LLC	Business Services	L(M)	3.75%	8.59%	12/2028	12,456		12,404		12,114
eResearchTechnology, Inc.	Healthcare	L(M)	4.50%	9.34%	02/2027	7,252		7,230		6,841
EyeCare Partners, LLC	Healthcare	L(M)	3.75%	8.59%	02/2027	14,573		14,562		12,050
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.91%	08/2028	9,674		9,569		9,132
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC)	Healthcare	L(S)	3.75%	8.96%	02/2024	14,181		14,183		10,494
Groundworks, LLC	Consumer Services	SOFR(M)	6.50%	11.36%	03/2030	1,272		1,234		1,234
Heartland Dental, LLC	Healthcare	L(M)	3.75%	8.59%	04/2025	18,113		18,082		16,973
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.78%	11/2026	18,022		17,914		16,125
Higginbotham Insurance Agency, Inc.	Business Services	L(M)	5.25%	10.09%	11/2026	9,056		8,999		9,002


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
HighTower Holding, LLC	Financial Services	L(Q)	4.00%	8.82%	04/2028	$	4,766	$	4,729	$	4,516
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	10.16%	04/2029	6,706		6,470		6,029
Idera, Inc.	Software	L(Q)	3.75%	8.51%	03/2028	15,763		15,752		15,073
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	4.25%	9.25%	06/2026	11,904		11,861		11,695
LI Group Holdings, Inc.	Software	L(M)	3.75%	8.59%	03/2028	4,562		4,553		4,545
LSCS Holdings, Inc.	Healthcare	L(M)	4.50%	9.34%	12/2028	7,548		7,516		7,246
Mamba Purchaser, Inc.	Healthcare	L(M)	3.50%	8.34%	10/2028	1,601		1,597		1,583
Maverick Bidco Inc.	Software	L(Q)	3.75%	8.58%	05/2028	3,950		3,935		3,769
Maverick Bidco Inc.	Software	SOFR(M)	4.25%	9.17%	05/2028	2,500		2,375		2,375
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.79%	05/2028	2,000		1,908		1,908
Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	8.92%	05/2028	4,163		4,147		4,092
MED ParentCo, LP	Healthcare	L(M)	4.25%	9.09%	08/2026	12,556		12,492		11,049
Mercury Borrower, Inc.	Business Services	L(M)	3.50%	8.38%	08/2028	4,168		4,150		4,059
MH Sub I, LLC (Micro Holding Corp.)	Software	L(M)	3.75%	8.59%	09/2024	10,667		10,652		10,513
Mitnick Corporate Purchaser, Inc.	Software	SOFR(Q)	4.75%	9.53%	05/2029	4,643		4,622		4,385
National Intergovernmental Purchasing Alliance Company	Business Services	SOFR(Q)	3.50%	8.40%	05/2025	2,420		2,407		2,394
Netsmart, Inc.	Healthcare	L(M)	4.00%	8.84%	10/2027	3,930		3,930		3,887
Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.06%	03/2028	4,897		4,359		4,322
Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.06%	03/2028	10,103		8,992		8,916
Outcomes Group Holdings, Inc.	Healthcare	L(M)	3.25%	8.09%	10/2025	3,322		3,319		3,241
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	8.43%	02/2029	1,723		1,719		1,693
Peraton Corp.	Federal Services	L(M)	3.75%	8.59%	02/2028	7,216		7,189		7,131
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	L(M)	3.50%	8.34%	02/2025	4,561		4,559		4,432
Physician Partners, LLC	Healthcare	SOFR(Q)	4.00%	9.05%	12/2028	4,263		4,226		4,014
Planview Parent, Inc.	Software	L(Q)	4.00%	9.16%	12/2027	10,804		10,580		10,273
Premise Health Holding Corp.	Healthcare	L(Q)	3.75%	8.91%	07/2025	7,386		7,372		7,091
Project Ruby Ultimate Parent Corp.	Healthcare	L(M)	3.25%	8.09%	03/2028	4,341		4,324		4,196
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	5.75%	10.56%	03/2028	4,975		4,837		5,058
RealPage, Inc.	Software	L(M)	3.00%	7.84%	04/2028	10,134		10,115		9,852
Renaissance Holding Corp.	Education	SOFR(M)	4.75%	9.58%	04/2030	6,629		6,430		6,442
RLG Holdings, LLC	Packaging	L(M)	4.00%	8.84%	07/2028	5,771		5,748		5,597
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.75%	11.43%	05/2027	2,424		2,423		1,687
Snap One Holdings Corp.	Distribution & Logistics	L(Q)	4.50%	9.66%	12/2028	6,606		6,550		6,077
Sovos Brands Intermediate, Inc.	Food & Beverage	L(Q)	3.50%	8.33%	06/2028	7,365		7,350		7,243
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	SOFR(Q)	4.00%	8.90%	07/2025	11,902		11,891		11,837
Storable, Inc.	Software	SOFR(M)	3.50%	8.30%	04/2028	3,814		3,807		3,693
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.28%	12/2027	15,680		15,575		14,034
Syndigo LLC	Software	L(M)	4.50%	9.28%	12/2027	14,700		14,621		13,902
Therapy Brands Holdings LLC	Software	L(M)	4.00%	8.78%	05/2028	4,089		4,072		3,843
Thermostat Purchaser III, Inc.	Business Services	L(Q)	4.50%	9.45%	08/2028	5,988		5,963		5,748
USI, Inc. (fka Compass Investors Inc.)	Insurance Services	SOFR(Q)	3.75%	8.65%	11/2029	5,473		5,367		5,466
Valcour Packaging, LLC	Packaging	L(S)	3.75%	7.98%	10/2028	4,493		4,481		3,737
VT Topco, Inc.	Business Services	L(M)	3.75%	8.59%	08/2025	25		25		24
VT Topco, Inc.	Business Services	L(M)	3.50%	8.34%	08/2025	2,722		2,722		2,691
VT Topco, Inc.	Business Services	L(M)	3.75%	8.59%	08/2025	866		864		857
WatchGuard Technologies, Inc.	Software	SOFR(S)	5.25%	10.11%	07/2029	5,277		4,953		5,013
Waystar Technologies, Inc.	Healthcare	L(M)	4.00%	8.84%	10/2026	4,014		4,008		4,003
Wrench Group LLC	Consumer Services	L(Q)	4.00%	9.16%	04/2026	7,803		7,790		7,677
Wrench Group LLC	Consumer Services	SOFR(Q)	4.75%	9.54%	04/2026	5,500		5,390		5,473


