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Investments

6 Months Ended

Jun. 30, 2025

At June 30, 2025, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,993,735	$	1,967,323
Second lien	181,428		169,099
Subordinated	119,968		107,986
Structured Finance Obligations	3,232		3,249
Equity and other	799,027		753,039
Total investments	$	3,097,390	$	3,000,696

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	816,749	$	809,705
Business Services	567,179		511,578
Healthcare	487,991		461,828
Investment Funds (includes investments in joint ventures)	275,632		275,649
Consumer Services	188,990		188,407
Education	205,107		174,483
Financial Services	127,999		133,282
Distribution & Logistics	121,246		118,823
Net Lease	81,370		114,240
Packaging	69,179		70,934
Energy	72,775		64,837
Business Products	30,454		30,654
Food & Beverage	21,286		21,284
Consumer Products	21,868		15,377
Specialty Chemicals & Materials	9,565		9,615
Total investments	$	3,097,390	$	3,000,696

At December 31, 2024, the Company’s investments consisted of the following:

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,970,251	$	1,956,608
Second lien	211,449		197,050
Subordinated	113,928		102,034
Structured Finance Obligations	3,232		3,232
Equity and other	803,064		832,100
Total investments	$	3,101,924	$	3,091,024

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	857,673	$	848,086
Healthcare	513,429		501,850
Business Services	508,536		497,954
Investment Funds (includes investments in joint ventures)	275,632		275,632
Consumer Services	192,052		192,340
Education	205,283		187,620
Financial Services	120,505		125,750
Distribution & Logistics	119,947		120,493
Net Lease	81,370		114,794
Packaging	68,200		68,093
Energy	68,114		65,076
Food & Beverage	38,840		42,450
Business Products	22,185		22,387
Consumer Products	20,769		19,101
Specialty Chemicals & Materials	9,389		9,398
Total investments	$	3,101,924	$	3,091,024

During the second quarter of 2022, the Company placed its second lien position in National HME, Inc. ("National HME") on non-accrual status. As of June 30, 2025, the Company's second lien position in National HME had an aggregate cost basis of $7,872, an aggregate fair value of $3,000 and total unearned interest income of $512 and $1,013, respectively, for the three and six months then ended.

As of June 30, 2025, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $31,406, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its first lien term loans on non-accrual status. As of June 30, 2025, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $31,369, an aggregate fair value of $17,999 and total unearned interest income of $1,345 and $2,638, respectively, for the three and six months then ended.

During the second quarter of 2024, the Company placed its junior preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of June 30, 2025, the Company's junior preferred shares in Transcendia had an aggregate cost basis of $2,565, an aggregate fair value of $2,702 and total unearned income of $111 and $217, respectively, for the three and six months then ended.

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

PPVA Black Elk (Equity) LLC

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

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

On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of June 30, 2025 and December 31, 2024, the SPP Agreement had a cost basis of $14,500 and $14,500, respectively and a fair value of $6,525 and $6,525, respectively, which is reflective of the higher inherent risk in this transaction.

NMFC Senior Loan Program III LLC

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

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of June 30, 2025, the Company and SkyKnight II have committed and contributed $160,000 and $40,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2025 and December 31, 2024.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on July 3, 2024, the maturity date of SLP III's revolving credit facility was extended from January 8, 2026 to January 8, 2029, and the reinvestment period was extended from July 8, 2026 to July 8, 2027. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.65%, and after the reinvestment period it will bear interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%. As of June 30, 2025, SLP III's revolving credit facility has a maximum borrowing capacity of $600,000. As of June 30, 2025 and December 31, 2024, SLP III had total investments with an aggregate fair value of approximately $701,407 and $715,096, respectively, and debt outstanding under its credit facility of $511,200 and $511,200, respectively. As of June 30, 2025 and December 31, 2024, none of SLP III's investments were on non-accrual status. Additionally, as of June 30, 2025 and December 31, 2024, SLP III had unfunded commitments in the form of delayed draws of $5,211 and $2,654, respectively.

Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of June 30, 2025 and December 31, 2024:


	June 30, 2025			December 31, 2024
First lien investments (1)	$	724,054		$	727,619
Weighted average interest rate on first lien investments (2)	8.27		%	8.49		%
Number of portfolio companies in SLP III	88			90
Largest portfolio company investment (1)	$	18,698		$	17,697
Total of five largest portfolio company investments (1)	$	83,330		$	80,215

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

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

The following table is a listing of the individual investments in SLP III's portfolio as of June 30, 2025:


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

Funded Investments - First lien
Aston FinCo S.a r.l.	Software	SOFR(M)	4.25%	8.69%	10/2026	$	5,685	$	5,673	$	5,486
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.19%	12/2027	2,339		2,334		2,237
AmSpec Parent, LLC	Energy	SOFR(Q)	3.50%	7.80%	12/2031	5,754		5,726		5,782
Ardonagh Midco 3 Limited	Financial Services	SOFR(S)	2.75%	7.04%	02/2031	6,384		6,355		6,352
AssuredPartners, Inc	Business Services	SOFR(M)	3.50%	7.83%	02/2031	1,945		1,943		1,953
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.68%	08/2028	13,067		12,986		12,947
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.58%	09/2030	3,636		3,527		3,537
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.58%	09/2030	1,995		1,965		1,948
athenahealth Group Inc.	Healthcare	SOFR(M)	2.75%	7.08%	02/2029	5,122		4,993		5,123
Bach Finance Limited	Education	SOFR(Q)	3.25%	7.58%	01/2032	2,118		2,113		2,133
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	9.04%	08/2028	6,634		6,600		6,634
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.25%	7.58%	12/2030	9,871		9,817		9,830
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.00%	7.33%	05/2028	7,761		7,744		7,795
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.75%	8.08%	05/2028	5,365		5,331		5,395
Boxer Parent Company Inc.	Software	SOFR(Q)	3.00%	7.33%	07/2031	15,283		15,248		15,205
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	4.25%	8.55%	05/2028	14,040		13,776		14,103
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	8.48%	12/2028	2,728		2,594		1,961
Cardinal Parent, Inc.	Software	SOFR(Q)	4.50%	8.95%	11/2027	9,670		9,558		9,445
CE Intermediate I, LLC	Software	SOFR(Q)	3.00%	7.45%	03/2032	4,690		4,690		4,696
Chrysaor Bidco S.a r.l.	Information Services	SOFR(Q)	3.00%	7.24%	10/2031	2,121		2,121		2,137
Cleanova Midco Limited	Business Products	SOFR(Q)	4.75%	9.07%	05/2032	6,269		6,050		6,057
Cloudera, Inc.	Software	SOFR(M)	3.75%	8.18%	10/2028	12,431		12,288		11,983
Cohnreznick Advisory LLC	Financial Services	SOFR(Q)	4.00%	8.30%	03/2032	6,936		6,910		6,919
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	10.51%	12/2027	3,900		3,623		3,900
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	8.41%	12/2027	6,845		6,797		6,815
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	8.44%	11/2028	4,628		4,615		4,420
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.25%	7.55%	02/2029	6,774		6,754		6,788
ConnectWise, LLC	Software	SOFR(Q)	3.50%	8.06%	09/2028	7,918		7,901		7,968
Convey Health Solutions, Inc.	Healthcare	SOFR(S)	1.00% + 4.25%/PIK	9.57%	07/2029	9,001		8,876		8,203
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	8.19%	10/2028	2,546		2,539		2,396
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.30%	10/2029	9,756		9,426		8,807
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.00%	7.33%	07/2031	11,493		11,442		11,450
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.50%	7.94%	03/2028	10,308		10,282		10,340
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	3.75%	8.02%	10/2029	9,425		9,027		9,423
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	8.70%	03/2028	15,210		14,978		14,974
EAB Global, Inc.	Education	SOFR(M)	3.00%	7.33%	08/2030	6,600		6,516		6,493
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	8.55%	04/2029	10,596		10,421		10,525
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	8.33%	02/2031	8,589		8,532		8,637
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	7.78%	03/2028	16,425		16,415		15,448
FNZ Group Entities Limited	Financial Services	SOFR(Q)	5.00%	9.26%	11/2031	10,229		10,036		8,490
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.29%	08/2028	14,136		14,044		12,923
Groundworks, LLC	Business Services	SOFR(M)	3.00%	7.32%	03/2031	257		252		258
Groundworks, LLC	Business Services	SOFR(M)	3.00%	7.32%	03/2031	8,743		8,697		8,752
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	8.83%	04/2028	13,965		13,615		14,000
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.38%	11/2026	17,604		17,560		16,817
Higginbotham Insurance Agency, Inc.	Business Services	SOFR(M)	4.50%	8.83%	11/2028	8,852		8,816		8,852
Houghton Mifflin Harcourt Company	Education	SOFR(Q)	5.25%	9.63%	04/2029	8,027		7,836		7,905
HP PHRG Borrower, LLC	Consumer Services	SOFR(Q)	4.00%	8.33%	02/2032	7,147		7,081		7,129


