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Investments

6 Months Ended

Jun. 30, 2023

At June 30, 2023, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,772,320	$	1,703,788
Second lien	610,377		563,333
Subordinated	94,369		84,683
Equity and other	741,138		827,661
Total investments	$	3,218,204	$	3,179,465

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	855,934	$	841,263
Business Services	660,003		598,895
Healthcare	550,485		529,232
Investment Funds (includes investments in joint ventures)	252,400		252,400
Education	205,084		243,277
Consumer Services	161,085		159,373
Net Lease	95,782		120,349
Financial Services	102,915		103,728
Distribution & Logistics	111,445		103,342
Energy	58,692		64,754
Information Technology	58,671		58,706
Packaging	43,120		39,966
Specialty Chemicals & Materials	25,751		31,827
Consumer Products	20,668		19,262
Business Products	10,771		7,539
Food & Beverage	5,398		5,552
Total investments	$	3,218,204	$	3,179,465

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 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 June 30, 2023, the Company's positions in Ansira on non-accrual status had an aggregate cost basis of $41,223, an aggregate fair value of $3,497 and total unearned interest income of $1,315 and $3,810, respectively, for the three and six months then ended.

As of June 30, 2023, the Company's aggregate principal amount of its second lien term loan in Integro Parent Inc. ("Integro") was $12,520. During the second quarter of 2022, the Company placed an aggregate principal amount of $4,382 of its second lien position on non-accrual status. As of June 30, 2023, the Company's position in Integro on non-accrual status had an aggregate cost basis of $4,122, an aggregate fair value of $3,964 and total unearned interest income of $182 and $352, respectively, for the three and six 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 June 30, 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 $439 and $852, respectively, for the three and six 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 June 30, 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 $31,239, 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 $13,412 of its first lien term loans on non-accrual status. As of June 30, 2023, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $13,397, an

aggregate fair value of $8,168 and total unearned interest income of $582 and $1,096, respectively, for the three and six 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 June 30, 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 $1,881 and $3,701, for the three and six 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 June 30, 2023, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $9,488 and total unearned dividend income of approximately $1,368 and $2,673, respectively, for the three and six 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 June 30, 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 $26 and $40, respectively, for the three and six months then ended.

As of June 30, 2023, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $109,363 and $0, respectively. As of June 30, 2023, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $88,003. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 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 June 30, 2023 and December 31, 2022, the SPP Agreement has a cost basis of $14,500 and $14,500, respectively and a fair value of $7,976 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 June 30, 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 June 30, 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 June 23, 2023, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.80%, and after the reinvestment period it will bear interest at a rate of SOFR plus 2.10%. Prior to the amendment on June 23, 2023, the facility bore interest at a rate of London Interbank Offered ("LIBOR") plus 1.60% per annum during the reinvestment period and LIBOR plus 1.90% per annum after the reinvestment period. Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000. As of June 30, 2023 and December 31, 2022, SLP III had total investments with an aggregate fair value of approximately $675,809 and $639,327, respectively, and debt outstanding under its credit facility of $505,300 and $512,100, respectively. As of June 30, 2023 and December 31, 2022, none of SLP III's investments were on non-accrual. Additionally, as of June 30, 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 June 30, 2023 and December 31, 2022:


	June 30, 2023			December 31, 2022
First lien investments (1)	$	713,647		$	690,017
Weighted average interest rate on first lien investments (2)	9.53		%	8.51		%
Number of portfolio companies in SLP III	90			83
Largest portfolio company investment (1)	$	18,102		$	18,197
Total of five largest portfolio company investments (1)	$	82,968		$	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 June 30, 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	SOFR(M)	3.75%	8.97%	12/2027	$	2,388	$	2,379	$	2,241
Advisor Group Holdings, Inc.	Financial Services	L(M)	4.50%	9.69%	07/2026	9,650		9,626		9,669
AG Parent Holdings, LLC	Healthcare	SOFR(M)	5.00%	10.22%	07/2026	12,063		12,033		11,753
Artera Services, LLC	Distribution & Logistics	SOFR(Q)	3.50%	8.84%	03/2025	6,802		6,778		6,004
Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(Q)	4.50%	9.89%	03/2030	4,935		4,838		4,932
AssuredPartners, Inc.	Insurance Services	SOFR(M)	4.25%	9.35%	02/2027	1,985		1,924		1,986
Aston FinCo S.a.r.l. / Aston US Finco, LLC	Software	L(M)	4.25%	9.44%	10/2026	5,805		5,775		4,992
athenahealth Group Inc.	Healthcare	SOFR(M)	3.50%	8.59%	02/2029	6,877		6,628		6,596
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.75%	9.83%	12/2028	7,496		7,422		7,486
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	8.95%	05/2028	2,226		2,210		2,186
Bluefin Holding, LLC	Software	L(Q)	5.75%	11.29%	09/2026	9,650		9,577		9,630
Bluefin Holding, LLC	Software	L(Q)	5.75%	11.29%	09/2026	2,550		2,521		2,544
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	5.00%	10.17%	05/2028	14,325		13,905		14,140
Brave Parent Holdings, Inc.	Software	L(M)	4.00%	9.19%	04/2025	4,243		4,238		4,202
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	8.85%	07/2029	7,010		6,851		7,004
Cardinal Parent, Inc.	Software	SOFR(Q)	4.50%	9.89%	11/2027	9,872		9,677		8,761
CE Intermediate I, LLC	Software	L(Q)	3.50%	8.84%	11/2028	10,865		10,804		10,702
CentralSquare Technologies, LLC	Software	SOFR(Q)	3.75%	9.14%	08/2025	14,325		14,312		13,439
CHA Holdings, Inc.	Business Services	SOFR(Q)	4.50%	10.00%	04/2025	952		952		952
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	9.22%	12/2027	5,688		5,668		4,962
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	11.47%	12/2027	3,990		3,561		3,561
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	9.22%	11/2028	14,524		14,462		13,217
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	8.99%	02/2029	6,913		6,883		6,705
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	10.59%	09/2026	12,903		12,578		12,600
Cornerstone OnDemand, Inc.	Software	SOFR(Q)	3.75%	9.25%	10/2028	4,489		4,471		4,169
Covenant Surgical Partners, Inc.	Healthcare	SOFR(S)	4.00%	8.82%	07/2026	2,000		1,987		1,610
Covenant Surgical Partners, Inc.	Healthcare	SOFR(S)	4.00%	8.82%	07/2026	9,630		9,586		7,753
CRCI Longhorn Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.75%	08/2025	14,288		14,263		14,200
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	10.24%	10/2029	6,948		6,561		6,490
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	8.97%	03/2028	7,350		7,328		7,231
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	9.60%	12/2027	9,676		9,664		9,652
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	9.62%	10/2029	7,064		6,540		6,800
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.64%	03/2028	15,527		15,150		13,897
Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.)	Business Services	SOFR(M)	4.25%	9.45%	07/2025	18,102		18,071		17,304
Eisner Advisory Group LLC	Financial Services	SOFR(M)	5.25%	10.47%	07/2028	2,201		2,117		2,201
EAB Global, Inc.	Education	L(Q)	3.50%	8.87%	08/2028	3,196		3,184		3,160
TRC Companies LLC	Business Services	SOFR(M)	3.75%	8.97%	12/2028	12,425		12,374		12,269
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.50%	9.72%	02/2027	7,234		7,212		6,971
EyeCare Partners, LLC	Healthcare	SOFR(Q)	3.75%	9.25%	02/2027	14,536		14,526		10,816
Foundational Education Group, Inc.	Education	SOFR(M)	4.25%	9.47%	08/2028	9,650		9,549		8,564
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC)	Healthcare	L(S)	3.75%	8.96%	02/2024	14,144		14,145		10,563
Groundworks, LLC	Consumer Services	SOFR(M)	6.50%	11.65%	03/2030	1,272		1,235		1,253
Heartland Dental, LLC	Healthcare	SOFR(M)	5.00%	10.10%	04/2028	14,249		13,690		13,761
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	9.15%	11/2026	17,976		17,874		16,515
Higginbotham Insurance Agency, Inc.	Business Services	SOFR(M)	5.25%	10.45%	11/2026	9,033		8,979		9,033