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
YI, LLC	Healthcare	L(M)	4.00%	8.84%	11/2024	$	9,465	$	9,462	$	9,149
Zest Acquisition Corp.	Healthcare	SOFR(M)	5.50%	10.22%	02/2028	4,103		3,935		3,975
Total Funded Investments						$	692,030	$	684,098	$	651,226
Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare	—	—	—	01/2024	$	847	$	(44)	$	(57)
Groundworks, LLC	Consumer Services	—	—	—	03/2025	232		(3)		(3)
Thermostat Purchaser III, Inc.	Business Services	—	—	—	08/2023	937		—		(37)
VT Topco, Inc.	Business Services	—	—	—	08/2023	—		—		—
Total Unfunded Investments						$	2,016	$	(47)	$	(97)
Total Investments						$	694,046	$	684,051	$	651,129

(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 March 31, 2023.

(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, 2022:


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

Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	Healthcare	L(M)	3.75%	8.13%	12/2027	$	2,400	$	2,391	$	2,194
Advisor Group Holdings, Inc.	Financial Services	L(M)	4.50%	8.88%	07/2026	9,700		9,672		9,512
AG Parent Holdings, LLC	Healthcare	L(M)	5.00%	9.38%	07/2026	12,125		12,092		11,769
Artera Services, LLC	Distribution & Logistics	L(Q)	3.50%	8.23%	03/2025	6,838		6,806		5,624
AssuredPartners, Inc.	Insurance Services	SOFR(M)	4.25%	8.57%	02/2027	1,995		1,926		1,985
Aston FinCo S.a.r.l. / Aston US Finco, LLC	Software	L(M)	4.25%	8.63%	10/2026	5,835		5,801		4,989
athenahealth Group Inc.	Healthcare	SOFR(M)	3.50%	7.82%	02/2029	6,912		6,644		6,258
BCPE Empire Holdings, Inc.	Distribution & Logistics	L(M)	4.00%	8.38%	06/2026	4,258		4,235		4,141
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.63%	9.05%	06/2026	3,257		3,156		3,205
Bella Holding Company, LLC	Healthcare	L(M)	3.75%	8.13%	05/2028	2,238		2,220		2,123
Bluefin Holding, LLC	Software	L(Q)	5.75%	10.48%	09/2026	9,700		9,617		9,418
Bluefin Holding, LLC	Software	L(Q)	5.75%	10.48%	09/2026	2,562		2,530		2,488
Bracket Intermediate Holding Corp.	Healthcare	L(Q)	4.25%	7.99%	09/2025	14,362		14,333		13,689
Brave Parent Holdings, Inc.	Software	L(M)	4.00%	8.38%	04/2025	4,266		4,260		4,145
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	7.91%	07/2029	7,045		6,875		7,033
Cano Health, LLC	Healthcare	SOFR(M)	4.00%	8.42%	11/2027	9,508		9,476		7,642
Cardinal Parent, Inc.	Software	L(Q)	4.50%	9.23%	11/2027	9,922		9,709		9,522
CE Intermediate I, LLC	Software	L(Q)	4.00%	8.59%	11/2028	10,920		10,854		10,388
CentralSquare Technologies, LLC	Software	L(Q)	3.75%	8.48%	08/2025	14,400		14,385		12,488
CHA Holdings, Inc.	Business Services	L(Q)	4.50%	9.23%	04/2025	957		957		945
CommerceHub, Inc.	Software	SOFR(S)	4.00%	8.78%	12/2027	5,717		5,695		5,274
Confluent Health, LLC	Healthcare	L(M)	4.00%	8.38%	11/2028	11,962		11,909		10,212
Confluent Health, LLC	Healthcare	L(M)	4.00%	8.38%	11/2028	1,499		1,492		1,280
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	8.33%	02/2029	6,947		6,916		6,617
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	9.93%	09/2026	12,967		12,598		12,578
Cornerstone OnDemand, Inc.	Software	L(M)	3.75%	8.13%	10/2028	4,511		4,492		4,049
Covenant Surgical Partners, Inc.	Healthcare	L(Q)	4.00%	8.41%	07/2026	2,000		1,984		1,710
Covenant Surgical Partners, Inc.	Healthcare	L(Q)	4.00%	8.41%	07/2026	9,680		9,628		8,276
CRCI Longhorn Holdings, Inc.	Business Services	L(M)	3.50%	7.77%	08/2025	14,363		14,333		13,597
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.58%	10/2029	6,965		6,556		6,539
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	8.13%	03/2028	7,388		7,364		7,088
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	8.82%	12/2027	9,725		9,690		9,628
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	7.97%	10/2029	7,100		6,543		6,499
Dispatch Acquisition Holdings, LLC	Industrial Services	L(Q)	4.25%	8.98%	03/2028	15,606		15,196		13,265
Drilling Info Holdings, Inc.	Business Services	L(M)	4.25%	8.63%	07/2025	18,197		18,159		17,560
EAB Global, Inc.	Education	L(M)	3.50%	7.88%	08/2028	3,212		3,199		3,098
Energize Holdco LLC	Business Services	L(M)	3.75%	8.13%	12/2028	12,488		12,433		11,863
eResearchTechnology, Inc.	Healthcare	L(M)	4.50%	8.88%	02/2027	7,271		7,247		6,459
EyeCare Partners, LLC	Healthcare	L(Q)	3.75%	8.48%	02/2027	14,611		14,599		12,431
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.59%	08/2028	9,405		9,326		8,840
Greenway Health, LLC	Healthcare	L(Q)	3.75%	8.48%	02/2024	14,219		14,221		9,971
Heartland Dental, LLC	Healthcare	L(M)	3.75%	8.13%	04/2025	18,160		18,126		16,847
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.19%	11/2026	18,068		17,953		16,335
Higginbotham Insurance Agency, Inc.	Business Services	L(M)	5.25%	9.63%	11/2026	9,079		9,018		8,972
HighTower Holding, LLC	Financial Services	L(Q)	4.00%	8.28%	04/2028	4,778		4,739		4,402
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	9.67%	04/2029	5,652		5,493		5,394
Idera, Inc.	Software	L(Q)	3.75%	7.50%	03/2028	15,803		15,792		14,944


