EX-99.1 11 slp3-123124.htm EX-99.1
Table of Contents
NMFC Senior Loan Program III LLC
(a Delaware limited liability company)
Financial Statements as of December 31, 2024 and December 31, 2023
and for the years ended December 31, 2024, December 31, 2023
and December 31, 2022 and Independent Auditor’s Report

Table of Contents
TABLE OF CONTENTS

| PAGE
INDEPENDENT AUDITOR’S REPORT | 2
FINANCIAL STATEMENTS |
Statement of Assets, Liabilities and Members’ Capital as of December 31, 2024 and December 31, 2023 | 4
Statement of Operations for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 | 5
Statement of Changes in Members’ Capital for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 | 6
Statement of Cash Flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 | 7
Schedule of Investments as of December 31, 2024 | 8
Schedule of Investments as of December 31, 2023 | 14
Notes to the Financial Statements | 20

Table of Contents

| Deloitte & Touche LLP 30 Rockefeller Plaza New York, NY 10112 USA Tel: 212 492 4000 Fax: 212 489 1687 www.deloitte.com

INDEPENDENT AUDITOR’S REPORT
To NMFC Senior Loan Program III LLC:
Opinion
We have audited the financial statements of NMFC Senior Loan Program III LLC (the “Fund”), which comprise the statements of assets, liabilities and members’ capital, including the schedules of investments as of December 31, 2024 and 2023, and the related statements of operations, changes in members’ capital, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes to the financial statements (collectively referred to as the “financial statements”).
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and 2023, and the results of its operations, changes in its members’ capital, and its cash flows for each of the three years in the period ended December 31, 2024, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund’s ability to continue as a going concern for one year after the date that the financial statements are issued.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
2

Table of Contents
In performing an audit in accordance with GAAS, we:
•Exercise professional judgment and maintain professional skepticism throughout the audit.
•Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. Accordingly, no such opinion is expressed.
•Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
/s/ DELOITTE & TOUCHE LLP
February 26, 2025
3

NMFC Senior Loan Program III LLC
Statement of Assets, Liabilities and Members’ Capital

| December 31, 2024 |  | December 31, 2023
Assets |  |  |
Total investments at fair value (cost of $716,653,818 and $646,314,843 respectively) | $ | 715,096,386 |  |  | $ | 636,559,239 |
Cash and cash equivalents | 16,830,825 |  |  | 17,585,458 |
Receivable from unsettled securities sold | 9,652,124 |  |  | — |
Interest receivable | 3,908,517 |  |  | 3,754,764 |
Other assets | 247,932 |  |  | 104,001 |
Total assets | $ | 745,735,784 |  |  | $ | 658,003,462 |
Liabilities |  |  |
Credit Facility | $ | 511,200,000 |  |  | $ | 453,200,000 |
Deferred financing costs (net of accumulated amortization of $6,515,215 and $5,649,717, respectively) | (3,691,577) |  |  | (942,811) |
Net credit facility | 507,508,423 |  |  | 452,257,189 |
Payable for unsettled securities purchased | 27,427,506 |  |  | 23,881,117 |
Distribution payable | 7,625,000 |  |  | 6,671,875 |
Interest payable | 7,008,525 |  |  | 7,434,650 |
Accrued expenses | 299,955 |  |  | 281,389 |
Payable to affiliate | 184,541 |  |  | 145,376 |
Total liabilities | 550,053,950 |  |  | 490,671,596 |
Commitments and contingencies (See Note 9) |  |  |
Members' Capital | $ | 195,681,834 |  |  | $ | 167,331,866 |
Total liabilities and members' capital | $ | 745,735,784 |  |  | $ | 658,003,462 |

The accompanying notes are an integral part of these financial statements.
4

NMFC Senior Loan Program III LLC
Statements of Operations

| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Investment income |  |  |  |  |
Interest income | $ | 65,979,080 |  |  | $ | 64,921,177 |  |  | $ | 41,381,979 |
Other income | 235,165 |  |  | 502,548 |  |  | 773,953 |
Total investment income | 66,214,245 |  |  | 65,423,725 |  |  | 42,155,932 |
Expenses |  |  |  |  |
Interest and other credit facility expenses | 35,282,699 |  |  | 35,336,359 |  |  | 19,273,595 |
Administrative expenses | 630,004 |  |  | 651,956 |  |  | 525,392 |
Professional fees | 359,222 |  |  | 260,432 |  |  | 260,624 |
Other general and administrative expenses | 3,354 |  |  | 230,583 |  |  | 76,530 |
Total expenses | 36,275,279 |  |  | 36,479,330 |  |  | 20,136,141 |
Net investment income | 29,938,966 |  |  | 28,944,395 |  |  | 22,019,791 |
Net realized losses | (5,656,141) |  |  | (2,662,617) |  |  | (246,736) |
Net change in unrealized appreciation (depreciation) of investments | 8,198,172 |  |  | 32,205,679 |  |  | (42,366,312) |
Net increase in members' capital resulting from operations | $ | 32,480,997 |  |  | $ | 58,487,457 |  |  | $ | (20,593,257) |

The accompanying notes are an integral part of these financial statements.
5

NMFC Senior Loan Program III LLC
Statements of Changes in Members' Capital

| NMFC |  | SkyKnight II |  | Total Fund
Members' capital as of December 31, 2021 | $ | 141,072,633 |  |  | $ | 35,268,158 |  |  | $ | 176,340,791 |
Net investment income | 17,615,832 |  |  | 4,403,959 |  |  | 22,019,791 |
Net realized losses on investments | (197,389) |  |  | (49,347) |  |  | (246,736) |
Net change in unrealized depreciation of investments | (33,893,050) |  |  | (8,473,262) |  |  | (42,366,312) |
Capital distributions | (17,485,000) |  |  | (4,371,250) |  |  | (21,856,250) |
Members' capital as of December 31, 2022 | $ | 107,113,026 |  |  | $ | 26,778,258 |  |  | $ | 133,891,284 |
Net investment income | 23,155,516 |  |  | 5,788,879 |  |  | 28,944,395 |
Net realized losses on investments | (2,130,094) |  |  | (532,523) |  |  | (2,662,617) |
Net change in unrealized appreciation of investments | 25,764,543 |  |  | 6,441,136 |  |  | 32,205,679 |
Capital distributions | (20,037,500) |  |  | (5,009,375) |  |  | (25,046,875) |
Members' capital as of December 31, 2023 | $ | 133,865,491 |  |  | $ | 33,466,375 |  |  | $ | 167,331,866 |
Capital contributions | 20,000,000 |  |  | 5,000,000 |  |  | 25,000,000 |
Net investment income | 23,951,173 |  |  | 5,987,793 |  |  | 29,938,966 |
Net realized losses on investments | (4,524,913) |  |  | (1,131,228) |  |  | (5,656,141) |
Net change in unrealized appreciation of investments | 6,558,538 |  |  | 1,639,634 |  |  | 8,198,172 |
Capital distributions | (23,304,823) |  |  | (5,826,206) |  |  | (29,131,029) |
Members' capital as of December 31, 2024 | $ | 156,545,466 |  |  | $ | 39,136,368 |  |  | $ | 195,681,834 |

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

NMFC Senior Loan Program III LLC
Statements of Cash Flows

| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Cash flows from operating activities |  |  |  |  |
Net increase in members' capital resulting from operations | $ | 32,480,997 |  |  | $ | 58,487,457 |  |  | $ | (20,593,257) |
Adjustments to reconcile net (increase) decrease in capital resulting from operations to net cash (used in) provided by operating activities: |  |  |  |  |
Net realized losses on investments | 5,656,141 |  |  | 2,662,617 |  |  | 246,736 |
Net change in unrealized (appreciation) depreciation of investments | (8,198,172) |  |  | (32,205,679) |  |  | 42,366,312 |
Amortization of purchase discount | (2,323,449) |  |  | (1,528,418) |  |  | (1,010,556) |
Amortization of deferred credit facility costs | 865,497 |  |  | 809,397 |  |  | 1,502,432 |
Non-cash investment income | (240,584) |  |  | (128,571) |  |  | — |
(Increase) decrease in operating assets: |  |  |  |  |
Purchase of investments | (287,454,482) |  |  | (206,591,971) |  |  | (113,653,749) |
Proceeds from sales and paydowns of investments | 214,016,372 |  |  | 240,510,491 |  |  | 134,829,414 |
Cash received for purchase of undrawn portion of delayed draw facilities | 7,027 |  |  | 48,955 |  |  | 43,571 |
Interest receivable | (153,753) |  |  | (686,646) |  |  | (1,689,256) |
Receivable from unsettled securities sold | (9,652,124) |  |  | — |  |  | 7,351,011 |
Other assets | (143,931) |  |  | 37,374 |  |  | (65,962) |
Increase (decrease) in operating liabilities: |  |  |  |  |
Payable for unsettled securities purchased | 3,546,389 |  |  | 23,881,117 |  |  | (34,552,085) |
Interest payable | (426,125) |  |  | 1,348,978 |  |  | 4,169,274 |
Accrued expenses | 38,373 |  |  | (47,944) |  |  | 25,460 |
Payable to affiliate | 39,165 |  |  | 41,886 |  |  | (15,751) |
Net cash flows (used in) provided by operating activities | (51,942,659) |  |  | 86,639,043 |  |  | 18,953,594 |
Cash flows from financing activities |  |  |  |  |
Contributions | 25,000,000 |  |  | — |  |  | — |
Distributions | (28,177,904) |  |  | (24,062,500) |  |  | (21,200,000) |
Proceeds from credit facility | 147,000,000 |  |  | 87,800,000 |  |  | 65,000,000 |
Repayment of credit facility | (89,000,000) |  |  | (146,700,000) |  |  | (63,800,000) |
Deferred credit facility costs paid | (3,634,070) |  |  | (30,727) |  |  | (64,000) |
Net cash flows provided by (used in) financing activities | 51,188,026 |  |  | (82,993,227) |  |  | (20,064,000) |
Net (decrease) increase in cash and cash equivalents | (754,633) |  |  | 3,645,816 |  |  | (1,110,406) |
Cash and cash equivalents at the beginning of the period | 17,585,458 |  |  | 13,939,642 |  |  | 15,050,048 |
Cash and cash equivalents at the end of the period | $ | 16,830,825 |  |  | $ | 17,585,458 |  |  | $ | 13,939,642 |
Supplemental disclosure of cash flow information |  |  |  |  |
Cash interest paid | $ | 34,500,630 |  |  | $ | 32,930,652 |  |  | $ | 13,399,576 |
Non-cash financing activities: |  |  |  |  |
Distributions declared and payable | $ | 7,625,000 |  |  | $ | 6,671,875 |  |  | $ | 5,687,500 |
Accrual for deferred credit facility costs | $ | 6,189 |  |  | $ | 25,995 |  |  | $ | 75,000 |

