0001496099 FALSE--12-31 2023 Q3 0001496099 2023-01-01 2023-09-30 0001496099 2023-11-02 xbrli:shares 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember 2023-09-30 iso4217:USD 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-12-31 0001496099 2023-09-30 0001496099 2022-12-31 0001496099 nmfc:HoldingsCreditFacilityMember 2023-09-30 0001496099 nmfc:HoldingsCreditFacilityMember 2022-12-31 0001496099 nmfc:NMFCCreditFacilityMember 2023-09-30 0001496099 nmfc:NMFCCreditFacilityMember 2022-12-31 0001496099 nmfc:DBCreditFacilityMember 2023-09-30 0001496099 nmfc:DBCreditFacilityMember 2022-12-31 0001496099 nmfc:NMNLCCreditFacilityIIMember 2023-09-30 0001496099 nmfc:NMNLCCreditFacilityIIMember 2022-12-31 0001496099 srt:AffiliatedEntityMember 2023-09-30 0001496099 srt:AffiliatedEntityMember 2022-12-31 0001496099 us-gaap:NonrelatedPartyMember 2023-09-30 0001496099 us-gaap:NonrelatedPartyMember 2022-12-31 iso4217:USD xbrli:shares 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember 2023-07-01 2023-09-30 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember 2022-07-01 2022-09-30 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember 2023-01-01 2023-09-30 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember 2022-01-01 2022-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-07-01 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-07-01 2022-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-01-01 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-01-01 2022-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-07-01 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-07-01 2022-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-01-01 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-01-01 2022-09-30 0001496099 2023-07-01 2023-09-30 0001496099 2022-07-01 2022-09-30 0001496099 2022-01-01 2022-09-30 0001496099 us-gaap:NoncontrollingInterestMember 2023-07-01 2023-09-30 0001496099 us-gaap:NoncontrollingInterestMember 2022-07-01 2022-09-30 0001496099 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-09-30 0001496099 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-09-30 0001496099 us-gaap:ParentMember 2023-07-01 2023-09-30 0001496099 us-gaap:ParentMember 2022-07-01 2022-09-30 0001496099 us-gaap:ParentMember 2023-01-01 2023-09-30 0001496099 us-gaap:ParentMember 2022-01-01 2022-09-30 0001496099 us-gaap:ParentMember 2023-06-30 0001496099 us-gaap:ParentMember 2022-06-30 0001496099 us-gaap:ParentMember 2022-12-31 0001496099 us-gaap:ParentMember 2021-12-31 0001496099 us-gaap:ParentMember 2023-09-30 0001496099 us-gaap:ParentMember 2022-09-30 0001496099 us-gaap:NoncontrollingInterestMember 2023-09-30 0001496099 us-gaap:NoncontrollingInterestMember 2022-09-30 0001496099 2022-09-30 0001496099 nmfc:InvestmentsIncludingDelayedDrawFacilitiesMember 2023-01-01 2023-09-30 0001496099 nmfc:InvestmentsIncludingDelayedDrawFacilitiesMember 2022-01-01 2022-09-30 0001496099 nmfc:InvestmentsExcludingDrawnRevolversMember 2023-01-01 2023-09-30 0001496099 nmfc:InvestmentsExcludingDrawnRevolversMember 2022-01-01 2022-09-30 0001496099 nmfc:DrawnRevolvingCreditFacilitiesMember 2023-01-01 2023-09-30 0001496099 nmfc:DrawnRevolvingCreditFacilitiesMember 2022-01-01 2022-09-30 0001496099 nmfc:DrawnRevolversMember 2023-01-01 2023-09-30 0001496099 nmfc:DrawnRevolversMember 2022-01-01 2022-09-30 0001496099 nmfc:HoldingsCreditFacilityMember 2023-01-01 2023-09-30 0001496099 nmfc:HoldingsCreditFacilityMember 2022-01-01 2022-09-30 0001496099 nmfc:NMFCCreditFacilityMember 2023-01-01 2023-09-30 0001496099 nmfc:NMFCCreditFacilityMember 2022-01-01 2022-09-30 0001496099 nmfc:DBCreditFacilityMember 2023-01-01 2023-09-30 0001496099 nmfc:DBCreditFacilityMember 2022-01-01 2022-09-30 0001496099 nmfc:NMNLCCreditFacilityIIMember 2023-01-01 2023-09-30 0001496099 nmfc:NMNLCCreditFacilityIIMember 2022-01-01 2022-09-30 0001496099 2021-12-31 0001496099 AAH Topco, LLC, First lien - Drawn 1 2023-09-30 xbrli:pure 0001496099 AAH Topco, LLC, First lien 1 2023-09-30 0001496099 AAH Topco, LLC, First lien 2 2023-09-30 0001496099 AAH Topco, LLC, First lien - Drawn 2 2023-09-30 0001496099 AAH Topco, LLC, Subordinated 1 2023-09-30 0001496099 AAH Topco, LLC, Subordinated 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:AAHTopcoLLCMember 2023-09-30 0001496099 PhyNet Dermatology LLC, First lien 1 2023-09-30 0001496099 PhyNet Dermatology LLC, First lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:PhyNetDermatologyLLCMember 2023-09-30 0001496099 Kaseya Inc., First lien 2023-09-30 0001496099 Kaseya Inc., First lien - Drawn 1 2023-09-30 0001496099 Kaseya Inc., First lien - Drawn 2 2023-09-30 0001496099 nmfc:KaseyaIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Associations, Inc., First lien 1 2023-09-30 0001496099 Associations, Inc., First lien 2 2023-09-30 0001496099 Associations, Inc., First lien 3 2023-09-30 0001496099 Associations, Inc., First lien 4 2023-09-30 0001496099 Associations, Inc., First lien 5 2023-09-30 0001496099 nmfc:AssociationsIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 GC Waves Holdings, Inc., First lien 1 2023-09-30 0001496099 GC Waves Holdings, Inc., First lien 2 2023-09-30 0001496099 GC Waves Holdings, Inc., First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:GCWavesHoldingsIncMember 2023-09-30 0001496099 GS Acquisitionco, Inc., First lien 1 2023-09-30 0001496099 GS Acquisitionco, Inc., First lien 2 2023-09-30 0001496099 nmfc:GSAcquisitioncoIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 CentralSquare Technologies, LLC, Second lien 1 2023-09-30 0001496099 CentralSquare Technologies, LLC, Second lien 2 2023-09-30 0001496099 nmfc:CentralSquareTechnologiesLLCMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Brave Parent Holdings, Inc., Second lien 1 2023-09-30 0001496099 Brave Parent Holdings, Inc., Second lien 2 2023-09-30 0001496099 Brave Parent Holdings, Inc., Second lien 3 2023-09-30 0001496099 nmfc:BraveParentHoldingsIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 IG Intermediateco LLC, First lien 1 2023-09-30 0001496099 IG Intermediateco LLC, First lien 2 2023-09-30 0001496099 IG Intermediateco LLC, Subordinated 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:InfogainCorporationMember 2023-09-30 0001496099 iCIMS, Inc., First lien 1 2023-09-30 0001496099 iCIMS, Inc., First lien 2 2023-09-30 0001496099 iCIMS, Inc., First lien 3 2023-09-30 0001496099 iCIMS, Inc., First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:ICIMSIncMember 2023-09-30 0001496099 Deca Dental Holdings LLC, First lien 1 2023-09-30 0001496099 Deca Dental Holdings LLC, First lien 2 2023-09-30 0001496099 Deca Dental Holdings LLC, First lien - Drawn 2023-09-30 0001496099 nmfc:DecaDentalHoldingsLLCMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 MRI Software LLC, First lien 1 2023-09-30 0001496099 MRI Software LLC, First lien 2 2023-09-30 0001496099 MRI Software LLC, First lien 3 2023-09-30 0001496099 MRI Software LLC, First lien 4 2023-09-30 0001496099 MRI Software LLC, First lien 5 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:MRISoftwareLLCMember 2023-09-30 0001496099 Recorded Future, Inc., First lien 1 2023-09-30 0001496099 Recorded Future, Inc., First lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:RecordedFutureIncMember 2023-09-30 0001496099 Auctane Inc. (fka Stamps.com Inc.), First lien 1 2023-09-30 0001496099 Auctane Inc. (fka Stamps.com Inc.), First lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:AuctaneIncFkaStampscomIncMember 2023-09-30 0001496099 OEConnection LLC, Second lien 1 2023-09-30 0001496099 OEConnection LLC, Second lien 2 2023-09-30 0001496099 nmfc:OEConnectionLLCMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Wealth Enhancement Group, LLC, First lien 1 2023-09-30 0001496099 Wealth Enhancement Group, LLC, First lien - Drawn 2023-09-30 0001496099 Wealth Enhancement Group, LLC, First lien 2 2023-09-30 0001496099 Wealth Enhancement Group, LLC, First lien 3 2023-09-30 0001496099 Wealth Enhancement Group, LLC, Subordinated 2023-09-30 0001496099 nmfc:WealthEnhancementGroupLLCMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Foreside Financial Group, LLC, First lien 1 2023-09-30 0001496099 Foreside Financial Group, LLC, First lien - Drawn 2023-09-30 0001496099 Foreside Financial Group, LLC, First lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:ForesideFinancialGroupLLCMember 2023-09-30 0001496099 KAMC Holdings, Inc., Second lien 1 2023-09-30 0001496099 KAMC Holdings, Inc., Second lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:KAMCHoldingsIncMember 2023-09-30 0001496099 Diligent Corporation, First lien 1 2023-09-30 0001496099 Diligent Corporation, First lien 2 2023-09-30 0001496099 Diligent Corporation, First lien 3 2023-09-30 0001496099 Diligent Corporation, First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:DiligentCorporationMember 2023-09-30 0001496099 Granicus, Inc., First lien 1 2023-09-30 0001496099 Granicus, Inc., First lien 2 2023-09-30 0001496099 Granicus, Inc., First lien 3 2023-09-30 0001496099 Granicus, Inc., First lien 4 2023-09-30 0001496099 Granicus, Inc., First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:GranicusIncMember 2023-09-30 0001496099 EAB Global, Inc., Second lien 2023-09-30 0001496099 IG Investments Holdings, LLC, First lien 1 2023-09-30 0001496099 IG Investments Holdings, LLC, First lien 2 2023-09-30 0001496099 nmfc:IGInvestmentsHoldingsLLCMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 TigerConnect, Inc., First lien 2023-09-30 0001496099 TigerConnect, Inc., First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:TigerConnectIncMember 2023-09-30 0001496099 OA Buyer, Inc., First lien 1 2023-09-30 0001496099 OA Buyer, Inc., First lien 2 2023-09-30 0001496099 nmfc:OABuyerIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 AmeriVet Partners Management, Inc., First lien 1 2023-09-30 0001496099 AmeriVet Partners Management, Inc., First lien 2 2023-09-30 0001496099 AmeriVet Partners Management, Inc., First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:AmeriVetPartnersManagementIncMember 2023-09-30 0001496099 Foundational Education Group, Inc., Second lien 1 2023-09-30 0001496099 Foundational Education Group, Inc., Second lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:FoundationalEducationGroupIncMember 2023-09-30 0001496099 NMC Crimson Holdings, Inc., First lien 1 2023-09-30 0001496099 NMC Crimson Holdings, Inc., First lien - Drawn 2023-09-30 0001496099 NMC Crimson Holdings, Inc., First lien 2 2023-09-30 0001496099 nmfc:NMCCrimsonHoldingsIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Fortis Solutions Group, LLC, First lien 1 2023-09-30 0001496099 Fortis Solutions Group, LLC, First lien 2 2023-09-30 0001496099 Fortis Solutions Group, LLC, First lien 3 2023-09-30 0001496099 Fortis Solutions Group, LLC, First lien - Drawn 2023-09-30 0001496099 Fortis Solutions Group, LLC, First lien 4 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:FortisSolutionsGroupLLCMember 2023-09-30 0001496099 Syndigo LLC, Second lien 1 2023-09-30 0001496099 Syndigo LLC, Second lien 2 2023-09-30 0001496099 nmfc:SyndigoLLCMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 ACI Group Holdings, Inc., First lien 1 2023-09-30 0001496099 ACI Group Holdings, Inc., First lien 2 2023-09-30 0001496099 ACI Group Holdings, Inc., First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:ACIGroupHoldingsIncMember 2023-09-30 0001496099 CRCI Longhorn Holdings, Inc., Second lien 1 2023-09-30 0001496099 CRCI Longhorn Holdings, Inc., Second lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:CRCILonghornHoldingsIncMember 2023-09-30 0001496099 HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 1 2023-09-30 0001496099 HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 2 2023-09-30 0001496099 nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 DOCS, MSO, LLC, First lien 1 2023-09-30 0001496099 DOCS, MSO, LLC, First lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:DOCSMSOLLCMember 2023-09-30 0001496099 Idera, Inc., Second lien 1 2023-09-30 0001496099 Idera, Inc., Second lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:IderaIncMember 2023-09-30 0001496099 TMK Hawk Parent, Corp., First lien 1 2023-09-30 0001496099 TMK Hawk Parent, Corp., First lien 2 2023-09-30 0001496099 nmfc:TMKHawkParentCorpMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Xactly Corporation, First lien 2023-09-30 0001496099 Spring Education Group, Inc (fka SSH Group Holdings, Inc.), Second lien 2023-09-30 0001496099 Bullhorn, Inc., First lien 1 2023-09-30 0001496099 Bullhorn, Inc., First lien 2 2023-09-30 0001496099 Bullhorn, Inc., First lien 3 2023-09-30 0001496099 Bullhorn, Inc., First lien 4 2023-09-30 0001496099 Bullhorn, Inc., First lien 5 2023-09-30 0001496099 nmfc:BullhornIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 FS WhiteWater Borrower, LLC, First lien 1 2023-09-30 0001496099 FS WhiteWater Borrower, LLC, First lien - Drawn 1 2023-09-30 0001496099 FS WhiteWater Borrower, LLC, First lien 2 2023-09-30 0001496099 FS WhiteWater Borrower, LLC, First lien 3 2023-09-30 0001496099 FS WhiteWater Borrower, LLC, First lien - Drawn 2 2023-09-30 0001496099 nmfc:FSWhiteWaterBorrowerLLCMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 YLG Holdings, Inc., First lien 1 2023-09-30 0001496099 YLG Holdings, Inc., First lien 2 2023-09-30 0001496099 YLG Holdings, Inc., First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:YLGHoldingsIncMember 2023-09-30 0001496099 American Achievement Corporation (aka AAC Holding Corp.), First lien 1 2023-09-30 0001496099 American Achievement Corporation (aka AAC Holding Corp.), First lien 2 2023-09-30 0001496099 American Achievement Corporation (aka AAC Holding Corp.), Subordinated 2023-09-30 0001496099 nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Convey Health Solutions, Inc., First lien 1 2023-09-30 0001496099 Convey Health Solutions, Inc., First lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:ConveyHealthSolutionsIncMember 2023-09-30 0001496099 Cardinal Parent, Inc., First lien 2023-09-30 0001496099 Cardinal Parent, Inc., Second lien 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:CardinalParentIncMember 2023-09-30 0001496099 MED Parentco, LP, Second lien 2023-09-30 0001496099 Notorious Topco, LLC, First lien 1 2023-09-30 0001496099 Notorious Topco, LLC, First lien 2 2023-09-30 0001496099 Notorious Topco, LLC, First lien - Drawn 1 2023-09-30 0001496099 Notorious Topco, LLC, First lien - Drawn 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:NotoriousTopcoLLCMember 2023-09-30 0001496099 Pioneer Buyer I, LLC, First lien 1 2023-09-30 0001496099 Pioneer Buyer I, LLC, First lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:PioneerBuyerILLCMember 2023-09-30 0001496099 Trinity Air Consultants Holdings Corporation, First lien 2023-09-30 0001496099 Trinity Air Consultants Holdings Corporation, First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:TrinityAirConsultantsHoldingsCorporationMember 2023-09-30 0001496099 DG Investment Intermediate Holdings 2, Inc., Second lien 2023-09-30 0001496099 Groundworks, LLC, First lien 2023-09-30 0001496099 Avalara, Inc., First lien 2023-09-30 0001496099 Coyote Buyer, LLC, First lien 1 2023-09-30 0001496099 Coyote Buyer, LLC, First lien 2 2023-09-30 0001496099 Coyote Buyer, LLC, First lien - Drawn 2023-09-30 0001496099 nmfc:CoyoteBuyerLLCMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Oranje Holdco, Inc., First lien 1 2023-09-30 0001496099 Oranje Holdco, Inc., First lien 2 2023-09-30 0001496099 nmfc:OranjeHoldcoIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Kele Holdco, Inc., First lien 2023-09-30 0001496099 Coupa Holdings, LLC, First lien 1 2023-09-30 0001496099 Coupa Holdings, LLC, First lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:CoupaHoldingsLLCMember 2023-09-30 0001496099 New Trojan Parent, Inc., Second lien 2023-09-30 0001496099 Daxko Acquisition Corporation, First lien 1 2023-09-30 0001496099 Daxko Acquisition Corporation, First lien 2 2023-09-30 0001496099 Daxko Acquisition Corporation, First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:DaxkoAcquisitionCorporationMember 2023-09-30 0001496099 Castle Management Borrower LLC, First lien 2023-09-30 0001496099 IMO Investor Holdings, Inc., First lien 2023-09-30 0001496099 IMO Investor Holdings, Inc., First lien - Drawn 1 2023-09-30 0001496099 IMO Investor Holdings, Inc., First lien - Drawn 2 2023-09-30 0001496099 nmfc:IMOInvestorHoldingsIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Alegeus Technologies Holdings Corp., First lien 2023-09-30 0001496099 Calabrio, Inc., First lien 2023-09-30 0001496099 Calabrio, Inc., First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:CalabrioIncMember 2023-09-30 0001496099 CFS Management, LLC, First lien 1 2023-09-30 0001496099 CFS Management, LLC, First lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:CFSManagementLLCMember 2023-09-30 0001496099 USRP Holdings, Inc., First lien 1 2023-09-30 0001496099 USRP Holdings, Inc., First lien 2 2023-09-30 0001496099 nmfc:USRPHoldingsIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 CHA Holdings, Inc., Second lien 1 2023-09-30 0001496099 CHA Holdings, Inc., Second lien 2 2023-09-30 0001496099 nmfc:CHAHoldingsIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Vectra Co., Second lien 2023-09-30 0001496099 Transcendia Holdings, Inc., Second lien 2023-09-30 0001496099 Specialtycare, Inc., First lien 1 2023-09-30 0001496099 Specialtycare, Inc., First lien 2 2023-09-30 0001496099 nmfc:SpecialtycareIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Quartz Holding Company, Second lien 2023-09-30 0001496099 CG Group Holdings, LLC, First lien 2023-09-30 0001496099 CG Group Holdings, LLC, First lien - Drawn 2023-09-30 0001496099 nmfc:CGGroupHoldingsLLCMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Anaplan, Inc., First lien 2023-09-30 0001496099 KPSKY Acquisition Inc., First lien 1 2023-09-30 0001496099 KPSKY Acquisition Inc., First lien - Drawn 2023-09-30 0001496099 KPSKY Acquisition Inc., First lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:KPSKYAcquisitionIncMember 2023-09-30 0001496099 PPVA Black Elk (Equity) LLC, Subordinated 2023-09-30 0001496099 TRC Companies L.L.C. (fka Energize Holdco LLC), Second lien 2023-09-30 0001496099 PPV Intermediate Holdings, LLC, First lien 2023-09-30 0001496099 DS Admiral Bidco, LLC, First lien 2023-09-30 0001496099 Safety Borrower Holdings LLC, First lien 2023-09-30 0001496099 Safety Borrower Holdings LLC, First lien - Drawn 2023-09-30 0001496099 nmfc:SafetyBorrowerHoldingsLLCMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 DCA Investment Holding, LLC, First lien - Drawn 2023-09-30 0001496099 DCA Investment Holding, LLC, First lien 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:DCAInvestmentHoldingLLCMember 2023-09-30 0001496099 Community Brands ParentCo, LLC, First lien 2023-09-30 0001496099 Sierra Enterprises, LLC, First lien 2023-09-30 0001496099 Sun Acquirer Corp., First lien 1 2023-09-30 0001496099 Sun Acquirer Corp., First lien 2 2023-09-30 0001496099 nmfc:SunAcquirerCorpMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Appriss Health Holdings, Inc., First lien 2023-09-30 0001496099 Virtusa Corporation, Subordinated 2023-09-30 0001496099 Pye-Barker Fire & Safety, LLC, First lien 2023-09-30 0001496099 CommerceHub, Inc., First lien 2023-09-30 0001496099 Project Power Buyer, LLC, First lien 2023-09-30 0001496099 Ansira Holdings, Inc., First lien 1 2023-09-30 0001496099 Ansira Holdings, Inc., First lien 2 2023-09-30 0001496099 Ansira Holdings, Inc., First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:AnsiraHoldingsIncMember 2023-09-30 0001496099 Education Management II LLC, First lien 1 2023-09-30 0001496099 Education Management II LLC, First lien 2 2023-09-30 0001496099 Education Management II LLC, First lien 3 2023-09-30 0001496099 Education Management II LLC, First lien 4 2023-09-30 0001496099 Education Management II LLC, First lien 5 2023-09-30 0001496099 Education Management II LLC, First lien 6 2023-09-30 0001496099 Education Management II LLC, First lien 7 2023-09-30 0001496099 Education Management II LLC, First lien 8 2023-09-30 0001496099 nmfc:EducationManagementIILLCMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 PPVA Fund, L.P., Collateralized Financing 2023-09-30 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember country:US nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Tahoe Finco, LLC, First lien 1 2023-09-30 0001496099 Tahoe Finco, LLC, First lien 2 2023-09-30 0001496099 nmfc:TahoeFincoLLCMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 country:NL us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Aston FinCo S.a r.l. / Aston US Finco, LLC, Second lien 2023-09-30 0001496099 Integro Parent Inc., First lien 1 2023-09-30 0001496099 Integro Parent Inc., First lien 2 2023-09-30 0001496099 Integro Parent Inc., Second lien 2023-09-30 0001496099 nmfc:IntegroParentIncMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:FundedDebtSecuritiesMember country:GB 2023-09-30 0001496099 Tennessee Bidco Limited, First lien 1 2023-09-30 iso4217:GBP 0001496099 Tennessee Bidco Limited, First lien 2 2023-09-30 0001496099 Tennessee Bidco Limited, First lien 3 2023-09-30 0001496099 Tennessee Bidco Limited, First lien 4 2023-09-30 0001496099 Tennessee Bidco Limited, First lien 5 2023-09-30 iso4217:EUR 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:TennesseeBidcoLimitedMember 2023-09-30 0001496099 country:JE us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Atlas AU Bidco Pty Ltd, First lien 2023-09-30 0001496099 country:AU us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 Dealer Tire Holdings, LLC, Preferred shares 2023-09-30 0001496099 Symplr Software Intermediate Holdings, Inc., Preferred shares 1 2023-09-30 0001496099 Symplr Software Intermediate Holdings, Inc., Preferred shares 2 2023-09-30 0001496099 nmfc:SymplrSoftwareIntermediateHoldingsIncMember us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 Knockout Intermediate Holdings I Inc., Preferred shares 2023-09-30 0001496099 ACI Parent Inc., Preferred shares 2023-09-30 0001496099 Project Essential Super Parent, Inc., Preferred shares 2023-09-30 0001496099 Diligent Preferred Issuer, Inc., Preferred shares 2023-09-30 0001496099 OEC Holdco, LLC, Preferred shares 2023-09-30 0001496099 HB Wealth Management, LLC, Preferred shares 2023-09-30 0001496099 FS WhiteWater Holdings, LLC, Ordinary shares 2023-09-30 0001496099 OA Topco, L.P., Ordinary shares 2023-09-30 0001496099 Appriss Health Intermediate Holdings, Inc., Preferred shares 2023-09-30 0001496099 Pioneer Topco I, L.P., Ordinary shares 2023-09-30 0001496099 Ancora Acquisition LLC, Preferred shares 2023-09-30 0001496099 GEDC Equity, LLC, Ordinary shares 2023-09-30 0001496099 Education Management Corporation, Preferred shares 1 2023-09-30 0001496099 Education Management Corporation, Preferred shares 2 2023-09-30 0001496099 Education Management Corporation, Ordinary shares 1 2023-09-30 0001496099 Education Management Corporation, Ordinary shares 2 2023-09-30 0001496099 nmfc:EducationManagementCorporationMember us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 AAC Lender Holdings, LLC, Ordinary shares 2023-09-30 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember country:US us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 Bach Special Limited (Bach Preference Limited), Preferred shares 2023-09-30 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember country:HK us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:FundedSecuritiesMember 2023-09-30 0001496099 KPSKY Acquisition Inc., First lien - Undrawn 2023-09-30 0001496099 Ansira Holdings, Inc, First lien - Undrawn 2023-09-30 0001496099 American Achievement Corporation (aka AAC Holding Corp.), First lien - Undrawn 2023-09-30 0001496099 Safety Borrower Holdings LLC, First lien - Undrawn 2023-09-30 0001496099 Coyote Buyer, LLC, First lien - Undrawn 2023-09-30 0001496099 Project Power Buyer, LLC, First lien - Undrawn 2023-09-30 0001496099 Appriss Health, LLC, First lien - Undrawn 2023-09-30 0001496099 PPV Intermediate Holdings, LLC, First lien - Undrawn 2023-09-30 0001496099 Bullhorn, Inc., First lien - Undrawn 2023-09-30 0001496099 USRP Holdings, Inc., First lien - Undrawn 2023-09-30 0001496099 Kele Holdco, Inc., First lien - Undrawn 2023-09-30 0001496099 Xactly Corporation, First lien - Undrawn 2023-09-30 0001496099 Granicus, Inc., First lien - Undrawn 2023-09-30 0001496099 Coupa Holdings, LLC First lien - Undrawn 1 2023-09-30 0001496099 Coupa Holdings, LLC First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:CoupaHoldingsLLCMember 2023-09-30 0001496099 Trinity Air Consultants Holdings Corporation, First lien - Undrawn 1 2023-09-30 0001496099 Trinity Air Consultants Holdings Corporation, First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:TrinityAirConsultantsHoldingsCorporationMember 2023-09-30 0001496099 Foreside Financial Group, LLC, First lien - Undrawn 1 2023-09-30 0001496099 Foreside Financial Group, LLC, First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:ForesideFinancialGroupLLCMember 2023-09-30 0001496099 Associations, Inc., First lien - Undrawn 2023-09-30 0001496099 Wealth Enhancement Group, LLC, First lien - Undrawn 1 2023-09-30 0001496099 Wealth Enhancement Group, LLC, First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:WealthEnhancementGroupLLCMember 2023-09-30 0001496099 Recorded Future, Inc., First lien - Undrawn 2023-09-30 0001496099 Avalara, Inc., First lien - Undrawn 2023-09-30 0001496099 Oranje Holdco, Inc., First lien - Undrawn 2023-09-30 0001496099 GS Acquisitionco, Inc., First lien - Undrawn 2023-09-30 0001496099 Infogain Corporation, First lien - Undrawn 2023-09-30 0001496099 GC Waves Holdings, Inc., First lien - Undrawn 1 2023-09-30 0001496099 GC Waves Holdings, Inc., First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:GCWavesHoldingsIncMember 2023-09-30 0001496099 OA Buyer, Inc., First lien - Undrawn 2023-09-30 0001496099 Kaseya Inc., First lien - Undrawn 1 2023-09-30 0001496099 Kaseya Inc., First lien - Undrawn 2 2023-09-30 0001496099 nmfc:KaseyaIncMember nmfc:UnfundedDebtSecuritiesMember 2023-09-30 0001496099 AmeriVet Partners Management, Inc., First lien - Undrawn 1 2023-09-30 0001496099 AmeriVet Partners Management, Inc., First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:AmeriVetPartnersManagementIncMember 2023-09-30 0001496099 DCA Investment Holding, LLC, First lien - Undrawn 2023-09-30 0001496099 Pye-Barker Fire & Safety, LLC, First lien - Undrawn 2023-09-30 0001496099 CG Group Holdings, LLC, First lien - Undrawn 2023-09-30 0001496099 Sun Acquirer Corp., First lien - Undrawn 2023-09-30 0001496099 NMC Crimson Holdings, Inc., First lien - Undrawn 2023-09-30 0001496099 Calabrio, Inc., First lien - Undrawn 2023-09-30 0001496099 Specialtycare, Inc., First lien - Undrawn 2023-09-30 0001496099 MRI Software LLC, First lien - Undrawn 2023-09-30 0001496099 Daxko Acquisition Corporation, First lien - Undrawn 1 2023-09-30 0001496099 Daxko Acquisition Corporation, First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:DaxkoAcquisitionCorporationMember 2023-09-30 0001496099 iCIMS, Inc., First lien - Undrawn 1 2023-09-30 0001496099 iCIMS, Inc., First lien - Undrawn 2 2023-09-30 0001496099 iCIMS, Inc., First lien - Undrawn 3 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:ICIMSIncMember 2023-09-30 0001496099 Community Brands ParentCo, LLC, First lien - Undrawn 1 2023-09-30 0001496099 Community Brands ParentCo, LLC, First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:CommunityBrandsParentCoLLCMember 2023-09-30 0001496099 Deca Dental Holdings LLC, First lien - Undrawn 2023-09-30 0001496099 IG Investments Holdings, LLC, First lien - Undrawn 2023-09-30 0001496099 FS WhiteWater Borrower, LLC, First lien - Undrawn 1 2023-09-30 0001496099 FS WhiteWater Borrower, LLC, First lien - Undrawn 2 2023-09-30 0001496099 nmfc:FSWhiteWaterBorrowerLLCMember nmfc:UnfundedDebtSecuritiesMember 2023-09-30 0001496099 YLG Holdings, Inc., First lien - Undrawn 1 2023-09-30 0001496099 YLG Holdings, Inc., First lien - Undrawn 2 2023-09-30 0001496099 YLG Holdings, Inc., First lien - Undrawn 3 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:YLGHoldingsIncMember 2023-09-30 0001496099 Pioneer Buyer I, LLC, First lien - Undrawn 2023-09-30 0001496099 Groundworks, LLC, First lien - Undrawn 1 2023-09-30 0001496099 Groundworks, LLC, First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:GroundworksLLCMember 2023-09-30 0001496099 Diligent Corporation , First lien - Undrawn 2023-09-30 0001496099 IMO Investor Holdings, Inc., First lien - Undrawn 1 2023-09-30 0001496099 IMO Investor Holdings, Inc., First lien - Undrawn 2 2023-09-30 0001496099 nmfc:IMOInvestorHoldingsIncMember nmfc:UnfundedDebtSecuritiesMember 2023-09-30 0001496099 Fortis Solutions Group, LLC, First lien - Undrawn 1 2023-09-30 0001496099 Fortis Solutions Group, LLC, First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:FortisSolutionsGroupLLCMember 2023-09-30 0001496099 TigerConnect, Inc., First lien - Undrawn 1 2023-09-30 0001496099 TigerConnect, Inc., First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:TigerConnectIncMember 2023-09-30 0001496099 DOCS, MSO, LLC, First lien - Undrawn 1 2023-09-30 0001496099 DOCS, MSO, LLC, First lien - Undrawn 2 2023-09-30 0001496099 DOCS, MSO, LLC, First lien - Undrawn 3 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:DOCSMSOLLCMember 2023-09-30 0001496099 Notorious Topco, LLC, First lien - Undrawn 1 2023-09-30 0001496099 Notorious Topco, LLC, First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:NotoriousTopcoLLCMember 2023-09-30 0001496099 AAH Topco, LLC, First lien - Undrawn 1 2023-09-30 0001496099 AAH Topco, LLC, First lien - Undrawn 2 2023-09-30 0001496099 AAH Topco, LLC, First lien - Undrawn 3 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:AAHTopcoLLCMember 2023-09-30 0001496099 ACI Group Holdings, Inc., First lien - Undrawn 1 2023-09-30 0001496099 ACI Group Holdings, Inc., First lien - Undrawn 2 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:ACIGroupHoldingsIncMember 2023-09-30 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember country:US nmfc:UnfundedDebtSecuritiesMember 2023-09-30 0001496099 Tahoe Finco, LLC, First lien - Undrawn 2023-09-30 0001496099 country:NL us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:UnfundedDebtSecuritiesMember 2023-09-30 0001496099 Atlas AU Bidco Pty Ltd, First lien - Undrawn 2023-09-30 0001496099 country:AU us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:UnfundedDebtSecuritiesMember 2023-09-30 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:UnfundedDebtSecuritiesMember 2023-09-30 0001496099 Edmentum Ultimate Holdings, LLC, Subordinated 2023-09-30 0001496099 Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 1 2023-09-30 0001496099 Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), First lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpMember 2023-09-30 0001496099 Permian Trust, First lien 1 2023-09-30 0001496099 Permian Trust, First lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:PermianTrustMember 2023-09-30 0001496099 country:US nmfc:FundedDebtSecuritiesMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-09-30 0001496099 TVG-Edmentum Holdings, LLC, Ordinary shares 2023-09-30 0001496099 Eagle Infrastructure Super HoldCo, LLC, Ordinary shares 2023-09-30 0001496099 Sierra Hamilton Holdings Corporation, Ordinary shares 1 2023-09-30 0001496099 Sierra Hamilton Holdings Corporation, Ordinary shares 2 2023-09-30 0001496099 nmfc:SierraHamiltonHoldingsCorporationMember us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 country:US us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 New Benevis Holdco, Inc., First lien 1 2023-09-30 0001496099 New Benevis Holdco, Inc., First lien 2 2023-09-30 0001496099 New Benevis Holdco, Inc., First lien 3 2023-09-30 0001496099 New Benevis Holdco, Inc., Subordinated 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:NewBenevisHoldcoIncMember 2023-09-30 0001496099 New Permian Holdco, L.L.C., First lien 2023-09-30 0001496099 New Permian Holdco, L.L.C., First lien - Drawn 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:NewPermianHoldcoLLCMember 2023-09-30 0001496099 UniTek Global Services, Inc., Second lien 1 2023-09-30 0001496099 UniTek Global Services, Inc., Second lien 2 2023-09-30 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:UniTekGlobalServicesIncMember 2023-09-30 0001496099 National HME, Inc., Second lien 2023-09-30 0001496099 country:US us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:FundedDebtSecuritiesMember 2023-09-30 0001496099 NMFC Senior Loan Program III LLC, Membership interest 2023-09-30 0001496099 NMFC Senior Loan Program IV LLC, Membership interest 2023-09-30 0001496099 NM NL Holdings, L.P., Membership interest 2023-09-30 0001496099 New Benevis Topco, LLC, Ordinary shares 1 2023-09-30 0001496099 New Benevis Topco, LLC, Ordinary shares 2 2023-09-30 0001496099 New Benevis Topco, LLC, Ordinary shares 3 2023-09-30 0001496099 nmfc:NewBenevisTopcoLLCMember us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 UniTek Global Services, Inc., Preferred shares 1 2023-09-30 0001496099 UniTek Global Services, Inc., Preferred shares 2 2023-09-30 0001496099 UniTek Global Services, Inc., Preferred shares 3 2023-09-30 0001496099 UniTek Global Services, Inc., Preferred shares 4 2023-09-30 0001496099 UniTek Global Services, Inc., Preferred shares 5 2023-09-30 0001496099 UniTek Global Services, Inc., Ordinary shares 1 2023-09-30 0001496099 UniTek Global Services, Inc., Ordinary shares 2 2023-09-30 0001496099 nmfc:UniTekGlobalServicesIncMember us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 New Permian Holdco, Inc., Ordinary shares 2023-09-30 0001496099 NM CLFX LP, Membership interest 2023-09-30 0001496099 NM YI, LLC, Membership interest 2023-09-30 0001496099 Haven Midstream Holdings LLC, Ordinary shares 2023-09-30 0001496099 Haven Midstream Holdings LLC, Profit Interest 2023-09-30 0001496099 nmfc:HavenMidstreamHoldingsLLCMember us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 NM GP Holdco, LLC, Membership interest 2023-09-30 0001496099 NHME Holdings Corp., Ordinary shares 2023-09-30 0001496099 country:US us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 NM APP Canada Corp., Membership interest 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember country:CA us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2023-09-30 0001496099 UniTek Global Services, Inc., Warrants 2023-09-30 0001496099 NHME Holdings Corp., Warrants 2023-09-30 0001496099 us-gaap:WarrantMember country:US us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:FundedSecuritiesMember 2023-09-30 0001496099 New Permian Holdco, L.L.C., First lien - Undrawn 2023-09-30 0001496099 Haven Midstream LLC, First lien - Undrawn 2023-09-30 0001496099 country:US nmfc:UnfundedDebtSecuritiesMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-09-30 0001496099 Tennessee Bidco Limited, First lien 2 and Tennessee Bidco Limited, First lien 5 2023-09-30 0001496099 us-gaap:CommonClassBMember nmfc:QIDNGLLLCMember 2023-01-01 2023-09-30 0001496099 us-gaap:CommonClassBMember nmfc:QIDTRHHoldingsLLCMember 2023-01-01 2023-09-30 0001496099 OEConnection LLC, Second lien 2023-09-30 nmfc:investment 0001496099 OEC Holdco, LLC, Preferred shares 2023-01-01 2023-09-30 0001496099 Appriss Health Holdings, Inc, Wholly-owned subsidiaries 2023-09-30 0001496099 Appriss Health Intermediate Holdings, Inc., Preferred shares 2023-01-01 2023-09-30 0001496099 TVG-Edmentum Holdings, LLC, Ordinary shares 2023-01-01 2023-09-30 0001496099 American Achievement Corporation (aka AAC Holding Corp.), First lien 2023-09-30 0001496099 Diamond Parent Holdings Corp, Wholly-owned subsidiaries 2023-09-30 0001496099 Diligent Corporation, First lien 2023-09-30 0001496099 Diligent Preferred Issuer, Inc., Preferred shares 2023-01-01 2023-09-30 0001496099 ACI Parent Inc., Preferred shares 2023-01-01 2023-09-30 0001496099 FS WhiteWater Borrower, LLC, First lien 2023-09-30 0001496099 Pioneer Buyer I, LLC, First lien 2023-09-30 0001496099 OA Buyer, Inc., First lien 2023-09-30 0001496099 Knockout Intermediate Holdings I, Preferred shares 2023-01-01 2023-09-30 nmfc:numberOfAgreement 0001496099 nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpEagleInfrastructureSuperHoldCoLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001496099 nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpEagleInfrastructureSuperHoldCoLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-01-01 2023-09-30 0001496099 nmfc:EagleInfrastructureServicesLLCFkaFRArsenalHoldingsIICorpEagleInfrastructureSuperHoldCoLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-09-30 0001496099 nmfc:PermianHoldco3IncAndPermianTrustMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001496099 nmfc:PermianHoldco3IncAndPermianTrustMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-01-01 2023-09-30 0001496099 nmfc:PermianHoldco3IncAndPermianTrustMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-09-30 0001496099 nmfc:SierraHamiltonHoldingsCorporationMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001496099 nmfc:SierraHamiltonHoldingsCorporationMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-01-01 2023-09-30 0001496099 nmfc:SierraHamiltonHoldingsCorporationMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-09-30 0001496099 nmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001496099 nmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-01-01 2023-09-30 0001496099 nmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:HavenMidstreamLLCAndHavenMidstreamHoldingsLLCAndQIDTRHHoldingsLLCMember 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:HavenMidstreamLLCAndHavenMidstreamHoldingsLLCAndQIDTRHHoldingsLLCMember 2023-01-01 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:HavenMidstreamLLCAndHavenMidstreamHoldingsLLCAndQIDTRHHoldingsLLCMember 2023-09-30 0001496099 nmfc:NationalHMEIncAndNHMEHoldingsCorpMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-12-31 0001496099 nmfc:NationalHMEIncAndNHMEHoldingsCorpMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-01-01 2023-09-30 0001496099 nmfc:NationalHMEIncAndNHMEHoldingsCorpMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-09-30 0001496099 nmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-12-31 0001496099 nmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-01-01 2023-09-30 0001496099 nmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-09-30 0001496099 nmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-12-31 0001496099 nmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-01-01 2023-09-30 0001496099 nmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMAPPCanadaCorpMember 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMAPPCanadaCorpMember 2023-01-01 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMAPPCanadaCorpMember 2023-09-30 0001496099 nmfc:NMCLFXLPMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-12-31 0001496099 nmfc:NMCLFXLPMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-01-01 2023-09-30 0001496099 nmfc:NMCLFXLPMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMNLHoldingsLPMember 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMNLHoldingsLPMember 2023-01-01 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMNLHoldingsLPMember 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMGPHoldcoLLCMember 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMGPHoldcoLLCMember 2023-01-01 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMGPHoldcoLLCMember 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMYILLCMember 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMYILLCMember 2023-01-01 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMYILLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-01-01 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-01-01 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:UniTekGlobalServicesIncMember 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:UniTekGlobalServicesIncMember 2023-01-01 2023-09-30 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:UniTekGlobalServicesIncMember 2023-09-30 0001496099 nmfc:DebtSecuritiesFirstLienMember nmfc:InvestmentTypeConcentrationRiskMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 nmfc:DebtSecuritiesSecondLienMember nmfc:InvestmentTypeConcentrationRiskMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 us-gaap:SubordinatedDebtMember nmfc:InvestmentTypeConcentrationRiskMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 us-gaap:OtherAggregatedInvestmentsMember nmfc:InvestmentTypeConcentrationRiskMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 nmfc:IndustryConcentrationRiskMember nmfc:InvestmentsAtFairValueMember nmfc:SoftwareSectorMember 2023-01-01 2023-09-30 0001496099 nmfc:IndustryConcentrationRiskMember nmfc:BusinessServicesSectorMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 us-gaap:HealthcareSectorMember nmfc:IndustryConcentrationRiskMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 nmfc:InvestmentFundsIncludingInvestmentsInJointVenturesMember nmfc:IndustryConcentrationRiskMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 nmfc:EducationSectorMember nmfc:IndustryConcentrationRiskMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 nmfc:IndustryConcentrationRiskMember nmfc:ConsumerServicesSectorMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 nmfc:IndustryConcentrationRiskMember nmfc:InvestmentsAtFairValueMember us-gaap:RealEstateSectorMember 2023-01-01 2023-09-30 0001496099 nmfc:IndustryConcentrationRiskMember us-gaap:TransportationSectorMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 nmfc:IndustryConcentrationRiskMember us-gaap:FinancialServicesSectorMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 nmfc:IndustryConcentrationRiskMember us-gaap:EnergySectorMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 nmfc:IndustryConcentrationRiskMember us-gaap:TechnologySectorMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 us-gaap:ContainerAndPackagingSectorMember nmfc:IndustryConcentrationRiskMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 us-gaap:ChemicalsSectorMember nmfc:IndustryConcentrationRiskMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 nmfc:IndustryConcentrationRiskMember nmfc:ConsumerProductsSectorMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 nmfc:IndustryConcentrationRiskMember nmfc:BusinessProductsSectorMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 us-gaap:FoodAndBeverageSectorMember nmfc:IndustryConcentrationRiskMember nmfc:InvestmentsAtFairValueMember 2023-01-01 2023-09-30 0001496099 nmfc:DebtSecuritiesFloatingInterestRateMember nmfc:InvestmentsAtFairValueMember nmfc:InterestRateTypeRiskMember 2023-01-01 2023-09-30 0001496099 nmfc:DebtSecuritiesFixedInterestRateMember nmfc:InvestmentsAtFairValueMember nmfc:InterestRateTypeRiskMember 2023-01-01 2023-09-30 0001496099 GS Acquisitionco, Inc., First lien 1 2022-12-31 0001496099 GS Acquisitionco, Inc., First lien 2 2022-12-31 0001496099 nmfc:GSAcquisitioncoIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 PhyNet Dermatology LLC, First lien 1 2022-12-31 0001496099 PhyNet Dermatology LLC, First lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:PhyNetDermatologyLLCMember 2022-12-31 0001496099 Associations, Inc., First lien 1 2022-12-31 0001496099 Associations, Inc., First lien 2 2022-12-31 0001496099 Associations, Inc., First lien 3 2022-12-31 0001496099 Associations, Inc., First lien 4 2022-12-31 0001496099 Associations, Inc., First lien 5 2022-12-31 0001496099 nmfc:AssociationsIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 AAH Topco, LLC, First lien 1 2022-12-31 0001496099 AAH Topco, LLC, First lien - Drawn 1 2022-12-31 0001496099 AAH Topco, LLC, First lien 2 2022-12-31 0001496099 AAH Topco, LLC, First lien - Drawn 2 2022-12-31 0001496099 AAH Topco, LLC, Subordinated 1 2022-12-31 0001496099 AAH Topco, LLC, Subordinated 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:AAHTopcoLLCMember 2022-12-31 0001496099 GC Waves Holdings, Inc., First lien 1 2022-12-31 0001496099 GC Waves Holdings, Inc., First lien - Drawn 1 2022-12-31 0001496099 GC Waves Holdings, Inc., First lien 2 2022-12-31 0001496099 GC Waves Holdings, Inc., First lien 3 2022-12-31 0001496099 GC Waves Holdings, Inc., First lien - Drawn 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:GCWavesHoldingsIncMember 2022-12-31 0001496099 Kaseya Inc., First lien 2022-12-31 0001496099 iCIMS, Inc., First lien 1 2022-12-31 0001496099 iCIMS, Inc., First lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:ICIMSIncMember 2022-12-31 0001496099 CentralSquare Technologies, LLC, Second lien 1 2022-12-31 0001496099 CentralSquare Technologies, LLC, Second lien 2 2022-12-31 0001496099 nmfc:CentralSquareTechnologiesLLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Infogain Corporation, First lien 1 2022-12-31 0001496099 Infogain Corporation, First lien 2 2022-12-31 0001496099 Infogain Corporation, First lien - Drawn 2022-12-31 0001496099 Infogain Corporation, Subordinated 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:InfogainCorporationMember 2022-12-31 0001496099 Brave Parent Holdings, Inc., Second lien 1 2022-12-31 0001496099 Brave Parent Holdings, Inc., Second lien 2 2022-12-31 0001496099 Brave Parent Holdings, Inc., Second lien 3 2022-12-31 0001496099 nmfc:BraveParentHoldingsIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Deca Dental Holdings LLC, First lien 2022-12-31 0001496099 Deca Dental Holdings LLC, First lien - Drawn 1 2022-12-31 0001496099 Deca Dental Holdings LLC, First lien - Drawn 2 2022-12-31 0001496099 nmfc:DecaDentalHoldingsLLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Recorded Future, Inc., First lien 1 2022-12-31 0001496099 Recorded Future, Inc., First lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:RecordedFutureIncMember 2022-12-31 0001496099 Auctane Inc. (fka Stamps.com Inc.), First lien 1 2022-12-31 0001496099 Auctane Inc. (fka Stamps.com Inc.), First lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:AuctaneIncFkaStampscomIncMember 2022-12-31 0001496099 Avalara, Inc., First lien 1 2022-12-31 0001496099 Avalara, Inc., First lien 2 2022-12-31 0001496099 nmfc:AvalaraIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 OEConnection LLC, Second lien 1 2022-12-31 0001496099 OEConnection LLC, Second lien 2 2022-12-31 0001496099 nmfc:OEConnectionLLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Diligent Corporation, First lien 1 2022-12-31 0001496099 Diligent Corporation, First lien 2 2022-12-31 0001496099 Diligent Corporation, First lien 3 2022-12-31 0001496099 Diligent Corporation, First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:DiligentCorporationMember 2022-12-31 0001496099 IG Investments Holdings, LLC, First lien 1 2022-12-31 0001496099 IG Investments Holdings, LLC, First lien 2 2022-12-31 0001496099 IG Investments Holdings, LLC, First lien - Drawn 2022-12-31 0001496099 nmfc:IGInvestmentsHoldingsLLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Foreside Financial Group, LLC, First lien 1 2022-12-31 0001496099 Foreside Financial Group, LLC, First lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:ForesideFinancialGroupLLCMember 2022-12-31 0001496099 MRI Software LLC, First lien 1 2022-12-31 0001496099 MRI Software LLC, First lien 2 2022-12-31 0001496099 MRI Software LLC, First lien 3 2022-12-31 0001496099 MRI Software LLC, First lien 4 2022-12-31 0001496099 MRI Software LLC, First lien 5 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:MRISoftwareLLCMember 2022-12-31 0001496099 Anaplan, Inc., First lien 2022-12-31 0001496099 Granicus, Inc., First lien 1 2022-12-31 0001496099 Granicus, Inc., First lien 2 2022-12-31 0001496099 Granicus, Inc., First lien 3 2022-12-31 0001496099 Granicus, Inc., First lien 4 2022-12-31 0001496099 Granicus, Inc., First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:GranicusIncMember 2022-12-31 0001496099 EAB Global, Inc., Second lien 2022-12-31 0001496099 DCA Investment Holding, LLC, First lien 1 2022-12-31 0001496099 DCA Investment Holding, LLC, First lien 2 2022-12-31 0001496099 DCA Investment Holding, LLC, First lien 3 2022-12-31 0001496099 DCA Investment Holding, LLC, First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:DCAInvestmentHoldingLLCMember 2022-12-31 0001496099 KAMC Holdings, Inc., Second lien 1 2022-12-31 0001496099 KAMC Holdings, Inc., Second lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:KAMCHoldingsIncMember 2022-12-31 0001496099 OA Buyer, Inc., First lien 1 2022-12-31 0001496099 OA Buyer, Inc., First lien 2 2022-12-31 0001496099 nmfc:OABuyerIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 TigerConnect, Inc., First lien 2022-12-31 0001496099 TigerConnect, Inc., First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:TigerConnectIncMember 2022-12-31 0001496099 Wealth Enhancement Group, LLC, First lien 1 2022-12-31 0001496099 Wealth Enhancement Group, LLC, First lien 2 2022-12-31 0001496099 Wealth Enhancement Group, LLC, First lien - Drawn 2022-12-31 0001496099 Wealth Enhancement Group, LLC, First lien 3 2022-12-31 0001496099 nmfc:WealthEnhancementGroupLLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Fortis Solutions Group, LLC, First lien 1 2022-12-31 0001496099 Fortis Solutions Group, LLC, First lien 2 2022-12-31 0001496099 Fortis Solutions Group, LLC, First lien 3 2022-12-31 0001496099 Fortis Solutions Group, LLC, First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:FortisSolutionsGroupLLCMember 2022-12-31 0001496099 Foundational Education Group, Inc., Second lien 1 2022-12-31 0001496099 Foundational Education Group, Inc., Second lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:FoundationalEducationGroupIncMember 2022-12-31 0001496099 Syndigo LLC, Second lien 1 2022-12-31 0001496099 Syndigo LLC, Second lien 2 2022-12-31 0001496099 nmfc:SyndigoLLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 AmeriVet Partners Management, Inc., First lien 1 2022-12-31 0001496099 AmeriVet Partners Management, Inc., First lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:AmeriVetPartnersManagementIncMember 2022-12-31 0001496099 NMC Crimson Holdings, Inc., First lien 1 2022-12-31 0001496099 NMC Crimson Holdings, Inc., First lien 2 2022-12-31 0001496099 NMC Crimson Holdings, Inc., First lien - Drawn 2022-12-31 0001496099 nmfc:NMCCrimsonHoldingsIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 VT Topco, Inc., Second lien 1 2022-12-31 0001496099 VT Topco, Inc., Second lien 2 2022-12-31 0001496099 nmfc:VTTopcoIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 1 2022-12-31 0001496099 HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 2 2022-12-31 0001496099 nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 DOCS, MSO, LLC, First lien 1 2022-12-31 0001496099 DOCS, MSO, LLC, First lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:DOCSMSOLLCMember 2022-12-31 0001496099 CRCI Longhorn Holdings, Inc., Second lien 1 2022-12-31 0001496099 CRCI Longhorn Holdings, Inc., Second lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:CRCILonghornHoldingsIncMember 2022-12-31 0001496099 ACI Group Holdings, Inc., First lien 2022-12-31 0001496099 ACI Group Holdings, Inc., First lien - Drawn 1 2022-12-31 0001496099 ACI Group Holdings, Inc., First lien - Drawn 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:ACIGroupHoldingsIncMember 2022-12-31 0001496099 Idera, Inc., Second lien 1 2022-12-31 0001496099 Idera, Inc., Second lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:IderaIncMember 2022-12-31 0001496099 Bullhorn, Inc., First lien 1 2022-12-31 0001496099 Bullhorn, Inc., First lien 2 2022-12-31 0001496099 Bullhorn, Inc., First lien 3 2022-12-31 0001496099 Bullhorn, Inc., First lien - Drawn 2022-12-31 0001496099 Bullhorn, Inc., First lien 4 2022-12-31 0001496099 Bullhorn, Inc., First lien 5 2022-12-31 0001496099 nmfc:BullhornIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Convey Health Solutions, Inc., First lien 1 2022-12-31 0001496099 Convey Health Solutions, Inc., First lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:ConveyHealthSolutionsIncMember 2022-12-31 0001496099 Spring Education Group, Inc (fka SSH Group Holdings, Inc.), Second lien 2022-12-31 0001496099 TMK Hawk Parent, Corp., First lien 1 2022-12-31 0001496099 TMK Hawk Parent, Corp., First lien 2 2022-12-31 0001496099 nmfc:TMKHawkParentCorpMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Cardinal Parent, Inc., First lien 2022-12-31 0001496099 Cardinal Parent, Inc., Second lien 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:CardinalParentIncMember 2022-12-31 0001496099 Notorious Topco, LLC, First lien 1 2022-12-31 0001496099 Notorious Topco, LLC, First lien 2 2022-12-31 0001496099 Notorious Topco, LLC, First lien - Drawn 1 2022-12-31 0001496099 Notorious Topco, LLC, First lien - Drawn 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:NotoriousTopcoLLCMember 2022-12-31 0001496099 YLG Holdings, Inc., First lien 1 2022-12-31 0001496099 YLG Holdings, Inc., First lien 2 2022-12-31 0001496099 YLG Holdings, Inc., First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:YLGHoldingsIncMember 2022-12-31 0001496099 American Achievement Corporation (aka AAC Holding Corp.), First lien 1 2022-12-31 0001496099 American Achievement Corporation (aka AAC Holding Corp.), First lien 2 2022-12-31 0001496099 American Achievement Corporation (aka AAC Holding Corp.), Subordinated 2022-12-31 0001496099 nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 New Trojan Parent, Inc., Second lien 2022-12-31 0001496099 Xactly Corporation, First lien 2022-12-31 0001496099 Xactly Corporation, First lien - Drawn 2022-12-31 0001496099 nmfc:XactlyCorporationMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Ansira Holdings, Inc., First lien 1 2022-12-31 0001496099 Ansira Holdings, Inc., First lien 2 2022-12-31 0001496099 Ansira Holdings, Inc., First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:AnsiraHoldingsIncMember 2022-12-31 0001496099 Bluefin Holding, LLC, First lien - Drawn 2022-12-31 0001496099 Bluefin Holding, LLC, Second lien 2022-12-31 0001496099 nmfc:BluefinHoldingLLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Trinity Air Consultants Holdings Corporation, First lien 2022-12-31 0001496099 Trinity Air Consultants Holdings Corporation, First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:TrinityAirConsultantsHoldingsCorporationMember 2022-12-31 0001496099 DG Investment Intermediate Holdings 2, Inc., Second lien 2022-12-31 0001496099 FS WhiteWater Borrower, LLC, First lien 1 2022-12-31 0001496099 FS WhiteWater Borrower, LLC, First lien 2 2022-12-31 0001496099 FS WhiteWater Borrower, LLC, First lien 3 2022-12-31 0001496099 FS WhiteWater Borrower, LLC, First lien - Drawn 1 2022-12-31 0001496099 FS WhiteWater Borrower, LLC, First lien - Drawn 2 2022-12-31 0001496099 nmfc:FSWhiteWaterBorrowerLLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Pioneer Buyer I, LLC, First lien 1 2022-12-31 0001496099 Pioneer Buyer I, LLC, First lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:PioneerBuyerILLCMember 2022-12-31 0001496099 Coyote Buyer, LLC, First lien 1 2022-12-31 0001496099 Coyote Buyer, LLC, First lien 2 2022-12-31 0001496099 nmfc:CoyoteBuyerLLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 The Kleinfelder Group, Inc., First lien 2022-12-31 0001496099 Kele Holdco, Inc., First lien 2022-12-31 0001496099 MED Parentco, LP, Second lien 2022-12-31 0001496099 Daxko Acquisition Corporation, First lien 1 2022-12-31 0001496099 Daxko Acquisition Corporation, First lien 2 2022-12-31 0001496099 Daxko Acquisition Corporation, First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:DaxkoAcquisitionCorporationMember 2022-12-31 0001496099 CFS Management, LLC, First lien 1 2022-12-31 0001496099 CFS Management, LLC, First lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:CFSManagementLLCMember 2022-12-31 0001496099 Castle Management Borrower LLC, First lien 2022-12-31 0001496099 Alegeus Technologies Holdings Corp., First lien 2022-12-31 0001496099 Calabrio, Inc., First lien 2022-12-31 0001496099 Calabrio, Inc., First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:CalabrioIncMember 2022-12-31 0001496099 IMO Investor Holdings, Inc., First lien 2022-12-31 0001496099 IMO Investor Holdings, Inc., First lien - Drawn 2022-12-31 0001496099 nmfc:IMOInvestorHoldingsIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 FR Arsenal Holdings II Corp., First lien 2022-12-31 0001496099 Apptio, Inc., First lien 1 2022-12-31 0001496099 Apptio, Inc., First lien 2 2022-12-31 0001496099 Apptio, Inc., First lien - Drawn 2022-12-31 0001496099 nmfc:ApptioIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Transcendia Holdings, Inc., Second lien 2022-12-31 0001496099 USRP Holdings, Inc., First lien 1 2022-12-31 0001496099 USRP Holdings, Inc., First lien 2 2022-12-31 0001496099 nmfc:USRPHoldingsIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 CHA Holdings, Inc., Second lien 1 2022-12-31 0001496099 CHA Holdings, Inc., Second lien 2 2022-12-31 0001496099 nmfc:CHAHoldingsIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Specialtycare, Inc., First lien 2022-12-31 0001496099 Specialtycare, Inc., First lien - Drawn 1 2022-12-31 0001496099 Specialtycare, Inc., First lien - Drawn 2 2022-12-31 0001496099 nmfc:SpecialtycareIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Quartz Holding Company, Second lien 2022-12-31 0001496099 CG Group Holdings, LLC, First lien 2022-12-31 0001496099 CG Group Holdings, LLC, First lien - Drawn 2022-12-31 0001496099 nmfc:CGGroupHoldingsLLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 PPVA Black Elk (Equity) LLC, Subordinated 2022-12-31 0001496099 KPSKY Acquisition Inc., First lien 1 2022-12-31 0001496099 KPSKY Acquisition Inc., First lien 2 2022-12-31 0001496099 KPSKY Acquisition Inc., First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:KPSKYAcquisitionIncMember 2022-12-31 0001496099 TRC Companies L.L.C. (fka Energize Holdco LLC), Second lien 2022-12-31 0001496099 DS Admiral Bidco, LLC, First lien 2022-12-31 0001496099 Vectra Co., Second lien 2022-12-31 0001496099 Community Brands ParentCo, LLC, First lien 2022-12-31 0001496099 Safety Borrower Holdings LLC, First lien 2022-12-31 0001496099 Sun Acquirer Corp., First lien 2022-12-31 0001496099 Sun Acquirer Corp., First lien - Drawn 2022-12-31 0001496099 nmfc:SunAcquirerCorpMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 PPV Intermediate Holdings, LLC, First lien 2022-12-31 0001496099 PPV Intermediate Holdings, LLC, First lien - Drawn 2022-12-31 0001496099 nmfc:PPVIntermediateHoldingsLLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Appriss Health, LLC, First lien 2022-12-31 0001496099 Pye-Barker Fire & Safety, LLC, First lien 2022-12-31 0001496099 Pye-Barker Fire & Safety, LLC, First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:PyeBarkerFireSafetyLLCMember 2022-12-31 0001496099 ADG, LLC, Second lien 2022-12-31 0001496099 Virtusa Corporation, Subordinated 2022-12-31 0001496099 Education Management II LLC, First lien 1 2022-12-31 0001496099 Education Management II LLC, First lien 2 2022-12-31 0001496099 Education Management II LLC, First lien 3 2022-12-31 0001496099 Education Management II LLC, First lien 4 2022-12-31 0001496099 Education Management II LLC, First lien 5 2022-12-31 0001496099 Education Management II LLC, First lien 6 2022-12-31 0001496099 Education Management II LLC, First lien 7 2022-12-31 0001496099 Education Management II LLC, First lien 8 2022-12-31 0001496099 nmfc:EducationManagementIILLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 PPVA Fund, L.P., Collateralized Financing 2022-12-31 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember country:US nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Tahoe Finco, LLC, First lien 1 2022-12-31 0001496099 Tahoe Finco, LLC, First lien 2 2022-12-31 0001496099 nmfc:TahoeFincoLLCMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 country:NL us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Aston FinCo S.a r.l. / Aston US Finco, LLC, Second lien 2022-12-31 0001496099 Integro Parent Inc., First lien 1 2022-12-31 0001496099 Integro Parent Inc., First lien 2 2022-12-31 0001496099 Integro Parent Inc., Second lien 2022-12-31 0001496099 nmfc:IntegroParentIncMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:FundedDebtSecuritiesMember country:GB 2022-12-31 0001496099 Tennessee Bidco Limited, First lien 1 2022-12-31 0001496099 Tennessee Bidco Limited, First lien 2 2022-12-31 0001496099 Tennessee Bidco Limited, First lien 3 2022-12-31 0001496099 Tennessee Bidco Limited, First lien 4 2022-12-31 0001496099 Tennessee Bidco Limited, First lien 5 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:TennesseeBidcoLimitedMember 2022-12-31 0001496099 country:JE us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Atlas AU Bidco Pty Ltd, First lien 2022-12-31 0001496099 country:AU us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 Dealer Tire Holdings, LLC, Preferred shares 2022-12-31 0001496099 Symplr Software Intermediate Holdings, Inc., Preferred shares 1 2022-12-31 0001496099 Symplr Software Intermediate Holdings, Inc., Preferred shares 2 2022-12-31 0001496099 nmfc:SymplrSoftwareIntermediateHoldingsIncMember us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 Knockout Intermediate Holdings I Inc., Preferred shares 2022-12-31 0001496099 ACI Parent Inc., Preferred shares 2022-12-31 0001496099 Project Essential Super Parent, Inc., Preferred shares 2022-12-31 0001496099 Diligent Preferred Issuer, Inc., Preferred shares 2022-12-31 0001496099 OEC Holdco, LLC, Preferred shares 2022-12-31 0001496099 HB Wealth Management, LLC, Preferred shares 2022-12-31 0001496099 FS WhiteWater Holdings, LLC, Ordinary shares 2022-12-31 0001496099 Appriss Health Intermediate Holdings, Inc., Preferred shares 2022-12-31 0001496099 OA Topco, L.P., Ordinary shares 2022-12-31 0001496099 Pioneer Topco I, L.P., Ordinary shares 2022-12-31 0001496099 Ancora Acquisition LLC, Preferred shares 2022-12-31 0001496099 Education Management Corporation, Preferred shares 1 2022-12-31 0001496099 Education Management Corporation, Preferred shares 2 2022-12-31 0001496099 Education Management Corporation, Ordinary shares 1 2022-12-31 0001496099 Education Management Corporation, Ordinary shares 2 2022-12-31 0001496099 nmfc:EducationManagementCorporationMember us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 AAC Lender Holdings, LLC, Ordinary shares 2022-12-31 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember country:US us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 Bach Special Limited (Bach Preference Limited), Preferred shares 2022-12-31 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember country:HK us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:FundedSecuritiesMember 2022-12-31 0001496099 Ansira Holdings, Inc, First lien - Undrawn 2022-12-31 0001496099 American Achievement Corporation (aka AAC Holding Corp.), First lien - Undrawn 2022-12-31 0001496099 Bullhorn, Inc., First lien - Undrawn 2022-12-31 0001496099 Appriss Health, LLC, First lien - Undrawn 2022-12-31 0001496099 Coyote Buyer, LLC, First lien - Undrawn 2022-12-31 0001496099 Calabrio, Inc., First lien - Undrawn 2022-12-31 0001496099 Kele Holdco, Inc., First lien - Undrawn 2022-12-31 0001496099 Granicus, Inc., First lien - Undrawn 2022-12-31 0001496099 Diligent Corporation, First lien - Undrawn 2022-12-31 0001496099 Apptio, Inc., First lien - Undrawn 2022-12-31 0001496099 Associations, Inc., First lien - Undrawn 2022-12-31 0001496099 Safety Borrower Holdings LLC, First lien - Undrawn 2022-12-31 0001496099 Bluefin Holding, LLC, First lien - Undrawn 2022-12-31 0001496099 Sun Acquirer Corp., First lien - Undrawn 1 2022-12-31 0001496099 Sun Acquirer Corp., First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:SunAcquirerCorpMember 2022-12-31 0001496099 Pye-Barker Fire & Safety, LLC, First lien - Undrawn 2022-12-31 0001496099 IG Investments Holdings, LLC, First lien - Undrawn 2022-12-31 0001496099 Notorious Topco, LLC, First lien - Undrawn 1 2022-12-31 0001496099 Notorious Topco, LLC, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:NotoriousTopcoLLCMember 2022-12-31 0001496099 PPV Intermediate Holdings, LLC, First lien - Undrawn 1 2022-12-31 0001496099 PPV Intermediate Holdings, LLC, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:PPVIntermediateHoldingsLLCMember nmfc:UnfundedDebtSecuritiesMember 2022-12-31 0001496099 CG Group Holdings, LLC, First lien - Undrawn 2022-12-31 0001496099 Recorded Future, Inc., First lien - Undrawn 2022-12-31 0001496099 USRP Holdings, Inc., First lien - Undrawn 2022-12-31 0001496099 OA Buyer, Inc., First lien - Undrawn 2022-12-31 0001496099 Avalara, Inc., First lien - Undrawn 2022-12-31 0001496099 Trinity Air Consultants Holdings Corporation, First lien - Undrawn 1 2022-12-31 0001496099 Trinity Air Consultants Holdings Corporation, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:TrinityAirConsultantsHoldingsCorporationMember 2022-12-31 0001496099 Pioneer Buyer I, LLC, First lien - Undrawn 2022-12-31 0001496099 iCIMS, Inc., First lien - Undrawn 1 2022-12-31 0001496099 iCIMS, Inc., First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:ICIMSIncMember 2022-12-31 0001496099 Daxko Acquisition Corporation, First lien - Undrawn 1 2022-12-31 0001496099 Daxko Acquisition Corporation, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:DaxkoAcquisitionCorporationMember 2022-12-31 0001496099 Community Brands ParentCo, LLC, First lien - Undrawn 1 2022-12-31 0001496099 Community Brands ParentCo, LLC, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:CommunityBrandsParentCoLLCMember 2022-12-31 0001496099 IMO Investor Holdings, Inc., First lien - Undrawn 1 2022-12-31 0001496099 IMO Investor Holdings, Inc., First lien - Undrawn 2 2022-12-31 0001496099 nmfc:IMOInvestorHoldingsIncMember nmfc:UnfundedDebtSecuritiesMember 2022-12-31 0001496099 KPSKY Acquisition Inc., First lien - Undrawn 2022-12-31 0001496099 GC Waves Holdings, Inc., First lien - Undrawn 1 2022-12-31 0001496099 GC Waves Holdings, Inc., First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:GCWavesHoldingsIncMember 2022-12-31 0001496099 Specialtycare, Inc., First lien - Undrawn 1 2022-12-31 0001496099 Specialtycare, Inc., First lien - Undrawn 2 2022-12-31 0001496099 nmfc:SpecialtycareIncMember nmfc:UnfundedDebtSecuritiesMember 2022-12-31 0001496099 Infogain Corporation, First lien - Undrawn 2022-12-31 0001496099 GS Acquisitionco, Inc., First lien - Undrawn 2022-12-31 0001496099 NMC Crimson Holdings, Inc., First lien - Undrawn 2022-12-31 0001496099 Wealth Enhancement Group, LLC, First lien - Undrawn 1 2022-12-31 0001496099 Wealth Enhancement Group, LLC, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:WealthEnhancementGroupLLCMember 2022-12-31 0001496099 DCA Investment Holding, LLC, First lien - Undrawn 1 2022-12-31 0001496099 DCA Investment Holding, LLC, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:DCAInvestmentHoldingLLCMember 2022-12-31 0001496099 Foreside Financial Group, LLC, First lien - Undrawn 1 2022-12-31 0001496099 Foreside Financial Group, LLC, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:ForesideFinancialGroupLLCMember 2022-12-31 0001496099 FS WhiteWater Borrower, LLC, First lien - Undrawn 1 2022-12-31 0001496099 FS WhiteWater Borrower, LLC, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:FSWhiteWaterBorrowerLLCMember nmfc:UnfundedDebtSecuritiesMember 2022-12-31 0001496099 Kaseya Inc., First lien - Undrawn 1 2022-12-31 0001496099 Kaseya Inc., First lien - Undrawn 2 2022-12-31 0001496099 nmfc:KnockoutIntermediateHoldingsIIncMember nmfc:UnfundedDebtSecuritiesMember 2022-12-31 0001496099 TigerConnect, Inc., First lien - Undrawn 1 2022-12-31 0001496099 TigerConnect, Inc., First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:TigerConnectIncMember 2022-12-31 0001496099 MRI Software LLC, First lien - Undrawn 1 2022-12-31 0001496099 MRI Software LLC, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:MRISoftwareLLCMember 2022-12-31 0001496099 YLG Holdings, Inc., First lien - Undrawn 2022-12-31 0001496099 YLG Holdings, Inc., First lien) - Undrawn 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:YLGHoldingsIncMember 2022-12-31 0001496099 Fortis Solutions Group, LLC, First lien - Undrawn 1 2022-12-31 0001496099 Fortis Solutions Group, LLC, First lien - Undrawn 2 2022-12-31 0001496099 Fortis Solutions Group, LLC, First lien - Undrawn 3 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:FortisSolutionsGroupLLCMember 2022-12-31 0001496099 ACI Group Holdings, Inc., First lien - Undrawn 1 2022-12-31 0001496099 ACI Group Holdings, Inc., First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:ACIGroupHoldingsIncMember 2022-12-31 0001496099 AAH Topco, LLC, First lien - Undrawn 1 2022-12-31 0001496099 AAH Topco, LLC, First lien - Undrawn 2022-12-31 0001496099 AAH Topco, LLC, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:AAHTopcoLLCMember 2022-12-31 0001496099 AmeriVet Partners Management, Inc., First lien - Undrawn 1 2022-12-31 0001496099 AmeriVet Partners Management, Inc., First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:AmeriVetPartnersManagementIncMember 2022-12-31 0001496099 DOCS, MSO, LLC, First lien - Undrawn 1 2022-12-31 0001496099 DOCS, MSO, LLC, First lien - Undrawn 2022-12-31 0001496099 DOCS, MSO, LLC, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:DOCSMSOLLCMember 2022-12-31 0001496099 Deca Dental Holdings LLC, First lien - Undrawn 1 2022-12-31 0001496099 Deca Dental Holdings LLC, First lien - Undrawn 2 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesMember nmfc:DecaDentalHoldingsLLCMember 2022-12-31 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember country:US nmfc:UnfundedDebtSecuritiesMember 2022-12-31 0001496099 Tahoe Finco, LLC, First lien - Undrawn 2022-12-31 0001496099 country:NL us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:UnfundedDebtSecuritiesMember 2022-12-31 0001496099 Atlas AU Bidco Pty Ltd, First lien - Undrawn 2022-12-31 0001496099 country:AU us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:UnfundedDebtSecuritiesMember 2022-12-31 0001496099 us-gaap:InvestmentUnaffiliatedIssuerMember nmfc:UnfundedDebtSecuritiesMember 2022-12-31 0001496099 Edmentum Ultimate Holdings, LLC, Subordinated 2022-12-31 0001496099 Sierra Hamilton Holdings Corporation, Second lien 2022-12-31 0001496099 Permian Trust, First lien 1 2022-12-31 0001496099 Permian Trust, First lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:PermianTrustMember 2022-12-31 0001496099 country:US nmfc:FundedDebtSecuritiesMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001496099 TVG-Edmentum Holdings, LLC, Ordinary shares 2022-12-31 0001496099 Sierra Hamilton Holdings Corporation, Ordinary shares 1 2022-12-31 0001496099 Sierra Hamilton Holdings Corporation, Ordinary shares 2 2022-12-31 0001496099 nmfc:SierraHamiltonHoldingsCorporationMember us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 country:US us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 New Benevis Holdco, Inc., First lien 1 2022-12-31 0001496099 New Benevis Holdco, Inc., First lien 2 2022-12-31 0001496099 New Benevis Holdco, Inc., First lien 3 2022-12-31 0001496099 New Benevis Holdco, Inc., Subordinated 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:NewBenevisHoldcoIncMember 2022-12-31 0001496099 UniTek Global Services, Inc., First lien 1 2022-12-31 0001496099 UniTek Global Services, Inc., First lien 2 2022-12-31 0001496099 UniTek Global Services, Inc., Second lien 1 2022-12-31 0001496099 UniTek Global Services, Inc., Second lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:UniTekGlobalServicesIncMember 2022-12-31 0001496099 New Permian Holdco, L.L.C., First lien 2022-12-31 0001496099 New Permian Holdco, L.L.C., First lien - Drawn 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:NewPermianHoldcoLLCMember 2022-12-31 0001496099 National HME, Inc., Second lien 1 2022-12-31 0001496099 National HME, Inc., Second lien 2 2022-12-31 0001496099 nmfc:FundedDebtSecuritiesMember nmfc:NationalHMEIncMember 2022-12-31 0001496099 country:US us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:FundedDebtSecuritiesMember 2022-12-31 0001496099 NMFC Senior Loan Program III LLC, Membership interest 2022-12-31 0001496099 NMFC Senior Loan Program IV LLC, Membership interest 2022-12-31 0001496099 NM NL Holdings, L.P., Membership interest 2022-12-31 0001496099 New Benevis Topco, LLC, Ordinary shares 1 2022-12-31 0001496099 New Benevis Topco, LLC, Ordinary shares 2 2022-12-31 0001496099 New Benevis Topco, LLC, Ordinary shares 3 2022-12-31 0001496099 nmfc:NewBenevisTopcoLLCMember us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 Haven Midstream Holdings LLC, Ordinary shares 2022-12-31 0001496099 Haven Midstream Holdings LLC, Profit Interest 2022-12-31 0001496099 nmfc:HavenMidstreamHoldingsLLCMember us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 New Permian Holdco, Inc., Ordinary shares 2022-12-31 0001496099 UniTek Global Services, Inc., Preferred shares 1 2022-12-31 0001496099 UniTek Global Services, Inc., Preferred shares 2 2022-12-31 0001496099 UniTek Global Services, Inc., Preferred shares 3 2022-12-31 0001496099 UniTek Global Services, Inc., Preferred shares 4 2022-12-31 0001496099 UniTek Global Services, Inc., Preferred shares 5 2022-12-31 0001496099 UniTek Global Services, Inc., Ordinary shares 1 2022-12-31 0001496099 UniTek Global Services, Inc., Ordinary shares 2 2022-12-31 0001496099 nmfc:UniTekGlobalServicesIncMember us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 NM CLFX LP, Membership interest 2022-12-31 0001496099 NM YI, LLC, Membership interest 2022-12-31 0001496099 NM GP Holdco, LLC, Membership interest 2022-12-31 0001496099 NHME Holdings Corp., Ordinary shares 2022-12-31 0001496099 NM GLCR LP, Membership interest 2022-12-31 0001496099 NM APP US LLC, Membership interest 2022-12-31 0001496099 NM DRVT LLC, Membership interest 2022-12-31 0001496099 NM JRA LLC, Membership interest 2022-12-31 0001496099 NM KRLN LLC, Membership interest 2022-12-31 0001496099 country:US us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 NM APP Canada Corp., Membership interest 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember country:CA us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember us-gaap:EquitySecuritiesMember 2022-12-31 0001496099 UniTek Global Services, Inc., Warrants 2022-12-31 0001496099 NHME Holdings Corp., Warrants 2022-12-31 0001496099 us-gaap:WarrantMember country:US us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:FundedSecuritiesMember 2022-12-31 0001496099 New Permian Holdco, L.L.C., First lien - Undrawn 2022-12-31 0001496099 Haven Midstream LLC, First lien - Undrawn 2022-12-31 0001496099 country:US nmfc:UnfundedDebtSecuritiesMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-12-31 0001496099 Tennessee Bidco Limited, First lien - Drawn 1 2022-12-31 0001496099 us-gaap:CommonClassBMember nmfc:QIDNGLLLCMember 2022-01-01 2022-12-31 0001496099 us-gaap:CommonClassBMember nmfc:QIDTRHHoldingsLLCMember 2022-01-01 2022-12-31 0001496099 OEConnection LLC, Second lien 2022-12-31 0001496099 OEC Holdco, LLC, Preferred shares 2022-01-01 2022-12-31 0001496099 Appriss Health Holdings, Inc, Wholly-owned subsidiaries 2022-12-31 0001496099 Appriss Health Intermediate Holdings, Inc., Preferred shares 2022-01-01 2022-12-31 0001496099 TVG-Edmentum Holdings, LLC, Ordinary shares 2022-01-01 2022-12-31 0001496099 UniTek Global Services, Inc., Preferred shares 4 and UniTek Global Services, Inc., Preferred shares 5 2022-01-01 2022-12-31 0001496099 UniTek Global Services, Inc., Preferred shares 3 2022-01-01 2022-12-31 0001496099 UniTek Global Services, Inc., Preferred shares 1 and UniTek Global Services, Inc., Preferred shares 2 2022-01-01 2022-12-31 0001496099 Bach Special Limited (Bach Preference Limited), Preferred shares 2022-01-01 2022-12-31 0001496099 Dealer Tire Holdings, LLC, Preferred shares 2022-01-01 2022-12-31 0001496099 Symplr Software Intermediate Holdings, Inc., Preferred shares 2022-01-01 2022-12-31 0001496099 Project Essential Super Parent, Inc., Preferred shares 2022-01-01 2022-12-31 0001496099 Diamond Parent Holdings Corp, Wholly-owned subsidiaries 2022-12-31 0001496099 Diligent Corporation, First lien 2022-12-31 0001496099 Diligent Preferred Issuer, Inc., Preferred shares 2022-01-01 2022-12-31 0001496099 ACI Parent Inc., Preferred shares 2022-01-01 2022-12-31 0001496099 HB Wealth Management, LLC, Preferred shares 2022-01-01 2022-12-31 0001496099 FS WhiteWater Borrower, LLC, First lien 2022-12-31 0001496099 Knockout Intermediate Holdings I, Preferred shares 2022-01-01 2022-12-31 0001496099 nmfc:PermianHoldco3IncAndPermianTrustMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2021-12-31 0001496099 nmfc:PermianHoldco3IncAndPermianTrustMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-01-01 2022-12-31 0001496099 nmfc:SierraHamiltonHoldingsCorporationMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2021-12-31 0001496099 nmfc:SierraHamiltonHoldingsCorporationMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-01-01 2022-12-31 0001496099 nmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2021-12-31 0001496099 nmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-01-01 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2021-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-01-01 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:EdmentumIncMember 2021-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:EdmentumIncMember 2022-01-01 2022-12-31 0001496099 us-gaap:InvestmentAffiliatedIssuerControlledMember nmfc:EdmentumIncMember 2022-12-31 0001496099 nmfc:NationalHMEIncAndNHMEHoldingsCorpMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2021-12-31 0001496099 nmfc:NationalHMEIncAndNHMEHoldingsCorpMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-01-01 2022-12-31 0001496099 nmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2021-12-31 0001496099 nmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-01-01 2022-12-31 0001496099 nmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember us-gaap:InvestmentAffiliatedIssuerControlledMember 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nmfc:EducationSectorMember 2022-12-31 0001496099 nmfc:ConsumerServicesSectorMember 2022-12-31 0001496099 us-gaap:RealEstateSectorMember 2022-12-31 0001496099 us-gaap:TransportationSectorMember 2022-12-31 0001496099 us-gaap:FinancialServicesSectorMember 2022-12-31 0001496099 us-gaap:EnergySectorMember 2022-12-31 0001496099 us-gaap:ChemicalsSectorMember 2022-12-31 0001496099 us-gaap:TechnologySectorMember 2022-12-31 0001496099 us-gaap:ContainerAndPackagingSectorMember 2022-12-31 0001496099 nmfc:ConsumerProductsSectorMember 2022-12-31 0001496099 nmfc:BusinessProductsSectorMember 2022-12-31 0001496099 Ansira Holdings, Inc.2023-09-30 0001496099 Ansira Holdings, Inc., Non-accrual status 2023-07-01 2023-09-30 0001496099 Ansira Holdings, Inc., Non-accrual status 2023-01-01 2023-09-30 0001496099 Integro Parent Inc., Second lien, Non-accrual status 2022-06-30 0001496099 Integro Parent Inc., Second lien, Non-accrual status 2023-07-01 2023-09-30 0001496099 Integro Parent Inc., Second lien, Non-accrual status 2023-01-01 2023-09-30 0001496099 National HME, Inc., Second lien, Non-accrual status 2023-07-01 2023-09-30 0001496099 National HME, Inc., Second lien, Non-accrual status 2023-01-01 2023-09-30 0001496099 National HME, Inc., Second lien 2022-10-01 2022-12-31 0001496099 American Achievement Corporation (aka AAC Holding Corp.), Subordinated, Non-accrual status 2021-03-31 0001496099 American Achievement Corporation (aka AAC Holding Corp.), First lien, Non-accrual status 2021-09-30 0001496099 American Achievement Corporation (aka AAC Holding Corp.), First lien, Non-accrual status 2023-09-30 0001496099 American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status 2023-09-30 0001496099 American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status 2023-07-01 2023-09-30 0001496099 American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status 2023-01-01 2023-09-30 0001496099 UniTek Global Services, Inc., Junior preferred shares, Non-accrual status 2023-09-30 0001496099 UniTek Global Services, Inc., Junior preferred shares, Non-accrual status 2023-07-01 2023-09-30 0001496099 UniTek Global Services, Inc., Junior preferred shares, Non-accrual status 2023-01-01 2023-09-30 0001496099 UniTek Global Services, Inc., Senior preferred shares, Non-accrual status 2021-09-30 0001496099 UniTek Global Services, Inc., Senior preferred shares, Non-accrual status 2023-09-30 0001496099 UniTek Global Services, Inc., Senior preferred shares, Non-accrual status 2023-07-01 2023-09-30 0001496099 UniTek Global Services, Inc., Senior preferred shares, Non-accrual status 2023-01-01 2023-09-30 0001496099 Education Management II LLC, First lien, Non-accrual status 2023-09-30 0001496099 Education Management II LLC, First lien, Non-accrual status 2023-07-01 2023-09-30 0001496099 Education Management II LLC, First lien, Non-accrual status 2023-01-01 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesRevolvingCreditFacilitiesMember 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesBridgeFacilitiesMember 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesDelayedDrawsOrOtherFutureFundingCommitmentsMember 2023-09-30 0001496099 nmfc:UnfundedDebtSecuritiesRevolvingCreditFacilitiesMember 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesBridgeFacilitiesMember 2022-12-31 0001496099 nmfc:UnfundedDebtSecuritiesDelayedDrawsOrOtherFutureFundingCommitmentsMember 2022-12-31 0001496099 PPVA Black Elk (Equity) LLC, Subordinated 2013-05-03 0001496099 PPVA Black Elk (Equity) LLC, Subordinated 2014-08-01 2014-08-31 0001496099 nmfc:BlackElkTrusteeMember 2017-08-01 2017-08-31 0001496099 nmfc:BlackElkTrusteeMember 2017-12-22 2017-12-22 0001496099 nmfc:BlackElkTrusteeMember 2018-01-01 2018-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-01-01 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember nmfc:SkyKnightIncomeIILLCMember 2023-09-30 0001496099 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nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:UnfundedSecuritiesMember nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:UnfundedSecuritiesMember nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:DebtSecuritiesFirstLienMember nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:DebtSecuritiesFirstLienMember nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:DebtSecuritiesFirstLienMember nmfc:NMFCSeniorLoanProgramIIILLCMember srt:WeightedAverageMember 2023-09-30 0001496099 nmfc:DebtSecuritiesFirstLienMember nmfc:NMFCSeniorLoanProgramIIILLCMember srt:WeightedAverageMember 2022-12-31 nmfc:company 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Largest Portfolio Company Investment 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Largest Portfolio Company Investment 2022-12-31 0001496099 Top Five Largest Portfolio Company Investments nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Top Five Largest Portfolio Company Investments nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 ADMI Corp. (aka Aspen Dental), First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 AG Parent Holdings, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Aretec Group, Inc. (fka RCS Capital Corporation), First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Artera Services, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Ascensus Group Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember AssuredPartners, Inc., First lien - Funded 2023-09-30 0001496099 Aston FinCo S.a.r.l. / Aston US Finco, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 athenahealth Group Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember BCPE Empire Holdings, Inc., First lien - Funded 2023-09-30 0001496099 Bella Holding Company, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Bracket Intermediate Holding Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Brave Parent Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Brown Group Holding, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Cardinal Parent, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 CE Intermediate I, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 CentralSquare Technologies, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 CHA Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 CommerceHub, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 CommerceHub, Inc., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Confluent Health, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Confluent Medical Technologies, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Convey Health Solutions, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Cornerstone OnDemand, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Covenant Surgical Partners, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Covenant Surgical Partners, Inc., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 CRCI Longhorn Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 CVET Midco 2, L.P., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Dealer Tire Financial, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 DG Investment Intermediate Holdings 2, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Discovery Purchaser Corporation, First lien - Funded 2023-09-30 0001496099 Dispatch Acquisition Holdings, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 EAB Global, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Eagle Parent Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Eisner Advisory Group LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.), First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 eResearchTechnology, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 EyeCare Partners, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Foundational Education Group, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC), First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Groundworks, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Heartland Dental, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Help/Systems Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Higginbotham Insurance Agency, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 HighTower Holding, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Houghton Mifflin Harcourt Company, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Hub International Limited, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Idera, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Kestra Advisor Services Holdings A, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 LI Group Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 LSCS Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Maverick Bidco Inc., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Maverick Bidco Inc., First lien - Funded 2 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Maverick Bidco Inc., First lien - Funded 3 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Mavis Tire Express Services Topco Corp., First lien - Funded 2023-09-30 0001496099 MED ParentCo, LP, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 MH Sub I, LLC (Micro Holding Corp.), First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Netsmart, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Nielsen Consumer Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 OMNIA Partners, LLC , First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Optiv Parent Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Osaic Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Pearls (Netherlands) Bidco B.V., First lien - Funded 2023-09-30 0001496099 Peraton Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC), First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Physician Partners, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Planview Parent, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Premise Health Holding Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Project Ruby Ultimate Parent Corp., First lien - Funded 2023-09-30 0001496099 Project Ruby Ultimate Parent Corp., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 RealPage, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Renaissance Holding Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 RLG Holdings, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 RxB Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 RxB Holdings, Inc., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Sierra Enterprises, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Snap One Holdings Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Spring Education Group, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Spring Education Group, Inc., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Storable, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Symplr Software, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Syndigo LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Therapy Brands Holdings LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Thermostat Purchaser III, Inc., First lien - Funded 2023-09-30 0001496099 TMF Sapphire Bidco B.V., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 TRC Companies LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember UKG Inc., First lien - Funded 2023-09-30 0001496099 USI, Inc. , First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Valcour Packaging, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 WatchGuard Technologies, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Waystar Technologies, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Wrench Group LLC, First lien - Funded 2023-09-30 0001496099 Wrench Group LLC, First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 YI, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Zest Acquisition Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 nmfc:FundedSecuritiesMember nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 Groundworks, LLC, First lien - Unfunded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 OMNIA Partners, LLC , First lien - Unfunded nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-09-30 0001496099 ADMI Corp. (aka Aspen Dental), First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Advisor Group Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 AG Parent Holdings, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Artera Services, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember AssuredPartners, Inc., First lien - Funded 2022-12-31 0001496099 Aston FinCo S.a.r.l. / Aston US Finco, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 athenahealth Group Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 BCPE Empire Holdings, Inc., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 BCPE Empire Holdings, Inc., First lien - Funded 2 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Bella Holding Company, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Bluefin Holding, LLC, First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Bluefin Holding, LLC, First lien - Funded 2 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Bracket Intermediate Holding Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Brave Parent Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Brown Group Holding, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Cano Health, LLC, First lien - Funded 2022-12-31 0001496099 Cardinal Parent, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 CE Intermediate I, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 CentralSquare Technologies, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 CHA Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 CommerceHub, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Confluent Health, LLC, First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Confluent Health, LLC, First lien - Funded 2 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Confluent Medical Technologies, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Convey Health Solutions, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Cornerstone OnDemand, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Covenant Surgical Partners, Inc., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Covenant Surgical Partners, Inc., First lien - Funded 2 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 CRCI Longhorn Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 CVET Midco 2, L.P., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 DG Investment Intermediate Holdings 2, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Dealer Tire Financial, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Discovery Purchaser Corporation, First lien - Funded 2022-12-31 0001496099 Dispatch Acquisition Holdings, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Drilling Info Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 EAB Global, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Energize Holdco LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 eResearchTechnology, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 EyeCare Partners, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Foundational Education Group, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Greenway Health, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Heartland Dental, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Help/Systems Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Higginbotham Insurance Agency, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 HighTower Holding, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Houghton Mifflin Harcourt Company, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Idera, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Kestra Advisor Services Holdings A, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 LI Group Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 LSCS Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Mamba Purchaser, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Maverick Bidco Inc., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Maverick Bidco Inc., First lien - Funded 2 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Mavis Tire Express Services Topco Corp., First lien - Funded 2022-12-31 0001496099 MED ParentCo, LP, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Mercury Borrower, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 MH Sub I, LLC (Micro Holding Corp.), First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Mitnick Corporate Purchaser, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember National Intergovernmental Purchasing Alliance Company, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Navex Topco, Inc., First lien - Funded 2022-12-31 0001496099 Netsmart, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Outcomes Group Holdings, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Pearls (Netherlands) Bidco B.V., First lien - Funded 2022-12-31 0001496099 Peraton Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC), First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Physician Partners, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Planview Parent, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Premise Health Holding Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Project Ruby Ultimate Parent Corp., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Project Ruby Ultimate Parent Corp., First lien - Funded 2 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 RealPage, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 RLG Holdings, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Sierra Enterprises, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Snap One Holdings Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Sovos Brands Intermediate, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Spring Education Group, Inc. (fka SSH Group Holdings, Inc.), First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Storable, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Symplr Software, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Syndigo LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Therapy Brands Holdings LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Thermostat Purchaser III, Inc., First lien - Funded 2022-12-31 0001496099 USI, Inc. (fka Compass Investors Inc.), First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Valcour Packaging, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 VT Topco, Inc., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 VT Topco, Inc., First lien - Funded 2 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 VT Topco, Inc., First lien - Funded 3 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 WatchGuard Technologies, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Waystar Technologies, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 WP CityMD Bidco LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember Wrench Group LLC, First lien - Funded 2022-12-31 0001496099 YI, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:FundedSecuritiesMember nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 athenahealth Group Inc., First lien - Unfunded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Confluent Health, LLC, First lien - Unfunded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 Thermostat Purchaser III, Inc., First lien - Unfunded nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember VT Topco, Inc., First lien - Unfunded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-07-01 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-07-01 2022-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-01-01 2022-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-07-01 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember 2023-01-01 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-07-01 2022-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-01-01 2022-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIIILLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-01-01 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:SkyKnightIncomeAlphaLLCMember nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 us-gaap:LineOfCreditMember nmfc:NMFCSeniorLoanProgramIVLLCMember us-gaap:RevolvingCreditFacilityMember 2021-05-05 0001496099 us-gaap:LineOfCreditMember nmfc:NMFCSeniorLoanProgramIVLLCMember nmfc:SecuredOvernightFinancingRateSOFRMember us-gaap:RevolvingCreditFacilityMember 2023-04-28 2023-04-28 0001496099 us-gaap:LineOfCreditMember nmfc:LondonInterbankOfferedRateLIBOR1Member nmfc:NMFCSeniorLoanProgramIVLLCMember us-gaap:RevolvingCreditFacilityMember 2021-05-05 2021-05-05 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember nmfc:UnfundedSecuritiesMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember nmfc:UnfundedSecuritiesMember 2022-12-31 0001496099 nmfc:DebtSecuritiesFirstLienMember nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:DebtSecuritiesFirstLienMember nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:DebtSecuritiesFirstLienMember nmfc:NMFCSeniorLoanProgramIVLLCMember srt:WeightedAverageMember 2023-09-30 0001496099 nmfc:DebtSecuritiesFirstLienMember nmfc:NMFCSeniorLoanProgramIVLLCMember srt:WeightedAverageMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Largest Portfolio Company Investment 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Largest Portfolio Company Investment 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Top Five Largest Portfolio Company Investments 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Top Five Largest Portfolio Company Investments 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember ADG, LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember ADMI Corp. (aka Aspen Dental), First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Aretec Group, Inc. (fka RCS Capital Corporation), First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Artera Services, LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Ascensus Group Holdings, Inc., First lien - Funded 2023-09-30 0001496099 athenahealth Group Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Barracuda Parent, LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Bayou Intermediate II, LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember BCPE Empire Holdings, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Bella Holding Company, LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Bleriot US Bidco Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Bracket Intermediate Holding Corp., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Brave Parent Holdings, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Brown Group Holding, LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember CE Intermediate I, LLC, First lien - Funded 2023-09-30 0001496099 CentralSquare Technologies, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 CHA Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember CHA Holdings, Inc., First lien - Funded 1 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Confluent Health, LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Confluent Medical Technologies, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Convey Health Solutions, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Cornerstone OnDemand, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember CVET Midco 2, L.P., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Dealer Tire Financial, LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Discovery Purchaser Corporation, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Dispatch Acquisition Holdings, LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember EAB Global, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Eisner Advisory Group LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Emerald 2 Limited, First lien - Funded 2023-09-30 0001496099 Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.), First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember eResearchTechnology, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember EyeCare Partners, LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Foundational Education Group, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Geo Parent Corporation, First lien - Funded 2023-09-30 0001496099 Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC), First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Heartland Dental, LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Help/Systems Holdings, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Houghton Mifflin Harcourt Company, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Hub International Limited, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Hunter Holdco 3 Limited, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Idera, Inc., First lien - Funded 2023-09-30 0001496099 Kestra Advisor Services Holdings A, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember LSCS Holdings, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Mandolin Technology Intermediate Holdings, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Maverick Bidco Inc., First lien - Funded - 1 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Maverick Bidco Inc., First lien - Funded - 2 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Mavis Tire Express Services Topco Corp., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember MH Sub I, LLC (Micro Holding Corp.), First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Netsmart, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Nielsen Consumer Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember OEConnection LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember OMNIA Partners, LLC , First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Optiv Parent Inc., First lien - Funded 2023-09-30 0001496099 Osaic Holdings, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Pearls (Netherlands) Bidco B.V., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC), First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Physician Partners, LLC, First lien - Funded 2023-09-30 0001496099 Premise Health Holding Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 RealPage, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 Renaissance Holding Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Sierra Enterprises, LLC, First lien - Funded 2023-09-30 0001496099 Snap One Holdings Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Sovos Brands Intermediate, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Spring Education Group, Inc., First lien - Funded 2023-09-30 0001496099 STATS Intermediate Holdings, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Storable, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Symplr Software, Inc., First lien - Funded 2023-09-30 0001496099 Syndigo LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Therapy Brands Holdings LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Thermostat Purchaser III, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember TRC Companies LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember USIC Holdings, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Valcour Packaging, LLC, First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember VT Topco, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember WatchGuard Technologies, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Wrench Group LLC, First lien - Funded 2023-09-30 0001496099 YI, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Zest Acquisition Corp., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Zone Climate Services, Inc., First lien - Funded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Zone Climate Services, Inc., First lien - Funded 1 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember nmfc:FundedSecuritiesMember 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember OMNIA Partners, LLC , First lien - Unfunded 2023-09-30 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember ADG, LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember ADMI Corp. (aka Aspen Dental), First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Advisor Group Holdings, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Artera Services, LLC, First lien - Funded 2022-12-31 0001496099 athenahealth Group Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Barracuda Parent, LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Bayou Intermediate II, LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Bella Holding Company, LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Bleriot US Bidco Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Bracket Intermediate Holding Corp., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Brave Parent Holdings, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Brown Group Holding, LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Cano Health, LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember CE Intermediate I, LLC, First lien - Funded 2022-12-31 0001496099 CentralSquare Technologies, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 Certara Holdco, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember CHA Holdings, Inc., First lien - Funded 1 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember CHA Holdings, Inc., First lien - Funded 2 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Confluent Health, LLC, First lien - Funded 1 2022-12-31 0001496099 Confluent Health, LLC, First lien - Funded 2 nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Confluent Medical Technologies, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Convey Health Solutions, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Cornerstone OnDemand, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember CVET Midco 2, L.P., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Dealer Tire Financial, LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Discovery Purchaser Corporation, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Dispatch Acquisition Holdings, LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Drilling Info Holdings, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember EAB Global, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Emerald 2 Limited, First lien - Funded 2022-12-31 0001496099 Energize Holdco LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember eResearchTechnology, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember EyeCare Partners, LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Foundational Education Group, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Geo Parent Corporation, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Greenway Health, LLC, First lien - Funded 2022-12-31 0001496099 Heartland Dental, LLC, First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 Heartland Dental, LLC, First lien - Funded 2 nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Help/Systems Holdings, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Houghton Mifflin Harcourt Company, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Hunter Holdco 3 Limited, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Idera, Inc., First lien - Funded 2022-12-31 0001496099 Kestra Advisor Services Holdings A, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember LSCS Holdings, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Mamba Purchaser, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Mandolin Technology Intermediate Holdings, Inc., First lien - Funded 2022-12-31 0001496099 Maverick Bidco Inc., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Maverick Bidco Inc., First lien - Funded 2 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Mavis Tire Express Services Topco Corp., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Mercury Borrower, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember MH Sub I, LLC (Micro Holding Corp.), First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember National Intergovernmental Purchasing Alliance Company, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Netsmart, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember OEConnection LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Pearls (Netherlands) Bidco B.V., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC), First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Physician Partners, LLC, First lien - Funded 2022-12-31 0001496099 Premise Health Holding Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Project Boost Purchaser, LLC, First lien - Funded 2022-12-31 0001496099 RealPage, Inc., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 RLG Holdings, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Sierra Enterprises, LLC, First lien - Funded 2022-12-31 0001496099 Snap One Holdings Corp., First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Sovos Brands Intermediate, Inc., First lien - Funded 2022-12-31 0001496099 STATS Intermediate Holdings, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Storable, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Symplr Software, Inc., First lien - Funded 2022-12-31 0001496099 Syndigo LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Therapy Brands Holdings LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Thermostat Purchaser III, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember USIC Holdings, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Valcour Packaging, LLC, First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Virtusa Corporation, First lien - Funded 2022-12-31 0001496099 VT Topco, Inc., First lien - Funded 1 nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 VT Topco, Inc., First lien - Funded 2 nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember WatchGuard Technologies, Inc., First lien - Funded 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Wrench Group LLC, First lien - Funded 2022-12-31 0001496099 YI, LLC, First lien - Funded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Zone Climate Services, Inc., First lien - Funded 1 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Zone Climate Services, Inc., First lien - Funded 2 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember nmfc:FundedSecuritiesMember 2022-12-31 0001496099 athenahealth Group Inc., First lien - Unfunded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember Confluent Health, LLC, First lien - Unfunded 2022-12-31 0001496099 Thermostat Purchaser III, Inc., First lien - Unfunded nmfc:NMFCSeniorLoanProgramIVLLCMember 2022-12-31 0001496099 nmfc:NMFCSeniorLoanProgramIVLLCMember VT Topco, Inc., First lien - Unfunded 2022-12-31 0001496099 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2023
o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number |  | Exact name of registrant as specified in its charter, address of principal executive offices, telephone numbers and states or other jurisdictions of incorporation or organization |  | I.R.S. Employer Identification Number
814-00832 |  | New Mountain Finance Corporation |  | 27-2978010
|  | 1633 Broadway, 48th Floor New York, New York 10019 Telephone: (212) 720-0300 State of Incorporation: Delaware |  |

