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Investments

6 Months Ended

Jun. 30, 2024

At June 30, 2024, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	2,030,553	$	2,017,636
Second lien	284,897		276,961
Subordinated	117,270		106,788
Equity and other	774,829		812,395
Total investments	$	3,207,549	$	3,213,780

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	914,609	$	911,461
Business Services	572,090		561,459
Healthcare	520,473		505,753
Investment Funds (includes investments in joint ventures)	252,400		252,400
Consumer Services	199,355		199,540
Education	199,296		193,736
Net Lease	95,783		123,587
Financial Services	119,553		121,880
Distribution & Logistics	114,318		116,212
Energy	65,309		71,371
Packaging	67,297		67,563
Food & Beverage	34,817		37,295
Business Products	22,370		22,395
Consumer Products	20,554		19,159
Specialty Chemicals & Materials	9,325		9,969
Total investments	$	3,207,549	$	3,213,780

At December 31, 2023, the Company’s investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,709,247	$	1,683,952
Second lien	472,930		424,513
Subordinated	100,236		90,948
Equity and other	755,795		811,909
Total investments	$	3,038,208	$	3,011,322

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	815,065	$	809,401
Business Services	561,492		539,926
Healthcare	516,086		477,854
Investment Funds (includes investments in joint ventures)	252,400		252,400
Education	188,851		211,550
Consumer Services	192,796		192,501
Net Lease	95,782		118,407
Distribution & Logistics	118,212		110,721
Financial Services	104,330		105,138
Energy	61,108		65,170
Packaging	43,181		36,007
Specialty Chemicals & Materials	25,329		28,452
Business Products	22,630		22,628
Food & Beverage	20,370		22,055
Consumer Products	20,576		19,112
Total investments	$	3,038,208	$	3,011,322

During the second quarter of 2022, the Company placed its second lien position in National HME, Inc. ("National HME") on non-accrual status. As of June 30, 2024, 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 $510 and $1,008, respectively, for the three and six months then ended.

As of June 30, 2024, 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 first lien term loans on non-accrual status. As of June 30, 2024, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $31,369, an aggregate fair value of $20,000 and total unearned interest income of $1,209 and $2,385, respectively, for the three and six months then ended.

During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of June 30, 2024, 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 $2,149 and $4,227, respectively, for the three and six months then ended. During the third quarter of 2021, the Company placed an aggregate amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status. As of June 30, 2024, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $4,599 and total unearned dividend income of approximately $1,646 and $3,218, respectively, for the three and six months then ended.

During the second quarter of 2024, the Company placed its junior preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of June 30, 2024, the Company's junior preferred

shares in Transcendia had an aggregate cost basis of $2,565, an aggregate fair value of $2,565 and total unearned income of $44 and $44, respectively, for the three and six months then ended.

For a discussion of the Company's unfunded commitments, see Note 9. Commitments and Contingencies.

PPVA Black Elk (Equity) LLC

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

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

On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of June 30, 2024 and December 31, 2023, the SPP Agreement had a cost basis of $14,500 and $14,500, respectively and a fair value of $6,525 and $7,975, respectively, which is reflective of the higher inherent risk in this transaction.

NMFC Senior Loan Program III LLC

NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between the Company and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III had a five year investment period and will continue in existence until July 8, 2029. On July 3, 2024, the investment period was extended until July 8, 2027. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of June 30, 2024, the Company and SkyKnight II have committed and contributed $140,000 and $35,000, respectively, of equity to SLP III. As of July 5, 2024, the Company and SkyKnight II have committed an additional $20,000 and $5,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2024 and December 31, 2023.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on July 3, 2024, the maturity date of SLP III's revolving credit facility was extended from January 8, 2026 to January 8, 2029, and the reinvestment period was extended from July 8, 2026 to July 8, 2027. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.65%, and after the reinvestment period it will bear interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.80%, and after the reinvestment period it bore 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. As of June 30, 2024, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000. As of the amendment on July 3, 2024, SLP III's revolving credit facility has a maximum borrowing capacity of $600,000. As of June 30, 2024 and December 31, 2023, SLP III had total investments with an aggregate fair value of approximately $681,403 and $636,560, respectively, and debt outstanding under its credit facility of $492,400 and $453,200, respectively. As of June 30, 2024 and December 31, 2023, none of SLP III's investments were on non-accrual. Additionally, as

of June 30, 2024 and December 31, 2023, SLP III had unfunded commitments in the form of delayed draws of $1,000 and $1,127, respectively.

Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of June 30, 2024 and December 31, 2023:


	June 30, 2024			December 31, 2023
First lien investments (1)	$	694,694		$	657,208
Weighted average interest rate on first lien investments (2)	9.59		%	9.79		%
Number of portfolio companies in SLP III	89			87
Largest portfolio company investment (1)	$	29,640		$	17,883
Total of five largest portfolio company investments (1)	$	94,870		$	79,458

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

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

The following table is a listing of the individual investments in SLP III's portfolio as of June 30, 2024:


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%	9.21%	12/2027	$	2,364	$	2,357	$	2,316
AG Parent Holdings, LLC	Healthcare	SOFR(Q)	5.00%	10.60%	07/2026	7,275		7,262		6,923
Ardonagh Group Finco Pty Ltd	Financial Services	SOFR (M)	3.75%	9.09%	02/2031	9,400		9,353		9,353
Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(M)	4.00%	9.34%	08/2030	6,593		6,455		6,629
Ascensus Group Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.96%	08/2028	2,802		2,792		2,807
AssuredPartners, Inc	Business Services	SOFR(M)	3.50%	8.84%	02/2031	1,965		1,963		1,973
Aston FinCo S.a r.l.	Software	SOFR(M)	4.25%	9.71%	10/2026	5,745		5,724		5,315
Asurion, LLC	Business Services	SOFR(M)	4.25%	9.69%	08/2028	13,201		13,096		13,131
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	8.59%	02/2029	6,808		6,597		6,793
Bach Finance Limited	Education	SOFR(Q)	3.75%	9.10%	02/2031	2,134		2,129		2,154
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	10.09%	08/2028	3,980		3,956		3,940
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.00%	9.34%	12/2028	7,440		7,377		7,455
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	9.19%	05/2028	4,840		4,825		4,858
BIFM CA Buyer Inc.	Business Services	SOFR(M)	4.25%	9.59%	05/2028	3,589		3,545		3,610
Boxer Parent Company Inc.	Software	SOFR(M)	4.00%	9.34%	12/2028	12,321		12,212		12,358
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	5.00%	10.43%	05/2028	14,182		13,836		14,258
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.00%	8.34%	07/2029	2,704		2,651		2,706
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	9.50%	12/2028	2,757		2,590		2,507
Cardinal Parent, Inc.	Software	SOFR(Q)	4.50%	9.98%	11/2027	9,771		9,616		9,191
CE Intermediate I, LLC	Software	SOFR(Q)	3.50%	8.97%	11/2028	10,755		10,704		10,792
Chrysaor Bidco S.a r.l.	Information Services	SOFR (M)	3.50%	8.84%	07/2031	2,131		2,131		2,143
Cloudera, Inc.	Software	SOFR(M)	3.75%	9.19%	10/2028	7,929		7,792		7,942
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	11.58%	12/2027	3,940		3,570		3,940
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	9.48%	12/2027	6,917		6,850		6,398
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	9.46%	11/2028	9,745		9,710		9,501
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	9.08%	02/2029	6,843		6,818		6,843
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	10.68%	09/2026	12,772		12,542		11,005
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	9.21%	10/2028	2,573		2,564		2,436
CRCI Longhorn Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.94%	08/2025	14,137		14,124		14,164
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	10.33%	10/2029	9,855		9,463		9,556
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.75%	9.09%	12/2027	9,580		9,558		9,584
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR (M)	3.75%	9.09%	07/2031	2,000		1,990		2,000
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	9.21%	03/2028	7,275		7,257		7,280
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	9.68%	10/2029	7,492		7,028		7,490
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.73%	03/2028	15,369		15,061		13,342
EAB Global, Inc.	Education	SOFR(M)	3.25%	8.59%	08/2028	2,830		2,809		2,830
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	9.58%	04/2029	7,430		7,318		7,235
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	9.34%	02/2031	6,675		6,611		6,746
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.00%	9.34%	02/2027	3,613		3,612		3,633
Flash Charm, Inc.	Software	SOFR(M)	3.50%	8.83%	03/2028	16,591		16,578		16,542
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	9.34%	08/2028	14,283		14,165		14,033
Groundworks, LLC	Business Services	SOFR(M)	3.50%	8.83%	03/2031	160		155		161
Groundworks, LLC	Business Services	SOFR(M)	3.50%	8.83%	03/2031	5,449		5,396		5,452
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	9.84%	04/2028	14,107		13,648		14,155
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	9.43%	11/2026	17,790		17,716		16,011
Higginbotham Insurance Agency, Inc.	Business Services	SOFR(M)	5.50%	10.94%	11/2028	8,941		8,896		8,941
HighTower Holding, LLC	Financial Services	SOFR(Q)	4.00%	9.59%	04/2028	4,705		4,676		4,722


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

Houghton Mifflin Harcourt Company	Education	SOFR(Q)	5.25%	10.70%	04/2029	$	8,110	$	7,877	$	7,737
Hub International Limited	Business Services	SOFR(Q)	3.25%	8.57%	06/2030	4,315		4,310		4,329
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	9.68%	08/2028	4,500		4,466		4,483
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(M)	4.00%	9.34%	03/2031	10,047		10,023		10,097
LI Group Holdings, Inc.	Software	SOFR(M)	3.50%	8.96%	03/2028	3,726		3,720		3,740
LSCS Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.96%	12/2028	12,034		11,935		11,919
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SONIA (Q)	4.00%	9.32%	11/2030	2,830		2,790		2,857
Maverick Bidco Inc.	Software	SOFR(Q)	4.25%	9.84%	05/2028	2,475		2,375		2,474
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	9.23%	05/2028	5,900		5,886		5,883
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	10.42%	05/2028	1,975		1,902		1,969
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(M)	3.75%	9.09%	05/2028	4,111		4,098		4,126
MED ParentCo, LP	Healthcare	SOFR(M)	4.00%	9.34%	04/2031	9,954		9,905		9,961
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	9.59%	05/2028	7,112		6,976		7,115
Netsmart, Inc.	Healthcare	SOFR(M)	3.75%	9.21%	10/2027	3,880		3,880		3,896
Nielsen Consumer Inc.	Business Services	SOFR (M)	6.25%	11.59%	03/2028	14,850		13,474		14,924
Nielsen Consumer Inc.	Business Services	SOFR (M)	4.75%	10.09%	03/2028	14,790		14,753		14,753
OMNIA Partners, LLC	Business Services	SOFR(Q)	3.25%	8.57%	07/2030	8,459		8,395		8,475
Optiv Parent Inc.	Business Services	SOFR(Q)	5.25%	10.57%	07/2026	2,030		1,982		1,898
Osaic Holdings, Inc.	Financial Services	SOFR(M)	4.00%	9.34%	08/2028	9,626		9,543		9,667
Osmosis Buyer Limited	Industrial Services	SOFR(M)	4.25%	9.58%	07/2028	2,904		2,824		2,913
Osmosis Buyer Limited	Industrial Services	SOFR(M)	4.00%	9.33%	07/2028	8,144		8,104		8,169
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	4.00%	9.33%	02/2029	1,702		1,699		1,711
Peraton Corp.	Federal Services	SOFR(M)	3.75%	9.19%	02/2028	4,125		4,113		4,131
Perforce Software, Inc.	Software	SOFR(M)	4.75%	10.09%	03/2031	6,630		6,601		6,632
Physician Partners, LLC	Healthcare	SOFR(S)	4.00%	9.56%	12/2028	4,209		4,179		3,086
Planview Parent, Inc.	Software	SOFR(Q)	3.75%	9.09%	12/2027	10,693		10,522		10,698
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.75%	9.07%	10/2030	13,711		13,454		13,772
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	3.25%	8.71%	03/2028	4,285		4,273		4,299
Quartz Holding Company	Software	SOFR(M)	4.00%	9.33%	10/2028	9,132		9,088		9,137
RealPage, Inc.	Software	SOFR(M)	3.00%	8.46%	04/2028	4,283		4,276		4,170
Renaissance Holding Corp.	Education	SOFR(Q)	4.25%	9.60%	04/2030	5,055		4,923		5,057
RLG Holdings, LLC	Packaging	SOFR(M)	4.25%	9.71%	07/2028	5,698		5,679		5,603
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.25%	10.59%	12/2027	3,651		3,577		3,651
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.96%	12/2027	6,306		6,225		6,306
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	2.50% + 4.25%/PIK	12.08%	05/2027	2,525		2,524		2,431
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	9.33%	10/2030	12,287		12,145		12,395
Storable, Inc.	Software	SOFR(M)	3.50%	8.84%	04/2028	3,766		3,760		3,779
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.93%	12/2027	15,480		15,400		14,559
Syndigo LLC	Software	SOFR(M)	4.50%	9.96%	12/2027	14,751		14,690		14,659
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	9.46%	05/2028	4,037		4,024		3,431
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	9.59%	08/2028	6,543		6,521		6,510
TMF Sapphire Bidco B.V.	Business Services	SOFR(Q)	4.00%	9.31%	05/2028	2,653		2,608		2,665
TRC Companies LLC	Business Services	SOFR(M)	3.75%	9.21%	12/2028	13,955		13,902		14,009
UKG Inc.	Software	SOFR(M)	3.25%	8.58%	02/2031	5,841		5,837		5,870
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	10.58%	10/2028	2,256		2,232		2,243
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50% + 2.25%/PIK	9.19%	10/2028	3,069		3,069		2,486