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

Kestra Advisor Services Holdings A, Inc.	Financial Services	L(Q)	4.25%	8.98%	06/2026	$	11,935	$	11,889	$	11,572
LI Group Holdings, Inc.	Software	L(M)	3.75%	8.13%	03/2028	4,573		4,565		4,493
LSCS Holdings, Inc.	Healthcare	L(M)	4.50%	8.88%	12/2028	7,567		7,534		7,236
Mamba Purchaser, Inc.	Healthcare	L(M)	3.50%	7.89%	10/2028	5,730		5,706		5,486
Maverick Bidco Inc.	Software	L(Q)	3.75%	8.16%	05/2028	3,960		3,945		3,763
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.28%	05/2028	2,000		1,905		1,901
Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	8.50%	05/2028	4,174		4,157		3,993
MED ParentCo, LP	Healthcare	L(M)	4.25%	8.63%	08/2026	12,588		12,520		10,800
Mercury Borrower, Inc.	Business Services	L(Q)	3.50%	8.25%	08/2028	4,179		4,160		3,996
MH Sub I, LLC (Micro Holding Corp.)	Software	L(M)	3.75%	8.13%	09/2024	10,695		10,677		10,406
Mitnick Corporate Purchaser, Inc.	Software	SOFR(Q)	4.75%	8.94%	05/2029	4,655		4,633		4,373
National Intergovernmental Purchasing Alliance Company	Business Services	SOFR(Q)	3.50%	8.08%	05/2025	8,485		8,483		8,416
Navex Topco, Inc.	Software	L(M)	3.25%	7.64%	09/2025	10,887		10,841		10,811
Netsmart, Inc.	Healthcare	L(M)	4.00%	8.38%	10/2027	3,940		3,940		3,805
Outcomes Group Holdings, Inc.	Healthcare	L(Q)	3.25%	7.98%	10/2025	3,331		3,327		3,237
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	7.84%	02/2029	1,728		1,724		1,682
Peraton Corp.	Federal Services	L(M)	3.75%	8.13%	02/2028	7,235		7,206		7,082
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	L(M)	3.50%	7.88%	02/2025	4,573		4,570		4,321
Physician Partners, LLC	Healthcare	SOFR(M)	4.00%	8.42%	12/2028	5,627		5,575		5,383
Planview Parent, Inc.	Software	L(Q)	4.00%	8.73%	12/2027	10,832		10,598		10,109
Premise Health Holding Corp.	Healthcare	L(S)	3.75%	7.92%	07/2025	7,405		7,390		7,183
Project Ruby Ultimate Parent Corp.	Healthcare	L(M)	3.25%	7.63%	03/2028	4,352		4,335		4,124
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	5.75%	10.07%	03/2028	4,988		4,844		4,838
RealPage, Inc.	Software	L(M)	3.00%	7.38%	04/2028	10,159		10,139		9,687
RLG Holdings, LLC	Packaging	L(M)	4.00%	8.38%	07/2028	5,785		5,761		5,462
Sierra Enterprises, LLC	Food & Beverage	L(Q)	4.00%	8.41%	11/2024	2,381		2,380		1,661
Snap One Holdings Corp.	Distribution & Logistics	L(M)	4.50%	8.88%	12/2028	6,622		6,564		6,093
Sovos Brands Intermediate, Inc.	Food & Beverage	L(Q)	3.50%	7.91%	06/2028	9,429		9,410		9,225
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	L(Q)	4.00%	8.73%	07/2025	11,933		11,921		11,692
Storable, Inc.	Software	SOFR(M)	3.50%	7.98%	04/2028	3,823		3,816		3,657
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.69%	12/2027	15,720		15,610		13,205
Syndigo LLC	Software	L(M)	4.50%	8.84%	12/2027	14,738		14,655		14,340
Therapy Brands Holdings LLC	Software	L(M)	4.00%	8.35%	05/2028	4,099		4,082		3,853
Thermostat Purchaser III, Inc.	Business Services	L(Q)	4.50%	9.23%	08/2028	6,003		5,978		5,800
USI, Inc. (fka Compass Investors Inc.)	Insurance Services	SOFR(Q)	3.75%	8.33%	11/2029	5,486		5,377		5,441
Valcour Packaging, LLC	Packaging	L(S)	3.75%	7.98%	10/2028	4,504		4,492		3,772
VT Topco, Inc.	Business Services	L(M)	3.75%	8.13%	08/2025	31		31		30
VT Topco, Inc.	Business Services	L(M)	3.50%	7.88%	08/2025	2,729		2,729		2,647
VT Topco, Inc.	Business Services	L(M)	3.75%	8.13%	08/2025	838		835		815
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.57%	07/2029	5,290		4,957		5,075
Waystar Technologies, Inc.	Healthcare	L(M)	4.00%	8.38%	10/2026	4,025		4,018		3,972
WP CityMD Bidco LLC	Healthcare	L(M)	3.25%	7.63%	12/2028	4,148		4,123		4,145
Wrench Group LLC	Consumer Services	L(Q)	4.00%	8.73%	04/2026	7,824		7,809		7,565
YI, LLC	Healthcare	L(M)	4.00%	8.38%	11/2024	9,490		9,487		9,174
Total Funded Investments						$	687,069	$	681,338	$	639,607