Securities registered pursuant to Section 12(b) of the Act:

| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, par value $0.01 per share | NMFC | The NASDAQ Global Select Market |

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

| Large accelerated filer | ý |  | Accelerated filer | o |
| Non-accelerated filer | o |  | Smaller reporting company | o |
| Emerging growth company | o |  |  |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Description |  | Shares as of November 2, 2023
Common stock, par value $0.01 per share |  | 101,439,649

Table of Contents
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2023
TABLE OF CONTENTS

| PAGE
PART I. FINANCIAL INFORMATION |
Item 1. | Financial Statements |
| New Mountain Finance Corporation |
| Consolidated Statements of Assets and Liabilities as of September 30, 2023 (unaudited) and December 31, 2022 | 3
| Consolidated Statements of Operations for the three and n ine months ended September 30, 2023 (unaudited) and September 30, 2022 (unaudited) | 4
| Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2023 (unaudited) and September 30, 2022 (unaudited) | 5
| Consolidated Statements of Cash Flows for the n i ne months ended September 30, 2023 (unaudited) and September 30, 2022 (unaudited) | 6
| Consolidated Schedule of Investments as of September 30, 2023 (unaudited) | 7
| Consolidated Schedule of Investments as of December 31, 2022 | 34
| Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited) | 61
| Report of Independent Registered Public Accounting Firm | 108
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 109
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 134
Item 4. | Controls and Procedures | 135
PART II. OTHER INFORMATION | 136
Item 1. | Legal Proceedings | 136
Item 1A. | Risk Factors | 136
Item 2. | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 138
Item 3. | Defaults Upon Senior Securities | 138
Item 4. | Mine Safety Disclosures | 138
Item 5. | Other Information | 138
Item 6. | Exhibits | 140
| Signatures | 142

2

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
New Mountain Finance Corporation
Consolidated Statements of Assets and Liabilities
(in thousands, except shares and per share data)
(unaudited)

| September 30, 2023 |  | December 31, 2022
Assets |  |  |
Investments at fair value |  |  |
Non-controlled/non-affiliated investments (cost of $2,429,421 and $2,523,522, respectively) | $ | 2,318,232 |  |  | $ | 2,400,425 |
Non-controlled/affiliated investments (cost of $105,889 and $85,971, respectively) | 135,875 |  |  | 130,787 |
Controlled investments (cost of $633,409 and $650,474, respectively) | 657,796 |  |  | 690,035 |
Total investments at fair value (cost of $3,168,719 and $3,259,967, respectively) | 3,111,903 |  |  | 3,221,247 |
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively) | 16,500 |  |  | 16,539 |
Cash and cash equivalents | 83,265 |  |  | 71,190 |
Interest and dividend receivable | 45,602 |  |  | 36,154 |
Other assets | 22,316 |  |  | 9,797 |
Total assets | $ | 3,279,586 |  |  | $ | 3,354,927 |
Liabilities |  |  |
Borrowings |  |  |
Holdings Credit Facility | $ | 569,563 |  |  | $ | 618,963 |
Unsecured Notes | 391,500 |  |  | 531,500 |
SBA-guaranteed debentures | 300,000 |  |  | 300,000 |
Convertible Notes | 260,236 |  |  | 316,853 |
NMFC Credit Facility | 192,115 |  |  | 40,359 |
DB Credit Facility | 186,400 |  |  | 186,400 |
NMNLC Credit Facility II | 2,858 |  |  | 3,785 |
Deferred financing costs (net of accumulated amortization of $52,507 and $47,531, respectively) | (13,515) |  |  | (17,199) |
Net borrowings | 1,889,157 |  |  | 1,980,661 |
Interest payable | 23,202 |  |  | 19,627 |
Management fee payable | 10,321 |  |  | 10,524 |
Incentive fee payable | 10,169 |  |  | 6,296 |
Payable for unsettled securities purchased | 4,678 |  |  | — |
Deferred tax liability | 2,790 |  |  | 8,487 |
Payable to affiliates | 256 |  |  | 78 |
Other liabilities | 2,319 |  |  | 3,063 |
Total liabilities | 1,942,892 |  |  | 2,028,736 |
Commitments and contingencies (See Note 9) |  |  |
Net assets |  |  |
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued | — |  |  | — |
Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 101,439,649 and 100,937,026 shares issued and outstanding, respectively | 1,014 |  |  | 1,009 |
Paid in capital in excess of par | 1,312,352 |  |  | 1,305,945 |
Accumulated undistributed earnings | 11,652 |  |  | 7,519 |
Total net assets of New Mountain Finance Corporation | $ | 1,325,018 |  |  | $ | 1,314,473 |
Non-controlling interest in New Mountain Net Lease Corporation | 11,676 |  |  | 11,718 |
Total net assets | $ | 1,336,694 |  |  | $ | 1,326,191 |
Total liabilities and net assets | $ | 3,279,586 |  |  | $ | 3,354,927 |
Number of shares outstanding | 101,439,649 |  |  | 100,937,026 |
Net asset value per share of New Mountain Finance Corporation | $ | 13.06 |  |  | $ | 13.02 |

The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
New Mountain Finance Corporation
Consolidated Statements of Operations
(in thousands, except shares and per share data)
(unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Investment income |  |  |  |  |  |  |
From non-controlled/non-affiliated investments: |  |  |  |  |  |  |
Interest income (excluding Payment-in-kind ("PIK") interest income) | $ | 63,892 |  |  | $ | 49,401 |  |  | $ | 189,299 |  |  | $ | 127,934 |
PIK interest income | 4,061 |  |  | 2,688 |  |  | 11,772 |  |  | 8,924 |
Dividend income | 49 |  |  | 9 |  |  | 143 |  |  | 144 |
Non-cash dividend income | 4,458 |  |  | 3,837 |  |  | 12,929 |  |  | 10,111 |
Other income | 791 |  |  | 1,517 |  |  | 3,395 |  |  | 7,435 |
From non-controlled/affiliated investments: |  |  |  |  |  |  |
Interest income (excluding PIK interest income) | 884 |  |  | 270 |  |  | 1,576 |  |  | 788 |
PIK interest income | 265 |  |  | 264 |  |  | 1,370 |  |  | 773 |
Non-cash dividend income | 1,173 |  |  | 1,042 |  |  | 3,417 |  |  | 3,036 |
Other income | 63 |  |  | 62 |  |  | 189 |  |  | 187 |
From controlled investments: |  |  |  |  |  |  |
Interest income (excluding PIK interest income) | 1,351 |  |  | 2,914 |  |  | 4,038 |  |  | 6,285 |
PIK interest income | 3,591 |  |  | 3,241 |  |  | 11,665 |  |  | 12,296 |
Dividend income | 11,041 |  |  | 9,867 |  |  | 34,179 |  |  | 32,183 |
Non-cash dividend income | 1,357 |  |  | 1,116 |  |  | 3,879 |  |  | 3,191 |
Other income | 1,373 |  |  | 2,221 |  |  | 3,943 |  |  | 7,235 |
Total investment income | 94,349 |  |  | 78,449 |  |  | 281,794 |  |  | 220,522 |
Expenses |  |  |  |  |  |  |
Interest and other financing expenses | 31,425 |  |  | 24,648 |  |  | 93,921 |  |  | 63,957 |
Management fee | 11,334 |  |  | 11,717 |  |  | 34,549 |  |  | 35,040 |
Incentive fee | 10,169 |  |  | 8,202 |  |  | 29,748 |  |  | 23,605 |
Administrative expenses | 995 |  |  | 881 |  |  | 2,996 |  |  | 3,022 |
Professional fees | 850 |  |  | 775 |  |  | 2,818 |  |  | 2,529 |
Other general and administrative expenses | 542 |  |  | 545 |  |  | 1,543 |  |  | 1,540 |
Total expenses | 55,315 |  |  | 46,768 |  |  | 165,575 |  |  | 129,693 |
Less: management fee waived (See Note 5) | (1,013) |  |  | (1,115) |  |  | (3,172) |  |  | (3,349) |
Less: expenses waived and reimbursed (See Note 5) | — |  |  | — |  |  | — |  |  | (238) |
Net expenses | 54,302 |  |  | 45,653 |  |  | 162,403 |  |  | 126,106 |
Net investment income before income taxes | 40,047 |  |  | 32,796 |  |  | 119,391 |  |  | 94,416 |
Income tax (benefit) expense | (627) |  |  | (13) |  |  | 401 |  |  | (5) |
Net investment income | 40,674 |  |  | 32,809 |  |  | 118,990 |  |  | 94,421 |
Net realized gains (losses): |  |  |  |  |  |  |
Non-controlled/non-affiliated investments | 113 |  |  | (239) |  |  | (8,509) |  |  | (903) |
Controlled investments | 4,560 |  |  | 17 |  |  | 16,413 |  |  | 36,371 |
Foreign currency | — |  |  | (166) |  |  | 13 |  |  | 219 |
Net change in unrealized (depreciation) appreciation: |  |  |  |  |  |  |
Non-controlled/non-affiliated investments | 12,419 |  |  | (31,944) |  |  | 11,664 |  |  | (56,975) |
Non-controlled/affiliated investments | (14,815) |  |  | (13,381) |  |  | (14,830) |  |  | 377 |
Controlled investments | (14,483) |  |  | 20,398 |  |  | (15,174) |  |  | (11,036) |
Securities purchased under collateralized agreements to resell | — |  |  | — |  |  | (39) |  |  | (2,021) |
Foreign currency | (60) |  |  | (10) |  |  | (5) |  |  | (625) |
Benefit (provision) for taxes | 291 |  |  | 30 |  |  | 66 |  |  | (127) |
Net realized and unrealized losses | (11,975) |  |  | (25,295) |  |  | (10,401) |  |  | (34,720) |
Net increase in net assets resulting from operations | 28,699 |  |  | 7,514 |  |  | 108,589 |  |  | 59,701 |
Less: Net (increase) decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation | (3) |  |  | 191 |  |  | (490) |  |  | 150 |
Net increase in net assets resulting from operations related to New Mountain Finance Corporation | $ | 28,696 |  |  | $ | 7,705 |  |  | $ | 108,099 |  |  | $ | 59,851 |
Basic earnings per share | $ | 0.28 |  |  | $ | 0.08 |  |  | $ | 1.07 |  |  | $ | 0.60 |
Weighted average shares of common stock outstanding - basic (See Note 11) | 100,954,898 |  |  | 100,830,075 |  |  | 100,943,049 |  |  | 99,955,432 |
Diluted earnings per share | $ | 0.27 |  |  | $ | 0.08 |  |  | $ | 0.98 |  |  | $ | 0.59 |
Weighted average shares of common stock outstanding - diluted (See Note 11) | 123,183,269 |  |  | 114,087,660 |  |  | 124,595,709 |  |  | 113,213,017 |
Distributions declared and paid per share | $ | 0.36 |  |  | $ | 0.30 |  |  | $ | 1.03 |  |  | $ | 0.90 |

The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
New Mountain Finance Corporation
Consolidated Statements of Changes in Net Assets
(in thousands, except shares and per share data)
(unaudited)

| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Increase (decrease) in net assets resulting from operations: |  |  |  |  |  |  |
Net investment income | $ | 40,674 |  |  | $ | 32,809 |  |  | $ | 118,990 |  |  | $ | 94,421 |
Net realized gains (losses) on investments and foreign currency | 4,673 |  |  | (388) |  |  | 7,917 |  |  | 35,687 |
Net change in unrealized depreciation of investments and foreign currency | (16,939) |  |  | (24,937) |  |  | (18,345) |  |  | (68,259) |
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | — |  |  | — |  |  | (39) |  |  | (2,021) |
Benefit (provision) for taxes | 291 |  |  | 30 |  |  | 66 |  |  | (127) |
Net increase in net assets resulting from operations | 28,699 |  |  | 7,514 |  |  | 108,589 |  |  | 59,701 |
Less: Net (increase) decrease in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC") | (3) |  |  | 191 |  |  | (490) |  |  | 150 |
Net increase in net assets resulting from operations related to New Mountain Finance Corporation | 28,696 |  |  | 7,705 |  |  | 108,099 |  |  | 59,851 |
Capital transactions |  |  |  |  |  |  |
Net proceeds from shares sold | 6,625 |  |  | 2,955 |  |  | 6,625 |  |  | 40,006 |
Offering costs | (66) |  |  | (34) |  |  | (213) |  |  | (160) |
Distributions declared to stockholders from net investment income | (36,338) |  |  | (30,281) |  |  | (103,966) |  |  | (90,085) |
Reinvestment of distributions | — |  |  | — |  |  | — |  |  | 1,098 |
Total net decrease in net assets resulting from capital transactions | (29,779) |  |  | (27,360) |  |  | (97,554) |  |  | (49,141) |
Net (decrease) increase in net assets | (1,083) |  |  | (19,655) |  |  | 10,545 |  |  | 10,710 |
New Mountain Finance Corporation net assets at the beginning of the period | 1,326,101 |  |  | 1,351,610 |  |  | 1,314,473 |  |  | 1,321,245 |
New Mountain Finance Corporation net assets at the end of the period | 1,325,018 |  |  | 1,331,955 |  |  | 1,325,018 |  |  | 1,331,955 |
Non-controlling interest in NMNLC | 11,676 |  |  | 13,143 |  |  | 11,676 |  |  | 13,143 |
Net assets at the end of the period | $ | 1,336,694 |  |  | $ | 1,345,098 |  |  | $ | 1,336,694 |  |  | $ | 1,345,098 |
Capital share activity |  |  |  |  |  |  |
Shares sold | 502,623 |  |  | 220,098 |  |  | 502,623 |  |  | 2,950,300 |
Shares issued from the reinvestment of distributions | — |  |  | — |  |  | — |  |  | 79,285 |
Net increase in shares outstanding | 502,623 |  |  | 220,098 |  |  | 502,623 |  |  | 3,029,585 |

The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
New Mountain Finance Corporation
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

| Nine Months Ended
| September 30, 2023 |  | September 30, 2022
Cash flows from operating activities |  |  |
Net increase in net assets resulting from operations | $ | 108,589 |  |  | $ | 59,701 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: |  |  |
Net realized gains on investments | (7,904) |  |  | (35,468) |
Net realized gains on translation of assets and liabilities in foreign currencies | (13) |  |  | (219) |
Net change in unrealized depreciation of investments | 18,340 |  |  | 67,634 |
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies | 5 |  |  | 625 |
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell | 39 |  |  | 2,021 |
Amortization of purchase discount | (4,082) |  |  | (4,437) |
Amortization of deferred financing costs | 5,002 |  |  | 5,082 |
Amortization of premium on Convertible Notes | (101) |  |  | (77) |
Non-cash investment income | (42,456) |  |  | (35,585) |
Decrease (Increase) in operating assets: |  |  |
Purchase of investments and delayed draw facilities | (140,568) |  |  | (526,743) |
Proceeds from sales and paydowns of investments | 282,741 |  |  | 466,516 |
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 110 |  |  | 321 |
Cash paid for purchase of drawn portion of revolving credit facilities | — |  |  | (185) |
Cash paid on drawn revolvers | (20,865) |  |  | (30,438) |
Cash repayments on drawn revolvers | 24,270 |  |  | 33,589 |
Interest and dividend receivable | (9,429) |  |  | (3,050) |
Other assets | (12,408) |  |  | (275) |
Increase (decrease) in operating liabilities: |  |  |
Management fee payable | (203) |  |  | 438 |
Incentive fee payable | 3,873 |  |  | 699 |
Payable for unsettled securities purchased | 4,678 |  |  | (7,910) |
Payable to affiliates | 178 |  |  | (281) |
Interest payable | 3,575 |  |  | (5,174) |
Deferred tax liability | (5,697) |  |  | 127 |
Other liabilities | (628) |  |  | 4,240 |
Net cash flows provided by (used in) operating activities | 207,046 |  |  | (8,849) |
Cash flows from financing activities |  |  |
Net proceeds from shares sold | 6,625 |  |  | 40,006 |
Offering costs paid | (306) |  |  | (132) |
Distributions paid | (103,966) |  |  | (88,987) |
Proceeds from Holdings Credit Facility | 109,600 |  |  | 164,400 |
Repayment of Holdings Credit Facility | (159,000) |  |  | (79,000) |
Proceeds from Convertible Notes | 60,300 |  |  | — |
Repayment of Convertible Notes | (116,816) |  |  | — |
Proceeds from Unsecured Notes | — |  |  | 75,000 |
Repayment of Unsecured Notes | (140,000) |  |  | (55,000) |
Proceeds from NMFC Credit Facility | 348,500 |  |  | 162,707 |
Repayment of NMFC Credit Facility | (197,000) |  |  | (158,000) |
Proceeds from DB Credit Facility | 8,000 |  |  | 108,600 |
Repayment of DB Credit Facility | (8,000) |  |  | (148,500) |
Proceeds from NMNLC Credit Facility II | 5,750 |  |  | 2,934 |
Repayment of NMNLC Credit Facility II | (6,677) |  |  | (15,200) |
Contributions related to non-controlling interest in NMNLC | — |  |  | 124 |
Distributions related to non-controlling interest in NMNLC | (532) |  |  | (8,197) |
Deferred financing costs paid | (1,450) |  |  | (710) |
Net cash flows (used in) provided by financing activities | (194,972) |  |  | 45 |
Net increase (decrease) in cash and cash equivalents | 12,074 |  |  | (8,804) |
Effect of foreign exchange rate changes on cash and cash equivalents | 1 |  |  | (354) |
Cash and cash equivalents at the beginning of the period | 71,190 |  |  | 58,077 |
Cash and cash equivalents at the end of the period | $ | 83,265 |  |  | $ | 48,919 |
Supplemental disclosure of cash flow information |  |  |
Cash interest paid | $ | 84,116 |  |  | $ | 63,006 |
Income taxes paid | 6,808 |  |  | 74 |
Non-cash operating activities: |  |  |
Non-cash activity on investments | $ | 15,772 |  |  | $ | — |
Non-cash financing activities: |  |  |
Value of shares reissued from repurchase program in connection with the distribution reinvestment plan | $ | — |  |  | $ | 1,098 |
Accrual for offering costs | 104 |  |  | 30 |
Accrual for deferred financing costs | 2 |  |  | 15 |

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

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Non-Controlled/Non-Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paw Midco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (2)(15)(18) - Drawn |  | SOFR(M) |  | 5.50% |  | 10.92% |  | 12/2021 |  | 12/2027 |  | $ | 20,851 |  |  | $ | 20,714 |  |  | $ | 20,601 |  |  |
|  | First lien (8)(15) |  | SOFR(M) |  | 5.50% |  | 10.92% |  | 12/2021 |  | 12/2027 |  | 20,478 |  |  | 20,323 |  |  | 20,232 |  |  |
|  | First lien (4)(15) |  | SOFR(M) |  | 5.50% |  | 10.92% |  | 01/2022 |  | 12/2027 |  | 9,723 |  |  | 9,649 |  |  | 9,606 |  |  |
|  | First lien (4)(15)(18) - Drawn |  | SOFR(M) |  | 5.50% |  | 10.92% |  | 12/2021 |  | 12/2027 |  | 6,765 |  |  | 6,720 |  |  | 6,684 |  |  |
|  | Subordinated (3)(15) |  | FIXED(Q)* |  | 11.50%/PIK |  | 11.50% |  | 12/2021 |  | 12/2031 |  | 13,616 |  |  | 13,467 |  |  | 12,831 |  |  |
|  | Subordinated (4)(15) |  | FIXED(Q)* |  | 11.50%/PIK |  | 11.50% |  | 01/2022 |  | 12/2031 |  | 5,340 |  |  | 5,281 |  |  | 5,032 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 76,154 |  |  | 74,986 |  |  | 5.61 | %
PhyNet Dermatology LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | SOFR(M) |  | 6.25% |  | 11.65% |  | 09/2018 |  | 08/2024 |  | 48,941 |  |  | 48,855 |  |  | 48,941 |  |  |
|  | First lien (2)(15) |  | SOFR(M) |  | 6.25% |  | 11.68% |  | 09/2018 |  | 08/2024 |  | 18,514 |  |  | 18,521 |  |  | 18,514 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 67,376 |  |  | 67,455 |  |  | 5.05 | %
Knockout Intermediate Holdings I Inc. (33) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kaseya Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | SOFR(Q)* |  | 3.75% + 2.50%/PIK |  | 11.62% |  | 06/2022 |  | 06/2029 |  | 63,229 |  |  | 62,820 |  |  | 63,229 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(M)* |  | 3.75% + 2.50%/PIK |  | 11.57% |  | 06/2022 |  | 06/2029 |  | 969 |  |  | 962 |  |  | 969 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q)* |  | 3.75% + 2.50%/PIK |  | 11.62% |  | 06/2022 |  | 06/2029 |  | 235 |  |  | 261 |  |  | 235 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 64,043 |  |  | 64,433 |  |  | 4.82 | %
Associations, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(Q)* |  | 4.00% + 2.50%/PIK |  | 12.03% |  | 07/2021 |  | 07/2027 |  | 36,468 |  |  | 36,356 |  |  | 36,468 |  |  |
|  | First lien (2)(15) |  | SOFR(Q)* |  | 4.00% + 2.50%/PIK |  | 12.17% |  | 07/2021 |  | 07/2027 |  | 8,980 |  |  | 8,948 |  |  | 8,980 |  |  |
|  | First lien (8)(15) |  | SOFR(Q)* |  | 4.00% + 2.50%/PIK |  | 12.14% |  | 07/2021 |  | 07/2027 |  | 8,979 |  |  | 8,947 |  |  | 8,979 |  |  |
|  | First lien (8)(15) |  | SOFR(Q)* |  | 4.00% + 2.50%/PIK |  | 12.13% |  | 07/2021 |  | 07/2027 |  | 5,422 |  |  | 5,405 |  |  | 5,422 |  |  |
|  | First lien (8)(15) |  | SOFR(Q)* |  | 4.00% + 2.50%/PIK |  | 12.05% |  | 07/2021 |  | 07/2027 |  | 4,313 |  |  | 4,299 |  |  | 4,313 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,955 |  |  | 64,162 |  |  | 4.80 | %