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

VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	4.75%	10.08%	07/2029	$	4,478	$	4,457	$	4,481
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	10.59%	07/2029	5,210		4,939		5,193
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	9.60%	10/2028	14,180		14,155		14,211
Xplor T1, LLC	Software	SOFR (M)	4.25%	9.60%	06/2031	5,601		5,573		5,601
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.50%	10.83%	02/2028	4,052		3,920		4,087
Total Funded Investments						$	693,694	$	684,661	$	681,402
Unfunded Investments - First lien
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	07/2031	$	158	$	—	$	1
Groundworks, LLC	Business Services	—	—	—	03/2026	842		—		—
Total Unfunded Investments						$	1,000	$	—	$	1
Total Investments						$	694,694	$	684,661	$	681,403

(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR) and the Sterling Overnight Interbank Average Rate (SONIA). For each investment, the current interest rate provided reflects the rate in effect as of June 30, 2024.

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

The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 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%	9.22%	12/2027	$	2,376	$	2,368	$	2,261
AG Parent Holdings, LLC	Healthcare	SOFR(Q)	5.00%	10.65%	07/2026	7,294		7,279		7,174
Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(M)	4.50%	9.96%	08/2030	6,626		6,480		6,634
Artera Services, LLC	Distribution & Logistics	SOFR(Q)	3.50%	8.95%	03/2025	5,273		5,259		4,968
Ascensus Group Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.97%	08/2028	2,817		2,806		2,817
AssuredPartners, Inc	Insurance Services	SOFR(M)	3.75%	9.22%	02/2027	1,975		1,921		1,986
Aston FinCo S.a r.l.	Software	SOFR(M)	4.25%	9.72%	10/2026	5,775		5,749		4,929
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	8.61%	02/2029	6,843		6,612		6,828
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.75%	10.11%	12/2028	7,458		7,390		7,490
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	9.21%	05/2028	962		955		956
Boxer Parent Company Inc.	Software	SOFR(M)	4.25%	9.60%	12/2028	11,883		11,764		11,992
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	5.00%	10.45%	05/2028	14,253		13,870		14,280
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	9.13%	07/2029	3,989		3,905		4,006
Cardinal Parent, Inc.	Software	SOFR(Q)	4.50%	10.00%	11/2027	9,821		9,646		9,048
CE Intermediate I, LLC	Software	SOFR(Q)	3.50%	9.02%	11/2028	10,810		10,754		10,729
CentralSquare Technologies, LLC	Software	SOFR(Q)	3.75%	9.25%	08/2025	14,250		14,240		13,817
CHA Holdings, Inc.	Business Services	SOFR(M)	4.50%	10.15%	04/2025	947		947		947
Cloudera, Inc.	Software	SOFR(M)	3.75%	9.21%	10/2028	5,692		5,553		5,654
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	9.54%	12/2027	5,658		5,641		5,378
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	11.79%	12/2027	3,960		3,548		3,960
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	9.47%	11/2028	10,962		10,919		10,771
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	9.10%	02/2029	6,878		6,851		6,878
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	10.74%	09/2026	12,838		12,559		11,483
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	9.22%	10/2028	3,527		3,514		3,432
Covenant Surgical Partners, Inc.	Healthcare	SOFR(Q)	4.00%	9.38%	07/2026	9,583		9,545		7,539
Covenant Surgical Partners, Inc.	Healthcare	SOFR(Q)	4.00%	9.38%	07/2026	2,000		1,989		1,573
CRCI Longhorn Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.96%	08/2025	14,213		14,194		14,261
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	10.35%	10/2029	9,905		9,483		9,909
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	9.86%	12/2027	9,628		9,617		9,680
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	9.22%	03/2028	7,313		7,293		7,263
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	9.77%	10/2029	7,029		6,538		6,943
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.75%	03/2028	15,448		15,105		14,550
EAB Global, Inc.	Education	SOFR(M)	3.50%	8.97%	08/2028	3,960		3,929		3,958
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	9.60%	04/2029	7,468		7,346		7,403
Eisner Advisory Group LLC	Financial Services	SOFR(M)	5.25%	10.72%	07/2028	2,190		2,113		2,195
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.50%	9.96%	02/2027	3,632		3,631		3,632
EyeCare Partners, LLC	Healthcare	SOFR(Q)	3.75%	9.39%	02/2027	12,210		12,202		6,114
Foundational Education Group, Inc.	Education	SOFR(Q)	4.25%	9.89%	08/2028	9,601		9,508		9,601
Groundworks, LLC	Consumer Services	SOFR(Q)	6.50%	11.90%	03/2030	1,432		1,395		1,419
Heartland Dental, LLC	Healthcare	SOFR(M)	5.00%	10.36%	04/2028	14,178		13,668		14,160
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	9.48%	11/2026	17,883		17,795		17,048
Higginbotham Insurance Agency, Inc.	Business Services	SOFR(M)	5.50%	10.96%	11/2028	8,987		8,938		8,987
HighTower Holding, LLC	Financial Services	SOFR(Q)	4.00%	9.64%	04/2028	4,729		4,697		4,720
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	10.71%	04/2029	8,151		7,898		8,009
Hub International Limited	Insurance Services	SOFR(Q)	4.25%	9.66%	06/2030	6,426		6,363		6,463
Hunter Holdco 3 Limited	Healthcare	SOFR(Q)	4.25%	9.70%	08/2028	3,000		2,978		2,998
Idera, Inc.	Software	SOFR(Q)	3.75%	9.28%	03/2028	15,642		15,633		15,584