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

Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare	—	—	—	01/2024	$	847	$	(44)	$	(80)
Confluent Health, LLC	Healthcare	—	—	—	11/2023	1,139		(6)		(167)
Thermostat Purchaser III, Inc.	Business Services	—	—	—	08/2023	937		—		(32)
VT Topco, Inc.	Business Services	—	—	—	08/2023	25		—		(1)
Total Unfunded Investments						$	2,948	$	(50)	$	(280)
Total Investments						$	690,017	$	681,288	$	639,327

(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 December 31, 2022.

(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 March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and March 31, 2022:


Selected Balance Sheet Information:	March 31, 2023		December 31, 2022
Investments at fair value (cost of $684,051 and $681,288)	$	651,129	$	639,327
Cash and other assets	19,548		17,149
Receivable from unsettled securities sold	8,816		—
Total assets	$	679,493	$	656,476

Credit facility	$	498,000	$	512,100
Deferred financing costs (net of accumulated amortization of $5,211 and $4,840, respectively)	(1,325)		(1,695)
Payable for unsettled securities purchased	28,024		—
Distribution payable	5,578		5,688
Other liabilities	7,203		6,492
Total liabilities	537,480		522,585

Members' capital	$	142,013	$	133,891
Total liabilities and members' capital	$	679,493	$	656,476


Selected Statement of Operations Information:	Three Months Ended
		March 31, 2023		March 31, 2022
Interest income		$	15,086	$	7,930
Other income		91		130
Total investment income		15,177		8,060

Interest and other financing expenses		8,406		2,751
Other expenses		243		219
Total expenses		8,649		2,970


Net investment income		6,528		5,090

Net realized losses on investments		(1,867)		(13)
Net change in unrealized appreciation (depreciation) of investments		9,039		(5,495)
Net increase (decrease) in members' capital		$	13,700	$	(418)

For the three months ended March 31, 2023 and March 31, 2022, the Company earned approximately $4,462 and $4,638, respectively, of dividend income related to SLP III, which is included in dividend income. As of March 31, 2023 and December 31, 2022, approximately $4,462 and $4,550, 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 March 31, 2023, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of March 31, 2023 and December 31, 2022.

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. As of the most recent amendment on April 28, 2023, the facility bears interest at a rate of SOFR plus 1.70%. Prior to the amendment on April 28, 2023, the facility bore interest at a rate of LIBOR plus 1.60% per annum. As of March 31, 2023 and December 31, 2022, SLP IV had total investments with an aggregate fair value of approximately $477,724 and $473,762, respectively, and debt outstanding under its credit facility of $355,937 and $365,537, respectively. As of March 31, 2023 and December 31, 2022, none of SLP IV’s investments were on non-accrual. Additionally, as of March 31, 2023 and December 31, 2022, SLP IV had unfunded commitments in the form of delayed draws of $967 and $1,973, respectively.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of March 31, 2023 and December 31, 2022:


	March 31, 2023			December 31, 2022
First lien investments (1)	$	509,213		$	510,372
Weighted average interest rate on first lien investments (2)	9.13		%	8.54		%
Number of portfolio companies in SLP IV	75			74
Largest portfolio company investment (1)	$	21,924		$	21,982
Total of five largest portfolio company investments (1)	$	93,539		$	93,734

(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 March 31, 2023:


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADG, LLC	Healthcare	L(Q)	4.75% + 0.50% PIK	10.56%	09/2023	$	16,343	$	16,329	$	15,205
ADMI Corp. (aka Aspen Dental)	Healthcare	L(M)	3.75%	8.59%	12/2027	1,847		1,840		1,719
Advisor Group Holdings, Inc.	Financial Services	L(M)	4.50%	9.34%	07/2026	11,548		11,487		11,399
Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(Q)	4.50%	9.41%	03/2030	3,808		3,732		3,732
Artera Services, LLC	Distribution & Logistics	L(Q)	3.50%	8.66%	03/2025	5,262		5,240		4,481
athenahealth Group Inc.	Healthcare	SOFR(M)	3.50%	8.26%	02/2029	2,391		2,381		2,230
Barracuda Parent, LLC	Software	SOFR(Q)	4.50%	9.18%	08/2029	4,988		4,848		4,798
Bayou Intermediate II, LLC	Healthcare	L(Q)	4.50%	9.30%	08/2028	9,008		8,962		8,648
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	8.66%	05/2028	1,747		1,741		1,692
Bleriot US Bidco Inc.	Federal Services	L(Q)	4.00%	9.16%	10/2026	3,930		3,930		3,937
Bracket Intermediate Holding Corp.	Healthcare	L(Q)	4.25%	9.04%	09/2025	4,416		4,407		4,358
Brave Parent Holdings, Inc.	Software	L(M)	4.00%	8.84%	04/2025	2,339		2,336		2,294
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	8.46%	07/2029	5,410		5,283		5,420
CE Intermediate I, LLC	Software	L(Q)	4.00%	8.86%	11/2028	8,157		8,108		7,810
CentralSquare Technologies, LLC	Software	L(Q)	3.75%	8.91%	08/2025	14,363		14,349		12,668
CHA Holdings, Inc.	Business Services	L(Q)	4.50%	9.66%	04/2025	1,979		1,975		1,979
CHA Holdings, Inc.	Business Services	L(Q)	4.50%	9.66%	04/2025	10,777		10,762		10,777
Confluent Health, LLC	Healthcare	L(M)	4.00%	8.84%	11/2028	9,752		9,709		7,972
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	8.65%	02/2029	6,930		6,900		6,722
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	10.25%	09/2026	4,975		4,841		4,975
Cornerstone OnDemand, Inc.	Software	L(M)	3.75%	8.59%	10/2028	3,214		3,201		2,977
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.90%	10/2029	2,687		2,533		2,525
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	9.31%	12/2027	10,639		10,614		10,590
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	8.96%	10/2029	5,387		4,975		5,101
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.30%	03/2028	9,850		9,748		8,926
EAB Global, Inc.	Education	L(M)	3.50%	8.34%	08/2028	6,405		6,380		6,263
Eisner Advisory Group LLC	Financial Services	SOFR(M)	5.25%	10.17%	07/2028	1,702		1,635		1,704
Emerald 2 Limited	Business Services	L(Q)	3.25%	8.41%	07/2028	439		439		437
Energize Holdco LLC	Business Services	L(M)	3.75%	8.59%	12/2028	8,978		8,940		8,731
Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.)	Business Services	L(M)	4.25%	9.09%	07/2025	20,235		20,202		19,426
eResearchTechnology, Inc.	Healthcare	L(M)	4.50%	9.34%	02/2027	4,373		4,347		4,125
EyeCare Partners, LLC	Healthcare	L(M)	3.75%	8.59%	11/2028	9,900		9,879		8,087
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.91%	08/2028	6,419		6,367		6,059
Geo Parent Corporation	Business Services	SOFR(S)	5.25%	10.17%	12/2025	9,684		9,490		9,443
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC)	Healthcare	L(S)	3.75%	8.96%	02/2024	20,674		20,659		15,299
Heartland Dental, LLC	Healthcare	L(M)	3.75%	8.59%	04/2025	3,526		3,520		3,304
Heartland Dental, LLC	Healthcare	L(M)	4.00%	8.84%	04/2025	6,190		6,172		5,854
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.78%	11/2026	9,783		9,758		8,753
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	10.16%	04/2029	4,851		4,680		4,361
Hunter Holdco 3 Limited	Healthcare	L(Q)	4.25%	9.41%	08/2028	3,949		3,917		3,885
Idera, Inc.	Software	L(Q)	3.75%	8.51%	03/2028	9,201		9,141		8,798
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	4.25%	9.25%	06/2026	5,416		5,377		5,321
LSCS Holdings, Inc.	Healthcare	L(M)	4.50%	9.34%	12/2028	8,648		8,613		8,302
Mamba Purchaser, Inc.	Healthcare	L(M)	3.50%	8.34%	10/2028	1,144		1,139		1,131
Mandolin Technology Intermediate Holdings, Inc.	Software	L(Q)	3.75%	8.58%	07/2028	9,875		9,836		9,110
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.79%	05/2028	2,000		1,908		1,908
Maverick Bidco Inc.	Software	L(Q)	3.75%	8.58%	05/2028	7,901		7,870		7,538