The accompanying notes are an integral part of these consolidated financial statements.
7

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  | First lien (2)(15) |  | SOFR(M) |  | 6.00% |  | 11.42% |  | 08/2021 |  | 08/2028 |  | $ | 40,371 |  |  | $ | 40,097 |  |  | $ | 40,371 |  |  |
|  | First lien (5)(15) |  | SOFR(M) |  | 6.00% |  | 11.42% |  | 08/2021 |  | 08/2028 |  | 21,720 |  |  | 21,643 |  |  | 21,720 |  |  |
|  | First lien (2)(15)(18) - Drawn |  | SOFR(M) |  | 6.00% |  | 11.42% |  | 10/2019 |  | 08/2028 |  | 356 |  |  | 353 |  |  | 356 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62,093 |  |  | 62,447 |  |  | 4.67 | %
GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | SOFR(Q) |  | 5.75% |  | 11.29% |  | 08/2019 |  | 05/2026 |  | 34,112 |  |  | 34,029 |  |  | 34,112 |  |  |
|  | First lien (5)(15) |  | SOFR(Q) |  | 5.75% |  | 11.29% |  | 08/2019 |  | 05/2026 |  | 21,577 |  |  | 21,528 |  |  | 21,577 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 55,557 |  |  | 55,689 |  |  | 4.17 | %
CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (3) |  | SOFR(Q) |  | 7.50% |  | 13.04% |  | 08/2018 |  | 08/2026 |  | 47,838 |  |  | 47,561 |  |  | 42,993 |  |  |
|  | Second lien (8) |  | SOFR(Q) |  | 7.50% |  | 13.04% |  | 08/2018 |  | 08/2026 |  | 7,500 |  |  | 7,456 |  |  | 6,740 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 55,017 |  |  | 49,733 |  |  | 3.72 | %
Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (5)(15) |  | SOFR(Q) |  | 7.50% |  | 12.97% |  | 04/2018 |  | 04/2026 |  | 22,500 |  |  | 22,454 |  |  | 22,500 |  |  |
|  | Second lien (2)(15) |  | SOFR(Q) |  | 7.50% |  | 12.97% |  | 04/2018 |  | 04/2026 |  | 16,624 |  |  | 16,556 |  |  | 16,624 |  |  |
|  | Second lien (8)(15) |  | SOFR(Q) |  | 7.50% |  | 12.97% |  | 04/2018 |  | 04/2026 |  | 6,000 |  |  | 5,975 |  |  | 6,000 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44,985 |  |  | 45,124 |  |  | 3.38 | %
IG Intermediateco LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Infogain Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(M) |  | 5.75% |  | 11.17% |  | 07/2021 |  | 07/2028 |  | 18,755 |  |  | 18,650 |  |  | 18,755 |  |  |
|  | First lien (8)(15) |  | SOFR(M) |  | 5.75% |  | 11.17% |  | 07/2022 |  | 07/2028 |  | 7,864 |  |  | 7,798 |  |  | 7,864 |  |  |
|  | Subordinated (3)(15) |  | SOFR(Q) |  | 8.25% |  | 13.74% |  | 07/2022 |  | 07/2029 |  | 17,245 |  |  | 17,054 |  |  | 17,245 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 43,502 |  |  | 43,864 |  |  | 3.28 | %
iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8) |  | SOFR(Q)* |  | 3.88%/PIK + 3.38% |  | 12.63% |  | 08/2022 |  | 08/2028 |  | 30,481 |  |  | 30,258 |  |  | 30,176 |  |  |
|  | First lien (2) |  | SOFR(Q) |  | 7.25% |  | 12.63% |  | 10/2022 |  | 08/2028 |  | 7,366 |  |  | 7,309 |  |  | 7,292 |  |  |
|  | First lien (2) |  | SOFR(Q)* |  | 3.88%/PIK + 3.38% |  | 12.63% |  | 09/2023 |  | 08/2028 |  | 4,725 |  |  | 4,678 |  |  | 4,678 |  |  |
|  | First lien (3)(18) - Drawn |  | SOFR(Q) |  | 6.75% |  | 12.14% |  | 08/2022 |  | 08/2028 |  | 471 |  |  | 467 |  |  | 466 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42,712 |  |  | 42,612 |  |  | 3.19 | %
Deca Dental Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | SOFR(Q) |  | 5.75% |  | 11.24% |  | 08/2021 |  | 08/2028 |  | 37,573 |  |  | 37,288 |  |  | 36,431 |  |  |
|  | First lien (3)(15) |  | SOFR(Q) |  | 5.75% |  | 11.24% |  | 08/2021 |  | 08/2028 |  | 3,955 |  |  | 3,924 |  |  | 3,835 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 5.75% |  | 11.24% |  | 08/2021 |  | 08/2027 |  | 2,018 |  |  | 1,998 |  |  | 1,957 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 43,210 |  |  | 42,223 |  |  | 3.16 | %

The accompanying notes are an integral part of these consolidated financial statements.
8

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
MRI Software LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (5)(15) |  | SOFR(Q) |  | 5.50% |  | 10.99% |  | 01/2020 |  | 02/2026 |  | $ | 21,711 |  |  | $ | 21,662 |  |  | $ | 21,502 |  |  |
|  | First lien (3)(15) |  | SOFR(Q) |  | 5.50% |  | 10.99% |  | 03/2021 |  | 02/2026 |  | 7,690 |  |  | 7,674 |  |  | 7,616 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 5.50% |  | 10.99% |  | 03/2021 |  | 02/2026 |  | 4,580 |  |  | 4,573 |  |  | 4,536 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 5.50% |  | 10.99% |  | 01/2020 |  | 02/2026 |  | 3,148 |  |  | 3,141 |  |  | 3,118 |  |  |
|  | First lien (3)(15) |  | SOFR(Q) |  | 5.50% |  | 10.99% |  | 01/2020 |  | 02/2026 |  | 803 |  |  | 801 |  |  | 796 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,851 |  |  | 37,568 |  |  | 2.81 | %
Recorded Future, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15) |  | SOFR(S) |  | 5.25% |  | 10.69% |  | 08/2019 |  | 07/2025 |  | 24,282 |  |  | 24,197 |  |  | 24,282 |  |  |
|  | First lien (2)(15) |  | SOFR(S) |  | 5.25% |  | 10.69% |  | 03/2021 |  | 07/2025 |  | 12,556 |  |  | 12,510 |  |  | 12,556 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36,707 |  |  | 36,838 |  |  | 2.76 | %
Auctane Inc. (fka Stamps.com Inc.) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15) |  | SOFR(M) |  | 5.75% |  | 11.17% |  | 10/2021 |  | 10/2028 |  | 21,902 |  |  | 21,733 |  |  | 21,541 |  |  |
|  | First lien (2)(15) |  | SOFR(M) |  | 5.75% |  | 11.17% |  | 10/2021 |  | 10/2028 |  | 14,812 |  |  | 14,697 |  |  | 14,568 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36,430 |  |  | 36,109 |  |  | 2.70 | %
OEC Holdco, LLC (22) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OEConnection LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (2)(15) |  | SOFR(M) |  | 7.00% |  | 12.42% |  | 12/2021 |  | 09/2027 |  | 23,406 |  |  | 23,231 |  |  | 23,406 |  |  |
|  | Second lien (2)(15) |  | SOFR(M) |  | 7.00% |  | 12.42% |  | 09/2019 |  | 09/2027 |  | 12,044 |  |  | 11,973 |  |  | 12,044 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35,204 |  |  | 35,450 |  |  | 2.65 | %
WEG Sub Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  | First lien (2)(15) |  | SOFR(S) |  | 5.75% |  | 10.78% |  | 08/2021 |  | 10/2027 |  | 18,806 |  |  | 18,760 |  |  | 18,806 |  |  |
|  | First lien (2)(15)(18) - Drawn |  | SOFR(Q) |  | 5.75% |  | 10.65% |  | 05/2022 |  | 10/2027 |  | 11,135 |  |  | 11,122 |  |  | 11,135 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 5.75% |  | 11.26% |  | 01/2022 |  | 10/2027 |  | 1,244 |  |  | 1,235 |  |  | 1,245 |  |  |
|  | First lien (2)(15) |  | SOFR(S) |  | 5.75% |  | 10.67% |  | 01/2022 |  | 10/2027 |  | 834 |  |  | 828 |  |  | 834 |  |  |
|  | Subordinated (3)(15) |  | FIXED(Q)* |  | 15.00%/PIK |  | 15.00% |  | 05/2023 |  | 05/2033 |  | 3,333 |  |  | 3,284 |  |  | 3,283 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35,229 |  |  | 35,303 |  |  | 2.64 | %
Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(Q) |  | 5.25% |  | 10.82% |  | 05/2022 |  | 09/2027 |  | 33,783 |  |  | 33,515 |  |  | 33,783 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 5.25% |  | 10.79% |  | 05/2022 |  | 09/2027 |  | 545 |  |  | 539 |  |  | 545 |  |  |
|  | First lien (3)(15) |  | SOFR(Q) |  | 5.25% |  | 10.82% |  | 05/2022 |  | 09/2027 |  | 278 |  |  | 275 |  |  | 278 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,329 |  |  | 34,606 |  |  | 2.59 | %
KAMC Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Second lien (2)(15) |  | SOFR(Q) |  | 8.00% |  | 13.64% |  | 08/2019 |  | 08/2027 |  | 18,750 |  |  | 18,668 |  |  | 17,038 |  |  |
|  | Second lien (8)(15) |  | SOFR(Q) |  | 8.00% |  | 13.64% |  | 08/2019 |  | 08/2027 |  | 18,750 |  |  | 18,668 |  |  | 17,038 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,336 |  |  | 34,076 |  |  | 2.55 | %

The accompanying notes are an integral part of these consolidated financial statements.
9

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Diamond Parent Holdings Corp. (28) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diligent Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | SOFR(Q) |  | 5.75% |  | 11.27% |  | 03/2021 |  | 08/2025 |  | $ | 17,449 |  |  | $ | 17,408 |  |  | $ | 16,940 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 5.75% |  | 11.27% |  | 03/2021 |  | 08/2025 |  | 9,730 |  |  | 9,708 |  |  | 9,446 |  |  |
|  | First lien (3)(15) |  | SOFR(Q) |  | 6.25% |  | 11.77% |  | 12/2018 |  | 08/2025 |  | 5,783 |  |  | 5,768 |  |  | 5,637 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 6.25% |  | 11.77% |  | 03/2021 |  | 08/2025 |  | 1,486 |  |  | 1,478 |  |  | 1,449 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,362 |  |  | 33,472 |  |  | 2.50 | %
Granicus, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (4)(15) |  | SOFR(Q)* |  | 5.50% + 1.50%/PIK |  | 12.47% |  | 01/2021 |  | 01/2027 |  | 15,443 |  |  | 15,371 |  |  | 15,443 |  |  |
|  | First lien (8)(15) |  | SOFR(Q)* |  | 5.50% + 1.50%/PIK |  | 12.47% |  | 01/2021 |  | 01/2027 |  | 5,974 |  |  | 5,945 |  |  | 5,974 |  |  |
|  | First lien (2)(15) |  | SOFR(Q)* |  | 5.50% + 1.50%/PIK |  | 12.47% |  | 01/2021 |  | 01/2027 |  | 5,892 |  |  | 5,864 |  |  | 5,892 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 6.00% |  | 11.47% |  | 04/2021 |  | 01/2027 |  | 4,554 |  |  | 4,521 |  |  | 4,554 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 6.50% |  | 11.96% |  | 01/2021 |  | 01/2027 |  | 1,110 |  |  | 1,102 |  |  | 1,110 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,803 |  |  | 32,973 |  |  | 2.47 | %
EAB Global, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Second lien (2)(15) |  | L(S) |  | 6.50% |  | 11.95% |  | 08/2021 |  | 08/2029 |  | 33,452 |  |  | 33,051 |  |  | 32,870 |  |  |
IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(Q) |  | 6.00% |  | 11.45% |  | 09/2021 |  | 09/2028 |  | 28,912 |  |  | 28,690 |  |  | 28,528 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 6.00% |  | 11.47% |  | 02/2022 |  | 09/2028 |  | 4,225 |  |  | 4,207 |  |  | 4,168 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,897 |  |  | 32,696 |  |  | 2.45 | %
TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (8)(15) |  | SOFR(Q)* |  | 3.38% + 3.38%/PIK |  | 12.27% |  | 02/2022 |  | 02/2028 |  | 29,868 |  |  | 29,634 |  |  | 29,408 |  |  |
|  | First lien (2)(15)(18) - Drawn |  | SOFR(Q)* |  | 3.38% + 3.38%/PIK |  | 12.27% |  | 02/2022 |  | 02/2028 |  | 1,087 |  |  | 1,087 |  |  | 1,071 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,721 |  |  | 30,479 |  |  | 2.28 | %
OA Topco, L.P. (32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OA Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | SOFR(M) |  | 5.50% |  | 10.82% |  | 12/2021 |  | 12/2028 |  | 27,778 |  |  | 27,555 |  |  | 27,778 |  |  |
|  | First lien (2)(15) |  | SOFR(M) |  | 5.50% |  | 10.82% |  | 05/2022 |  | 12/2028 |  | 1,758 |  |  | 1,744 |  |  | 1,758 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29,299 |  |  | 29,536 |  |  | 2.21 | %
AmeriVet Partners Management, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (2)(15) |  | SOFR(Q) |  | 5.50% |  | 11.04% |  | 02/2022 |  | 02/2028 |  | 22,153 |  |  | 22,067 |  |  | 22,153 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 5.50% |  | 11.04% |  | 02/2022 |  | 02/2028 |  | 6,164 |  |  | 6,136 |  |  | 6,164 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 5.50% |  | 11.04% |  | 02/2022 |  | 02/2028 |  | 770 |  |  | 810 |  |  | 770 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29,013 |  |  | 29,087 |  |  | 2.18 | %

The accompanying notes are an integral part of these consolidated financial statements.
10

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Second lien (5)(15) |  | SOFR(Q) |  | 6.50% |  | 12.13% |  | 08/2021 |  | 08/2029 |  | $ | 22,500 |  |  | $ | 22,409 |  |  | $ | 21,971 |  |  |
|  | Second lien (2)(15) |  | SOFR(Q) |  | 6.50% |  | 12.13% |  | 08/2021 |  | 08/2029 |  | 7,009 |  |  | 6,989 |  |  | 6,844 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29,398 |  |  | 28,815 |  |  | 2.16 | %
NMC Crimson Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (8)(15) |  | SOFR(Q) |  | 6.09% |  | 11.49% |  | 03/2021 |  | 03/2028 |  | 19,259 |  |  | 19,058 |  |  | 18,908 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 6.09% |  | 11.64% |  | 03/2021 |  | 03/2028 |  | 5,012 |  |  | 4,991 |  |  | 4,921 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 6.09% |  | 11.49% |  | 03/2021 |  | 03/2028 |  | 4,913 |  |  | 4,861 |  |  | 4,824 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,910 |  |  | 28,653 |  |  | 2.14 | %
Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Packaging |  | First lien (2)(15) |  | SOFR(Q) |  | 5.50% |  | 11.04% |  | 10/2021 |  | 10/2028 |  | 17,397 |  |  | 17,257 |  |  | 17,205 |  |  |
|  | First lien (8)(15) |  | SOFR(Q) |  | 5.50% |  | 11.04% |  | 10/2021 |  | 10/2028 |  | 10,118 |  |  | 10,040 |  |  | 10,006 |  |  |
|  | First lien (3)(15) |  | SOFR(Q) |  | 5.50% |  | 11.04% |  | 10/2021 |  | 10/2028 |  | 868 |  |  | 861 |  |  | 859 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 5.50% |  | 10.99% |  | 06/2022 |  | 10/2028 |  | 313 |  |  | 310 |  |  | 309 |  |  |
|  | First lien (3)(15) |  | SOFR(Q) |  | 5.50% |  | 10.99% |  | 10/2021 |  | 10/2028 |  | 81 |  |  | 80 |  |  | 80 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,548 |  |  | 28,459 |  |  | 2.13 | %
Syndigo LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (4)(15) |  | SOFR(Q) |  | 8.00% |  | 13.67% |  | 12/2020 |  | 12/2028 |  | 22,500 |  |  | 22,375 |  |  | 21,652 |  |  |
|  | Second lien (2)(15) |  | SOFR(Q) |  | 8.00% |  | 13.67% |  | 02/2022 |  | 12/2028 |  | 5,697 |  |  | 5,709 |  |  | 5,482 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,084 |  |  | 27,134 |  |  | 2.03 | %
ACI Parent Inc. (29) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | SOFR(M) |  | 5.50% |  | 10.92% |  | 08/2021 |  | 08/2028 |  | 22,080 |  |  | 21,916 |  |  | 21,606 |  |  |
|  | First lien (3)(15) |  | SOFR(M) |  | 5.50% |  | 10.92% |  | 08/2021 |  | 08/2028 |  | 3,913 |  |  | 3,879 |  |  | 3,829 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(M) |  | 5.50% |  | 10.92% |  | 08/2021 |  | 08/2028 |  | 883 |  |  | 874 |  |  | 864 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,669 |  |  | 26,299 |  |  | 1.97 | %
CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Second lien (3)(15) |  | SOFR(M) |  | 7.25% |  | 12.67% |  | 08/2018 |  | 08/2026 |  | 18,266 |  |  | 18,235 |  |  | 18,256 |  |  |
|  | Second lien (8)(15) |  | SOFR(M) |  | 7.25% |  | 12.67% |  | 08/2018 |  | 08/2026 |  | 7,500 |  |  | 7,487 |  |  | 7,496 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,722 |  |  | 25,752 |  |  | 1.93 | %
HS Purchaser, LLC / Help/Systems Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (5)(15) |  | SOFR(S) |  | 6.75% |  | 12.35% |  | 11/2019 |  | 11/2027 |  | 22,500 |  |  | 22,427 |  |  | 21,546 |  |  |
|  | Second lien (2)(15) |  | SOFR(S) |  | 6.75% |  | 12.35% |  | 11/2019 |  | 11/2027 |  | 4,208 |  |  | 4,183 |  |  | 4,030 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,610 |  |  | 25,576 |  |  | 1.91 | %
DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (8)(15) |  | SOFR(M) |  | 5.75% |  | 11.18% |  | 06/2022 |  | 06/2028 |  | 18,619 |  |  | 18,619 |  |  | 18,325 |  |  |
|  | First lien (4)(15) |  | SOFR(M) |  | 5.75% |  | 11.18% |  | 06/2022 |  | 06/2028 |  | 6,973 |  |  | 6,973 |  |  | 6,863 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,592 |  |  | 25,188 |  |  | 1.88 | %

The accompanying notes are an integral part of these consolidated financial statements.
11

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Idera, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (4)(15) |  | SOFR(Q) |  | 6.75% |  | 12.27% |  | 06/2019 |  | 03/2029 |  | $ | 22,500 |  |  | $ | 22,265 |  |  | $ | 22,194 |  |  |
|  | Second lien (3)(15) |  | SOFR(Q) |  | 6.75% |  | 12.27% |  | 04/2021 |  | 03/2029 |  | 3,000 |  |  | 2,989 |  |  | 2,959 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,254 |  |  | 25,153 |  |  | 1.88 | %
TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  | First lien (2)(15) |  | SOFR(Q) |  | 3.50% |  | 9.17% |  | 06/2019 |  | 08/2024 |  | 16,269 |  |  | 15,752 |  |  | 11,777 |  |  |
|  | First lien (8)(15) |  | SOFR(Q) |  | 3.50% |  | 9.17% |  | 10/2019 |  | 08/2024 |  | 15,691 |  |  | 15,058 |  |  | 11,359 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,810 |  |  | 23,136 |  |  | 1.73 | %
Xactly Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (4)(15) |  | SOFR(Q) |  | 7.25% |  | 12.77% |  | 07/2017 |  | 07/2025 |  | 22,500 |  |  | 22,469 |  |  | 22,500 |  |  | 1.68 | %
Spring Education Group, Inc (fka SSH Group Holdings, Inc.) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Second lien (2) |  | SOFR(M) |  | 8.25% |  | 13.68% |  | 07/2018 |  | 07/2026 |  | 21,959 |  |  | 21,933 |  |  | 21,962 |  |  | 1.64 | %
Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | SOFR(Q) |  | 5.75% |  | 11.24% |  | 09/2019 |  | 09/2026 |  | 16,530 |  |  | 16,470 |  |  | 16,530 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 5.75% |  | 11.24% |  | 10/2021 |  | 09/2026 |  | 3,416 |  |  | 3,410 |  |  | 3,416 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 5.75% |  | 11.24% |  | 09/2019 |  | 09/2026 |  | 765 |  |  | 761 |  |  | 765 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 5.75% |  | 11.24% |  | 09/2019 |  | 09/2026 |  | 343 |  |  | 341 |  |  | 343 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 5.75% |  | 11.24% |  | 09/2019 |  | 09/2026 |  | 273 |  |  | 272 |  |  | 273 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,254 |  |  | 21,327 |  |  | 1.60 | %
FS WhiteWater Holdings, LLC (30) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (5)(15) |  | SOFR(Q) |  | 5.75% |  | 11.29% |  | 12/2021 |  | 12/2027 |  | 10,316 |  |  | 10,239 |  |  | 10,145 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 6.00% |  | 11.54% |  | 07/2022 |  | 12/2027 |  | 4,145 |  |  | 4,122 |  |  | 4,110 |  |  |
|  | First lien (5)(15) |  | SOFR(Q) |  | 5.75% |  | 11.31% |  | 12/2021 |  | 12/2027 |  | 3,463 |  |  | 3,434 |  |  | 3,405 |  |  |
|  | First lien (5)(15) |  | SOFR(Q) |  | 5.75% |  | 11.29% |  | 12/2021 |  | 12/2027 |  | 3,441 |  |  | 3,415 |  |  | 3,384 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(M) |  | 5.75% |  | 11.22% |  | 12/2021 |  | 12/2027 |  | 140 |  |  | 139 |  |  | 138 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,349 |  |  | 21,182 |  |  | 1.58 | %
YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (5)(15) |  | SOFR(Q) |  | 5.00% |  | 10.47% |  | 11/2019 |  | 10/2025 |  | 17,723 |  |  | 17,688 |  |  | 17,552 |  |  |
|  | First lien (5)(15) |  | SOFR(Q) |  | 5.00% |  | 10.47% |  | 11/2019 |  | 10/2025 |  | 2,308 |  |  | 2,303 |  |  | 2,285 |  |  |
|  | First lien (5)(15)(18) - Drawn |  | SOFR(Q) |  | 5.00% |  | 10.48% |  | 10/2021 |  | 10/2025 |  | 1,203 |  |  | 1,193 |  |  | 1,191 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,184 |  |  | 21,028 |  |  | 1.57 | %

The accompanying notes are an integral part of these consolidated financial statements.
12

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
AAC Lender Holdings, LLC (27) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Achievement Corporation (aka AAC Holding Corp.) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | First lien (2)(15) |  | SOFR(M) (35)* |  | 5.75%/PIK + 0.50% |  | 11.68% |  | 09/2015 |  | 09/2026 |  | $ | 29,879 |  |  | $ | 29,842 |  |  | $ | 20,586 |  |  |
|  | First lien (3)(15) |  | SOFR(M) (35)* |  | 13.50%/PIK + 0.50% |  | 19.43% |  | 06/2021 |  | 09/2026 |  | 1,527 |  |  | 1,527 |  |  | — |  |  |
|  | Subordinated (3)(15) |  | SOFR(Q) (35)* |  | 1.00%/PIK |  | 7.54% |  | 03/2021 |  | 09/2026 |  | 5,230 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31,369 |  |  | 20,586 |  |  | 1.54 | %
Convey Health Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (4)(15) |  | SOFR(Q) |  | 5.25% |  | 10.74% |  | 09/2019 |  | 09/2026 |  | 19,070 |  |  | 18,968 |  |  | 16,826 |  |  |
|  | First lien (4)(15) |  | SOFR(Q) |  | 5.25% |  | 10.74% |  | 02/2022 |  | 09/2026 |  | 3,184 |  |  | 3,152 |  |  | 2,810 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,120 |  |  | 19,636 |  |  | 1.47 | %
Cardinal Parent, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (4) |  | SOFR(Q) |  | 4.50% |  | 10.04% |  | 10/2020 |  | 11/2027 |  | 11,883 |  |  | 11,825 |  |  | 10,813 |  |  |
|  | Second lien (4)(15) |  | SOFR(Q) |  | 7.75% |  | 13.29% |  | 11/2020 |  | 11/2028 |  | 9,767 |  |  | 9,696 |  |  | 8,811 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,521 |  |  | 19,624 |  |  | 1.47 | %
MED Parentco, LP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Second lien (8)(15) |  | SOFR(M) |  | 8.25% |  | 13.68% |  | 08/2019 |  | 08/2027 |  | 20,857 |  |  | 20,765 |  |  | 19,585 |  |  | 1.47 | %
Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Products |  | First lien (8)(15) |  | SOFR(Q) |  | 6.75% |  | 12.27% |  | 11/2021 |  | 11/2027 |  | 9,975 |  |  | 9,919 |  |  | 9,192 |  |  |
|  | First lien (8)(15) |  | SOFR(Q) |  | 6.75% |  | 12.27% |  | 05/2022 |  | 11/2027 |  | 9,850 |  |  | 9,791 |  |  | 9,077 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 6.75% |  | 12.27% |  | 11/2021 |  | 11/2027 |  | 869 |  |  | 867 |  |  | 801 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 6.75% |  | 12.27% |  | 11/2021 |  | 05/2027 |  | 59 |  |  | 58 |  |  | 54 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,635 |  |  | 19,124 |  |  | 1.43 | %
Pioneer Topco I, L.P. (31) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15) |  | SOFR(Q)* |  | 7.00%/PIK |  | 12.39% |  | 11/2021 |  | 11/2028 |  | 16,292 |  |  | 16,185 |  |  | 16,292 |  |  |
|  | First lien (8)(15) |  | SOFR(Q)* |  | 7.00%/PIK |  | 12.39% |  | 03/2022 |  | 11/2028 |  | 2,233 |  |  | 2,216 |  |  | 2,233 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,401 |  |  | 18,525 |  |  | 1.39 | %
Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | L(S) |  | 5.25% |  | 10.62% |  | 06/2021 |  | 06/2027 |  | 15,382 |  |  | 15,277 |  |  | 15,382 |  |  |
|  | First lien (2)(15)(18) - Drawn |  | SOFR(S) |  | 5.75% |  | 11.27% |  | 06/2021 |  | 06/2027 |  | 3,095 |  |  | 3,071 |  |  | 3,095 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,348 |  |  | 18,477 |  |  | 1.38 | %
DG Investment Intermediate Holdings 2, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Second lien (3) |  | SOFR(M) |  | 6.75% |  | 12.18% |  | 03/2021 |  | 03/2029 |  | 20,313 |  |  | 20,273 |  |  | 18,047 |  |  | 1.35 | %
Groundworks, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (4)(15) |  | SOFR(Q) |  | 6.50% |  | 11.81% |  | 03/2023 |  | 03/2030 |  | 18,216 |  |  | 17,957 |  |  | 17,943 |  |  | 1.34 | %
Avalara, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15) |  | SOFR(Q) |  | 7.25% |  | 12.64% |  | 10/2022 |  | 10/2028 |  | 17,198 |  |  | 17,008 |  |  | 17,198 |  |  | 1.29 | %

The accompanying notes are an integral part of these consolidated financial statements.
13

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Coyote Buyer, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  | First lien (5)(15) |  | SOFR(Q) |  | 6.00% |  | 11.52% |  | 03/2020 |  | 02/2026 |  | $ | 13,689 |  |  | $ | 13,657 |  |  | $ | 13,689 |  |  |
|  | First lien (5)(15) |  | SOFR(Q) |  | 8.00% |  | 13.57% |  | 10/2020 |  | 08/2026 |  | 2,463 |  |  | 2,450 |  |  | 2,463 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 6.00% |  | 11.50% |  | 03/2020 |  | 02/2025 |  | 709 |  |  | 706 |  |  | 709 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,813 |  |  | 16,861 |  |  | 1.26 | %
Oranje Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | First lien (8)(15) |  | SOFR(Q) |  | 7.75% |  | 13.12% |  | 02/2023 |  | 02/2029 |  | 7,440 |  |  | 7,354 |  |  | 7,440 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 7.75% |  | 13.12% |  | 02/2023 |  | 02/2029 |  | 7,440 |  |  | 7,354 |  |  | 7,440 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,708 |  |  | 14,880 |  |  | 1.11 | %
Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  | First lien (5)(15) |  | SOFR(M) |  | 5.25% |  | 10.68% |  | 02/2020 |  | 02/2026 |  | 14,837 |  |  | 14,804 |  |  | 14,837 |  |  | 1.11 | %
Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | SOFR(M) |  | 7.50% |  | 12.82% |  | 02/2023 |  | 02/2030 |  | 7,230 |  |  | 7,145 |  |  | 7,230 |  |  |
|  | First lien (8)(15) |  | SOFR(M) |  | 7.50% |  | 12.82% |  | 02/2023 |  | 02/2030 |  | 7,230 |  |  | 7,145 |  |  | 7,230 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,290 |  |  | 14,460 |  |  | 1.08 | %
New Trojan Parent, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Second lien (2)(15) |  | SOFR(M) |  | 7.25% |  | 12.68% |  | 01/2021 |  | 01/2029 |  | 26,762 |  |  | 26,663 |  |  | 14,192 |  |  | 1.06 | %
Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15) |  | SOFR(M) |  | 5.50% |  | 10.92% |  | 10/2021 |  | 10/2028 |  | 13,044 |  |  | 12,943 |  |  | 12,823 |  |  |
|  | First lien (2)(15) |  | SOFR(M) |  | 5.50% |  | 10.92% |  | 10/2021 |  | 10/2028 |  | 1,099 |  |  | 1,090 |  |  | 1,080 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | P(Q) |  | 4.50% |  | 13.00% |  | 10/2021 |  | 10/2027 |  | 123 |  |  | 122 |  |  | 121 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,155 |  |  | 14,024 |  |  | 1.05 | %
Castle Management Borrower LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (8)(15) |  | SOFR(Q) |  | 6.50% |  | 12.13% |  | 05/2018 |  | 02/2025 |  | 13,845 |  |  | 13,832 |  |  | 13,845 |  |  | 1.04 | %
IMO Investor Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | SOFR(Q) |  | 6.00% |  | 11.36% |  | 05/2022 |  | 05/2029 |  | 12,877 |  |  | 12,767 |  |  | 12,592 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(S) |  | 6.00% |  | 11.04% |  | 05/2022 |  | 05/2029 |  | 832 |  |  | 847 |  |  | 814 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(S) |  | 6.00% |  | 11.42% |  | 05/2022 |  | 05/2028 |  | 248 |  |  | 245 |  |  | 242 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,859 |  |  | 13,648 |  |  | 1.02 | %
Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (8)(15) |  | SOFR(S) |  | 8.25% |  | 13.36% |  | 09/2018 |  | 09/2024 |  | 13,444 |  |  | 13,430 |  |  | 13,444 |  |  | 1.01 | %
Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (5)(15) |  | SOFR(M) |  | 7.13% |  | 12.44% |  | 04/2021 |  | 04/2027 |  | 12,347 |  |  | 12,286 |  |  | 12,040 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(M) |  | 7.13% |  | 12.45% |  | 04/2021 |  | 04/2027 |  | 850 |  |  | 843 |  |  | 829 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,129 |  |  | 12,869 |  |  | 0.96 | %

The accompanying notes are an integral part of these consolidated financial statements.
14

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
CFS Management, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | SOFR(Q)* |  | 6.25% + 0.75%/PIK |  | 12.65% |  | 08/2019 |  | 07/2024 |  | $ | 11,195 |  |  | $ | 11,185 |  |  | $ | 9,912 |  |  |
|  | First lien (2)(15) |  | SOFR(Q)* |  | 6.25% + 0.75%/PIK |  | 12.65% |  | 08/2019 |  | 07/2024 |  | 3,335 |  |  | 3,331 |  |  | 2,953 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,516 |  |  | 12,865 |  |  | 0.96 | %
USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(Q) |  | 5.75% |  | 11.29% |  | 07/2021 |  | 07/2027 |  | 11,226 |  |  | 11,148 |  |  | 11,226 |  |  |
|  | First lien (3)(15) |  | SOFR(Q) |  | 5.75% |  | 11.29% |  | 07/2021 |  | 07/2027 |  | 1,462 |  |  | 1,451 |  |  | 1,462 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,599 |  |  | 12,688 |  |  | 0.95 | %
CHA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Second lien (4)(15) |  | SOFR(Q) |  | 8.75% |  | 14.40% |  | 04/2018 |  | 04/2026 |  | 7,012 |  |  | 6,983 |  |  | 7,012 |  |  |
|  | Second lien (3)(15) |  | SOFR(Q) |  | 8.75% |  | 14.40% |  | 04/2018 |  | 04/2026 |  | 4,453 |  |  | 4,434 |  |  | 4,454 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,417 |  |  | 11,466 |  |  | 0.86 | %
Vectra Co. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Products |  | Second lien (8) |  | SOFR(M) |  | 7.25% |  | 12.68% |  | 02/2018 |  | 03/2026 |  | 10,788 |  |  | 10,772 |  |  | 10,788 |  |  | 0.81 | %
Transcendia Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Packaging |  | Second lien (8)(15) |  | L(S) |  | 8.00% |  | 13.73% |  | 06/2017 |  | 05/2025 |  | 14,500 |  |  | 14,445 |  |  | 10,436 |  |  | 0.78 | %
Specialtycare, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | L(Q) |  | 5.75% |  | 11.28% |  | 06/2021 |  | 06/2028 |  | 10,379 |  |  | 10,275 |  |  | 10,032 |  |  |
|  | First lien (3)(15) |  | SOFR(Q) |  | 5.75% |  | 11.32% |  | 06/2021 |  | 06/2028 |  | 78 |  |  | 76 |  |  | 75 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,351 |  |  | 10,107 |  |  | 0.76 | %
Quartz Holding Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (3)(15) |  | SOFR(M) |  | 8.00% |  | 13.42% |  | 04/2019 |  | 04/2027 |  | 10,000 |  |  | 9,894 |  |  | 10,000 |  |  | 0.75 | %
CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  | First lien (2)(15) |  | SOFR(Q)* |  | 6.75% + 2.00%/PIK |  | 14.14% |  | 07/2021 |  | 07/2027 |  | 8,381 |  |  | 8,318 |  |  | 7,940 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(M)* |  | 6.75% + 2.00%/PIK |  | 14.07% |  | 07/2021 |  | 07/2026 |  | 930 |  |  | 920 |  |  | 881 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,238 |  |  | 8,821 |  |  | 0.66 | %
Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | SOFR(M) |  | 6.50% |  | 11.82% |  | 06/2022 |  | 06/2029 |  | 8,618 |  |  | 8,543 |  |  | 8,618 |  |  | 0.64 | %
KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (8)(15) |  | SOFR(Q) |  | 5.25% |  | 10.72% |  | 10/2021 |  | 10/2028 |  | 6,915 |  |  | 6,862 |  |  | 6,915 |  |  |
|  | First lien (2)(15)(18) - Drawn |  | SOFR(Q) |  | 5.25% |  | 10.71% |  | 06/2022 |  | 10/2028 |  | 826 |  |  | 818 |  |  | 826 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 5.25% |  | 10.63% |  | 10/2021 |  | 10/2028 |  | 792 |  |  | 786 |  |  | 792 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,466 |  |  | 8,533 |  |  | 0.64 | %
PPVA Black Elk (Equity) LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Subordinated (3)(15) |  | SOFR(Q) |  | — |  | — |  | 05/2013 |  | — |  | 14,500 |  |  | 14,500 |  |  | 7,975 |  |  | 0.60 | %
TRC Companies L.L.C. (fka Energize Holdco LLC) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Second lien (2)(15) |  | SOFR(M) |  | 6.75% |  | 12.18% |  | 11/2021 |  | 12/2029 |  | 7,950 |  |  | 7,917 |  |  | 7,672 |  |  | 0.57 | %

The accompanying notes are an integral part of these consolidated financial statements.
15

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (4)(15) |  | SOFR(Q) |  | 5.75% |  | 11.17% |  | 08/2022 |  | 08/2029 |  | $ | 7,514 |  |  | $ | 7,447 |  |  | $ | 7,514 |  |  | 0.56 | %
DS Admiral Bidco, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | SOFR(Q) |  | 7.00% |  | 12.39% |  | 12/2022 |  | 03/2028 |  | 7,491 |  |  | 7,391 |  |  | 7,491 |  |  | 0.56 | %
Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | L(S) |  | 5.25% |  | 10.95% |  | 09/2021 |  | 09/2027 |  | 6,922 |  |  | 6,897 |  |  | 6,922 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | P(Q) |  | 4.25% |  | 12.75% |  | 09/2021 |  | 09/2027 |  | 256 |  |  | 255 |  |  | 256 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,152 |  |  | 7,178 |  |  | 0.54 | %
DCA Investment Holding, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 6.50% |  | 11.89% |  | 12/2022 |  | 04/2028 |  | 3,878 |  |  | 3,823 |  |  | 3,774 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 6.41% |  | 11.80% |  | 03/2021 |  | 04/2028 |  | 3,261 |  |  | 3,247 |  |  | 3,163 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,070 |  |  | 6,937 |  |  | 0.52 | %
Community Brands ParentCo, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | SOFR(Q) |  | 5.50% |  | 11.02% |  | 02/2022 |  | 02/2028 |  | 7,109 |  |  | 7,052 |  |  | 6,934 |  |  | 0.52 | %
Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food & Beverage |  | First lien (3)(15) |  | SOFR(Q)* |  | 4.25%/PIK + 2.50% |  | 12.12% |  | 06/2023 |  | 05/2027 |  | 7,272 |  |  | 5,542 |  |  | 6,740 |  |  | 0.50 | %
Sun Acquirer Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (2)(15) |  | SOFR(M) |  | 5.75% |  | 11.18% |  | 09/2021 |  | 09/2028 |  | 3,955 |  |  | 3,928 |  |  | 3,868 |  |  |
|  | First lien (2)(15) |  | SOFR(M) |  | 5.75% |  | 11.18% |  | 09/2021 |  | 09/2028 |  | 2,795 |  |  | 2,763 |  |  | 2,732 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,691 |  |  | 6,600 |  |  | 0.49 | %
Appriss Health Holdings, Inc. (23) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Appriss Health, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (8)(15) |  | SOFR(Q) |  | 6.75% |  | 12.23% |  | 05/2021 |  | 05/2027 |  | 6,203 |  |  | 6,163 |  |  | 6,203 |  |  | 0.46 | %
Virtusa Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Subordinated (3) |  | FIXED(S) |  | 7.13% |  | 7.13% |  | 10/2022 |  | 12/2028 |  | 7,000 |  |  | 5,589 |  |  | 5,661 |  |  | 0.42 | %
Pye-Barker Fire & Safety, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(Q) |  | 5.50% |  | 11.04% |  | 11/2021 |  | 11/2027 |  | 5,122 |  |  | 5,082 |  |  | 5,096 |  |  | 0.38 | %
CommerceHub, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15) |  | SOFR(Q) |  | 6.25% |  | 11.77% |  | 06/2023 |  | 12/2027 |  | 3,970 |  |  | 3,555 |  |  | 3,970 |  |  | 0.30 | %
Project Power Buyer, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | SOFR(Q) |  | 7.00% |  | 12.39% |  | 01/2023 |  | 05/2026 |  | 3,562 |  |  | 3,519 |  |  | 3,562 |  |  | 0.27 | %
Ansira Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15) |  | L(Q)(35)* |  | 6.50%/PIK |  | 12.15% |  | 12/2016 |  | 12/2024 |  | 32,736 |  |  | 32,843 |  |  | 1,591 |  |  |
|  | First lien (3)(15) |  | L(Q)(35)* |  | 6.50%/PIK |  | 11.93% |  | 12/2016 |  | 12/2024 |  | 8,261 |  |  | 8,309 |  |  | 402 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q)* |  | 8.00%/PIK + 2.00% |  | 15.51% |  | 11/2022 |  | 12/2024 |  | 385 |  |  | 385 |  |  | 385 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41,537 |  |  | 2,378 |  |  | 0.18 | %

The accompanying notes are an integral part of these consolidated financial statements.
16

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Education Management Corporation (20) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education Management II LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | First lien (2) |  | P(M)(35) |  | 7.50% |  | 13.00% |  | 01/2015 |  | 07/2020 |  | $ | 300 |  |  | $ | 292 |  |  | $ | — |  |  |
|  | First lien (3) |  | P(M)(35) |  | 7.50% |  | 13.00% |  | 01/2015 |  | 07/2020 |  | 169 |  |  | 165 |  |  | — |  |  |
|  | First lien (2) |  | P(Q)(35) |  | 6.50% |  | 9.75% |  | 01/2015 |  | 07/2020 |  | 205 |  |  | 199 |  |  | — |  |  |
|  | First lien (3) |  | P(Q)(35) |  | 6.50% |  | 9.75% |  | 01/2015 |  | 07/2020 |  | 115 |  |  | 112 |  |  | — |  |  |
|  | First lien (2) |  | P(Q)(35) |  | 8.50% |  | 11.75% |  | 01/2015 |  | 07/2020 |  | 139 |  |  | 115 |  |  | — |  |  |
|  | First lien (3) |  | P(Q)(35) |  | 8.50% |  | 11.75% |  | 01/2015 |  | 07/2020 |  | 79 |  |  | 65 |  |  | — |  |  |
|  | First lien (2) |  | P(Q)(35) |  | 8.50% |  | 11.75% |  | 01/2015 |  | 07/2020 |  | 4 |  |  | 3 |  |  | — |  |  |
|  | First lien (3) |  | P(Q)(35) |  | 8.50% |  | 11.75% |  | 01/2015 |  | 07/2020 |  | 2 |  |  | 2 |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 953 |  |  | — |  |  | — | %
PPVA Fund, L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Collateralized Financing (35)(36) |  | — |  | — |  | — |  | 11/2014 |  | — |  | — |  |  | — |  |  | — |  |  | — | %
Total Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,089,103 |  |  | $ | 1,983,993 |  |  | 145.98 | %
Funded Debt Investments - Netherlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tahoe Finco, LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Information Technology |  | First lien (2)(15) |  | SOFR(M) |  | 6.00% |  | 11.42% |  | 10/2021 |  | 09/2028 |  | $ | 35,000 |  |  | $ | 34,730 |  |  | $ | 35,000 |  |  |
|  | First lien (8)(15) |  | SOFR(M) |  | 6.00% |  | 11.42% |  | 10/2021 |  | 09/2028 |  | 24,189 |  |  | 24,002 |  |  | 24,189 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 58,732 |  |  | 59,189 |  |  | 4.43 | %
Total Funded Debt Investments - Netherlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 58,732 |  |  | $ | 59,189 |  |  | 4.43 | %
Funded Debt Investments - United Kingdom |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aston FinCo S.a r.l. / Aston US Finco, LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (8)(15) |  | SOFR(M) |  | 8.25% |  | 13.68% |  | 10/2019 |  | 10/2027 |  | $ | 34,459 |  |  | $ | 34,293 |  |  | $ | 34,045 |  |  | 2.55 | %
Integro Parent Inc.** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(Q)* |  | 12.25%/PIK |  | 17.64% |  | 10/2015 |  | 10/2024 |  | 4,129 |  |  | 4,128 |  |  | 4,129 |  |  |
|  | First lien (3)(15) |  | SOFR(Q)* |  | 12.25%/PIK |  | 17.64% |  | 06/2018 |  | 10/2024 |  | 815 |  |  | 813 |  |  | 815 |  |  |
|  | Second lien (3)(15) |  | SOFR(Q)* |  | 12.25%/PIK |  | 17.64% |  | 10/2015 |  | 10/2024 |  | 13,074 |  |  | 12,303 |  |  | 12,305 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,244 |  |  | 17,249 |  |  | 1.29 | %
Total Funded Debt Investments - United Kingdom |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 51,537 |  |  | $ | 51,294 |  |  | 3.84 | %

The accompanying notes are an integral part of these consolidated financial statements.
17

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Funded Debt Investments - Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tennessee Bidco Limited ** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(16) |  | SONIA(D)* |  | 5.00% +2.50%/PIK |  | 12.96% |  | 8/6/2021 |  | 8/3/2028 |  | £ | 13,039 |  |  | $ | 17,858 |  |  | $ | 15,906 |  |  |
|  | First lien (3)(15)(16) |  | SONIA(D)* |  | 5.00% +2.50%/PIK |  | 12.96% |  | 8/6/2021 |  | 8/3/2028 |  | £ | 10,669 |  |  | 13,319 |  |  | 13,017 |  |  |
|  | First lien (3)(15) |  | SOFR(S)* |  | 5.00% +2.50%/PIK |  | 13.03% |  | 8/6/2021 |  | 8/3/2028 |  | $ | 10,312 |  |  | 10,195 |  |  | 10,312 |  |  |
|  | First lien (3)(15) |  | SOFR(S)* |  | 5.00% +2.50%/PIK |  | 13.04% |  | 08/2021 |  | 08/2028 |  | $ | 6,326 |  |  | 6,250 |  |  | 6,326 |  |  |
|  | First lien (3)(15)(16) |  | EURIBOR(S)* |  | 5.00% +2.50%/PIK |  | 11.47% |  | 08/2021 |  | 08/2028 |  | € | 716 |  |  | 725 |  |  | 757 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48,347 |  |  | 46,318 |  |  | 3.47 | %
Total Funded Debt Investments - Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 48,347 |  |  | $ | 46,318 |  |  | 3.47 | %
Funded Debt Investments - Australia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlas AU Bidco Pty Ltd** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(M) |  | 7.25% |  | 12.58% |  | 12/2022 |  | 12/2029 |  | $ | 3,454 |  |  | $ | 3,406 |  |  | $ | 3,454 |  |  | 0.26 | %
Total Funded Debt Investments - Australia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,406 |  |  | $ | 3,454 |  |  | 0.26 | %
Total Funded Debt Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,251,125 |  |  | $ | 2,144,248 |  |  | 154.14 | %
Equity - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dealer Tire Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  | Preferred shares (3)(15) |  | FIXED(S)* |  | 7.00%/PIK |  | 7.00% |  | 09/2021 |  | — |  | 56,271 |  |  | $ | 65,202 |  |  | $ | 66,739 |  |  | 4.99 | %
Symplr Software Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Preferred shares (4)(15) |  | SOFR(Q)* |  | 10.50%/PIK |  | 16.09% |  | 11/2018 |  | — |  | 7,500 |  |  | 13,456 |  |  | 12,802 |  |  |
|  | Preferred shares (3)(15) |  | SOFR(Q)* |  | 10.50%/PIK |  | 16.09% |  | 11/2018 |  | — |  | 2,586 |  |  | 4,639 |  |  | 4,413 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,095 |  |  | 17,215 |  |  | 1.29 | %
Knockout Intermediate Holdings I Inc. (33) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Preferred shares (3)(15) |  | FIXED(S)* |  | 11.75%/PIK |  | 11.75% |  | 06/2022 |  | — |  | 15,150 |  |  | 16,837 |  |  | 17,019 |  |  | 1.27 | %
ACI Parent Inc. (29) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Preferred shares (3)(15) |  | FIXED(Q)* |  | 11.75%/PIK |  | 11.75% |  | 08/2021 |  | — |  | 12,500 |  |  | 15,938 |  |  | 14,178 |  |  | 1.06 | %
Project Essential Super Parent, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Preferred shares (3)(15) |  | SOFR(Q)* |  | 9.50%/PIK |  | 15.16% |  | 04/2021 |  | — |  | 10,000 |  |  | 13,251 |  |  | 12,504 |  |  | 0.94 | %
Diamond Parent Holdings Corp. (28) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diligent Preferred Issuer, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Preferred shares (3)(15) |  | FIXED(S)* |  | 10.50%/PIK |  | 10.50% |  | 04/2021 |  | — |  | 10,000 |  |  | 12,129 |  |  | 11,243 |  |  | 0.84 | %
OEC Holdco, LLC (22) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Preferred shares (12)(15) |  | FIXED(S)* |  | 11.00%/PIK |  | 11.00% |  | 12/2021 |  | — |  | 7,214 |  |  | 8,429 |  |  | 7,936 |  |  | 0.59 | %

The accompanying notes are an integral part of these consolidated financial statements.
18

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
HB Wealth Management, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  | Preferred shares (11)(15) |  | FIXED(Q)* |  | 4.00%/PIK |  | 4.00% |  | 09/2021 |  | — |  | 48,303 |  |  | $ | 4,784 |  |  | $ | 5,125 |  |  | 0.38 | %
FS WhiteWater Holdings, LLC (30) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | Ordinary shares (5)(15) |  | — |  | — |  | — |  | 12/2021 |  | — |  | 50,000 |  |  | 5,000 |  |  | 4,233 |  |  | 0.32 | %
OA Topco, L.P. (32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 12/2021 |  | — |  | 2,000,000 |  |  | 2,000 |  |  | 2,879 |  |  | 0.22 | %
Appriss Health Holdings, Inc. (23) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Appriss Health Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Preferred shares (3)(15) |  | FIXED(Q)* |  | 11.00%/PIK |  | 11.00% |  | 05/2021 |  | — |  | 2,333 |  |  | 2,992 |  |  | 2,768 |  |  | 0.21 | %
Pioneer Topco I, L.P. (31) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Ordinary shares (13)(15) |  | — |  | — |  | — |  | 11/2021 |  | — |  | 199,980 |  |  | 2,000 |  |  | 1,813 |  |  | 0.14 | %
Ancora Acquisition LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Preferred shares (9)(15) |  | SOFR(Q) |  | — |  | — |  | 08/2013 |  | — |  | 372 |  |  | 83 |  |  | 158 |  |  | 0.01 | %
GEDC Equity, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 06/2023 |  | — |  | 190,000 |  |  | 190 |  |  | 150 |  |  | 0.01 | %
Education Management Corporation (20) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Preferred shares (2) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 3,331 |  |  | 200 |  |  | — |  |  |
|  | Preferred shares (3) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 1,879 |  |  | 113 |  |  | — |  |  |
|  | Ordinary shares (2) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 2,994,065 |  |  | 100 |  |  | — |  |  |
|  | Ordinary shares (3) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 1,688,976 |  |  | 56 |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 469 |  |  | — |  |  | — | %
AAC Lender Holdings, LLC (27) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Ordinary shares (3)(15) |  | SOFR(Q) |  | — |  | — |  | 03/2021 |  | — |  | 758 |  |  | — |  |  | — |  |  |
Total Shares - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 167,399 |  |  | $ | 163,960 |  |  | 12.27 | %
Equity - Hong Kong |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bach Special Limited (Bach Preference Limited)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Preferred shares (3)(15) |  | FIXED(Q)* |  | 12.25%/PIK |  | 12.25% |  | 09/2017 |  | — |  | 119,026 |  |  | $ | 11,823 |  |  | $ | 11,191 |  |  | 0.84 | %
Total Shares - Hong Kong |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,823 |  |  | $ | 11,191 |  |  | 0.84 | %
Total Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 179,222 |  |  | $ | 175,151 |  |  | 13.11 | %
Total Funded Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,430,347 |  |  | $ | 2,319,399 |  |  | 167.25 | %
Unfunded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2024 |  | $ | 337 |  |  | $ | — |  |  | $ | — |  |  | — | %

The accompanying notes are an integral part of these consolidated financial statements.
19

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Ansira Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 11/2022 |  | 11/2024 |  | $ | 1,161 |  |  | $ | — |  |  | $ | — |  |  | — | %
AAC Lender Holdings, LLC (27) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Achievement Corporation (aka AAC Holding Corp.) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 01/2021 |  | 09/2026 |  | 2,652 |  |  | — |  |  | — |  |  | — | %
Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 09/2021 |  | 09/2027 |  | 256 |  |  | (1) |  |  | — |  |  | — | %
Coyote Buyer, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 03/2020 |  | 02/2025 |  | 304 |  |  | (2) |  |  | — |  |  | — | %
Project Power Buyer, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 01/2023 |  | 05/2025 |  | 184 |  |  | (3) |  |  | — |  |  | — | %
Appriss Health Holdings, Inc. (23) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Appriss Health, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 05/2021 |  | 05/2027 |  | 417 |  |  | (4) |  |  | — |  |  | — | %
PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2022 |  | 08/2029 |  | 486 |  |  | (5) |  |  | — |  |  | — | %
Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 09/2019 |  | 09/2026 |  | 852 |  |  | (6) |  |  | — |  |  | — | %
USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 07/2021 |  | 07/2027 |  | 893 |  |  | (9) |  |  | — |  |  | — | %
Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2020 |  | 02/2026 |  | 1,799 |  |  | (9) |  |  | — |  |  | — | %
Xactly Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 07/2017 |  | 07/2025 |  | 992 |  |  | (10) |  |  | — |  |  | — | %
Granicus, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 01/2021 |  | 01/2027 |  | 1,303 |  |  | (10) |  |  | — |  |  | — | %

The accompanying notes are an integral part of these consolidated financial statements.
20

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2023 |  | 08/2024 |  | $ | 1,291 |  |  | $ | — |  |  | $ | — |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2023 |  | 02/2029 |  | 989 |  |  | (12) |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12) |  |  | — |  |  | — | %
Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2021 |  | 06/2024 |  | 2,157 |  |  | — |  |  | — |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2021 |  | 06/2027 |  | 1,501 |  |  | (15) |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (15) |  |  | — |  |  | — | %
Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 05/2022 |  | 05/2024 |  | 4,627 |  |  | — |  |  | — |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 05/2022 |  | 09/2027 |  | 1,551 |  |  | (16) |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16) |  |  | — |  |  | — | %
Associations, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 07/2021 |  | 07/2027 |  | 3,543 |  |  | (18) |  |  | — |  |  | — | %
Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2021 |  | 10/2027 |  | 2,040 |  |  | (6) |  |  | — |  |  |
|  | First lien (2)(15)(18) - Undrawn |  | — |  | — |  | — |  | 05/2022 |  | 05/2024 |  | 4,624 |  |  | (12) |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (18) |  |  | — |  |  | — | %
Recorded Future, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2019 |  | 07/2025 |  | 2,981 |  |  | (20) |  |  | — |  |  | — | %
Avalara, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2022 |  | 10/2028 |  | 1,720 |  |  | (21) |  |  | — |  |  | — | %
Oranje Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2023 |  | 02/2029 |  | 1,860 |  |  | (23) |  |  | — |  |  | — | %
GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2019 |  | 05/2026 |  | 3,730 |  |  | (23) |  |  | — |  |  | — | %
Infogain Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 07/2021 |  | 07/2026 |  | 3,827 |  |  | (29) |  |  | — |  |  | — | %

The accompanying notes are an integral part of these consolidated financial statements.
21

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  | First lien (2)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2019 |  | 12/2024 |  | $ | 96 |  |  | $ | — |  |  | $ | — |  |  | — | %
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2019 |  | 08/2028 |  | 3,951 |  |  | (30) |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (30) |  |  | — |  |  | — | %
OA Topco, L.P. (32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OA Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 12/2021 |  | 12/2028 |  | 3,600 |  |  | (36) |  |  | — |  |  | — | %
Knockout Intermediate Holdings I Inc. (33) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kaseya Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2029 |  | 2,888 |  |  | (22) |  |  | — |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2024 |  | 3,616 |  |  | (27) |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (49) |  |  | — |  |  | — | %
AmeriVet Partners Management, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 02/2028 |  | 1,969 |  |  | (10) |  |  | — |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 02/2024 |  | 8,764 |  |  | (44) |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (54) |  |  | — |  |  | — | %
DCA Investment Holding, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 12/2022 |  | 12/2023 |  | 48 |  |  | — |  |  | (1) |  |  | (0.00)%
Pye-Barker Fire & Safety, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 11/2021 |  | 11/2026 |  | 1,161 |  |  | (16) |  |  | (6) |  |  | (0.00)%
CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 07/2021 |  | 07/2026 |  | 226 |  |  | (3) |  |  | (12) |  |  | (0.00)%
Sun Acquirer Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 09/2021 |  | 09/2027 |  | 559 |  |  | (5) |  |  | (12) |  |  | (0.00)%
NMC Crimson Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 03/2021 |  | 12/2023 |  | 889 |  |  | — |  |  | (16) |  |  | (0.00)%
Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 04/2021 |  | 04/2027 |  | 637 |  |  | (5) |  |  | (16) |  |  | (0.00)%
Specialtycare, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2021 |  | 06/2026 |  | 559 |  |  | (8) |  |  | (19) |  |  | (0.00)%

The accompanying notes are an integral part of these consolidated financial statements.
22

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
MRI Software LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 01/2020 |  | 02/2026 |  | $ | 2,002 |  |  | $ | (10) |  |  | $ | (19) |  |  | (0.00)%
Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2021 |  | 04/2024 |  | 524 |  |  | — |  |  | (9) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2021 |  | 10/2027 |  | 863 |  |  | (9) |  |  | (13) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9) |  |  | (22) |  |  | (0.00)%
iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(18) - Undrawn |  | — |  | — |  | — |  | 09/2023 |  | 08/2024 |  | 1,080 |  |  | — |  |  | — |  |  |
|  | First lien (8)(18) - Undrawn |  | — |  | — |  | — |  | 08/2022 |  | 08/2024 |  | 6,969 |  |  | — |  |  | — |  |  |
|  | First lien (3)(18) - Undrawn |  | — |  | — |  | — |  | 08/2022 |  | 08/2028 |  | 2,347 |  |  | (21) |  |  | (23) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (21) |  |  | (23) |  |  | (0.00)%
Community Brands ParentCo, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 02/2028 |  | 425 |  |  | (4) |  |  | (10) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 02/2024 |  | 849 |  |  | — |  |  | (21) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4) |  |  | (31) |  |  | (0.00)%
Deca Dental Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2021 |  | 08/2027 |  | 1,009 |  |  | (10) |  |  | (31) |  |  | (0.00)%
IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 09/2021 |  | 09/2027 |  | 2,298 |  |  | (23) |  |  | (31) |  |  | (0.00)%
FS WhiteWater Holdings, LLC (30) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 07/2022 |  | 07/2024 |  | 1,597 |  |  | (16) |  |  | (13) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 12/2021 |  | 12/2027 |  | 1,260 |  |  | (13) |  |  | (21) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (29) |  |  | (34) |  |  | (0.00)%
YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (5)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2021 |  | 10/2023 |  | 4 |  |  | — |  |  | — |  |  |
|  | First lien (5)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2021 |  | 12/2024 |  | 865 |  |  | — |  |  | (8) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 11/2019 |  | 10/2025 |  | 3,968 |  |  | (20) |  |  | (38) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (20) |  |  | (46) |  |  | (0.00)%

The accompanying notes are an integral part of these consolidated financial statements.
23

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Pioneer Topco I, L.P. (31) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 11/2021 |  | 11/2027 |  | $ | 2,446 |  |  | $ | (24) |  |  | $ | (48) |  |  | (0.00)%
Groundworks, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 03/2023 |  | 03/2029 |  | 1,076 |  |  | (16) |  |  | (16) |  |  |
|  | First lien (4)(15)(18) - Undrawn |  | — |  | — |  | — |  | 03/2023 |  | 09/2024 |  | 2,237 |  |  | — |  |  | (34) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16) |  |  | (50) |  |  | (0.00)%
Diamond Parent Holdings Corp. (28) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diligent Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 03/2021 |  | 08/2025 |  | 2,138 |  |  | (11) |  |  | (53) |  |  | (0.00)%
IMO Investor Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 05/2022 |  | 05/2028 |  | 1,301 |  |  | (13) |  |  | (29) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 05/2022 |  | 05/2024 |  | 2,261 |  |  | (23) |  |  | (50) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (36) |  |  | (79) |  |  | (0.01) | %
Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Packaging |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2021 |  | 10/2027 |  | 2,861 |  |  | (29) |  |  | (31) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2024 |  | 4,573 |  |  | — |  |  | (50) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (29) |  |  | (81) |  |  | (0.01) | %
TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 02/2024 |  | 1,152 |  |  | — |  |  | (18) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 02/2028 |  | 4,267 |  |  | (43) |  |  | (66) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (43) |  |  | (84) |  |  | (0.01) | %
DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (4)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2024 |  | 1,147 |  |  | — |  |  | (18) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2028 |  | 2,405 |  |  | — |  |  | (38) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2024 |  | 3,062 |  |  | — |  |  | (48) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | (104) |  |  | (0.01) | %