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

Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.65%	08/2028	$	9,747	$	9,682	$	9,308
Kaseya Inc.	Software	SOFR(M)	3.25%	7.58%	03/2032	5,127		5,103		5,154
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(M)	3.00%	7.33%	03/2031	3,768		3,760		3,770
LI Group Holdings, Inc.	Software	SOFR(M)	3.50%	7.94%	03/2028	3,679		3,675		3,692
LSCS Holdings, Inc.	Healthcare	SOFR(Q)	4.50%	8.80%	03/2032	13,938		13,842		13,702
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(D)	3.50%	7.76%	11/2030	2,816		2,781		2,835
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.38%	05/2028	1,955		1,899		1,964
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	8.18%	05/2028	8,809		8,786		8,850
Maverick Bidco Inc.	Software	SOFR(Q)	4.25%	8.79%	05/2028	2,450		2,374		2,461
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(Q)	3.00%	7.33%	05/2028	6,574		6,533		6,580
MED ParentCo, LP	Healthcare	SOFR(M)	3.25%	7.58%	04/2031	9,905		9,862		9,953
MH SUB I, LLC	Business Services	SOFR(M)	4.25%	8.58%	12/2031	9,810		9,715		8,592
MH SUB I, LLC	Business Services	SOFR(M)	4.25%	8.58%	05/2028	4,203		4,141		3,954
Michael Baker International, LLC	Business Services	SOFR(Q)	4.00%	8.28%	12/2028	5,561		5,561		5,589
Nielsen Consumer Inc.	Business Services	SOFR(M)	3.50%	7.83%	03/2028	15,257		14,180		15,290
Oceankey (U.S.) II Corp.	Media	SOFR(M)	3.50%	7.93%	12/2028	5,612		5,595		5,630
Osaic Holdings, Inc.	Financial Services	SOFR(M)	3.50%	7.83%	08/2028	11,510		11,409		11,550
Osttra Group Ltd.	Financial Services	SOFR(M)	3.50%	7.79%	05/2032	4,392		4,370		4,410
Outcomes Group Holdings, Inc.	Healthcare	SOFR(M)	3.75%	8.08%	05/2031	4,108		4,093		4,138
Peraton Corp.	Federal Services	SOFR(M)	3.75%	8.18%	02/2028	4,081		4,072		3,615
Perforce Software, Inc.	Software	SOFR(M)	4.75%	9.08%	03/2031	5,903		5,881		5,667
Physician Partners, LLC	Healthcare	SOFR(Q)	6.00%	10.30%	12/2029	2,373		2,308		2,101
Physician Partners, LLC	Healthcare	SOFR(Q)	1.50% + 2.50%/PIK	8.45%	12/2029	2,770		2,753		1,412
Plano Holdco, Inc.	Information Technology	SOFR(Q)	3.50%	7.80%	10/2031	4,613		4,592		4,394
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.80%	12/2027	13,572		13,440		13,237
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	7.55%	10/2030	13,574		13,352		13,653
Pushpay USA Inc.	Software	SOFR(Q)	4.00%	8.30%	08/2031	7,395		7,367		7,395
Quartz Holding Company	Software	SOFR(M)	3.25%	7.58%	10/2028	3,666		3,652		3,656
RealPage, Inc.	Software	SOFR(Q)	3.75%	8.05%	04/2028	4,987		4,966		5,002
RLG Holdings, LLC	Packaging	SOFR(M)	4.25%	8.69%	07/2028	5,639		5,625		4,750
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.94%	12/2027	6,241		6,182		6,241
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.25%	9.58%	12/2027	2,628		2,588		2,628
Secretariat Advisors LLC	Business Services	SOFR(Q)	4.00%	8.30%	02/2032	8,484		8,443		8,505
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	8.30%	10/2030	13,230		13,107		13,301
Storable, Inc.	Software	SOFR(M)	3.25%	7.58%	04/2031	2,843		2,839		2,844
Summit Acquisition Inc.	Financial Services	SOFR(M)	3.75%	8.08%	10/2031	5,985		5,957		6,007
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.88%	12/2027	15,320		15,262		14,007
Syndigo LLC	Software	SOFR(Q)	4.50%	9.09%	12/2027	14,598		14,554		14,598
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	8.44%	05/2028	3,995		3,985		3,116
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	8.55%	08/2028	8,463		8,445		8,463
TRC Companies LLC	Business Services	SOFR(M)	3.00%	7.33%	12/2028	9,424		9,395		9,416
UKG Inc.	Software	SOFR(M)	3.00%	7.31%	02/2031	5,783		5,779		5,811
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	9.56%	10/2028	2,256		2,237		2,274
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50% + 2.25%/PIK	8.18%	10/2028	3,141		3,141		2,734
Viant Medical Holdings, Inc.	Healthcare	SOFR(M)	4.00%	8.33%	10/2031	7,064		7,031		7,017
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	3.75%	8.05%	07/2029	5,275		5,258		5,282
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.58%	07/2029	1,894		1,831		1,882
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	8.56%	10/2028	14,037		14,018		14,009
Xplor T1, LLC	Software	SOFR(Q)	3.50%	7.80%	06/2031	5,559		5,534		5,580
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	9.53%	02/2028	4,011		3,912		4,011
						$	718,843	$	711,290	$	701,401


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

Unfunded Investments - First lien
AmSpec Parent, LLC	Energy	—	—	—	12/2026	$	885	$	(2)	$	4
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	07/2026	158		—		1
Cohnreznick Advisory LLC	Financial Services	—	—	—	03/2027	1,606		(6)		(4)
DG Investment Intermediate Holdings 2, Inc.	Business Services	—	—	—	03/2026	172		—		1
Groundworks, LLC	Business Services	—	—	—	03/2026	1,365		—		1
Secretariat Advisors LLC	Business Services	—	—	—	02/2027	1,025		—		3
Total Unfunded Investments						$	5,211	$	(8)	$	6
Total Investments						$	724,054	$	711,282	$	701,407

(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of June 30, 2025.

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

The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2024:


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

Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.22%	12/2027	$	2,352	$	2,345	$	2,318
AG Parent Holdings, LLC	Healthcare	SOFR(Q)	5.00%	9.78%	07/2026	7,218		7,208		6,821
AmSpec Parent, LLC	Energy	SOFR(Q)	4.25%	8.56%	12/2031	5,754		5,725		5,797
Ardonagh Midco 3 Limited	Financial Services	SOFR(Q)	3.75%	8.51%	02/2031	9,400		9,354		9,459
Ascensus Group Holdings, Inc.	Business Services	SOFR(M)	3.00%	7.36%	08/2028	2,787		2,778		2,815
AssuredPartners, Inc	Business Services	SOFR(M)	3.50%	7.86%	02/2031	1,955		1,953		1,962
Aston FinCo S.a r.l.	Software	SOFR(M)	4.25%	8.72%	10/2026	5,715		5,698		5,486
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.71%	08/2028	13,134		13,041		13,167
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	7.61%	02/2029	6,773		6,582		6,806
Bach Finance Limited	Education	SOFR(Q)	3.75%	8.26%	02/2031	2,123		2,118		2,143
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	9.35%	08/2028	6,667		6,629		6,667
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.50%	7.86%	12/2028	8,921		8,863		8,981
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	8.21%	05/2028	7,800		7,780		7,859
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.75%	8.11%	05/2028	3,580		3,541		3,616
Boxer Parent Company Inc.	Software	SOFR(Q)	3.75%	8.34%	07/2031	15,321		15,284		15,470
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	4.25%	8.58%	05/2028	14,111		13,805		14,256
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	2.50%	6.86%	07/2031	2,697		2,648		2,708
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	8.66%	12/2028	2,742		2,592		2,453
Cardinal Parent, Inc.	Software	SOFR(Q)	4.50%	8.98%	11/2027	9,720		9,586		9,321
CE Intermediate I, LLC	Software	SOFR(M)	3.50%	8.05%	11/2028	10,700		10,654		10,761
Chrysaor Bidco S.a r.l.	Information Services	SOFR(Q)	3.50%	8.12%	07/2031	2,131		2,131		2,151
Cloudera, Inc.	Software	SOFR(M)	3.75%	8.21%	10/2028	12,495		12,333		12,514
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	10.90%	12/2027	3,920		3,596		3,920
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	8.80%	12/2027	6,881		6,823		6,540
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	8.47%	11/2028	4,653		4,638		4,554
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.25%	7.85%	02/2029	6,808		6,786		6,842
ConnectWise, LLC	Software	SOFR(Q)	3.50%	8.09%	09/2028	7,959		7,940		8,022
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	1.00% + 4.25%/PIK	9.68%	07/2029	8,876		8,737		8,055
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	8.22%	10/2028	2,560		2,552		2,257
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.33%	10/2029	9,806		9,444		9,455
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.50%	7.86%	07/2031	11,551		11,496		11,580
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	8.22%	03/2028	10,288		10,258		10,406
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	8.95%	10/2029	9,449		9,012		9,517
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	8.73%	03/2028	15,289		15,019		14,611
EAB Global, Inc.	Education	SOFR(M)	3.25%	7.61%	08/2028	2,816		2,798		2,831
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	8.58%	04/2029	7,392		7,291		7,261
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	8.36%	02/2031	8,632		8,571		8,745
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.00%	8.36%	02/2027	3,594		3,594		3,620
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	8.07%	03/2028	16,508		16,496		16,226
FNZ Group Entities Limited	Financial Services	SOFR(Q)	5.00%	9.55%	11/2031	10,255		10,050		10,037
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.60%	08/2028	14,209		14,104		13,925
Groundworks, LLC	Business Services	SOFR(M)	3.25%	7.65%	03/2031	259		257		260
Groundworks, LLC	Business Services	SOFR(M)	3.25%	7.65%	03/2031	8,787		8,738		8,846
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	8.86%	04/2028	14,036		13,631		14,080
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.69%	11/2026	17,697		17,638		15,640
Higginbotham Insurance Agency, Inc.	Business Services	SOFR(M)	4.50%	8.86%	11/2028	8,896		8,856		8,897
HighTower Holding, LLC	Financial Services	SOFR(Q)	3.50%	8.07%	04/2028	4,682		4,656		4,707