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(M)	4.00%	9.15%	04/2028	$	4,754	$	4,718	$	4,659
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	10.45%	04/2029	6,689		6,461		5,742
Hub International Limited	Insurance Services	SOFR(M)	4.25%	9.34%	06/2030	6,442		6,377		6,461
Idera, Inc.	Software	SOFR(M)	3.75%	9.01%	03/2028	15,723		15,713		15,346
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	4.25%	9.59%	06/2026	11,873		11,833		11,776
LI Group Holdings, Inc.	Software	L(M)	3.75%	8.94%	03/2028	4,550		4,542		4,556
LSCS Holdings, Inc.	Healthcare	L(M)	4.50%	9.69%	12/2028	7,529		7,498		7,369
Mamba Purchaser, Inc.	Healthcare	SOFR(M)	3.50%	8.72%	10/2028	1,596		1,591		1,583
Maverick Bidco Inc.	Software	L(Q)	3.75%	9.02%	05/2028	3,939		3,926		3,796
Maverick Bidco Inc.	Software	SOFR(Q)	4.25%	9.56%	05/2028	2,500		2,379		2,447
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	10.17%	05/2028	1,995		1,907		1,922
Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	9.22%	05/2028	4,153		4,137		4,119
MED ParentCo, LP	Healthcare	SOFR(M)	4.25%	9.47%	08/2026	12,523		12,463		11,657
Mercury Borrower, Inc.	Business Services	SOFR(M)	3.50%	8.72%	08/2028	4,158		4,140		4,098
MH Sub I, LLC (Micro Holding Corp.)	Software	SOFR(M)	4.25%	9.35%	05/2028	6,576		6,416		6,310
National Intergovernmental Purchasing Alliance Company	Business Services	SOFR(Q)	3.50%	8.74%	05/2025	2,414		2,401		2,406
Netsmart, Inc.	Healthcare	SOFR(M)	4.00%	9.22%	10/2027	3,920		3,920		3,907
Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.35%	03/2028	4,897		4,379		4,640
Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.35%	03/2028	10,103		8,992		9,573
Optiv Parent Inc.	Software	SOFR(S)	5.25%	10.34%	07/2026	6,897		6,666		6,589
Outcomes Group Holdings, Inc.	Healthcare	L(M)	3.50%	8.69%	10/2025	3,314		3,310		3,251
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	8.80%	02/2029	1,719		1,715		1,690
Peraton Corp.	Federal Services	SOFR(M)	3.75%	8.95%	02/2028	7,197		7,171		7,085
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	L(M)	3.50%	8.69%	02/2025	4,549		4,547		4,477
Physician Partners, LLC	Healthcare	SOFR(Q)	4.00%	9.39%	12/2028	4,252		4,216		4,004
Planview Parent, Inc.	Software	SOFR(Q)	4.00%	9.50%	12/2027	10,776		10,563		10,268
Premise Health Holding Corp.	Healthcare	SOFR(S)	3.75%	9.34%	07/2025	7,367		7,354		7,072
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	3.25%	8.47%	03/2028	4,330		4,314		4,232
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	5.75%	10.97%	03/2028	4,963		4,831		4,962
RealPage, Inc.	Software	SOFR(M)	3.00%	8.22%	04/2028	10,108		10,090		9,895
Renaissance Holding Corp.	Education	SOFR(Q)	4.75%	9.99%	04/2030	6,629		6,434		6,558
RLG Holdings, LLC	Packaging	SOFR(M)	4.25%	9.47%	07/2028	5,756		5,734		5,502
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.75%	12/2027	2,992		2,910		2,962
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.25%	10.33%	03/2028	3,697		3,605		3,605
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	2.50% + 4.25% PIK	11.80%	05/2027	2,442		2,442		1,881
Snap One Holdings Corp.	Distribution & Logistics	SOFR(Q)	4.50%	9.89%	12/2028	6,589		6,535		6,314
Sovos Brands Intermediate, Inc.	Food & Beverage	L(Q)	3.50%	8.77%	06/2028	7,365		7,351		7,325
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	L(Q)	4.00%	9.54%	07/2025	13,866		13,816		13,790
Storable, Inc.	Software	SOFR(M)	3.50%	8.68%	04/2028	3,804		3,797		3,715
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.65%	12/2027	15,640		15,540		14,128
Syndigo LLC	Software	L(M)	4.50%	9.65%	12/2027	14,663		14,587		14,196
Therapy Brands Holdings LLC	Software	L(M)	4.00%	9.15%	05/2028	4,077		4,063		3,854
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.50%	9.91%	08/2028	5,973		5,949		5,927
TMF Sapphire Bidco B.V.	Business Services	SOFR(Q)	5.00%	9.64%	05/2028	2,667		2,613		2,667
UKG Inc.	Software	SOFR(Q)	4.50%	9.88%	05/2026	5,000		4,887		5,001
USI, Inc. (fka Compass Investors Inc.)	Financial Services	SOFR(Q)	3.75%	8.99%	11/2029	5,459		5,356		5,458
Valcour Packaging, LLC	Packaging	L(S)	3.75%	9.40%	10/2028	4,482		4,471		3,793
VT Topco, Inc.	Business Services	SOFR(M)	3.50%	8.72%	08/2025	2,715		2,715		2,687
VT Topco, Inc.	Business Services	SOFR(M)	3.75%	8.97%	08/2025	889		886		878