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	SOFR(Q)	4.25%	9.70%	06/2026	$	11,811	$	11,778	$	11,841
LI Group Holdings, Inc.	Software	SOFR(M)	3.50%	8.97%	03/2028	3,749		3,743		3,763
LSCS Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.97%	12/2028	7,491		7,462		7,407
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	4.50%	9.13%	11/2030	2,837		2,795		2,856
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	9.28%	05/2028	3,920		3,907		3,875
Maverick Bidco Inc.	Software	SOFR(Q)	4.25%	9.89%	05/2028	2,488		2,377		2,463
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	10.47%	05/2028	1,985		1,904		1,962
Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	9.47%	05/2028	4,131		4,118		4,144
MED ParentCo, LP	Healthcare	SOFR(M)	4.25%	9.72%	08/2026	12,458		12,407		12,361
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	9.61%	05/2028	3,558		3,479		3,505
Netsmart, Inc.	Healthcare	SOFR(M)	3.75%	9.22%	10/2027	3,900		3,900		3,913
Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.61%	03/2028	14,925		13,402		14,639
OMNIA Partners, LLC	Business Services	SOFR(Q)	4.25%	9.63%	07/2030	5,919		5,862		5,960
Optiv Parent Inc.	Business Services	SOFR(Q)	5.25%	10.63%	07/2026	6,585		6,396		6,308
Osaic Holdings, Inc.	Financial Services	SOFR(M)	4.50%	9.86%	08/2028	9,650		9,559		9,693
Osmosis Buyer Limited	Food & Beverage	SOFR(M)	3.75%	9.09%	07/2028	2,494		2,457		2,499
Osmosis Buyer Limited	Food & Beverage	SOFR(M)	4.25%	9.60%	07/2028	2,405		2,333		2,418
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	9.13%	02/2029	1,710		1,707		1,698
Peraton Corp.	Federal Services	SOFR(M)	3.75%	9.21%	02/2028	4,147		4,133		4,161
Physician Partners, LLC	Healthcare	SOFR(Q)	4.00%	9.53%	12/2028	4,231		4,197		4,010
Planview Parent, Inc.	Software	SOFR(Q)	4.00%	9.61%	12/2027	10,721		10,528		10,669
Premise Health Holding Corp.	Healthcare	SOFR(Q)	3.75%	9.25%	07/2025	7,328		7,319		7,200
Project Alpha Intermediate Holding, Inc.	Software	SOFR(M)	4.75%	10.11%	10/2030	13,745		13,474		13,859
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	5.75%	11.22%	03/2028	4,938		4,817		5,018
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	3.25%	8.72%	03/2028	4,308		4,293		4,310
RealPage, Inc.	Software	SOFR(M)	3.00%	8.47%	04/2028	4,305		4,298		4,288
Renaissance Holding Corp.	Education	SOFR(M)	4.75%	10.11%	04/2030	6,612		6,429		6,644
RLG Holdings, LLC	Packaging	SOFR(M)	4.25%	9.72%	07/2028	5,727		5,707		5,403
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.97%	12/2027	6,339		6,247		6,327
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.25%	10.61%	12/2027	3,669		3,586		3,669
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	2.50% + 4.25% PIK	12.13%	05/2027	2,484		2,483		2,304
Snap One Holdings Corp.	Distribution & Logistics	SOFR(Q)	4.50%	10.00%	12/2028	6,556		6,506		6,425
Spring Education Group, Inc.	Education	SOFR(Q)	4.50%	9.85%	10/2030	12,349		12,198		12,390
Storable, Inc.	Software	SOFR(M)	3.50%	8.86%	04/2028	3,785		3,779		3,782
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.98%	12/2027	15,560		15,470		13,978
Syndigo LLC	Software	SOFR(M)	4.50%	9.97%	12/2027	14,588		14,519		14,588
Therapy Brands Holdings LLC	Software	SOFR(M)	4.00%	9.47%	05/2028	4,058		4,043		3,763
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.50%	10.04%	08/2028	6,560		6,535		6,475
TMF Sapphire Bidco B.V.	Business Services	SOFR(Q)	5.00%	10.41%	05/2028	2,667		2,616		2,685
TRC Companies LLC	Business Services	SOFR(M)	3.75%	9.22%	12/2028	13,525		13,470		13,548
UKG Inc.	Software	SOFR(Q)	4.50%	9.99%	05/2026	4,975		4,880		5,004
USI, Inc.	Financial Services	SOFR(Q)	3.00%	8.35%	11/2029	2,446		2,403		2,456
Valcour Packaging, LLC	Packaging	SOFR(M)	3.75%	9.21%	10/2028	4,459		4,449		3,552
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	10.60%	07/2029	5,237		4,944		5,045
Waystar Technologies, Inc.	Healthcare	SOFR(M)	4.00%	9.47%	10/2026	3,983		3,978		4,003