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

NMFC Senior Loan Program III LLC
Schedule of Investments
December 31, 2024

Portfolio Company, Location and Industry |  |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (2) |  | Maturity/Expiration Date |  | Principal Amount, Par Value |  | Cost |  | Fair Value |  | Percent of Member's Capital |  |  |  |  |  |
Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Flash Charm, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 3.50% |  | 8.07% |  | 3/2028 |  | $ | 16,507,806 |  |  | $ | 16,496,430 |  |  | $ | 16,225,803 |  |  | 8.29 | % |  |  |  |  |  |
Help/Systems Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 4.00% |  | 8.69% |  | 11/2026 |  | 17,696,845 |  |  | 17,637,602 |  |  | 15,639,587 |  |  | 7.99 | % |  |  |  |  |  |
Boxer Parent Company Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 3.75% |  | 8.34% |  | 7/2031 |  | 15,320,998 |  |  | 15,284,394 |  |  | 15,470,217 |  |  | 7.90 | % |  |  |  |  |  |
Syndigo LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 4.50% |  | 9.28% |  | 12/2027 |  | 14,674,488 |  |  | 14,621,527 |  |  | 14,720,346 |  |  | 7.52 | % |  |  |  |  |  |
Nielsen Consumer Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(M) |  | 4.75% |  | 9.11% |  | 3/2028 |  | 14,753,397 |  |  | 13,503,879 |  |  | 14,719,589 |  |  | 7.52 | % |  |  |  |  |  |
Dispatch Acquisition Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial Services |  |  | First Lien (1) |  | SOFR(Q) |  | 4.25% |  | 8.73% |  | 3/2028 |  | 15,289,433 |  |  | 15,018,952 |  |  | 14,610,964 |  |  | 7.47 | % |  |  |  |  |  |
Bracket Intermediate Holding Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(Q) |  | 4.25% |  | 8.58% |  | 5/2028 |  | 14,110,573 |  |  | 13,804,685 |  |  | 14,255,488 |  |  | 7.29 | % |  |  |  |  |  |
Symplr Software, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(Q) |  | 4.50% |  | 9.19% |  | 12/2027 |  | 15,400,000 |  |  | 15,330,924 |  |  | 14,122,277 |  |  | 7.22 | % |  |  |  |  |  |
Heartland Dental, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(M) |  | 4.50% |  | 8.86% |  | 4/2028 |  | 14,036,213 |  |  | 13,630,748 |  |  | 14,080,076 |  |  | 7.19 | % |  |  |  |  |  |
MH Sub I, LLC (Micro Holding Corp.) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(M) |  | 4.25% |  | 8.56% |  | 5/2028 |  | 7,094,381 |  |  | 6,973,290 |  |  | 7,111,135 |  |  |  |  |  |  |  |  |
|  |  | First Lien |  | SOFR(M) |  | 4.25% |  | 8.56% |  | 12/2031 |  | 7,000,000 |  |  | 6,930,000 |  |  | 6,950,125 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 14,094,381 |  |  | 13,903,290 |  |  | 14,061,260 |  |  | 7.18 | % |  |  |  |  |  |
TRC Companies LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 7.97% |  | 12/2028 |  | 13,883,959 |  |  | 13,836,108 |  |  | 14,018,460 |  |  | 7.16 | % |  |  |  |  |  |
Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  | First Lien (1) |  | SOFR(Q) |  | 3.75% |  | 8.60% |  | 8/2028 |  | 14,209,473 |  |  | 14,104,232 |  |  | 13,925,283 |  |  | 7.12 | % |  |  |  |  |  |
Project Alpha Intermediate Holding, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 3.25% |  | 7.58% |  | 10/2030 |  | 13,642,060 |  |  | 13,402,696 |  |  | 13,748,032 |  |  | 7.02 | % |  |  |  |  |  |
Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 3.50% |  | 7.83% |  | 12/2027 |  | 13,632,524 |  |  | 13,454,135 |  |  | 13,746,833 |  |  | 7.02 | % |  |  |  |  |  |
Wrench Group LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  |  | First Lien (1) |  | SOFR(Q) |  | 4.00% |  | 8.59% |  | 10/2028 |  | 14,108,473 |  |  | 14,086,175 |  |  | 13,597,041 |  |  | 6.95 | % |  |  |  |  |  |
Maverick Bidco Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 3.75% |  | 8.49% |  | 5/2028 |  | 8,854,606 |  |  | 8,828,458 |  |  | 8,869,367 |  |  |  |  |  |  |  |  |
|  |  | First Lien (1) |  | SOFR(Q) |  | 4.25% |  | 9.10% |  | 5/2028 |  | 2,462,500 |  |  | 2,374,297 |  |  | 2,465,578 |  |  |  |  |  |  |  |  |
|  |  | First Lien - Delayed Draw - Funded (1) |  | SOFR(Q) |  | 5.00% |  | 9.69% |  | 5/2028 |  | 1,965,000 |  |  | 1,900,504 |  |  | 1,968,276 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 13,282,106 |  |  | 13,103,259 |  |  | 13,303,221 |  |  | 6.80 | % |  |  |  |  |  |
Asurion, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(M) |  | 4.25% |  | 8.71% |  | 8/2028 |  | 13,133,905 |  |  | 13,040,791 |  |  | 13,166,740 |  |  | 6.73 | % |  |  |  |  |  |
Cloudera, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(M) |  | 3.75% |  | 8.21% |  | 10/2028 |  | 12,494,921 |  |  | 12,332,743 |  |  | 12,514,444 |  |  | 6.39 | % |  |  |  |  |  |
Spring Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  | First Lien (1) |  | SOFR(Q) |  | 4.00% |  | 8.33% |  | 10/2030 |  | 12,225,302 |  |  | 12,092,838 |  |  | 12,315,464 |  |  | 6.29 | % |  |  |  |  |  |
LSCS Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(M) |  | 4.50% |  | 8.97% |  | 12/2028 |  | 11,972,654 |  |  | 11,882,641 |  |  | 12,069,932 |  |  | 6.17 | % |  |  |  |  |  |
Osaic Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 8/2028 |  | 11,567,818 |  |  | 11,452,151 |  |  | 11,627,462 |  |  | 5.94 | % |  |  |  |  |  |

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

NMFC Senior Loan Program III LLC
Schedule of Investments (Continued)
December 31, 2024

Portfolio Company, Location and Industry |  |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (2) |  | Maturity/Expiration Date |  | Principal Amount, Par Value |  | Cost |  | Fair Value |  | Percent of Member's Capital |  |  |  |  |  |
Dealer Tire Financial, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 7/2031 |  | $ | 11,550,662 |  |  | $ | 11,496,000 |  |  | $ | 11,579,539 |  |  | 5.92 | % |  |  |  |  |  |
CE Intermediate I, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 8.05% |  | 11/2028 |  | 10,700,364 |  |  | 10,654,224 |  |  | 10,760,554 |  |  | 5.50 | % |  |  |  |  |  |
CommerceHub, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 4.00% |  | 8.80% |  | 12/2027 |  | 6,881,147 |  |  | 6,823,398 |  |  | 6,539,955 |  |  |  |  |  |  |  |  |
|  |  | First Lien (1) |  | SOFR(Q) |  | 6.25% |  | 10.90% |  | 12/2027 |  | 3,920,000 |  |  | 3,595,510 |  |  | 3,920,000 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 10,801,147 |  |  | 10,418,908 |  |  | 10,459,955 |  |  | 5.35 | % |  |  |  |  |  |
DG Investment Intermediate Holdings 2, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(M) |  | 3.75% |  | 8.22% |  | 3/2028 |  | 10,287,871 |  |  | 10,258,107 |  |  | 10,405,750 |  |  | 5.32 | % |  |  |  |  |  |
Kestra Advisor Services Holdings A, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First Lien (1) |  | SOFR(M) |  | 3.00% |  | 7.37% |  | 3/2031 |  | 10,021,962 |  |  | 10,000,657 |  |  | 10,045,964 |  |  | 5.13 | % |  |  |  |  |  |
MED ParentCo, LP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 4/2031 |  | 9,929,507 |  |  | 9,883,423 |  |  | 9,986,909 |  |  | 5.10 | % |  |  |  |  |  |
RxB Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(M) |  | 4.50% |  | 8.97% |  | 12/2027 |  | 6,273,777 |  |  | 6,203,056 |  |  | 6,273,777 |  |  |  |  |  |  |  |  |
|  |  | First Lien (1) |  | SOFR(M) |  | 5.25% |  | 9.61% |  | 12/2027 |  | 3,632,482 |  |  | 3,567,744 |  |  | 3,632,482 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,906,259 |  |  | 9,770,800 |  |  | 9,906,259 |  |  | 5.06 | % |  |  |  |  |  |
Discovery Purchaser Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  |  | First Lien (1) |  | SOFR(Q) |  | 4.38% |  | 8.95% |  | 10/2029 |  | 9,449,124 |  |  | 9,011,643 |  |  | 9,517,460 |  |  | 4.86 | % |  |  |  |  |  |
CVET Midco 2, L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 5.00% |  | 9.33% |  | 10/2029 |  | 9,805,595 |  |  | 9,443,692 |  |  | 9,455,398 |  |  | 4.83 | % |  |  |  |  |  |
Cardinal Parent, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 4.50% |  | 8.98% |  | 11/2027 |  | 9,720,287 |  |  | 9,586,403 |  |  | 9,321,357 |  |  | 4.76 | % |  |  |  |  |  |
RealPage, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien |  | SOFR(Q) |  | 3.75% |  | 8.08% |  | 4/2028 |  | 5,000,000 |  |  | 4,975,000 |  |  | 5,028,125 |  |  |  |  |  |  |  |  |
|  |  | First Lien (1) |  | SOFR(Q) |  | 3.00% |  | 7.59% |  | 4/2028 |  | 4,260,813 |  |  | 4,255,167 |  |  | 4,259,483 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,260,813 |  |  | 9,230,167 |  |  | 9,287,608 |  |  | 4.75 | % |  |  |  |  |  |
Quartz Holding Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 10/2028 |  | 9,083,501 |  |  | 9,044,496 |  |  | 9,128,918 |  |  | 4.66 | % |  |  |  |  |  |
Groundworks, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(M) |  | 3.25% |  | 7.65% |  | 3/2031 |  | 8,787,450 |  |  | 8,737,936 |  |  | 8,846,032 |  |  |  |  |  |  |  |  |
|  |  | First Lien - Delayed Draw - Funded (1) |  | SOFR(M) |  | 3.25% |  | 7.65% |  | 3/2031 |  | 258,772 |  |  | 257,303 |  |  | 260,497 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,046,222 |  |  | 8,995,239 |  |  | 9,106,529 |  |  | 4.65 | % |  |  |  |  |  |
BCPE Empire Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 12/2028 |  | 8,921,085 |  |  | 8,863,084 |  |  | 8,981,178 |  |  | 4.59 | % |  |  |  |  |  |
Higginbotham Insurance Agency, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(M) |  | 4.50% |  | 8.86% |  | 11/2028 |  | 8,896,496 |  |  | 8,856,105 |  |  | 8,896,496 |  |  | 4.55 | % |  |  |  |  |  |
Eisner Advisory Group LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First Lien (1) |  | SOFR(M) |  | 4.00% |  | 8.36% |  | 2/2031 |  | 8,631,875 |  |  | 8,571,406 |  |  | 8,745,168 |  |  | 4.47 | % |  |  |  |  |  |
Thermostat Purchaser III, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(Q) |  | 4.25% |  | 8.58% |  | 8/2028 |  | 8,505,469 |  |  | 8,485,407 |  |  | 8,505,469 |  |  | 4.35 | % |  |  |  |  |  |
OMNIA Partners, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(Q) |  | 2.75% |  | 7.37% |  | 7/2030 |  | 8,438,149 |  |  | 8,378,589 |  |  | 8,482,976 |  |  | 4.33 | % |  |  |  |  |  |
Convey Health Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien |  | SOFR(Q)* |  | 1.00% + 4.25%/PIK |  | 9.68% |  | 7/2029 |  | 8,875,653 |  |  | 8,736,939 |  |  | 8,054,655 |  |  | 4.12 | % |  |  |  |  |  |

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

NMFC Senior Loan Program III LLC
Schedule of Investments (Continued)
December 31, 2024