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

Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	9.71%	04/2029	$	8,069	$	7,856	$	7,961
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.68%	08/2028	4,500		4,470		4,449
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(M)	3.00%	7.37%	03/2031	10,022		10,001		10,046
LI Group Holdings, Inc.	Software	SOFR(M)	3.50%	7.97%	03/2028	3,702		3,697		3,716
LSCS Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.97%	12/2028	11,973		11,883		12,070
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	3.50%	8.07%	11/2030	2,823		2,785		2,855
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.69%	05/2028	1,965		1,901		1,968
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	8.49%	05/2028	8,855		8,828		8,869
Maverick Bidco Inc.	Software	SOFR(Q)	4.25%	9.10%	05/2028	2,463		2,374		2,466
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(M)	3.50%	7.86%	05/2028	4,090		4,079		4,123
MED ParentCo, LP	Healthcare	SOFR(M)	3.50%	7.86%	04/2031	9,930		9,883		9,987
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	8.56%	05/2028	7,094		6,973		7,111
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	8.56%	12/2031	7,000		6,930		6,950
Nielsen Consumer Inc.	Business Services	SOFR(M)	4.75%	9.11%	03/2028	14,753		13,504		14,720
OMNIA Partners, LLC	Business Services	SOFR(Q)	2.75%	7.37%	07/2030	8,438		8,379		8,483
Osaic Holdings, Inc.	Financial Services	SOFR(M)	3.50%	7.86%	08/2028	11,568		11,452		11,627
Osmosis Buyer Limited	Consumer Products	SOFR(M)	3.50%	8.05%	07/2028	11,021		10,912		11,066
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	4.00%	8.59%	02/2029	1,695		1,692		1,712
Peraton Corp.	Federal Services	SOFR(M)	3.75%	8.21%	02/2028	4,103		4,093		3,830
Perforce Software, Inc.	Software	SOFR(M)	4.75%	9.11%	03/2031	6,597		6,570		6,509
Physician Partners, LLC	Healthcare	SOFR(Q)	4.00%	8.74%	12/2028	4,188		4,160		1,766
Plano Holdco, Inc.	Information Technology	SOFR(Q)	3.50%	7.83%	10/2031	4,625		4,602		4,694
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.83%	12/2027	13,633		13,454		13,747
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	7.58%	10/2030	13,642		13,403		13,748
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	3.00%	7.47%	03/2028	4,274		4,263		4,299
Pushpay USA Inc.	Software	SOFR(Q)	4.50%	8.83%	08/2031	3,120		3,090		3,147
Quartz Holding Company	Software	SOFR(M)	3.50%	7.86%	10/2028	9,084		9,044		9,129
RealPage, Inc.	Software	SOFR(Q)	3.00%	7.59%	04/2028	4,261		4,255		4,259
RealPage, Inc.	Software	SOFR(Q)	3.75%	8.08%	04/2028	5,000		4,975		5,028
RLG Holdings, LLC	Packaging	SOFR(M)	4.25%	8.72%	07/2028	5,668		5,652		5,613
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.97%	12/2027	6,274		6,203		6,274
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.25%	9.61%	12/2027	3,632		3,568		3,632
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.75%	11.34%	05/2027	2,540		2,539		2,540
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	8.33%	10/2030	12,225		12,093		12,315
Storable, Inc.	Software	SOFR(M)	3.50%	7.86%	04/2028	3,746		3,741		3,776
Summit Acquisition Inc.	Financial Services	SOFR(Q)	3.75%	8.08%	10/2031	6,000		5,971		6,000
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.19%	12/2027	15,400		15,331		14,122
Syndigo LLC	Software	SOFR(Q)	4.50%	9.28%	12/2027	14,674		14,622		14,720
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	8.47%	05/2028	4,016		4,005		3,414
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	8.58%	08/2028	8,506		8,485		8,506
TMF Sapphire Bidco B.V.	Business Services	SOFR(Q)	3.50%	8.09%	05/2028	2,640		2,600		2,657
TRC Companies LLC	Business Services	SOFR(M)	3.50%	7.97%	12/2028	13,884		13,836		14,018
UKG Inc.	Software	SOFR(Q)	3.00%	7.62%	02/2031	5,812		5,808		5,861
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	9.73%	10/2028	2,256		2,235		2,328
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50% + 2.25%/PIK	8.35%	10/2028	3,105		3,105		2,738
Viant Medical Holdings, Inc.	Healthcare	SOFR(Q)	4.00%	8.59%	10/2031	7,100		7,065		7,188
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	4.75%	9.08%	07/2029	4,455		4,436		4,475
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.61%	07/2029	6,918		6,667		6,869


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

Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	8.59%	10/2028	$	14,109	$	14,086	$	13,597
Xplor T1, LLC	Software	SOFR(Q)	3.50%	7.83%	06/2031	5,587		5,560		5,651
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	9.84%	02/2028	4,031		3,916		4,082
Total Funded Investments						$	724,965	$	716,661	$	715,076
Unfunded Investments - First lien
AmSpec Parent, LLC	Energy	—	—	—	12/2026	$	885	$	(2)	$	7
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	07/2026	158		—		1
DG Investment Intermediate Holdings 2, Inc.	Business Services	—	—	—	03/2028	246		(1)		3
Groundworks, LLC	Business Services	—	—	—	03/2026	1,365		(4)		9
Total Unfunded Investments						$	2,654	$	(7)	$	20
Total Investments						$	727,619	$	716,654	$	715,096

Below is certain summarized financial information for SLP III as of June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and June 30, 2024:


Selected Balance Sheet Information:	June 30, 2025		December 31, 2024
Investments at fair value (cost of $711,282 and $716,654)	$	701,407	$	715,096
Cash and other assets	22,814		20,988
Receivable from unsettled securities sold	—		9,652
Total assets	$	724,221	$	745,736

Credit facility	$	511,200	$	511,200
Deferred financing costs (net of accumulated amortization of $7,144 and $6,515, respectively)	(3,070)		(3,692)
Payable for unsettled securities purchased	14,951		27,428
Distribution payable	7,000		7,625
Other liabilities	7,124		7,493
Total liabilities	537,205		550,054

Members' capital	$	187,016	$	195,682
Total liabilities and members' capital	$	724,221	$	745,736


Selected Statement of Operations Information:	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Interest income	$	14,936	$	16,596	$	30,067	$	33,385
Other income	113		58		189		85
Total investment income	15,049		16,654		30,256		33,470

Interest and other financing expenses	8,037		8,921		16,217		17,711
Other expenses	297		267		603		508
Total expenses	8,334		9,188		16,820		18,219


Net investment income	6,715		7,466		13,436		15,251

Net realized gains (losses) on investments	144		(238)		465		(5,907)
Net change in unrealized (depreciation) appreciation of investments	(170)		(4,225)		(8,317)		6,498
Net increase in members' capital	$	6,689	$	3,003	$	5,584	$	15,842

For the three and six months ended June 30, 2025, the Company earned approximately $5,600 and $11,400, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and six months ended June 30, 2024, the Company earned approximately $5,775 and $11,638, respectively, of dividend income related to SLP III, which is included in dividend income. As of June 30, 2025 and December 31, 2024, approximately $5,600 and $6,100, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

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

NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV had a five year investment period and will continue in existence until May 5, 2029. On March 15, 2024, the investment period was extended until May 5, 2027 pursuant to the terms of the SLP IV Agreement.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of June 30, 2025, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of June 30, 2025 and December 31, 2024.