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	8.92%	05/2028	$	8,326	$	8,295	$	8,185
Mercury Borrower, Inc.	Business Services	L(M)	3.50%	8.38%	08/2028	6,172		6,147		6,010
MH Sub I, LLC (Micro Holding Corp.)	Software	L(M)	3.75%	8.59%	09/2024	7,798		7,787		7,685
National Intergovernmental Purchasing Alliance Company	Business Services	SOFR(Q)	3.50%	8.40%	05/2025	376		375		372
Netsmart, Inc.	Healthcare	L(M)	4.00%	8.84%	10/2027	6,877		6,877		6,802
Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.06%	03/2028	3,265		2,905		2,881
Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.06%	03/2028	6,735		5,995		5,944
OEConnection LLC	Software	SOFR(M)	4.00%	8.91%	09/2026	4,070		4,047		4,006
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	8.43%	02/2029	1,329		1,326		1,306
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	L(M)	3.50%	8.34%	02/2025	7,955		7,943		7,731
Physician Partners, LLC	Healthcare	SOFR(Q)	4.00%	9.05%	12/2028	3,222		3,194		3,033
Premise Health Holding Corp.	Healthcare	L(Q)	3.75%	8.91%	07/2025	1,941		1,937		1,863
Project Boost Purchaser, LLC	Business Services	L(M)	3.50%	8.34%	05/2026	2,456		2,452		2,422
RealPage, Inc.	Software	L(M)	3.00%	7.84%	04/2028	3,619		3,609		3,519
Renaissance Holding Corp.	Education	SOFR(M)	4.75%	9.58%	04/2030	5,114		4,960		4,970
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.75%	11.43%	05/2027	4,247		4,239		2,955
Snap One Holdings Corp.	Distribution & Logistics	L(Q)	4.50%	9.66%	12/2028	8,563		8,490		7,878
Sovos Brands Intermediate, Inc.	Food & Beverage	L(Q)	3.50%	8.33%	06/2028	6,474		6,462		6,367
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	12.02%	07/2026	2,289		2,203		2,197
Storable, Inc.	Software	SOFR(M)	3.50%	8.30%	04/2028	3,950		3,931		3,825
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.28%	12/2027	3,755		3,747		3,361
Syndigo LLC	Software	L(M)	4.50%	9.28%	12/2027	9,735		9,720		9,206
Therapy Brands Holdings LLC	Software	L(M)	4.00%	8.78%	05/2028	6,015		5,990		5,654
Thermostat Purchaser III, Inc.	Business Services	L(Q)	4.50%	9.45%	08/2028	4,277		4,260		4,106
USIC Holdings, Inc.	Business Services	L(M)	3.50%	8.34%	05/2028	3,791		3,779		3,684
Valcour Packaging, LLC	Packaging	L(S)	3.75%	7.98%	10/2028	3,268		3,260		2,718
VT Topco, Inc.	Business Services	L(M)	3.75%	8.59%	08/2025	247		245		244
VT Topco, Inc.	Business Services	L(M)	3.75%	8.59%	08/2025	8,663		8,637		8,569
WatchGuard Technologies, Inc.	Software	SOFR(S)	5.25%	10.11%	07/2029	4,070		3,821		3,867
Wrench Group LLC	Consumer Services	L(Q)	4.00%	9.16%	04/2026	9,444		9,400		9,291
YI, LLC	Healthcare	L(M)	4.00%	8.84%	11/2024	21,924		21,917		21,193
Zest Acquisition Corp.	Healthcare	SOFR(M)	5.50%	10.22%	02/2028	3,165		3,037		3,067
Zone Climate Services, Inc.	Business Services	SOFR(Q)	4.75%	9.54%	03/2028	9,899		9,732		9,901
Zone Climate Services, Inc.	Business Services	SOFR(Q)	4.75%	9.54%	03/2028	2,175		2,140		2,185
Total Funded Investments						$	508,246	$	503,359	$	477,771
Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare				01/2024	$	294	$	—	$	(20)
Thermostat Purchaser III, Inc.	Business Services				08/2023	669		—		(27)
VT Topco, Inc.	Business Services				08/2023	4		—		—
Total Unfunded Investments						967		—		(47)
Total Investments						$	509,213	$	503,359	$	477,724

(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, 2022:


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

Funded Investments - First lien
ADG, LLC	Healthcare	L (M)	4.75% + 0.50%/PIK	9.69%	09/2023	$	16,335	$	16,315	$	15,674
ADMI Corp. (aka Aspen Dental)	Healthcare	L (M)	3.75%	8.13%	12/2027	1,852		1,844		1,693
Advisor Group Holdings, Inc.	Financial Services	L (M)	4.50%	8.88%	07/2026	11,577		11,513		11,353
Artera Services, LLC	Distribution & Logistics	L (Q)	3.50%	8.23%	03/2025	5,275		5,251		4,339
athenahealth Group Inc.	Healthcare	SOFR (M)	3.50%	7.82%	02/2029	2,397		2,387		2,171
Barracuda Parent, LLC	Software	SOFR (Q)	4.50%	8.59%	08/2029	5,000		4,856		4,822
Bayou Intermediate II, LLC	Healthcare	L (Q)	4.50%	8.96%	08/2028	8,607		8,571		8,305
Bella Holding Company, LLC	Healthcare	L (M)	3.75%	8.13%	05/2028	1,751		1,746		1,661
Bleriot US Bidco Inc.	Federal Services	L (Q)	4.00%	8.73%	10/2026	3,940		3,940		3,907
Bracket Intermediate Holding Corp.	Healthcare	L (Q)	4.25%	7.99%	09/2025	4,427		4,418		4,220
Brave Parent Holdings, Inc.	Software	L (M)	4.00%	8.38%	04/2025	2,345		2,342		2,278
Brown Group Holding, LLC	Distribution & Logistics	SOFR (Q)	3.75%	7.91%	07/2029	5,424		5,293		5,416
Cano Health, LLC	Healthcare	SOFR (M)	4.00%	8.42%	11/2027	7,478		7,473		6,011
CE Intermediate I, LLC	Software	L (Q)	4.00%	8.59%	11/2028	8,178		8,127		7,779
CentralSquare Technologies, LLC	Software	P (Q)	3.75%	8.48%	08/2025	14,400		14,385		12,488
Certara Holdco, Inc.	Healthcare	L (M)	3.50%	7.88%	08/2026	3,900		3,893		3,849
CHA Holdings, Inc.	Business Services	L (Q)	4.50%	9.23%	04/2025	1,984		1,979		1,960
CHA Holdings, Inc.	Business Services	L (Q)	4.50%	9.23%	04/2025	10,806		10,788		10,679
Confluent Health, LLC	Healthcare	L (M)	4.00%	8.68%	11/2028	999		991		853
Confluent Health, LLC	Healthcare	L (M)	4.00%	8.38%	11/2028	8,014		7,979		6,842
Confluent Medical Technologies, Inc.	Healthcare	SOFR (Q)	3.75%	8.33%	02/2029	6,948		6,916		6,617
Convey Health Solutions, Inc.	Healthcare	SOFR (Q)	5.25%	9.83%	09/2026	4,988		4,846		4,838
Cornerstone OnDemand, Inc.	Software	L (M)	3.75%	8.13%	10/2028	3,222		3,209		2,892
CVET Midco 2, L.P.	Software	SOFR (Q)	5.00%	9.58%	10/2029	2,687		2,529		2,522
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR (M)	4.50%	8.82%	12/2027	10,666		10,640		10,559
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR (Q)	4.38%	7.97%	10/2029	5,400		4,976		4,943
Dispatch Acquisition Holdings, LLC	Industrial Services	L (Q)	4.25%	8.98%	03/2028	9,875		9,769		8,393
Drilling Info Holdings, Inc.	Business Services	L (M)	4.25%	8.63%	07/2025	20,288		20,251		19,578
EAB Global, Inc.	Education	L (M)	3.50%	7.88%	08/2028	6,422		6,395		6,193
Emerald 2 Limited	Business Services	L (Q)	3.25%	7.98%	07/2028	441		440		437
Energize Holdco LLC	Business Services	L (M)	3.75%	8.13%	12/2028	9,000		8,961		8,550
eResearchTechnology, Inc.	Healthcare	L (M)	4.50%	8.88%	02/2027	4,384		4,357		3,895
EyeCare Partners, LLC	Healthcare	L (Q)	3.75%	8.48%	11/2028	9,925		9,904		8,445
Foundational Education Group, Inc.	Education	SOFR (Q)	3.75%	8.59%	08/2028	6,435		6,381		6,048
Geo Parent Corporation	Business Services	SOFR (Q)	5.25%	9.44%	12/2025	9,709		9,499		9,470
Greenway Health, LLC	Healthcare	L (Q)	3.75%	8.48%	02/2024	20,729		20,710		14,536
Heartland Dental, LLC	Healthcare	L (M)	3.75%	8.13%	04/2025	3,535		3,529		3,280
Heartland Dental, LLC	Healthcare	L (M)	4.00%	8.39%	04/2025	6,206		6,186		5,785
Help/Systems Holdings, Inc.	Software	SOFR (Q)	4.00%	8.19%	11/2026	9,808		9,782		8,867
Houghton Mifflin Harcourt Company	Education	SOFR (M)	5.25%	9.67%	04/2029	4,037		3,926		3,854
Hunter Holdco 3 Limited	Healthcare	L (Q)	4.25%	8.98%	08/2028	3,949		3,916		3,886
Idera, Inc.	Software	L (Q)	3.75%	7.50%	03/2028	9,224		9,162		8,723
Kestra Advisor Services Holdings A, Inc.	Financial Services	L (Q)	4.25%	8.98%	06/2026	5,430		5,389		5,265
LSCS Holdings, Inc.	Healthcare	L (M)	4.50%	8.88%	12/2028	8,669		8,634		8,290
Mamba Purchaser, Inc.	Healthcare	L (M)	3.50%	7.89%	10/2028	4,092		4,075		3,919
Mandolin Technology Intermediate Holdings, Inc.	Software	L (Q)	3.75%	8.16%	07/2028	9,900		9,859		9,281
Maverick Bidco Inc.	Software	SOFR (Q)	5.00%	9.28%	05/2028	2,000		1,905		1,901
Maverick Bidco Inc.	Software	L (Q)	3.75%	8.16%	05/2028	7,921		7,889		7,527