Portfolio Company, Location and Industry |  |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (2) |  | Maturity/Expiration Date |  | Principal Amount, Par Value |  | Cost |  | Fair Value |  | Percent of Member's Capital |  |  |  |  |  |
ConnectWise, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 3.50% |  | 8.09% |  | 9/2028 |  | $ | 7,958,974 |  |  | $ | 7,940,203 |  |  | $ | 8,021,651 |  |  | 4.10 | % |  |  |  |  |  |
Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  | First Lien (1) |  | SOFR(M) |  | 5.25% |  | 9.71% |  | 4/2029 |  | 8,068,752 |  |  | 7,856,168 |  |  | 7,961,167 |  |  | 4.07 | % |  |  |  |  |  |
Bella Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(M) |  | 3.75% |  | 8.21% |  | 5/2028 |  | 7,799,697 |  |  | 7,779,785 |  |  | 7,859,411 |  |  | 4.02 | % |  |  |  |  |  |
Eagle Parent Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(Q) |  | 4.25% |  | 8.58% |  | 4/2029 |  | 7,392,325 |  |  | 7,290,540 |  |  | 7,260,653 |  |  | 3.71 | % |  |  |  |  |  |
Viant Medical Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(Q) |  | 4.00% |  | 8.59% |  | 10/2031 |  | 7,100,000 |  |  | 7,064,809 |  |  | 7,187,650 |  |  | 3.67 | % |  |  |  |  |  |
WatchGuard Technologies, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(M) |  | 5.25% |  | 9.61% |  | 7/2029 |  | 6,918,026 |  |  | 6,666,641 |  |  | 6,869,386 |  |  | 3.51 | % |  |  |  |  |  |
Confluent Medical Technologies, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(Q) |  | 3.25% |  | 7.85% |  | 2/2029 |  | 6,807,938 |  |  | 6,785,690 |  |  | 6,841,977 |  |  | 3.50 | % |  |  |  |  |  |
AG Parent Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(Q) |  | 5.00% |  | 9.78% |  | 7/2026 |  | 7,218,365 |  |  | 7,208,403 |  |  | 6,821,355 |  |  | 3.49 | % |  |  |  |  |  |
athenahealth Group Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(M) |  | 3.25% |  | 7.61% |  | 2/2029 |  | 6,773,107 |  |  | 6,582,266 |  |  | 6,805,764 |  |  | 3.48 | % |  |  |  |  |  |
Bayou Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(Q) |  | 4.50% |  | 9.35% |  | 8/2028 |  | 6,667,441 |  |  | 6,628,594 |  |  | 6,667,441 |  |  | 3.41 | % |  |  |  |  |  |
Perforce Software, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(M) |  | 4.75% |  | 9.11% |  | 3/2031 |  | 6,597,003 |  |  | 6,569,817 |  |  | 6,508,603 |  |  | 3.33 | % |  |  |  |  |  |
Summit Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First Lien (1) |  | SOFR(Q) |  | 3.75% |  | 8.08% |  | 10/2031 |  | 6,000,000 |  |  | 5,970,544 |  |  | 6,000,000 |  |  | 3.07 | % |  |  |  |  |  |
UKG Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 3.00% |  | 7.62% |  | 2/2031 |  | 5,812,072 |  |  | 5,807,756 |  |  | 5,861,277 |  |  | 3.00 | % |  |  |  |  |  |
AmSpec Parent, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  |  | First Lien |  | SOFR(Q) |  | 4.25% |  | 8.56% |  | 12/2031 |  | 5,753,544 |  |  | 5,724,776 |  |  | 5,796,695 |  |  | 2.96 | % |  |  |  |  |  |
Xplor T1, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 3.50% |  | 7.83% |  | 6/2031 |  | 5,586,877 |  |  | 5,560,342 |  |  | 5,651,489 |  |  | 2.89 | % |  |  |  |  |  |
RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Packaging |  |  | First Lien (1) |  | SOFR(M) |  | 4.25% |  | 8.72% |  | 7/2028 |  | 5,668,308 |  |  | 5,652,106 |  |  | 5,613,042 |  |  | 2.87 | % |  |  |  |  |  |
Valcour Packaging, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Packaging |  |  | First Lien |  | SOFR(M)* |  | 1.50% + 2.25%/PIK |  | 8.35% |  | 10/2028 |  | 3,104,529 |  |  | 3,104,509 |  |  | 2,738,195 |  |  |  |  |  |  |  |  |
|  |  | First Lien (1) |  | SOFR(M) |  | 5.25% |  | 9.73% |  | 10/2028 |  | 2,256,091 |  |  | 2,234,539 |  |  | 2,327,541 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 5,360,620 |  |  | 5,339,048 |  |  | 5,065,736 |  |  | 2.59 | % |  |  |  |  |  |
HighTower Holding, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First Lien (1) |  | SOFR(Q) |  | 3.50% |  | 8.07% |  | 4/2028 |  | 4,681,759 |  |  | 4,656,288 |  |  | 4,706,631 |  |  | 2.41 | % |  |  |  |  |  |
Plano Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Information Technology |  |  | First Lien (1) |  | SOFR(Q) |  | 3.50% |  | 7.83% |  | 10/2031 |  | 4,625,000 |  |  | 4,602,411 |  |  | 4,694,375 |  |  | 2.40 | % |  |  |  |  |  |
Confluent Health, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(M) |  | 4.00% |  | 8.47% |  | 11/2028 |  | 4,652,749 |  |  | 4,637,584 |  |  | 4,553,878 |  |  | 2.33 | % |  |  |  |  |  |
VSTG Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(Q) |  | 4.75% |  | 9.08% |  | 7/2029 |  | 4,455,429 |  |  | 4,436,129 |  |  | 4,474,921 |  |  | 2.29 | % |  |  |  |  |  |
Project Ruby Ultimate Parent Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(M) |  | 3.00% |  | 7.47% |  | 3/2028 |  | 4,274,268 |  |  | 4,263,039 |  |  | 4,299,379 |  |  | 2.20 | % |  |  |  |  |  |
Mavis Tire Express Services Topco, Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 5/2028 |  | 4,090,223 |  |  | 4,079,183 |  |  | 4,122,887 |  |  | 2.11 | % |  |  |  |  |  |

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

NMFC Senior Loan Program III LLC
Schedule of Investments (Continued)
December 31, 2024

Portfolio Company, Location and Industry |  |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (2) |  | Maturity/Expiration Date |  | Principal Amount, Par Value |  | Cost |  | Fair Value |  | Percent of Member's Capital |  |  |  |  |  |
Zest Acquisition Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(Q) |  | 5.25% |  | 9.84% |  | 2/2028 |  | $ | 4,031,342 |  |  | $ | 3,916,155 |  |  | $ | 4,081,734 |  |  | 2.09 | % |  |  |  |  |  |
Peraton Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Services |  |  | First Lien (1) |  | SOFR(M) |  | 3.75% |  | 8.21% |  | 2/2028 |  | 4,103,131 |  |  | 4,092,522 |  |  | 3,830,017 |  |  | 1.96 | % |  |  |  |  |  |
Storable, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 4/2028 |  | 3,746,207 |  |  | 3,741,229 |  |  | 3,776,060 |  |  | 1.93 | % |  |  |  |  |  |
LI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 7.97% |  | 3/2028 |  | 3,702,222 |  |  | 3,697,409 |  |  | 3,716,106 |  |  | 1.90 | % |  |  |  |  |  |
eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(M) |  | 4.00% |  | 8.36% |  | 2/2027 |  | 3,594,060 |  |  | 3,593,713 |  |  | 3,619,892 |  |  | 1.85 | % |  |  |  |  |  |
Therapy Brands Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(M) |  | 4.00% |  | 8.47% |  | 5/2028 |  | 4,016,111 |  |  | 4,004,649 |  |  | 3,413,694 |  |  | 1.74 | % |  |  |  |  |  |
Pushpay USA Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(Q) |  | 4.50% |  | 8.83% |  | 8/2031 |  | 3,119,923 |  |  | 3,089,895 |  |  | 3,147,223 |  |  | 1.61 | % |  |  |  |  |  |
Marcel Bidco LLC (Marcel Bidco GmbH) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 8.07% |  | 11/2030 |  | 2,822,893 |  |  | 2,785,451 |  |  | 2,854,650 |  |  | 1.46 | % |  |  |  |  |  |
EAB Global, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  | First Lien (1) |  | SOFR(M) |  | 3.25% |  | 7.61% |  | 8/2028 |  | 2,816,170 |  |  | 2,797,646 |  |  | 2,830,603 |  |  | 1.45 | % |  |  |  |  |  |
Ascensus Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(M) |  | 3.00% |  | 7.36% |  | 8/2028 |  | 2,787,204 |  |  | 2,778,402 |  |  | 2,815,076 |  |  | 1.44 | % |  |  |  |  |  |
Brown Group Holding, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  |  | First Lien (1) |  | SOFR(Q) |  | 2.50% |  | 6.86% |  | 7/2031 |  | 2,697,009 |  |  | 2,647,826 |  |  | 2,708,327 |  |  | 1.38 | % |  |  |  |  |  |
Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food & Beverage |  |  | First Lien (1) |  | SOFR(Q) |  | 6.75% |  | 11.34% |  | 5/2027 |  | 2,540,091 |  |  | 2,539,423 |  |  | 2,540,091 |  |  | 1.30 | % |  |  |  |  |  |
BW Holding, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Packaging |  |  | First Lien (1) |  | SOFR(Q) |  | 4.00% |  | 8.66% |  | 12/2028 |  | 2,742,499 |  |  | 2,591,753 |  |  | 2,452,822 |  |  | 1.25 | % |  |  |  |  |  |
ADMI Corp. (aka Aspen Dental) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(M) |  | 3.75% |  | 8.22% |  | 12/2027 |  | 2,351,563 |  |  | 2,345,492 |  |  | 2,318,249 |  |  | 1.18 | % |  |  |  |  |  |
Cornerstone OnDemand, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(M) |  | 3.75% |  | 8.22% |  | 10/2028 |  | 2,559,460 |  |  | 2,551,714 |  |  | 2,256,592 |  |  | 1.15 | % |  |  |  |  |  |
AssuredPartners, Inc |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 7.86% |  | 2/2031 |  | 1,955,324 |  |  | 1,953,064 |  |  | 1,961,638 |  |  | 1.00 | % |  |  |  |  |  |
Physician Partners, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(Q) |  | 4.00% |  | 8.74% |  | 12/2028 |  | 4,187,855 |  |  | 4,160,274 |  |  | 1,765,878 |  |  | 0.90 | % |  |  |  |  |  |
Total Funded Debt Investments - United States |  |  |  |  |  |  |  | $ | 671,904,911 |  |  | $ | 664,094,228 |  |  | $ | 662,300,681 |  |  | 338.46 | % |  |  |  |  |  |
Funded Debt Investments - United Kingdom |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Osmosis Buyer Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Products |  |  | First Lien (1) |  | SOFR(M) |  | 3.50% |  | 8.05% |  | 7/2028 |  | $ | 11,020,824 |  |  | $ | 10,912,354 |  |  | $ | 11,065,597 |  |  | 5.66 | % |  |  |  |  |  |
Ardonagh Midco 3 Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First Lien (1) |  | SOFR(Q) |  | 3.75% |  | 8.51% |  | 2/2031 |  | 9,400,000 |  |  | 9,354,206 |  |  | 9,458,750 |  |  | 4.84 | % |  |  |  |  |  |
Aston FinCo S.a r.l. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien (1) |  | SOFR(M) |  | 4.25% |  | 8.72% |  | 10/2026 |  | 5,715,000 |  |  | 5,698,039 |  |  | 5,486,400 |  |  | 2.80 | % |  |  |  |  |  |
Inizio Group Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First Lien (1) |  | SOFR(Q) |  | 4.25% |  | 8.68% |  | 8/2028 |  | 4,500,000 |  |  | 4,469,603 |  |  | 4,449,375 |  |  | 2.27 | % |  |  |  |  |  |
Total Funded Debt Investments - United Kingdom |  |  |  |  |  |  |  | $ | 30,635,824 |  |  | $ | 30,434,202 |  |  | $ | 30,460,122 |  |  | 15.57 | % |  |  |  |  |  |
Funded Debt Investments - New Zealand |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FNZ Group Entities Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First Lien (1) |  | SOFR(Q) |  | 5.00% |  | 9.55% |  | 11/2031 |  | $ | 10,254,528 |  |  | $ | 10,050,310 |  |  | $ | 10,036,619 |  |  | 5.13 | % |  |  |  |  |  |
Total Funded Debt Investments - New Zealand |  |  |  |  |  |  |  | $ | 10,254,528 |  |  | $ | 10,050,310 |  |  | $ | 10,036,619 |  |  | 5.13 | % |  |  |  |  |  |