The accompanying notes are an integral part of these consolidated financial statements.
24

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Products |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 11/2021 |  | 11/2023 |  | $ | 587 |  |  | $ | (7) |  |  | $ | (46) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 11/2021 |  | 05/2027 |  | 822 |  |  | (6) |  |  | (64) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13) |  |  | (110) |  |  | (0.01) | %
Paw Midco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (4)(15)(18) - Undrawn |  | — |  | — |  | — |  | 01/2022 |  | 12/2023 |  | 1,434 |  |  | (14) |  |  | (17) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 12/2021 |  | 12/2027 |  | 3,659 |  |  | (37) |  |  | (44) |  |  |
|  | First lien (2)(15)(18) - Undrawn |  | — |  | — |  | — |  | 12/2021 |  | 12/2023 |  | 4,421 |  |  | (44) |  |  | (53) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (95) |  |  | (114) |  |  | (0.01) | %
ACI Parent Inc. (29) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2021 |  | 08/2027 |  | 2,354 |  |  | (24) |  |  | (51) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2021 |  | 08/2024 |  | 3,427 |  |  | — |  |  | (74) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (24) |  |  | (125) |  |  | (0.01) | %
Total Unfunded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (877) |  |  | $ | (1,167) |  |  | (0.07) | %
Unfunded Debt Investments - Netherlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tahoe Finco, LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Information Technology |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2021 |  | 10/2027 |  | $ | 4,439 |  |  | $ | (44) |  |  | $ | — |  |  | — | %
Total Unfunded Debt Investments - Netherlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (44) |  |  | $ | — |  |  | — | %
Unfunded Debt Investments - Australia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlas AU Bidco Pty Ltd** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 12/2022 |  | 12/2028 |  | $ | 320 |  |  | $ | (5) |  |  | $ | — |  |  | — | %
Total Unfunded Debt Investments - Australia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (5) |  |  | $ | — |  |  | — | %
Total Unfunded Debt Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (926) |  |  | $ | (1,167) |  |  | (0.09) | %
Total Non-Controlled/Non-Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,429,421 |  |  | $ | 2,318,232 |  |  | 173.43 | %

The accompanying notes are an integral part of these consolidated financial statements.
25

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Non-Controlled/Affiliated Investments (37) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TVG-Edmentum Holdings, LLC (24) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Edmentum Ultimate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Subordinated (3)(15) |  | SOFR(Q)* |  | 7.50% + 4.50%/PIK |  | 17.47% |  | 12/2020 |  | 01/2027 |  | $ | 17,844 |  |  | $ | 17,748 |  |  | $ | 17,845 |  |  | 1.34 | %
Eagle Infrastructure Super HoldCo, LLC (34) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(Q) |  | 7.50% |  | 13.04% |  | 03/2023 |  | 04/2028 |  | 10,676 |  |  | 10,676 |  |  | 10,676 |  |  |
|  | First lien (3)(15) |  | SOFR(Q) |  | 7.50% |  | 13.04% |  | 03/2023 |  | 04/2028 |  | 342 |  |  | 342 |  |  | 342 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,018 |  |  | 11,018 |  |  | 0.82 | %
Permian Holdco 3, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permian Trust |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | First lien (10)(15) |  | FIXED(Q) (35)* |  | 10.00%/PIK |  | 10.00% |  | 03/2021 |  | — |  | 247 |  |  | — |  |  | — |  |  |
|  | First lien (3)(15) |  | SOFR(Q) (35)* |  | 10.00%/PIK |  | 11.00% |  | 07/2020 |  | — |  | 3,409 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — | %
Total Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 28,766 |  |  | $ | 28,863 |  |  | 2.16 | %
Equity - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TVG-Edmentum Holdings, LLC (24) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Ordinary shares (3)(15) |  | FIXED(Q)* |  | 12.00%/PIK |  | 12.00% |  | 12/2020 |  | — |  | 48,899 |  |  | $ | 60,237 |  |  | $ | 100,918 |  |  | 7.55 | %
Eagle Infrastructure Super HoldCo, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 03/2023 |  | — |  | 72,536 |  |  | 4,104 |  |  | 4,094 |  |  | 0.31 | %
Sierra Hamilton Holdings Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | Ordinary shares (2)(15) |  | — |  | — |  | — |  | 07/2017 |  | — |  | 25,000,000 |  |  | 11,500 |  |  | 1,799 |  |  |
|  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 07/2017 |  | — |  | 2,786,000 |  |  | 1,282 |  |  | 201 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,782 |  |  | 2,000 |  |  | 0.15 | %
Total Shares - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 77,123 |  |  | $ | 107,012 |  |  | 8.01 | %
Total Non-Controlled/Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 105,889 |  |  | $ | 135,875 |  |  | 10.17 | %

The accompanying notes are an integral part of these consolidated financial statements.
26

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Controlled Investments (38) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Benevis Topco, LLC (26) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Benevis Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | SOFR(Q)* |  | 9.50%/PIK |  | 14.99% |  | 10/2020 |  | 04/2026 |  | $ | 40,208 |  |  | $ | 40,208 |  |  | $ | 40,208 |  |  |
|  | First lien (3)(15) |  | SOFR(Q)* |  | 9.50%/PIK |  | 14.99% |  | 10/2020 |  | 04/2026 |  | 12,392 |  |  | 12,392 |  |  | 12,392 |  |  |
|  | First lien (8)(15) |  | SOFR(Q)* |  | 9.50%/PIK |  | 14.99% |  | 10/2020 |  | 04/2026 |  | 9,865 |  |  | 9,865 |  |  | 9,865 |  |  |
|  | Subordinated (3)(15) |  | FIXED(M)* |  | 12.00%/PIK |  | 12.00% |  | 10/2020 |  | 10/2026 |  | 20,458 |  |  | 19,070 |  |  | 16,366 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 81,535 |  |  | 78,831 |  |  | 5.90 | %
New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Permian Holdco, L.L.C. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | First lien (3)(15) |  | SOFR(Q) |  | 9.00% |  | 14.65% |  | 10/2020 |  | 12/2024 |  | 23,336 |  |  | 23,336 |  |  | 23,336 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 6.00% |  | 11.65% |  | 10/2020 |  | 12/2024 |  | 12,599 |  |  | 12,599 |  |  | 12,599 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35,935 |  |  | 35,935 |  |  | 2.69 | %
UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Second lien (3)(15) |  | FIXED(Q)* |  | 15.00%/PIK |  | 15.00% |  | 12/2020 |  | 02/2025 |  | 12,942 |  |  | 12,942 |  |  | 12,210 |  |  |
|  | Second lien (3)(15) |  | FIXED(Q)* |  | 15.00%/PIK |  | 15.00% |  | 07/2022 |  | 02/2025 |  | 5,737 |  |  | 5,737 |  |  | 5,411 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,679 |  |  | 17,621 |  |  | 1.32 | %
NHME Holdings Corp. (25) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
National HME, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Second lien (3)(15) |  | SOFR(Q) (35)* |  | 5.00%/PIK |  | 10.51% |  | 11/2018 |  | 05/2024 |  | 8,281 |  |  | 7,872 |  |  | 3,000 |  |  | 0.22 | %
Total Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 144,021 |  |  | $ | 135,387 |  |  | 10.13 | %
Equity - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NMFC Senior Loan Program III LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Fund |  | Membership interest (3)(15) |  | — |  | — |  | — |  | 05/2018 |  | — |  | — |  |  | $ | 140,000 |  |  | $ | 140,000 |  |  | 10.47 | %
NMFC Senior Loan Program IV LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Fund |  | Membership interest (3)(15) |  | — |  | — |  | — |  | 05/2021 |  | — |  | — |  |  | 112,400 |  |  | 112,400 |  |  | 8.41 | %
NM NL Holdings, L.P.** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 06/2018 |  | — |  | — |  |  | 76,371 |  |  | 95,892 |  |  | 7.17 | %
New Benevis Topco, LLC (26) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Ordinary shares (2)(15) |  | — |  | — |  | — |  | 10/2020 |  | — |  | 269,027 |  |  | 27,154 |  |  | 34,490 |  |  |
|  | Ordinary shares (8)(15) |  | — |  | — |  | — |  | 10/2020 |  | — |  | 66,007 |  |  | 6,662 |  |  | 8,462 |  |  |
|  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 10/2020 |  | — |  | 60,068 |  |  | 6,105 |  |  | 7,701 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,921 |  |  | 50,653 |  |  | 3.79 | %

The accompanying notes are an integral part of these consolidated financial statements.
27

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Preferred shares (3)(15) |  | FIXED(Q)* |  | 20.00%/PIK |  | 20.00% |  | 08/2018 |  | — |  | 17,866,915 |  |  | $ | 17,867 |  |  | $ | 14,964 |  |  |
|  | Preferred shares (3)(15) |  | FIXED(Q)* |  | 20.00%/PIK |  | 20.00% |  | 08/2019 |  | — |  | 10,619,146 |  |  | 10,619 |  |  | 9,341 |  |  |
|  | Preferred shares (3)(15)(35) |  | FIXED(Q) (35)* |  | 19.00%/PIK |  | 19.00% |  | 06/2017 |  | — |  | 19,795,435 |  |  | 19,794 |  |  | 5,927 |  |  |
|  | Preferred shares (2)(15)(35) |  | FIXED(Q) (35)* |  | 13.50%/PIK |  | 13.50% |  | 01/2015 |  | — |  | 29,326,545 |  |  | 26,946 |  |  | — |  |  |
|  | Preferred shares (3)(15)(35) |  | FIXED(Q) (35)* |  | 13.50%/PIK |  | 13.50% |  | 01/2015 |  | — |  | 8,104,462 |  |  | 7,447 |  |  | — |  |  |
|  | Ordinary shares (2)(15) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 2,096,477 |  |  | 1,925 |  |  | — |  |  |
|  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 1,993,749 |  |  | 532 |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 85,130 |  |  | 30,232 |  |  | 2.26 | %
New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 10/2020 |  | — |  | 100 |  |  | 11,155 |  |  | 26,000 |  |  | 1.95 | %
NM CLFX LP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 10/2017 |  | — |  | — |  |  | 12,278 |  |  | 11,692 |  |  | 0.87 | %
NM YI, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 09/2019 |  | — |  | — |  |  | 6,272 |  |  | 9,449 |  |  | 0.71 | %
QID TRH Holdings LLC (21) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Haven Midstream Holdings LLC (21) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  | Ordinary shares (14)(15) |  | — |  | — |  | — |  | 10/2021 |  | — |  | 80 |  |  | — |  |  | 2,042 |  |  |
|  | Profit Interest (6)(15) |  | — |  | — |  | — |  | 10/2021 |  | — |  | 5 |  |  | — |  |  | 92 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | 2,134 |  |  | 0.16 | %
NM GP Holdco, LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 06/2018 |  | — |  | — |  |  | 861 |  |  | 1,041 |  |  | 0.08 | %
NHME Holdings Corp.(25) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 11/2018 |  | — |  | 640,000 |  |  | 4,000 |  |  | — |  |  |
Total Shares - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 488,388 |  |  | $ | 479,493 |  |  | 35.87 | %
Equity - Canada |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NM APP Canada Corp.** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 09/2016 |  | — |  | — |  |  | $ | — |  |  | $ | 7 |  |  |
Total Shares - Canada |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 7 |  |  | — | %
Total Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 488,388 |  |  | $ | 479,500 |  |  | 35.87 | %
Warrants - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Warrants (3)(15) |  | — |  | — |  | — |  | 12/2020 |  | 02/2025 |  | 13,339 |  |  | $ | — |  |  | $ | 42,909 |  |  | 3.21 | %
NHME Holdings Corp. (25) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Warrants (3)(15) |  | — |  | — |  | — |  | 11/2018 |  | — |  | 160,000 |  |  | 1,000 |  |  | — |  |  | — | %
Total Warrants - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,000 |  |  | $ | — |  |  | — | %
Total Funded Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 633,409 |  |  | $ | 657,796 |  |  | 49.21 | %

The accompanying notes are an integral part of these consolidated financial statements.
28

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1) |  | Type of Investment |  | Reference |  | Spread |  | Total Coupon (19) |  | Acquisition Date |  | Maturity / Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Unfunded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Permian Holdco, L.L.C. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2020 |  | 12/2024 |  | $ | 9,295 |  |  | $ | — |  |  | $ | — |  |  | — | %
Haven Midstream Holdings LLC (21) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Haven Midstream LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 12/2021 |  | 10/2026 |  | 8,000 |  |  | — |  |  | — |  |  | — | %
Total Unfunded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | — | %
Total Controlled Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 633,409 |  |  | $ | 657,796 |  |  | 49.21 | %
Total Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,168,719 |  |  | $ | 3,111,903 |  |  | 232.81 | %

(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
(2)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. ("NMF Holdings") as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian. See Note 7. Borrowings, for details.
(3)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower and Goldman Sachs Bank USA as the Administrative Agent and the Collateral Agent and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A. as Lenders. See Note 7. Borrowings, for details.
(4)Investment is held in New Mountain Finance SBIC, L.P.
(5)Investment is held in New Mountain Finance SBIC II, L.P.
(6)Investment is held in NMF QID NGL Holdings, Inc.
(7)Investment is held in New Mountain Net Lease Corporation.
(8)Investment is pledged as collateral for the DB Credit Facility, a revolving credit facility among New Mountain Finance DB, L.L.C. as the Borrower and Deutsche Bank AG, New York Branch as the Facility Agent. See Note 7. Borrowings, for details.
(9)Investment is held in NMF Ancora Holdings, Inc.
(10)Investment is held in NMF Permian Holdings, LLC.
(11)Investment is held in NMF HB, Inc.
(12)Investment is held in NMF OEC, Inc.
(13)Investment is held in NMF Pioneer, Inc.
(14)Investment is held in NMF TRM, LLC.
(15)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.
(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of September 30, 2023, the par value U.S. dollar equivalent of the first lien term loan and drawn first lien term loan is $15,906 and $13,774, respectively. See Note 2. Summary of Significant Accounting Policies, for details.
(17)Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").
(18)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.
(19)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA), Secured Overnight Financing Rate
The accompanying notes are an integral part of these consolidated financial statements.
29

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)
(SOFR), Euro Interbank Offered Rate (EURIBOR) and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of September 30, 2023.
(20)The Company holds investments in Education Management Corporation and one related entity of Education Management Corporation. The Company holds series A-1 convertible preferred stock and common stock in Education Management Corporation and holds tranche A first lien term loans and a tranche B first lien term loan in Education Management II LLC, which is an indirect subsidiary of Education Management Corporation.
(21)The Company holds investments in multiple entities of Haven Midstream Holdings LLC. The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97.0% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Haven Midstream Holdings LLC, and holds a first lien revolver in Haven Midstream LLC.
(22)The Company holds preferred equity in OEC Holdco, LLC, and two second lien term loans in OEConnection LLC, a wholly-owned subsidiary of OEC Holdco, LLC. The preferred equity is entitled to receive preferential dividends of 11.0% per annum.
(23)The Company holds investments in two wholly-owned subsidiaries of Appriss Health Holdings, Inc. The company holds a first lien term loan and a first lien revolver in Appriss Health, LLC, and preferred equity in Appriss Health Intermediate Holdings, Inc. The preferred equity is entitled to receive preferential dividends at a rate of 11.0% per annum.
(24)The Company holds ordinary shares in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. The ordinary shares are entitled to receive cumulative preferential dividends at a rate of 12.0% per annum.
(25)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp.
(26)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.
(27)The Company holds ordinary shares in AAC Lender Holdings, LLC and two first lien term loans, a first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.
(28)The Company holds investments in two wholly-owned subsidiary of Diamond Parent Holdings Corp. The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc. The preferred equity in Diligent Preferred Issuer Inc. is entitled to receive cumulative preferential dividends at a rate 10.5% per annum.
(29)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, a first lien delayed draw and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc. The preferred equity in ACI Parent Inc. is entitled to receive cumulative preferential dividends at a rate of 11.75% per annum.
(30)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and three first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.
(31)The Company holds ordinary shares in Pioneer Topco I, L.P., and two first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.
(32)The Company holds ordinary shares in OA Topco, L.P., and two first lien term loans and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidiary of OA Topco, L.P.
(33)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Kaseya, Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I Inc. The preferred equity is entitled to received cumulative preferential dividends at a rate of 11.75% per annum.
(34)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.
(35)Investment is on non-accrual status. See Note 3. Investments, for details.
(36)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $16,500 as of September 30, 2023. See Note 2. Summary of Significant Accounting Policies, for details.
The accompanying notes are an integral part of these consolidated financial statements.
30

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)
(37)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of September 30, 2023 and December 31, 2022 along with transactions during the nine months ended September 30, 2023 in which the issuer was a non-controlled/affiliated investment is as follows:

Portfolio Company |  | Fair Value at December 31, 2022 |  | Gross Additions (A) |  | Gross Redemptions (B) |  | Net Change In Unrealized Appreciation (Depreciation) |  | Fair Value at September 30, 2023 |  | Net Realized Gains (Losses) |  | Interest Income |  | Dividend Income |  | Other Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC |  | $ | — |  |  | $ | 15,581 |  |  | $ | (459) |  |  | $ | (10) |  |  | $ | 15,112 |  |  | $ | — |  |  | $ | 717 |  |  | $ | — |  |  | $ | — |
Permian Holdco 3, Inc. / Permian Trust |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sierra Hamilton Holdings Corporation |  | 4,000 |  |  | 2 |  |  | (7) |  |  | (1,995) |  |  | 2,000 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC |  | 126,787 |  |  | 4,801 |  |  | — |  |  | (12,825) |  |  | 118,763 |  |  | — |  |  | 2,228 |  |  | 3,417 |  |  | 188 |
Total Non-Controlled/Affiliated Investments |  | $ | 130,787 |  |  | $ | 20,384 |  |  | $ | (466) |  |  | $ | (14,830) |  |  | $ | 135,875 |  |  | $ | — |  |  | $ | 2,946 |  |  | $ | 3,417 |  |  | $ | 189 |

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind ("PIK") interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
The accompanying notes are an integral part of these consolidated financial statements.
31

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(in thousands, except shares)
(unaudited)
(38) Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of September 30, 2023 and December 31, 2022, along with transactions during the nine months ended September 30, 2023 in which the issuer was a controlled investment, is as follows:

Portfolio Company (1) |  | Fair Value at December 31, 2022 |  | Gross Additions (A) |  | Gross Redemptions (B) |  | Net Change In Unrealized Appreciation (Depreciation) |  | Fair Value at September 30, 2023 |  | Net Realized Gains (Losses) |  | Interest Income |  | Dividend Income |  | Other Income
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC |  | $ | 35,788 |  |  | $ | — |  |  | $ | — |  |  | $ | (33,654) |  |  | $ | 2,134 |  |  | $ | 33,815 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,530 |
National HME, Inc./NHME Holdings Corp. |  | 5,381 |  |  | — |  |  | (17,404) |  |  | 15,023 |  |  | 3,000 |  |  | (17,404) |  |  | — |  |  | — |  |  | — |
New Benevis Topco, LLC / New Benevis Holdco, Inc. |  | 114,146 |  |  | 16,118 |  |  | — |  |  | (780) |  |  | 129,484 |  |  | — |  |  | 8,474 |  |  | — |  |  | 1,125 |
New Permian Holdco, Inc. / New Permian Holdco, L.L.C. |  | 57,564 |  |  | 4,371 |  |  | — |  |  | — |  |  | 61,935 |  |  | — |  |  | 3,946 |  |  | — |  |  | 381 |
NM APP Canada Corp. |  | — |  |  | — |  |  | — |  |  | 7 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |
NM CLFX LP |  | 16,172 |  |  | — |  |  | (259) |  |  | (4,221) |  |  | 11,692 |  |  | — |  |  | — |  |  | 1,082 |  |  | — |
NM NL Holdings, L.P. |  | 94,305 |  |  | — |  |  | — |  |  | 1,587 |  |  | 95,892 |  |  | — |  |  | — |  |  | 6,318 |  |  | — |
NM GP Holdco, LLC |  | 1,028 |  |  | — |  |  | — |  |  | 13 |  |  | 1,041 |  |  | — |  |  | — |  |  | 65 |  |  | — |
NM YI LLC |  | 9,481 |  |  | — |  |  | — |  |  | (32) |  |  | 9,449 |  |  | — |  |  | — |  |  | 635 |  |  | — |
NMFC Senior Loan Program III LLC |  | 140,000 |  |  | — |  |  | — |  |  | — |  |  | 140,000 |  |  | — |  |  | — |  |  | 14,700 |  |  | — |
NMFC Senior Loan Program IV LLC |  | 112,400 |  |  | — |  |  | — |  |  | — |  |  | 112,400 |  |  | — |  |  | — |  |  | 11,381 |  |  | — |
UniTek Global Services, Inc. |  | 103,770 |  |  | 6,558 |  |  | (26,449) |  |  | 6,883 |  |  | 90,762 |  |  | 2 |  |  | 3,283 |  |  | 3,877 |  |  | 907 |
Total Controlled Investments |  | $ | 690,035 |  |  | $ | 27,047 |  |  | $ | (44,112) |  |  | $ | (15,174) |  |  | $ | 657,796 |  |  | $ | 16,413 |  |  | $ | 15,703 |  |  | $ | 38,058 |  |  | $ | 3,943 |

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
* All or a portion of interest contains PIK interest. See Note 2. Summary of Significant Accounting Policies-Revenue Recognition, for details.
** Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2023, 15.9% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.
The accompanying notes are an integral part of these consolidated financial statements.
32

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
September 30, 2023
(unaudited)

|  | September 30, 2023
Investment Type |  | Percent of Total Investments at Fair Value
First lien |  | 54.36 | %
Second lien |  | 17.02 | %
Subordinated |  | 2.77 | %
Equity and other |  | 25.85 | %
Total investments |  | 100.00 | %

|  | September 30, 2023
Industry Type |  | Percent of Total Investments at Fair Value
Software |  | 26.38 | %
Business Services |  | 17.38 | %
Healthcare |  | 17.21 | %
Investment Funds (includes investments in joint ventures) |  | 8.11 | %
Education |  | 8.01 | %
Consumer Services |  | 5.18 | %
Net Lease |  | 3.79 | %
Distribution & Logistics |  | 3.36 | %
Financial Services |  | 3.31 | %
Energy |  | 2.05 | %
Information Technology |  | 1.90 | %
Packaging |  | 1.25 | %
Specialty Chemicals & Materials |  | 0.89 | %
Consumer Products |  | 0.61 | %
Business Products |  | 0.35 | %
Food & Beverage |  | 0.22 | %
Total investments |  | 100.00 | %

|  | September 30, 2023
Interest Rate Type |  | Percent of Total Investments at Fair Value
Floating rates |  | 89.45 | %
Fixed rates |  | 10.55 | %
Total investments |  | 100.00 | %

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

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Non-Controlled/Non-Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | L(Q) |  | 5.75% |  | 9.92 | % |  | 08/2019 |  | 05/2026 |  | $ | 67,275 |  |  | $ | 67,074 |  |  | $ | 66,675 |  |  |
|  | First lien (5)(15) |  | L(Q) |  | 5.75% |  | 9.92 | % |  | 08/2019 |  | 05/2026 |  | 21,745 |  |  | 21,683 |  |  | 21,551 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 88,757 |  |  | 88,226 |  |  | 6.65 | %
PhyNet Dermatology LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | SOFR(S) |  | 6.25% |  | 10.80 | % |  | 09/2018 |  | 08/2024 |  | 49,270 |  | 49,116 |  | 49,270 |  |
|  | First lien (2)(15) |  | SOFR(S) |  | 6.25% |  | 10.80 | % |  | 09/2018 |  | 08/2024 |  | 18,726 |  | 18,663 |  |  | 18,726 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 67,779 |  |  | 67,996 |  |  | 5.13 | %
Associations, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(Q)* |  | 4.00% + 2.50%/PIK |  | 10.36 | % |  | 07/2021 |  | 07/2027 |  | 35,786 |  |  | 35,657 |  | 35,786 |  |
|  | First lien (8)(15) |  | SOFR(Q)* |  | 4.00% + 2.50%/PIK |  | 11.26 | % |  | 07/2021 |  | 07/2027 |  | 8,810 |  |  | 8,774 |  |  | 8,810 |  |  |
|  | First lien (2)(15) |  | SOFR(Q)* |  | 4.00% + 2.50%/PIK |  | 11.29 | % |  | 07/2021 |  | 07/2027 |  | 8,810 |  |  | 8,773 |  |  | 8,810 |  |  |
|  | First lien (8)(15) |  | SOFR(Q)* |  | 4.00% + 2.50%/PIK |  | 10.97 | % |  | 07/2021 |  | 07/2027 |  | 5,321 |  |  | 5,300 |  |  | 5,321 |  |  |
|  | First lien (8)(15) |  | SOFR(Q)* |  | 4.00% + 2.50%/PIK |  | 10.36 | % |  | 07/2021 |  | 07/2027 |  | 4,233 |  |  | 4,217 |  |  | 4,233 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62,721 |  |  | 62,960 |  |  | 4.75 | %
Paw Midco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (8)(15) |  | L(M) |  | 5.50% |  | 9.89 | % |  | 12/2021 |  | 12/2027 |  | 20,634 |  |  | 20,457 |  |  | 20,378 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(M) |  | 5.50% |  | 9.82 | % |  | 12/2021 |  | 12/2027 |  | 12,357 |  |  | 12,369 |  |  | 12,204 |  |  |
|  | First lien (4)(15) |  | L(M) |  | 5.50% |  | 9.89 | % |  | 01/2022 |  | 12/2027 |  | 9,797 |  |  | 9,713 |  |  | 9,676 |  |  |
|  | First lien (4)(15)(18) - Drawn |  | L(M) |  | 5.50% |  | 9.82 | % |  | 12/2021 |  | 12/2027 |  | 4,009 |  |  | 4,013 |  |  | 3,959 |  |  |
|  | Subordinated (3)(15) |  | FIXED(Q)* |  | 11.50%/PIK |  | 11.50 | % |  | 12/2021 |  | 12/2031 |  | 12,494 |  |  | 12,337 |  |  | 11,908 |  |  |
|  | Subordinated (4)(15) |  | FIXED(Q)* |  | 11.50%/PIK |  | 11.50 | % |  | 01/2022 |  | 12/2031 |  | 4,900 |  |  | 4,838 |  |  | 4,670 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,727 |  |  | 62,795 |  |  | 4.73 | %
GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  | First lien (5)(15) |  | L(M) |  | 5.50% |  | 9.88 | % |  | 08/2021 |  | 08/2026 |  | 21,885 |  |  | 21,793 |  |  | 21,623 |  |  |
|  | First lien (2)(15)(18) - Drawn |  | L(M) |  | 5.50% |  | 9.88 | % |  | 04/2022 |  | 08/2026 |  | 16,611 |  |  | 16,450 |  |  | 16,411 |  |  |
|  | First lien (2)(15) |  | L(M) |  | 5.50% |  | 9.88 | % |  | 08/2021 |  | 08/2026 |  | 13,211 |  |  | 13,135 |  |  | 13,052 |  |  |
|  | First lien (2)(15) |  | L(M) |  | 5.50% |  | 9.88 | % |  | 08/2021 |  | 08/2026 |  | 10,551 |  |  | 10,465 |  |  | 10,424 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(M) |  | 5.50% |  | 9.88 | % |  | 10/2019 |  | 08/2026 |  | 988 |  |  | 980 |  |  | 976 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62,823 |  |  | 62,486 |  |  | 4.71 | %

The accompanying notes are an integral part of these consolidated financial statements.
34

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Knockout Intermediate Holdings I Inc. (41) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kaseya Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | SOFR(Q) |  | 5.75% |  | 10.33% |  | 06/2022 |  | 06/2029 |  | $ | 63,093 |  |  | $ | 62,647 |  |  | $ | 62,172 |  |  | 4.69 | %
iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15) |  | SOFR(Q)* |  | 3.38% + 3.88%/PIK |  | 11.52% |  | 08/2022 |  | 08/2028 |  | 44,287 |  |  | 43,917 |  |  | 43,901 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 7.25% |  | 11.52% |  | 10/2022 |  | 08/2028 |  | 7,366 |  |  | 7,303 |  |  | 7,311 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51,220 |  |  | 51,212 |  |  | 3.86 | %
CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (3) |  | L(Q) |  | 7.50% |  | 12.23% |  | 08/2018 |  | 08/2026 |  | 47,838 |  |  | 47,505 |  |  | 40,941 |  |  |
|  | Second lien (8) |  | L(Q) |  | 7.50% |  | 12.23% |  | 08/2018 |  | 08/2026 |  | 7,500 |  |  | 7,448 |  |  | 6,419 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54,953 |  |  | 47,360 |  |  | 3.57 | %
IG Intermediateco LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Infogain Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(M) |  | 5.75% |  | 10.17% |  | 07/2021 |  | 07/2028 |  | 18,898 |  |  | 18,780 |  |  | 18,545 |  |  |
|  | First lien (8)(15) |  | SOFR(M) |  | 5.75% |  | 10.17% |  | 07/2022 |  | 07/2028 |  | 7,923 |  |  | 7,849 |  |  | 7,775 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(M) |  | 5.75% |  | 10.17% |  | 07/2021 |  | 07/2026 |  | 1,068 |  |  | 1,060 |  |  | 1,048 |  |  |
|  | Subordinated (3)(15) |  | SOFR(Q) |  | 8.25% |  | 12.93% |  | 07/2022 |  | 07/2029 |  | 17,245 |  |  | 17,039 |  |  | 16,846 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44,728 |  |  | 44,214 |  |  | 3.33 | %
Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (5)(15) |  | SOFR(M) |  | 7.50% |  | 11.88% |  | 04/2018 |  | 04/2026 |  | 22,500 |  |  | 22,443 |  |  | 21,798 |  |  |
|  | Second lien (2)(15) |  | SOFR(M) |  | 7.50% |  | 11.88% |  | 04/2018 |  | 04/2026 |  | 16,624 |  |  | 16,540 |  |  | 16,104 |  |  |
|  | Second lien (8)(15) |  | SOFR(M) |  | 7.50% |  | 11.88% |  | 04/2018 |  | 04/2026 |  | 6,000 |  |  | 5,970 |  |  | 5,813 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44,953 |  |  | 43,715 |  |  | 3.30 | %
Deca Dental Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | L(Q) |  | 5.75% |  | 10.48% |  | 08/2021 |  | 08/2028 |  | 37,860 |  |  | 37,541 |  |  | 36,232 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(Q) |  | 5.75% |  | 10.48% |  | 08/2021 |  | 08/2028 |  | 3,985 |  |  | 3,950 |  |  | 3,814 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(Q) |  | 5.75% |  | 10.48% |  | 08/2021 |  | 08/2027 |  | 2,623 |  |  | 2,597 |  |  | 2,510 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44,088 |  |  | 42,556 |  |  | 3.21 | %
Recorded Future, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15) |  | L(Q) |  | 5.25% |  | 9.98% |  | 08/2019 |  | 07/2025 |  | 24,469 |  |  | 24,351 |  |  | 24,263 |  |  |
|  | First lien (2)(15) |  | L(Q) |  | 5.25% |  | 9.98% |  | 03/2021 |  | 07/2025 |  | 12,652 |  |  | 12,589 |  |  | 12,546 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36,940 |  |  | 36,809 |  |  | 2.78 | %
Auctane Inc. (fka Stamps.com Inc.) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15) |  | L(M) |  | 5.75% |  | 10.13% |  | 10/2021 |  | 10/2028 |  | 22,069 |  |  | 21,880 |  |  | 21,694 |  |  |
|  | First lien (2)(15) |  | L(M) |  | 5.75% |  | 10.13% |  | 10/2021 |  | 10/2028 |  | 14,925 |  |  | 14,797 |  |  | 14,671 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36,677 |  |  | 36,365 |  |  | 2.74 | %

The accompanying notes are an integral part of these consolidated financial statements.
35

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Avalara, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15) |  | SOFR(Q) |  | 7.25% |  | 11.83% |  | 10/2022 |  | 10/2028 |  | $ | 22,500 |  |  | $ | 22,226 |  |  | $ | 22,307 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 7.25% |  | 11.83% |  | 10/2022 |  | 10/2028 |  | 12,880 |  |  | 12,723 |  |  | 12,769 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,949 |  |  | 35,076 |  |  | 2.64 | %
OEC Holdco, LLC (22) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OEConnection LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (2)(15) |  | SOFR(M) |  | 7.00% |  | 11.42% |  | 12/2021 |  | 09/2027 |  | 23,406 |  |  | 23,206 |  |  | 22,687 |  |  |
|  | Second lien (2)(15) |  | SOFR(M) |  | 7.00% |  | 11.42% |  | 09/2019 |  | 09/2027 |  | 12,044 |  |  | 11,963 |  |  | 11,674 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35,169 |  |  | 34,361 |  |  | 2.59 | %
Diamond Parent Holdings Corp. (35) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diligent Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | L(M) |  | 5.75% |  | 10.13% |  | 03/2021 |  | 08/2025 |  | 17,583 |  |  | 17,528 |  |  | 17,371 |  |  |
|  | First lien (2)(15) |  | L(M) |  | 5.75% |  | 10.13% |  | 03/2021 |  | 08/2025 |  | 9,805 |  |  | 9,774 |  |  | 9,688 |  |  |
|  | First lien (3)(15) |  | L(M) |  | 6.25% |  | 10.63% |  | 12/2018 |  | 08/2025 |  | 5,827 |  |  | 5,807 |  |  | 5,827 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(M) |  | 6.25% |  | 10.63% |  | 03/2021 |  | 08/2025 |  | 1,087 |  |  | 1,082 |  |  | 1,087 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,191 |  |  | 33,973 |  |  | 2.56 | %
IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | L(M) |  | 6.00% |  | 10.38% |  | 09/2021 |  | 09/2028 |  | 29,134 |  |  | 28,884 |  |  | 28,731 |  |  |
|  | First lien (2)(15) |  | L(M) |  | 6.00% |  | 10.38% |  | 02/2022 |  | 09/2028 |  | 4,257 |  |  | 4,238 |  |  | 4,198 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(M) |  | 6.00% |  | 10.39% |  | 09/2021 |  | 09/2027 |  | 919 |  |  | 910 |  |  | 906 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,032 |  |  | 33,835 |  |  | 2.55 | %
Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | L(M) |  | 5.50% |  | 9.88% |  | 05/2022 |  | 09/2027 |  | 31,968 |  |  | 31,678 |  |  | 31,648 |  |  |
|  | First lien (3)(15) |  | L(M) |  | 5.50% |  | 9.88% |  | 05/2022 |  | 09/2027 |  | 2,072 |  |  | 2,052 |  |  | 2,051 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33,730 |  |  | 33,699 |  |  | 2.54 | %
MRI Software LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (5)(15) |  | L(Q) |  | 5.50% |  | 10.23% |  | 01/2020 |  | 02/2026 |  | 21,879 |  |  | 21,817 |  |  | 21,383 |  |  |
|  | First lien (2)(15) |  | L(Q) |  | 5.50% |  | 10.23% |  | 03/2021 |  | 02/2026 |  | 4,615 |  |  | 4,606 |  |  | 4,511 |  |  |
|  | First lien (2)(15) |  | L(Q) |  | 5.50% |  | 10.23% |  | 01/2020 |  | 02/2026 |  | 3,173 |  |  | 3,163 |  |  | 3,101 |  |  |
|  | First lien (3)(15) |  | L(Q) |  | 5.50% |  | 10.23% |  | 03/2021 |  | 02/2026 |  | 3,664 |  |  | 3,656 |  |  | 3,581 |  |  |
|  | First lien (3)(15) |  | L(Q) |  | 5.50% |  | 10.23% |  | 01/2020 |  | 02/2026 |  | 810 |  |  | 807 |  |  | 791 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,049 |  |  | 33,367 |  |  | 2.52 | %
Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | SOFR(M) |  | 6.50% |  | 10.82% |  | 06/2022 |  | 06/2029 |  | 33,618 |  |  | 33,300 |  |  | 33,282 |  |  | 2.51 | %

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

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Granicus, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (4)(15) |  | L(M)* |  | 5.50% + 1.50%/PIK |  | 11.14% |  | 01/2021 |  | 01/2027 |  | $ | 15,405 |  |  | $ | 15,320 |  |  | $ | 15,405 |  |  |
|  | First lien (8)(15) |  | L(M)* |  | 5.50% + 1.50%/PIK |  | 11.14% |  | 01/2021 |  | 01/2027 |  | 5,959 |  |  | 5,925 |  |  | 5,959 |  |  |
|  | First lien (2)(15) |  | L(M)* |  | 5.50% + 1.50%/PIK |  | 11.14% |  | 01/2021 |  | 01/2027 |  | 5,877 |  |  | 5,845 |  |  | 5,877 |  |  |
|  | First lien (2)(15) |  | L(M) |  | 6.00% |  | 10.14% |  | 04/2021 |  | 01/2027 |  | 4,579 |  |  | 4,540 |  |  | 4,579 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(M) |  | 6.50% |  | 10.69% |  | 01/2021 |  | 01/2027 |  | 810 |  |  | 804 |  |  | 810 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,434 |  |  | 32,630 |  |  | 2.46 | %
EAB Global, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Second lien (2)(15) |  | L(Q) |  | 6.50% |  | 10.69% |  | 08/2021 |  | 08/2029 |  | 33,452 |  |  | 33,017 |  |  | 32,392 |  |  | 2.44 | %
DCA Investment Holding, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | SOFR(S) |  | 6.41% |  | 10.39% |  | 03/2021 |  | 04/2028 |  | 19,660 |  |  | 19,546 |  |  | 19,278 |  |  |
|  | First lien (2)(15) |  | SOFR(S) |  | 6.41% |  | 10.39% |  | 02/2022 |  | 04/2028 |  | 7,046 |  |  | 7,014 |  |  | 6,909 |  |  |
|  | First lien (3)(15) |  | SOFR(S) |  | 6.41% |  | 10.39% |  | 03/2021 |  | 04/2028 |  | 3,273 |  |  | 3,252 |  |  | 3,209 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(S) |  | 6.41% |  | 10.39% |  | 03/2021 |  | 04/2028 |  | 2,836 |  |  | 2,823 |  |  | 2,781 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,635 |  |  | 32,177 |  |  | 2.43 | %
KAMC Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Second lien (2)(15) |  | L(Q) |  | 8.00% |  | 12.65% |  | 08/2019 |  | 08/2027 |  | 18,750 |  |  | 18,657 |  |  | 15,938 |  |  |
|  | Second lien (8)(15) |  | L(Q) |  | 8.00% |  | 12.65% |  | 08/2019 |  | 08/2027 |  | 18,750 |  |  | 18,657 |  |  | 15,937 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,314 |  |  | 31,875 |  |  | 2.40 | %
OA Topco, L.P. (40) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OA Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | L(M) |  | 5.75% |  | 10.13% |  | 12/2021 |  | 12/2028 |  | 27,989 |  |  | 27,742 |  |  | 27,763 |  |  |
|  | First lien (2)(15) |  | L(M) |  | 5.75% |  | 10.13% |  | 05/2022 |  | 12/2028 |  | 1,772 |  |  | 1,755 |  |  | 1,757 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29,497 |  |  | 29,520 |  |  | 2.23 | %
TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (8)(15) |  | SOFR(Q)* |  | 3.63% + 3.63%/PIK |  | 11.49% |  | 02/2022 |  | 02/2028 |  | 29,868 |  |  | 29,604 |  |  | 29,151 |  |  |
|  | First lien (2)(15)(18) - Drawn |  | SOFR(Q)* |  | 3.63% + 3.63%/PIK |  | 11.49% |  | 02/2022 |  | 02/2028 |  | 277 |  |  | 277 |  |  | 270 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29,881 |  |  | 29,421 |  |  | 2.22 | %
Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  | First lien (2)(15) |  | SOFR(S) |  | 6.00% |  | 10.00% |  | 08/2021 |  | 10/2027 |  | 18,949 |  |  | 18,896 |  |  | 18,827 |  |  |
|  | First lien (2)(15) |  | SOFR(S) |  | 6.00% |  | 9.41% |  | 01/2022 |  | 10/2027 |  | 1,254 |  |  | 1,243 |  |  | 1,246 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(S) |  | 6.00% |  | 10.31% |  | 05/2022 |  | 10/2027 |  | 7,478 |  |  | 7,481 |  |  | 7,430 |  |  |
|  | First lien (2)(15) |  | SOFR(S) |  | 6.00% |  | 10.46% |  | 01/2022 |  | 10/2027 |  | 841 |  |  | 833 |  |  | 835 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,453 |  |  | 28,338 |  |  | 2.14 | %

The accompanying notes are an integral part of these consolidated financial statements.
37

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Packaging |  | First lien (2)(15) |  | L(Q) |  | 5.50% |  | 10.23% |  | 10/2021 |  | 10/2028 |  | $ | 17,529 |  |  | $ | 17,374 |  |  | $ | 17,119 |  |  |
|  | First lien (8)(15) |  | L(Q) |  | 5.50% |  | 10.23% |  | 10/2021 |  | 10/2028 |  | 10,195 |  |  | 10,108 |  |  | 9,957 |  |  |
|  | First lien (3)(15) |  | L(Q) |  | 5.50% |  | 10.23% |  | 10/2021 |  | 10/2028 |  | 875 |  |  | 866 |  |  | 855 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(S) |  | 5.50% |  | 9.67% |  | 10/2021 |  | 10/2027 |  | 381 |  |  | 378 |  |  | 372 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,726 |  |  | 28,303 |  |  | 2.13 | %
Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Second lien (5)(15) |  | SOFR(Q) |  | 6.50% |  | 11.34% |  | 08/2021 |  | 08/2029 |  | 22,500 |  |  | 22,401 |  |  | 20,810 |  |  |
|  | Second lien (2)(15) |  | SOFR(Q) |  | 6.50% |  | 11.34% |  | 08/2021 |  | 08/2029 |  | 7,009 |  |  | 6,987 |  |  | 6,483 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29,388 |  |  | 27,293 |  |  | 2.06 | %
Syndigo LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (4)(15) |  | L(S) |  | 8.00% |  | 13.21% |  | 12/2020 |  | 12/2028 |  | 22,500 |  |  | 22,363 |  |  | 21,067 |  |  |
|  | Second lien (2)(15) |  | L(S) |  | 8.00% |  | 13.21% |  | 02/2022 |  | 12/2028 |  | 5,697 |  |  | 5,710 |  |  | 5,334 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,073 |  |  | 26,401 |  |  | 1.99 | %
AmeriVet Partners Management, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (2)(15) |  | SOFR(Q) |  | 5.50% |  | 10.23% |  | 02/2022 |  | 02/2028 |  | 22,321 |  |  | 22,223 |  |  | 21,875 |  |  |
|  | First lien (2)(15) |  | SOFR(Q) |  | 5.50% |  | 10.23% |  | 02/2022 |  | 02/2028 |  | 4,024 |  |  | 4,004 |  |  | 3,943 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,227 |  |  | 25,818 |  |  | 1.95 | %
NMC Crimson Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (8)(15) |  | L(Q) |  | 6.00% |  | 9.74% |  | 03/2021 |  | 03/2028 |  | 19,259 |  |  | 19,033 |  |  | 19,124 |  |  |
|  | First lien (2)(15) |  | L(Q) |  | 6.00% |  | 9.74% |  | 03/2021 |  | 03/2028 |  | 4,913 |  |  | 4,855 |  |  | 4,879 |  |
|  | First lien (3)(15)(18) - Drawn |  | L(M) |  | 6.00% |  | 10.39% |  | 03/2021 |  | 03/2028 |  | 1,635 |  |  | 1,611 |  |  | 1,624 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,499 |  |  | 25,627 |  |  | 1.93 | %
VT Topco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Second lien (2)(15) |  | L(M) |  | 6.75% |  | 11.13% |  | 07/2021 |  | 07/2026 |  | 16,183 |  |  | 16,137 |  |  | 15,711 |  |  |
|  | Second lien (4)(15) |  | L(M) |  | 6.75% |  | 11.13% |  | 08/2018 |  | 07/2026 |  | 10,000 |  |  | 9,987 |  |  | 9,708 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,124 |  |  | 25,419 |  |  | 1.92 | %
HS Purchaser, LLC / Help/Systems Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (5)(15) |  | SOFR(Q) |  | 6.75% |  | 10.94% |  | 11/2019 |  | 11/2027 |  | 22,500 |  |  | 22,417 |  |  | 21,409 |  |  |
|  | Second lien (2)(15) |  | SOFR(Q) |  | 6.75% |  | 10.94% |  | 11/2019 |  | 11/2027 |  | 4,208 |  |  | 4,179 |  |  | 4,004 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,596 |  |  | 25,413 |  |  | 1.92 | %
DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (8)(15) |  | SOFR(S) |  | 5.75% |  | 10.54% |  | 06/2022 |  | 06/2028 |  | 18,760 |  |  | 18,760 |  |  | 18,246 |  |  |
|  | First lien (4)(15) |  | SOFR(S) |  | 5.75% |  | 10.54% |  | 06/2022 |  | 06/2028 |  | 7,025 |  |  | 7,025 |  |  | 6,833 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,785 |  |  | 25,079 |  |  | 1.89 | %

The accompanying notes are an integral part of these consolidated financial statements.
38

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Second lien (3)(15) |  | L(M) |  | 7.25% |  | 11.63% |  | 08/2018 |  | 08/2026 |  | $ | 18,266 |  |  | $ | 18,229 |  |  | $ | 17,409 |  |  |
|  | Second lien (8)(15) |  | L(M) |  | 7.25% |  | 11.63% |  | 08/2018 |  | 08/2026 |  | 7,500 |  |  | 7,485 |  |  | 7,148 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,714 |  |  | 24,557 |  |  | 1.85 | %
ACI Parent Inc. (36) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | L(M)* |  | 4.50% + 1.25%/PIK |  | 10.13% |  | 08/2021 |  | 08/2028 |  | 22,082 |  |  | 21,898 |  |  | 21,338 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(M)* |  | 4.50% + 1.25%/PIK |  | 10.13% |  | 08/2021 |  | 08/2028 |  | 2,840 |  |  | 2,813 |  |  | 2,744 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(M) |  | 5.50% |  | 9.88% |  | 08/2021 |  | 08/2027 |  | 259 |  |  | 256 |  |  | 250 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,967 |  |  | 24,332 |  |  | 1.83 | %
Idera, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (4)(15) |  | L(Q) |  | 6.75% |  | 10.50% |  | 06/2019 |  | 03/2029 |  | 22,500 |  |  | 22,243 |  |  | 21,168 |  |  |
|  | Second lien (3)(15) |  | L(Q) |  | 6.75% |  | 10.50% |  | 04/2021 |  | 03/2029 |  | 3,000 |  |  | 2,986 |  |  | 2,822 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,229 |  |  | 23,990 |  |  | 1.81 | %
Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | L(Q) |  | 5.75% |  | 10.48% |  | 09/2019 |  | 09/2026 |  | 16,659 |  |  | 16,586 |  |  | 16,659 |  |  |
|  | First lien (2)(15) |  | L(Q) |  | 5.75% |  | 10.48% |  | 10/2021 |  | 09/2026 |  | 3,442 |  |  | 3,435 |  |  | 3,442 |  |  |
|  | First lien (2)(15) |  | L(Q) |  | 5.75% |  | 10.48% |  | 09/2019 |  | 09/2026 |  | 771 |  |  | 766 |  |  | 771 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(Q) |  | 5.75% |  | 10.48% |  | 09/2019 |  | 09/2026 |  | 392 |  |  | 389 |  |  | 392 |  |  |
|  | First lien (2)(15) |  | L(Q) |  | 5.75% |  | 10.48% |  | 09/2019 |  | 09/2026 |  | 345 |  |  | 344 |  |  | 345 |  |  |
|  | First lien (2)(15) |  | L(Q) |  | 5.75% |  | 10.48% |  | 09/2019 |  | 09/2026 |  | 275 |  |  | 274 |  |  | 275 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,794 |  |  | 21,884 |  |  | 1.65 | %
Convey Health Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (4)(15) |  | SOFR(Q) |  | 5.25% |  | 9.93% |  | 09/2019 |  | 09/2026 |  | 19,215 |  |  | 19,091 |  |  | 18,639 |  |  |
|  | First lien (4)(15) |  | SOFR(Q) |  | 5.25% |  | 9.93% |  | 02/2022 |  | 09/2026 |  | 3,208 |  |  | 3,169 |  |  | 3,112 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,260 |  |  | 21,751 |  |  | 1.64 | %
Spring Education Group, Inc (fka SSH Group Holdings, Inc.) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Second lien (2)(15) |  | L(Q) |  | 8.25% |  | 12.98% |  | 07/2018 |  | 07/2026 |  | 21,959 |  |  | 21,928 |  |  | 21,324 |  |  | 1.61 | %
TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  | First lien (2)(15) |  | L(Q) |  | 3.50% |  | 8.26% |  | 06/2019 |  | 08/2024 |  | 16,395 |  |  | 15,474 |  |  | 10,657 |  |  |
|  | First lien (8)(15) |  | L(Q) |  | 3.50% |  | 8.26% |  | 10/2019 |  | 08/2024 |  | 15,813 |  |  | 14,687 |  |  | 10,277 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,161 |  |  | 20,934 |  |  | 1.58 | %
Cardinal Parent, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (4)(15) |  | L(Q) |  | 4.50% |  | 9.23% |  | 10/2020 |  | 11/2027 |  | 11,974 |  |  | 11,908 |  |  | 11,490 |  |  |
|  | Second lien (4)(15) |  | L(Q) |  | 7.75% |  | 12.46% |  | 11/2020 |  | 11/2028 |  | 9,767 |  |  | 9,689 |  |  | 9,432 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,597 |  |  | 20,922 |  |  | 1.58 | %

The accompanying notes are an integral part of these consolidated financial statements.
39

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Products |  | First lien (8)(15) |  | SOFR(Q) |  | 6.75% |  | 10.99% |  | 11/2021 |  | 11/2027 |  | $ | 10,051 |  |  | $ | 9,987 |  |  | $ | 9,882 |  |  |
|  | First lien (8)(15) |  | SOFR(Q) |  | 6.75% |  | 10.99% |  | 05/2022 |  | 11/2027 |  | 9,925 |  |  | 9,857 |  |  | 9,758 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 6.75% |  | 10.99% |  | 11/2021 |  | 11/2027 |  | 876 |  |  | 873 |  |  | 861 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 6.75% |  | 10.99% |  | 11/2021 |  | 05/2027 |  | 147 |  |  | 146 |  |  | 145 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,863 |  |  | 20,646 |  |  | 1.56 | %
YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (5)(15) |  | L(S) |  | 5.00% |  | 9.93% |  | 11/2019 |  | 10/2025 |  | 17,861 |  |  | 17,815 |  |  | 17,393 |  |  |
|  | First lien (5)(15) |  | L(S) |  | 5.00% |  | 9.93% |  | 11/2019 |  | 10/2025 |  | 2,326 |  |  | 2,319 |  |  | 2,265 |  |  |
|  | First lien (5)(15)(18) - Drawn |  | L(S) |  | 5.00% |  | 9.90% |  | 10/2021 |  | 10/2025 |  | 495 |  |  | 506 |  |  | 482 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,640 |  |  | 20,140 |  |  | 1.52 | %
AAC Lender Holdings, LLC (33) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Achievement Corporation (aka AAC Holding Corp.) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | First lien (2)(15) |  | L(M)(42)* |  | 5.75%/PIK + 0.50% |  | 10.38% |  | 09/2015 |  | 09/2026 |  | 28,829 |  |  | 28,787 |  |  | 20,599 |  |  |
|  | First lien (3)(15) |  | L(M)(42)* |  | 13.50%/PIK + 0.50% |  | 18.13% |  | 06/2021 |  | 09/2026 |  | 1,527 |  |  | 1,527 |  |  | — |  |  |
|  | Subordinated (3)(15) |  | L(Q)(42)* |  | 1.00%/PIK |  | 4.75% |  | 03/2021 |  | 09/2026 |  | 5,230 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,314 |  |  | 20,599 |  |  | 1.55 | %
New Trojan Parent, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Second lien (2)(15) |  | L(M) |  | 7.25% |  | 11.63% |  | 01/2021 |  | 01/2029 |  | 26,762 |  |  | 26,653 |  |  | 20,101 |  |  | 1.52 | %
Xactly Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (4)(15) |  | L(Q) |  | 7.25% |  | 11.99% |  | 07/2017 |  | 07/2023 |  | 19,047 |  |  | 19,030 |  |  | 19,047 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(M) |  | 7.25% |  | 11.59% |  | 07/2017 |  | 07/2023 |  | 992 |  |  | 982 |  |  | 992 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,012 |  |  | 20,039 |  |  | 1.51 | %
Ansira Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (8)(15) |  | L(Q)(42)* |  | 6.50%/PIK |  | 10.91% |  | 12/2016 |  | 12/2024 |  | 32,953 |  |  | 33,059 |  |  | 14,829 |  |  |
|  | First lien (3)(15) |  | L(Q)(42)* |  | 6.50%/PIK |  | 11.15% |  | 12/2016 |  | 12/2024 |  | 8,316 |  |  | 8,308 |  |  | 3,742 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q)* |  | 2.00% + 8.00%/PIK |  | 14.42% |  | 11/2022 |  | 12/2024 |  | 313 |  |  | 313 |  |  | 313 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41,680 |  |  | 18,884 |  |  | 1.42 | %
Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Drawn |  | L(S) |  | 5.75% |  | 9.93% |  | 09/2019 |  | 09/2024 |  | 1,212 |  |  | 1,194 |  |  | 1,177 |  |  |
|  | Second lien (8)(15) |  | L(Q) |  | 7.75% |  | 12.48% |  | 09/2019 |  | 09/2027 |  | 18,000 |  |  | 18,000 |  |  | 17,338 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19,194 |  |  | 18,515 |  |  | 1.40 | %

The accompanying notes are an integral part of these consolidated financial statements.
40

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | L(S) |  | 5.25% |  | 10.18% |  | 06/2021 |  | 06/2027 |  | $ | 15,382 |  |  | $ | 15,260 |  |  | $ | 15,257 |  |  |
|  | First lien (2)(15)(18) - Drawn |  | L(S) |  | 5.25% |  | 9.40% |  | 06/2021 |  | 06/2027 |  | 2,889 |  |  | 2,863 |  |  | 2,865 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,123 |  |  | 18,122 |  |  | 1.37 | %
DG Investment Intermediate Holdings 2, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Second lien (3) |  | SOFR(M) |  | 6.75% |  | 11.07% |  | 03/2021 |  | 03/2029 |  | 20,313 |  |  | 20,270 |  |  | 18,053 |  |  | 1.36 | %
FS WhiteWater Holdings, LLC (38) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (5)(15) |  | L(Q) |  | 5.75% |  | 10.48% |  | 12/2021 |  | 12/2027 |  | 10,395 |  |  | 10,306 |  |  | 10,110 |  |  |
|  | First lien (5)(15) |  | L(Q) |  | 5.75% |  | 10.48% |  | 12/2021 |  | 12/2027 |  | 3,489 |  |  | 3,456 |  |  | 3,393 |  |  |
|  | First lien (5)(15) |  | L(Q) |  | 5.75% |  | 10.48% |  | 12/2021 |  | 12/2027 |  | 3,467 |  |  | 3,437 |  |  | 3,372 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(Q) |  | 5.75% |  | 10.50% |  | 12/2021 |  | 12/2027 |  | 490 |  |  | 485 |  |  | 477 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(Q) |  | 6.00% |  | 10.53% |  | 07/2022 |  | 12/2027 |  | 589 |  |  | 635 |  |  | 584 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18,319 |  |  | 17,936 |  |  | 1.35 | %
Pioneer Topco I, L.P. (39) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15) |  | L(Q)* |  | 7.00%/PIK |  | 11.73% |  | 11/2021 |  | 11/2028 |  | 14,900 |  |  | 14,782 |  |  | 14,706 |  |  |
|  | First lien (8)(15) |  | L(Q)* |  | 7.00%/PIK |  | 11.73% |  | 03/2022 |  | 11/2028 |  | 2,042 |  |  | 2,025 |  |  | 2,016 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,807 |  |  | 16,722 |  |  | 1.26 | %
Coyote Buyer, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  | First lien (5)(15) |  | L(Q) |  | 6.00% |  | 10.41% |  | 03/2020 |  | 02/2026 |  | 13,795 |  |  | 13,755 |  |  | 13,795 |  |  |
|  | First lien (5)(15) |  | L(Q) |  | 8.00% |  | 12.73% |  | 10/2020 |  | 08/2026 |  | 2,482 |  |  | 2,466 |  |  | 2,482 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,221 |  |  | 16,277 |  |  | 1.23 | %
The Kleinfelder Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (4)(15) |  | L(Q) |  | 5.25% |  | 9.98% |  | 12/2018 |  | 11/2024 |  | 16,533 |  |  | 16,503 |  |  | 16,241 |  |  | 1.22 | %
Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  | First lien (5)(15) |  | L(M) |  | 5.25% |  | 9.42% |  | 02/2020 |  | 02/2026 |  | 15,788 |  |  | 15,742 |  |  | 15,788 |  |  | 1.19 | %
MED Parentco, LP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Second lien (8) |  | L(M) |  | 8.25% |  | 12.63% |  | 08/2019 |  | 08/2027 |  | 20,857 |  |  | 20,752 |  |  | 15,726 |  |  | 1.19 | %
Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15) |  | L(M) |  | 5.50% |  | 9.88% |  | 10/2021 |  | 10/2028 |  | 13,144 |  |  | 13,031 |  |  | 12,776 |  |  |
|  | First lien (2)(15) |  | L(M) |  | 5.50% |  | 9.88% |  | 10/2021 |  | 10/2028 |  | 1,107 |  |  | 1,097 |  |  | 1,076 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | P(Q) |  | 4.50% |  | 12.00% |  | 10/2021 |  | 10/2027 |  | 33 |  |  | 33 |  |  | 32 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,161 |  |  | 13,884 |  |  | 1.05 | %

The accompanying notes are an integral part of these consolidated financial statements.
41

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
CFS Management, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | SOFR(Q)* |  | 6.25% + 0.75%/PIK |  | 11.84% |  | 08/2019 |  | 07/2024 |  | $ | 11,392 |  |  | $ | 11,372 |  |  | $ | 10,637 |  |  |
|  | First lien (2)(15) |  | SOFR(Q)* |  | 6.25% + 0.75%/PIK |  | 11.84% |  | 08/2019 |  | 07/2024 |  | 3,393 |  |  | 3,386 |  |  | 3,168 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,758 |  |  | 13,805 |  |  | 1.04 | %
Castle Management Borrower LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (8)(15) |  | L(Q) |  | 2.19% |  | 3.19% |  | 05/2018 |  | 02/2025 |  | 14,288 |  |  | 14,269 |  |  | 13,605 |  |  | 1.03 | %
Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (8)(15) |  | L(A) |  | 8.25% |  | 10.95% |  | 09/2018 |  | 09/2024 |  | 13,444 |  |  | 13,421 |  |  | 13,444 |  |  | 1.01 | %
Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (5)(15) |  | L(Q) |  | 7.00% |  | 11.73% |  | 04/2021 |  | 04/2027 |  | 12,347 |  |  | 12,277 |  |  | 12,347 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(Q) |  | 7.00% |  | 11.75% |  | 04/2021 |  | 04/2027 |  | 850 |  |  | 843 |  |  | 850 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,120 |  |  | 13,197 |  |  | 1.00 | %
IMO Investor Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | SOFR(S) |  | 6.00% |  | 10.62% |  | 05/2022 |  | 05/2029 |  | 12,974 |  |  | 12,854 |  |  | 12,845 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(S) |  | 6.00% |  | 10.61% |  | 05/2022 |  | 05/2028 |  | 294 |  |  | 291 |  |  | 291 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,145 |  |  | 13,136 |  |  | 0.99 | %
FR Arsenal Holdings II Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | L(M)* |  | 7.50% + 2.00%/PIK |  | 13.88% |  | 09/2016 |  | 01/2023 |  | 14,582 |  |  | 14,579 |  |  | 13,123 |  |  | 0.99 | %
Apptio, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15) |  | L(Q) |  | 6.00% |  | 9.94% |  | 01/2019 |  | 01/2025 |  | 5,703 |  |  | 5,658 |  |  | 5,703 |  |  |
|  | First lien (2)(15) |  | L(Q) |  | 6.00% |  | 9.94% |  | 01/2019 |  | 01/2025 |  | 5,500 |  |  | 5,456 |  |  | 5,500 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(Q) |  | 6.00% |  | 9.94% |  | 01/2019 |  | 01/2025 |  | 1,240 |  |  | 1,215 |  |  | 1,240 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,329 |  |  | 12,443 |  |  | 0.94 | %
Transcendia Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Packaging |  | Second lien (8)(15) |  | L(M) |  | 8.00% |  | 12.38% |  | 06/2017 |  | 05/2025 |  | 14,500 |  |  | 14,423 |  |  | 12,418 |  |  | 0.94 | %
USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | L(Q) |  | 5.50% |  | 10.23% |  | 07/2021 |  | 07/2027 |  | 11,311 |  |  | 11,222 |  |  | 10,945 |  |  |
|  | First lien (3)(15) |  | L(Q) |  | 5.50% |  | 10.23% |  | 07/2021 |  | 07/2027 |  | 1,473 |  |  | 1,460 |  |  | 1,425 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,682 |  |  | 12,370 |  |  | 0.93 | %
CHA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Second lien (4)(15) |  | L(Q) |  | 8.75% |  | 13.48% |  | 04/2018 |  | 04/2026 |  | 7,012 |  |  | 6,976 |  |  | 6,923 |  |  |
|  | Second lien (3)(15) |  | L(Q) |  | 8.75% |  | 13.48% |  | 04/2018 |  | 04/2026 |  | 4,453 |  |  | 4,430 |  |  | 4,396 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,406 |  |  | 11,319 |  |  | 0.85 | %