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
WatchGuard Technologies, Inc.	Software	SOFR(S)	5.25%	10.11%	07/2029	$	5,263	$	4,950	$	5,030
Waystar Technologies, Inc.	Healthcare	SOFR(M)	4.00%	9.22%	10/2026	4,004		3,998		3,993
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	9.50%	04/2026	7,783		7,770		7,710
Wrench Group LLC	Consumer Services	SOFR(Q)	4.50%	9.84%	04/2026	5,500		5,397		5,466
YI, LLC	Healthcare	SOFR(M)	4.00%	9.20%	11/2024	9,440		9,438		9,086
Zest Acquisition Corp.	Healthcare	SOFR(M)	5.50%	10.67%	02/2028	4,103		3,941		3,960
Total Funded Investments						$	711,631	$	701,863	$	675,854
Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare		—	—	01/2024	$	847	$	(44)	$	(35)
Groundworks, LLC	Consumer Services		—	—	03/2025	232		(3)		(3)
Thermostat Purchaser III, Inc.	Business Services		—	—	08/2023	937		—		(7)
VT Topco, Inc.	Business Services		—	—	08/2023	—		—		—
Total Unfunded Investments						$	2,016	$	(47)	$	(45)
Total Investments						$	713,647	$	701,816	$	675,809

(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), SOFR, and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of June 30, 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 June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and June 30, 2022:


Selected Balance Sheet Information:	June 30, 2023		December 31, 2022
Investments at fair value (cost of $701,816 and $681,288)	$	675,809	$	639,327
Cash and other assets	19,963		17,149
Receivable from unsettled securities sold	1,183		—
Total assets	$	696,955	$	656,476

Credit facility	$	505,300	$	512,100
Deferred financing costs (net of accumulated amortization of $5,414 and $4,840, respectively)	(1,160)		(1,695)
Payable for unsettled securities purchased	29,291		—
Distribution payable	6,672		5,688
Other liabilities	7,531		6,492
Total liabilities	547,634		522,585

Members' capital	$	149,321	$	133,891
Total liabilities and members' capital	$	696,955	$	656,476


Selected Statement of Operations Information:	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Interest income	$	16,149	$	8,724	$	31,235	$	16,654
Other income	66		223		157		353
Total investment income	16,215		8,947		31,392		17,007

Interest and other financing expenses	8,869		3,656		17,275		6,406
Other expenses	293		217		536		436
Total expenses	9,162		3,873		17,811		6,842


Net investment income	7,053		5,074		13,581		10,165

Net realized gains (losses) on investments	12		(4)		(1,855)		(17)
Net change in unrealized appreciation (depreciation) of investments	6,915		(29,943)		15,954		(35,438)
Net increase (decrease) in members' capital	$	13,980	$	(24,873)	$	27,680	$	(25,290)