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

NMFC Senior Loan Program III LLC
Schedule of Investments (Continued)
December 31, 2024

Portfolio Company, Location and Industry |  |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (2) |  | Maturity/Expiration Date |  | Principal Amount, Par Value |  | Cost |  | Fair Value |  | Percent of Member's Capital |  |  |  |  |  |
Funded Debt Investments - Netherlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TMF Sapphire Bidco B.V. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(Q) |  | 3.50% |  | 8.09% |  | 5/2028 |  | $ | 2,640,067 |  |  | $ | 2,600,002 |  |  | $ | 2,656,567 |  |  | 1.36 | % |  |  |  |  |  |
Pearls (Netherlands) Bidco B.V. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  |  | First Lien (1) |  | SOFR(Q) |  | 4.00% |  | 8.59% |  | 2/2029 |  | 1,694,768 |  |  | 1,691,906 |  |  | 1,712,422 |  |  | 0.88 | % |  |  |  |  |  |
Total Funded Debt Investments - Netherlands |  |  |  |  |  |  |  | $ | 4,334,835 |  |  | $ | 4,291,908 |  |  | $ | 4,368,989 |  |  | 2.23 | % |  |  |  |  |  |
Funded Debt Investments - Canada |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BIFM CA Buyer Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien (1) |  | SOFR(M) |  | 3.75% |  | 8.11% |  | 5/2028 |  | $ | 3,580,052 |  |  | $ | 3,540,590 |  |  | $ | 3,615,853 |  |  | 1.85 | % |  |  |  |  |  |
Total Funded Debt Investments - Canada |  |  |  |  |  |  |  | $ | 3,580,052 |  |  | $ | 3,540,590 |  |  | $ | 3,615,853 |  |  | 1.85 | % |  |  |  |  |  |
Funded Debt Investments - Luxembourg |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chrysaor Bidco S.a r.l. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Information Services |  |  | First Lien |  | SOFR(Q) |  | 3.50% |  | 7.79% |  | 7/2031 |  | $ | 2,131,214 |  |  | $ | 2,131,214 |  |  | $ | 2,151,460 |  |  | 1.10 | % |  |  |  |  |  |
Total Funded Debt Investments - Luxembourg |  |  |  |  |  |  |  | $ | 2,131,214 |  |  | $ | 2,131,214 |  |  | $ | 2,151,460 |  |  | 1.10 | % |  |  |  |  |  |
Funded Debt Investments - Cayman Islands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bach Finance Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  | First Lien (1) |  | SOFR(Q) |  | 3.75% |  | 8.26% |  | 2/2031 |  | $ | 2,123,232 |  |  | $ | 2,118,393 |  |  | $ | 2,142,607 |  |  | 1.09 | % |  |  |  |  |  |
Total Funded Debt Investments - Cayman Islands |  |  |  |  |  |  |  | $ | 2,123,232 |  |  | $ | 2,118,393 |  |  | $ | 2,142,607 |  |  | 1.09 | % |  |  |  |  |  |
Total Funded Debt Investments |  |  |  |  |  |  |  | $ | 724,964,596 |  |  | $ | 716,660,845 |  |  | $ | 715,076,331 |  |  | 365.43 | % |  |  |  |  |  |
Unfunded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Groundworks, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien - Delayed Draw - Unfunded (1) |  | — |  | — |  | — |  | 3/2026 |  | $ | 1,365,377 |  |  | $ | (4,212) |  |  | $ | 9,102 |  |  | 0.01 | % |  |  |  |  |  |
DG Investment Intermediate Holdings 2, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien - Delayed Draw - Unfunded (1) |  | — |  | — |  | — |  | 3/2028 |  | 245,817 |  |  | (602) |  |  | 2,817 |  |  | 0.00 | % |  |  |  |  |  |
AmSpec Parent, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy |  |  | First Lien - Delayed Draw - Unfunded |  | — |  | — |  | — |  | 12/2026 |  | 885,161 |  |  | (2,213) |  |  | 6,639 |  |  | 0.00 | % |  |  |  |  |  |
Total Unfunded Debt Investments - United States |  |  |  |  |  |  |  | $ | 2,496,355 |  |  | $ | (7,027) |  |  | $ | 18,558 |  |  | 0.01 | % |  |  |  |  |  |
Unfunded Debt Investments - Luxembourg |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chrysaor Bidco S.a r.l. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Information Services |  |  | First Lien - Delayed Draw - Unfunded |  | — |  | — |  | — |  | 7/2026 |  | $ | 157,614 |  |  | $ | — |  |  | $ | 1,497 |  |  | 0.00 | % |  |  |  |  |  |
Total Unfunded Debt Investments - Luxembourg |  |  |  |  |  |  |  | $ | 157,614 |  |  | $ | — |  |  | $ | 1,497 |  |  | 0.00 | % |  |  |  |  |  |
Total Unfunded Debt Investments |  |  |  |  |  |  |  | $ | 2,653,969 |  |  | $ | (7,027) |  |  | $ | 20,055 |  |  | 0.01 | % |  |  |  |  |  |
Total Investments |  |  |  |  |  |  |  |  |  | $ | 716,653,818 |  |  | $ | 715,096,386 |  |  | 365.44 | % |  |  |  |  |  |

(1)Investment is pledged as collateral for the Credit Facility, a revolving credit facility among New Mountain Finance Corporation as the Collateral Manager, NMFC Senior Loan Program III LLC as the Borrower, Citibank, N.A. as Lender, Administrative Agent and U.S. Bank National Association as Collateral Agent and Collateral Administrator. See Note 8, Credit Facility, for details.
(2)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 Secured Overnight Financing Rate (S). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2024.
* All or a portion of interest contains payment-in kind ("PIK") interest.
The accompanying notes are an integral part of these financial statements.
12

NMFC Senior Loan Program III LLC
Schedule of Investments (Continued)
December 31, 2024

| December 31, 2024
Investment Type | Percent of Total Investments at Fair Value
First lien | 100.00 | %

| December 31, 2024
Industry Type | Percent of Total Investments at Fair Value
Software | 31.87 | %
Healthcare | 21.42 | %
Business Services | 17.36 | %
Financial Services | 8.48 | %
Education | 5.48 | %
Distribution & Logistics | 3.24 | %
Industrial Services | 2.04 | %
Consumer Services | 1.90 | %
Packaging | 1.84 | %
Specialty Chemicals & Materials | 1.57 | %
Consumer Products | 1.55 | %
Energy | 0.81 | %
Information Technology | 0.66 | %
Retail | 0.58 | %
Federal Services | 0.54 | %
Food & Beverage | 0.36 | %
Information Services | 0.30 | %
Total investments | 100.00 | %

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

NMFC Senior Loan Program III LLC
Schedule of Investments
December 31, 2023

Portfolio Company, Location and Industry(1) |  |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (2) |  | Maturity/Expiration Date |  | Principal Amount, Par Value |  | Cost |  | Fair Value |  | Percent of Member's Capital |  |  |  |  |  |
Funded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Help/Systems Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(Q) |  | 4.00 | % |  | 9.48 | % |  | 11/2026 |  | $ | 17,882,639 |  |  | $ | 17,794,601 |  |  | $ | 17,048,110 |  |  | 10.19 | % |  |  |  |  |  |
Idera, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(Q) |  | 3.75 | % |  | 9.28 | % |  | 3/2028 |  | 15,642,263 |  |  | 15,633,280 |  |  | 15,583,605 |  |  | 9.31 | % |  |  |  |  |  |
Nielsen Consumer Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First lien |  | SOFR(M) |  | 6.25 | % |  | 11.61 | % |  | 3/2028 |  | 14,925,000 |  |  | 13,402,197 |  |  | 14,638,933 |  |  | 8.75 | % |  |  |  |  |  |
Syndigo LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(M) |  | 4.50 | % |  | 9.97 | % |  | 12/2027 |  | 14,587,500 |  |  | 14,519,200 |  |  | 14,587,500 |  |  | 8.72 | % |  |  |  |  |  |
Dispatch Acquisition Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial Services |  |  | First lien |  | SOFR(Q) |  | 4.25 | % |  | 9.75 | % |  | 3/2028 |  | 15,447,872 |  |  | 15,104,913 |  |  | 14,549,965 |  |  | 8.70 | % |  |  |  |  |  |
Bracket Intermediate Holding Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(Q) |  | 5.00 | % |  | 10.45 | % |  | 5/2028 |  | 14,253,375 |  |  | 13,870,005 |  |  | 14,280,100 |  |  | 8.53 | % |  |  |  |  |  |
CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First lien |  | SOFR(M) |  | 3.50 | % |  | 8.96 | % |  | 8/2025 |  | 14,212,500 |  |  | 14,193,847 |  |  | 14,261,363 |  |  | 8.52 | % |  |  |  |  |  |
Heartland Dental, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 5.00 | % |  | 10.36 | % |  | 4/2028 |  | 14,177,902 |  |  | 13,668,051 |  |  | 14,160,180 |  |  | 8.46 | % |  |  |  |  |  |
Symplr Software, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(Q) |  | 4.50 | % |  | 9.98 | % |  | 12/2027 |  | 15,560,000 |  |  | 15,470,036 |  |  | 13,978,062 |  |  | 8.35 | % |  |  |  |  |  |
Project Alpha Intermediate Holding, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(M) |  | 4.75 | % |  | 10.11 | % |  | 10/2030 |  | 13,744,976 |  |  | 13,473,562 |  |  | 13,858,798 |  |  | 8.28 | % |  |  |  |  |  |
CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(Q) |  | 3.75 | % |  | 9.25 | % |  | 8/2025 |  | 14,250,000 |  |  | 14,240,081 |  |  | 13,817,413 |  |  | 8.26 | % |  |  |  |  |  |
TRC Companies LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First lien |  | SOFR(M) |  | 3.75 | % |  | 9.22 | % |  | 12/2028 |  | 13,525,450 |  |  | 13,469,988 |  |  | 13,547,996 |  |  | 8.10 | % |  |  |  |  |  |
Wrench Group LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  |  | First lien |  | SOFR(Q) |  | 4.00 | % |  | 9.61 | % |  | 4/2026 |  | 7,742,586 |  |  | 7,731,793 |  |  | 7,771,620 |  |  |  |  |  |  |  |  |
|  |  | First lien |  | SOFR(Q) |  | 4.50 | % |  | 9.95 | % |  | 4/2026 |  | 5,472,500 |  |  | 5,386,410 |  |  | 5,494,729 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 13,215,086 |  |  | 13,118,203 |  |  | 13,266,349 |  |  | 7.93 | % |  |  |  |  |  |
Spring Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  | First lien |  | SOFR(Q) |  | 4.50 | % |  | 9.85 | % |  | 10/2030 |  | 12,348,790 |  |  | 12,197,947 |  |  | 12,390,468 |  |  | 7.40 | % |  |  |  |  |  |
MED ParentCo, LP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 4.25 | % |  | 9.72 | % |  | 8/2026 |  | 12,458,131 |  |  | 12,406,857 |  |  | 12,360,808 |  |  | 7.39 | % |  |  |  |  |  |
Boxer Parent Company Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(M) |  | 4.25 | % |  | 9.60 | % |  | 12/2028 |  | 11,882,912 |  |  | 11,764,083 |  |  | 11,992,461 |  |  | 7.17 | % |  |  |  |  |  |
Kestra Advisor Services Holdings A, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First lien |  | SOFR(Q) |  | 4.25 | % |  | 9.70 | % |  | 6/2026 |  | 11,811,187 |  |  | 11,777,799 |  |  | 11,840,715 |  |  | 7.08 | % |  |  |  |  |  |
Convey Health Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(Q) |  | 5.25 | % |  | 10.74 | % |  | 9/2026 |  | 12,837,500 |  |  | 12,558,825 |  |  | 11,483,144 |  |  | 6.86 | % |  |  |  |  |  |
Confluent Health, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 4.00 | % |  | 9.47 | % |  | 11/2028 |  | 10,962,335 |  |  | 10,919,308 |  |  | 10,770,494 |  |  | 6.44 | % |  |  |  |  |  |
CE Intermediate I, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(Q) |  | 3.50 | % |  | 9.02 | % |  | 11/2028 |  | 10,810,394 |  |  | 10,753,932 |  |  | 10,729,316 |  |  | 6.41 | % |  |  |  |  |  |
Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(Q) |  | 4.00 | % |  | 9.61 | % |  | 12/2027 |  | 10,721,056 |  |  | 10,528,308 |  |  | 10,668,791 |  |  | 6.38 | % |  |  |  |  |  |