On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on March 27, 2029. As of the amendment on December 20, 2024, the facility bears interest at a rate of SOFR plus 1.50%. From March 27, 2024 to December 20, 2024, the facility bore interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%. As of June 30, 2025 and December 31, 2024, SLP IV had total investments with an aggregate fair value of approximately $453,120 and $469,326, respectively, and debt outstanding under its credit facility of $319,437 and $334,437, respectively. As of June 30, 2025 and December 31, 2024, none of SLP IV’s investments were on non-accrual status. Additionally, as of June 30, 2025 and December 31, 2024, SLP IV had unfunded commitments in the form of delayed draws of $2,772 and $1,212, respectively.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2025 and December 31, 2024:


	June 30, 2025			December 31, 2024
First lien investments (1)	$	470,886		$	481,040
Weighted average interest rate on first lien investments (2)	8.35		%	8.54		%
Number of portfolio companies in SLP IV	78			79
Largest portfolio company investment (1)	$	18,091		$	17,933
Total of five largest portfolio company investments (1)	$	67,690		$	62,752

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

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

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of June 30, 2025:


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

Funded Investments - First lien
ADG, LLC	Healthcare	SOFR(Q)	1.00% + 3.00%/PIK	8.45%	09/2026	$	18,091	$	18,087	$	14,988
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.19%	12/2027	1,805		1,801		1,726
AmSpec Parent, LLC	Energy	SOFR(Q)	3.50%	7.80%	12/2031	2,986		2,972		3,001
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.68%	08/2028	9,643		9,582		9,554
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.58%	09/2030	1,818		1,764		1,769
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.58%	09/2030	997		983		974
athenahealth Group Inc.	Healthcare	SOFR(M)	2.75%	7.08%	02/2029	1,777		1,771		1,777
Bach Finance Limited	Education	SOFR(Q)	3.25%	7.58%	01/2032	1,603		1,599		1,614
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	9.04%	08/2028	8,815		8,786		8,815
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.25%	7.58%	12/2030	5,272		5,238		5,250
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.00%	7.33%	05/2028	741		740		744
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.75%	8.08%	05/2028	3,885		3,859		3,907
Boxer Parent Company Inc.	Software	SOFR(Q)	3.00%	7.33%	07/2031	10,414		10,390		10,361
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	4.25%	8.55%	05/2028	4,328		4,246		4,347
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	8.48%	12/2028	2,013		1,915		1,447
Chrysaor Bidco S.a r.l.	Information Services	SOFR(Q)	3.00%	7.24%	10/2031	1,565		1,565		1,577
Cleanova Midco Limited	Business Products	SOFR(Q)	4.75%	9.07%	05/2032	4,135		3,991		3,996
Cloudera, Inc.	Software	SOFR(M)	3.75%	8.18%	10/2028	9,274		9,166		8,940
Cohnreznick Advisory LLC	Financial Services	SOFR(Q)	4.00%	8.30%	03/2032	3,676		3,658		3,667
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	10.51%	12/2027	536		536		536
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	8.41%	12/2027	4,046		3,926		4,028
Confluence Technologies, Inc.	Software	SOFR(Q)	3.75%	8.20%	07/2028	9,650		9,626		8,379
Confluence Technologies, Inc.	Software	SOFR(Q)	5.00%	9.31%	07/2028	943		943		944
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	8.44%	11/2028	3,098		3,089		2,959
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.25%	7.55%	02/2029	6,774		6,754		6,788
Convey Health Solutions, Inc.	Healthcare	SOFR(S)	1.00% + 4.25%/PIK	9.57%	07/2029	3,462		3,414		3,155
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	8.19%	10/2028	1,819		1,814		1,711
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.30%	10/2029	6,556		6,422		5,918
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.00%	7.33%	07/2031	10,428		10,382		10,389
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	3.75%	8.02%	10/2029	5,773		5,476		5,772
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	8.70%	03/2028	9,624		9,564		9,475
EAB Global, Inc.	Education	SOFR(M)	3.00%	7.33%	08/2030	3,177		3,134		3,125
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	8.55%	04/2029	8,115		8,012		8,061
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	8.33%	02/2031	5,001		4,958		5,029
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	7.78%	03/2028	10,006		9,968		9,411
FNZ Group Entities Limited	Financial Services	SOFR(Q)	5.00%	9.26%	11/2031	7,252		7,116		6,019
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.29%	08/2028	10,987		10,895		10,044
Groundworks, LLC	Business Services	SOFR(M)	3.00%	7.32%	03/2031	120		120		120
Groundworks, LLC	Business Services	SOFR(M)	3.00%	7.32%	03/2031	4,082		4,047		4,086
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	8.83%	04/2028	9,960		9,774		9,985
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.38%	11/2026	9,556		9,546		9,129
Houghton Mifflin Harcourt Company	Education	SOFR(Q)	5.25%	9.63%	04/2029	6,215		6,068		6,119
HP PHRG Borrower, LLC	Consumer Services	SOFR(Q)	4.00%	8.33%	02/2032	5,103		5,057		5,090
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.65%	08/2028	7,702		7,654		7,356
Kaseya Inc.	Software	SOFR(M)	3.25%	7.58%	03/2032	3,548		3,531		3,567
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(M)	3.00%	7.33%	03/2031	1,289		1,286		1,290
LSCS Holdings, Inc.	Healthcare	SOFR(Q)	4.50%	8.80%	03/2032	10,248		10,192		10,075