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

Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	9.61%	04/2026	$	7,743	$	7,732	$	7,772
Wrench Group LLC	Consumer Services	SOFR(Q)	4.50%	9.95%	04/2026	5,473		5,386		5,495
Zest Acquisition Corp.	Healthcare	SOFR(M)	5.50%	10.86%	02/2028	4,072		3,926		3,999
Total Funded Investments						$	656,081	$	646,319	$	636,554
Unfunded Investments - First lien
Groundworks, LLC	Consumer Services	—	—	—	09/2024	$	65	$	(1)	$	(1)
OMNIA Partners, LLC	Business Services	—	—	—	01/2024	556		(3)		4
Osmosis Buyer Limited	Food & Beverage	—	—	—	07/2028	506		—		3
Total Unfunded Investments						$	1,127	$	(4)	$	6
Total Investments						$	657,208	$	646,315	$	636,560

(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2023.

Below is certain summarized financial information for SLP III as of June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and June 30, 2023:


Selected Balance Sheet Information:	June 30, 2024		December 31, 2023
Investments at fair value (cost of $684,661 and $646,315)	$	681,403	$	636,560
Cash and other assets	35,512		21,443

Total assets	$	716,915	$	658,003

Credit facility	$	492,400	$	453,200
Deferred financing costs (net of accumulated amortization of $5,882 and $5,650, respectively)	(711)		(943)
Payable for unsettled securities purchased	41,638		23,881
Distribution payable	7,219		6,672
Other liabilities	7,743		7,862
Total liabilities	548,289		490,672

Members' capital	$	168,626	$	167,331
Total liabilities and members' capital	$	716,915	$	658,003


Selected Statement of Operations Information:	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Interest income	$	16,596	$	16,149	$	33,385	$	31,235
Other income	58		66		85		157
Total investment income	16,654		16,215		33,470		31,392

Interest and other financing expenses	8,921		8,869		17,711		17,275
Other expenses	267		293		508		536
Total expenses	9,188		9,162		18,219		17,811


Net investment income	7,466		7,053		15,251		13,581

Net realized (losses) gains on investments	(238)		12		(5,907)		(1,855)
Net change in unrealized (depreciation) appreciation of investments	(4,225)		6,915		6,498		15,954
Net increase in members' capital	$	3,003	$	13,980	$	15,842	$	27,680

For the three and six months ended June 30, 2024, the Company earned approximately $5,775 and $11,638, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and six months ended June 30, 2023, the Company earned approximately $5,338 and $9,800, respectively, of dividend income related to SLP III, which is included in dividend income. As of June 30, 2024 and December 31, 2023, approximately $5,775 and $5,338, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

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

NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, 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 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 had a five year investment period and will continue in existence until May 5, 2029. On March 15, 2024, the investment period was extended until May 5, 2027 pursuant to the terms of the SLP IV Agreement.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of June 30, 2024, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2024 and December 31, 2023.

On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on March 27, 2029. As of the amendment on March 27, 2024, the facility bears interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%. Prior to the amendment on April 28, 2023, the facility bore interest at a rate of LIBOR plus 1.60% per annum. As of June 30, 2024 and December 31, 2023, SLP IV had total investments with an aggregate fair value of approximately $491,802 and $467,886, respectively, and debt outstanding under its credit facility of $344,937 and $306,537, respectively. As of June 30, 2024 and December 31, 2023, none of SLP IV’s investments were on non-accrual. Additionally, as of June 30, 2024 and December 31, 2023, SLP IV had unfunded commitments in the form of delayed draws of $753 and $792, respectively.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2024 and December 31, 2023:


	June 30, 2024			December 31, 2023
First lien investments (1)	$	502,983		$	482,776
Weighted average interest rate on first lien investments (2)	9.62		%	9.81		%
Number of portfolio companies in SLP IV	82			78
Largest portfolio company investment (1)	$	19,760		$	17,400
Total of five largest portfolio company investments (1)	$	71,969		$	67,838

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

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

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2024:


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)	1.00% + 3.00%/PIK	9.58%	09/2026	$	17,665	$	17,659	$	15,450
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	9.21%	12/2027	1,823		1,818		1,787
Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(M)	4.00%	9.34%	08/2030	4,780		4,682		4,806
Ascensus Group Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.96%	08/2028	4,149		4,135		4,157
Asurion, LLC	Business Services	SOFR(M)	4.25%	9.69%	08/2028	9,741		9,664		9,689
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	8.59%	02/2029	2,361		2,353		2,356
Bach Finance Limited	Education	SOFR(Q)	3.75%	9.10%	02/2031	1,615		1,611		1,630
Barracuda Parent, LLC	Software	SOFR(S)	4.50%	9.81%	08/2029	4,925		4,808		4,919
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	10.09%	08/2028	8,894		8,858		8,806
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.00%	9.34%	12/2028	5,312		5,273		5,323
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	9.19%	05/2028	749		747		752
BIFM CA Buyer Inc.	Business Services	SOFR(M)	4.25%	9.59%	05/2028	2,716		2,682		2,732
Bleriot US Bidco Inc.	Federal Services	SOFR(Q)	3.25%	8.58%	10/2030	3,881		3,864		3,903
Boxer Parent Company Inc.	Software	SOFR(M)	4.00%	9.34%	12/2028	9,440		9,357		9,468
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	5.00%	10.43%	05/2028	4,371		4,265		4,395
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.00%	8.34%	07/2029	3,639		3,568		3,642
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	9.50%	12/2028	2,034		1,911		1,850
CE Intermediate I, LLC	Software	SOFR(Q)	3.50%	8.97%	11/2028	8,054		8,015		8,082
Chrysaor Bidco S.a r.l.	Information Services	SOFR (M)	3.50%	8.84%	07/2031	1,573		1,573		1,582
Cloudera, Inc.	Software	SOFR(M)	3.75%	9.19%	10/2028	6,000		5,896		6,010
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	11.58%	12/2027	542		542		542
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	9.48%	12/2027	4,088		3,926		3,782
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	9.46%	11/2028	6,523		6,499		6,360
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	9.08%	02/2029	6,843		6,818		6,843
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	10.68%	09/2026	4,913		4,824		4,233
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	9.21%	10/2028	1,838		1,831		1,740
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	10.33%	10/2029	6,623		6,463		6,422
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.75%	9.09%	12/2027	10,507		10,483		10,511
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	9.68%	10/2029	5,817		5,462		5,816
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.73%	03/2028	9,724		9,645		8,442
EAB Global, Inc.	Education	SOFR(M)	3.25%	8.59%	08/2028	2,472		2,457		2,472
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	9.58%	04/2029	7,443		7,340		7,248
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	9.34%	02/2031	5,052		5,003		5,105
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.00%	9.34%	02/2027	2,179		2,169		2,191
Flash Charm, Inc.	Software	SOFR(M)	3.50%	8.83%	03/2028	10,107		10,056		10,077
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	9.34%	08/2028	11,101		10,983		10,906
Geo Parent Corporation	Business Services	SOFR(S)	5.25%	10.50%	12/2028	9,610		9,467		9,610
Groundworks, LLC	Business Services	SOFR(M)	3.50%	8.83%	03/2031	121		118		121
Groundworks, LLC	Business Services	SOFR(M)	3.50%	8.83%	03/2031	4,123		4,083		4,126
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	9.84%	04/2028	10,061		9,815		10,096
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	9.43%	11/2026	9,657		9,640		8,691
Houghton Mifflin Harcourt Company	Education	SOFR(Q)	5.25%	10.70%	04/2029	6,278		6,099		5,990
Hub International Limited	Business Services	SOFR(Q)	3.25%	8.57%	06/2030	1,849		1,847		1,855
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	9.68%	08/2028	3,949		3,923		3,934
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(M)	4.00%	9.34%	03/2031	4,571		4,560		4,594
LSCS Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.96%	12/2028	9,824		9,765		9,730
Mandolin Technology Intermediate Holdings, Inc.	Software	SOFR(Q)	3.75%	9.23%	07/2028	9,750		9,719		8,580


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

Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SONIA (Q)	4.00%	9.32%	11/2030	$	2,034	$	2,005	$	2,053
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	10.42%	05/2028	1,975		1,902		1,969
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	9.23%	05/2028	7,801		7,777		7,778
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(M)	3.75%	9.09%	05/2028	8,222		8,196		8,251
MED ParentCo, LP	Healthcare	SOFR(M)	4.00%	9.34%	04/2031	7,346		7,310		7,350
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	9.59%	05/2028	6,111		5,990		6,113
Netsmart, Inc.	Healthcare	SOFR(M)	3.75%	9.21%	10/2027	6,789		6,789		6,818
Nielsen Consumer Inc.	Business Services	SOFR (M)	6.25%	11.59%	03/2028	9,900		8,990		9,950
Nielsen Consumer Inc.	Business Services	SOFR (M)	4.75%	10.09%	03/2028	9,860		9,836		9,836
OMNIA Partners, LLC	Business Services	SOFR(Q)	3.25%	8.57%	07/2030	4,983		4,938		4,992
Optiv Parent Inc.	Business Services	SOFR(Q)	5.25%	10.57%	07/2026	1,566		1,529		1,464
Osaic Holdings, Inc.	Financial Services	SOFR(M)	4.00%	9.34%	08/2028	11,489		11,391		11,538
Osmosis Buyer Limited	Industrial Services	SOFR(M)	4.00%	9.33%	07/2028	6,767		6,728		6,787
Osmosis Buyer Limited	Industrial Services	SOFR(M)	4.25%	9.58%	07/2028	2,083		2,026		2,090
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	4.00%	9.33%	02/2029	1,313		1,311		1,320
Perforce Software, Inc.	Software	SOFR(M)	4.75%	10.09%	03/2031	4,893		4,871		4,894
Physician Partners, LLC	Healthcare	SOFR(S)	4.00%	9.56%	12/2028	3,181		3,158		2,332
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.75%	9.07%	10/2030	9,855		9,670		9,899
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	0.035	8.96%	03/2028	4,988		4,964		5,006
Quartz Holding Company	Software	SOFR(M)	4.00%	9.33%	10/2028	6,911		6,878		6,915
RealPage, Inc.	Software	SOFR(M)	3.00%	8.46%	04/2028	1,364		1,361		1,328
Renaissance Holding Corp.	Education	SOFR(Q)	4.25%	9.60%	04/2030	3,899		3,798		3,901
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.96%	12/2027	7,325		7,303		7,325
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	2.50% + 4.25%/PIK	12.08%	05/2027	4,424		4,418		4,259
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	9.33%	10/2030	9,479		9,368		9,562
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	5.25%	10.84%	07/2026	997		983		977
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	12.84%	07/2026	2,260		2,204		2,260
Storable, Inc.	Software	SOFR(M)	3.50%	8.84%	04/2028	3,900		3,885		3,914
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.93%	12/2027	3,707		3,701		3,486
Syndigo LLC	Software	SOFR(M)	4.50%	9.96%	12/2027	9,849		9,837		9,787
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	9.46%	05/2028	5,938		5,919		5,047
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	9.59%	08/2028	4,674		4,658		4,650
TRC Companies LLC	Business Services	SOFR(M)	3.75%	9.21%	12/2028	10,024		9,987		10,063
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	10.58%	10/2028	1,641		1,624		1,632
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50% + 2.25%/PIK	9.19%	10/2028	2,232		2,232		1,808
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	4.75%	10.08%	07/2029	3,389		3,373		3,391
VT Topco, Inc.	Business Services	SOFR(M)	3.50%	8.84%	08/2030	7,253		7,186		7,293
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	10.59%	07/2029	4,019		3,810		4,006
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	9.60%	10/2028	9,347		9,317		9,368
Xplor T1, LLC	Software	SOFR (M)	4.25%	9.60%	06/2031	4,075		4,055		4,075
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.50%	10.83%	02/2028	3,126		3,042		3,153
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.25%	10.73%	03/2028	9,800		9,668		9,670
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.25%	10.73%	03/2028	2,154		2,125		2,135
Total Funded Investments						$	502,230	$	496,389	$	491,801
Unfunded Investments - First lien
Chrysaor Bidco S.a r.l.	Information Services				07/2031	$	116	$	—	$	1
Groundworks, LLC	Business Services				03/2026	637		—		—
						$	753	$	—	$	1
						$	502,983	$	496,389	$	491,802