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

NMFC Senior Loan Program III LLC
Schedule of Investments
December 31, 2023 (Continued)

Portfolio Company, Location and Industry(1) |  |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (2) |  | Maturity/Expiration Date |  | Principal Amount, Par Value |  | Cost |  | Fair Value |  | Percent of Member's Capital |  |  |  |  |  |
RxB Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 4.50 | % |  | 9.97 | % |  | 12/2027 |  | $ | 6,338,791 |  |  | $ | 6,246,687 |  |  | $ | 6,326,905 |  |  |  |  |  |  |  |  |
|  |  | First lien |  | SOFR(M) |  | 5.25 | % |  | 10.61 | % |  | 12/2027 |  | 3,669,454 |  |  | 3,585,938 |  |  | 3,669,454 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 10,008,245 |  |  | 9,832,625 |  |  | 9,996,359 |  |  | 5.97 | % |  |  |  |  |  |
CVET Midco 2, L.P. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien |  | SOFR(Q) |  | 5.00 | % |  | 10.35 | % |  | 10/2029 |  | 9,905,398 |  |  | 9,483,346 |  |  | 9,909,112 |  |  | 5.92 | % |  |  |  |  |  |
Osaic Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First lien |  | SOFR(M) |  | 4.50 | % |  | 9.86 | % |  | 8/2028 |  | 9,650,000 |  |  | 9,559,319 |  |  | 9,692,817 |  |  | 5.79 | % |  |  |  |  |  |
Dealer Tire Financial, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  |  | First Lien |  | SOFR(M) |  | 4.50 | % |  | 9.86 | % |  | 12/2027 |  | 9,627,750 |  |  | 9,616,752 |  |  | 9,679,904 |  |  | 5.78 | % |  |  |  |  |  |
Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  | First lien |  | SOFR(Q) |  | 4.25 | % |  | 9.89 | % |  | 8/2028 |  | 9,600,675 |  |  | 9,508,135 |  |  | 9,600,675 |  |  | 5.74 | % |  |  |  |  |  |
CommerceHub, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(Q) |  | 4.00 | % |  | 9.54 | % |  | 12/2027 |  | 5,658,333 |  |  | 5,640,567 |  |  | 5,377,776 |  |  |  |  |  |  |  |  |
|  |  | First Lien |  | SOFR(Q) |  | 6.25 | % |  | 11.79 | % |  | 12/2027 |  | 3,960,000 |  |  | 3,548,310 |  |  | 3,960,000 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,618,333 |  |  | 9,188,877 |  |  | 9,337,776 |  |  | 5.58 | % |  |  |  |  |  |
Project Ruby Ultimate Parent Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 5.75 | % |  | 11.22 | % |  | 3/2028 |  | 4,937,500 |  |  | 4,817,408 |  |  | 5,018,475 |  |  |  |  |  |  |  |  |
|  |  | First lien |  | SOFR(M) |  | 3.25 | % |  | 8.72 | % |  | 3/2028 |  | 4,307,487 |  |  | 4,293,185 |  |  | 4,310,180 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 9,244,987 |  |  | 9,110,593 |  |  | 9,328,655 |  |  | 5.58 | % |  |  |  |  |  |
Covenant Surgical Partners, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(Q) |  | 4.00 | % |  | 9.38 | % |  | 7/2026 |  | 9,583,395 |  |  | 9,544,908 |  |  | 7,538,940 |  |  |  |  |  |  |  |  |
|  |  | First Lien - Delayed Draw - Funded |  | SOFR(Q) |  | 4.00 | % |  | 9.38 | % |  | 7/2026 |  | 2,000,000 |  |  | 1,989,271 |  |  | 1,573,334 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 11,583,395 |  |  | 11,534,179 |  |  | 9,112,274 |  |  | 5.45 | % |  |  |  |  |  |
Cardinal Parent, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(Q) |  | 4.50 | % |  | 10.00 | % |  | 11/2027 |  | 9,821,277 |  |  | 9,646,379 |  |  | 9,047,852 |  |  | 5.41 | % |  |  |  |  |  |
Higginbotham Insurance Agency, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First lien |  | SOFR(M) |  | 5.50 | % |  | 10.96 | % |  | 11/2028 |  | 8,987,054 |  |  | 8,938,067 |  |  | 8,987,054 |  |  | 5.37 | % |  |  |  |  |  |
Maverick Bidco Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(Q) |  | 3.75 | % |  | 9.28 | % |  | 5/2028 |  | 3,920,255 |  |  | 3,906,966 |  |  | 3,874,929 |  |  |  |  |  |  |  |  |
|  |  | First lien |  | SOFR(Q) |  | 4.25 | % |  | 9.89 | % |  | 5/2028 |  | 2,487,500 |  |  | 2,377,137 |  |  | 2,462,625 |  |  |  |  |  |  |  |  |
|  |  | First lien |  | SOFR(Q) |  | 5.00 | % |  | 10.47 | % |  | 5/2028 |  | 1,985,000 |  |  | 1,904,444 |  |  | 1,962,049 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 8,392,755 |  |  | 8,188,547 |  |  | 8,299,603 |  |  | 4.96 | % |  |  |  |  |  |
Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  | First lien |  | SOFR(M) |  | 5.25 | % |  | 10.71 | % |  | 4/2029 |  | 8,151,296 |  |  | 7,898,422 |  |  | 8,008,649 |  |  | 4.79 | % |  |  |  |  |  |
BCPE Empire Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  |  | First lien |  | SOFR(M) |  | 4.75 | % |  | 10.11 | % |  | 12/2028 |  | 7,458,377 |  |  | 7,390,191 |  |  | 7,489,672 |  |  | 4.48 | % |  |  |  |  |  |
LSCS Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 4.50 | % |  | 9.97 | % |  | 12/2028 |  | 7,490,805 |  |  | 7,462,099 |  |  | 7,406,533 |  |  | 4.43 | % |  |  |  |  |  |
Eagle Parent Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First lien |  | SOFR(Q) |  | 4.25 | % |  | 9.60 | % |  | 4/2029 |  | 7,468,338 |  |  | 7,346,382 |  |  | 7,402,990 |  |  | 4.42 | % |  |  |  |  |  |
DG Investment Intermediate Holdings 2, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First lien |  | SOFR(M) |  | 3.75 | % |  | 9.22 | % |  | 3/2028 |  | 7,312,742 |  |  | 7,292,957 |  |  | 7,263,228 |  |  | 4.34 | % |  |  |  |  |  |
Premise Health Holding Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(Q) |  | 3.75 | % |  | 9.25 | % |  | 7/2025 |  | 7,327,974 |  |  | 7,318,614 |  |  | 7,199,734 |  |  | 4.30 | % |  |  |  |  |  |

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

NMFC Senior Loan Program III LLC
Schedule of Investments
December 31, 2023 (Continued)

Portfolio Company, Location and Industry(1) |  |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (2) |  | Maturity/Expiration Date |  | Principal Amount, Par Value |  | Cost |  | Fair Value |  | Percent of Member's Capital |  |  |  |  |  |
AG Parent Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(Q) |  | 5.00 | % |  | 10.65 | % |  | 7/2026 |  | $ | 7,294,348 |  |  | $ | 7,278,797 |  |  | $ | 7,174,297 |  |  | 4.29 | % |  |  |  |  |  |
Discovery Purchaser Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  |  | First Lien |  | SOFR(Q) |  | 4.38 | % |  | 9.77 | % |  | 10/2029 |  | 7,029,133 |  |  | 6,537,775 |  |  | 6,942,527 |  |  | 4.15 | % |  |  |  |  |  |
Confluent Medical Technologies, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(Q) |  | 3.75 | % |  | 9.10 | % |  | 2/2029 |  | 6,877,500 |  |  | 6,850,660 |  |  | 6,877,500 |  |  | 4.11 | % |  |  |  |  |  |
athenahealth Group Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 3.25 | % |  | 8.61 | % |  | 2/2029 |  | 6,842,575 |  |  | 6,612,013 |  |  | 6,828,322 |  |  | 4.08 | % |  |  |  |  |  |
Renaissance Holding Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  | First lien |  | SOFR(M) |  | 4.75 | % |  | 10.11 | % |  | 4/2030 |  | 6,612,216 |  |  | 6,428,537 |  |  | 6,644,450 |  |  | 3.97 | % |  |  |  |  |  |
Aretec Group, Inc. (fka RCS Capital Corporation) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First lien |  | SOFR(M) |  | 4.50 | % |  | 9.96 | % |  | 8/2030 |  | 6,626,400 |  |  | 6,479,792 |  |  | 6,633,649 |  |  | 3.96 | % |  |  |  |  |  |
Thermostat Purchaser III, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First lien |  | SOFR(Q) |  | 4.50 | % |  | 10.04 | % |  | 8/2028 |  | 6,559,907 |  |  | 6,535,271 |  |  | 6,474,628 |  |  | 3.87 | % |  |  |  |  |  |
Hub International Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Services |  |  | First lien |  | SOFR(Q) |  | 4.25 | % |  | 9.66 | % |  | 6/2030 |  | 6,425,613 |  |  | 6,362,672 |  |  | 6,463,094 |  |  | 3.86 | % |  |  |  |  |  |
Snap One Holdings Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  |  | First lien |  | SOFR(Q) |  | 4.50 | % |  | 10.00 | % |  | 12/2028 |  | 6,555,647 |  |  | 6,505,673 |  |  | 6,424,534 |  |  | 3.84 | % |  |  |  |  |  |
Optiv Parent Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First lien |  | SOFR(Q) |  | 5.25 | % |  | 10.63 | % |  | 7/2026 |  | 6,585,310 |  |  | 6,396,320 |  |  | 6,307,489 |  |  | 3.77 | % |  |  |  |  |  |
EyeCare Partners, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(Q) |  | 3.75 | % |  | 9.39 | % |  | 2/2027 |  | 12,209,913 |  |  | 12,202,034 |  |  | 6,113,675 |  |  | 3.65 | % |  |  |  |  |  |
OMNIA Partners, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First lien |  | SOFR(Q) |  | 4.25 | % |  | 9.63 | % |  | 7/2030 |  | 5,919,419 |  |  | 5,862,089 |  |  | 5,960,115 |  |  | 3.56 | % |  |  |  |  |  |
Cloudera, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(M) |  | 3.75 | % |  | 9.21 | % |  | 10/2028 |  | 5,692,238 |  |  | 5,552,979 |  |  | 5,654,288 |  |  | 3.38 | % |  |  |  |  |  |
RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Packaging |  |  | First lien |  | SOFR(M) |  | 4.25 | % |  | 9.72 | % |  | 7/2028 |  | 5,726,744 |  |  | 5,706,615 |  |  | 5,403,424 |  |  | 3.23 | % |  |  |  |  |  |
WatchGuard Technologies, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First Lien |  | SOFR(M) |  | 5.25 | % |  | 10.60 | % |  | 7/2029 |  | 5,236,742 |  |  | 4,944,227 |  |  | 5,044,727 |  |  | 3.01 | % |  |  |  |  |  |
UKG Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(Q) |  | 4.50 | % |  | 9.99 | % |  | 5/2026 |  | 4,975,000 |  |  | 4,880,317 |  |  | 5,004,228 |  |  | 2.99 | % |  |  |  |  |  |
Artera Services, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  |  | First lien |  | SOFR(Q) |  | 3.50 | % |  | 8.95 | % |  | 3/2025 |  | 5,272,825 |  |  | 5,258,865 |  |  | 4,967,992 |  |  | 2.97 | % |  |  |  |  |  |
HighTower Holding, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First lien |  | SOFR(Q) |  | 4.00 | % |  | 9.64 | % |  | 4/2028 |  | 4,729,478 |  |  | 4,697,269 |  |  | 4,719,626 |  |  | 2.82 | % |  |  |  |  |  |
RealPage, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(M) |  | 3.00 | % |  | 8.47 | % |  | 4/2028 |  | 4,304,852 |  |  | 4,297,724 |  |  | 4,288,326 |  |  | 2.56 | % |  |  |  |  |  |
Peraton Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Services |  |  | First lien |  | SOFR(M) |  | 3.75 | % |  | 9.21 | % |  | 2/2028 |  | 4,146,696 |  |  | 4,133,066 |  |  | 4,161,209 |  |  | 2.49 | % |  |  |  |  |  |
Mavis Tire Express Services Topco Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  |  | First lien |  | SOFR(M) |  | 4.00 | % |  | 9.47 | % |  | 5/2028 |  | 4,131,434 |  |  | 4,117,512 |  |  | 4,144,059 |  |  | 2.48 | % |  |  |  |  |  |
Physician Partners, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(Q) |  | 4.00 | % |  | 9.53 | % |  | 12/2028 |  | 4,230,918 |  |  | 4,197,453 |  |  | 4,010,305 |  |  | 2.40 | % |  |  |  |  |  |
Brown Group Holding, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution & Logistics |  |  | First lien |  | SOFR(Q) |  | 3.75 | % |  | 9.13 | % |  | 7/2029 |  | 3,989,332 |  |  | 3,904,939 |  |  | 4,006,430 |  |  | 2.39 | % |  |  |  |  |  |