The accompanying notes are an integral part of these consolidated financial statements.
42

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Specialtycare, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | L(Q) |  | 5.75% |  | 9.49% |  | 06/2021 |  | 06/2028 |  | $ | 10,458 |  |  | $ | 10,341 |  |  | $ | 10,019 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(M) |  | 4.00% |  | 8.29% |  | 06/2021 |  | 06/2026 |  | 212 |  |  | 209 |  |  | 204 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(Q) |  | 5.75% |  | 9.76% |  | 06/2021 |  | 06/2028 |  | 79 |  |  | 75 |  |  | 75 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,625 |  |  | 10,298 |  |  | 0.78 | %
Quartz Holding Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (3)(15) |  | L(M) |  | 8.00% |  | 12.38% |  | 04/2019 |  | 04/2027 |  | 10,000 |  |  | 9,877 |  |  | 9,802 |  |  | 0.74 | %
CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  | First lien (2)(15) |  | L(Q)* |  | 5.25% + 2.00%/PIK |  | 11.98% |  | 07/2021 |  | 07/2027 |  | 8,317 |  |  | 8,244 |  |  | 7,411 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(M)* |  | 5.25% + 2.00%/PIK |  | 11.63% |  | 07/2021 |  | 07/2026 |  | 916 |  |  | 906 |  |  | 817 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,150 |  |  | 8,228 |  |  | 0.62 | %
PPVA Black Elk (Equity) LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Subordinated (3)(15) |  | — |  | — |  | — |  | 05/2013 |  | — |  | 14,500 |  |  | 14,500 |  |  | 7,995 |  |  | 0.60 | %
KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (8)(15) |  | L(M) |  | 5.50% |  | 9.89% |  | 10/2021 |  | 10/2028 |  | 6,968 |  |  | 6,908 |  |  | 6,662 |  |  |
|  | First lien (2)(15) |  | P(Q) |  | 4.50% |  | 12.00% |  | 10/2021 |  | 10/2028 |  | 801 |  |  | 794 |  |  | 766 |  |  |
|  | First lien (2)(15)(18) - Drawn |  | P(Q) |  | 4.50% |  | 12.00% |  | 06/2022 |  | 10/2028 |  | 145 |  |  | 144 |  |  | 139 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,846 |  |  | 7,567 |  |  | 0.57 | %
TRC Companies L.L.C. (fka Energize Holdco LLC) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Second lien (2)(15) |  | L(M) |  | 6.75% |  | 11.13% |  | 11/2021 |  | 12/2029 |  | 7,950 |  |  | 7,914 |  |  | 7,488 |  |  | 0.56 | %
DS Admiral Bidco, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2) |  | SOFR(M) |  | 7.00% |  | 11.51% |  | 12/2022 |  | 12/2029 |  | 7,547 |  |  | 7,434 |  |  | 7,434 |  |  | 0.56 | %
Vectra Co. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Products |  | Second lien (8)(15) |  | L(M) |  | 7.25% |  | 11.63% |  | 02/2018 |  | 03/2026 |  | 10,788 |  |  | 10,769 |  |  | 7,004 |  |  | 0.53 | %
Community Brands ParentCo, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | SOFR(M) |  | 5.75% |  | 10.17% |  | 02/2022 |  | 02/2028 |  | 7,163 |  |  | 7,100 |  |  | 6,928 |  |  | 0.52 | %
Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (2)(15) |  | L(S) |  | 5.25% |  | 10.41% |  | 09/2021 |  | 09/2027 |  | 6,975 |  |  | 6,946 |  |  | 6,861 |  |  | 0.52 | %
Sun Acquirer Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (2)(15) |  | L(M) |  | 5.75% |  | 10.13% |  | 09/2021 |  | 09/2028 |  | 3,985 |  |  | 3,956 |  |  | 3,917 |  |  |
|  | First lien (2)(15)(18) - Drawn |  | L(M) |  | 5.75% |  | 10.13% |  | 09/2021 |  | 09/2028 |  | 2,791 |  |  | 2,757 |  |  | 2,744 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,713 |  |  | 6,661 |  |  | 0.50 | %
PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (4)(15) |  | SOFR(M) |  | 5.75% |  | 9.12% |  | 08/2022 |  | 08/2029 |  | 6,629 |  |  | 6,565 |  |  | 6,500 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | SOFR(Q) |  | 5.75% |  | 10.03% |  | 08/2022 |  | 08/2029 |  | 131 |  |  | 134 |  |  | 129 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,699 |  |  | 6,629 |  |  | 0.50 | %

The accompanying notes are an integral part of these consolidated financial statements.
43

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Appriss Health Holdings, Inc. (23) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Appriss Health, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (8)(15) |  | L(M) |  | 7.25% |  | 11.54% |  | 05/2021 |  | 05/2027 |  | $ | 6,234 |  |  | $ | 6,186 |  |  | $ | 6,234 |  |  | 0.47 | %
Pye-Barker Fire & Safety, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | L(Q) |  | 5.50% |  | 10.23% |  | 11/2021 |  | 11/2027 |  | 5,161 |  |  | 5,115 |  |  | 5,014 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(Q) |  | 5.50% |  | 10.23% |  | 11/2021 |  | 11/2024 |  | 422 |  |  | 418 |  |  | 410 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,533 |  |  | 5,424 |  |  | 0.41 | %
ADG, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Second lien (3)(15) |  | L(M)* |  | 10.00%/PIK |  | 14.38% |  | 10/2016 |  | 03/2024 |  | 7,430 |  |  | 7,413 |  |  | 4,984 |  |  | 0.38 | %
Virtusa Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Subordinated (3) |  | FIXED(S) |  | 7.13% |  | 7.13% |  | 10/2022 |  | 12/2028 |  | 5,000 |  |  | 3,824 |  |  | 3,817 |  |  | 0.29 | %
Education Management Corporation (20) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education Management II LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | First lien (2) |  | P(M)(42) |  | 7.50% |  | 13.00% |  | 01/2015 |  | 07/2020 |  | 300 |  |  | 292 |  |  | — |  |  |
|  | First lien (3) |  | P(M)(42) |  | 7.50% |  | 13.00% |  | 01/2015 |  | 07/2020 |  | 169 |  |  | 165 |  |  | — |  |  |
|  | First lien (2) |  | P(Q)(42) |  | 6.50% |  | 9.75% |  | 01/2015 |  | 07/2020 |  | 205 |  |  | 199 |  |  | — |  |  |
|  | First lien (3) |  | P(Q)(42) |  | 6.50% |  | 9.75% |  | 01/2015 |  | 07/2020 |  | 115 |  |  | 112 |  |  | — |  |  |
|  | First lien (2) |  | P(Q)(42) |  | 8.50% |  | 11.75% |  | 01/2015 |  | 07/2020 |  | 139 |  |  | 115 |  |  | — |  |  |
|  | First lien (3) |  | P(Q)(42) |  | 8.50% |  | 11.75% |  | 01/2015 |  | 07/2020 |  | 79 |  |  | 65 |  |  | — |  |  |
|  | First lien (2) |  | P(Q)(42) |  | 8.50% |  | 11.75% |  | 01/2015 |  | 07/2020 |  | 4 |  |  | 3 |  |  | — |  |  |
|  | First lien (3) |  | P(Q)(42) |  | 8.50% |  | 11.75% |  | 01/2015 |  | 07/2020 |  | 2 |  |  | 2 |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 953 |  |  | — |  |  | — | %
PPVA Fund, L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Collateralized Financing (42)(43) |  | — |  | — |  | — |  | 11/2014 |  | — |  | — |  |  | — |  |  | — |  |  | — | %
Total Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,194,600 |  |  | $ | 2,081,746 |  |  | 156.97 | %
Funded Debt Investments - Netherlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tahoe Finco, LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Information Technology |  | First lien (2)(15) |  | L(M) |  | 6.00% |  | 10.29% |  | 10/2021 |  | 09/2028 |  | $ | 35,000 |  |  | $ | 34,700 |  |  | $ | 34,436 |  |  |
|  | First lien (8)(15) |  | L(M) |  | 6.00% |  | 10.29% |  | 10/2021 |  | 09/2028 |  | 24,189 |  |  | 23,982 |  |  | 23,800 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 58,682 |  |  | 58,236 |  |  | 4.39 | %
Total Funded Debt Investments - Netherlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 58,682 |  |  | $ | 58,236 |  |  | 4.39 | %
Funded Debt Investments - United Kingdom |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aston FinCo S.a r.l. / Aston US Finco, LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Second lien (8)(15) |  | L(M) |  | 8.25% |  | 12.63% |  | 10/2019 |  | 10/2027 |  | $ | 34,459 |  |  | $ | 34,271 |  |  | $ | 34,356 |  |  | 2.59 | %

The accompanying notes are an integral part of these consolidated financial statements.
44

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Integro Parent Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(Q)* |  | 12.25%/PIK |  | 16.83% |  | 10/2015 |  | 05/2023 |  | $ | 4,187 |  |  | $ | 4,184 |  |  | $ | 4,187 |  |  |
|  | First lien (3)(15) |  | SOFR(Q)* |  | 12.25%/PIK |  | 16.83% |  | 06/2018 |  | 05/2023 |  | 827 |  |  | 823 |  |  | 828 |  |  |
|  | Second lien (3)(15) |  | SOFR(Q)(42)* |  | 12.25%/PIK |  | 16.83% |  | 10/2015 |  | 10/2023 |  | 11,510 |  |  | 11,109 |  |  | 8,718 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,116 |  |  | 13,733 |  |  | 1.04 | %
Total Funded Debt Investments - United Kingdom |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 50,387 |  |  | $ | 48,089 |  |  | 3.63 | %
Funded Debt Investments - Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tennessee Bidco Limited ** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(16) |  | SONIA(D) |  | 7.00% |  | 10.95% |  | 08/2021 |  | 08/2028 |  | £ | 12,879 |  |  | $ | 17,634 |  |  | $ | 15,562 |  |  |
|  | First lien (3)(15)(16) |  | SONIA(D) |  | 7.00% |  | 10.95% |  | 08/2021 |  | 08/2028 |  | £ | 10,538 |  |  | 13,133 |  |  | 12,734 |  |  |
|  | First lien (3)(15) |  | L(S) |  | 7.00% |  | 10.38% |  | 08/2021 |  | 08/2028 |  | $ | 10,184 |  |  | 10,055 |  |  | 10,184 |  |  |
|  | First lien (3)(15) |  | L(S) |  | 7.00% |  | 11.78% |  | 08/2021 |  | 08/2028 |  | $ | 6,246 |  |  | 6,162 |  |  | 6,246 |  |  |
|  | First lien (3)(15)(16) |  | EURIBOR(S) |  | 7.00% |  | 7.63% |  | 08/2021 |  | 08/2028 |  | € | 708 |  |  | 714 |  |  | 757 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47,698 |  |  | 45,483 |  |  | 3.43 | %
Total Funded Debt Investments - Jersey |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 47,698 |  |  | $ | 45,483 |  |  | 3.43 | %
Funded Debt Investments - Australia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlas AU Bidco Pty Ltd** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2) |  | SOFR(M) |  | 7.25% |  | 11.48% |  | 12/2022 |  | 12/2029 |  | $ | 3,454 |  |  | $ | 3,402 |  |  | $ | 3,402 |  |  | 0.26 | %
Total Funded Debt Investments - Australia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,402 |  |  | $ | 3,402 |  |  | 0.26 | %
Total Funded Debt Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,354,769 |  |  | $ | 2,236,956 |  |  | 168.68 | %
Equity - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dealer Tire Holdings, LLC (30) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  | Preferred shares (3)(15) |  | — |  | — |  | — |  | 09/2021 |  | — |  | 56,271 |  |  | $ | 65,202 |  |  | $ | 65,688 |  |  | 4.95 | %
Symplr Software Intermediate Holdings, Inc. (31) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Preferred shares (4)(15) |  | — |  | — |  | — |  | 11/2018 |  | — |  | 7,500 |  |  | 11,986 |  |  | 11,396 |  |  |
|  | Preferred shares (3)(15) |  | — |  | — |  | — |  | 11/2018 |  | — |  | 2,586 |  |  | 4,132 |  |  | 3,929 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,118 |  |  | 15,325 |  |  | 1.16 | %
Knockout Intermediate Holdings I Inc. (41) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Preferred shares (3)(15) |  | — |  | — |  | — |  | 06/2022 |  | — |  | 15,150 |  |  | 14,961 |  |  | 14,661 |  |  | 1.11 | %
ACI Parent Inc. (36) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Preferred shares (3)(15) |  | — |  | — |  | — |  | 08/2021 |  | — |  | 12,500 |  |  | 14,605 |  |  | 14,068 |  |  | 1.06 | %
Project Essential Super Parent, Inc. (34) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Preferred shares (3)(15) |  | — |  | — |  | — |  | 04/2021 |  | — |  | 10,000 |  |  | 11,885 |  |  | 11,569 |  |  | 0.87 | %

The accompanying notes are an integral part of these consolidated financial statements.
45

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Diamond Parent Holdings Corp. (35) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diligent Preferred Issuer, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Preferred shares (3)(15) |  | — |  | — |  | — |  | 04/2021 |  | — |  | 10,000 |  |  | $ | 11,518 |  |  | $ | 11,304 |  |  | 0.85 | %
OEC Holdco, LLC (22) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Preferred shares (12)(15) |  | — |  | — |  | — |  | 12/2021 |  | — |  | 7,214 |  |  | 7,565 |  |  | 7,214 |  |  | 0.54 | %
HB Wealth Management, LLC (37) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  | Preferred shares (11)(15) |  | — |  | — |  | — |  | 09/2021 |  | — |  | 48,303 |  |  | 4,794 |  |  | 5,126 |  |  | 0.39 | %
FS WhiteWater Holdings, LLC (38) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | Ordinary shares (5)(15) |  | — |  | — |  | — |  | 12/2021 |  | — |  | 50,000 |  |  | 5,000 |  |  | 4,686 |  |  | 0.35 | %
Appriss Health Holdings, Inc. (23) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Appriss Health Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Preferred shares (3)(15) |  | — |  | — |  | — |  | 05/2021 |  | — |  | 2,333 |  |  | 2,755 |  |  | 2,628 |  |  | 0.20 | %
OA Topco, L.P. (40) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 12/2021 |  | — |  | 2,000,000 |  |  | 2,000 |  |  | 2,000 |  |  | 0.15 | %
Pioneer Topco I, L.P. (39) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | Ordinary shares (13)(15) |  | — |  | — |  | — |  | 11/2021 |  | — |  | 199,980 |  |  | 1,999 |  |  | 1,631 |  |  | 0.12 | %
Ancora Acquisition LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Preferred shares (9)(15) |  | — |  | — |  | — |  | 08/2013 |  | — |  | 372 |  |  | 83 |  |  | 158 |  |  | 0.01 | %
Education Management Corporation (20) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Preferred shares (2) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 3,331 |  |  | 200 |  |  | — |  |  |
|  | Preferred shares (3) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 1,879 |  |  | 113 |  |  | — |  |  |
|  | Ordinary shares (2) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 2,994,065 |  |  | 100 |  |  | — |  |  |
|  | Ordinary shares (3) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 1,688,976 |  |  | 56 |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 469 |  |  | — |  |  | — | %
AAC Lender Holdings, LLC (33) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 03/2021 |  | — |  | 758 |  |  | — |  |  | — |  |  | — | %
Total Shares - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 158,954 |  |  | $ | 156,058 |  |  | 11.77 | %
Equity - Hong Kong |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bach Special Limited (Bach Preference Limited)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Preferred shares (3)(15)(29) |  | — |  | — |  | — |  | 09/2017 |  | — |  | 108,620 |  |  | $ | 10,782 |  |  | $ | 10,748 |  |  | 0.81 | %
Total Shares - Hong Kong |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,782 |  |  | $ | 10,748 |  |  | 0.81 | %
Total Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 169,736 |  |  | $ | 166,806 |  |  | 12.58 | %
Total Funded Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,524,505 |  |  | $ | 2,403,762 |  |  | 181.25 | %

The accompanying notes are an integral part of these consolidated financial statements.
46

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Unfunded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ansira Holdings, Inc |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 11/2022 |  | 11/2024 |  | $ | 1,161 |  |  | $ | — |  |  | $ | — |  |  | — | %
AAC Lender Holdings, LLC (33) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Achievement Corporation (aka AAC Holding Corp.) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 01/2021 |  | 09/2026 |  | 2,652 |  |  | — |  |  | — |  |  | — | %
Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 09/2019 |  | 09/2026 |  | 460 |  |  | (3) |  |  | — |  |  | — | %
Appriss Health Holdings, Inc. (23) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Appriss Health, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 05/2021 |  | 05/2027 |  | 417 |  |  | (4) |  |  | — |  |  | — | %
Coyote Buyer, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 03/2020 |  | 02/2025 |  | 1,013 |  |  | (5) |  |  | — |  |  | — | %
Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 04/2021 |  | 04/2027 |  | 637 |  |  | (5) |  |  | — |  |  | — | %
Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2020 |  | 02/2026 |  | 1,799 |  |  | (9) |  |  | — |  |  | — | %
Granicus, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 01/2021 |  | 01/2027 |  | 1,604 |  |  | (12) |  |  | — |  |  | — | %
Diamond Parent Holdings Corp. (35) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diligent Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 03/2021 |  | 08/2025 |  | 2,537 |  |  | (13) |  |  | — |  |  | — | %
Apptio, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 01/2019 |  | 01/2025 |  | 827 |  |  | (17) |  |  | — |  |  | — | %
Associations, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 07/2021 |  | 07/2027 |  | 3,543 |  |  | (18) |  |  | — |  |  | — | %

The accompanying notes are an integral part of these consolidated financial statements.
47

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 09/2021 |  | 09/2027 |  | $ | 512 |  |  | $ | (3) |  |  | $ | (8) |  |  | (0.00)%
Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 09/2019 |  | 09/2024 |  | 303 |  |  | (5) |  |  | (9) |  |  | (0.00)%
Sun Acquirer Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 09/2021 |  | 09/2027 |  | 559 |  |  | (5) |  |  | (9) |  |  |
|  | First lien (2)(15)(18) - Undrawn |  | — |  | — |  | — |  | 09/2021 |  | 09/2023 |  | 152 |  |  | (1) |  |  | (3) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6) |  |  | (12) |  |  | (0.00)%
Pye-Barker Fire & Safety, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 11/2021 |  | 11/2024 |  | 483 |  |  | (5) |  |  | (14) |  |  | (0.00)%
IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 09/2021 |  | 09/2027 |  | 1,379 |  |  | (14) |  |  | (19) |  |  | (0.00)%
Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Products |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 11/2021 |  | 11/2023 |  | 587 |  |  | (7) |  |  | (10) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 11/2021 |  | 05/2027 |  | 734 |  |  | (6) |  |  | (12) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13) |  |  | (22) |  |  | (0.00)%
PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2022 |  | 08/2029 |  | 355 |  |  | (7) |  |  | (7) |  |  |
|  | First lien (4)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2022 |  | 08/2024 |  | 885 |  |  | — |  |  | (17) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7) |  |  | (24) |  |  | (0.00)%
CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 07/2021 |  | 07/2026 |  | 226 |  |  | (3) |  |  | (25) |  |  | (0.00)%
Recorded Future, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2019 |  | 07/2025 |  | 2,981 |  |  | (20) |  |  | (25) |  |  | (0.00)%
USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 07/2021 |  | 07/2027 |  | 893 |  |  | (9) |  |  | (29) |  |  | (0.00)%

The accompanying notes are an integral part of these consolidated financial statements.
48

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
OA Topco, L.P. (40) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OA Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 12/2021 |  | 12/2028 |  | $ | 3,600 |  |  | $ | (36) |  |  | $ | (29) |  |  | (0.00)%
Avalara, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2022 |  | 10/2028 |  | 3,538 |  |  | (44) |  |  | (30) |  |  | (0.00)%
Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2021 |  | 06/2027 |  | 1,501 |  |  | (15) |  |  | (12) |  |  |
|  | First lien (2)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2021 |  | 06/2023 |  | 2,364 |  |  | — |  |  | (19) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (15) |  |  | (31) |  |  | (0.00)%
Pioneer Topco I, L.P. (39) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 11/2021 |  | 11/2027 |  | 2,446 |  |  | (24) |  |  | (32) |  |  | (0.00)%
iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (8)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2022 |  | 08/2024 |  | 11,763 |  |  | — |  |  | — |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2022 |  | 08/2028 |  | 4,218 |  |  | (37) |  |  | (37) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (37) |  |  | (37) |  |  | (0.00)%
Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2021 |  | 10/2023 |  | 524 |  |  | — |  |  | (15) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2021 |  | 10/2027 |  | 953 |  |  | (10) |  |  | (27) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10) |  |  | (42) |  |  | (0.00)%
Community Brands ParentCo, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 02/2028 |  | 425 |  |  | (4) |  |  | (14) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 02/2024 |  | 849 |  |  | — |  |  | (28) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4) |  |  | (42) |  |  | (0.00)%
IMO Investor Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 05/2022 |  | 05/2028 |  | 1,254 |  |  | (13) |  |  | (13) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 05/2022 |  | 05/2024 |  | 3,097 |  |  | — |  |  | (31) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13) |  |  | (44) |  |  | (0.00)%

The accompanying notes are an integral part of these consolidated financial statements.
49

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2024 |  | $ | 1,022 |  |  | $ | — |  |  | $ | (45) |  |  | (0.00)%
GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  | First lien (2)(15)(18) - Undrawn |  | — |  | — |  | — |  | 04/2022 |  | 04/2024 |  | 757 |  |  | — |  |  | (9) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2019 |  | 08/2026 |  | 2,963 |  |  | (22) |  |  | (36) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (22) |  |  | (45) |  |  | (0.00)%
Specialtycare, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2021 |  | 06/2026 |  | 347 |  |  | (5) |  |  | (15) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2021 |  | 06/2023 |  | 868 |  |  | — |  |  | (36) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5) |  |  | (51) |  |  | (0.00)%
Infogain Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 07/2021 |  | 07/2026 |  | 2,759 |  |  | (21) |  |  | (52) |  |  | (0.00)%
GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2019 |  | 05/2026 |  | 5,917 |  |  | (36) |  |  | (53) |  |  | (0.00)%
NMC Crimson Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 03/2021 |  | 03/2023 |  | 9,029 |  |  | — |  |  | (63) |  |  | (0.00)%
Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2021 |  | 10/2027 |  | 2,040 |  |  | (6) |  |  | (13) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 05/2022 |  | 05/2024 |  | 8,327 |  |  | (21) |  |  | (53) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (27) |  |  | (66) |  |  | (0.00)%
DCA Investment Holding, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 03/2021 |  | 03/2023 |  | 450 |  |  | — |  |  | (9) |  |  |
|  | First lien (3)(18) - Undrawn |  | — |  | — |  | — |  | 12/2022 |  | 12/2024 |  | 3,936 |  |  | — |  |  | (59) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | (68) |  |  | (0.01) | %
Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 05/2022 |  | 09/2027 |  | 2,095 |  |  | (21) |  |  | (21) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 05/2022 |  | 05/2024 |  | 4,907 |  |  | — |  |  | (49) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (21) |  |  | (70) |  |  | (0.01) | %

The accompanying notes are an integral part of these consolidated financial statements.
50

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
FS WhiteWater Holdings, LLC (38) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 12/2021 |  | 12/2027 |  | $ | 910 |  |  | $ | (9) |  |  | $ | (25) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 07/2022 |  | 12/2024 |  | 5,165 |  |  | (52) |  |  | (52) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (61) |  |  | (77) |  |  | (0.01) | %
Knockout Intermediate Holdings I Inc. (41) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kaseya Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2024 |  | 3,851 |  |  | — |  |  | (56) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2029 |  | 3,851 |  |  | (29) |  |  | (56) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (29) |  |  | (112) |  |  | (0.01) | %
TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 02/2023 |  | 955 |  |  | — |  |  | (23) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 02/2028 |  | 4,267 |  |  | (43) |  |  | (102) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (43) |  |  | (125) |  |  | (0.01) | %
MRI Software LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 01/2020 |  | 02/2026 |  | 2,002 |  |  | (10) |  |  | (45) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 08/2023 |  | 4,074 |  |  | — |  |  | (92) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10) |  |  | (137) |  |  | (0.01) | %
YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (5)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2021 |  | 10/2023 |  | 1,584 |  |  | (16) |  |  | (41) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 11/2019 |  | 10/2025 |  | 3,968 |  |  | (20) |  |  | (104) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (36) |  |  | (145) |  |  | (0.01) | %
Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Packaging |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2021 |  | 10/2023 |  | 81 |  |  | — |  |  | (2) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2021 |  | 10/2027 |  | 2,479 |  |  | (25) |  |  | (58) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2024 |  | 4,886 |  |  | — |  |  | (114) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (25) |  |  | (174) |  |  | (0.01) | %

The accompanying notes are an integral part of these consolidated financial statements.
51

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
ACI Parent Inc. (36) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2021 |  | 08/2027 |  | $ | 2,095 |  |  | $ | (21) |  |  | $ | (71) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2021 |  | 08/2023 |  | 5,386 |  |  | — |  |  | (181) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (21) |  |  | (252) |  |  | (0.02) | %
Paw Midco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 12/2021 |  | 12/2027 |  | 3,659 |  |  | (37) |  |  | (45) |  |  |
|  | First lien (4)(15)(18) - Undrawn |  | — |  | — |  | — |  | 01/2022 |  | 12/2023 |  | 4,231 |  |  | (42) |  |  | (52) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 12/2021 |  | 12/2023 |  | 13,041 |  |  | (130) |  |  | (162) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (209) |  |  | (259) |  |  | (0.02) | %
AmeriVet Partners Management, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 02/2028 |  | 1,969 |  |  | (10) |  |  | (39) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 02/2022 |  | 02/2024 |  | 11,718 |  |  | — |  |  | (234) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10) |  |  | (273) |  |  | (0.02) | %
DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2028 |  | 2,405 |  |  | — |  |  | (66) |  |  |
|  | First lien (4)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2024 |  | 2,457 |  |  | — |  |  | (67) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 06/2022 |  | 06/2024 |  | 6,561 |  |  | — |  |  | (180) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | (313) |  |  | (0.02) | %
Deca Dental Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2021 |  | 08/2027 |  | 404 |  |  | (4) |  |  | (17) |  |  |
|  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 08/2021 |  | 08/2023 |  | 9,080 |  |  | — |  |  | (390) |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4) |  |  | (407) |  |  | (0.03) | %
Total Unfunded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (934) |  |  | $ | (3,261) |  |  | (0.25) | %
Unfunded Debt Investments - Netherlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tahoe Finco, LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Information Technology |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2021 |  | 10/2027 |  | $ | 4,439 |  |  | $ | (44) |  |  | $ | (71) |  |  | (0.01) | %
Total Unfunded Debt Investments - Netherlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (44) |  |  | $ | (71) |  |  | (0.01) | %

The accompanying notes are an integral part of these consolidated financial statements.
52

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Unfunded Debt Investments - Australia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlas AU Bidco Pty Ltd** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (3)(18) - Undrawn |  | — |  | — |  | — |  | 12/2022 |  | 12/2028 |  | $ | 320 |  |  | $ | (5) |  |  | $ | (5) |  |  | — | %
Total Unfunded Debt Investments - Australia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (5) |  |  | $ | (5) |  |  | — | %
Total Unfunded Debt Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (983) |  |  | $ | (3,337) |  |  | (0.25) | %
Total Non-Controlled/Non-Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,523,522 |  |  | $ | 2,400,425 |  |  | 181.00 | %
Non-Controlled/Affiliated Investments (44) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TVG-Edmentum Holdings, LLC (24) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Edmentum Ultimate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Subordinated (3)(15) |  | FIXED(Q)* |  | 6.50% + 6.50%/PIK |  | 13.00% |  | 12/2020 |  | 01/2027 |  | $ | 16,473 |  |  | $ | 16,362 |  |  | $ | 16,473 |  |  | 1.24 | %
Sierra Hamilton Holdings Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | Second lien (3)(15) |  | FIXED(Q)(42)* |  | 15.00%/PIK |  | 15.00% |  | 09/2019 |  | 09/2023 |  | 5 |  |  | 5 |  |  | — |  |  | — | %
Permian Holdco 3, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Permian Trust |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | First lien (10)(15) |  | FIXED(Q)(42)* |  | 10.00%/PIK |  | 10.00% |  | 03/2021 |  | — |  | 247 |  |  | — |  |  | — |  |  |
|  | First lien (3)(15) |  | L(M)(42)* |  | 10.00%/PIK |  | 11.00% |  | 07/2020 |  | — |  | 3,409 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — | %
Total Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 16,367 |  |  | $ | 16,473 |  |  | 1.24 | %
Equity - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TVG-Edmentum Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 12/2020 |  | — |  | 48,899 |  |  | $ | 56,821 |  |  | $ | 110,314 |  |  | 8.32 | %
Sierra Hamilton Holdings Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | Ordinary shares (2)(15) |  | — |  | — |  | — |  | 07/2017 |  | — |  | 25,000,000 |  |  | 11,501 |  |  | 3,599 |  |  |
|  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 07/2017 |  | — |  | 2,786,000 |  |  | 1,282 |  |  | 401 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,783 |  |  | 4,000 |  |  | 0.30 | %
Total Shares - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 69,604 |  |  | $ | 114,314 |  |  | 8.62 | %
Total Non-Controlled/Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 85,971 |  |  | $ | 130,787 |  |  | 9.86 | %

The accompanying notes are an integral part of these consolidated financial statements.
53

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
Controlled Investments (45) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Benevis Topco, LLC (32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Benevis Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | First lien (2)(15) |  | L(Q)* |  | 2.50% + 7.00%/PIK |  | 14.23% |  | 10/2020 |  | 04/2025 |  | $ | 35,541 |  |  | $ | 35,541 |  |  | $ | 35,541 |  |  |
|  | First lien (8)(15) |  | L(Q)* |  | 2.50% + 7.00%/PIK |  | 14.23% |  | 10/2020 |  | 04/2025 |  | 8,720 |  |  | 8,720 |  |  | 8,720 |  |  |
|  | First lien (3)(15) |  | L(Q)* |  | 2.50% + 7.00%/PIK |  | 14.23% |  | 10/2020 |  | 04/2025 |  | 4,282 |  |  | 4,282 |  |  | 4,282 |  |  |
|  | Subordinated (3)(15) |  | FIXED(M)* |  | 12.00%/PIK |  | 12.00% |  | 10/2020 |  | 10/2025 |  | 18,687 |  |  | 16,874 |  |  | 14,950 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 65,417 |  |  | 63,493 |  |  | 4.79 | %
UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | First lien (2)(15) |  | SOFR(S)* |  | 5.50% + 2.00%/PIK |  | 10.76% |  | 06/2018 |  | 08/2024 |  | 22,367 |  |  | 21,885 |  |  | 22,367 |  |  |
|  | First lien (2)(15) |  | SOFR(S)* |  | 5.50% + 2.00%/PIK |  | 10.76% |  | 06/2018 |  | 08/2024 |  | 3,949 |  |  | 3,855 |  |  | 3,949 |  |  |
|  | Second lien (3)(15) |  | FIXED(Q)* |  | 15.00%/PIK |  | 15.00% |  | 12/2020 |  | 02/2025 |  | 11,575 |  |  | 11,574 |  |  | 10,384 |  |  |
|  | Second lien (3)(15) |  | FIXED(Q)* |  | 15.00%/PIK |  | 15.00% |  | 07/2022 |  | 02/2025 |  | 5,131 |  |  | 5,131 |  |  | 4,603 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42,445 |  |  | 41,303 |  |  | 3.11 | %
New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Permian Holdco, L.L.C. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | First lien (3)(15) |  | FIXED(M)* |  | 18.00%/PIK |  | 18.00% |  | 10/2020 |  | 12/2024 |  | 21,779 |  |  | 21,779 |  |  | 21,779 |  |  |
|  | First lien (3)(15)(18) - Drawn |  | L(M)* |  | 9.00%/PIK |  | 13.12% |  | 10/2020 |  | 12/2024 |  | 9,785 |  |  | 9,785 |  |  | 9,785 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31,564 |  |  | 31,564 |  |  | 2.38 | %
NHME Holdings Corp. (28) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
National HME, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Second lien (3)(15) |  | FIXED(Q)(42)* |  | 12.00%/PIK |  | 12.00% |  | 11/2018 |  | 05/2024 |  | 13,013 |  |  | 12,583 |  |  | 5,381 |  |  |
|  | Second lien (3)(15) |  | FIXED(Q)(42)* |  | 12.00%/PIK |  | 12.00% |  | 11/2018 |  | 05/2024 |  | 14,500 |  |  | 12,693 |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25,276 |  |  | 5,381 |  |  | 0.41 | %
Total Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 164,702 |  |  | $ | 141,741 |  |  | 10.69 | %
Equity - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NMFC Senior Loan Program III LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Fund |  | Membership interest (3)(15) |  | — |  | — |  | — |  | 05/2018 |  | — |  | — |  |  | $ | 140,000 |  |  | $ | 140,000 |  |  | 10.56 | %
NMFC Senior Loan Program IV LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Fund |  | Membership interest (3)(15) |  | — |  | — |  | — |  | 05/2021 |  | — |  | — |  |  | 112,400 |  |  | 112,400 |  |  | 8.48 | %

The accompanying notes are an integral part of these consolidated financial statements.
54

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
NM NL Holdings, L.P.** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 06/2018 |  | — |  | — |  |  | $ | 76,370 |  |  | $ | 94,305 |  |  | 7.11 | %
New Benevis Topco, LLC (32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Ordinary shares (2)(15) |  | — |  | — |  | — |  | 10/2020 |  | — |  | 269,027 |  |  | 27,154 |  |  | 34,490 |  |  |
|  | Ordinary shares (8)(15) |  | — |  | — |  | — |  | 10/2020 |  | — |  | 66,007 |  |  | 6,662 |  |  | 8,462 |  |  |
|  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 10/2020 |  | — |  | 60,068 |  |  | 6,106 |  |  | 7,701 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39,922 |  |  | 50,653 |  |  | 3.82 | %
QID TRH Holdings LLC (21) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Haven Midstream Holdings LLC(21) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  | Ordinary shares (14)(15) |  | — |  | — |  | — |  | 10/2021 |  | — |  | 80 |  |  | — |  |  | 35,679 |  |  |
|  | Profit Interest (6)(15) |  | — |  | — |  | — |  | 10/2021 |  | — |  | 5 |  |  | — |  |  | 109 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | 35,788 |  |  | 2.70 | %
New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 10/2020 |  | — |  | 100 |  |  | 11,155 |  |  | 26,000 |  |  | 1.96 | %
UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Preferred shares (3)(15)(27) |  | — |  | — |  | — |  | 08/2018 |  | — |  | 15,434,113 |  |  | 15,434 |  |  | 11,626 |  |  |
|  | Preferred shares (3)(15)(27) |  | — |  | — |  | — |  | 08/2019 |  | — |  | 9,173,217 |  |  | 9,173 |  |  | 7,670 |  |  |
|  | Preferred shares (3)(15)(26)(42) |  | — |  | — |  | — |  | 06/2017 |  | — |  | 19,795,435 |  |  | 19,795 |  |  | 6,491 |  |  |
|  | Preferred shares (2)(15)(25)(42) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 29,326,545 |  |  | 26,946 |  |  | — |  |  |
|  | Preferred shares (3)(15)(25)(42) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 8,104,462 |  |  | 7,447 |  |  | — |  |  |
|  | Ordinary shares (2)(15) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 2,096,477 |  |  | 1,926 |  |  | — |  |  |
|  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 01/2015 |  | — |  | 1,993,749 |  |  | 533 |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 81,254 |  |  | 25,787 |  |  | 1.94 | %
NM CLFX LP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 10/2017 |  | — |  | — |  |  | 12,538 |  |  | 16,172 |  |  | 1.22 | %
NM YI, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 09/2019 |  | — |  | — |  |  | 6,272 |  |  | 9,481 |  |  | 0.71 | %
NM GP Holdco, LLC** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 06/2018 |  | — |  | — |  |  | 861 |  |  | 1,028 |  |  | 0.08 | %
NHME Holdings Corp.(28) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Ordinary shares (3)(15) |  | — |  | — |  | — |  | 11/2018 |  | — |  | 640,000 |  |  | 4,000 |  |  | — |  |  | — | %
NM GLCR LP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 02/2018 |  | — |  | — |  |  | — |  |  | — |  |  | — | %

The accompanying notes are an integral part of these consolidated financial statements.
55

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

Portfolio Company, Location and Industry(1) |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (19) |  | Acquisition Date |  | Maturity/Expiration Date |  | Principal Amount, Par Value or Shares (17) |  | Cost |  | Fair Value |  | Percent of Net Assets
NM APP US LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 09/2016 |  | — |  | — |  |  | $ | — |  |  | $ | — |  |  | — | %
NM DRVT LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 11/2016 |  | — |  | — |  |  | — |  |  | — |  |  | — | %
NM JRA LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 08/2016 |  | — |  | — |  |  | — |  |  | — |  |  | — | %
NM KRLN LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 11/2016 |  | — |  | — |  |  | — |  |  | — |  |  | — | %
Total Shares - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 484,772 |  |  | $ | 511,614 |  |  | 38.58 | %
Equity - Canada |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NM APP Canada Corp.** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Lease |  | Membership interest (7)(15) |  | — |  | — |  | — |  | 09/2016 |  | — |  | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Total Shares - Canada |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | — | %
Total Shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 484,772 |  |  | $ | 511,614 |  |  | 38.58 | %
Warrants - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UniTek Global Services, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  | Warrants (3)(15) |  | — |  | — |  | — |  | 12/2020 |  | 02/2025 |  | 13,305 |  |  | $ | — |  |  | $ | 36,680 |  |  | 2.77 | %
NHME Holdings Corp. (28) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  | Warrants (3)(15) |  | — |  | — |  | — |  | 11/2018 |  | — |  | 160,000 |  |  | 1,000 |  |  | — |  |  | — | %
Total Warrants - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,000 |  |  | $ | 36,680 |  |  | 2.77 | %
Total Funded Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 650,474 |  |  | $ | 690,035 |  |  | 52.03 | %
Unfunded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Permian Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Permian Holdco, L.L.C. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 10/2020 |  | 12/2024 |  | $ | 1,577 |  |  | $ | — |  |  | $ | — |  |  | — | %
Haven Midstream Holdings LLC (21) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Haven Midstream LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  | First lien (3)(15)(18) - Undrawn |  | — |  | — |  | — |  | 12/2021 |  | 10/2026 |  | 8,000 |  |  | — |  |  | — |  |  | — | %
Total Unfunded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — | %
Total Controlled Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 650,474 |  |  | $ | 690,035 |  |  | 52.03 | %
Total Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,259,967 |  |  | $ | 3,221,247 |  |  | 242.89 | %

(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
(2)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. ("NMF Holdings") as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian. See Note 7. Borrowings, for details.
(3)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower and Goldman Sachs Bank USA as the Administrative Agent and the Collateral Agent and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A. as Lenders. See Note 7. Borrowings, for details.
The accompanying notes are an integral part of these consolidated financial statements.
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New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)
(4)Investment is held in New Mountain Finance SBIC, L.P.
(5)Investment is held in New Mountain Finance SBIC II, L.P.
(6)Investment is held in NMF QID NGL Holdings, Inc.
(7)Investment is held in New Mountain Net Lease Corporation.
(8)Investment is pledged as collateral for the DB Credit Facility, a revolving credit facility among New Mountain Finance DB, L.L.C as the Borrower and Deutsche Bank AG, New York Branch as the Facility Agent. See Note 7. Borrowings, for details.
(9)Investment is held in NMF Ancora Holdings, Inc.
(10)Investment is held in NMF Permian Holdings, LLC.
(11)Investment is held in NMF HB, Inc.
(12)Investment is held in NMF OEC, Inc.
(13)Investment is held in NMF Pioneer, Inc.
(14)Investment is held in NMF TRM, LLC.
(15)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.
(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, 2022, the par value U.S. dollar equivalent of the first lien term loan, and drawn first lien term loan is $15,562 and $13,941, respectively. See Note 2. Summary of Significant Accounting Policies, for details.
(17)Par amount is denominated in United States Dollar unless otherwise noted, British Pound ("£") and/or Euro ("€").
(18)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.
(19)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 London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA), Secured Overnight Financing Rate (SOFR), Euro Interbank Offered Rate (EURIBOR) and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of December 31, 2022.
(20)The Company holds investments in Education Management Corporation and one related entity of Education Management Corporation. The Company holds series A-1 convertible preferred stock and common stock in Education Management Corporation and holds tranche A first lien term loans and a tranche B first lien term loan in Education Management II LLC, which is an indirect subsidiary of Education Management Corporation.
(21)The Company holds investments in multiple entities of Haven Midstream Holdings LLC. The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Haven Midstream Holdings LLC., and holds a first lien revolver in Haven Midstream Holdings LLC.
(22)The Company holds preferred equity in OEC Holdco, LLC, and two second lien term loans in OEConnection LLC, a wholly-owned subsidiary of OEC Holdco, LLC. The preferred equity is entitled to receive prefenential dividends of 11.00% per annum.
(23)The Company holds investments in two wholly-owned subsidiaries of Appriss Health Holdings, Inc. The company holds a first lien term loan and a first lien revolver in Appriss Health, LLC, and preferred equity in Appriss Health Intermediate Holdings, Inc. The preferred equity is entitled to receive preferential dividends at a rate of 11.00% per annum.
(24)The Company holds ordinary shares in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. The ordinary shares are entitled to receive cumulative preferential dividends at a rate of 12.0% per annum.
(25)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.
(26)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares.
(27)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to received cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.
(28)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a Tranche A Term Loan and Tranche B Term Loan in National HME, Inc., a whollyowned subsidiary of NHME Holdings Corp.
(29)The Company holds preferred equity in Bach Special Limited (Bach Preference Limited) that is entitled to receive cumulative preferential dividends at a rate of 12.25% per annum payable in additional shares.
(30)The Company holds preferred equity in Dealer Tire Holdings, LLC that is entitled to receive cumulative preferential dividends at a rate of 7.00% per annum.
(31)The Company holds preferred equity in Symplr Software Intermediate Holdings, Inc. that is entitled to receive cumulative preferential dividends at a rate of L + 10.50% per annum.
The accompanying notes are an integral part of these consolidated financial statements.
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New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)
(32)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.
(33)The Company holds ordinary shares in AAC Lender Holdings, LLC and a first lien term loan, first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.
(34)The Company holds preferred equity in Project Essential Super Parent, LLC that is entitled to receive cumulative preferential dividends at a rate of L + 9.50% per annum.
(35)The Company holds investments in two wholly-owned subsidiary of Diamond Parent Holdings Corp. The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc. The preferred equity in Diligent Preferred Issuer Inc. is entitled to receive cumulative preferential dividends at a rate 10.50% per annum.
(36)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, a first lien delayed draw and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc. The preferred equity in ACI Parent Inc. is entitled to receive cumulative preferential dividends at a rate of 11.75% per annum.
(37)The Company holds preferred equity in HB Wealth Management, LLC that is entitled to receive cumulative preferential dividends at a rate of 4.00% per annum.
(38)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and two first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.
(39)The Company holds ordinary shares in Pioneer Topco I, L.P., and a first lien term loan and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.
(40)The Company holds ordinary shares in OA Topco, L.P., and a first lien term loan and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidiary of OA Topco, L.P.
(41)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Kaseya, Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I Inc. The preferred equity is entitled to received cumulative preferential dividends at a rate of 11.75% per annum.
(42)Investment or a portion of the investment is on non-accrual status. See Note 3. Investments, for details.
(43)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $16,539 as of December 31, 2022. See Note 2. Summary of Significant Accounting Policies, for details.
(44)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2022 and December 31, 2021 along with transactions during the year ended December 31, 2022 in which the issuer was a non-controlled/affiliated investment is as follows:

Portfolio Company |  | Fair Value at December 31, 2021 |  | Gross Additions (A) |  | Gross Redemptions (B) |  | Net Change In Unrealized Appreciation (Depreciation) |  | Fair Value at December 31, 2022 |  | Net Realized Gains (Losses) |  | Interest Income |  | Dividend Income |  | Other Income
Permian Holdco 3, Inc. / Permian Trust |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Sierra Hamilton Holdings Corporation |  | 4,000 |  |  | — |  |  | — |  |  | — |  |  | 4,000 |  |  | — |  |  | — |  |  | — |  |  | — |
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC |  | 130,775 |  |  | 5,168 |  |  | — |  |  | (9,156) |  |  | 126,787 |  |  | — |  |  | 2,105 |  |  | 4,109 |  |  | 250 |
Total Non-Controlled/Affiliated Investments |  | $ | 134,775 |  |  | $ | 5,168 |  |  | $ | — |  |  | $ | (9,156) |  |  | $ | 130,787 |  |  | $ | — |  |  | $ | 2,105 |  |  | $ | 4,109 |  |  | $ | 250 |

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement at fair value of an existing portfolio company into this category from a different category.
(B)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
The accompanying notes are an integral part of these consolidated financial statements.
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New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)
(45) Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of December 31, 2022 and December 31, 2021 along with transactions during the year ended December 31, 2022 in which the issuer was a controlled investment, is as follows:

Portfolio Company |  | Fair Value at December 31, 2021 |  | Gross Additions (A) |  | Gross Redemptions (B) |  | Net Change In Unrealized Appreciation (Depreciation) |  | Fair Value at December 31, 2022 |  | Net Realized Gains (Losses) |  | Interest Income |  | Dividend Income |  | Other Income
Edmentum Inc. |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 54 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
National HME, Inc./NHME Holdings Corp. |  | 27,347 |  |  | (8,161) |  |  | — |  |  | (13,805) |  |  | 5,381 |  |  | — |  |  | (9,661) |  |  | — |  |  | (1,500) |
New Benevis Topco, LLC / New Benevis Holdco, Inc. |  | 109,595 |  |  | 5,914 |  |  | — |  |  | (1,363) |  |  | 114,146 |  |  | — |  |  | 8,057 |  |  | — |  |  | 1,500 |
New Permian Holdco, Inc. / New Permian Holdco, L.L.C. |  | 34,759 |  |  | 7,805 |  |  | — |  |  | 15,000 |  |  | 57,564 |  |  | — |  |  | 4,504 |  |  | — |  |  | 511 |
NM APP CANADA CORP |  | 9,422 |  |  | — |  |  | (7,345) |  |  | (2,077) |  |  | — |  |  | 4,212 |  |  | — |  |  | 620 |  |  | 713 |
NM APP US LLC |  | 14,891 |  |  | — |  |  | (5,080) |  |  | (9,811) |  |  | — |  |  | 4,489 |  |  | — |  |  | 255 |  |  | 483 |
NM CLFX LP |  | 24,676 |  |  | — |  |  | — |  |  | (8,504) |  |  | 16,172 |  |  | — |  |  | — |  |  | 1,596 |  |  | — |
NM DRVT LLC |  | 7,984 |  |  | — |  |  | (5,152) |  |  | (2,832) |  |  | — |  |  | 3,439 |  |  | — |  |  | 173 |  |  | 475 |
NM JRA LLC |  | 3,996 |  |  | — |  |  | (2,043) |  |  | (1,953) |  |  | — |  |  | 2,049 |  |  | — |  |  | 72 |  |  | 188 |
NM GLCR LP |  | 50,687 |  |  | — |  |  | (14,750) |  |  | (35,937) |  |  | — |  |  | 35,713 |  |  | — |  |  | 400 |  |  | 2,150 |
NM KRLN LLC |  | 244 |  |  | 97 |  |  | (9,319) |  |  | 8,978 |  |  | — |  |  | (9,318) |  |  | — |  |  | — |  |  | — |
NM NL Holdings, L.P. |  | 107,870 |  |  | 53 |  |  | (10,885) |  |  | (2,733) |  |  | 94,305 |  |  | — |  |  | — |  |  | 8,453 |  |  | — |
NM GP Holdco, LLC |  | 1,197 |  |  | 1 |  |  | (138) |  |  | (32) |  |  | 1,028 |  |  | — |  |  | — |  |  | 94 |  |  | — |
NM YI LLC |  | 8,286 |  |  | — |  |  | — |  |  | 1,195 |  |  | 9,481 |  |  | — |  |  | — |  |  | 828 |  |  | — |
NMFC Senior Loan Program III LLC |  | 140,000 |  |  | — |  |  | — |  |  | — |  |  | 140,000 |  |  | — |  |  | — |  |  | 17,485 |  |  | — |
NMFC Senior Loan Program IV LLC |  | 112,400 |  |  | — |  |  | — |  |  | — |  |  | 112,400 |  |  | — |  |  | — |  |  | 13,173 |  |  | — |
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC |  | 34,821 |  |  | 3,865 |  |  | (38,685) |  |  | 35,787 |  |  | 35,788 |  |  | 12,802 |  |  | 6,316 |  |  | — |  |  | 1,902 |
UniTek Global Services, Inc. |  | 67,635 |  |  | 13,378 |  |  | (1,549) |  |  | 24,306 |  |  | 103,770 |  |  | — |  |  | 4,738 |  |  | 4,363 |  |  | 724 |
Total Controlled Investments |  | $ | 755,810 |  |  | $ | 22,952 |  |  | $ | (94,946) |  |  | $ | 6,219 |  |  | $ | 690,035 |  |  | $ | 53,440 |  |  | $ | 13,954 |  |  | $ | 47,512 |  |  | $ | 7,146 |

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
* All or a portion of interest contains PIK interest.
** Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2022, 15.3% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.
The accompanying notes are an integral part of these consolidated financial statements.
59

Table of Contents
New Mountain Finance Corporation
Consolidated Schedule of Investments (Continued)
December 31, 2022
(in thousands, except shares)

| December 31, 2022
Investment Type | Percent of Total Investments at Fair Value
First lien | 54.45 | %
Second lien | 17.42 | %
Subordinated | 2.38 | %
Equity and other | 25.75 | %
Total investments | 100.00 | %

| December 31, 2022
Industry Type | Percent of Total Investments at Fair Value
Software | 27.85 | %
Business Services | 18.39 | %
Healthcare | 17.01 | %
Investment Funds (includes investments in joint ventures) | 7.84 | %
Education | 7.43 | %
Consumer Services | 3.85 | %
Net Lease | 3.76 | %
Distribution & Logistics | 3.18 | %
Financial Services | 2.98 | %
Energy | 1.91 | %
Specialty Chemicals & Materials | 1.87 | %
Information Technology | 1.81 | %
Packaging | 1.26 | %
Consumer Products | 0.64 | %
Business Products | 0.22 | %
Total investments | 100.00 | %

| December 31, 2022
Interest Rate Type | Percent of Total Investments at Fair Value
Floating rates | 88.53 | %
Fixed rates | 11.47 | %
Total investments | 100.00 | %

The accompanying notes are an integral part of these consolidated financial statements.
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Notes to the Consolidated Financial Statements of
New Mountain Finance Corporation
September 30, 2023
(in thousands, except share data)
(unaudited)
Note 1. Formation and Business Purpose
New Mountain Finance Corporation (“NMFC” or the “Company”) is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering ("IPO") on May 19, 2011. NMFC is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). NMFC has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Since NMFC’s IPO, and through September 30, 2023, NMFC has raised approximately $952,242 in net proceeds from additional offerings of its common stock.
New Mountain Finance Advisers BDC, L.L.C. (the “Investment Adviser”) is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $45 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations.
The Company has established the following wholly-owned direct and indirect subsidiaries:
•New Mountain Finance Holdings, L.L.C. ("NMF Holdings") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings’ credit facility and NMFDB’s credit facility, respectively;
•New Mountain Finance SBIC, L.P. ("SBIC I") and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the U.S. Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act"), and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP"), and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively;
•NMF Ancora Holdings, Inc. ("NMF Ancora"), NMF QID NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC"), which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity related investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); the Company consolidates these corporations for accounting purposes but the corporations are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expense as a result of their ownership of the portfolio companies; and
•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.
New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of the Company, which acquires commercial real estate properties that are subject to "triple net" leases and has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.
NMFC is a leading BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company’s differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.
Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-
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lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, the Company’s investments may also include equity interests.
NMFC primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies, defined by annual EBITDA of $10 million to $200 million. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.
Similar to the Company, the investment objective of SBIC I and SBIC II is to generate current income and capital appreciation under the investment criteria used by the Company. However, SBIC I and SBIC II investments must be in SBA eligible small businesses. The Company’s portfolio may be concentrated in a limited number of industries. As of September 30, 2023, the Company’s top five industry concentrations were software, business services, healthcare, investment funds (which includes the Company's investments in its joint ventures) and education.
Note 2. Summary of Significant Accounting Policies
Basis of accounting—The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC 946”). The Company consolidates its wholly-owned direct and indirect subsidiaries: NMF Holdings, NMFDB, NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF OEC and its majority-owned consolidated subsidiary: NMNLC. For majority-owned consolidated subsidiaries, the third-party equity interest is referred to as non-controlling interest. The net income attributable to non-controlling interests for such subsidiaries is presented as “Net increase (decrease) in net assets resulting from operations related to non-controlling interest” in the Company’s Consolidated Statements of Operations. The portion of shareholders' equity that is attributable to non-controlling interests for such subsidiaries is presented as “Non-controlling interest”, a component of total equity, on the Company’s Consolidated Statements of Assets and Liabilities.
The Company’s consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for all periods presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company’s portfolio investments are not consolidated in the financial statements.
The Company’s interim consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 6 or 10 of Regulation S-X. Accordingly, the Company’s interim consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.
Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company’s Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company’s Consolidated Statements of Operations as “Net change in unrealized appreciation (depreciation) of investments” and realizations on portfolio investments reflected in the Company’s Consolidated Statements of Operations as “Net realized gains (losses) on investments”.
The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company’s board of directors is ultimately and solely responsible for determining the fair value of the portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company’s quarterly valuation procedures are set forth in more detail below:
(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.
(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.
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a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and
b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:
i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and
ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).
(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:
a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;
b.Preliminary valuation conclusions will then be documented and discussed with the Company’s senior management;
c.If an investment falls into (3) above for four consecutive quarters and if the investment’s par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company’s board of directors; and
d.When deemed appropriate by the Company’s management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.
For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.
The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period and the fluctuations could be material.
See Note 3. Investments, for further discussion relating to investments.
New Mountain Net Lease Corporation
NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on the Company's Consolidated Schedule of Investments as of September 30, 2023.
On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed
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105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020.
Below is certain summarized property information for NMNLC as of September 30, 2023:

|  |  |  | Lease |  |  |  | Total |  | Fair Value as of
Portfolio Company |  | Tenant |  | Expiration Date |  | Location |  | Square Feet |  | September 30, 2023(1)
NM NL Holdings LP / NM GP Holdco LLC |  | Various |  | Various |  | Various |  | Various |  | $ | 96,933 |
NM CLFX LP |  | Victor Equipment Company |  | 8/31/2033 |  | TX |  | 423 |  | 11,692 |
NM YI, LLC |  | Young Innovations, Inc. |  | 10/31/2039 |  | IL / MO |  | 212 |  | 9,449 |
|  |  |  |  |  |  |  |  |  | $ | 118,074 |

(1)Excludes residual value in NM APP Canada Corp. due to tax withholding. As of September 30, 2023, NM APP Canada Corp. had a fair value of $7.
Collateralized agreements or repurchase financings—The Company follows the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral (“ASC 860”), when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of September 30, 2023 and December 31, 2022, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of $16,500 and $16,539, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from the Company at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to the Company, and therefore, the Company does not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized the Company’s contractual rights under the collateralized agreement. The Company continues to exercise its rights under the collateralized agreement and continues to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.
Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of September 30, 2023 and December 31, 2022.
Revenue recognition
Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.
Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2023, the Company recognized PIK and non-cash interest from investments of $7,917 and $24,807, respectively, and PIK and non-cash dividends from investments of $6,988 and $20,225, respectively. For the three and nine months ended September 30, 2022, the Company recognized PIK and non-cash interest from investments of $6,193 and $21,993, respectively, and PIK and non-cash dividends from investments of $5,995 and $16,338, respectively.
Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.
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Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate collectibility. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.
Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Other income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.
Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 7. Borrowings, for details.
Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company’s borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 7. Borrowings, for details.
Deferred offering costs—The Company's deferred offering costs consist of fees and expenses incurred in connection with equity offerings and the filing of shelf registration statements. Upon the issuance of shares, offering costs are charged as a direct reduction to net assets. Deferred offering costs are included in other assets on the Company's Consolidated Statements of Assets and Liabilities.
Income taxes—The Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its stockholders.
To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.
Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.
For U.S. federal income tax purposes, distributions paid to stockholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.
The Company will be subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.
Certain consolidated subsidiaries of the Company are subject to U.S. federal and state income taxes. These taxable entities are not consolidated for U.S. federal income tax purposes and may generate income tax liabilities or assets from permanent and temporary differences in the recognition of items for financial reporting and U.S. federal income tax purposes.
For the three and nine months ended September 30, 2023, the Company recognized a total income tax benefit (provision) of approximately $918 and $(335), respectively, for the Company’s consolidated subsidiaries. For the three and nine months ended September 30, 2023, the Company recorded a current income tax (benefit) expense of approximately $(627) and $401, respectively, and deferred income tax benefit of approximately $291 and $66, respectively. For the three and nine months ended September 30, 2022, the Company recognized a total income tax benefit (provision) of approximately $43 and $(122), respectively, for the Company’s consolidated subsidiaries. For the three and nine months ended September 30, 2022, the Company recorded a current income tax benefit of approximately $13 and $5, respectively, and deferred income tax benefit (provision) of approximately $30 and $(127), respectively.
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As of September 30, 2023 and December 31, 2022, the Company had $2,790 and $8,487, respectively, of deferred tax liabilities primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S. federal income tax purposes as compared to GAAP.
Based on its analysis, the Company has determined that there were no uncertain income tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740") through December 31, 2022. The 2019 through 2022 tax years remain subject to examination by the U.S. federal, state, and local tax authorities.
Distributions—Distributions to common stockholders of the Company are recorded on the record date as set by the board of directors. The Company intends to make distributions to its stockholders that will be sufficient to enable the Company to maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income (see Note 5. Agreements, for details) on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.
The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash.
The Company applies the following in implementing the dividend reinvestment plan. If the price at which newly issued shares are to be credited to stockholders' accounts is equal to or greater than 110.0% of the last determined net asset value of the shares, the Company will use only newly issued shares to implement its dividend reinvestment plan. Under such circumstances, the number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of the Company's common stock on the NASDAQ Global Select Market (the "NASDAQ") on the distribution payment date. Market price per share on that date will be the closing price for such shares on the NASDAQ or, if no sale is reported for such day, the average of their electronically reported bid and ask prices.
If the price at which newly issued shares are to be credited to stockholders' accounts is less than 110.0% of the last determined net asset value of the shares, the Company will either issue new shares or instruct the plan administrator to purchase shares in the open market to satisfy the additional shares required. Shares purchased in open market transactions by the plan administrator will be allocated to a stockholder based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market. The number of shares of the Company's common stock to be outstanding after giving effect to payment of the distribution cannot be established until the value per share at which additional shares will be issued has been determined and elections of the Company's stockholders have been tabulated.
Stock repurchase program—On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of the Company's common stock (the "Repurchase Program"). Under the Repurchase Program, the Company was permitted, but was not obligated, to repurchase its outstanding common stock in the open market from time to time provided that it complied with the Company's code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On December 22, 2022, the Company's board of directors extended the Company's Repurchase Program and the Company expects the Repurchase Program to be in place until the earlier of December 31, 2023 or until $50,000 of its outstanding shares of common stock have been repurchased. During the three and nine months ended September 30, 2023 and September 30, 2022 , the Company did not repurchase any shares of the Company's common stock. The Company previously repurchased $2,948 outstanding shares of its common stock under the Repurchase Program.
Earnings per share—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued, and its related net impact to net assets accounted for, and the additional shares of common stock were dilutive. Diluted EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.
Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in
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unrealized appreciation (depreciation)" and "Net realized gains (losses)" in the Company's Consolidated Statements of Operations.
Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and such foreign currencies. This movement is beyond the control of the Company and cannot be predicted.
Use of estimates—The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.
Note 3. Investments
At September 30, 2023, the Company's investments consisted of the following:
Investment Cost and Fair Value by Type

| Cost |  | Fair Value
First lien | $ | 1,759,410 |  |  | $ | 1,691,480 |
Second lien | 567,583 |  |  | 529,613 |
Subordinated | 95,993 |  |  | 86,238 |
Equity and other | 745,733 |  |  | 804,572 |
Total investments | $ | 3,168,719 |  |  | $ | 3,111,903 |