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

Mavis Tire Express Services Topco Corp.	Retail	SOFR (M)	4.00%	8.50%	05/2028	$	8,348	$	8,314	$	7,985
Mercury Borrower, Inc.	Business Services	L (Q)	3.50%	8.25%	08/2028	6,188		6,162		5,917
MH Sub I, LLC (Micro Holding Corp.)	Software	L (M)	3.75%	8.13%	09/2024	7,818		7,805		7,606
National Intergovernmental Purchasing Alliance Company	Business Services	SOFR (Q)	3.50%	8.08%	05/2025	1,319		1,320		1,308
Netsmart, Inc.	Healthcare	L (M)	4.00%	8.38%	10/2027	6,894		6,895		6,658
OEConnection LLC	Software	SOFR (M)	4.00%	8.42%	09/2026	4,081		4,056		3,899
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR (Q)	3.75%	7.84%	02/2029	1,333		1,330		1,298
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	L (M)	3.50%	7.88%	02/2025	7,975		7,962		7,537
Physician Partners, LLC	Healthcare	SOFR (M)	4.00%	8.42%	12/2028	4,252		4,214		4,068
Premise Health Holding Corp.	Healthcare	L (S)	3.75%	7.92%	07/2025	1,946		1,942		1,888
Project Boost Purchaser, LLC	Business Services	L (M)	3.50%	7.88%	05/2026	2,463		2,458		2,377
RealPage, Inc.	Software	L (M)	3.00%	7.38%	04/2028	3,628		3,617		3,460
RLG Holdings, LLC	Packaging	L (M)	4.00%	8.38%	07/2028	4,719		4,700		4,456
Sierra Enterprises, LLC	Food & Beverage	L (Q)	4.00%	8.41%	11/2024	4,172		4,164		2,910
Snap One Holdings Corp.	Distribution & Logistics	L (M)	4.50%	8.88%	12/2028	8,584		8,509		7,898
Sovos Brands Intermediate, Inc.	Food & Beverage	L (Q)	3.50%	7.91%	06/2028	8,290		8,273		8,110
STATS Intermediate Holdings, LLC	Business Services	SOFR (Q)	7.25%	11.52%	07/2026	2,294		2,204		2,202
Storable, Inc.	Software	SOFR (M)	3.50%	7.98%	04/2028	3,960		3,940		3,788
Symplr Software, Inc.	Healthcare	SOFR (Q)	4.50%	8.69%	12/2027	3,765		3,756		3,163
Syndigo LLC	Software	L (M)	4.50%	8.84%	12/2027	9,760		9,744		9,497
Therapy Brands Holdings LLC	Software	L (M)	4.00%	8.35%	05/2028	6,030		6,004		5,668
Thermostat Purchaser III, Inc.	Business Services	L (Q)	4.50%	9.23%	08/2028	4,288		4,270		4,143
USIC Holdings, Inc.	Business Services	L (M)	3.50%	7.88%	05/2028	3,801		3,788		3,638
Valcour Packaging, LLC	Packaging	L (S)	3.75%	7.98%	10/2028	3,276		3,268		2,744
Virtusa Corporation	Information Technology	SOFR (M)	3.75%	8.17%	02/2029	2,281		2,260		2,208
VT Topco, Inc.	Business Services	L (M)	3.75%	6.16%	08/2025	308		306		293
VT Topco, Inc.	Business Services	L (M)	3.75%	8.13%	08/2025	8,378		8,350		8,154
WatchGuard Technologies, Inc.	Software	SOFR (M)	5.25%	9.57%	07/2029	4,081		3,824		3,915
Wrench Group LLC	Consumer Services	L (Q)	4.00%	8.73%	04/2026	9,469		9,421		9,155
YI, LLC	Healthcare	L (M)	4.00%	8.38%	11/2024	21,982		21,975		21,251
Zone Climate Services, Inc.	Business Services	SOFR (S)	4.75%	8.62%	03/2028	9,950		9,773		9,791
Zone Climate Services, Inc.	Business Services	SOFR (S)	4.75%	8.64%	03/2028	2,187		2,149		2,152
Total Funded Investments						$	508,399	$	504,879	$	473,931
Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare	—	—	—	01/2024	$	294	$	—	$	(28)
Confluent Health, LLC	Healthcare	—	—	—	11/2023	759		(4)		(111)
Thermostat Purchaser III, Inc.	Business Services	—	—	—	08/2023	669		—		(23)
VT Topco, Inc.	Business Services	—	—	—	08/2023	251		—		(7)
Total Unfunded Investments						$	1,973	$	(4)	$	(169)
Total Investments						$	510,372	$	504,875	$	473,762

(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 December 31, 2022.

(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 March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and March 31, 2022:


Selected Consolidated Balance Sheet Information:	March 31, 2023		December 31, 2022
Investments at fair value (cost of $503,359 and $504,875, respectively)	$	477,724	$	473,762
Receivable from unsettled securities sold	7,525		—
Cash and other assets	14,645		12,853
Total assets	$	499,894	$	486,615

Credit facility	$	355,937	$	365,537
Deferred financing costs (net of accumulated amortization of $1,145 and $997, respectively)	(1,860)		(2,008)
Payable for unsettled securities purchased	4,558		—
Distribution payable	17,592		4,648
Other liabilities	6,051		5,410
Total liabilities	382,278		373,587

Members' capital	$	117,616	$	113,028
Total liabilities and members' capital	$	499,894	$	486,615


Selected Consolidated Statement of Operations Information:	Three Months Ended
		March 31, 2023		March 31, 2022
Interest income		$	11,258	$	5,936
Other income		116		103
Total investment income		11,374		6,039

Interest and other financing expenses		5,832		1,803
Other expenses		205		221
Total expenses		6,037		2,024


Net investment income		5,337		4,015

Net realized losses on investments		(1,669)		(2)
Net change in unrealized appreciation (depreciation) of investments		5,478		(3,710)
Net increase in members' capital		$	9,146	$	303

For the three months ended March 31, 2023 and March 31, 2022, the Company earned approximately $3,583 and $3,372, respectively, of dividend income related to SLP IV, which is included in dividend income. As of March 31, 2023 and December 31, 2022, approximately $3,583 and $3,653, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

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

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 March 31, 2023, 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.