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

NMFC Senior Loan Program III LLC
Schedule of Investments
December 31, 2023 (Continued)

Portfolio Company, Location and Industry(1) |  |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (2) |  | Maturity/Expiration Date |  | Principal Amount, Par Value |  | Cost |  | Fair Value |  | Percent of Member's Capital |  |  |  |  |  |
Waystar Technologies, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 4.00 | % |  | 9.47 | % |  | 10/2026 |  | $ | 3,983,201 |  |  | $ | 3,978,119 |  |  | $ | 4,003,117 |  |  | 2.39 | % |  |  |  |  |  |
Zest Acquisition Corp. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 5.50 | % |  | 10.86 | % |  | 2/2028 |  | 4,072,478 |  |  | 3,925,811 |  |  | 3,998,664 |  |  | 2.39 | % |  |  |  |  |  |
EAB Global, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  | First lien |  | SOFR(M) |  | 3.50 | % |  | 8.97 | % |  | 8/2028 |  | 3,960,192 |  |  | 3,928,570 |  |  | 3,958,069 |  |  | 2.37 | % |  |  |  |  |  |
Netsmart, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 3.75 | % |  | 9.22 | % |  | 10/2027 |  | 3,899,749 |  |  | 3,899,749 |  |  | 3,912,911 |  |  | 2.34 | % |  |  |  |  |  |
Storable, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(M) |  | 3.50 | % |  | 8.86 | % |  | 4/2028 |  | 3,784,828 |  |  | 3,778,552 |  |  | 3,782,462 |  |  | 2.26 | % |  |  |  |  |  |
LI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(M) |  | 3.50 | % |  | 8.97 | % |  | 3/2028 |  | 3,748,889 |  |  | 3,742,768 |  |  | 3,762,947 |  |  | 2.25 | % |  |  |  |  |  |
Therapy Brands Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 4.00 | % |  | 9.47 | % |  | 5/2028 |  | 4,057,621 |  |  | 4,043,240 |  |  | 3,763,443 |  |  | 2.25 | % |  |  |  |  |  |
eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 4.50 | % |  | 9.96 | % |  | 2/2027 |  | 3,631,694 |  |  | 3,631,038 |  |  | 3,632,148 |  |  | 2.17 | % |  |  |  |  |  |
Valcour Packaging, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Packaging |  |  | First lien |  | SOFR(M) |  | 3.75 | % |  | 9.21 | % |  | 10/2028 |  | 4,459,038 |  |  | 4,448,810 |  |  | 3,552,369 |  |  | 2.12 | % |  |  |  |  |  |
MH Sub I, LLC (Micro Holding Corp.) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien |  | SOFR(M) |  | 4.25 | % |  | 9.61 | % |  | 5/2028 |  | 3,558,401 |  |  | 3,479,110 |  |  | 3,504,804 |  |  | 2.09 | % |  |  |  |  |  |
Cornerstone OnDemand, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(M) |  | 3.75 | % |  | 9.22 | % |  | 10/2028 |  | 3,527,038 |  |  | 3,514,091 |  |  | 3,432,249 |  |  | 2.05 | % |  |  |  |  |  |
Marcel Bidco LLC (Marcel Bidco GmbH) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(M) |  | 4.50 | % |  | 9.13 | % |  | 11/2030 |  | 2,837,060 |  |  | 2,794,737 |  |  | 2,855,975 |  |  | 1.71 | % |  |  |  |  |  |
Ascensus Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First lien |  | SOFR(M) |  | 3.50 | % |  | 8.97 | % |  | 8/2028 |  | 2,816,685 |  |  | 2,805,743 |  |  | 2,816,685 |  |  | 1.68 | % |  |  |  |  |  |
TMF Sapphire Bidco B.V. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First lien |  | SOFR(Q) |  | 5.00 | % |  | 10.41 | % |  | 5/2028 |  | 2,666,667 |  |  | 2,616,098 |  |  | 2,685,000 |  |  | 1.60 | % |  |  |  |  |  |
USI, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First lien |  | SOFR(Q) |  | 3.00 | % |  | 8.35 | % |  | 11/2029 |  | 2,446,425 |  |  | 2,403,181 |  |  | 2,455,599 |  |  | 1.47 | % |  |  |  |  |  |
Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food & Beverage |  |  | First lien |  | SOFR(Q)* |  | 2.50%+4.25% PIK |  | 12.13 | % |  | 5/2027 |  | 2,483,945 |  |  | 2,483,121 |  |  | 2,303,859 |  |  | 1.38 | % |  |  |  |  |  |
ADMI Corp. (aka Aspen Dental) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 3.75 | % |  | 9.22 | % |  | 12/2027 |  | 2,375,868 |  |  | 2,368,007 |  |  | 2,261,035 |  |  | 1.35 | % |  |  |  |  |  |
Eisner Advisory Group LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services |  |  | First lien |  | SOFR(M) |  | 5.25 | % |  | 10.72 | % |  | 7/2028 |  | 2,189,902 |  |  | 2,113,040 |  |  | 2,195,377 |  |  | 1.31 | % |  |  |  |  |  |
AssuredPartners, Inc |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance Services |  |  | First lien |  | SOFR(M) |  | 3.75 | % |  | 9.22 | % |  | 2/2027 |  | 1,975,050 |  |  | 1,921,419 |  |  | 1,985,666 |  |  | 1.19 | % |  |  |  |  |  |
Pearls (Netherlands) Bidco B.V. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty Chemicals & Materials |  |  | First lien |  | SOFR(Q) |  | 3.75 | % |  | 9.13 | % |  | 2/2029 |  | 1,710,213 |  |  | 1,706,784 |  |  | 1,698,100 |  |  | 1.01 | % |  |  |  |  |  |
Groundworks, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  |  | First lien |  | SOFR(Q) |  | 6.50 | % |  | 11.90 | % |  | 3/2030 |  | 1,432,335 |  |  | 1,394,897 |  |  | 1,418,585 |  |  | 0.85 | % |  |  |  |  |  |
Bella Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(M) |  | 3.75 | % |  | 9.21 | % |  | 5/2028 |  | 961,889 |  |  | 955,405 |  |  | 956,479 |  |  | 0.57 | % |  |  |  |  |  |

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

NMFC Senior Loan Program III LLC
Schedule of Investments
December 31, 2023 (Continued)

Portfolio Company, Location and Industry(1) |  |  | Type of Investment |  | Reference |  | Spread |  | Interest Rate (2) |  | Maturity/Expiration Date |  | Principal Amount, Par Value |  | Cost |  | Fair Value |  | Percent of Member's Capital |  |  |  |  |  |
CHA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First lien |  | SOFR(M) |  | 4.50 | % |  | 10.15 | % |  | 4/2025 |  | $ | 946,664 |  |  | $ | 946,664 |  |  | $ | 946,664 |  |  | 0.57 | % |  |  |  |  |  |
Total Funded Debt Investments - United States |  |  |  |  |  |  |  | $ | 642,406,341 |  |  | $ | 632,802,060 |  |  | $ | 623,708,559 |  |  | 372.74 | % |  |  |  |  |  |
Funded Debt Investments - United Kingdom |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aston FinCo S.a r.l. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  |  | First lien |  | SOFR(M) |  | 4.25 | % |  | 9.72 | % |  | 10/2026 |  | $ | 5,775,000 |  |  | $ | 5,749,287 |  |  | $ | 4,929,205 |  |  | 2.95 | % |  |  |  |  |  |
Osmosis Buyer Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food & Beverage |  |  | First lien |  | SOFR(M) |  | 3.75 | % |  | 9.09 | % |  | 7/2028 |  | 2,493,671 |  |  | 2,456,644 |  |  | 2,498,736 |  |  |  |  |  |  |  |  |
|  |  | First Lien - Delayed Draw - Funded |  | SOFR(M) |  | 4.25 | % |  | 9.60 | % |  | 7/2028 |  | 2,405,043 |  |  | 2,332,892 |  |  | 2,418,571 |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | 4,898,714 |  |  | 4,789,536 |  |  | 4,917,307 |  |  | 2.94 | % |  |  |  |  |  |
Total Funded Debt Investments - United Kingdom |  |  |  |  |  |  |  | $ | 10,673,714 |  |  | $ | 10,538,823 |  |  | $ | 9,846,512 |  |  | 5.88 | % |  |  |  |  |  |
Funded Debt Investments - Netherlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hunter Holdco 3 Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare |  |  | First lien |  | SOFR(Q) |  | 4.25 | % |  | 9.70 | % |  | 8/2028 |  | $ | 3,000,000 |  |  | $ | 2,977,721 |  |  | $ | 2,998,125 |  |  | 1.79 | % |  |  |  |  |  |
Total Funded Debt Investments - Netherlands |  |  |  |  |  |  |  | $ | 3,000,000 |  |  | $ | 2,977,721 |  |  | $ | 2,998,125 |  |  | 1.79 | % |  |  |  |  |  |
Total Funded Debt Investments |  |  |  |  |  |  |  | $ | 656,080,055 |  |  | $ | 646,318,604 |  |  | $ | 636,553,196 |  |  | 380.41 | % |  |  |  |  |  |
Unfunded Debt Investments - United States |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Groundworks, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer Services |  |  | First Lien - Delayed Draw - Unfunded |  | — | — | — |  | — |  | 9/2024 |  | $ | 65,384 |  |  | $ | (981) |  |  | $ | (628) |  |  | (0.00) | % |  |  |  |  |  |
OMNIA Partners, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Services |  |  | First Lien - Delayed Draw - Unfunded |  | — | — | — |  | — |  | 1/2024 |  | 556,067 |  |  | (2,780) |  |  | 3,823 |  |  | 0.00 | % |  |  |  |  |  |
Total Unfunded Debt Investments - United States |  |  |  |  |  |  |  | $ | 621,451 |  |  | $ | (3,761) |  |  | $ | 3,195 |  |  | 0.00 | % |  |  |  |  |  |
Unfunded Debt Investments - United Kingdom |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Osmosis Buyer Limited |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Food & Beverage |  |  | First Lien - Delayed Draw - Unfunded |  | — | — | — |  | — |  | 7/2028 |  | $ | 506,325 |  |  | $ | — |  |  | $ | 2,848 |  |  | 0.00 | % |  |  |  |  |  |
Total Unfunded Debt Investments - United Kingdom |  |  |  |  |  |  |  | $ | 506,325 |  |  | $ | — |  |  | $ | 2,848 |  |  | 0.00 | % |  |  |  |  |  |
Total Unfunded Debt Investments |  |  |  |  |  |  |  | $ | 1,127,776 |  |  | $ | (3,761) |  |  | $ | 6,043 |  |  | 0.00 | % |  |  |  |  |  |
Total Investments |  |  |  |  |  |  |  |  |  | $ | 646,314,843 |  |  | $ | 636,559,239 |  |  | 380.41 | % |  |  |  |  |  |