Investment Cost and Fair Value by Industry

| Cost |  | Fair Value |
Software | $ | 831,652 |  |  | $ | 820,492 |  |
Business Services | 606,262 |  |  | 540,834 |  |
Healthcare | 560,096 |  |  | 535,665 |  |
Investment Funds (includes investments in joint ventures) | 252,400 |  |  | 252,400 |  |
Education | 221,749 |  |  | 249,225 |  |
Consumer Services | 163,407 |  |  | 161,335 |  |
Net Lease | 95,782 |  |  | 118,081 |  |
Distribution & Logistics | 110,807 |  |  | 104,712 |  |
Financial Services | 102,058 |  |  | 102,875 |  |
Energy | 59,872 |  |  | 63,935 |  |
Information Technology | 58,688 |  |  | 59,189 |  |
Packaging | 42,964 |  |  | 38,814 |  |
Specialty Chemicals & Materials | 26,046 |  |  | 27,804 |  |
Consumer Products | 20,622 |  |  | 19,014 |  |
Business Products | 10,772 |  |  | 10,788 |  |
Food & Beverage | 5,542 |  |  | 6,740 |  |
Total investments | $ | 3,168,719 |  |  | $ | 3,111,903 |  |

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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 September 30, 2023, the Company's positions in Ansira on non-accrual status had an aggregate cost basis of $41,152, an aggregate fair value of $1,993 and total unearned interest income of $94 and $3,904, respectively, for the three and nine months then ended.
As of September 30, 2023, the Company's aggregate principal amount of its second lien term loan in Integro Parent Inc. ("Integro") was $13,074. During the second quarter of 2022, the Company placed an aggregate principal amount of $4,576 of its second lien position on non-accrual status, that was subsequently taken off non-accrual status in the third quarter of 2023. As of September 30, 2023, the Company's position in Integro had total unearned interest income of $0 and $352, respectively, for the three and nine months then ended.
During the second quarter of 2022, the Company placed its second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2023, the Company's second lien position in National HME had an aggregate cost basis of $7,872, an aggregate fair value of $3,000 and total unearned interest income of $463 and $1,315, respectively, for the three and nine 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 September 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 $31,406, 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 initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its
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first lien term loans on non-accrual status. As of September 30, 2023, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $31,369, an aggregate fair value of $20,586 and total unearned interest income of $1,103 and $2,199, respectively, for the three and nine months then ended.
During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of September 30, 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 $1,945 and $5,646, for the three and nine months then ended. During the third quarter of 2021, the Company placed an aggregate principal amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status. As of September 30, 2023, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $5,927 and total unearned dividend income of approximately $1,432 and $4,105, respectively, for the three and nine months then ended.
During the first quarter of 2018, the Company placed its first lien positions in Education Management II LLC ("EDMC") on non-accrual status as EDMC announced its intention to wind down and liquidate the business. As of September 30, 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 $22 and $62, respectively, for the three and nine months then ended.
As of September 30, 2023, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $108,985 and $0, respectively. As of September 30, 2023, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $63,799. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of September 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 September 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 $7,975 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
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Company and SkyKnight II. SLP III has a five year investment period and will continue in existence until April 25, 2025. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.
SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 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 September 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 Rate ("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 September 30, 2023 and December 31, 2022, SLP III had total investments with an aggregate fair value of approximately $656,828 and $639,327, respectively, and debt outstanding under its credit facility of $480,000 and $512,100, respectively. As of September 30, 2023 and December 31, 2022, none of SLP III's investments were on non-accrual. Additionally, as of September 30, 2023 and December 31, 2022, SLP III had unfunded commitments in the form of delayed draws of $720 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 September 30, 2023 and December 31, 2022:

|  | September 30, 2023 |  | December 31, 2022
First lien investments (1) |  | $ | 681,088 |  |  | $ | 690,017 |
Weighted average interest rate on first lien investments (2) |  | 9.75 | % |  | 8.51 | %
Number of portfolio companies in SLP III |  | 86 |  |  | 83 |
Largest portfolio company investment (1) |  | $ | 26,178 |  |  | $ | 18,197 |
Total of five largest portfolio company investments (1) |  | $ | 93,443 |  |  | $ | 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.
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The following table is a listing of the individual investments in SLP III's portfolio as of September 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% |  | 9.18% |  | 12/2027 |  | $ | 2,382 |  |  | $ | 2,374 |  |  | $ | 2,227 |
AG Parent Holdings, LLC |  | Healthcare |  | SOFR(Q) |  | 5.00% |  | 10.68% |  | 07/2026 |  | 9,675 |  |  | 9,653 |  |  | 9,504 |
Aretec Group, Inc. (fka RCS Capital Corporation) |  | Financial Services |  | SOFR(M) |  | 4.50% |  | 9.92% |  | 08/2030 |  | 4,924 |  |  | 4,826 |  |  | 4,898 |
Artera Services, LLC |  | Distribution & Logistics |  | SOFR(Q) |  | 3.50% |  | 8.99% |  | 03/2025 |  | 5,286 |  |  | 5,270 |  |  | 4,976 |
Ascensus Group Holdings, Inc. |  | Business Services |  | SOFR(M) |  | 3.50% |  | 8.93% |  | 08/2028 |  | 4,033 |  |  | 4,017 |  |  | 4,006 |
AssuredPartners, Inc. |  | Insurance Services |  | SOFR(M) |  | 4.25% |  | 9.57% |  | 02/2027 |  | 1,980 |  |  | 1,922 |  |  | 1,982 |
Aston FinCo S.a.r.l. / Aston US Finco, LLC |  | Software |  | SOFR(M) |  | 4.25% |  | 9.68% |  | 10/2026 |  | 5,790 |  |  | 5,762 |  |  | 5,057 |
athenahealth Group Inc. |  | Healthcare |  | SOFR(M) |  | 3.25% |  | 8.57% |  | 02/2029 |  | 6,860 |  |  | 6,620 |  |  | 6,746 |
BCPE Empire Holdings, Inc. |  | Distribution & Logistics |  | SOFR(M) |  | 4.75% |  | 10.07% |  | 12/2028 |  | 7,477 |  |  | 7,406 |  |  | 7,486 |
Bella Holding Company, LLC |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 9.17% |  | 05/2028 |  | 2,221 |  |  | 2,205 |  |  | 2,212 |
Bracket Intermediate Holding Corp. |  | Healthcare |  | SOFR(Q) |  | 5.00% |  | 10.49% |  | 05/2028 |  | 14,289 |  |  | 13,887 |  |  | 14,303 |
Brave Parent Holdings, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 9.52% |  | 04/2025 |  | 4,232 |  |  | 4,228 |  |  | 4,230 |
Brown Group Holding, LLC |  | Distribution & Logistics |  | SOFR(Q) |  | 3.75% |  | 9.12% |  | 07/2029 |  | 3,999 |  |  | 3,912 |  |  | 4,001 |
Cardinal Parent, Inc. |  | Software |  | SOFR(Q) |  | 4.50% |  | 10.04% |  | 11/2027 |  | 9,847 |  |  | 9,662 |  |  | 8,960 |
CE Intermediate I, LLC |  | Software |  | SOFR(Q) |  | 3.50% |  | 9.02% |  | 11/2028 |  | 10,838 |  |  | 10,779 |  |  | 10,740 |
CentralSquare Technologies, LLC |  | Software |  | SOFR(Q) |  | 3.75% |  | 9.29% |  | 08/2025 |  | 14,287 |  |  | 14,276 |  |  | 13,585 |
CHA Holdings, Inc. |  | Business Services |  | SOFR(Q) |  | 4.50% |  | 10.15% |  | 04/2025 |  | 949 |  |  | 949 |  |  | 949 |
CommerceHub, Inc. |  | Software |  | SOFR(Q) |  | 6.25% |  | 11.77% |  | 12/2027 |  | 3,980 |  |  | 3,552 |  |  | 3,980 |
CommerceHub, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 9.52% |  | 12/2027 |  | 5,673 |  |  | 5,654 |  |  | 5,476 |
Confluent Health, LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 9.43% |  | 11/2028 |  | 11,772 |  |  | 11,724 |  |  | 11,242 |
Confluent Medical Technologies, Inc. |  | Healthcare |  | SOFR(Q) |  | 3.75% |  | 9.14% |  | 02/2029 |  | 6,895 |  |  | 6,867 |  |  | 6,826 |
Convey Health Solutions, Inc. |  | Healthcare |  | SOFR(Q) |  | 5.25% |  | 10.74% |  | 09/2026 |  | 12,870 |  |  | 12,568 |  |  | 11,355 |
Cornerstone OnDemand, Inc. |  | Software |  | SOFR(M) |  | 3.75% |  | 9.18% |  | 10/2028 |  | 4,477 |  |  | 4,460 |  |  | 4,270 |
Covenant Surgical Partners, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.00% |  | 9.37% |  | 07/2026 |  | 2,000 |  |  | 1,988 |  |  | 1,630 |
Covenant Surgical Partners, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.00% |  | 9.37% |  | 07/2026 |  | 9,607 |  |  | 9,565 |  |  | 7,830 |
CRCI Longhorn Holdings, Inc. |  | Business Services |  | SOFR(M) |  | 3.50% |  | 8.93% |  | 08/2025 |  | 14,250 |  |  | 14,229 |  |  | 14,241 |
CVET Midco 2, L.P. |  | Software |  | SOFR(Q) |  | 5.00% |  | 10.39% |  | 10/2029 |  | 6,930 |  |  | 6,555 |  |  | 6,878 |
Dealer Tire Financial, LLC |  | Distribution & Logistics |  | SOFR(M) |  | 4.50% |  | 9.82% |  | 12/2027 |  | 9,652 |  |  | 9,640 |  |  | 9,682 |
DG Investment Intermediate Holdings 2, Inc. |  | Business Services |  | SOFR(M) |  | 3.75% |  | 9.18% |  | 03/2028 |  | 7,331 |  |  | 7,311 |  |  | 7,233 |
Discovery Purchaser Corporation |  | Specialty Chemicals & Materials |  | SOFR(Q) |  | 4.38% |  | 9.77% |  | 10/2029 |  | 7,047 |  |  | 6,539 |  |  | 6,809 |
Dispatch Acquisition Holdings, LLC |  | Industrial Services |  | SOFR(Q) |  | 4.25% |  | 9.79% |  | 03/2028 |  | 15,487 |  |  | 15,127 |  |  | 14,384 |
EAB Global, Inc. |  | Education |  | L(S) |  | 3.50% |  | 9.13% |  | 08/2028 |  | 1,107 |  |  | 1,104 |  |  | 1,101 |
Eagle Parent Corp. |  | Business Services |  | SOFR(M) |  | 4.25% |  | 9.64% |  | 04/2029 |  | 4,987 |  |  | 4,900 |  |  | 4,863 |
Eisner Advisory Group LLC |  | Financial Services |  | SOFR(M) |  | 5.25% |  | 10.68% |  | 07/2028 |  | 2,195 |  |  | 2,115 |  |  | 2,194 |
Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.) |  | Business Services |  | SOFR(M) |  | 4.25% |  | 9.67% |  | 07/2025 |  | 18,054 |  |  | 18,027 |  |  | 17,496 |
eResearchTechnology, Inc. |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 9.93% |  | 02/2027 |  | 7,215 |  |  | 7,195 |  |  | 7,086 |
EyeCare Partners, LLC |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 9.18% |  | 02/2027 |  | 12,241 |  |  | 12,233 |  |  | 8,798 |
Foundational Education Group, Inc. |  | Education |  | SOFR(Q) |  | 4.25% |  | 9.88% |  | 08/2028 |  | 9,625 |  |  | 9,528 |  |  | 9,144 |
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC) |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 9.18% |  | 02/2024 |  | 14,106 |  |  | 14,107 |  |  | 12,837 |
Groundworks, LLC |  | Consumer Services |  | SOFR(Q) |  | 6.50% |  | 11.81% |  | 03/2030 |  | 1,337 |  |  | 1,300 |  |  | 1,317 |
Heartland Dental, LLC |  | Healthcare |  | SOFR(M) |  | 5.00% |  | 10.33% |  | 04/2028 |  | 14,214 |  |  | 13,679 |  |  | 14,080 |
Help/Systems Holdings, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 9.47% |  | 11/2026 |  | 17,929 |  |  | 17,834 |  |  | 17,240 |
Higginbotham Insurance Agency, Inc. |  | Business Services |  | SOFR(M) |  | 5.50% |  | 10.92% |  | 11/2028 |  | 9,010 |  |  | 8,959 |  |  | 9,010 |

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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 |  | SOFR(Q) |  | 4.00% |  | 9.61% |  | 04/2028 |  | $ | 4,742 |  |  | $ | 4,708 |  |  | $ | 4,730 |
Houghton Mifflin Harcourt Company |  | Education |  | SOFR(M) |  | 5.25% |  | 10.67% |  | 04/2029 |  | 6,672 |  |  | 6,452 |  |  | 6,288 |
Hub International Limited |  | Insurance Services |  | SOFR(Q) |  | 4.25% |  | 9.58% |  | 06/2030 |  | 6,442 |  |  | 6,377 |  |  | 6,469 |
Idera, Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 9.27% |  | 03/2028 |  | 15,682 |  |  | 15,673 |  |  | 15,571 |
Kestra Advisor Services Holdings A, Inc. |  | Financial Services |  | SOFR(Q) |  | 4.25% |  | 9.74% |  | 06/2026 |  | 11,842 |  |  | 11,805 |  |  | 11,840 |
LI Group Holdings, Inc. |  | Software |  | SOFR(M) |  | 3.75% |  | 9.18% |  | 03/2028 |  | 3,761 |  |  | 3,754 |  |  | 3,768 |
LSCS Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 4.61% |  | 9.93% |  | 12/2028 |  | 7,510 |  |  | 7,480 |  |  | 7,411 |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 5.00% |  | 10.47% |  | 05/2028 |  | 1,990 |  |  | 1,906 |  |  | 1,942 |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 9.12% |  | 05/2028 |  | 3,931 |  |  | 3,916 |  |  | 3,835 |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 4.25% |  | 9.88% |  | 05/2028 |  | 2,494 |  |  | 2,378 |  |  | 2,447 |
Mavis Tire Express Services Topco Corp. |  | Retail |  | SOFR(M) |  | 4.00% |  | 9.43% |  | 05/2028 |  | 4,142 |  |  | 4,127 |  |  | 4,140 |
MED ParentCo, LP |  | Healthcare |  | SOFR(M) |  | 4.25% |  | 9.68% |  | 08/2026 |  | 12,491 |  |  | 12,436 |  |  | 11,966 |
MH Sub I, LLC (Micro Holding Corp.) |  | Software |  | SOFR(M) |  | 4.25% |  | 9.57% |  | 05/2028 |  | 3,567 |  |  | 3,484 |  |  | 3,457 |
Netsmart, Inc. |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 9.43% |  | 10/2027 |  | 3,910 |  |  | 3,910 |  |  | 3,916 |
Nielsen Consumer Inc. |  | Business Services |  | SOFR(M) |  | 6.25% |  | 11.57% |  | 03/2028 |  | 14,963 |  |  | 13,369 |  |  | 14,742 |
OMNIA Partners, LLC |  | Business Services |  | SOFR(Q) |  | 4.25% |  | 9.60% |  | 07/2030 |  | 5,919 |  |  | 5,861 |  |  | 5,930 |
Optiv Parent Inc. |  | Software |  | SOFR(S) |  | 5.25% |  | 10.34% |  | 07/2026 |  | 6,602 |  |  | 6,397 |  |  | 6,387 |
Osaic Holdings, Inc. |  | Financial Services |  | SOFR(M) |  | 4.50% |  | 9.82% |  | 08/2028 |  | 9,650 |  |  | 9,555 |  |  | 9,666 |
Pearls (Netherlands) Bidco B.V. |  | Specialty Chemicals & Materials |  | SOFR(Q) |  | 3.75% |  | 9.12% |  | 02/2029 |  | 1,715 |  |  | 1,711 |  |  | 1,710 |
Peraton Corp. |  | Federal Services |  | SOFR(M) |  | 3.75% |  | 9.17% |  | 02/2028 |  | 7,158 |  |  | 7,133 |  |  | 7,148 |
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC) |  | Consumer Services |  | SOFR(M) |  | 3.50% |  | 8.92% |  | 02/2025 |  | 4,537 |  |  | 4,536 |  |  | 4,521 |
Physician Partners, LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 9.42% |  | 12/2028 |  | 4,242 |  |  | 4,207 |  |  | 4,034 |
Planview Parent, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 9.65% |  | 12/2027 |  | 10,749 |  |  | 10,545 |  |  | 10,637 |
Premise Health Holding Corp. |  | Healthcare |  | SOFR(S) |  | 3.75% |  | 9.34% |  | 07/2025 |  | 7,347 |  |  | 7,337 |  |  | 7,200 |
Project Ruby Ultimate Parent Corp. |  | Healthcare |  | SOFR(M) |  | 3.25% |  | 8.68% |  | 03/2028 |  | 4,319 |  |  | 4,304 |  |  | 4,271 |
Project Ruby Ultimate Parent Corp. |  | Healthcare |  | SOFR(M) |  | 5.75% |  | 11.18% |  | 03/2028 |  | 4,950 |  |  | 4,824 |  |  | 4,985 |
RealPage, Inc. |  | Software |  | SOFR(M) |  | 3.00% |  | 8.43% |  | 04/2028 |  | 8,108 |  |  | 8,095 |  |  | 8,026 |
Renaissance Holding Corp. |  | Education |  | SOFR(M) |  | 4.75% |  | 10.07% |  | 04/2030 |  | 6,629 |  |  | 6,439 |  |  | 6,586 |
RLG Holdings, LLC |  | Packaging |  | SOFR(M) |  | 4.25% |  | 9.68% |  | 07/2028 |  | 5,741 |  |  | 5,720 |  |  | 5,423 |
RxB Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 9.95% |  | 12/2027 |  | 2,985 |  |  | 2,905 |  |  | 2,985 |
RxB Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 5.25% |  | 10.57% |  | 12/2027 |  | 3,679 |  |  | 3,591 |  |  | 3,679 |
Sierra Enterprises, LLC |  | Food & Beverage |  | SOFR(Q) |  | 2.50% + 4.25% PIK |  | 12.12% |  | 05/2027 |  | 2,463 |  |  | 2,463 |  |  | 2,283 |
Snap One Holdings Corp. |  | Distribution & Logistics |  | SOFR(Q) |  | 4.50% |  | 10.04% |  | 12/2028 |  | 6,572 |  |  | 6,520 |  |  | 6,386 |
Spring Education Group, Inc. |  | Education |  | SOFR(M) |  | 4.00% |  | 9.43% |  | 07/2025 |  | 13,829 |  |  | 13,785 |  |  | 13,857 |
Spring Education Group, Inc. |  | Education |  | SOFR(M) |  | 4.50% |  | 9.91% |  | 10/2030 |  | 12,349 |  |  | 12,194 |  |  | 12,194 |
Storable, Inc. |  | Software |  | SOFR(M) |  | 3.50% |  | 8.82% |  | 04/2028 |  | 3,794 |  |  | 3,788 |  |  | 3,774 |
Symplr Software, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 9.97% |  | 12/2027 |  | 15,600 |  |  | 15,505 |  |  | 14,008 |
Syndigo LLC |  | Software |  | SOFR(M) |  | 4.50% |  | 9.93% |  | 12/2027 |  | 14,625 |  |  | 14,553 |  |  | 13,711 |
Therapy Brands Holdings LLC |  | Software |  | SOFR(M) |  | 4.00% |  | 9.43% |  | 05/2028 |  | 4,068 |  |  | 4,053 |  |  | 3,905 |
Thermostat Purchaser III, Inc. |  | Business Services |  | SOFR(Q) |  | 4.50% |  | 10.07% |  | 08/2028 |  | 6,577 |  |  | 6,551 |  |  | 6,514 |
TMF Sapphire Bidco B.V. |  | Business Services |  | SOFR(Q) |  | 5.00% |  | 10.37% |  | 05/2028 |  | 2,667 |  |  | 2,614 |  |  | 2,677 |
TRC Companies LLC |  | Business Services |  | SOFR(M) |  | 3.75% |  | 9.18% |  | 12/2028 |  | 12,393 |  |  | 12,344 |  |  | 12,254 |
UKG Inc. |  | Software |  | SOFR(Q) |  | 4.50% |  | 10.02% |  | 05/2026 |  | 4,988 |  |  | 4,883 |  |  | 5,010 |
USI, Inc. |  | Financial Services |  | SOFR(Q) |  | 3.75% |  | 9.14% |  | 11/2029 |  | 2,453 |  |  | 2,408 |  |  | 2,454 |
Valcour Packaging, LLC |  | Packaging |  | L(S) |  | 3.75% |  | 9.40% |  | 10/2028 |  | 4,470 |  |  | 4,460 |  |  | 3,647 |
WatchGuard Technologies, Inc. |  | Software |  | SOFR(M) |  | 5.25% |  | 10.57% |  | 07/2029 |  | 5,250 |  |  | 4,947 |  |  | 4,958 |
Waystar Technologies, Inc. |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 9.43% |  | 10/2026 |  | 3,994 |  |  | 3,988 |  |  | 4,003 |
Wrench Group LLC |  | Consumer Services |  | SOFR(Q) |  | 4.00% |  | 9.65% |  | 04/2026 |  | 7,763 |  |  | 7,751 |  |  | 7,758 |
Wrench Group LLC |  | Consumer Services |  | SOFR(Q) |  | 4.50% |  | 9.99% |  | 04/2026 |  | 5,486 |  |  | 5,392 |  |  | 5,486 |

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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 |  | SOFR(M) |  | 4.00% |  | 9.42% |  | 11/2024 |  | $ | 9,415 |  |  | $ | 9,413 |  |  | $ | 9,368 |
Zest Acquisition Corp. |  | Healthcare |  | SOFR(M) |  | 5.50% |  | 10.82% |  | 02/2028 |  | 4,083 |  |  | 3,929 |  |  | 4,008 |
Total Funded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 680,368 |  |  | $ | 670,984 |  |  | $ | 656,829 |
Unfunded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Groundworks, LLC |  | Consumer Services |  | — |  | — |  | — |  | 09/2024 |  | $ | 164 |  |  | $ | (2) |  |  | $ | (2) |
OMNIA Partners, LLC |  | Business Services |  | — |  | — |  | — |  | 01/2024 |  | 556 |  |  | (3) |  |  | 1 |
Total Unfunded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 720 |  |  | $ | (5) |  |  | $ | (1) |
Total Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 681,088 |  |  | $ | 670,979 |  |  | $ | 656,828 |

(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 September 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.
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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 |

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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 |

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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.
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Below is certain summarized financial information for SLP III as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and September 30, 2022:

Selected Balance Sheet Information: | September 30, 2023 |  | December 31, 2022
Investments at fair value (cost of $670,979 and $681,288) | $ | 656,828 |  |  | $ | 639,327 |
Cash and other assets | 21,716 |  |  | 17,149 |
Receivable from unsettled securities sold | 3,645 |  |  | — |
Total assets | $ | 682,189 |  |  | $ | 656,476 |
Credit facility | $ | 480,000 |  |  | $ | 512,100 |
Deferred financing costs (net of accumulated amortization of $5,532 and $4,840, respectively) | (1,060) |  |  | (1,695) |
Payable for unsettled securities purchased | 27,023 |  |  | — |
Distribution payable | 6,125 |  |  | 5,688 |
Other liabilities | 7,829 |  |  | 6,492 |
Total liabilities | 519,917 |  |  | 522,585 |
Members' capital | $ | 162,272 |  |  | $ | 133,891 |
Total liabilities and members' capital | $ | 682,189 |  |  | $ | 656,476 |

Selected Statement of Operations Information: | Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Interest income | $ | 16,848 |  |  | $ | 11,113 |  |  | $ | 48,083 |  |  | $ | 27,767 |
Other income | 295 |  |  | 110 |  |  | 452 |  |  | 463 |
Total investment income | 17,143 |  |  | 11,223 |  |  | 48,535 |  |  | 28,230 |
Interest and other financing expenses | 9,061 |  |  | 5,468 |  |  | 26,336 |  |  | 11,875 |
Other expenses | 317 |  |  | 205 |  |  | 853 |  |  | 641 |
Total expenses | 9,378 |  |  | 5,673 |  |  | 27,189 |  |  | 12,516 |
Net investment income | 7,765 |  |  | 5,550 |  |  | 21,346 |  |  | 15,714 |
Net realized losses on investments | (545) |  |  | (128) |  |  | (2,400) |  |  | (145) |
Net change in unrealized appreciation (depreciation) of investments | 11,856 |  |  | (1,566) |  |  | 27,810 |  |  | (37,004) |
Net increase (decrease) in members' capital | $ | 19,076 |  |  | $ | 3,856 |  |  | $ | 46,756 |  |  | $ | (21,435) |

For the three and nine months ended September 30, 2023, the Company earned approximately $4,900 and $14,700, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and nine months ended September 30, 2022, the Company earned approximately $3,938 and $12,935, respectively, of dividend income related to SLP III, which is included in dividend income. As of September 30, 2023 and December 31, 2022, approximately $4,900 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.
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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, dated May, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV has a five year investment period and will continue in existence until May 5, 2028. The investment period may be extended for up to one year pursuant to certain terms of the SLP IV Agreement.
SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of September 30, 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 September 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 September 30, 2023 and December 31, 2022, SLP IV had total investments with an aggregate fair value of approximately $494,851 and $473,762, respectively, and debt outstanding under its credit facility of $352,637 and $365,537, respectively. As of September 30, 2023 and December 31, 2022, none of SLP IV’s investments were on non-accrual. Additionally, as of September 30, 2023 and December 31, 2022, SLP IV had unfunded commitments in the form of delayed draws of $429 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 September 30, 2023 and December 31, 2022:

|  | September 30, 2023 |  | December 31, 2022
First lien investments (1) |  | $ | 511,889 |  |  | $ | 510,372 |
Weighted average interest rate on first lien investments (2) |  | 9.71 | % |  | 8.54 | %
Number of portfolio companies in SLP IV |  | 77 |  |  | 74 |
Largest portfolio company investment (1) |  | $ | 21,808 |  |  | $ | 21,982 |
Total of five largest portfolio company investments (1) |  | $ | 94,058 |  |  | $ | 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.
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The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of September 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 |  | SOFR(Q) |  | 1.15% + 3.00% PIK |  | 9.54% |  | 09/2026 |  | $ | 17,269 |  |  | $ | 17,123 |  |  | $ | 15,841 |
ADMI Corp. (aka Aspen Dental) |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 9.18% |  | 12/2027 |  | 1,838 |  |  | 1,831 |  |  | 1,718 |
Aretec Group, Inc. (fka RCS Capital Corporation) |  | Financial Services |  | SOFR(M) |  | 4.50% |  | 9.92% |  | 08/2030 |  | 3,799 |  |  | 3,723 |  |  | 3,779 |
Artera Services, LLC |  | Distribution & Logistics |  | SOFR(Q) |  | 3.50% |  | 8.99% |  | 03/2025 |  | 4,078 |  |  | 4,065 |  |  | 3,838 |
Ascensus Group Holdings, Inc. |  | Business Services |  | SOFR(M) |  | 3.50% |  | 8.93% |  | 08/2028 |  | 5,972 |  |  | 5,950 |  |  | 5,931 |
athenahealth Group Inc. |  | Healthcare |  | SOFR(M) |  | 3.25% |  | 8.57% |  | 02/2029 |  | 2,379 |  |  | 2,370 |  |  | 2,340 |
Barracuda Parent, LLC |  | Software |  | SOFR(Q) |  | 4.50% |  | 9.87% |  | 08/2029 |  | 4,963 |  |  | 4,831 |  |  | 4,913 |
Bayou Intermediate II, LLC |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 9.97% |  | 08/2028 |  | 8,963 |  |  | 8,920 |  |  | 8,739 |
BCPE Empire Holdings, Inc. |  | Distribution & Logistics |  | SOFR(M) |  | 4.75% |  | 10.07% |  | 12/2028 |  | 4,364 |  |  | 4,322 |  |  | 4,368 |
Bella Holding Company, LLC |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 9.17% |  | 05/2028 |  | 1,738 |  |  | 1,733 |  |  | 1,731 |
Bleriot US Bidco Inc. |  | Federal Services |  | SOFR(Q) |  | 4.00% |  | 9.65% |  | 10/2028 |  | 3,910 |  |  | 3,891 |  |  | 3,919 |
Bracket Intermediate Holding Corp. |  | Healthcare |  | SOFR(Q) |  | 5.00% |  | 10.49% |  | 05/2028 |  | 4,405 |  |  | 4,281 |  |  | 4,409 |
Brave Parent Holdings, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 9.52% |  | 04/2025 |  | 2,326 |  |  | 2,324 |  |  | 2,325 |
Brown Group Holding, LLC |  | Distribution & Logistics |  | SOFR(Q) |  | 3.75% |  | 9.12% |  | 07/2029 |  | 5,383 |  |  | 5,265 |  |  | 5,386 |
CE Intermediate I, LLC |  | Software |  | SOFR(Q) |  | 3.50% |  | 9.02% |  | 11/2028 |  | 8,115 |  |  | 8,071 |  |  | 8,042 |
CentralSquare Technologies, LLC |  | Software |  | SOFR(Q) |  | 3.75% |  | 9.29% |  | 08/2025 |  | 14,287 |  |  | 14,276 |  |  | 13,585 |
CHA Holdings, Inc. |  | Business Services |  | SOFR(Q) |  | 4.50% |  | 10.15% |  | 04/2025 |  | 1,968 |  |  | 1,965 |  |  | 1,968 |
CHA Holdings, Inc. |  | Business Services |  | SOFR(Q) |  | 4.50% |  | 10.15% |  | 04/2025 |  | 10,721 |  |  | 10,709 |  |  | 10,721 |
Confluent Health, LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 9.43% |  | 11/2028 |  | 7,880 |  |  | 7,848 |  |  | 7,525 |
Confluent Medical Technologies, Inc. |  | Healthcare |  | SOFR(Q) |  | 3.75% |  | 9.14% |  | 02/2029 |  | 6,895 |  |  | 6,867 |  |  | 6,826 |
Convey Health Solutions, Inc. |  | Healthcare |  | SOFR(Q) |  | 5.25% |  | 10.74% |  | 09/2026 |  | 4,950 |  |  | 4,834 |  |  | 4,367 |
Cornerstone OnDemand, Inc. |  | Software |  | SOFR(M) |  | 3.75% |  | 9.18% |  | 10/2028 |  | 3,198 |  |  | 3,186 |  |  | 3,050 |
CVET Midco 2, L.P. |  | Software |  | SOFR(Q) |  | 5.00% |  | 10.39% |  | 10/2029 |  | 2,673 |  |  | 2,528 |  |  | 2,653 |
Dealer Tire Financial, LLC |  | Distribution & Logistics |  | SOFR(M) |  | 4.50% |  | 9.82% |  | 12/2027 |  | 10,586 |  |  | 10,563 |  |  | 10,618 |
Discovery Purchaser Corporation |  | Specialty Chemicals & Materials |  | SOFR(Q) |  | 4.38% |  | 9.77% |  | 10/2029 |  | 5,359 |  |  | 4,973 |  |  | 5,179 |
Dispatch Acquisition Holdings, LLC |  | Industrial Services |  | SOFR(Q) |  | 4.25% |  | 9.79% |  | 03/2028 |  | 9,799 |  |  | 9,706 |  |  | 9,101 |
EAB Global, Inc. |  | Education |  | L(S) |  | 3.50% |  | 9.13% |  | 08/2028 |  | 2,214 |  |  | 2,207 |  |  | 2,202 |
Eisner Advisory Group LLC |  | Financial Services |  | SOFR(M) |  | 5.25% |  | 10.68% |  | 07/2028 |  | 1,694 |  |  | 1,632 |  |  | 1,693 |
Emerald 2 Limited |  | Business Services |  | SOFR(Q) |  | 3.75% |  | 9.40% |  | 07/2028 |  | 437 |  |  | 437 |  |  | 437 |
Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.) |  | Business Services |  | SOFR(M) |  | 4.25% |  | 9.67% |  | 07/2025 |  | 20,129 |  |  | 20,102 |  |  | 19,507 |
eResearchTechnology, Inc. |  | Healthcare |  | SOFR(M) |  | 4.50% |  | 9.93% |  | 02/2027 |  | 4,351 |  |  | 4,328 |  |  | 4,273 |
EyeCare Partners, LLC |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 9.18% |  | 11/2028 |  | 9,850 |  |  | 9,831 |  |  | 6,944 |
Foundational Education Group, Inc. |  | Education |  | SOFR(Q) |  | 4.25% |  | 9.88% |  | 08/2028 |  | 6,386 |  |  | 6,338 |  |  | 6,067 |
Geo Parent Corporation |  | Business Services |  | SOFR(S) |  | 5.25% |  | 10.80% |  | 12/2025 |  | 9,634 |  |  | 9,472 |  |  | 9,634 |
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC) |  | Healthcare |  | SOFR(M) |  | 3.75% |  | 9.18% |  | 02/2024 |  | 20,565 |  |  | 20,557 |  |  | 18,714 |
Heartland Dental, LLC |  | Healthcare |  | SOFR(M) |  | 5.00% |  | 10.33% |  | 04/2028 |  | 7,624 |  |  | 7,338 |  |  | 7,553 |
Help/Systems Holdings, Inc. |  | Software |  | SOFR(Q) |  | 4.00% |  | 9.47% |  | 11/2026 |  | 9,733 |  |  | 9,711 |  |  | 9,358 |
Houghton Mifflin Harcourt Company |  | Education |  | SOFR(M) |  | 5.25% |  | 10.67% |  | 04/2029 |  | 4,826 |  |  | 4,667 |  |  | 4,549 |
Hub International Limited |  | Insurance Services |  | SOFR(Q) |  | 4.25% |  | 9.58% |  | 06/2030 |  | 2,761 |  |  | 2,733 |  |  | 2,773 |
Hunter Holdco 3 Limited |  | Healthcare |  | SOFR(Q) |  | 4.25% |  | 9.74% |  | 08/2028 |  | 3,949 |  |  | 3,920 |  |  | 3,946 |
Idera, Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 9.27% |  | 03/2028 |  | 9,154 |  |  | 9,100 |  |  | 9,089 |
Kestra Advisor Services Holdings A, Inc. |  | Financial Services |  | SOFR(Q) |  | 4.25% |  | 9.74% |  | 06/2026 |  | 5,388 |  |  | 5,355 |  |  | 5,387 |
LSCS Holdings, Inc. |  | Healthcare |  | SOFR(M) |  | 4.61% |  | 9.93% |  | 12/2028 |  | 8,604 |  |  | 8,572 |  |  | 8,491 |
Mandolin Technology Intermediate Holdings, Inc. |  | Software |  | SOFR(Q) |  | 3.75% |  | 9.29% |  | 07/2028 |  | 9,825 |  |  | 9,790 |  |  | 9,014 |
Maverick Bidco Inc. |  | Software |  | SOFR(Q) |  | 5.00% |  | 10.47% |  | 05/2028 |  | 1,990 |  |  | 1,906 |  |  | 1,942 |

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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 |  | SOFR(Q) |  | 3.75% |  | 9.12% |  | 05/2028 |  | $ | 7,861 |  |  | $ | 7,833 |  |  | $ | 7,671 |
Mavis Tire Express Services Topco Corp. |  | Retail |  | SOFR(M) |  | 4.00% |  | 9.43% |  | 05/2028 |  | 8,284 |  |  | 8,255 |  |  | 8,281 |
MH Sub I, LLC (Micro Holding Corp.) |  | Software |  | SOFR(M) |  | 4.25% |  | 9.57% |  | 05/2028 |  | 4,795 |  |  | 4,683 |  |  | 4,646 |
Netsmart, Inc. |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 9.43% |  | 10/2027 |  | 6,842 |  |  | 6,842 |  |  | 6,852 |
Nielsen Consumer Inc. |  | Business Services |  | SOFR(M) |  | 6.25% |  | 11.57% |  | 03/2028 |  | 9,975 |  |  | 8,921 |  |  | 9,828 |
OEConnection LLC |  | Software |  | SOFR(M) |  | 4.00% |  | 9.42% |  | 09/2026 |  | 4,050 |  |  | 4,029 |  |  | 4,042 |
OMNIA Partners, LLC |  | Business Services |  | SOFR(Q) |  | 4.25% |  | 9.60% |  | 07/2030 |  | 4,566 |  |  | 4,521 |  |  | 4,574 |
Optiv Parent Inc. |  | Software |  | SOFR(S) |  | 5.25% |  | 10.34% |  | 07/2026 |  | 5,093 |  |  | 4,934 |  |  | 4,927 |
Osaic Holdings, Inc. |  | Financial Services |  | SOFR(M) |  | 4.50% |  | 9.82% |  | 08/2028 |  | 11,518 |  |  | 11,405 |  |  | 11,537 |
Pearls (Netherlands) Bidco B.V. |  | Specialty Chemicals & Materials |  | SOFR(Q) |  | 3.75% |  | 9.12% |  | 02/2029 |  | 1,323 |  |  | 1,320 |  |  | 1,319 |
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC) |  | Consumer Services |  | SOFR(M) |  | 3.50% |  | 8.92% |  | 02/2025 |  | 7,914 |  |  | 7,905 |  |  | 7,885 |
Physician Partners, LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 9.42% |  | 12/2028 |  | 3,205 |  |  | 3,180 |  |  | 3,049 |
Premise Health Holding Corp. |  | Healthcare |  | SOFR(S) |  | 3.75% |  | 9.34% |  | 07/2025 |  | 1,931 |  |  | 1,928 |  |  | 1,892 |
RealPage, Inc. |  | Software |  | SOFR(M) |  | 3.00% |  | 8.43% |  | 04/2028 |  | 2,580 |  |  | 2,577 |  |  | 2,556 |
Renaissance Holding Corp. |  | Education |  | SOFR(M) |  | 4.75% |  | 10.07% |  | 04/2030 |  | 5,114 |  |  | 4,968 |  |  | 5,081 |
Sierra Enterprises, LLC |  | Food & Beverage |  | SOFR(Q) |  | 2.50% + 4.25% PIK |  | 12.12% |  | 05/2027 |  | 4,316 |  |  | 4,309 |  |  | 4,000 |
Snap One Holdings Corp. |  | Distribution & Logistics |  | SOFR(Q) |  | 4.50% |  | 10.04% |  | 12/2028 |  | 8,520 |  |  | 8,452 |  |  | 8,278 |
Sovos Brands Intermediate, Inc. |  | Food & Beverage |  | SOFR(Q) |  | 3.50% |  | 9.13% |  | 06/2028 |  | 3,904 |  |  | 3,897 |  |  | 3,911 |
Spring Education Group, Inc. |  | Education |  | SOFR(M) |  | 4.50% |  | 9.91% |  | 10/2030 |  | 9,526 |  |  | 9,407 |  |  | 9,407 |
STATS Intermediate Holdings, LLC |  | Business Services |  | SOFR(Q) |  | 7.25% |  | 12.89% |  | 07/2026 |  | 2,277 |  |  | 2,203 |  |  | 2,188 |
Storable, Inc. |  | Software |  | SOFR(M) |  | 3.50% |  | 8.82% |  | 04/2028 |  | 3,930 |  |  | 3,913 |  |  | 3,910 |
Symplr Software, Inc. |  | Healthcare |  | SOFR(Q) |  | 4.50% |  | 9.97% |  | 12/2027 |  | 3,736 |  |  | 3,729 |  |  | 3,354 |
Syndigo LLC |  | Software |  | SOFR(M) |  | 4.50% |  | 9.93% |  | 12/2027 |  | 9,685 |  |  | 9,672 |  |  | 9,080 |
Therapy Brands Holdings LLC |  | Software |  | SOFR(M) |  | 4.00% |  | 9.43% |  | 05/2028 |  | 5,984 |  |  | 5,961 |  |  | 5,745 |
Thermostat Purchaser III, Inc. |  | Business Services |  | SOFR(Q) |  | 4.50% |  | 10.07% |  | 08/2028 |  | 4,698 |  |  | 4,679 |  |  | 4,653 |
TRC Companies LLC |  | Business Services |  | SOFR(M) |  | 3.75% |  | 9.18% |  | 12/2028 |  | 8,932 |  |  | 8,897 |  |  | 8,832 |
USIC Holdings, Inc. |  | Business Services |  | SOFR(M) |  | 3.50% |  | 8.93% |  | 05/2028 |  | 2,979 |  |  | 2,972 |  |  | 2,938 |
Valcour Packaging, LLC |  | Packaging |  | L(S) |  | 3.75% |  | 9.40% |  | 10/2028 |  | 3,252 |  |  | 3,244 |  |  | 2,653 |
VT Topco, Inc. |  | Business Services |  | SOFR(M) |  | 4.25% |  | 9.56% |  | 08/2030 |  | 7,289 |  |  | 7,216 |  |  | 7,292 |
WatchGuard Technologies, Inc. |  | Software |  | SOFR(M) |  | 5.25% |  | 10.57% |  | 07/2029 |  | 4,050 |  |  | 3,816 |  |  | 3,825 |
Wrench Group LLC |  | Consumer Services |  | SOFR(Q) |  | 4.00% |  | 9.65% |  | 04/2026 |  | 9,395 |  |  | 9,358 |  |  | 9,389 |
YI, LLC |  | Healthcare |  | SOFR(M) |  | 4.00% |  | 9.42% |  | 11/2024 |  | 21,808 |  |  | 21,803 |  |  | 21,699 |
Zest Acquisition Corp. |  | Healthcare |  | SOFR(M) |  | 5.50% |  | 10.82% |  | 02/2028 |  | 3,150 |  |  | 3,038 |  |  | 3,092 |
Zone Climate Services, Inc. |  | Business Services |  | SOFR(M) |  | 4.75% |  | 10.23% |  | 03/2028 |  | 9,875 |  |  | 9,720 |  |  | 9,853 |
Zone Climate Services, Inc. |  | Business Services |  | SOFR(M) |  | 4.75% |  | 10.23% |  | 03/2028 |  | 2,171 |  |  | 2,137 |  |  | 2,166 |
Total Funded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 511,460 |  |  | $ | 505,875 |  |  | $ | 494,850 |
Unfunded Investments - First lien |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OMNIA Partners, LLC |  | Business Services |  | — |  | — |  | — |  | 01/2024 |  | $ | 429 |  |  | $ | (2) |  |  | $ | 1 |
Total Unfunded Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 429 |  |  | $ | (2) |  |  | $ | 1 |
Total Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 511,889 |  |  | $ | 505,873 |  |  | $ | 494,851 |

(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 September 30, 2023.
(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.
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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 |

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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.
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Below is certain summarized consolidated financial information for SLP IV as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and September 30, 2022:

Selected Consolidated Balance Sheet Information: | September 30, 2023 |  | December 31, 2022
Investments at fair value (cost of $506,022 and $504,875, respectively) | $ | 494,851 |  |  | $ | 473,762 |
Receivable from unsettled securities sold | 5,275 |  |  | — |
Cash and other assets | 16,139 |  |  | 12,853 |
Total assets | $ | 516,265 |  |  | $ | 486,615 |
Credit facility | $ | 352,637 |  |  | $ | 365,537 |
Deferred financing costs (net of accumulated amortization of $1,447 and $997, respectively) | (1,566) |  |  | (2,008) |
Payable for unsettled securities purchased | 20,346 |  |  | — |
Distribution payable | 4,648 |  |  | 4,648 |
Other liabilities | 6,641 |  |  | 5,410 |
Total liabilities | 382,706 |  |  | 373,587 |
Members' capital | $ | 133,559 |  |  | $ | 113,028 |
Total liabilities and members' capital | $ | 516,265 |  |  | $ | 486,615 |

Selected Consolidated Statement of Operations Information: | Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Interest income | $ | 12,476 |  |  | $ | 8,333 |  |  | $ | 35,669 |  |  | 20,749 |
Other income | 100 |  |  | 102 |  |  | 258 |  |  | 257 |
Total investment income | 12,576 |  |  | 8,435 |  |  | 35,927 |  |  | 21,006 |
Interest and other financing expenses | 6,447 |  |  | 3,940 |  |  | 18,455 |  |  | 8,288 |
Other expenses | 221 |  |  | 188 |  |  | 653 |  |  | 596 |
Total expenses | 6,668 |  |  | 4,128 |  |  | 19,108 |  |  | 8,884 |
Net investment income | 5,908 |  |  | 4,307 |  |  | 16,819 |  |  | 12,122 |
Net realized losses on investments | (97) |  |  | (85) |  |  | (1,751) |  |  | (77) |
Net change in unrealized appreciation (depreciation) of investments | 10,361 |  |  | (1,013) |  |  | 19,942 |  |  | (25,142) |
Net increase (decrease) in members' capital | $ | 16,172 |  |  | $ | 3,209 |  |  | $ | 35,010 |  |  | (13,097) |

For the three and nine months ended September 30, 2023, the Company earned approximately $3,653 and $11,381, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and nine months ended September 30, 2022, the Company earned approximately $3,161 and $9,520, respectively, of dividend income related to SLP IV, which is included in dividend income. As of September 30, 2023 and December 31, 2022, approximately $3,653 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.
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Unconsolidated Significant Subsidiaries
In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any are as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under this rule. As of September 30, 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.
Note 4. Fair Value
Pursuant to Rule 2a-5, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:
Level I—Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.
Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:
•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);
•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and
•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.
Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.
The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include
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inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.
The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.
The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of September 30, 2023:

| Total |  | Level I |  | Level II |  | Level III
First lien | $ | 1,691,480 |  |  | $ | — |  |  | $ | 10,813 |  |  | $ | 1,680,667 |
Second lien | 529,613 |  |  | — |  |  | 67,780 |  |  | 461,833 |
Subordinated | 86,238 |  |  | — |  |  | 5,661 |  |  | 80,577 |
Equity and other | 804,572 |  |  | — |  |  | — |  |  | 804,572 |
Total investments | $ | 3,111,903 |  |  | $ | — |  |  | $ | 84,254 |  |  | $ | 3,027,649 |

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, 2022:

| Total |  | Level I |  | Level II |  | Level III
First lien | $ | 1,753,967 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,753,967 |
Second lien | 561,207 |  |  | — |  |  | 81,139 |  |  | 480,068 |
Subordinated | 76,659 |  |  | — |  |  | 3,817 |  |  | 72,842 |
Equity and other | 829,414 |  |  | — |  |  | — |  |  | 829,414 |
Total investments | $ | 3,221,247 |  |  | $ | — |  |  | $ | 84,956 |  |  | $ | 3,136,291 |

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023:

| Total |  | First Lien |  | Second Lien |  | Subordinated |  | Equity and other
Fair Value, June 30, 2023 | $ | 3,095,531 |  |  | $ | 1,693,215 |  |  | $ | 495,695 |  |  | $ | 78,960 |  |  | $ | 827,661 |
Total gains or losses included in earnings: |  |  |  |  |  |  |  |  |
Net realized gains on investments | 4,671 |  |  | 111 |  |  | — |  |  | — |  |  | 4,560 |
Net change in unrealized (depreciation) appreciation | (17,113) |  |  | 1,280 |  |  | 9,084 |  |  | 209 |  |  | (27,686) |
Purchases, including capitalized PIK and revolver fundings | 33,311 |  |  | 26,051 |  |  | 1,244 |  |  | 1,408 |  |  | 4,608 |
Proceeds from sales and paydowns of investments | (88,751) |  |  | (39,990) |  |  | (44,190) |  |  | — |  |  | (4,571) |
Fair Value, September 30, 2023 | $ | 3,027,649 |  |  | $ | 1,680,667 |  |  | $ | 461,833 |  |  | $ | 80,577 |  |  | $ | 804,572 |
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $ | (17,605) |  |  | $ | 1,695 |  |  | $ | 8,177 |  |  | $ | 209 |  |  | $ | (27,686) |

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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2022:

| Total |  | First Lien |  | Second Lien |  | Subordinated |  | Equity and other
Fair Value, June 30, 2022 | $ | 3,129,485 |  |  | $ | 1,835,954 |  |  | $ | 434,069 |  |  | $ | 55,968 |  |  | $ | 803,494 |
Total gains or losses included in earnings: |  |  |  |  |  |  |  |  |
Net realized gains on investments | 62 |  |  | 45 |  |  | — |  |  | — |  |  | 17 |
Net change in unrealized (depreciation) appreciation | (24,503) |  |  | (19,170) |  |  | (13,958) |  |  | (526) |  |  | 9,151 |
Purchases, including capitalized PIK and revolver fundings | 147,022 |  |  | 116,907 |  |  | 7,422 |  |  | 18,321 |  |  | 4,372 |
Proceeds from sales and paydowns of investments | (176,517) |  |  | (175,045) |  |  | (1,448) |  |  | — |  |  | (24) |
Transfers into Level III(1) | 79,611 |  |  | — |  |  | 79,611 |  |  | — |  |  | — |
Fair Value, September 30, 2022 | $ | 3,155,160 |  |  | $ | 1,758,691 |  |  | $ | 505,696 |  |  | $ | 73,763 |  |  | $ | 817,010 |
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $ | (24,455) |  |  | $ | (19,123) |  |  | $ | (13,958) |  |  | $ | (526) |  |  | $ | 9,152 |

(1)As of September 30, 2022, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.
The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023:

| Total |  | First Lien |  | Second Lien |  | Subordinated |  | Equity and other
Fair Value, December 31, 2022 | $ | 3,136,291 |  |  | $ | 1,753,967 |  |  | $ | 480,068 |  |  | $ | 72,842 |  |  | $ | 829,414 |
Total gains or losses included in earnings: |  |  |  |  |  |  |  |  |
Net realized gains (losses) on investments | 7,944 |  |  | (1,244) |  |  | (24,627) |  |  | — |  |  | 33,815 |
Net change in unrealized (depreciation) appreciation | (15,994) |  |  | (2,141) |  |  | 31,862 |  |  | (251) |  |  | (45,464) |
Purchases, including capitalized PIK and revolver fundings(1) | 216,221 |  |  | 184,157 |  |  | 3,185 |  |  | 7,986 |  |  | 20,893 |
Proceeds from sales and paydowns of investments(1) | (321,049) |  |  | (242,582) |  |  | (44,381) |  |  | — |  |  | (34,086) |
Transfers into Level III(2) | 15,726 |  |  | — |  |  | 15,726 |  |  | — |  |  | — |
Transfers out of Level III(2) | (11,490) |  |  | (11,490) |  |  | — |  |  | — |  |  | — |
Fair Value, September 30, 2023 | $ | 3,027,649 |  |  | $ | 1,680,667 |  |  | $ | 461,833 |  |  | $ | 80,577 |  |  | $ | 804,572 |
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $ | (35,115) |  |  | $ | (4,814) |  |  | $ | 15,305 |  |  | $ | (143) |  |  | $ | (45,463) |

(1)Includes non-cash reorganizations and restructurings.
(2)As of September 30, 2023, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.
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The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2022:

| Total |  | First Lien |  | Second Lien |  | Subordinated |  | Equity and other
Fair Value, December 31, 2021 | $ | 2,843,456 |  |  | $ | 1,635,143 |  |  | $ | 319,120 |  |  | $ | 50,742 |  |  | $ | 838,451 |
Total gains or losses included in earnings: |  |  |  |  |  |  |  |  |
Net realized gains (losses) on investments | 35,753 |  |  | (618) |  |  | — |  |  | — |  |  | 36,371 |
Net change in unrealized (depreciation) appreciation | (64,552) |  |  | (13,309) |  |  | (47,712) |  |  | (2,078) |  |  | (1,453) |
Purchases, including capitalized PIK and revolver fundings | 587,780 |  |  | 515,997 |  |  | 19,269 |  |  | 25,099 |  |  | 27,415 |
Proceeds from sales and paydowns of investments | (478,245) |  |  | (378,522) |  |  | (15,949) |  |  | — |  |  | (83,774) |
Transfers into Level III(1) | 230,968 |  |  | — |  |  | 230,968 |  |  | — |  |  | — |
Fair Value, September 30, 2022 | $ | 3,155,160 |  |  | $ | 1,758,691 |  |  | $ | 505,696 |  |  | $ | 73,763 |  |  | $ | 817,010 |
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $ | (23,102) |  |  | $ | (13,414) |  |  | $ | (47,712) |  |  | $ | (2,078) |  |  | $ | 40,102 |

(1)As of September 30, 2022, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.
Except as noted in the tables above, there were no other transfers in or out of Level I, II, or III during the three and nine months ended September 30, 2023 and September 30, 2022. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs.
The Company invests in revolving credit facilities. These investments are categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies.
The Company generally uses the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:
Company Performance, Financial Review, and Analysis: Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("EBITDA") growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation.
For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company’s debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company’s debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.
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Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiple will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of September 30, 2023 and December 31, 2022, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.
Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of September 30, 2023 and December 31, 2022, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.
The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2023 were as follows:

|  |  |  |  |  |  | Range
Type | Fair Value as of September 30, 2023 |  | Approach |  | Unobservable Input |  | Low |  | High |  | Weighted Average(1)
First lien | $ | 1,652,759 |  |  | Market & income approach |  | EBITDA multiple |  | 1.3x |  | 32.5x |  | 15.2x
|  |  |  |  | Revenue multiple |  | 4.0x |  | 19.5x |  | 7.0x
|  |  |  |  | Discount rate |  | 9.4 | % |  | 25.4 | % |  | 11.6 | %
| 27,908 |  |  | Other |  | N/A(2) |  | N/A |  | N/A |  | N/A
Second lien | 458,833 |  |  | Market & income approach |  | EBITDA multiple |  | 7.8x |  | 21.0x |  | 15.0x
|  |  |  |  | Discount rate |  | 10.3 | % |  | 34.0 | % |  | 12.5 | %
| 3,000 |  |  | Other |  | N/A(2) |  | N/A |  | N/A |  | N/A
Subordinated | 80,577 |  |  | Market & income approach |  | EBITDA multiple |  | 9.0x |  | 32.5x |  | 16.2x
|  |  |  |  | Discount rate |  | 13.0 | % |  | 22.9 | % |  | 16.5 | %
Equity and other | 798,186 |  |  | Market & income approach |  | EBITDA multiple |  | 5.5x |  | 26.5x |  | 12.5x
|  |  |  |  | Revenue multiple |  | 4.0x |  | 20.1x |  | 7.5x
|  |  |  |  | Discount rate |  | 6.4 | % |  | 44.0 | % |  | 11.6 | %
| 6,386 |  |  | Other |  | N/A(2) |  | N/A |  | N/A |  | N/A
| $ | 3,027,649 |  |  |  |  |  |  |  |  |  |  |

(1)Unobservable inputs were weighted by the relative fair value of the investments.
(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.
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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2022 were as follows:

|  |  |  |  |  |  | Range
Type | Fair Value as of December 31, 2022 |  | Approach |  | Unobservable Input |  | Low |  | High |  | Weighted Average(1)
First lien | $ | 1,663,116 |  |  | Market & income approach |  | EBITDA multiple |  | 4.8x |  | 38.0x |  | 15.3x
|  |  |  |  | Revenue multiple |  | 5.0x |  | 19.5x |  | 9.5x
|  |  |  |  | Discount rate |  | 8.3 | % |  | 29.4 | % |  | 11.1 | %
| 90,851 |  |  | Other |  | N/A(2) |  | N/A |  | N/A |  | N/A
Second lien | 471,350 |  |  | Market & income approach |  | EBITDA multiple |  | 8.2x |  | 32.0x |  | 15.2x
|  |  |  |  | Discount rate |  | 11.2 | % |  | 47.1 | % |  | 13.7 | %
| 8,718 |  |  | Other |  | N/A(2) |  | N/A |  | N/A |  | N/A
Subordinated | 72,842 |  |  | Market & income approach |  | EBITDA multiple |  | 8.0x |  | 23.5x |  | 16.3x
|  |  |  |  | Discount rate |  | 13.5 | % |  | 29.7 | % |  | 17.0 | %
Equity and other | 793,468 |  |  | Market & income approach |  | EBITDA multiple |  | 4.8x |  | 26.5x |  | 13.0x
|  |  |  |  | Revenue multiple |  | 10.5x |  | 19.5x |  | 14.6x
|  |  |  |  | Discount rate |  | 6.4 | % |  | 44.0 | % |  | 13.0 | %
| 35,946 |  |  | Other |  | N/A(2) |  | N/A |  | N/A |  | N/A
| $ | 3,136,291 |  |  |  |  |  |  |  |  |  |  |

(1)Unobservable inputs were weighted by the relative fair value of the investments.
(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.
The carrying value of the collateralized agreement approximates fair value as of September 30, 2023 and is considered a Level III investment. The fair value of other financial assets and liabilities approximates their carrying value based on the short-term nature of these items.
The Holdings Credit Facility, NMFC Credit Facility, DB Credit Facility, SBA-guaranteed debentures, Unsecured Notes and NMNLC Credit Facility II are considered Level III investments. The fair value of the Convertible Notes (as defined below) are based on quoted prices and are considered Level II investments. See Note 7. Borrowings, for details.
The following are the principal amounts and fair values of the Company’s borrowings as of September 30, 2023 and December 31, 2022. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings or market quotes, if available.

|  | As of
|  | September 30, 2023 |  | December 31, 2022
|  | Principal Amount |  | Fair Value |  | Principal Amount |  | Fair Value
Holdings Credit Facility |  | $ | 569,563 |  |  | $ | 560,767 |  |  | $ | 618,963 |  |  | $ | 604,971 |
Unsecured Notes |  | 391,500 |  |  | 363,692 |  |  | 531,500 |  |  | 499,551 |
Convertible Notes |  | 260,000 |  |  | 264,706 |  |  | 316,816 |  |  | 317,071 |
SBA-guaranteed debentures |  | 300,000 |  |  | 250,087 |  |  | 300,000 |  |  | 250,442 |
NMFC Credit Facility (1) |  | 192,115 |  |  | 190,537 |  |  | 40,359 |  |  | 39,699 |
DB Credit Facility |  | 186,400 |  |  | 185,553 |  |  | 186,400 |  |  | 183,734 |
NMNLC Credit Facility II |  | 2,858 |  |  | 2,848 |  |  | 3,785 |  |  | 3,775 |
Total Borrowings |  | $ | 1,902,436 |  |  | $ | 1,818,190 |  |  | $ | 1,997,823 |  |  | $ | 1,899,243 |