For the three and six months ended June 30, 2023, the Company earned approximately $5,338 and $9,800, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and six months ended June 30, 2022, the Company earned approximately $4,360 and 8,998, respectively, of dividend income related to SLP III, which is included in dividend income. As of June 30, 2023 and December 31, 2022, approximately $5,338 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 June 30, 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 June 30, 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 June 30, 2023 and December 31, 2022, SLP IV had total investments with an aggregate fair value of approximately $484,074 and $473,762, respectively, and debt outstanding under its credit facility of $356,637 and $365,537, respectively. As of June 30, 2023 and December 31, 2022, none of SLP IV’s investments were on non-accrual. Additionally, as of June 30, 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 June 30, 2023 and December 31, 2022:


	June 30, 2023			December 31, 2022
First lien investments (1)	$	511,983		$	510,372
Weighted average interest rate on first lien investments (2)	9.59		%	8.54		%
Number of portfolio companies in SLP IV	78			74
Largest portfolio company investment (1)	$	21,866		$	21,982
Total of five largest portfolio company investments (1)	$	93,362		$	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 June 30, 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	P(Q)	4.00% + 3.00% PIK	12.75%	09/2023	$	16,370	$	16,362	$	15,176
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.97%	12/2027	1,842		1,835		1,729
Advisor Group Holdings, Inc.	Financial Services	L(M)	4.50%	9.69%	07/2026	11,518		11,461		11,540
Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(Q)	4.50%	9.89%	03/2030	3,808		3,732		3,804
Artera Services, LLC	Distribution & Logistics	SOFR(Q)	3.50%	8.84%	03/2025	5,248		5,229		4,632
athenahealth Group Inc.	Healthcare	SOFR(M)	3.50%	8.59%	02/2029	2,385		2,375		2,288
Barracuda Parent, LLC	Software	SOFR(Q)	4.50%	9.55%	08/2029	4,975		4,840		4,819
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	9.69%	08/2028	8,986		8,941		8,447
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.75%	9.83%	12/2028	4,375		4,332		4,370
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	8.95%	05/2028	1,742		1,737		1,711
Bleriot US Bidco Inc.	Federal Services	SOFR(Q)	4.00%	9.50%	10/2026	3,920		3,920		3,926
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	5.00%	10.17%	05/2028	4,416		4,286		4,359
Brave Parent Holdings, Inc.	Software	L(M)	4.00%	9.19%	04/2025	2,332		2,330		2,310
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	8.85%	07/2029	5,397		5,274		5,393
CE Intermediate I, LLC	Software	L(Q)	3.50%	8.84%	11/2028	8,136		8,090		8,014
CentralSquare Technologies, LLC	Software	SOFR(Q)	3.75%	9.14%	08/2025	14,325		14,312		13,439
CHA Holdings, Inc.	Business Services	SOFR(Q)	4.50%	10.00%	04/2025	1,973		1,970		1,973
CHA Holdings, Inc.	Business Services	SOFR(Q)	4.50%	10.00%	04/2025	10,749		10,735		10,749
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	9.22%	11/2028	9,722		9,681		8,847
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	8.99%	02/2029	6,913		6,883		6,705
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	10.59%	09/2026	4,963		4,838		4,846
Cornerstone OnDemand, Inc.	Software	SOFR(Q)	3.75%	9.25%	10/2028	3,206		3,193		2,978
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	10.24%	10/2029	2,680		2,531		2,503
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	9.60%	12/2027	10,613		10,589		10,586
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	9.62%	10/2029	5,373		4,974		5,172
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.64%	03/2028	9,825		9,727		8,793
EAB Global, Inc.	Education	L(Q)	3.50%	8.87%	08/2028	6,389		6,365		6,317
Eisner Advisory Group LLC	Financial Services	SOFR(M)	5.25%	10.47%	07/2028	1,698		1,633		1,698
Emerald 2 Limited	Business Services	SOFR(Q)	3.25%	8.75%	07/2028	438		438		436
Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.)	Business Services	SOFR(M)	4.25%	9.45%	07/2025	20,182		20,152		19,293
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.50%	9.72%	02/2027	4,362		4,337		4,204
EyeCare Partners, LLC	Healthcare	SOFR(Q)	3.75%	9.25%	11/2028	9,875		9,855		7,278
Foundational Education Group, Inc.	Education	SOFR(M)	4.25%	9.47%	08/2028	6,403		6,353		5,682
Geo Parent Corporation	Business Services	SOFR(S)	5.25%	10.17%	12/2025	9,659		9,481		9,659
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC)	Healthcare	L(S)	3.75%	8.96%	02/2024	20,619		20,608		15,400
Heartland Dental, LLC	Healthcare	SOFR(M)	5.00%	10.10%	04/2028	7,643		7,344		7,382
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	9.15%	11/2026	9,758		9,735		8,965
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	10.45%	04/2029	4,839		4,673		4,154
Hub International Limited	Insurance Services	SOFR(M)	4.25%	9.34%	06/2030	2,761		2,733		2,769
Hunter Holdco 3 Limited	Healthcare	SOFR(Q)	4.25%	9.59%	08/2028	3,949		3,919		3,934
Idera, Inc.	Software	SOFR(M)	3.75%	9.01%	03/2028	9,177		9,120		8,958
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	4.25%	9.59%	06/2026	5,402		5,366		5,358
LSCS Holdings, Inc.	Healthcare	L(M)	4.50%	9.69%	12/2028	8,626		8,593		8,443
Mamba Purchaser, Inc.	Healthcare	SOFR(M)	3.50%	8.72%	10/2028	1,141		1,136		1,131
Mandolin Technology Intermediate Holdings, Inc.	Software	SOFR(Q)	3.75%	9.14%	07/2028	9,850		9,812		8,274
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	10.17%	05/2028	1,995		1,907		1,922


Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Maverick Bidco Inc.	Software	L(Q)	3.75%	9.02%	05/2028	$	7,881	$	7,851	$	7,592
Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	9.22%	05/2028	8,305		8,275		8,238
Mercury Borrower, Inc.	Business Services	SOFR(M)	3.50%	8.72%	08/2028	6,156		6,133		6,068
MH Sub I, LLC (Micro Holding Corp.)	Software	SOFR(M)	4.25%	9.35%	05/2028	4,807		4,672		4,613
National Intergovernmental Purchasing Alliance Company	Business Services	SOFR(Q)	3.50%	8.74%	05/2025	375		374		374
Netsmart, Inc.	Healthcare	SOFR(M)	4.00%	9.22%	10/2027	6,860		6,860		6,837
Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.35%	03/2028	3,265		2,916		3,093
Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.35%	03/2028	6,735		5,995		6,382
OEConnection LLC	Software	SOFR(M)	4.00%	9.21%	09/2026	4,060		4,038		3,999
Optiv Parent Inc.	Software	SOFR(S)	5.25%	10.34%	07/2026	5,320		5,141		5,083
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	8.80%	02/2029	1,326		1,323		1,303
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	L(M)	3.50%	8.69%	02/2025	7,934		7,924		7,809
Physician Partners, LLC	Healthcare	SOFR(Q)	4.00%	9.39%	12/2028	3,214		3,187		3,026
Premise Health Holding Corp.	Healthcare	SOFR(S)	3.75%	9.34%	07/2025	1,936		1,932		1,858
Project Boost Purchaser, LLC	Business Services	SOFR(M)	3.50%	8.72%	05/2026	1,453		1,450		1,439
RealPage, Inc.	Software	SOFR(M)	3.00%	8.22%	04/2028	3,610		3,600		3,534
Renaissance Holding Corp.	Education	SOFR(Q)	4.75%	9.99%	04/2030	5,114		4,964		5,059
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.75%	11.80%	05/2027	4,279		4,272		3,295
Snap One Holdings Corp.	Distribution & Logistics	SOFR(Q)	4.50%	9.89%	12/2028	8,541		8,471		8,185
Sovos Brands Intermediate, Inc.	Food & Beverage	L(Q)	3.50%	8.77%	06/2028	3,904		3,897		3,883
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	12.34%	07/2026	2,283		2,203		2,191
Storable, Inc.	Software	SOFR(M)	3.50%	8.68%	04/2028	3,940		3,922		3,847
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.65%	12/2027	3,745		3,738		3,383
Syndigo LLC	Software	L(M)	4.50%	9.65%	12/2027	9,710		9,696		9,401
Therapy Brands Holdings LLC	Software	L(M)	4.00%	9.15%	05/2028	5,999		5,976		5,669
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.50%	9.91%	08/2028	4,266		4,249		4,233
TRC Companies LLC	Business Services	SOFR(M)	3.75%	8.97%	12/2028	8,955		8,918		8,843
USIC Holdings, Inc.	Business Services	L(M)	3.50%	8.69%	05/2028	3,781		3,770		3,588
Valcour Packaging, LLC	Packaging	L(S)	3.75%	9.40%	10/2028	3,260		3,252		2,759
VT Topco, Inc.	Business Services	SOFR(M)	3.75%	8.97%	08/2025	8,888		8,863		8,784
WatchGuard Technologies, Inc.	Software	SOFR(S)	5.25%	10.11%	07/2029	4,060		3,819		3,880
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	9.50%	04/2026	9,420		9,379		9,331
YI, LLC	Healthcare	SOFR(M)	4.00%	9.20%	11/2024	21,866		21,860		21,046
Zest Acquisition Corp.	Healthcare	SOFR(M)	5.50%	10.67%	02/2028	3,165		3,045		3,055
Zone Climate Services, Inc.	Business Services	SOFR(Q)	4.75%	9.95%	03/2028	9,875		9,713		9,874
Zone Climate Services, Inc.	Business Services	SOFR(Q)	4.75%	9.95%	03/2028	2,171		2,134		2,171
Total Funded Investments						$	511,017	$	505,549	$	484,091
Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare				01/2024	$	294	$	—	$	(12)
Thermostat Purchaser III, Inc.	Business Services				08/2023	669		—		(5)
VT Topco, Inc.	Business Services				08/2023	4		—		—
Total Unfunded Investments						967		—		(17)
Total Investments						$	511,984	$	505,549	$	484,074