(1)Investment is pledged as collateral for the Credit Facility, a revolving credit facility among New Mountain Finance Corporation as the Collateral Manager, NMFC Senior Loan Program III LLC as the Borrower, Citibank, N.A. as Lender, Administrative Agent and U.S. Bank National Association as Collateral Agent and Collateral Administrator. See Note 8, Credit Facility, for details.
(2)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 Secured Overnight Financing Rate (S). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2023.
* All or a portion of interest contains payment-in kind ("PIK") interest.
The accompanying notes are an integral part of these financial statements.
18

NMFC Senior Loan Program III LLC
Schedule of Investments
December 31, 2023 (Continued)

| December 31, 2023
Investment Type | Percent of Total Investments at Fair Value
First lien | 100.00 | %

| December 31, 2023
Industry Type | Percent of Total Investments at Fair Value
Software | 28.84 | %
Healthcare | 27.74 | %
Business Services | 14.89 | %
Education | 6.38 | %
Financial Services | 5.90 | %
Distribution & Logistics | 5.12 | %
Consumer Services | 2.31 | %
Industrial Services | 2.29 | %
Packaging | 1.41 | %
Specialty Chemicals & Materials | 1.36 | %
Insurance Services | 1.33 | %
Food & Beverage | 1.13 | %
Federal Services | 0.65 | %
Retail | 0.65 | %
Total investments | 100.00 | %

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

Notes to the Financial Statements of
NMFC Senior Loan Program III LLC
December 31, 2024
Note 1. Formation and Business Purposes
NMFC Senior Loan Program III LLC (“SLP III” or the “Fund”) is a Delaware limited liability company that was formed on November 17, 2017. The Fund commenced operations on April 25, 2018, operating as a private joint venture investment fund between New Mountain Finance Corporation (“NMFC”) and SkyKnight Income II, LLC (“SkyKnight II”). The Fund is managed by a board of managers (the “Board”), which has equal representation from NMFC and SkyKnight II.
The Fund operates under a Limited Liability Company Agreement, as amended (the “LLC Agreement”) dated April 25, 2018 among NMFC and SkyKnight II. Pursuant to certain terms of the LLC Agreement, the Fund will continue in existence until July 8, 2029. The Fund has a five year investment period subject to a one year extension with Board approval. On July 3, 2024, the investment period was extended until July 8, 2027. On April 25, 2018, the Fund entered into an administration agreement (the “Administration Agreement”) with New Mountain Finance Administration, L.L.C. (the “Administrator”). The Administrator provides administrative services necessary to conduct the day-to-day operations of the Fund.
The Fund’s investment objective is to generate current income and capital appreciation primarily through investments in senior secured loans, typically broadly syndicated first lien loans, in United States (“U.S.”) middle-market eligible companies, with a focus in defensive growth companies, which are defined as generally exhibiting 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.
Note 2. Summary of Significant Accounting Policies
Basis of accounting—The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is an investment fund following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies, (“ASC 946”). The financial statements reflect all adjustments and reclassifications which are necessary for the fair presentation of the results of operations and financial condition for all periods presented. Revenues are recognized when earned and expenses when incurred.
Investments—The Fund 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 Statement of Assets, Liabilities and Members’ Capital at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Statement of Operations as “Net change in unrealized appreciation (depreciation) of investments” and realizations on portfolio investments reflected in the Statement of Operations as “Net realized gains (losses) on investments”.
The Fund values its assets on a quarterly basis, or more frequently if required. In all cases, the Board 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 Fund’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 through various independent pricing services and/or broker or dealers, internal reviews are performed to ensure that the quote obtained is representative of fair value in accordance with GAAP and if so, the quote is used. If the quote is unable to be sufficiently validated and if the investment’s par value or its fair value exceeds the materiality threshold, the Fund shall seek other market quotations for the investment. If none are readily available, 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:
a.Each portfolio company or investment is initially valued; and
b.Valuation conclusions will then be documented and presented to the Board.
20

Notes to the Financial Statements of
NMFC Senior Loan Program III LLC
December 31, 2024
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 Fund’s investments may fluctuate from period to period and the fluctuations could be material.
See Note 3, Investments, for further discussion relating to investments.
Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Fund 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 Fund did not hold any cash equivalents as of December 31, 2024 and December 31, 2023.
Revenue recognition
Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.
Interest 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 Fund has investments in its portfolio that contain payment-in-kind (“PIK”) interest. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization dates and is generally due at maturity or when redeemed by the issuer.
Other income: Other income represents delayed compensation, consent or amendment fees, delayed draw commitment fees, upfront fees and other miscellaneous fees received and are typically non-recurring and non-refundable 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. Upfront fees are recognized as income when earned, usually when paid at the closing of the investment and are non-refundable.
Interest and other credit facility expenses—Interest and other credit facility expenses are recorded on an accrual basis. See Note 8, Credit Facility, for details.
Deferred credit facility costs—The deferred credit facility costs of the Fund consists of capitalized expenses related to the origination and amending of the Fund’s borrowings. The Fund amortizes these costs into expense over the stated life of the borrowing. See Note 8, Credit Facility, for details.
Income taxes—No provision for income taxes has been made in the accompanying financial statements, as the members are individually responsible for reporting income or loss based on their respective shares of the Fund’s revenues or expenses for income tax purposes. The Fund files U.S. federal, state, and local income tax returns.
The Fund recognizes uncertain tax positions and tax-related interest and penalties, if applicable, as a component of income tax expense. For the years ended December 31, 2024, December 31, 2023, and December 31, 2022, no such amounts were recognized. The 2021 through 2024 tax years of the Fund remain subject to examination by the U.S. federal, state, and local tax authorities.
Distributions—Distributions to members of the Fund are recorded on the record date as set by the Board in accordance with the LLC Agreement.
Use of estimates—The preparation of the financial statements in conformity with GAAP requires making estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and
21

Notes to the Financial Statements of
NMFC Senior Loan Program III LLC
December 31, 2024
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 December 31, 2024, investments consisted of the following:

| Cost |  | Fair Value
First lien | $ | 716,653,818 |  |  | $ | 715,096,386 |

Investment Cost and Fair Value by Industry

| Cost |  | Fair Value
Software | $ | 228,819,172 |  |  | $ | 227,931,710 |
Healthcare | 156,480,216 |  |  | 153,161,273 |
Business Services | 121,851,428 |  |  | 124,159,896 |
Financial Services | 60,055,562 |  |  | 60,620,594 |
Education | 38,969,277 |  |  | 39,175,124 |
Distribution & Logistics | 23,006,910 |  |  | 23,269,044 |
Industrial Services | 15,018,952 |  |  | 14,610,964 |
Consumer Services | 14,086,175 |  |  | 13,597,041 |
Packaging | 13,582,907 |  |  | 13,131,600 |
Specialty Chemicals & Materials | 10,703,549 |  |  | 11,229,882 |
Consumer Products | 10,912,354 |  |  | 11,065,597 |
Energy | 5,722,563 |  |  | 5,803,334 |
Information Technology | 4,602,411 |  |  | 4,694,375 |
Retail | 4,079,183 |  |  | 4,122,887 |
Federal Services | 4,092,522 |  |  | 3,830,017 |
Food & Beverage | 2,539,423 |  |  | 2,540,091 |
Information Services | 2,131,214 |  |  | 2,152,957 |
Total investments | $ | 716,653,818 |  |  | $ | 715,096,386 |

22

Notes to the Financial Statements of
NMFC Senior Loan Program III LLC
December 31, 2024
At December 31, 2023, investments consisted of the following:

| Cost |  | Fair Value
First lien | $ | 646,314,843 |  |  | $ | 636,559,239 |

Investment Cost and Fair Value by Industry

| Cost |  | Fair Value
Software | $ | 184,468,878 |  |  | $ | 183,634,744 |
Healthcare | 187,071,239 |  |  | 176,606,364 |
Business Services | 93,281,953 |  |  | 94,800,772 |
Education | 39,961,611 |  |  | 40,602,311 |
Financial Services | 37,030,400 |  |  | 37,537,783 |
Distribution & Logistics | 32,676,420 |  |  | 32,568,532 |
Consumer Services | 14,512,119 |  |  | 14,684,306 |
Industrial Services | 15,104,913 |  |  | 14,549,965 |
Packaging | 10,155,425 |  |  | 8,955,793 |
Specialty Chemicals & Materials | 8,244,559 |  |  | 8,640,627 |
Insurance Services | 8,284,091 |  |  | 8,448,760 |
Food & Beverage | 7,272,657 |  |  | 7,224,014 |
Federal Services | 4,133,066 |  |  | 4,161,209 |
Retail | 4,117,512 |  |  | 4,144,059 |
Total investments | $ | 646,314,843 |  |  | $ | 636,559,239 |

As of December 31, 2024 and December 31, 2023, the Fund had unfunded commitments in the form of delayed draws of $2,653,969 and $1,127,776, respectively. As of December 31, 2024 and December 31, 2023, the Fund had no unfunded commitments on revolving credit facilities and bridge facilities.
Investment risk factors—First and second lien debt that the Fund invests in is entirely, or 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 members’ capital and distributions from the Fund. In addition, some of the Fund'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.
Note 4. Fair Value
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. Accounting Standards Codification 820, Fair Value Measurements and Disclosures (“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 Fund 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 Fund, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Fund holds a large position and a sale could reasonably impact the quoted price.
23

Notes to the Financial Statements of
NMFC Senior Loan Program III LLC
December 31, 2024
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 market
• 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 inputs that are both observable and unobservable. Gains and losses for such assets categorized within Level III 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 and consideration of factors specific to each investment. 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 Fund’s portfolio investments fall into as of December 31, 2024:

| Total |  | Level I |  | Level II |  | Level III
First lien | $ | 715,096,386 |  |  | $ | — |  |  | $ | 666,605,975 |  |  | $ | 48,490,411 |