(1) As of September 30, 2023, the principal amount of the NMFC Credit Facility was $192,115, which includes £22,850 denominated in GBP and €700 denominated in EUR that has been converted to U.S. dollars. As of September 30, 2023, the fair value of the NMFC Credit Facility was $190,537, which included £22,662 denominated in GBP and €694 denominated in EUR that has been converted to U.S. dollars. As of December 31, 2022, the principal amount of the NMFC Credit Facility was $40,359, which included £22,850 denominated in GBP and €700 denominated in EUR
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that has been converted to U.S. dollars. As of December 31, 2022, the fair value of the NMFC Credit Facility was $39,699, which included £22,476 denominated in GBP and €689 denominated in EUR that has been converted to U.S. dollars.
Fair value risk factors—The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Company's portfolio companies conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the operations and profitability of the Company's investments and/or on the fair value of the Company's investments. The Company's investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in income to the Company and their corresponding fair valuations. Also, there may be risk associated with the concentration of investments in one geographic region or in certain industries. These events are beyond the control of the Company and cannot be predicted. Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.
Note 5. Agreements
The Company entered into an investment advisory and management agreement (the “Investment Management Agreement”) with the Investment Adviser which was most recently re-approved by the Company's board of directors on January 24, 2023, at an in-person meeting, for a period of 12 months commencing on March 1, 2023. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives a fee from the Company, consisting of two components—a base management fee and an incentive fee. On November 1, 2021, the Company entered into Amendment No. 1 to the Investment Management Agreement (“Amendment No. 1”). As described below, the sole purpose of Amendment No. 1 was to reduce the base management fee from 1.75% of the Company’s gross assets to 1.4% of the Company’s gross assets.
Pursuant to Amendment No. 1, the base management fee is calculated at an annual rate of 1.4% of the Company's gross assets, which equals the Company's total assets on the Consolidated Statements of Assets and Liabilities, less cash and cash equivalents. The base management fee is payable quarterly in arrears, and is calculated based on the average value of the Company's gross assets, which equals the Company's total assets, as determined in accordance with GAAP, less cash and cash equivalents at the end of each of the two most recently completed calendar quarters, and appropriately adjusted on a pro rata basis for any equity capital raises or repurchases during the current calendar quarter. The Company has not invested, and currently is not invested, in derivatives. To the extent the Company invests in derivatives in the future, the Company will use the actual value of the derivatives, as reported on the Consolidated Statements of Assets and Liabilities, for purposes of calculating its base management fee.
Effective as of and for the quarter ended March 31, 2021 through the quarter ending December 31, 2024, the Investment Adviser entered into a fee waiver agreement (the "Fee Waiver Agreement"), amended on August 7, 2023, pursuant to which the Investment Adviser will waive base management fees in order to reach a target base management fee of 1.25% on gross assets (the “Reduced Base Management Fee”). The Fee Waiver Agreement was most recently extended for a period of one year through the quarter ending December 31, 2024 by the Investment Adviser on August 7, 2023. The Investment Adviser cannot recoup management fees that the Investment Adviser has previously waived. For the three and nine months ended September 30, 2023, management fees waived were approximately $1,013 and $3,172, respectively. For the three and nine months ended September 30, 2022, management fees waived were approximately $1,115 and $3,349, respectively.
The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter, subject to a “preferred return”, or “hurdle”, and a “catch-up” feature. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under an administration agreement, as amended and restated (the “Administration Agreement”), with the Administrator, and any interest expense and distributions paid on any issued and outstanding preferred stock (of which there were none as of September 30, 2023), but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
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Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, will be compared to a "hurdle rate" of 2.0% per quarter (8.0% annualized), subject to a "catch-up" provision measured as of the end of each calendar quarter. The hurdle rate is appropriately pro-rated for any partial periods. The calculation of the Company’s incentive fee with respect to the Pre-Incentive Fee Net Investment Income for each quarter is as follows:
•No incentive fee is payable to the Investment Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2.0% (the "preferred return" or "hurdle").
•100.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the "catch-up". The catch-up provision is intended to provide the Investment Adviser with an incentive fee of 20.0% on all of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company's Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter.
•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser once the hurdle is reached and the catch-up is achieved.
The second part of the incentive fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement) and will equal 20.0% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee.
In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on actual realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year as if the entire portfolio was sold at fair value.
The following table summarizes the management fees and incentive fees incurred by the Company for the three and nine months ended September 30, 2023 and September 30, 2022:

| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Management fee | $ | 11,334 |  |  | $ | 11,717 |  |  | $ | 34,549 |  |  | $ | 35,040 |
Less: management fee waiver | (1,013) |  |  | (1,115) |  |  | (3,172) |  |  | (3,349) |
Total management fee | 10,321 |  |  | 10,602 |  |  | 31,377 |  |  | 31,691 |
Incentive fee, excluding accrued capital gains incentive fees | $ | 10,169 |  |  | $ | 8,202 |  |  | $ | 29,748 |  |  | $ | 23,605 |
Accrued capital gains incentive fees(1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

(1)As of September 30, 2023 and September 30, 2022, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.
The Company has entered into the Administration Agreement with the Administrator under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the board of directors on January 24, 2023 for a period of 12 months commencing on March 1, 2023. The Administrator maintains, or oversees the maintenance of, the Company’s consolidated financial records, prepares reports filed with the SEC, generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the
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Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. However, it is expected that the Administrator will continue to support part of the expense burden of the Company in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and nine months ended September 30, 2023, approximately $563 and $1,659, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. For the three and nine months ended September 30, 2022, approximately $496 and $1,854, respectively, of indirect administrative expenses were included in administrative expenses of which $0 and $238, respectively, were waived by the Administrator. As of September 30, 2023 and December 31, 2022, approximately $563 and $605, respectively, of indirect administrative expenses were included in payable to affiliates. For the three and nine months ended September 30, 2023, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of the Company's gross assets. For the three and nine months ended September 30, 2022, the reimbursement to the Administrator represented approximately 0.01% and 0.05%, respectively, of the Company's gross assets.
The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain" and the "New Mountain Finance" names, as well as the NMF logo. Under the Trademark License Agreement, as amended, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "New Mountain" and "New Mountain Finance" names, as well as the NMF logo, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain" or the "New Mountain Finance" names, as well as the NMF logo.
In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs through December 31, 2020 (the “Temporary Relief), the Company was permitted, subject to the satisfaction of certain conditions, to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds did not hold an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such co-investments with the Company unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with the Company. Although the Temporary Relief expired on December 31, 2020, the SEC’s Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continued to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, on August 30, 2022, the Company received an Order from the SEC that amended its existing Exemptive Order to permit the Company to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.
Note 6. Related Parties
The Company has entered into a number of business relationships with affiliated or related parties.
The Company has entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.
The Company has entered into the Fee Waiver Agreement with the Investment Adviser, pursuant to which the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by the Company under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ended December 31, 2022. Subsequently, the Company and the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ending December 31, 2024. See Note 5. Agreements, for details.
The Company has entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges office space for the Company and provides office equipment and administrative services necessary to conduct their respective day-to-day operations pursuant to the Administration Agreement. The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to the Company under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance and compliance functions, and the compensation of the Company's chief financial officer and chief compliance officer and their respective staffs.
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The Company, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.
The Company has adopted a formal code of ethics that governs the conduct of its officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.
The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company’s investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser’s allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the “Exemptive Order”), which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company's independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit the Company to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.
On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by the Company in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to the Company on March 31, 2020.
On March 30, 2020, the Company entered into an unsecured revolving credit facility with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000. On December 17, 2021, the Company entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. Refer to Note 7. Borrowings for discussion of the Unsecured Management Company Revolver (defined below).
Note 7. Borrowings
On June 8, 2018 the Company's shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to the Company from 200.0% to 150.0% as of June 9, 2018 (which means the Company can borrow $2 for every $1 of its equity). As a result of the Company's exemptive relief received on November 5, 2014, the Company is permitted to exclude its SBA-guaranteed debentures from the 150.0% asset coverage ratio that the Company is required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, the Convertible Notes (as defined below) and the Unsecured Notes (as defined below) contain certain covenants and terms, including a requirement that the Company not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that the Company not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of September 30, 2023, the Company’s asset coverage ratio was 182.7%.
Holdings Credit Facility—On October 24, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement (as amended from time to time, the "Loan and Security Agreement") among the Company, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (the "Holdings Credit Facility"). As of the amendment on April 20, 2021, the maturity date of the Holdings Credit Facility is April 20, 2026, and the maximum facility amount is the lesser of $800,000 and the actual commitments of the lenders to make advances as of such date.
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As of September 30, 2023, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730,000. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 35.0%, 45.0%, 55.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires the Company to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.
As of the amendment on April 28, 2023, the Holdings Credit Facility bears interest at a rate of SOFR plus 1.70% for Broadly Syndicated Loans (as defined in the Seventh Amendment to the Loan and Security Agreement) and SOFR plus 2.20% per annum for all other investments. From April 20, 2021 to April 27, 2023, the Holdings Credit Facility bore interest at a rate of LIBOR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Fifth Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Third Amended and Restated Loan and Security Agreement).
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three and nine months ended September 30, 2023 and September 30, 2022:

| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Interest expense | $ | 10,340 |  |  | $ | 6,734 |  |  | $ | 31,345 |  |  | $ | 13,937 |
Non-usage fee | $ | 209 |  |  | $ | 154 |  |  | $ | 473 |  |  | $ | 558 |
Amortization of financing costs | $ | 475 |  |  | $ | 807 |  |  | $ | 1,408 |  |  | $ | 2,395 |
Weighted average interest rate | 7.2 | % |  | 4.4 | % |  | 6.9 | % |  | 3.2 | %
Effective interest rate | 7.8 | % |  | 5.0 | % |  | 7.4 | % |  | 3.9 | %
Average debt outstanding | $ | 563,470 |  |  | $ | 607,585 |  |  | $ | 603,154 |  |  | $ | 580,699 |

As of September 30, 2023 and December 31, 2022, the outstanding balance on the Holdings Credit Facility was $569,563 and $618,963, respectively, and NMF Holdings was in compliance with the applicable covenants in the Holdings Credit Facility on such dates.
NMFC Credit Facility—The Amended and Restated Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated June 4, 2021, among the Company, as the Borrower, Goldman Sachs Bank USA, as the Administrative Agent and Collateral Agent, and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A., as Lenders (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of the Company's domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment on June 4, 2021, the maturity date of the NMFC Credit Facility is June 4, 2026.
As of September 30, 2023, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $198,500. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on the Company’s Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to asset coverage and liquidity and other maintenance covenants.
As of the most recent amendment on June 29, 2023, the NMFC Credit Facility generally bears interest at a rate of SOFR plus any applicable credit spread adjustment, Sterling Overnight Interbank Average Rate ("SONIA") or Euro Interbank Offered Rate ("EURIBOR") plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA). Prior to June 29, 2023, the NMFC Credit Facility generally bore interest at a rate of LIBOR, SONIA or EURIBOR plus 2.10% per annum or the prime rate plus 1.10% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA).
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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three and nine months ended September 30, 2023 and September 30, 2022:

| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Interest expense | $ | 2,680 |  |  | $ | 1,872 |  |  | $ | 5,481 |  |  | $ | 3,798 |
Non-usage fee | $ | 55 |  |  | $ | 25 |  |  | $ | 269 |  |  | $ | 118 |
Amortization of financing costs | $ | 56 |  |  | $ | 60 |  |  | $ | 162 |  |  | $ | 175 |
Weighted average interest rate | 7.4 | % |  | 4.3 | % |  | 7.0 | % |  | 3.2 | %
Effective interest rate | 7.8 | % |  | 4.5 | % |  | 7.6 | % |  | 3.5 | %
Average debt outstanding | $ | 141,764 |  |  | $ | 171,850 |  |  | $ | 104,227 |  |  | $ | 156,303 |

As of September 30, 2023, the outstanding balance on the NMFC Credit Facility was $192,115, which included £22,850 denominated in British Pound Sterling ("GBP") and €700 denominated in Euro ("EUR") that have been converted to U.S. dollars. As of December 31, 2022, the outstanding balance on the NMFC Credit Facility was $40,359, which included £22,850 denominated in GBP and €700 denominated in EUR that have been converted to U.S. dollars.
Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement (the "Uncommitted Revolving Loan Agreement"), dated March 30, 2020, by and between the Company, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on December 17, 2021, the maturity date of the Unsecured Management Company Revolver is December 31, 2024.
As of the amendment on December 17, 2021, the Unsecured Management Company Revolver bears interest at a rate of 4.00% per annum. On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000. As of September 30, 2023, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $50,000 and no borrowings were outstanding. For the three and nine months ended September 30, 2023, amortization of financing costs were $1 and $2, respectively. For the three and nine months ended September 30, 2022, amortization of financing costs were $4 and $10, respectively.
DB Credit Facility—The Loan Financing and Servicing Agreement (the "LFSA"), dated December 14, 2018 and as amended from time to time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S. Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), is structured as a secured revolving credit facility and matures on March 25, 2026.
As of September 30, 2023, the maximum amount of revolving borrowings available under the DB Credit Facility was $280,000. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the LFSA. The DB Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMFDB on an investment by investment basis. All fees associated with the origination and amending of the DB Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the DB Credit Facility. The DB Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of NMFDB investments, but rather to the performance of the underlying portfolio companies.
The advances under the DB Credit Facility accrue interest at a per annum rate equal to the Applicable Margin plus the lender's Cost of Funds Rate. Prior to March 25, 2021, the Applicable Margin was equal to 2.60% during the Revolving Period, increased by 0.20% per annum after the Revolving Period and then increased by 2.00% during an Event of Default (as defined in the LFSA). From March 25, 2021 to June 29, 2023, the Applicable Margin was equal to 2.35% during the Revolving Period, increased by 0.20% per annum after the Revolving Period and then increased by 2.00% during an Event of Default. As of the amendment on June 29, 2023, the Applicable Margin is equal to 2.61% during the Revolving Period, increases by 0.20% per annum after the Revolving period and shall be increased by 2.00% per annum during an Event of Default. The "Cost of Funds Rate" for a conduit lender is the lower of its commercial paper rate and the Base Rate plus 0.50%, and for any other lender is the Base Rate. Effective June 29, 2023, the Base Rate is the three-months SOFR Rate. Prior to the amendment on June 29, 2023, the Base Rate was the three-months LIBOR rate. The Company is also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the LFSA) and a facility agent fee of 0.25% per annum on the total facility amount.
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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three and nine months ended September 30, 2023 and September 30, 2022:

| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Interest expense(1) | $ | 3,864 |  |  | $ | 2,682 |  |  | $ | 11,062 |  |  | $ | 6,555 |
Non-usage fee(1) | $ | 120 |  |  | $ | 103 |  |  | $ | 355 |  |  | $ | 236 |
Amortization of financing costs | $ | 277 |  |  | $ | 272 |  |  | $ | 814 |  |  | $ | 809 |
Weighted average interest rate | 8.1 | % |  | 5.3 | % |  | 7.8 | % |  | 4.0 | %
Effective interest rate | 9.1 | % |  | 6.1 | % |  | 8.8 | % |  | 4.7 | %
Average debt outstanding | $ | 186,487 |  |  | $ | 199,442 |  |  | $ | 186,429 |  |  | $ | 217,817 |

(1)Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the DB Credit Facility and non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the DB Credit Facility.
As of September 30, 2023 and December 31, 2022, the outstanding balance on the DB Credit Facility was $186,400 and $186,400, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such dates.
NMNLC Credit Facility II—The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), is structured as a senior secured revolving credit facility. As of the most recent amendment on November 1, 2022, NM CLFX LP has been added as a co-borrower and the NMNLC CA will mature on November 1, 2024. The NMNLC Credit Facility II is guaranteed by the Company and proceeds from the NMNLC Credit Facility II are able to be used for refinancing existing loans on properties held.
From December 7, 2021 through November 1, 2022, the NMNLC Credit Facility II bore interest at a rate of the SOFR plus 2.75% per annum with a 0.35% floor, and charged a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). As of the amendment on November 1, 2022, the NMNLC Credit Facility II bears interest at a rate of SOFR plus 2.25%.
Prior to the amendment on March 16, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $20,000. As of the March 16, 2022 amendment and effective May 1, 2022 through November 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $10,000. As of the amendment on November 1, 2022, the maximum amount of revolving borrowings available to all borrowers under the NMNLC Credit Facility II is $27,500, of which $25,413 is outstanding as of September 30, 2023.
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMNLC Credit Facility II for the three and nine months ended September 30, 2023 and September 30, 2022:

| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Interest expense | $ | 40 |  |  | $ | 25 |  |  | $ | 136 |  |  | $ | 225 |
Non-usage fee | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Amortization of financing costs | $ | 21 |  |  | $ | 5 |  |  | $ | 66 |  |  | $ | 40 |
Weighted average interest rate | 7.5 | % |  | 5.0 | % |  | 7.1 | % |  | 3.4 | %
Effective interest rate | 11.7 | % |  | 6.1 | % |  | 10.9 | % |  | 4.0 | %
Average debt outstanding | $ | 2,091 |  |  | $ | 2,013 |  |  | $ | 2,480 |  |  | $ | 8,939 |

As of September 30, 2023 and December 31, 2022, the outstanding balance on the NMNLC Credit Facility II was $2,858 and $3,785, respectively, and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility II on such date.
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Convertible Notes
2018 Convertible Notes—On August 20, 2018, the Company closed a registered public offering of $100,000 aggregate principal amount of unsecured convertible notes (the “2018 Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a first supplemental indenture thereto, dated August 20, 2018 (together the “2018A Indenture”). On August 30, 2018, in connection with the registered public offering, the Company issued an additional $15,000 aggregate principal amount of the 2018 Convertible Notes pursuant to the exercise of an overallotment option by the underwriter of the 2018 Convertible Notes. On June 7, 2019, the Company closed a registered public offering of an additional $86,250 aggregate principal amount of the 2018 Convertible Notes. These additional 2018 Convertible Notes constituted a further issuance of, ranked equally in right of payment with, and formed a single series with the $115,000 aggregate principal amount of 2018 Convertible Notes that the Company issued in August 2018.
The 2018 Convertible Notes bore interest at an annual rate of 5.75%, payable semi-annually in arrears on February 15 and August 15 of each year, which commenced on February 15, 2019. The 2018 Convertible Notes matured on August 15, 2023.
On November 4, 2022, the Company launched a tender offer to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 4, 2022, up to $201,250 aggregate principal amount of then outstanding 2018 Convertible Notes for cash in an amount equal to $1,000 per $1,000 principal amount of Notes purchased (exclusive of accrued and unpaid interest on such notes) (the "Tender Offer"). The Tender Offer expired on December 6, 2022. As of the expiration of the Tender Offer, $84,434 aggregate principal amount of the 2018 Convertible Notes were validly tendered and not validly withdrawn pursuant to the Tender Offer. The Company accepted for purchase all of the 2018 Convertible Notes that were validly tendered and not validly withdrawn at the expiration of the Tender Offer. Following settlement of the Tender Offer on December 9, 2022, approximately $116,816 aggregate principal amount of the 2018 Convertible Notes remained outstanding.
On August 15, 2023, the Company's $116,816 aggregate principal amount of 2018 Convertible Notes matured and the Company repaid the outstanding principal and accrued but unpaid interest in cash.
2022 Convertible Notes—On November 2, 2022, the Company closed a private offering of $200,000 aggregate principal amount of unsecured convertible notes (the “2022 Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a third supplemental indenture thereto, dated November 2, 2022 (together the “2018C Indenture”). On March 14, 2023, the Company issued an additional $60,000 aggregate principal amount of the 2022 Convertible Notes. These additional 2022 Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $200,000 aggregate principal amount of 2022 Convertible Notes that the Company issued in November 2022.
The 2022 Convertible Notes bear interest at an annual rate of 7.50%, payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2023. The 2022 Convertible Notes will mature on October 15, 2025 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018C Indenture. The Company may not redeem the 2022 Convertible Notes prior to July 15, 2025. On or after July 15, 2025, the Company may redeem the 2022 Convertible Notes for cash, in whole or from time to time in part, at our option at a redemption price, subject to an exception for redemption dates occurring after a record date but on or prior to the interest payment date, equal to the sum of (i) 100% of the principal amount of the 2022 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.
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The following table summarizes certain key terms related to the convertible features of the Company’s 2022 Convertible Notes as of September 30, 2023:

|  |  |  |  | 2022 Convertible Notes
Initial conversion premium(1) |  |  |  |  | 14.7 | %
Initial conversion rate(2) |  |  |  |  | 70.4225 |
Initial conversion price |  |  |  |  | $ | 14.20 |
Conversion rate at September 30, 2023(1)(2) |  |  |  |  | 71.2860 |
Conversion price at September 30, 2023(2)(3) |  |  |  |  | $ | 14.03 |
Last conversion price calculation date |  |  |  |  | September 15, 2023

(1)Conversion rates denominated in shares of common stock per $1 principal amount of the 2022 Convertible Notes converted.
(2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.
(3)The conversion price in effect at September 30, 2023 on the 2022 Convertible Notes was calculated on September 15, 2023.
The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.30 per share per quarter for the 2022 Convertible Notes and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, are subject to a conversion price floor of $12.38 per share for the 2022 Convertible Notes. In no event will the total number of shares of common stock issuable upon conversion exceed 80.7754 per $1 principal amount of the 2022 Convertible Notes. The Company has determined that the embedded conversion option in the 2022 Convertible Notes is not required to be separately accounted for as a derivative under GAAP.
The 2022 Convertible Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the 2022 Convertible Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles. As reflected in Note 11. Earnings Per Share, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.
The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the 2018 and 2022 Convertible Notes (together, the "Convertible Notes") for the three and nine months ended September 30, 2023 and September 30, 2022:

| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Interest expense | $ | 5,696 |  |  | $ | 2,893 |  |  | $ | 17,892 |  |  | $ | 8,679 |
Amortization of financing costs | $ | 447 |  |  | $ | 100 |  |  | $ | 1,276 |  |  | $ | 296 |
Amortization of premium | $ | (52) |  |  | $ | (26) |  |  | $ | (101) |  |  | $ | (77) |
Weighted average interest rate | 7.2 | % |  | 5.8 | % |  | 7.0 | % |  | 5.8 | %
Effective interest rate | 7.7 | % |  | 5.9 | % |  | 7.5 | % |  | 5.9 | %
Average debt outstanding | $ | 317,138 |  |  | $ | 201,250 |  |  | $ | 340,881 |  |  | $ | 201,250 |

As of September 30, 2023 and December 31, 2022, the outstanding balance on the 2022 Convertible Notes was $260,000 and $200,000, respectively. As of September 30, 2023 and December 31, 2022, the outstanding balance on the 2018 Convertible Notes was $0 and $116,816, respectively. The Company was in compliance with the terms of the 2018A Indenture and 2018C Indenture on such date.
Unsecured Notes— On June 30, 2017, the Company issued $55,000 in aggregate principal amount of five-year unsecured notes that matured on July 15, 2022 (the "2017A Unsecured Notes"), pursuant to the NPA and a supplement to the NPA. On July 15, 2022, the Company caused notices to be issued to holders of the Company's 2017A Unsecured Notes regarding the exercise of the Company's option to repay all of the Company's $55,000 in aggregate principal amount of issued and outstanding 2017A Unsecured Notes, which was repaid on July 14, 2022. On January 30, 2018, the Company issued
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$90,000 in aggregate principal amount of five year unsecured notes that matured on January 30, 2023 (the "2018A Unsecured Notes") pursuant to the NPA and a second supplement to the NPA. On January 30, 2023, the Company caused notices to be issued to holders of the Company's 2018A Unsecured Notes regarding the exercise of the Company's option to repay all of the Company's $90,000 in aggregate principal amount of issued and outstanding 2018A Unsecured Notes, which was repaid on January 27, 2023. On July 5, 2018, the Company issued $50,000 in aggregate principal amount of five year unsecured notes that matured on June 28, 2023 (the "2018B Unsecured Notes") pursuant to the NPA and a third supplement to the NPA (the "Third Supplement"). On June 28, 2023, the Company caused notices to be issued to holders of the Company's 2018B Unsecured Notes regarding the exercise of the Company's option to repay all of the Company's $50,000 in aggregate principal amount of issued and outstanding 2018B Unsecured Notes, which was repaid on June 27, 2023. On April 30, 2019, the Company issued $116,500 in aggregate principal amount of five year unsecured notes that mature on April 30, 2024 (the "2019A Unsecured Notes") pursuant to the NPA and a fourth supplement to the NPA (the "Fourth Supplement"). On January 29, 2021, the Company issued $200,000 in aggregate principal amount of five year unsecured notes that mature on January 29, 2026 (the "2021A Unsecured Notes") pursuant to the NPA and a fifth supplement to the NPA (the "Fifth Supplement"). On June 15, 2022, the Company issued $75,000 in aggregate principal amount of five year unsecured notes that mature on June 15, 2027 (the "2022A Unsecured Notes") pursuant to the NPA and a sixth supplement to the NPA (the "Sixth Supplement"). The NPA provides for future issuances of unsecured notes in separate series or tranches.
The 2017A Unsecured Notes bore interest at an annual rate of 4.760%, payable semi-annually on January 15 and July 15 of each year. The 2018A Unsecured Notes bore interest at an annual rate of 4.870%, payable semi-annually on February 15 and August 15 of each year. The 2018B Unsecured Notes bore interest at an annual rate of 5.360%, payable semi-annually on January 15 and July 15 of each year. The 2019A Unsecured Notes bear interest at an annual rate of 5.494%, payable semi-annually on April 15 and October 15 of each year. The 2021A Unsecured Notes bear interest at an annual rate of 3.875%, payable semi-annually in arrears on January 29 and July 29 of each year. The 2022A Unsecured Notes bear interest at an annual rate of 5.900%, payable semi-annually in arrears on June 15 and December 15 of each year, which commenced on December 14, 2022. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or the Company ceases to have an investment grade rating or (ii) the aggregate amount of the Company’s unsecured debt falls below $150,000. In each such event, the Company has the option to offer to prepay the underlying unsecured notes at par, in which case holders of the underlying unsecured notes who accept the offer would not receive the increased interest rate. In addition, the Company is obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be the Company’s investment adviser or if certain change in control events occur with respect to the Investment Adviser.
The NPA contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, an option to offer to prepay all or a portion of the unsecured notes under its governance at par (plus a make-whole amount, if applicable), affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC under the 1940 Act and a RIC under the Code, minimum stockholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes at the Company or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. The Third Supplement, Fourth Supplement, Fifth Supplement and Sixth Supplement all include additional financial covenants related to asset coverage as well as other terms.
The 2017A Unsecured Notes, 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes, 2021A Unsecured Notes and 2022A Unsecured Notes (together, the "Unsecured Notes") are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles.
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The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three and nine months ended September 30, 2023 and September 30, 2022:

| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Interest expense | $ | 4,644 |  |  | $ | 6,512 |  |  | $ | 15,602 |  |  | $ | 18,624 |
Amortization of financing costs | $ | 143 |  |  | $ | 202 |  |  | $ | 524 |  |  | $ | 607 |
Weighted average interest rate | 4.7 | % |  | 4.8 | % |  | 4.8 | % |  | 4.7 | %
Effective interest rate | 4.9 | % |  | 5.0 | % |  | 5.0 | % |  | 4.9 | %
Average debt outstanding | $ | 391,500 |  |  | $ | 539,870 |  |  | $ | 433,661 |  |  | $ | 525,456 |

As of September 30, 2023 and December 31, 2022, the outstanding balance on the Unsecured Notes was $391,500 and $531,500, respectively, and the Company was in compliance with the terms of the NPA as of such dates, as applicable.
SBA-guaranteed debentures—On August 1, 2014 and August 25, 2017, respectively, SBIC I and SBIC II received licenses from the SBA to operate as SBICs.
The SBIC licenses allow SBICs to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a capital commitment by the SBA and other customary procedures. SBA-guaranteed debentures are non-recourse to the Company, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with ten year maturities. The SBA, as a creditor, will have a superior claim to the assets of SBIC I and SBIC II over the Company's stockholders in the event SBIC I and SBIC II are liquidated or the SBA exercises remedies upon an event of default.
The maximum amount of borrowings available under current SBA regulations for a single licensee is $150,000 as long as the licensee has at least $75,000 in regulatory capital, receives a capital commitment from the SBA and has been through an examination by the SBA subsequent to licensing. In June 2018, legislation amended the 1958 Act by increasing the individual leverage limit from $150,000 to $175,000, subject to SBA approvals.
As of September 30, 2023 and December 31, 2022, SBIC I had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $150,000 and $150,000, respectively. As of September 30, 2023 and December 31, 2022, SBIC II had regulatory capital of $75,000 and $75,000, respectively, and $150,000 and $150,000, respectively, of SBA-guaranteed debentures outstanding. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures.
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The following table summarizes the Company’s SBA-guaranteed debentures as of September 30, 2023:

Issuance Date |  | Maturity Date |  | Debenture Amount |  | Interest Rate |  | SBA Annual Charge
Fixed SBA-guaranteed debentures(1): |  |  |  |  |  |  |  |
March 25, 2015 |  | March 1, 2025 |  | $ | 37,500 |  |  | 2.517 | % |  | 0.355 | %
September 23, 2015 |  | September 1, 2025 |  | 37,500 |  |  | 2.829 | % |  | 0.355 | %
September 23, 2015 |  | September 1, 2025 |  | 28,795 |  |  | 2.829 | % |  | 0.742 | %
March 23, 2016 |  | March 1, 2026 |  | 13,950 |  |  | 2.507 | % |  | 0.742 | %
September 21, 2016 |  | September 1, 2026 |  | 4,000 |  |  | 2.051 | % |  | 0.742 | %
September 20, 2017 |  | September 1, 2027 |  | 13,000 |  |  | 2.518 | % |  | 0.742 | %
March 21, 2018 |  | March 1, 2028 |  | 15,255 |  |  | 3.187 | % |  | 0.742 | %
Fixed SBA-guaranteed debentures(2): |  |  |  |  |  |  |  |
September 19, 2018 |  | September 1, 2028 |  | 15,000 |  |  | 3.548 | % |  | 0.222 | %
September 25, 2019 |  | September 1, 2029 |  | 19,000 |  |  | 2.283 | % |  | 0.222 | %
March 25, 2020 |  | March 1, 2030 |  | 41,000 |  |  | 2.078 | % |  | 0.222 | %
March 25, 2020 |  | March 1, 2030 |  | 24,000 |  |  | 2.078 | % |  | 0.275 | %
September 23, 2020 |  | September 1, 2030 |  | 51,000 |  |  | 1.034 | % |  | 0.275 | %
Total SBA-guaranteed debentures |  |  |  | $ | 300,000 |  |  |  |  |

(1)SBA-guaranteed debentures are held by SBIC I.
(2)SBA-guaranteed debentures are held by SBIC II.
Prior to pooling, the SBA-guaranteed debentures bear interest at an interim floating rate of LIBOR plus 0.30%. Once pooled, which occurs in March and September each year, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.
The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three and nine months ended September 30, 2023 and September 30, 2022:

| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Interest expense | $ | 2,042 |  |  | $ | 2,042 |  |  | $ | 6,061 |  |  | $ | 6,061 |
Amortization of financing costs | $ | 253 |  |  | $ | 253 |  |  | $ | 750 |  |  | $ | 750 |
Weighted average interest rate | 2.7 | % |  | 2.7 | % |  | 2.7 | % |  | 2.7 | %
Effective interest rate | 3.0 | % |  | 3.0 | % |  | 3.0 | % |  | 3.0 | %
Average debt outstanding | $ | 300,000 |  |  | $ | 300,000 |  |  | $ | 300,000 |  |  | $ | 300,000 |

The SBIC program is designed to stimulate the flow of private investor capital into eligible small businesses, as defined by the SBA regulations. SBICs are subject to SBA regulations that, among other things: require SBICs to invest in eligible small businesses and invest at least 25.0% of investment capital in eligible smaller enterprises (as defined by the SBA regulations), place certain limitations on the financing terms of investments, regulate the types of financing provided by an SBIC, prohibit investments in smaller businesses with certain characteristics or in certain industries and require capitalization thresholds that limit distributions to the Company. SBICs are subject to an annual periodic examination by an SBA examiner to determine the SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor. As of September 30, 2023 and December 31, 2022, SBIC I and SBIC II were in compliance with SBA regulatory requirements.
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Leverage risk factors—The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The Company's lenders will have fixed dollar claims on certain assets that are superior to the claims of the Company's common stockholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's net asset value. Similarly, leverage may cause a sharper decline in the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its stockholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.
Note 8. Regulation
The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under Subchapter M of the Code. In order to continue to qualify and be subject to tax treatment as a RIC, among other things, the Company is generally required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code).
Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.
Note 9. Commitments and Contingencies
In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of September 30, 2023, the Company had unfunded commitments on revolving credit facilities of $108,985, no outstanding bridge financing commitments and other future funding commitments of $63,799. As of December 31, 2022, the Company had unfunded commitments on revolving credit facilities of $100,315, no outstanding bridge financing commitments and other future funding commitments of $123,748. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedules of Investments.
The Company also had revolving borrowings available under the Holdings Credit Facility, the DB Credit Facility, the NMFC Credit Facility, the Unsecured Management Company Revolver and the NMNLC Credit Facility II as of September 30, 2023 and December 31, 2022. See Note 7. Borrowings, for details.
The Company may from time to time enter into financing commitment letters. As of September 30, 2023 and December 31, 2022, the Company had commitment letters to purchase investments in the aggregate par amount of $4,858 and $45,634, respectively, which could require funding in the future.
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Note 10. Net Assets
The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2023:

|  |  |  |  |  |  |  |  | Accumulated Overdistributed Earnings |  |  |  |  |  |
| Common Stock |  |  |  | Paid in Capital in Excess |  | Accumulated Net Investment |  | Accumulated Net Realized |  | Net Unrealized Appreciation |  | Total Net Assets |  | Non- Controlling Interest in |  | Total
| Shares |  | Par Amount |  |  |  | of Par |  | Income |  | (Losses) Gains |  | (Depreciation) |  | of NMFC |  | NMNLC |  | Net Assets
Net assets at December 31, 2022 | 100,937,026 |  |  | $ | 1,009 |  |  |  |  | $ | 1,305,945 |  |  | $ | 147,593 |  |  | $ | (68,072) |  |  | $ | (72,002) |  |  | $ | 1,314,473 |  |  | $ | 11,718 |  |  | $ | 1,326,191 |
Issuances of common stock | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Offering costs | — |  |  | — |  |  |  |  | (56) |  |  | — |  |  | — |  |  | — |  |  | (56) |  |  | — |  |  | (56) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (32,300) |  |  | — |  |  | — |  |  | (32,300) |  |  | (153) |  |  | (32,453) |
Net increase in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 38,113 |  |  | 677 |  |  | 5,783 |  |  | 44,573 |  |  | 239 |  |  | 44,812 |
Net assets at March 31, 2023 | 100,937,026 |  |  | $ | 1,009 |  |  |  |  | $ | 1,305,889 |  |  | $ | 153,406 |  |  | $ | (67,395) |  |  | $ | (66,219) |  |  | $ | 1,326,690 |  |  | $ | 11,804 |  |  | $ | 1,338,494 |
Issuances of common stock | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Offering costs | — |  |  | — |  |  |  |  | (91) |  |  | — |  |  | — |  |  | — |  |  | (91) |  |  | — |  |  | (91) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (35,328) |  |  | — |  |  | — |  |  | (35,328) |  |  | (191) |  |  | (35,519) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 39,678 |  |  | 2,567 |  |  | (7,415) |  |  | 34,830 |  |  | 248 |  |  | 35,078 |
Net assets at June 30, 2023 | 100,937,026 |  |  | $ | 1,009 |  |  |  |  | $ | 1,305,798 |  |  | $ | 157,756 |  |  | $ | (64,828) |  |  | $ | (73,634) |  |  | $ | 1,326,101 |  |  | $ | 11,861 |  |  | $ | 1,337,962 |
Issuances of common stock | 502,623 |  |  | 5 |  |  |  |  | 6,620 |  |  | — |  |  | — |  |  | — |  |  | 6,625 |  |  | — |  |  | 6,625 |
Offering costs | — |  |  | — |  |  |  |  | (66) |  |  | — |  |  | — |  |  | — |  |  | (66) |  |  | — |  |  | (66) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (36,338) |  |  | — |  |  | — |  |  | (36,338) |  |  | (188) |  |  | (36,526) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 40,445 |  |  | 4,673 |  |  | (16,422) |  |  | 28,696 |  |  | 3 |  |  | 28,699 |
Net assets at September 30, 2023 | 101,439,649 |  |  | $ | 1,014 |  |  |  |  | $ | 1,312,352 |  |  | $ | 161,863 |  |  | $ | (60,155) |  |  | $ | (90,056) |  |  | $ | 1,325,018 |  |  | $ | 11,676 |  |  | $ | 1,336,694 |

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The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2022:

|  |  |  |  |  |  |  |  | Accumulated Undistributed (Overdistributed) Earnings |  |  |  |  |  |
| Common Stock |  |  |  | Paid in Capital in Excess |  | Accumulated Net Investment |  | Accumulated Net Realized (Losses) |  | Net Unrealized Appreciation |  | Total Net Assets |  | Non-Controlling Interest in |  | Total
| Shares |  | Par Amount |  |  |  | of Par |  | Income |  | Gains |  | (Depreciation) |  | of NMFC |  | NMNLC |  | Net Assets
Net assets at December 31, 2021 | 97,907,441 |  |  | $ | 979 |  |  |  |  | $ | 1,272,796 |  |  | $ | 118,330 |  |  | $ | (92,099) |  |  | $ | 21,239 |  |  | $ | 1,321,245 |  |  | $ | 21,367 |  |  | $ | 1,342,612 |
Issuances of common stock | 1,591,121 |  |  | 16 |  |  |  |  | 21,556 |  |  | — |  |  | — |  |  | — |  |  | 21,572 |  |  | — |  |  | 21,572 |
Offering costs | — |  |  | — |  |  |  |  | (52) |  |  | — |  |  | — |  |  | — |  |  | (52) |  |  | — |  |  | (52) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (29,589) |  |  | — |  |  | — |  |  | (29,589) |  |  | (3,750) |  |  | (33,339) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 29,573 |  |  | 17,596 |  |  | (10,977) |  |  | 36,192 |  |  | 855 |  |  | 37,047 |
Net assets at March 31, 2022 | 99,498,562 |  |  | $ | 995 |  |  |  |  | $ | 1,294,300 |  |  | $ | 118,314 |  |  | $ | (74,503) |  |  | $ | 10,262 |  |  | $ | 1,349,368 |  |  | $ | 18,472 |  |  | $ | 1,367,840 |
Issuances of common stock | 1,218,366 |  |  | 12 |  |  |  | 16,565 |  |  | — |  |  | — |  |  | — |  |  | 16,577 |  |  | — |  |  | 16,577 |
Offering costs | — |  |  | — |  |  |  |  | (74) |  |  | — |  |  | — |  |  | — |  |  | (74) |  |  | — |  |  | (74) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (30,215) |  |  | — |  |  | — |  |  | (30,215) |  |  | (4,190) |  |  | (34,405) |
Contributions related to non-controlling interest in NMNLC | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 123 |  |  | 123 |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 31,396 |  |  | 14,849 |  |  | (30,291) |  |  | 15,954 |  |  | (814) |  |  | 15,140 |
Net assets at June 30, 2022 | 100,716,928 |  |  | $ | 1,007 |  |  |  |  | $ | 1,310,791 |  |  | $ | 119,495 |  |  | $ | (59,654) |  |  | $ | (20,029) |  |  | $ | 1,351,610 |  |  | $ | 13,591 |  |  | $ | 1,365,201 |
Issuances of common stock | 220,098 |  |  | 2 |  |  |  |  | 2,953 |  |  | — |  |  | — |  |  | — |  |  | 2,955 |  |  | — |  |  | 2,955 |
Offering costs | — |  |  | — |  |  |  |  | (34) |  |  | — |  |  | — |  |  | — |  |  | (34) |  |  | — |  |  | (34) |
Distributions declared | — |  |  | — |  |  |  |  | — |  |  | (30,281) |  |  | — |  |  | — |  |  | (30,281) |  |  | (257) |  |  | (30,538) |
Net increase (decrease) in net assets resulting from operations | — |  |  | — |  |  |  |  | — |  |  | 32,527 |  |  | (390) |  |  | (24,432) |  |  | 7,705 |  |  | (191) |  |  | 7,514 |
Net assets at September 30, 2022 | 100,937,026 |  |  | $ | 1,009 |  |  |  |  | $ | 1,313,710 |  |  | $ | 121,741 |  |  | $ | (60,044) |  |  | $ | (44,461) |  |  | $ | 1,331,955 |  |  | $ | 13,143 |  |  | $ | 1,345,098 |

On November 3, 2021, the Company entered into an equity distribution agreement, as amended on May 18, 2023 (the “Distribution Agreement”) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. (collectively, the “Agents”). The Distribution Agreement provides that the Company may issue and sell its shares from time to time through the Agents, up to $250,000 worth of its common stock by means of at-the-market ("ATM") offerings.
For the three and nine months ended September 30, 2023, the Company sold 502,623 and 502,623, respectively, shares of common stock under the Distribution Agreement. For the three and nine months ended September 30, 2023, the Company received total accumulated net proceeds of approximately $6,625 and $6,625, respectively, including $0 and $0, respectively, of offering expenses, from these sales. For the three and nine months ended September 30, 2022, the Company sold 220,098 and 2,950,300, respectively, shares of common stock under the Distribution Agreement. For the three and nine months ended September 30, 2022, the Company received total accumulated net proceeds of approximately $2,956 and $40,007, respectively, including $12 and $439 of offering expenses, from these sales.
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The Company generally uses net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2023, shares representing approximately $190,314 of the Company's common stock remain available for issuance and sale under the Distribution Agreement.
Note 11. Earnings Per Share
The following information sets forth the computation of basic and diluted net increase in the Company’s net assets per share resulting from operations for the three and nine months ended September 30, 2023 and September 30, 2022:

| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
Earnings per share—basic |  |  |  |  |  |  |
Numerator for basic earnings per share: | $ | 28,696 |  |  | $ | 7,705 |  |  | $ | 108,099 |  |  | $ | 59,851 |
Denominator for basic weighted average share: | 100,954,898 |  |  | 100,830,075 |  |  | 100,943,049 |  |  | 99,955,432 |
Basic earnings per share: | $ | 0.28 |  |  | $ | 0.08 |  |  | $ | 1.07 |  |  | $ | 0.60 |
Earnings per share—diluted(1) |  |  |  |  |  |  |
Numerator for increase in net assets per share | $ | 28,696 |  |  | $ | 7,705 |  |  | $ | 108,099 |  |  | $ | 59,851 |
Adjustment for interest on Convertible Notes and incentive fees, net | 4,557 |  |  | 2,314 |  |  | 14,314 |  |  | 6,943 |
Numerator for diluted earnings per share: | $ | 33,253 |  |  | $ | 10,019 |  |  | $ | 122,413 |  |  | $ | 66,794 |
Denominator for basic weighted average share | 100,954,898 |  |  | 100,830,075 |  |  | 100,943,049 |  |  | 99,955,432 |
Adjustment for dilutive effect of Convertible Notes | 22,228,371 |  |  | 13,257,585 |  |  | 23,652,660 |  |  | 13,257,585 |
Denominator for diluted weighted average share | 123,183,269 |  |  | 114,087,660 |  |  | 124,595,709 |  |  | 113,213,017 |
Diluted earnings per share: | $ | 0.27 |  |  | $ | 0.08 |  |  | $ | 0.98 |  |  | $ | 0.59 |

(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three and nine months ended September 30, 2023 and for the nine months ended September 30, 2022, there was no anti-dilution. For the three months ended September 30, 2022, there was anti-dilution.
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Note 12. Financial Highlights
The following information sets forth the Company's financial highlights for the nine months ended September 30, 2023 and September 30, 2022:

| Nine Months Ended
| September 30, 2023 |  | September 30, 2022
Per share data(1): |  |  |
Net asset value, January 1, 2023 and January 1, 2022, respectively | $ | 13.02 |  |  | $ | 13.49 |
Net investment income | 1.17 |  |  | 0.94 |
Net realized and unrealized losses (2) | (0.10) |  |  | (0.33) |
Total net increase | 1.07 |  |  | 0.61 |
Distributions declared to stockholders from net investment income | (1.03) |  |  | (0.90) |
Net asset value, September 30, 2023 and September 30, 2022, respectively | $ | 13.06 |  |  | $ | 13.20 |
Per share market value, September 30, 2023 and September 30, 2022, respectively | $ | 12.95 |  |  | $ | 11.53 |
Total return based on market value(3) | 13.49 | % |  | (9.64) | %
Total return based on net asset value(4) | 8.39 | % |  | 4.54 | %
Shares outstanding at end of period | 101,439,649 |  |  | 100,937,026 |
Average weighted shares outstanding for the period | 100,943,049 |  |  | 99,955,432 |
Average net assets for the period | $ | 1,322,558 |  |  | $ | 1,348,479 |
Ratio to average net assets(5): |  |  |
Net investment income | 11.95 | % |  | 9.27 | %
Total expenses, before waivers/reimbursements | 16.77 | % |  | 12.85 | %
Total expenses, net of waivers/reimbursements | 16.45 | % |  | 12.50 | %
Average debt outstanding—Holdings Credit Facility | $ | 603,154 |  |  | $ | 580,699 |
Average debt outstanding—Unsecured Notes | 433,661 |  |  | 525,456 |
Average debt outstanding—SBA-guaranteed debentures | 300,000 |  |  | 300,000 |
Average debt outstanding—DB Credit Facility | 186,429 |  |  | 217,817 |
Average debt outstanding—Convertible Notes | 340,881 |  |  | 201,250 |
Average debt outstanding—NMFC Credit Facility(6) | 104,227 |  |  | 156,303 |
Average debt outstanding—NMNLC Credit Facility II | 2,480 |  |  | 8,939 |
Asset coverage ratio(7) | 182.68 | % |  | 179.28 | %
Portfolio turnover | 4.36 | % |  | 14.38 | %

(1)Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which is based on actual rate per share).
(2)Includes the accretive effect of common stock issuances per share, which for the nine months ended September 30, 2023 and September 30, 2022 were $0.00 and $0.01, respectively
(3)Total return is calculated assuming a purchase of common stock at the opening of the first day of the year and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. Total return does not reflect sales load.
(4)Total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. Total return does not reflect sales load.
(5)Interim periods are annualized.
(6)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2023 and September 30, 2022, the Company had borrowings denominated in GBP of £22,850 and £22,850, respectively, and borrowings denominated in EUR of €700 and €700, respectively, that have been converted to U.S. dollars.
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(7)On November 5, 2014, the Company received exemptive relief from the SEC allowing the Company to modify the asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation.
Note 13. Recent Accounting Standards Updates
In March 2020, the Financial Accounting Standards Board (the "FASB") issued ASU 2020-04, Reference Rate Reform. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's consolidated financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the quarter ended September 30, 2023. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While the Company's board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.
Note 14. Subsequent Events
On October 24, 2023, the Company’s board of directors declared a regular fourth quarter 2023 distribution of $0.32 per share and a supplemental distribution related to third quarter earnings of $0.04 per share, each payable on December 29, 2023 to holders of record as of December 15, 2023.
On October 26, 2023, the Company entered into the Eighth Amendment to Loan and Security Agreement (the "Eighth Amendment"), which amended the Holdings Credit Facility, to, among other things, extend the Facility Maturity Date, as defined in the Loan and Security Agreement, from April 20, 2026 to October 26, 2028.
On October 31, 2023, the Company entered into Amendment No. 8 to the Loan Financing and Servicing Agreement, which amended the DB Credit Facility to, among other things, extend the Maturity Date, as defined in the LFSA, from March 25, 2026 to March 25, 2027 and reduce the applicable interest rate.
On October 31, 2023, the Company entered into the Second Amended and Restated Uncommitted Revolving Loan Agreement, which amended the Unsecured Management Company Revolver to, among other things, extend the Maturity Date, as defined in the Agreement, from December 31, 2024 to December 31, 2027 and increase the maximum amount available from $50,000 to $100,000.
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| Deloitte & Touche LLP 30 Rockefeller Plaza New York, NY 10112 USA Tel: 212 492 4000 Fax: 212 489 1687 www.deloitte.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of New Mountain Finance Corporation
Results of Review of Interim Financial Information
We have reviewed the accompanying consolidated statement of assets and liabilities of New Mountain Finance Corporation and subsidiaries (the “Company”), including the consolidated schedule of investments, as of September 30, 2023, and the related consolidated statements of operations and changes in net assets for the three-month and nine-month periods ended September 30, 2023 and 2022, the consolidated statements of cash flows for the nine-month periods ended September 30, 2023 and 2022, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of December 31, 2022, and the related consolidated statements of operations, changes in net assets and cash flows for the year then ended (not presented herein); and in our report dated February 27, 2023, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities as of December 31, 2022, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities from which it has been derived.
Basis for Review Results
This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
/s/ DELOITTE & TOUCHE LLP
November 2, 2023
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information in management's discussion and analysis of financial condition and results of operations relates to New Mountain Finance Corporation, including its wholly-owned direct and indirect subsidiaries (collectively, "we", "us", "our", "NMFC" or the "Company").
Forward-Looking Statements
The information contained in this section should be read in conjunction with the financial data and consolidated financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:
•statements concerning the impact of a protracted decline in the liquidity of credit markets;
•the general economy, including interest and inflation rates, on the industries in which we invest;
•the impact of interest rate volatility, including the decommissioning of LIBOR and rising interest rates, on our business and our portfolio companies;
•our future operating results, our business prospects, the adequacy of our cash resources and working capital;
•the ability of our portfolio companies to achieve their objectives;
•our ability to make investments consistent with our investment objectives, including with respect to the size, nature and terms of our investments;
•the ability of New Mountain Finance Advisers BDC, L.L.C. (the "Investment Adviser") or its affiliates to attract and retain highly talented professionals;
•actual and potential conflicts of interest with the Investment Adviser and New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor; and
•the risk factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2022 and in this Quarterly Report on Form 10-Q.
Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2022 and in this Quarterly Report on Form 10-Q.
We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview
We are a Delaware corporation that was originally incorporated on June 29, 2010 and completed our initial public offering ("IPO") on May 19, 2011. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Since our IPO, and through September 30, 2023, we raised approximately $952.2 million in net proceeds from additional offerings of our common stock.
The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with approximately $45 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment
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advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations.
We have established the following wholly-owned direct and indirect subsidiaries:
•New Mountain Finance Holdings, L.L.C. ("NMF Holdings") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings’ credit facility and NMFDB’s credit facility, respectively;
•New Mountain Finance SBIC, L.P. ("SBIC I") and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the U.S. Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act") and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP") and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively;
•NMF Ancora Holdings, Inc. ("NMF Ancora"), NMF QID NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC"), which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity related investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); we consolidate these corporations for accounting purposes but the corporations are not consolidated for income tax purposes and may incur income tax expense as a result of their ownership of the portfolio companies; and
•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.
New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of ours, which acquires commercial real estate properties that are subject to "triple net" leases has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.
We are a leading BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. Our investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. Our differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.
Senior secured loans may include traditional first lien loans or unitranche loans. We invest a significant portion of our portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, our investments may also include equity interests.
We primarily invest in senior secured debt of U.S. sponsor-backed, middle market companies, defined by annual EBITDA of $10 million to $200 million. Our focus is on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.
Similar to us, SBIC I's and SBIC II's investment objectives are to generate current income and capital appreciation under the investment criteria we use. However, SBIC I and SBIC II investments must be in SBA eligible small businesses. Our portfolio may be concentrated in a limited number of industries. As of September 30, 2023, our top five industry concentrations were software, business services, healthcare, investment funds (which includes our investments in our joint ventures) and education.
As of September 30, 2023, our net asset value was approximately $1,325.0 million and our portfolio had a fair value, as determined in good faith by the board of directors, of approximately $3,111.9 million in 109 portfolio companies, with a weighted average yield to maturity at cost for income producing investments ("YTM at Cost") of approximately 11.8% and a weighted average yield to maturity at cost for all investments ("YTM at Cost for Investments") of approximately 10.2%. The YTM at Cost calculation assumes that all investments, including secured collateralized agreements, not on non-accrual are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. The YTM at Cost for Investments calculation assumes that all investments, including secured collateralized agreements, are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. YTM at Cost and YTM at Cost for Investments calculations exclude the impact of existing
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leverage. YTM at Cost and YTM at Cost for Investments use the London Interbank Offered Rate ("LIBOR"), Sterling Overnight Interbank Average Rate ("SONIA"), Secured Overnight Financing Rate ("SOFR") and Euro Interbank Offered Rate ("EURIBOR") curves at each quarter's end date. The actual yield to maturity may be higher or lower due to the future selection of the SONIA, SOFR and EURIBOR contracts by the individual companies in our portfolio or other factors.
Recent Developments
On October 24, 2023, our board of directors declared a fourth quarter 2023 distribution of $0.32 per share and a supplemental distribution related to third quarter earnings of $0.04 per share, each payable on December 29, 2023 to holders of record as of December 15, 2023.
On October 26, 2023, we entered into the Eighth Amendment to Loan and Security Agreement (the "Eighth Amendment"), which amended the Holdings Credit Facility, to, among other things, extend the Facility Maturity Date, as defined in the Loan and Security Agreement, from April 20, 2026 to October 26, 2028.
On October 31, 2023, we entered into Amendment No. 8 to the Loan Financing and Servicing Agreement, which amended the DB Credit Facility to, among other things, extend the Maturity Date, as defined in the LFSA, from March 25, 2026 to March 25, 2027 and reduce the applicable interest rate.
On October 31, 2023, we entered into the Second Amended and Restated Uncommitted Revolving Loan Agreement, which amended the Unsecured Management Company Revolver to, among other things, extend the Maturity Date, as defined in the Agreement, from December 31, 2024 to December 31, 2027 and increase the maximum amount available from $50.0 million to $100.0 million.
Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.
Basis of Accounting
We consolidate our wholly-owned direct and indirect subsidiaries: NMF Holdings, NMF Servicing, NMFDB, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF OEC and our majority-owned consolidated subsidiary, NMNLC. We are an investment company following accounting and reporting guidance as described in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946").
Valuation and Leveling of Portfolio Investments
At all times consistent with GAAP and the 1940 Act, we conduct a valuation of our assets, which impacts our net asset value.
We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of directors is ultimately and solely responsible for determining the fair value of our portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where our portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Our quarterly valuation procedures are set forth in more detail below:
(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.
(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.
a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and
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b.For investments other than bonds, we look at the number of quotes readily available and perform the following procedures:
i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. We will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, we will use one or more of the methodologies outlined below to determine fair value;
ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).
(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:
a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;
b.Preliminary valuation conclusions will then be documented and discussed with our senior management;
c.If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors; and
d.When deemed appropriate by our management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.
For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.
The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period and the fluctuations could be material.
GAAP fair value measurement guidance classifies the inputs used in measuring fair value into three levels as follows:
Level I—Quoted prices (unadjusted) are available in active markets for identical investments and we have the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), we, to the extent that we hold such investments, do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.
Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:
•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);
•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and
•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.
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Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.
The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.
The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.
See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of September 30, 2023.
We generally use the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. We typically determine the fair value of our performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:
Company Performance, Financial Review, and Analysis: Prior to investment, as part of our due diligence process, we evaluate the overall performance and financial stability of the portfolio company. Post investment, we analyze each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("EBITDA") growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. We also attempt to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of our original investment thesis. This analysis is specific to each portfolio company. We leverage the knowledge gained from our original due diligence process, augmented by this subsequent monitoring, to continually refine our outlook for each of our portfolio companies and ultimately form the valuation of our investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, we will consider the pricing indicated by the external event to corroborate the private valuation.
For debt investments, we may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of our debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, we may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for our debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.
Market Based Approach: We may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. We consider numerous factors when selecting the appropriate companies whose trading multiples are used to value our portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. We may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue, or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.
Income Based Approach: We also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.
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See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of September 30, 2023.
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 us 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 our 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 us and SkyKnight II. SLP III has a five year investment period and will continue in existence until April 25, 2025. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.
SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 2023, we and SkyKnight II have committed and contributed $140.0 million and $35.0 million, respectively, of equity to SLP III. Our investment in SLP III is disclosed on our Consolidated Schedule of Investments as of September 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 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 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 $525.0 million. As of September 30, 2023 and December 31, 2022, SLP III had total investments with an aggregate fair value of approximately $656.8 million and $639.3 million, respectively, and debt outstanding under its credit facility of $480.0 million and $512.1 million, respectively. As of September 30, 2023 and December 31, 2022, none of SLP III's investments were on non-accrual. Additionally, as of September 30, 2023 and December 31, 2022, SLP III had unfunded commitments in the form of delayed draws of $0.7 million and $2.9 million, respectively.
Below is a summary of SLP III's portfolio as of September 30, 2023 and December 31, 2022:

(in thousands) |  | September 30, 2023 |  | December 31, 2022
First lien investments (1) |  | $ | 681,088 |  |  | $ | 690,017 |
Weighted average interest rate on first lien investments (2) |  | 9.75 | % |  | 8.51 | %
Number of portfolio companies in SLP III |  | 86 |  |  | 83 |
Largest portfolio company investment (1) |  | $ | 26,178 |  |  | $ | 18,197 |
Total of five largest portfolio company investments (1) |  | $ | 93,443 |  |  | $ | 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.
See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP III's portfolio as of September 30, 2023 and December 31, 2022 and additional information on certain summarized financial information for SLP III as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and September 30, 2022.
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 us 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 dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, 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 our core industry verticals.
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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 us and SkyKnight Alpha. SLP IV has a five year investment period and will continue in existence until May 5, 2028. The investment period may be extended for up to one year pursuant to certain terms of the SLP IV Agreement.
SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of September 30, 2023, we and SkyKnight Alpha have transferred and contributed $112.4 million and $30.6 million, respectively, of their membership interests in SLP I and SLP II to SLP IV. Our investment in SLP IV is disclosed on our Consolidated Schedule of Investments as of September 30, 2023 and December 31, 2022.
On May 5, 2021, SLP IV entered into a $370.0 million 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 September 30, 2023 and December 31, 2022, SLP IV had total investments with an aggregate fair value of approximately $494.9 million and $473.8 million, respectively, and debt outstanding under its credit facility of $352.6 million and $365.5 million, respectively. As of September 30, 2023 and December 31, 2022, none of SLP IV’s investments were on non-accrual. Additionally, as of September 30, 2023 and December 31, 2022, SLP IV had unfunded commitments in the form of delayed draws of $0.4 million and $2.0 million, respectively.
Below is a summary of SLP IV's consolidated portfolio as of September 30, 2023 and December 31, 2022:

(in thousands) |  | September 30, 2023 |  | December 31, 2022
First lien investments (1) |  | $ | 511,889 |  |  | $ | 510,372 |
Weighted average interest rate on first lien investments (2) |  | 9.71 | % |  | 8.54 | %
Number of portfolio companies in SLP IV |  | 77 |  |  | 74 |
Largest portfolio company investment (1) |  | $ | 21,808 |  |  | $ | 21,982 |
Total of five largest portfolio company investments (1) |  | $ | 94,058 |  |  | $ | 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.
See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2023 and December 31, 2022 and additional information on certain summarized financial information for SLP IV as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and September 30, 2022.
New Mountain Net Lease Corporation
NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on our Consolidated Schedule of Investments as of September 30, 2023.
On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020.
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Below is certain summarized property information for NMNLC as of September 30, 2023:

|  |  |  | Lease |  |  |  | Total |  | Fair Value as of
Portfolio Company |  | Tenant |  | Expiration Date |  | Location |  | Square Feet |  | September 30, 2023(1)
|  |  |  |  |  |  |  | (in thousands) |  | (in thousands)
NM NL Holdings LP / NM GP Holdco LLC |  | Various |  | Various |  | Various |  | Various |  | $ | 96,933 |
NM CLFX LP |  | Victor Equipment Company |  | 8/31/2033 |  | TX |  | 423 |  | 11,692 |
NM YI, LLC |  | Young Innovations, Inc. |  | 10/31/2039 |  | IL / MO |  | 212 |  | 9,449 |
|  |  |  |  |  |  |  |  |  | $ | 118,074 |

(1)Excludes residual value in NM APP Canada Corp. due to tax withholding. As of September 30, 2023, NM APP Canada Corp. had a fair value of $7.
Collateralized agreements or repurchase financings
We follow the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral ("ASC 860") when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of September 30, 2023 and December 31, 2022, we held one collateralized agreement to resell with a cost basis of $30.0 million and $30.0 million, respectively, and a fair value of $16.5 million and $16.5 million, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from us at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to us, therefore, we do not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized our contractual rights under the collateralized agreement. We continue to exercise our rights under the collateralized agreement and continue to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.
PPVA Black Elk (Equity) LLC
On May 3, 2013, we entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, we purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20.0 million with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20.0 million plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, we received a payment of $20.5 million, the full amount due under the SPP Agreement.
In August 2017, a trustee (the “Trustee”) for Black Elk informed us that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against us and one of its affiliates seeking the return of the $20.5 million 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 us under the SPP Agreement. We were 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, we settled the Trustee’s $20.5 million Claim for $16.0 million and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16.0 million that is owed to us under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. We continue to exercise our rights under the SPP Agreement and continue to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, we received a $1.5 million payment from our insurance carrier in respect to the settlement. As of September 30, 2023 and December 31, 2022, the SPP Agreement had a cost basis of $14.5 million and $14.5 million, respectively, and a fair value of $8.0 million and $8.0 million, respectively, which is reflective of the higher inherent risk in this transaction.
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Revenue Recognition
Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.
Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2023, we recognized PIK and non-cash interest from investments of approximately $7.9 million and $24.8 million, respectively, and PIK and non-cash dividends from investments of approximately $7.0 million and $20.2 million, respectively. For the three and nine months ended September 30, 2022, we recognized PIK and non-cash interest from investments of approximately $6.2 million and $22.0 million, respectively, and PIK and non-cash dividends from investments of approximately $6.0 million and $16.3 million, respectively.
Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.
Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate collectibility. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.
Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after trade date. Other income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.
Monitoring of Portfolio Investments
We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy. Our portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating (as defined below).
We use an investment risk rating system to characterize and monitor the credit profile and expected level of returns on each investment in the portfolio. As such, we assign each investment a composite score (“Risk Rating”) based on two metrics – 1) Operating Performance and 2) Business Characteristics:
•Operating Performance assesses the health of the investment in context of its financial performance and the market environment it faces. The metric is expressed in Tiers of “1” to “4”, with “1” being the worst and “4” being the best:
◦Tier 1 – Severe business underperformance and/or severe market headwinds
◦Tier 2 – Significant business underperformance and/or significant market headwinds
◦Tier 3 – Moderate business underperformance and/or moderate market headwinds
◦Tier 4 – Business performance is in-line with or above expectations
•Business Characteristics assesses the health of the investment in context of the underlying portfolio company’s business and credit quality, the underlying portfolio company’s current balance sheet, and the level of support from the
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equity sponsor. The metric is expressed as on a qualitative scale of “A” to “C”, with “A” being the best and “C” being the worst.
The Risk Rating for each investment is a composite of these two metrics. The Risk Rating is expressed in categories of Red, Orange, Yellow and Green, with Red reflecting an investment performing materially below expectations and Green reflecting an investment that is in-line with or above expectations. The mapping of the composite scores to these categories are below:
•Red – 1C (e.g., Tier 1 for Operating Performance and C for Business Characteristics)
•Orange – 2C and 1B
•Yellow – 3C, 2B, and 1A
•Green – 4C, 3B, 2A, 4B, 3A, and 4A
The following table shows the Risk Rating of our portfolio companies as of September 30, 2023:

(in millions) | As of September 30, 2023
Risk Rating |  | Cost |  | Percent |  | Fair Value |  | Percent
Red |  | $ | 54.6 |  |  | 1.7 | % |  | $ | 5.5 |  |  | 0.2 | %
Orange |  | 101.2 |  |  | 3.2 | % |  | 60.1 |  |  | 1.9 | %
Yellow |  | 179.7 |  |  | 5.6 | % |  | 144.3 |  |  | 4.6 | %
Green |  | 2,863.2 |  |  | 89.5 | % |  | 2,918.5 |  |  | 93.3 | %
|  | $ | 3,198.7 |  |  | 100.0 | % |  | $ | 3,128.4 |  |  | 100.0 | %

As of September 30, 2023, all investments in our portfolio had a Green Risk Rating with the exception of eight portfolio companies that had a Yellow Risk Rating, six portfolio companies that had an Orange Risk Rating and three portfolio companies that had a Red Risk Rating.
During the third quarter of 2022, we placed our first lien term loan and first lien delayed draw term loan positions in Ansira Holdings, Inc. ("Ansira") on non-accrual status. As of September 30, 2023, our first lien positions in Ansira on non-accrual status had an aggregate cost basis of $41.2 million, an aggregate fair value of $2.0 million and total unearned interest income of $0.1 million and $3.9 million, respectively, for the three and nine months then ended. As of September 30, 2023, our investment in Ansira has a Red Risk Rating.
As of September 30, 2023, our aggregate principal amount of our second lien term loan in Integro Parent Inc. ("Integro") was $13.1 million. During the second quarter of 2022, we placed an aggregate principal amount of $4.6 million of our second lien position on non-accrual status, that was subsequently taken off non-accrual status in the third quarter of 2023. As of September 30, 2023, our position in Integro on non-accrual status had total unearned interest income of $0.0 million and $0.4 million, respectively, for the three and nine months then ended. As of September 30, 2023, our investment in Integro has a Green Risk Rating.
During the second quarter of 2022, we placed our second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2023, our second lien position in National HME had an aggregate cost basis of $7.9 million, an aggregate fair value of $3.0 million and total unearned interest income of $0.4 million and $1.3 million, respectively, for the three and nine months then ended. During the fourth quarter of 2022, we reversed $11.2 million of previously recorded PIK interest in National HME and $1.5 million of previously recorded other income in NHME Holdings Corp. as we believe this PIK interest and other income will ultimately not be collectible. As of September 30, 2023, our investment in National HME has a Red Risk Rating.
As of September 30, 2023, our aggregate principal amount of our subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5.2 million and $31.4 million, respectively. During the first quarter of 2021, we placed an aggregate principal amount of $5.2 million of our subordinated position on non-accrual status. During the third quarter of 2021, we placed an aggregate principal amount of $13.5 million of our first lien term loans on non-accrual status. During the third quarter of 2023, we placed the remaining aggregate principal amount of $17.9 million of our first lien term loans on non-accrual status. As of September 30, 2023, our positions in AAC on non-accrual status had an aggregate cost basis of $31.4 million, an aggregate fair value of $20.6 million and total unearned interest income of $1.1 million and $2.2 million, respectively, for the three and nine months then ended. As of September 30, 2023, our investment in AAC has an Orange Risk Rating.
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During the first quarter of 2020, we placed our investment in our junior preferred shares of UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of September 30, 2023, our junior preferred shares of UniTek had an aggregate cost basis of $34.4 million, an aggregate fair value of $0.0 million and total unearned dividend income of $1.9 million and $5.6 million, respectively, for the three and nine months then ended. During the third quarter of 2021, we placed an aggregate principal amount of $19.8 million of our investment in our senior preferred shares of UniTek on non-accrual status. As of September 30, 2023, our senior preferred shares of UniTek had an aggregate cost basis of $19.8 million, an aggregate fair value of approximately $5.9 million and total unearned dividend income of approximately $1.4 million and $4.1 million, respectively, for the three and nine months then ended. As of September 30, 2023, our investment in UniTek has a Green Risk Rating.
During the first quarter of 2018, we placed our first lien positions in Education Management II LLC on non-accrual status as the portfolio company announced its intention to wind down and liquidate the business. As of September 30, 2023, our Education Management Corporation had an aggregate cost basis of $1.0 million, an aggregate fair value of $0.0 million and total unearned interest income of $0.1 million and $0.1 million, respectively, for the three and nine months then ended. As of September 30, 2023, our investment in Education Management Corporation has an Orange Risk Rating.
During the year ended December 31, 2019, our security purchased under collateralized agreements to resell was placed on non-accrual. As of September 30, 2023, our investment in this security has a Yellow Risk Rating and has an aggregate cost basis of $30.0 million and an aggregate fair value of approximately $16.5 million.
Portfolio and Investment Activity
The fair value of our investments, as determined in good faith by our board of directors, was approximately $3,111.9 million in 109 portfolio companies at September 30, 2023 and approximately $3,221.2 million in 107 portfolio companies at December 31, 2022.
The following table shows our portfolio and investment activity for the nine months ended September 30, 2023 and September 30, 2022:

|  | Nine Months Ended
(in millions) |  | September 30, 2023 |  | September 30, 2022
New investments in 32 and 44 portfolio companies, respectively |  | $ | 140.5 |  |  | $ | 526.6 |
Debt repayments in existing portfolio companies |  | 112.0 |  |  | 289.3 |
Sales of securities in 8 and 9 portfolio companies, respectively |  | 170.8 |  |  | 177.2 |
Change in unrealized appreciation on 66 and 25 portfolio companies, respectively |  | 70.0 |  |  | 67.2 |
Change in unrealized depreciation on 41 and 85 portfolio companies, respectively |  | (88.3) |  |  | (134.8) |

Recent Accounting Standards Updates
See Item 1.—Financial Statements and Supplementary Data—Note 13. Recent Accounting Standards Updates for details on recent accounting standards updates.
Results of Operations for the Three Months Ended September 30, 2023 and September 30, 2022
Revenue

|  | Three Months Ended
(in thousands) |  | September 30, 2023 |  | September 30, 2022
Total interest income |  | $ | 74,044 |  |  | $ | 58,778 |
Total dividend income |  | 18,078 |  |  | 15,871 |
Other income |  | 2,227 |  |  | 3,800 |
Total investment income |  | $ | 94,349 |  |  | $ | 78,449 |

Our total investment income increased by approximately $15.9 million, or 20%, for the three months ended September 30, 2023 as compared to the three months ended September 30, 2022. For the three months ended September 30, 2023, total investment income of approximately $94.3 million consisted of approximately $64.8 million in cash interest from investments, approximately $7.9 million in PIK and non-cash interest from investments, net amortization of purchase premiums and discounts of approximately $1.3 million, approximately $11.1 million in cash dividends from investments, approximately $7.0 million in PIK and non-cash dividends from investments and approximately $2.2 million in other income. The increase in interest income of approximately $15.3 million during the three months ended September 30, 2023 as compared to the three months ended September 30, 2022 was primarily due to a higher effective interest rate of our portfolio due to higher SOFR rates on our floating rate assets. The increase in dividend income for the three months ended September 30, 2023 as compared
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to the three months ended September 30, 2022 was primarily driven by an increase in PIK dividends and an increase in cash dividends from SLP III and SLP IV, partially offset by a decrease in cash dividends from our investment in NMNLC. Other income during the three months ended September 30, 2023, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 8 different portfolio companies.
Operating Expenses

|  | Three Months Ended
(in thousands) |  | September 30, 2023 |  | September 30, 2022
Management fee |  | $ | 11,334 |  |  | $ | 11,717 |
Less: management fee waiver |  | (1,013) |  |  | (1,115) |
Total management fee |  | 10,321 |  |  | 10,602 |
Incentive fee |  | 10,169 |  |  | 8,202 |
Interest and other financing expenses |  | 31,425 |  |  | 24,648 |
Administrative expenses |  | 995 |  |  | 881 |
Professional fees |  | 850 |  |  | 775 |
Other general and administrative expenses |  | 542 |  |  | 545 |
Net expenses before income taxes |  | 54,302 |  |  | 45,653 |
Income tax benefit |  | (627) |  |  | (13) |
Net expenses after income taxes |  | $ | 53,675 |  |  | $ | 45,640 |

Our total net operating expenses increased by approximately $8.0 million for the three months ended September 30, 2023 as compared to the three months ended September 30, 2022. Our management fee, net of a management fee waiver, remained relatively flat and our incentive fee increased by approximately $2.0 million for the three months ended September 30, 2023 as compared to the three months ended September 30, 2022. The increase in incentive fees was attributable to an increase in net investment income.
Interest and other financing expenses increased by approximately $6.8 million during the three months ended September 30, 2023 as compared to the three months ended September 30, 2022, primarily due to higher rates on our floating rate borrowings and higher interest expense on our 2022 Convertibles Notes, which was issued in the fourth quarter of 2022 with a further issuance in the first quarter of 2023. Higher interest expense was partially offset by lower interest expense on our 2018A Unsecured Notes, which were fully repaid in the first quarter of 2023 and lower interest expense on the 2018 Convertible Notes, which were partially repaid in the fourth quarter of 2022 in connection with our tender offer to purchase $84.4 million aggregate principal amount of outstanding 2018 Convertible Notes, with the remaining amount fully repaid at maturity in the third quarter of 2023. Our total professional fees, administrative expenses and total other general and administrative expenses for the three months ended September 30, 2023 as compared to the three months ended September 30, 2022 remained relatively flat.
Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)

|  | Three Months Ended
(in thousands) |  | September 30, 2023 |  | September 30, 2022
Net realized gains (losses) on investments |  | $ | 4,673 |  |  | $ | (222) |
Net realized losses on foreign currency |  | — |  |  | (166) |
Net change in unrealized depreciation of investments |  | (16,879) |  |  | (24,927) |
Net change in unrealized depreciation on foreign currency |  | (60) |  |  | (10) |
Benefit for taxes |  | 291 |  |  | 30 |
Net realized and unrealized losses |  | $ | (11,975) |  |  | $ | (25,295) |

Our net realized gains and unrealized losses resulted in a net loss of approximately $12.0 million for the three months ended September 30, 2023 compared to net realized and unrealized losses resulting in a net loss of approximately $25.3 million for the same period in 2022. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended September 30, 2023 was primarily driven by unrealized depreciation in TVG-Edmentum Holdings, LLC ("Edmentum") and UniTek, partially offset by realized gains in Haven Midstream Holdings LLC and unrealized appreciation in Vectra Co. and TMK Hawk Parent, Corp. The
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benefit for income taxes was attributable to equity investments that are held as of September 30, 2023 in eight of our corporate subsidiaries. The net loss for the three months ended September 30, 2022 was primarily driven by realized and unrealized losses in Edmentum, Ansira, New Trojan Parent, Inc., TMK Hawk Parent, Corp. and NM CLFX LP, which was partially offset by unrealized appreciation in Haven Midstream LLC, AAC and Phynet Dermatology LLC. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.
Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation ("NMNLC")

|  | Three Months Ended
(in thousands) |  | September 30, 2023 |  | September 30, 2022
Total investment income |  | $ | 94,349 |  |  | $ | 78,449 |
Net expenses after income taxes |  | 53,675 |  |  | 45,640 |
Net investment income |  | 40,674 |  |  | 32,809 |
Less: Net investment income related to non-controlling interest in NMNLC |  | 229 |  |  | 282 |
Net investment income related to NMFC |  | $ | 40,445 |  |  | $ | 32,527 |
Net change in realized gains on investments |  | 4,673 |  |  | (222) |
Net change in realized losses on foreign currency |  | — |  |  | (166) |
Less: Net change in realized gains on investments related to non-controlling interest in NMNLC |  | — |  |  | 2 |
Net change in realized gains of investments related to NMFC |  | $ | 4,673 |  |  | $ | (390) |
Net change in unrealized depreciation of investments |  | (16,879) |  |  | (24,927) |
Net change in unrealized depreciation on foreign currency |  | (60) |  |  | (10) |
Benefit (provision) for taxes |  | 291 |  |  | 30 |
Less: Net change in unrealized depreciation of investments related to non-controlling interest in NMNLC |  | (226) |  |  | (475) |
Net change in unrealized depreciation of investments related to NMFC |  | $ | (16,422) |  |  | $ | (24,432) |

Results of Operations for the Nine Months Ended September 30, 2023 and September 30, 2022
Revenue

|  | Nine Months Ended
(in thousands) |  | September 30, 2023 |  | September 30, 2022
Total interest income |  | $ | 219,720 |  |  | $ | 157,000 |
Total dividend income |  | 54,547 |  |  | 48,665 |
Other income |  | 7,527 |  |  | 14,857 |
Total investment income |  | $ | 281,794 |  |  | $ | 220,522 |

Our total investment income increased by approximately $61.3 million, or 28%, for the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022. For the nine months ended September 30, 2023, total investment income of approximately $281.8 million consisted of approximately $190.9 million in cash interest from investments, approximately $24.8 million in PIK and non-cash interest from investments, net amortization of purchase premiums and discounts of approximately $4.1 million, approximately $34.3 million in cash dividends from investments, approximately $20.2 million in PIK and non-cash dividends from investments and approximately $7.5 million in other income. The increase in interest income of approximately $62.7 million during the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022 was primarily due to a higher effective interest rate of our portfolio due to higher LIBOR and SOFR rates on our floating rate assets. The increase in dividend income for the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022 was primarily driven by an increase in PIK dividends and an increase in cash dividends from SLP III and SLP IV, partially offset by a decrease in cash dividends from our investment in NMNLC. Other income during the nine months ended September 30, 2023, which represents fees that are generally non-
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recurring in nature, was primarily attributable to upfront, consent and amendment fees received from 21 different portfolio companies.
Operating Expenses

|  | Nine Months Ended
(in thousands) |  | September 30, 2023 |  | September 30, 2022
Management fee |  | 34,549 |  |  | 35,040 |
Less: management fee waiver |  | (3,172) |  |  | (3,349) |
Total management fee |  | 31,377 |  |  | 31,691 |
Incentive fee |  | 29,748 |  |  | 23,605 |
Interest and other financing expenses |  | 93,921 |  |  | 63,957 |
Administrative expenses |  | 2,996 |  |  | 3,022 |
Professional fees |  | 2,818 |  |  | 2,529 |
Other general and administrative expenses |  | 1,543 |  |  | 1,540 |
Total expenses |  | 162,403 |  |  | 126,344 |
Less: expenses waived and reimbursed |  | — |  |  | (238) |
Net expenses before income taxes |  | 162,403 |  |  | 126,106 |
Income tax expense (benefit) |  | 401 |  |  | (5) |
Net expenses after income taxes |  | $ | 162,804 |  |  | $ | 126,101 |

Our total net operating expenses increased by approximately $36.7 million for the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022. Our management fee, net of a management fee waiver, remained relatively flat and our incentive fee increased by approximately $6.1 million for the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022. The increase in incentive fees was attributable to an increase in net investment income.
Interest and other financing expenses increased by approximately $30.0 million during the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022, primarily due to higher LIBOR and SOFR rates on our floating rate borrowings and higher interest expense on our 2022 Convertibles Notes, which was issued in the fourth quarter of 2022 with a further issuance in the first quarter of 2023. Higher interest expense was partially offset by lower interest expense on our 2017A Unsecured Notes, which were fully repaid in the third quarter of 2022, lower interest expense on our 2018A Unsecured Notes, which were fully repaid in the first quarter of 2023 and lower interest expense on the 2018 Convertible Notes, which were partially repaid in the fourth quarter of 2022 in connection with our tender offer to purchase $84.4 million aggregate principal amount of outstanding 2018 Convertible Notes, with the remaining amount fully repaid at maturity in the third quarter of 2023. Our total professional fees, administrative expenses and total other general and administrative expenses for the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022 remained relatively flat.
Net Realized Gains (Losses) and Net Change in Unrealized (Depreciation) Appreciation

|  | Nine Months Ended
(in thousands) |  | September 30, 2023 |  | September 30, 2022
Net realized gains on investments |  | 7,904 |  |  | 35,468 |
Net realized gains on foreign currency |  | 13 |  |  | 219 |
Net change in unrealized depreciation of investments |  | (18,340) |  |  | (67,634) |
Net change in unrealized depreciation securities purchased under collateralized agreements to resell |  | (39) |  |  | (2,021) |
Net change in unrealized depreciation on foreign currency |  | (5) |  |  | (625) |
Benefit (provision) for taxes |  | 66 |  |  | (127) |
Net realized and unrealized losses |  | $ | (10,401) |  |  | $ | (34,720) |

Our net realized gains and unrealized losses resulted in a net losses of approximately $10.4 million for the nine months ended September 30, 2023 compared to net realized gains and unrealized losses resulting in a net losses of approximately $34.7 million for the same period in 2022. As movement in unrealized appreciation or depreciation can be the result of realizations,
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we look at net realized and unrealized gains or losses together. The net losses for the nine months ended September 30, 2023 was primarily driven by realized losses in National HME and ADG, LLC, and unrealized depreciation in Ansira, Edmentum and New Trojan Parent, Inc., partially offset by realized gains in Haven Midstream Holdings LLC and unrealized appreciation in UniTek. The benefit for income taxes was attributable to equity investments that are held as of September 30, 2023 in eight of our corporate subsidiaries. The net loss for the nine months ended September 30, 2022 was primarily driven by unrealized depreciation in NM CLFX LP, NM APP US LLC, NHME Holdings Corp. and Ansira Holdings, Inc. which was partially offset by unrealized appreciation in Haven Midstream LLC, UniTek and New Permian Holdco, Inc. and a realized gain in NM GLCR LP. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.
Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation

|  | Nine Months Ended
(in thousands) |  | September 30, 2023 |  | September 30, 2022
Total investment income |  | $ | 281,794 |  |  | $ | 220,522 |
Net expenses after income taxes |  | 162,804 |  |  | 126,101 |
Net investment income |  | 118,990 |  |  | 94,421 |
Less: Net investment income related to non-controlling interest in NMNLC |  | 754 |  |  | 924 |
Net investment income related to NMFC |  | $ | 118,236 |  |  | $ | 93,497 |
Net change in realized gains on investments |  | 7,904 |  |  | 35,468 |
Net change in realized losses on foreign currency |  | 13 |  |  | 219 |
Less: Net change in realized gains on investments related to non-controlling interest in NMNLC |  | — |  |  | 3,634 |
Net change in realized gains of investments related to NMFC |  | $ | 7,917 |  |  | $ | 32,053 |
Net change in unrealized depreciation of investments |  | (18,340) |  |  | (67,634) |
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell |  | (39) |  |  | (2,021) |
Net change in unrealized depreciation on foreign currency |  | (5) |  |  | (625) |
Benefit (provision) for taxes |  | 66 |  |  | (127) |
Less: Net change in unrealized depreciation of investments related to non-controlling interest in NMNLC |  | (264) |  |  | (4,708) |
Net change in unrealized depreciation of investments related to NMFC |  | $ | (18,054) |  |  | $ | (65,699) |

Liquidity, Capital Resources, Off-Balance Sheet Arrangements, Borrowings and Contractual Obligations
Liquidity and Capital Resources
The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate purposes.
Since our IPO, and through September 30, 2023, we raised approximately $952.2 million in net proceeds from additional offerings of common stock.
Our liquidity is generated and generally available through advances from the revolving credit facilities, from cash flows from operations, and, we expect, through periodic follow-on equity offerings. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including unsecured debt and/or debt securities convertible into common stock. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 8, 2018 our shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0% as of June 9, 2018. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As a result of our exemptive relief received on November 5, 2014, we are permitted to exclude our SBA-guaranteed debentures from the 150.0% asset coverage ratio that we are required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, the Convertible Notes and the Unsecured Notes (as defined below) contain certain covenants and terms, including a requirement that we not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of
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incurring additional indebtedness and a requirement that we not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of September 30, 2023, our asset coverage ratio was 182.7%.
At September 30, 2023 and December 31, 2022, we had cash and cash equivalents of approximately $83.3 million and $71.2 million, respectively. Our cash provided by (used in) operating activities during the nine months ended September 30, 2023 and September 30, 2022 was approximately $207.0 million and $(8.8) million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and other activities.
On November 3, 2021, we entered into an equity distribution agreement, as amended on May 18, 2023 (the “Distribution Agreement”) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. (collectively, the “Agents”). The Distribution Agreement provides that we may issue and sell our shares from time to time through the Agents, up to $250.0 million worth of our common stock by means of at-the-market ("ATM") offerings.
For the three and nine months ended September 30, 2023, we sold 502,623 and 502,623, respectively, shares of common stock under the Distribution Agreement and received total accumulated net proceeds of approximately $6.6 million and $6.6 million, respectively, including $0.0 million and $0.0 million, respectively, of offering expenses, from these sales. For the three and nine months ended September 30, 2022, we sold 220,098 shares and 2,950,300 shares, respectively, of common stock under the Distribution Agreement and received total accumulated net proceeds of approximately $2.9 million and $40.0 million, respectively, including $0.0 million and $0.4 million, respectively, of offering expenses, from these sales.
We generally use net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2023, shares representing approximately $190.3 million of our common stock remains available for issuance and sale under the Distribution Agreement.
Off-Balance Sheet Agreements
We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of September 30, 2023 and December 31, 2022, we had outstanding commitments to third parties to fund investments totaling $172.8 million and $224.1 million, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.
We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of September 30, 2023 and December 31, 2022, we had commitment letters to purchase investments in an aggregate par amount of $4.9 million and $45.6 million, respectively. As of September 30, 2023 and December 31, 2022, we had not entered into any bridge financing commitments which could require funding in the future.
Borrowings
Holdings Credit Facility—On October 24, 2017, we entered into the Third Amended and Restated Loan and Security Agreement (as amended from time to time, the "Loan and Security Agreement") among us, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (the "Holdings Credit Facility"). As of the amendment on April 20, 2021, the maturity date of the Holdings Credit Facility is April 20, 2026, and the maximum facility amount is the lesser of $800.0 million and the actual commitments of the lenders to make advances as of such date.
As of September 30, 2023, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730.0 million. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 35.0%, 45.0%, 55.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to us and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires us to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.
As of the amendment on April 28, 2023, the Holdings Credit Facility bears interest at a rate of SOFR plus 1.70% for Broadly Syndicated Loans (as defined in the Seventh Amendment to the Loan and Security Agreement) and SOFR plus 2.20% per annum for all other investments. From April 20, 2021 to April 27, 2023, the Holdings Credit Facility bore interest at a rate of LIBOR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Fifth Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. The Holdings Credit Facility also charges a non-usage
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fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Third Amended and Restated Loan and Security Agreement).
As of September 30, 2023 and December 31, 2022, the outstanding balance on the Holdings Credit Facility was $569.6 million and $619.0 million, respectively, and NMF Holdings was in compliance with the applicable covenants in the Holdings Credit Facility on such dates.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the Holdings Credit Facility for the three and nine months ended September 30, 2023 and September 30, 2022.
NMFC Credit Facility—The Amended and Restated Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated June 4, 2021, among us, as the Borrower, Goldman Sachs Bank USA, as the Administrative Agent and Collateral Agent, and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A., as Lenders (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of our domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment on June 4, 2021, the maturity date of the NMFC Credit Facility is June 4, 2026.
As of September 30, 2023, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $198.5 million. We are permitted to borrow at various advance rates depending on the type of portfolio investment as outlined in the related RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to the asset coverage and liquidity and other maintenance covenants.
As of the most recent amendment on June 29, 2023, the NMFC Credit Facility generally bears interest at a rate of SOFR plus any applicable credit spread adjustment, SONIA or EURIBOR plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA). Prior to the amendment on June 29, 2023, the NMFC Credit Facility generally bore interest at a rate of LIBOR, SONIA or EURIBOR plus 2.10% per annum or the prime rate plus 1.10% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA).
As of September 30, 2023 and December 31, 2022, the outstanding balance on the NMFC Credit Facility was $192.1 million and $40.4 million, which included £22.9 million and £22.9 million, respectively, denominated in British Pound Sterling ("GBP") and €0.7 million and €0.7 million, respectively, denominated in Euro ("EUR") that have been converted to U.S. dollars. NMFC was in compliance with the applicable covenants in the NMFC Credit Facility on such dates.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the NMFC Credit Facility for the three and nine months ended September 30, 2023 and September 30, 2022.
Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement (the "Uncommitted Revolving Loan Agreement"), dated March 30, 2020, by and between us, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on December 17, 2021, the maturity date of the Unsecured Management Company Revolver is December 31, 2024.
As of the amendment on December 17, 2021, the Unsecured Management Company Revolver bears interest at a rate of 4.00% per annum. Prior to December 17, 2021, the Unsecured Management Company Revolver bore interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement). On May 4, 2020, we entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30.0 million to $50.0 million. As of September 30, 2023, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $50.0 million and no borrowings were outstanding. For the three and nine months ended September 30, 2023 and September 30, 2022, amortization of financing costs were each less than $50.0 thousand, respectively.
DB Credit Facility—The Loan Financing and Servicing Agreement (the "LFSA") dated December 14, 2018 and as amended from time to time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S. Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), is structured as a secured revolving credit facility and matures on March 25, 2026.
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As of September 30, 2023, the maximum amount of revolving borrowings available under the DB Credit Facility was $280.0 million. We are permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the LFSA. The DB Credit Facility is non-recourse to us and is collateralized by all of the investments of NMFDB on an investment by investment basis. All fees associated with the origination and amending of the DB Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the DB Credit Facility. The DB Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of NMFDB investments, but rather to the performance of the underlying portfolio companies.
The advances under the DB Credit Facility accrue interest at a per annum rate equal to the Applicable Margin plus the lender's Cost of Funds Rate. Prior to March 25, 2021, the Applicable Margin was equal to 2.60% during the Revolving Period, increased by 0.20% per annum after the Revolving Period and then increased by 2.00% during an Event of Default (as defined in the LFSA). From March 25, 2021 to June 29, 2023, the Applicable Margin is equal to 2.35% during the Revolving Period, increased by 0.20% per annum after the Revolving Period and then increased by 2.00% during an Event of Default. As of the amendment on June 29, 2023, the Applicable Margin is equal to 2.61% during the Revolving Period, increases by 0.20% per annum after the Revolving period and shall be increased by 2.00% per annum during an Event of Default. The "Cost of Funds Rate" for a conduit lender is the lower of its commercial paper rate and the Base Rate plus 0.50%, and for any other lender is the Base Rate. Effective June 29, 2023, the Base Rate is the three-months SOFR Rate. Prior to the amendment on June 29, 2023, the Base Rate was the three-months LIBOR rate. We are also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the LFSA) and a facility agent fee of 0.25% per annum on the total facility amount.
As of September 30, 2023 and December 31, 2022, the outstanding balance on the DB Credit Facility was $186.4 million and $186.4 million, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such date.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the DB Credit Facility for the three and nine months ended September 30, 2023 and September 30, 2022.
NMNLC Credit Facility II—The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), is structured as a senior secured revolving credit facility. As of the amendment on November 1, 2022, NM CLFX LP has been added as a co-borrower and the NMNLC CA will mature on November 1, 2024. The NMNLC Credit Facility II is guaranteed by us and proceeds from the NMNLC Credit Facility II are able to be used for refinancing existing loans on the properties held.
Prior to the amendment on December 7, 2021, the NMNLC Credit Facility II bore interest at a rate of LIBOR plus 2.75% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). From December 7, 2021 to November 1, 2022, the NMNLC Credit Facility II bore interest at a rate of the SOFR plus 2.75% per annum with a 0.35% floor, and charged a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). As of the amendment on November 1, 2022, the NMNLC Credit Facility II bears interest at a rate of SOFR plus 2.25%.
Prior to the amendment on March 16, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $20 million. As of the March 16, 2022 amendment and effective May 1, 2022 through November 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $10 million. As of the amendment on November 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II is $27.5 million, of which $25.4 million is outstanding for all borrowers. As of September 30, 2023 and December 31, 2022, the outstanding balance on the NMNLC Credit Facility II was $2.9 million and $3.8 million, respectively, and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility II on such date.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the NMNLC Credit Facility II for the three and nine months ended September 30, 2023 and September 30, 2022.
Convertible Notes
2018 Convertible Notes—On August 20, 2018, we closed a registered public offering of $100.0 million aggregate principal amount of unsecured convertible notes (the “2018 Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a first supplemental indenture thereto, dated August 20, 2018 (together the “2018A Indenture”). On August 30, 2018, in connection with the registered public offering, we issued an additional $15.0 million aggregate principal amount of the 2018 Convertible Notes pursuant to the exercise of an overallotment option by the underwriter of the 2018
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Convertible Notes. On June 7, 2019, we closed a registered public offering of an additional $86.3 million aggregate principal amount of the 2018 Convertible Notes. These additional 2018 Convertible Notes constituted a further issuance of, rank equally in right of payment with, and formed a single series with the $115.0 million aggregate principal amount of 2018 Convertible Notes that we issued in August 2018.
The 2018 Convertible Notes bore interest at an annual rate of 5.75%, payable semi-annually in arrears on February 15 and August 15 of each year, which commenced on February 15, 2019. The 2018 Convertible Notes matured on August 15, 2023.
On November 4, 2022, we launched a tender offer to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 4, 2022, up to $201.3 million aggregate principal amount of outstanding 2018 Convertible Notes for cash in an amount equal to $1,000 per $1,000 principal amount of Notes purchased (exclusive of accrued and unpaid interest on such notes) (the "Tender Offer"). The Tender Offer expired on December 6, 2022. As of the expiration of the Tender Offer, $84.4 million aggregate principal amount of the 2018 Convertible Notes were validly tendered and not validly withdrawn pursuant to the Tender Offer. We accepted for purchase all of the 2018 Convertible Notes that were validly tendered and not validly withdrawn at the expiration of the Tender Offer. Following settlement of the Tender Offer on December 9, 2022, approximately $116.8 million aggregate principal amount of the 2018 Convertible Notes remained outstanding.
On August 15, 2023, our $116.8 million aggregate principal amount of 2018 Convertible Notes matured and we repaid the outstanding principal and accrued but unpaid interest in cash.
2022 Convertible Notes—On November 2, 2022, we closed a private offering of $200.0 million aggregate principal amount of unsecured convertible notes (the “2022 Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a third supplemental indenture thereto, dated November 2, 2022 (together the “2018C Indenture”). On March 14, 2023, in connection with the registered public offering, we issued an additional $60.0 million aggregate principal amount of the 2022 Convertible Notes. These additional 2022 Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $200.0 million aggregate principal amount of 2022 Convertible Notes that we issued in November 2022.
The 2022 Convertible Notes bear interest at an annual rate of 7.50%, payable semi-annually in arrears on April 15 and October 15 of each year. The 2022 Convertible Notes will mature on October 15, 2025 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018C Indenture. We may not redeem the 2022 Convertible Notes prior to July 15, 2025. On or after July 15, 2025, we may redeem the 2022 Convertible Notes for cash, in whole or from time to time in part, at our option at a redemption price, subject to an exception for redemption dates occurring after a record date but on or prior to the interest payment date, equal to the sum of (i) 100% of the principal amount of the 2022 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.
The following table summarizes certain key terms related to the convertible features of our 2022 Convertible Notes as of September 30, 2023:

|  |  |  | 2022 Convertible Notes
Initial conversion premium(1) |  |  |  | 14.7 | %
Initial conversion rate(2) |  |  |  | 70.4225 |
Initial conversion price |  |  |  | $ | 14.20 |
Conversion rate at September 30, 2023(1)(2) |  |  |  | 71.2860 |
Conversion price at September 30, 2023(2)(3) |  |  |  | $ | 14.03 |
Last conversion price calculation date |  |  |  | September 15, 2023

(1)Conversion rates denominated in shares of common stock per $1.0 thousand principal amount of our 2022 Convertible Notes converted.
(2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.
(3)The conversion price in effect at September 30, 2023 on our 2022 Convertible Notes was calculated on September 15, 2023.
The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.30 per share per quarter for the 2022 Convertible Notes and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, are subject to a conversion price floor of $12.38 per share for the 2022 Convertible Notes. In no event will the total number of shares of common stock issuable upon conversion exceed 80.7754 per $1 principal amount of the 2022 Convertible Notes. We have determined that the embedded conversion option in the Convertible Notes is not required to be separately accounted for as a derivative under GAAP.
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The 2022 Convertible Notes are unsecured obligations and rank senior in right of payment to our existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Convertible Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries and financing vehicles. As reflected in Item 1. — Financial Statements — Note 11. Earnings Per Share, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.
As of September 30, 2023 and December 31, 2022, the outstanding balance on the Convertible Notes was $260.0 million and $316.8 million, respectively. NMFC was in compliance with the terms of the 2018A Indenture and 2018C Indenture on such date.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the Convertible Notes for the three and nine months ended September 30, 2023 and September 30, 2022.
Unsecured Notes
On June 30, 2017, we issued $55.0 million in aggregate principal amount of five-year unsecured notes that matured on July 15, 2022 (the "2017A Unsecured Notes"), pursuant to an amended and restated note purchase agreement, dated September 30, 2016 (the "NPA"), and a supplement to the NPA. On July 15, 2022, we caused notices to be issued to holders of our 2017A Unsecured Notes regarding the exercise of our option to repay all of our $55.0 million in aggregate principal amount of issued and outstanding 2017A Unsecured Notes, which was repaid on July 14, 2022. On January 30, 2018, we issued $90.0 million in aggregate principal amount of five year unsecured notes that matured on January 30, 2023 (the "2018A Unsecured Notes") pursuant to the NPA and a second supplement to the NPA. On January 30, 2023, we caused notices to be issued to holders of our 2018A Unsecured Notes regarding the exercise of our option to repay all of our $90.0 million in aggregate principal amount of issued and outstanding 2018A Unsecured Notes, which was repaid on January 27, 2023. On July 5, 2018, we issued $50.0 million in aggregate principal amount of five year unsecured notes that matured on June 28, 2023 (the "2018B Unsecured Notes") pursuant to the NPA and a third supplement to the NPA (the "Third Supplement"). On June 28, 2023, we caused notices to be issued to holders of our 2018B Unsecured Notes regarding the exercise of our option to repay all of our $50.0 million in aggregate principal amount of issued and outstanding 2018B Unsecured Notes, which was repaid on June 27, 2023. On April 30, 2019, we issued $116.5 million in aggregate principal amount of five year unsecured notes that mature on April 30, 2024 (the "2019A Unsecured Notes") pursuant to the NPA and a fourth supplement to the NPA (the "Fourth Supplement"). On January 29, 2021, we issued $200.0 million in aggregate principal amount of five year unsecured notes that mature on January 29, 2026 (the "2021A Unsecured Notes") pursuant to the NPA and a fifth supplement to the NPA (the "Fifth Supplement"). On June 15, 2022, we issued $75.0 million in aggregate principal amount of five year unsecured notes that mature on June 15, 2027 (the "2022A Unsecured Notes") pursuant to the NPA and a sixth supplement to the NPA (the "Sixth Supplement"). The NPA provides for future issuances of unsecured notes in separate series or tranches.
The 2017A Unsecured Notes bore interest at an annual rate of 4.760%, payable semi-annually on January 15 and July 15 of each year. The 2018A Unsecured Notes bore interest at an annual rate of 4.870%, payable semi-annually on February 15 and August 15 of each year. The 2018B Unsecured Notes bore interest at an annual rate of 5.360%, payable semi-annually on January 15 and July 15 of each year. The 2019A Unsecured Notes bear interest at an annual rate of 5.494%, payable semi-annually on April 15 and October 15 of each year. The 2021A Unsecured Notes bear interest at an annual rate of 3.875%, payable semi-annually in arrears on January 29 and July 29 of each year. The 2022A Unsecured Notes bear interest at an annual rate of 5.900%, payable semi-annually in arrears on June 15 and December 15 of each year, which commenced on December 14, 2022. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or we cease to have an investment grade rating or (ii) the aggregate amount of our unsecured debt falls below $150.0 million. In each such event, we have the option to offer to prepay the underlying unsecured notes at par, in which case holders of the underlying unsecured notes who accept the offer would not receive the increased interest rate. In addition, we are obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be our investment adviser or if certain change in control events occur with respect to the Investment Adviser.
The NPA contains customary terms and conditions for unsecured notes issued, including, without limitation, an option to offer to prepay all or a portion of the unsecured notes under its governance at par (plus a make-whole amount if applicable), affirmative and negative covenants such as information reporting, maintenance of our status as a BDC under the 1940 Act and a RIC under the Code, minimum stockholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes at NMFC or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of NMFC or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. The Third Supplement, Fourth Supplement, Fifth Supplement and Sixth Supplement all include additional financial covenants related to asset coverage as well as other terms.
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The 2017A Unsecured Notes, 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes, 2021A Unsecured Notes and 2022A Unsecured Notes (together, the "Unsecured Notes") are unsecured obligations and rank senior in right of payment to our existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries and financing vehicles.
As of September 30, 2023 and December 31, 2022, the outstanding balance on the Unsecured Notes was $391.5 million and $531.5 million, respectively, and we were in compliance with the terms of the NPA as of such dates, as applicable.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the Unsecured Notes for the three and nine months ended September 30, 2023 and September 30, 2022.
SBA-guaranteed debentures—On August 1, 2014 and August 25, 2017, respectively, SBIC I and SBIC II received SBIC licenses from the SBA to operate as SBICs.
The SBIC license allows SBICs to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a capital commitment by the SBA and other customary procedures. SBA-guaranteed debentures are non-recourse to us and have a ten year maturity with interest payable semi-annually. The principal amount of SBA-guaranteed debentures may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with ten year maturities. The SBA, as a creditor, will have a superior claim to the assets of SBIC I and SBIC II over our stockholders in the event SBIC I and SBIC II are liquidated or the SBA exercises remedies upon an event of default.
The maximum amount of borrowings available under current SBA regulations for a single licensee is $150.0 million as long as the licensee has at least $75.0 million in regulatory capital, receives a capital commitment from the SBA and has been through an examination by the SBA subsequent to licensing. In June 2018, legislation amended the 1958 Act by increasing the individual leverage limit from $150.0 million to $175.0 million, subject to SBA approvals.
As of September 30, 2023 and December 31, 2022, SBIC I had regulatory capital of $75.0 million and $75.0 million, respectively, and SBA-guaranteed debentures outstanding of $150.0 million and $150.0 million, respectively. As of September 30, 2023 and December 31, 2022, SBIC II had regulatory capital of $75.0 million and $75.0 million, respectively, and $150.0 million and $150.0 million, respectively, of SBA-guaranteed debentures outstanding. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures.
Prior to pooling, the SBA-guaranteed debentures bear interest at an interim floating rate of LIBOR plus 0.30%. Once pooled, which occurs in March and September each year, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.
The SBIC program is designed to stimulate the flow of private investor capital into eligible small businesses, as defined by the SBA regulations. SBICs are subject to SBA regulations that, among other things: require SBICs to invest in eligible small businesses and invest at least 25.0% of investment capital in eligible smaller enterprises (as defined by the SBA regulations), place certain limitations on the financing terms of investments, regulate the types of financing, prohibit investments in small businesses with certain characteristics or in certain industries and require capitalization thresholds that limit distributions to us. SBICs are subject to an annual periodic examination by an SBA examiner to determine the SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor. As of September 30, 2023 and December 31, 2022, SBIC I and SBIC II were in compliance with SBA regulatory requirements.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on our SBA-guaranteed debentures as of September 30, 2023 and costs incurred on the SBA-guaranteed debentures for the three and nine months ended September 30, 2023 and September 30, 2022.
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Contractual Obligations
A summary of our significant contractual payment obligations as of September 30, 2023 is as follows:

|  | Contractual Obligations Payments Due by Period
(in millions) |  | Total |  | Less than 1 Year |  | 1 - 3 Years |  | 3 - 5 Years |  | More than 5 Years
Holdings Credit Facility(1) |  | $ | 569.6 |  |  | $ | — |  |  | $ | 569.6 |  |  | $ | — |  |  | $ | — |
Unsecured Notes(2) |  | 391.5 |  |  | 116.5 |  |  | 200.0 |  |  | 75.0 |  |  | — |
SBA-guaranteed debentures(3) |  | 300.0 |  |  | — |  |  | 121.7 |  |  | 43.3 |  |  | 135.0 |
Convertible Notes(4) |  | 260.0 |  |  | — |  |  | 260.0 |  |  | — |  |  | — |
NMFC Credit Facility(5) |  | 192.1 |  |  | — |  |  | 192.1 |  |  | — |  |  | — |
DB Credit Facility(6) |  | 186.4 |  |  | — |  |  | 186.4 |  |  | — |  |  | — |
NMNLC Credit Facility II(7) |  | 2.9 |  |  | — |  |  | 2.9 |  |  | — |  |  | — |
Total Contractual Obligations |  | $ | 1,902.5 |  |  | $ | 116.5 |  |  | $ | 1,532.7 |  |  | $ | 118.3 |  |  | $ | 135.0 |

(1)Under the terms of the $730.0 million Holdings Credit Facility, all outstanding borrowings under that facility ($569.6 million as of September 30, 2023) must be repaid on or before April 20, 2026. As of September 30, 2023, there was approximately $160.4 million of possible capacity remaining under the Holdings Credit Facility.
(2)$116.5 million of the 2019A Unsecured Notes will mature on April 30, 2024 unless earlier repurchased, $200.0 million of the 2021A Unsecured Notes will mature on January 29, 2026 unless earlier repurchased and $75.0 million of the 2022A Unsecured Notes will mature on June 15, 2027 unless earlier repurchased.
(3)Our SBA-guaranteed debentures will begin to mature on March 1, 2025.
(4)The 2022 Convertible Notes will mature on October 15, 2025 unless earlier converted or purchased at the holder's option or redeemed by us.
(5)Under the terms of the $198.5 million NMFC Credit Facility, all outstanding borrowings under that facility ($192.1 million, which included £22.9 million denominated in GBP and €0.7 million denominated in EUR that have been converted to U.S. dollars as of September 30, 2023) must be repaid on or before June 4, 2026. As of September 30, 2023, there was approximately $6.4 million of available capacity remaining under the NMFC Credit Facility.
(6)Under the terms of the $280.0 million DB Credit Facility, all outstanding borrowings under that facility ($186.4 million as of September 30, 2023) must be repaid on or before March 25, 2026. As of September 30, 2023, there was approximately $93.6 million of possible capacity remaining under the DB Credit Facility.
(7)Under the terms of the NMNLC Credit Facility II, all outstanding borrowings under that facility must be repaid on or before November 1, 2024. As of September 30, 2023, the outstanding borrowings for all borrowers was $25.4 million, of which $2.9 million was outstanding for NMNLC.
We have entered into an investment management and advisory agreement (the "Investment Management Agreement") with the Investment Adviser in accordance with the 1940 Act. Under the Investment Management Agreement, the Investment Adviser has agreed to provide us with investment advisory and management services. We have agreed to pay for these services (1) a management fee and (2) an incentive fee based on our performance.
We have also entered into the administration agreement, as amended and restated (the "Administration Agreement") with the Administrator. Under the Administration Agreement, the Administrator has agreed to arrange office space for us and provide office equipment and clerical, bookkeeping and record keeping services and other administrative services necessary to conduct our respective day-to-day operations. The Administrator has also agreed to maintain, or oversee the maintenance of, our financial records, our reports to stockholders and reports filed with the SEC.
If any of the contractual obligations discussed above are terminated, our costs under any new agreements that are entered into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under the Investment Management Agreement and the Administration Agreement.
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Distributions and Dividends
Distributions declared and paid to stockholders for the nine months ended September 30, 2023 totaled approximately $104.0 million.
The following table reflects cash distributions, including dividends and returns of capital, if any, per share that have been declared by our board of directors for the two most recent fiscal years and the current fiscal year to date:

Fiscal Year Ended |  | Date Declared |  | Record Date |  | Payment Date |  | Per Share Amount (1)
December 31, 2023 |  |  |  |  |  |  |  |
Third Quarter |  | July 27, 2023 |  | September 15, 2023 |  | September 29, 2023 |  | $ | 0.36 | (2)
Second Quarter |  | April 25, 2023 |  | June 16, 2023 |  | June 30, 2023 |  | 0.35 | (3)
First Quarter |  | January 24, 2023 |  | March 17, 2023 |  | March 31, 2023 |  | 0.32 |
|  |  |  |  |  |  |  | $ | 1.03 |
December 31, 2022 |  |  |  |  |  |  |  |
Fourth Quarter |  | November 2, 2022 |  | December 16, 2022 |  | December 30, 2022 |  | $ | 0.32 |
Third Quarter |  | August 3, 2022 |  | September 16, 2022 |  | September 30, 2022 |  | 0.30 |
Second Quarter |  | May 3, 2022 |  | June 16, 2022 |  | June 30, 2022 |  | 0.30 |
First Quarter |  | February 23, 2022 |  | March 17, 2022 |  | March 31, 2022 |  | 0.30 |
|  |  |  |  |  |  |  | $ | 1.22 |
December 31, 2021 |  |  |  |  |  |  |  |
Fourth Quarter |  | October 27, 2021 |  | December 16, 2021 |  | December 30, 2021 |  | $ | 0.30 |
Third Quarter |  | July 29, 2021 |  | September 16, 2021 |  | September 30, 2021 |  | 0.30 |
Second Quarter |  | April 30, 2021 |  | June 16, 2021 |  | June 30, 2021 |  | 0.30 |
First Quarter |  | February 17, 2021 |  | March 17, 2021 |  | March 31, 2021 |  | 0.30 |
|  |  |  |  |  |  |  | $ | 1.20 |

(1)Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. For the years ended December 31, 2022 and December 31, 2021, total distributions were $122.4 million and $116.5 million, respectively, of which the distributions were comprised of approximately 70.59% and 90.99%, respectively, of ordinary income, 20.79% and 0.00%, respectively, of long-term capital gains and approximately 8.62% and 9.01%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.
(2)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to Q2 earnings of $0.04 per share.
(3)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to Q1 earnings of $0.03 per share.
We intend to pay quarterly distributions to our stockholders in amounts sufficient to maintain our status as a RIC. We intend to distribute approximately all of our net investment income on a quarterly basis and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment.
We maintain an "opt out" dividend reinvestment plan on behalf of our common stockholders, pursuant to which each of our stockholders' cash distributions will be automatically reinvested in additional shares of common stock, unless the stockholder elects to receive cash. See Item 1— Financial Statements—Note 2. Summary of Significant Accounting Policies for additional details regarding our dividend reinvestment plan.
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Related Parties
We have entered into a number of business relationships with affiliated or related parties, including the following:
•We have entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.
•We have entered into a fee waiver agreement (the "Fee Waiver Agreement") with the Investment Adviser, pursuant to which the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by us under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ending December 31, 2024. See Item 1— Financial Statements—Note 5. Agreements for details.
•We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance, and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. However, it is expected that the Administrator will continue to support part of our expense burden in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and nine months ended September 30, 2023 approximately $0.6 million and $1.7 million, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of September 30, 2023, approximately $0.6 million of indirect administrative expenses were included in payable to affiliates. For the three and nine months ended September 30, 2023, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of our gross assets.
•We, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant us, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.
In addition, we have adopted a formal code of ethics that governs the conduct of our officers and directors, which is available on our website at http://www.newmountainfinance.com. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.
The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the “Exemptive Order”), which superseded a prior order issued on December 18, 2017, which permits us to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of our stockholders and is consistent with our then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit us to complete follow-on
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investments in our existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.
On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020.
On March 30, 2020, we entered into the Unsecured Management Company Revolver with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30.0 million maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, we entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30.0 million to $50.0 million. On December 17, 2021, we entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. Refer to Borrowings for discussion of the Unsecured Management Company Revolver.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. Since March 2022, the Federal Reserve has been rapidly raising interest rates and has indicated that it would consider additional rate hikes in response to ongoing inflation concerns. In a rising interest rate environment, our net investment income would increase due to an increase in interest income generated by our investment portfolio. However, our cost of funds would also increase, which could also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as SONIA or SOFR, to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. During the nine months ended September 30, 2023, certain of the loans held in our portfolio had floating LIBOR, SONIA or SOFR interest rates. As of September 30, 2023, approximately 87.48% of investments at fair value (excluding investments on non-accrual, unfunded debt investments and non-interest bearing equity investments) represent floating-rate investments with a LIBOR, SONIA or SOFR floor (includes investments bearing prime interest rate contracts) and approximately 12.52% of investments at fair value represent fixed-rate investments. Additionally, our senior secured revolving credit facilities are also subject to floating interest rates and are currently paid based on floating LIBOR, SONIA or SOFR rates.
The following table estimates the potential changes in interest income, net of interest expense, should interest rates increase by 100, 200 or 300 basis points, or decrease by 25 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on September 30, 2023. Interest expense is calculated based on the terms of our outstanding revolving credit facilities, convertible notes and unsecured notes. For our floating rate credit facilities, we use the outstanding balance as of September 30, 2023. This analysis does not take into account the impact of the incentive fee or other expenses. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of September 30, 2023. These hypothetical calculations are based on a model of the investments in our portfolio, held as of September 30, 2023, and are only adjusted for assumed changes in the underlying base interest rates.
Actual results could differ significantly from those estimated in the table.

Change in Interest Rates |  | Estimated Percentage Change in Interest Income Net of Interest Expense (unaudited)
-25 Basis Points |  | (1.71) | %
Base Interest Rate |  | — | %
+100 Basis Points |  | 6.84 | %
+200 Basis Points |  | 13.69 | %
+300 Basis Points |  | 20.53 | %

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Item 4. Controls and Procedures
(a)Evaluation of Disclosure Controls and Procedures
As of September 30, 2023 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.
(b)Changes in Internal Controls Over Financial Reporting
Management has not identified any change in our internal control over financial reporting that occurred during the quarter ended September 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
The terms “we”, “us”, “our” and the “Company” refers to New Mountain Finance Corporation and its consolidated subsidiaries.
Item 1. Legal Proceedings
We, and our consolidated subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material pending legal proceedings as of September 30, 2023. From time to time, we or our consolidated subsidiaries may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "Small Business Credit Availability Act allows us to incur additional leverage, which could increase the risk of investing in our securities". The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the nine months ended September 30, 2023 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022 other than those set forth below.
Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us.
The financial markets recently have encountered volatility associated with concerns about the balance sheets of banks, especially small and regional banks that may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government has announced measures to assist these banks and protect depositors, some banks have already been impacted and others may be materially and adversely impacted. Our business is dependent on bank relationships, and we are proactively monitoring the financial health of banks with which we (or our portfolio companies) do or may in the future do business. Continued strain on the banking system may adversely impact our business, financial condition and results of operations.
Covenant-lite loans may offer us fewer protections than traditional investments.
Some of our debt investments may have less restrictive covenant terms that provide us with fewer protections, called "covenant-lite" loans, that generally provide for fewer financial covenants on the borrower. In particular, borrowers under such covenant-lite loans may have greater flexibility in how they manage their financial condition. As a result, we may face challenges in recovering on such covenant-lite loans, to the extent they go into distress, and may lack options that would normally be available to us as a lender under more traditional debt structures.
The alternative reference rates that have replaced LIBOR in our credit arrangements and other financial instruments may not yield the same or similar economic results as LIBOR over the life of such transactions.
LIBOR, the London Interbank Offered Rate, is an index rate that historically was widely used in lending transactions and was a common reference rate for setting the floating interest rate on private loans. LIBOR was typically the reference rate used in floating-rate loans extended to our portfolio companies.
The ICE Benchmark Administration (“IBA”) (the entity that is responsible for calculating LIBOR) ceased providing overnight, one, three, six and twelve months USD LIBOR tenors on June 30, 2023. In addition, the United Kingdom’s Financial Conduct Authority (“FCA”), which oversees the IBA, now prohibits entities supervised by the FCA from using LIBORs, including USD LIBOR, except in very limited circumstances.
In the United States, the Secured Overnight Financing Rate (“SOFR”) is the preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. SOFR is published by the Federal Reserve Bank of New York each U.S. Government Securities Business Day, for transactions made on the immediately preceding US. Government Securities Business Day. Alternative reference rates that may replace LIBOR, including SOFR for USD transactions, may not yield the same or similar economic results as LIBOR over the lives of such transactions.
Substantially all of our loans that referenced LIBOR have been amended to reference the forward-looking term rate published by CME Group Benchmark Administration Limited based on the secured overnight financing rate (“CME Term SOFR”). CME Term SOFR rates are forward-looking rates that are derived by compounding projected overnight SOFR rates over one, three, and six months taking into account the values of multiple consecutive, executed, one-month and three-month
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CME Group traded SOFR futures contracts and, in some cases, over-the-counter SOFR Overnight Indexed Swaps as an indicator of CME Term SOFR reference rate values. CME Term SOFR and the inputs on which it is based are derived from SOFR. Since CME Term SOFR is a relatively new market rate, there will likely be no established trading market for credit agreements or other financial instruments when they are issued, and an established market may never develop or may not be liquid. Market terms for instruments referencing CME Term SOFR rates may be lower than those of later-issued CME Term SOFR indexed instruments. Similarly, if CME Term SOFR does not prove to be widely used, the trading price of instruments referencing CME Term SOFR may be lower than those of instruments indexed to indices that are more widely used.
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Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
We did not engage in unregistered sales of equity securities during the three months ended September 30, 2023.
Issuer Purchases of Equity Securities
Dividend Reinvestment Plan
During the nine months ended September 30, 2023, as part of our dividend reinvestment plan for our common stockholders, our dividend reinvestment plan administrator purchased 292,742 shares of our common stock for approximately $3.6 million in the open market in order to satisfy the reinvestment portion of our distribution. The following table outlines purchases by our dividend reinvestment plan administrator of our common stock for this purpose during the nine months ended September 30, 2023.

(in thousands, except shares and per share data) |  | Total Number of |  | Weighted Average Price |  | Total Number of Shares Purchased as Part of Publicly Announced Plans |  | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the
Period |  | Shares Purchased |  | Paid Per Share |  | or Programs |  | Plans or Programs
January 2023 |  | 101,878 |  |  | $ | 12.46 |  |  | — |  |  | $ | — |
February 2023 |  | — |  |  | — |  |  | — |  |  | — |
March 2023 |  | — |  |  | — |  |  | — |  |  | — |
April 2023 |  | 93,064 |  |  | 12.30 |  |  | — |  |  | — |
May 2023 |  | — |  |  | — |  |  | — |  |  | — |
June 2023 |  | — |  |  | — |  |  | — |  |  | — |
July 2023 |  | 97,800 |  |  | 12.64 |  |  | — |  |  | — |
August 2023 |  | — |  |  | — |  |  | — |  |  | — |
September 2023 |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 292,742 |  |  | $ | 12.47 |  |  | — |  |  | $ | — |

Stock Repurchase Program
On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Repurchase Program"). Under the Repurchase Program, we were permitted, but were not obligated to, repurchase our outstanding common stock in the open market from time to time, provided that we complied with our code of ethics and the guidelines specified in Rule 10b-18 of the Exchange Act, including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On December 22, 2022, our board of directors extended our Repurchase Program and we expect the Repurchase Program to be in place until the earlier of December 31, 2023 or until $50.0 million of outstanding shares of common stock have been repurchased. To date, approximately $2.9 million of common stock has been repurchased by us under the Repurchase Program. We did not repurchase any shares of our common stock under the Repurchase Program during the nine months ended September 30, 2023.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
(a)On October 31, 2023, the Company entered into Amendment No. 8 to the Loan Financing and Servicing Agreement, which amended the DB Credit Facility to, among other things, extend the Maturity Date, as defined in the LFSA, from March 25, 2026 to March 25, 2027 and reduce the applicable interest rate.
On October 31, 2023, the Company entered into the Second Amended and Restated Uncommitted Revolving Loan Agreement, which amended the Unsecured Management Company Revolver to, among other things, extend the Maturity Date, as defined in the Agreement, from December 31, 2024 to December 31, 2027 and increase the maximum amount available from $50.0 million to $100.0 million.
Going forward, Robert A. Hamwee remains as one of NMFC's portfolio managers but will transition from a New Mountain Managing Director to a Senior Advisor with the freedom to allocate his time to activities outside of credit
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and NMFC. As part of his responsibilities, Mr. Hamwee will continue to: (i) serve as a senior member of the Investment Committee of the Company’s investment adviser, (ii) serve as Vice Chairman of the board of directors of the Company, and (iii) be involved in other parts of leadership that the Company’s board of directors considers core to the Company’s performance. The Company’s investment adviser believes that its management team, with the overall support of New Mountain Capital’s team of approximately 250 employees and senior advisors, is adequately staffed to support the Company.
(b)None.
(c)For the period covered by this Quarterly Report on Form 10-Q, no director or officer has entered into or terminated any (i) contract, instruction or written plan for the purchase or sale of securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.
We have adopted insider trading policies and procedures governing the purchase, sale, and disposition of the our securities by our officers and directors that are reasonably designed to promote compliance with insider trading laws, rules and regulations.
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Item 6. Exhibits
(a)Exhibits
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the U.S. Securities and Exchange Commission:

Exhibit Number |  | Description |
3.1(a) |  | Amended and Restated Certificate of Incorporation of New Mountain Finance Corporation(2) |
3.1(b) |  | Certificate of Change of Registered Agent and/or Registered Office of New Mountain Finance Corporation(3) |
3.2 |  | Amended and Restated Bylaws of New Mountain Finance Corporation(2) |
3.3 |  | Certificate of Amendment to the Amended and Restated Certificate of Incorporation New Mountain Finance Corporation(4) |
4.1 |  | Form of Stock Certificate of New Mountain Finance Corporation(1) |
10.1 |  | Fee Waiver Letter Delivered to New Mountain Finance Corporation by New Mountain Finance Advisers BDC, L.L.C., dated as of August 7, 2023. (5) |
10.2 |  | Form of Eighth Amendment to Loan and Security Agreement, dated as of October 26, 2023, by and among New Mountain Finance Corporation, as the collateral manager, New Mountain Finance Holdings, L.L.C., as the borrower, Wells Fargo Bank, National Association, as the administrative agent, the lenders party thereto and Wells Fargo Bank, National Association, as the collateral custodian* |
10.3 |  | Amendment No. 8 to the Loan Financing and Servicing Agreement, dated as of December 14, 2018, by and among New Mountain Finance Corporation, as the equityholder, New Mountain Finance DB, L.L.C. as the borrower, Deutsche Bank AG, New York Branch as the facility agent, Lender and other agent from time to time party thereto and U.S. Bank National Association, as collateral agent and collateral custodian* |
10.4 |  | Second Amended and Restated Uncommitted Revolving Loan Agreement, by and between New Mountain Finance Corporation, as borrower, and NMF Investments III, L.L.C.. as Lender * |
31.1 |  | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended* |
31.2 |  | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended* |
32.1 |  | Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)* |
32.2 |  | Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)* |
101.INS |  | Inline XBRL Instance Document. |
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document. |
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

(1)Previously filed in connection with New Mountain Finance Holdings, L.L.C.’s registration statement on Form N-2 Pre-Effective Amendment No. 3 (File Nos. 333-168280 and 333-172503) filed on May 9, 2011.
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(2)Previously filed in connection with New Mountain Finance Corporation’s Quarterly Report on Form 10-Q filed on August 11, 2011.
(3)Previously filed in connection with New Mountain Finance Corporation's and New Mountain Finance AIV Holdings Corporation's Current Report on Form 8-K filed on August 25, 2011.
(4)Previously filed in connection with New Mountain Finance Corporation's Current Report on Form 8-K filed on April 3, 2019.
(5)Previously filed in connection with New Mountain Finance Corporation's Current Report on Form 8-K filed on August 9, 2023.
*Filed herewith.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on November 2, 2023.

| NEW MOUNTAIN FINANCE CORPORATION
| By: | /s/ JOHN R. KLINE
|  | John R. Kline
|  | President and Chief Executive Officer
|  | (Principal Executive Officer), and Director
| By: | /s/ LAURA C. HOLSON
|  | Laura C. Holson
|  | Chief Financial Officer (Principal Financial and
|  | Accounting Officer), Chief Operating Officer and
|  | Treasurer

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