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

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 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)	1.00% + 3.00%/PIK	9.54%	09/2026	$	17,400	$	17,394	$	14,967
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	9.22%	12/2027	1,833		1,827		1,744
Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(M)	4.50%	9.96%	08/2030	4,804		4,700		4,810
Artera Services, LLC	Distribution & Logistics	SOFR(Q)	3.50%	8.95%	03/2025	4,068		4,057		3,832
Ascensus Group Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.97%	08/2028	4,171		4,156		4,171
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	8.61%	02/2029	2,373		2,364		2,368
Barracuda Parent, LLC	Software	SOFR(Q)	4.50%	9.88%	08/2029	4,950		4,824		4,851
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	10.15%	08/2028	8,940		8,899		8,549
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.75%	10.11%	12/2028	4,353		4,313		4,371
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	9.21%	05/2028	753		751		748
Bleriot US Bidco Inc.	Federal Services	SOFR(Q)	4.00%	9.61%	10/2028	3,900		3,882		3,921
Boxer Parent Company Inc.	Software	SOFR(M)	4.25%	9.60%	12/2028	8,987		8,897		9,070
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	5.00%	10.45%	05/2028	4,394		4,275		4,402
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	9.13%	07/2029	5,370		5,255		5,393
CE Intermediate I, LLC	Software	SOFR(Q)	3.50%	9.02%	11/2028	8,095		8,052		8,035
CentralSquare Technologies, LLC	Software	SOFR(Q)	3.75%	9.25%	08/2025	14,250		14,240		13,817
CHA Holdings, Inc.	Business Services	SOFR(M)	4.50%	10.15%	04/2025	10,692		10,682		10,692
CHA Holdings, Inc.	Business Services	SOFR(M)	4.50%	9.97%	04/2025	1,963		1,961		1,963
Cloudera, Inc.	Software	SOFR(M)	3.75%	9.21%	10/2028	4,308		4,202		4,279
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	9.47%	11/2028	7,338		7,309		7,210
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	9.10%	02/2029	6,878		6,851		6,877
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	10.74%	09/2026	4,938		4,830		4,417
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	9.22%	10/2028	2,519		2,510		2,452
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	10.35%	10/2029	6,656		6,481		6,659
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	9.86%	12/2027	10,559		10,538		10,617
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	9.77%	10/2029	5,346		4,972		5,280
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.75%	03/2028	9,774		9,686		9,206
EAB Global, Inc.	Education	SOFR(M)	3.50%	8.97%	08/2028	4,369		4,340		4,367
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	9.60%	04/2029	7,481		7,369		7,415
Eisner Advisory Group LLC	Financial Services	SOFR(M)	5.25%	10.72%	07/2028	1,689		1,630		1,694
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.50%	9.96%	02/2027	2,190		2,179		2,190
EyeCare Partners, LLC	Healthcare	SOFR(Q)	3.75%	9.39%	11/2028	9,825		9,807		4,932
Foundational Education Group, Inc.	Education	SOFR(Q)	4.25%	9.89%	08/2028	8,453		8,344		8,453
Geo Parent Corporation	Business Services	SOFR(S)	5.25%	10.80%	12/2028	9,634		9,479		9,634
Heartland Dental, LLC	Healthcare	SOFR(M)	5.00%	10.36%	04/2028	7,605		7,332		7,596
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	9.48%	11/2026	9,707		9,687		9,254
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	10.71%	04/2029	6,310		6,116		6,200
Hub International Limited	Insurance Services	SOFR(Q)	4.25%	9.66%	06/2030	2,754		2,728		2,770
Hunter Holdco 3 Limited	Healthcare	SOFR(Q)	4.25%	9.70%	08/2028	3,949		3,921		3,947
Idera, Inc.	Software	SOFR(Q)	3.75%	9.28%	03/2028	9,130		9,079		9,096
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	4.25%	9.70%	06/2026	5,374		5,344		5,387
LSCS Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.97%	12/2028	8,582		8,551		8,485
Mandolin Technology Intermediate Holdings, Inc.	Software	SOFR(Q)	3.75%	9.25%	07/2028	9,800		9,765		8,942
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	4.50%	9.13%	11/2030	2,039		2,009		2,053
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	9.28%	05/2028	7,841		7,814		7,750