The following table summarizes the levels in the fair value hierarchy that the Fund’s portfolio investments fall into as of December 31, 2023:

| Total |  | Level I |  | Level II |  | Level III
First lien | $ | 636,559,239 |  |  | $ | — |  |  | $ | 546,698,392 |  |  | $ | 89,860,847 |

24

Notes to the Financial Statements of
NMFC Senior Loan Program III LLC
December 31, 2024
The following table presents changes in assets classified in Level III of the fair value hierarchy during the year ended December 31, 2024, attributable to the following:

|  | First Lien |
Fair value, December 31, 2023 |  | $ | 89,860,847 |  |
Total gains or losses included in earnings: |  |  |
Net realized gains on investments |  | 75,393 |  |
Net change in unrealized appreciation of investments |  | 711,458 |  |
Purchases, including capitalized PIK |  | 8,886,521 |  |
Proceeds from sales and paydowns of investments |  | (11,771,101) |  |
Transfers into Level III (1) |  | 6,326,905 |  |
Transfers out of Level III (1) |  | (45,599,612) |  |
Fair value, December 31, 2024 |  | $ | 48,490,411 |  |
Unrealized appreciation for the period relating to those Level III assets that were still held by the Fund at the end of the period: |  | $ | 711,458 |  |

(1)As of December 31, 2024, 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.
The following table presents changes in assets classified in Level III of the fair value hierarchy during the year ended December 31, 2023, attributable to the following:

|  | First Lien |
Fair value, December 31, 2022 |  | $ | 123,563,795 |  |
Total gains or losses included in earnings: |  |  |
Net realized losses on investments |  | (155,006) |  |
Net change in unrealized appreciation of investments |  | 4,173,010 |  |
Purchases, including capitalized PIK |  | 10,694,731 |  |
Proceeds from sales and paydowns of investments |  | (16,495,329) |  |
Transfers into Level III (1) |  | 12,986,522 |  |
Transfers out of Level III (1) |  | (44,906,876) |  |
Fair value, December 31, 2023 |  | $ | 89,860,847 |  |
Unrealized appreciation for the period relating to those Level III assets that were still held by the Fund at the end of the period: |  | $ | 4,173,010 |  |

(1)As of December 31, 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.
The Fund 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 Fund typically determines the fair value of its 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 Fund may employ the market based approach to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Fund’s investment. The Fund may estimate the total enterprise value of each portfolio company by utilizing market value cash flow multiples of publicly traded comparable companies and comparable transactions. The Fund may apply an average of various relevant comparable company earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples to the portfolio company's latest twelve month ("LTM") EBITDA or projected EBITDA to calculate the enterprise value of the portfolio company.
After enterprise value coverage is demonstrated for the Fund’s investments through the method above, the income based approach may be employed to estimate the fair value of the investment using a discounted cash flow analysis. Projected
25

Notes to the Financial Statements of
NMFC Senior Loan Program III LLC
December 31, 2024
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 December 31, 2024, the Fund 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 Fund’s Level III investments as of December 31, 2024 were as follows:

|  |  |  |  |  |  |  | Range
Type |  | Fair Value as of December 31, 2024 |  | Approach |  | Unobservable Input |  | Low |  | High |  | Weighted Average (1) |
First lien |  | $ | 39,984,942 |  |  | Market & income approach |  | EBITDA multiple |  | 12.0x |  | 19.0x |  | 15.2x |
|  |  |  |  |  | Discount rate |  | 7.0 | % |  | 12.2 | % |  | 8.9 | % |
|  | 8,505,469 |  |  | Other |  | N/A (2) |  | N/A |  | N/A |  | N/A |
|  | $ | 48,490,411 |  |  |  |  |  |  |  |  |  |  |  |

(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 unobservable inputs used in the fair value measurement of the Fund’s Level III investments as of December 31, 2023 were as follows:

|  |  |  |  |  |  |  | Range
Type |  | Fair Value as of December 31, 2023 |  | Approach |  | Unobservable Input |  | Low |  | High |  | Weighted Average (1) |
First lien |  | $ | 66,145,551 |  |  | Market & income approach |  | EBITDA |  | 12.0x |  | 20.0x |  | 14.3x |
|  |  |  |  |  | Discount rate |  | 7.4 | % |  | 15.1 | % |  | 9.6 | % |
|  | 21,411,437 |  |  | Market quote |  | Broker quote |  | N/A |  | N/A |  | N/A |
|  | 2,303,859 |  |  | Other |  | N/A (2) |  | N/A |  | N/A |  | N/A |
|  | $ | 89,860,847 |  |  |  |  |  |  |  |  |  |  |  |

(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.
Based on a comparison to similar credit facilities, the terms and conditions of the Credit Facility (as defined in Note 8, Credit Facility) are representative of market. The carrying value of the Credit Facility approximates fair value as of December 31, 2024 and as of December 31, 2023, as the facility is continually monitored and examined by both the borrower and the lender. The fair value of the Credit Facility is considered Level III.
Fair value risk factors—The Fund seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Fund's portfolio companies conduct their operations, as well as general economic and political conditions, may have a significant negative impact on the operations and profitability of the Fund's investments and/or on the fair value of the Fund's investments. The Fund's investments are subject to the risk of
26

Notes to the Financial Statements of
NMFC Senior Loan Program III LLC
December 31, 2024
non-payment of scheduled interest or principal, resulting in a reduction in income to the Fund 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 Fund and cannot be predicted. Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.
Note 5. Members’ Capital
The Fund may draw down capital from its members to fund investments or pay fees, expenses or other obligations of the Fund in accordance with the LLC Agreement. During the year ended December 31, 2024, the members elected to increase the Fund's total commited capital from $175,000,000 to $200,000,000. The following table presents the Fund’s total committed capital, which as of December 31, 2024, December 31, 2023 and December 31, 2022 has been fully funded by its members:

| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Capital Commitments | $ | 200,000,000 |  |  | $ | 175,000,000 |  |  | $ | 175,000,000 |

In accordance with the LLC Agreement, the Fund’s total committed capital may increase up to 10.0% in order to avoid any adverse consequences under the Fund’s Credit Facility (as defined in Note 8, Credit Facility), which as of December 31, 2024 and as of December 31, 2023 had not been utilized.
Note 6. Allocations of Distributions and Profits and Losses
In accordance with the LLC Agreement, distributions and net increase or decrease in members’ capital resulting from operations are allocated among the members in proportion to their respective capital account balances.
Note 7. Related Parties
In accordance with the Administration Agreement, the Fund will reimburse the Administrator for expenses incurred by the Administrator for performing its obligations to the Fund. Pursuant to the Administration Agreement, the Administrator may, in its own discretion, submit to the Fund for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Fund during the year. For the years ended December 31, 2024, December 31, 2023, and December 31, 2022, $315,112, $337,303, and $243,507, respectively, of indirect administrative expenses were included in administrative expenses, none of which were waived by the Administrator. The Administrator cannot recoup any expenses that the Administrator has previously waived. For each calendar year, the Board must approve the reimbursement of expenses in excess of $1,000,000. Amounts payable to the Administrator for fund expenses paid on behalf of the Fund are shown as payable to affiliate on the Statement of Assets, Liabilities and Members’ Capital.
Note 8. Credit Facility
On May 2, 2018, the Fund entered into a Credit and Security Agreement, as amended (the “Credit Facility”), among NMFC, as the Collateral Manager, the Fund as the Borrower, Citibank, N.A. as Lender and Administrative Agent and U.S. Bank National Association as Collateral Agent and Collateral Administrator, which is structured as a revolving credit facility and matures on January 8, 2029. Effective July 8, 2021, the reinvestment period was extended to July 8, 2024. Effective July 3, 2024, the reinvestment period was extended to July 8, 2027.
As of the amendment on July 3, 2024, the maximum amount of revolving borrowings under the Credit Facility is $600,000,000. Under the Credit Facility, the Fund is permitted to borrow up to 75.0% or 77.5% of the purchase price of pledged assets, subject to approval by Citibank, N.A. The Credit Facility is collateralized by all of the investments of the Fund on an investment by investment basis. All fees associated with the origination and amending of the Credit Facility are capitalized on the Statement of Assets, Liabilities and Members’ Capital and charged against income as other credit facility expenses over the life of the Credit Facility. The 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 the Fund’s investments, but rather to the performance of the underlying portfolio companies. As of December 31, 2024 and December 31, 2023, the total balance outstanding on the Credit Facility was $511,200,000 and $453,200,000, respectively, and the Fund was in compliance with the applicable covenants in the Credit Facility on such dates.
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
27

Notes to the Financial Statements of
NMFC Senior Loan Program III LLC
December 31, 2024
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 the 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. The Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Commitment Fee Rate (as defined in the Credit and Security Agreement).
The following table summarizes the interest expense, non-usage fees and amortization of credit facility costs incurred on the Credit Facility for the years ended December 31, 2024, December 31, 2023 and December 31, 2022:

| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Interest expense | $ | 33,906,854 |  |  | $ | 34,250,583 |  |  | $ | 17,566,107 |
Non-usage fee | $ | 390,465 |  |  | $ | 156,429 |  |  | $ | 81,599 |
Amortization of financing costs | $ | 865,497 |  |  | $ | 809,397 |  |  | $ | 1,502,432 |
Effective interest rate | 7.3 | % |  | 7.1 | % |  | 3.8 | %
Weighted average interest rate | 7.0 | % |  | 6.9 | % |  | 3.5 | %
Average debt outstanding | $ | 483,590,437 |  |  | $ | 494,566,849 |  |  | $ | 508,873,699 |

Leverage risk factors—The Fund utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The Fund’s lenders will have fixed dollar claims on certain assets that are superior to the claims of the Fund’s members, and the Fund 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 Fund’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 Fund’s total members’ capital. Similarly, leverage may cause a sharper decline in the Fund’s income than if the Fund had not borrowed. Such a decline could negatively affect the Fund’s ability to make distributions to its members. Leverage is generally considered a speculative investment technique. The Fund’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 9. Commitments and Contingencies
In the normal course of business, the Fund may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund may also enter into future funding commitments such as bridge financing commitments or delayed draw commitments. As of December 31, 2024 and December 31, 2023, the Fund had unfunded commitments in the form of delayed draws of $2,653,969 and $1,127,776, respectively. As of December 31, 2024 and December 31, 2023, the Fund had no unfunded commitments on revolving credit facilities and bridge facilities. .
The Fund had revolving borrowings available under the Credit Facility as of December 31, 2024 and December 31, 2023. See Note 8, Credit Facility, for details.
28

Notes to the Financial Statements of
NMFC Senior Loan Program III LLC
December 31, 2024
Note 10. Financial Highlights
The following represents the ratios to average members’ capital and Internal Rate of Return (“IRR”) information for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. Calculations on an individual member basis may yield results that vary from those stated herein.

| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
IRR (1) | 12.59 | % |  | 11.60 | % |  | 5.86 | %
Weighted average members’ capital for the year | $ | 180,550,387 |  |  | $ | 148,328,318 |  |  | $ | 157,049,096 |
Ratio to average members' capital: |  |  |  |  |
Net investment income | 16.58 | % |  | 19.51 | % |  | 14.02 | %
Total expenses | 20.09 | % |  | 24.59 | % |  | 12.82 | %

(1)IRR is calculated by including cash flows beginning on April 25, 2018 (commencement of operations) and assumes the liquidation value of the Fund and any distributions payable as the final cash flow on December 31, 2024, December 31, 2023 and December 31, 2022, respectively.
Note 11. Subsequent Events
The Fund has evaluated subsequent events through February 26, 2025, the date that these financial statements were available to be issued. No subsequent events were noted that required additional adjustments to or disclosures in the Fund’s financial statements other than those already noted above.
29