(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 June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and June 30, 2022:


Selected Consolidated Balance Sheet Information:	June 30, 2023		December 31, 2022
Investments at fair value (cost of $505,549 and $504,875, respectively)	$	484,074	$	473,762
Receivable from unsettled securities sold	865		—
Cash and other assets	16,152		12,853
Total assets	$	501,091	$	486,615

Credit facility	$	356,637	$	365,537
Deferred financing costs (net of accumulated amortization of $1,295 and $997, respectively)	(1,718)		(2,008)
Payable for unsettled securities purchased	12,460		—
Distribution payable	5,273		4,648
Other liabilities	6,291		5,410
Total liabilities	378,943		373,587

Members' capital	$	122,148	$	113,028
Total liabilities and members' capital	$	501,091	$	486,615


Selected Consolidated Statement of Operations Information:	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Interest income	$	11,991	$	6,481	$	23,249	12,416
Other income	42		52		158		155
Total investment income	12,033		6,533		23,407		12,571

Interest and other financing expenses	6,176		2,545		12,008		4,348
Other expenses	227		187		432		408
Total expenses	6,403		2,732		12,440		4,756


Net investment income	5,630		3,801		10,967		7,815

Net realized gains (losses) on investments	15		10		(1,654)		8
Net change in unrealized appreciation (depreciation) of investments	4,160		(20,419)		9,638		(24,129)
Net increase (decrease) in members' capital	$	9,805	$	(16,608)	$	18,951	(16,306)

For the three and six months ended June 30, 2023, the Company earned approximately $4,145 and $7,728, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and six months ended June 30, 2022, the Company earned approximately $2,987 and $6,359, respectively, of dividend income related to SLP IV, which is included in dividend income. As of June 30, 2023 and December 31, 2022, approximately $4,145 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 June 30, 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.