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)	5.00%	10.47%	05/2028	$	1,985	$	1,904	$	1,962
Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	9.47%	05/2028	8,263		8,235		8,288
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	9.61%	05/2028	4,783		4,677		4,711
Netsmart, Inc.	Healthcare	SOFR(M)	3.75%	9.22%	10/2027	6,825		6,825		6,848
Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.61%	03/2028	9,950		8,943		9,759
OEConnection LLC	Software	SOFR(M)	4.00%	9.46%	09/2026	4,039		4,020		4,037
OMNIA Partners, LLC	Business Services	SOFR(Q)	4.25%	9.63%	07/2030	4,566		4,523		4,598
Optiv Parent Inc.	Business Services	SOFR(Q)	5.25%	10.63%	07/2026	5,080		4,934		4,866
Osaic Holdings, Inc.	Financial Services	SOFR(M)	4.50%	9.86%	08/2028	11,518		11,410		11,569
Osmosis Buyer Limited	Food & Beverage	SOFR(M)	3.75%	9.09%	07/2028	2,494		2,457		2,499
Osmosis Buyer Limited	Food & Beverage	SOFR(M)	4.25%	9.60%	07/2028	1,726		1,674		1,735
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	9.13%	02/2029	1,319		1,317		1,310
Physician Partners, LLC	Healthcare	SOFR(Q)	4.00%	9.53%	12/2028	3,197		3,173		3,031
Premise Health Holding Corp.	Healthcare	SOFR(Q)	3.75%	9.25%	07/2025	1,926		1,923		1,892
Project Alpha Intermediate Holding, Inc.	Software	SOFR(M)	4.75%	10.11%	10/2030	9,880		9,684		9,962
RealPage, Inc.	Software	SOFR(M)	3.00%	8.47%	04/2028	1,371		1,368		1,366
Renaissance Holding Corp.	Education	SOFR(M)	4.75%	10.11%	04/2030	5,101		4,959		5,126
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.97%	12/2027	7,363		7,338		7,349
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	2.50% + 4.25%/PIK	12.13%	05/2027	4,352		4,345		4,036
Snap One Holdings Corp.	Distribution & Logistics	SOFR(Q)	4.50%	10.00%	12/2028	8,498		8,433		8,328
Spring Education Group, Inc.	Education	SOFR(Q)	4.50%	9.85%	10/2030	9,526		9,408		9,558
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	12.88%	07/2026	2,271		2,203		2,271
Storable, Inc.	Software	SOFR(M)	3.50%	8.86%	04/2028	3,920		3,904		3,918
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.98%	12/2027	3,726		3,719		3,347
Syndigo LLC	Software	SOFR(M)	4.50%	9.97%	12/2027	9,660		9,648		9,660
Therapy Brands Holdings LLC	Software	SOFR(M)	4.00%	9.47%	05/2028	5,969		5,947		5,536
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.50%	10.04%	08/2028	4,686		4,668		4,625
TRC Companies LLC	Business Services	SOFR(M)	3.75%	9.22%	12/2028	9,574		9,536		9,590
USIC Holdings, Inc.	Business Services	SOFR(Q)	3.50%	9.11%	05/2028	2,971		2,963		2,952
Valcour Packaging, LLC	Packaging	SOFR(M)	3.75%	9.21%	10/2028	3,244		3,236		2,584
VT Topco, Inc.	Business Services	SOFR(M)	4.25%	9.61%	08/2030	7,289		7,218		7,335
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	10.60%	07/2029	4,040		3,814		3,892
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	9.61%	04/2026	9,371		9,337		9,406
Zest Acquisition Corp.	Healthcare	SOFR(M)	5.50%	10.86%	02/2028	3,142		3,039		3,085
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.25%	10.80%	03/2028	9,850		9,702		9,824
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.25%	10.80%	03/2028	2,165		2,133		2,160
Total Funded Investments						$	481,984	$	476,019	$	467,881
Unfunded Investments - First lien
OMNIA Partners, LLC	Business Services	—	—	—	01/2024	$	429	$	(2)	$	3
Osmosis Buyer Limited	Food & Beverage	—	—	—	07/2028	363		—		2
Total Unfunded Investments						$	792	$	(2)	$	5
Total Investments						$	482,776	$	476,017	$	467,886

(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 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.

Below is certain summarized consolidated financial information for SLP IV as of June 30, 2024 and December 31, 2023 and for the three and six months ended June 30, 2024 and June 30, 2023:


Selected Consolidated Balance Sheet Information:	June 30, 2024		December 31, 2023
Investments at fair value (cost of $496,389 and $476,017, respectively)	$	491,802	$	467,886
Receivable from unsettled securities sold	—		1,445
Cash and other assets	16,488		16,227
Total assets	$	508,290	$	485,558

Credit facility	$	344,937	$	306,537
Deferred financing costs (net of accumulated amortization of $2,041 and $1,599, respectively)	(3,663)		(1,414)
Payable for unsettled securities purchased	18,952		31,322
Distribution payable	5,094		5,220
Other liabilities	6,724		6,676
Total liabilities	372,044		348,341

Members' capital	$	136,246	$	137,217
Total liabilities and members' capital	$	508,290	$	485,558


Selected Consolidated Statement of Operations Information:	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Interest income	$	12,157	$	11,991	$	24,119	23,249
Other income	46		42		67		158
Total investment income	12,203		12,033		24,186		23,407

Interest and other financing expenses	6,642		6,176		12,742		12,008
Other expenses	225		227		449		432
Total expenses	6,867		6,403		13,191		12,440


Net investment income	5,336		5,630		10,995		10,967

Net realized (losses) gains on investments	(176)		15		(4,874)		(1,654)
Net change in unrealized (depreciation) appreciation of investments	(3,384)		4,160		3,544		9,638
Net increase in members' capital	$	1,776	$	9,805	$	9,665	18,951

For the three and six months ended June 30, 2024, the Company earned approximately $4,004 and $8,360, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and six months ended June 30, 2023, the Company earned approximately $4,145 and $7,728, respectively, of dividend income related to SLP IV, which is included in dividend income. As of June 30, 2024 and December 31, 2023, approximately $4,004 and $4,103, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

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

Unconsolidated Significant Subsidiaries

In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any are as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under this rule. As of June 30, 2024, 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 securities. This illiquidity may make it more difficult to value the investments.

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.

- Definition

The entire disclosure for investments owned by investment company.

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