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

Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(D)	3.50%	7.76%	11/2030	$	2,024	$	1,999	$	2,038
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.38%	05/2028	1,955		1,899		1,964
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	8.18%	05/2028	7,721		7,702		7,757
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(Q)	3.00%	7.33%	05/2028	8,160		8,138		8,168
MED ParentCo, LP	Healthcare	SOFR(M)	3.25%	7.58%	04/2031	7,309		7,277		7,345
MH SUB I, LLC	Business Services	SOFR(M)	4.25%	8.58%	12/2031	5,429		5,377		4,755
MH SUB I, LLC	Business Services	SOFR(M)	4.25%	8.58%	05/2028	3,611		3,556		3,398
Michael Baker International, LLC	Business Services	SOFR(Q)	4.00%	8.28%	12/2028	3,849		3,849		3,868
Nielsen Consumer Inc.	Business Services	SOFR(M)	3.50%	7.83%	03/2028	13,965		13,255		13,996
Oceankey (U.S.) II Corp.	Media	SOFR(M)	3.50%	7.93%	12/2028	3,845		3,833		3,857
Osaic Holdings, Inc.	Financial Services	SOFR(M)	3.50%	7.83%	08/2028	11,374		11,298		11,414
Osttra Group Ltd.	Financial Services	SOFR(M)	3.50%	7.79%	05/2032	2,897		2,883		2,909
Outcomes Group Holdings, Inc.	Healthcare	SOFR(M)	3.75%	8.08%	05/2031	2,843		2,833		2,864
Perforce Software, Inc.	Software	SOFR(M)	4.75%	9.08%	03/2031	4,356		4,339		4,182
Physician Partners, LLC	Healthcare	SOFR(Q)	6.00%	10.30%	12/2029	1,793		1,745		1,588
Physician Partners, LLC	Healthcare	SOFR(Q)	1.50% + 2.50%/PIK	8.45%	12/2029	2,093		2,081		1,067
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.80%	12/2027	4,980		4,961		4,857
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	7.55%	10/2030	9,757		9,597		9,814
Pushpay USA Inc.	Software	SOFR(Q)	4.00%	8.30%	08/2031	5,169		5,169		5,169
Quartz Holding Company	Software	SOFR(M)	3.25%	7.58%	10/2028	2,699		2,689		2,691
RealPage, Inc.	Software	SOFR(Q)	3.75%	8.05%	04/2028	1,995		1,986		2,001
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.94%	12/2027	7,249		7,233		7,249
Secretariat Advisors LLC	Business Services	SOFR(Q)	4.00%	8.30%	02/2032	5,871		5,843		5,886
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	8.30%	10/2030	10,206		10,110		10,261
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	5.25%	9.83%	07/2026	3,963		3,900		3,884
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	11.83%	07/2026	2,237		2,207		2,237
Storable, Inc.	Software	SOFR(M)	3.25%	7.58%	04/2031	2,944		2,941		2,946
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.88%	12/2027	3,669		3,664		3,354
Syndigo LLC	Software	SOFR(Q)	4.50%	9.09%	12/2027	9,747		9,739		9,747
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	8.44%	05/2028	5,877		5,862		4,584
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	8.55%	08/2028	5,619		5,607		5,619
TRC Companies LLC	Business Services	SOFR(M)	3.00%	7.33%	12/2028	5,359		5,342		5,354
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	9.56%	10/2028	1,641		1,627		1,654
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50%+2.25%/PIK	8.18%	10/2028	2,284		2,284		1,988
Viant Medical Holdings, Inc.	Healthcare	SOFR(M)	4.00%	8.33%	10/2031	2,488		2,476		2,471
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	3.75%	8.05%	07/2029	3,938		3,923		3,943
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.58%	07/2029	1,095		1,047		1,088
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	8.56%	10/2028	9,254		9,229		9,235
Xplor T1, LLC	Software	SOFR(Q)	3.50%	7.80%	06/2031	4,045		4,027		4,060
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	9.53%	02/2028	3,094		3,022		3,094
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	9.92%	03/2028	9,675		9,575		9,629
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	9.92%	03/2028	2,127		2,105		2,117
Total Funded Investments						$	468,114	$	463,646	$	453,116
Unfunded Investments - First lien
AmSpec Parent, LLC	Energy	—	—	—	12/2026	$	459	$	(1)	$	2
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	07/2026	116		—		1
Cohnreznick Advisory LLC	Financial Services	—	—	—	03/2027	851		(4)		(2)
Groundworks, LLC	Business Services	—	—	—	03/2026	637		(3)		1
Secretariat Advisors LLC	Business Services	—	—	—	02/2027	709		—		2
Total Unfunded Investments						$	2,772	$	(8)	$	4
Total Investments						$	470,886	$	463,638	$	453,120

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

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2024:


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

Funded Investments - First lien
ADG, LLC	Healthcare	SOFR(Q)	1.00% + 3.00%/PIK	8.48%	09/2026	$	17,933	$	17,928	$	15,544
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.22%	12/2027	1,814		1,809		1,788
AmSpec Parent, LLC	Energy	SOFR(Q)	4.25%	8.56%	12/2031	2,986		2,971		3,009
Ascensus Group Holdings, Inc.	Business Services	SOFR(M)	3.00%	7.36%	08/2028	4,127		4,115		4,168
Asurion, LLC	Business Services	SOFR(M)	4.25%	8.71%	08/2028	9,692		9,623		9,716
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	7.61%	02/2029	2,349		2,342		2,361
Bach Finance Limited	Education	SOFR(Q)	3.75%	8.26%	02/2031	1,607		1,603		1,621
Barracuda Parent, LLC	Software	SOFR(Q)	4.50%	9.09%	08/2029	4,900		4,793		4,551
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	9.35%	08/2028	8,853		8,820		8,853
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	3.50%	7.86%	12/2028	5,299		5,264		5,334
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	8.21%	05/2028	745		743		751
BIFM CA Buyer Inc.	Business Services	SOFR(M)	3.75%	8.11%	05/2028	2,709		2,679		2,736
Bleriot US Bidco Inc.	Federal Services	SOFR(Q)	2.75%	7.08%	10/2030	3,861		3,846		3,885
Boxer Parent Company Inc.	Software	SOFR(Q)	3.75%	8.34%	07/2031	10,440		10,415		10,541
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	4.25%	8.58%	05/2028	4,350		4,255		4,394
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	8.66%	12/2028	2,024		1,913		1,810
CE Intermediate I, LLC	Software	SOFR(M)	3.50%	8.05%	11/2028	8,013		7,978		8,058
Chrysaor Bidco S.a r.l.	Information Services	SOFR(Q)	3.50%	8.12%	07/2031	1,573		1,573		1,588
Cloudera, Inc.	Software	SOFR(M)	3.75%	8.21%	10/2028	9,322		9,199		9,336
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	10.90%	12/2027	539		539		539
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	8.80%	12/2027	4,067		3,926		3,866
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	8.47%	11/2028	3,115		3,104		3,048
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.25%	7.85%	02/2029	6,808		6,786		6,842
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	1.00% + 4.25%/PIK	9.68%	07/2029	3,414		3,360		3,098
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	8.22%	10/2028	1,828		1,823		1,612
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.33%	10/2029	6,589		6,442		6,354
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.50%	7.86%	07/2031	10,480		10,431		10,507
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	8.95%	10/2029	5,788		5,461		5,830
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	8.73%	03/2028	9,674		9,604		9,245
EAB Global, Inc.	Education	SOFR(M)	3.25%	7.61%	08/2028	995		990		1,000
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	8.58%	04/2029	7,405		7,312		7,273
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	8.36%	02/2031	5,026		4,980		5,092
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.00%	8.36%	02/2027	2,167		2,160		2,183
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	8.07%	03/2028	10,056		10,012		9,885
FNZ Group Entities Limited	Financial Services	SOFR(Q)	5.00%	9.55%	11/2031	7,270		7,126		7,116
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.60%	08/2028	11,044		10,939		10,823
Groundworks, LLC	Business Services	SOFR(M)	3.25%	7.65%	03/2031	121		121		122
Groundworks, LLC	Business Services	SOFR(M)	3.25%	7.65%	03/2031	4,103		4,065		4,130
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	8.86%	04/2028	10,011		9,795		10,042
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.69%	11/2026	9,607		9,593		8,490
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	9.71%	04/2029	6,246		6,083		6,163
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.68%	08/2028	3,949		3,926		3,905
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(M)	3.00%	7.37%	03/2031	4,560		4,549		4,571
LSCS Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.97%	12/2028	9,774		9,721		9,853
Mandolin Technology Intermediate Holdings, Inc.	Software	SOFR(Q)	3.75%	8.23%	07/2028	9,700		9,672		7,954


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

Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	3.50%	8.07%	11/2030	$	2,029	$	2,002	$	2,052
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.69%	05/2028	1,965		1,900		1,968
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	8.49%	05/2028	7,761		7,739		7,773
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(M)	3.50%	7.86%	05/2028	8,180		8,158		8,246
MED ParentCo, LP	Healthcare	SOFR(M)	3.50%	7.86%	04/2031	7,327		7,293		7,370
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	8.56%	12/2031	3,000		2,970		2,979
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	8.56%	05/2028	6,095		5,989		6,110
Nielsen Consumer Inc.	Business Services	SOFR(M)	4.75%	9.11%	03/2028	9,836		9,009		9,813
OMNIA Partners, LLC	Business Services	SOFR(Q)	2.75%	7.37%	07/2030	4,970		4,928		4,997
Osaic Holdings, Inc.	Financial Services	SOFR(M)	3.50%	7.86%	08/2028	11,432		11,344		11,490
Osmosis Buyer Limited	Consumer Products	SOFR(M)	3.50%	8.05%	07/2028	8,828		8,742		8,864
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	4.00%	8.59%	02/2029	1,307		1,305		1,321
Perforce Software, Inc.	Software	SOFR(M)	4.75%	9.11%	03/2031	4,868		4,848		4,803
Physician Partners, LLC	Healthcare	SOFR(Q)	4.00%	8.74%	12/2028	3,165		3,144		1,334
Planview Parent, Inc.	Software	SOFR(Q)	3.50%	7.83%	12/2027	2,993		2,985		3,018
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.25%	7.58%	10/2030	9,806		9,633		9,882
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	3.00%	7.47%	03/2028	4,975		4,955		5,004
Quartz Holding Company	Software	SOFR(M)	3.50%	7.86%	10/2028	6,874		6,845		6,909
RealPage, Inc.	Software	SOFR(Q)	3.00%	7.59%	04/2028	1,357		1,354		1,357
RealPage, Inc.	Software	SOFR(Q)	3.75%	8.08%	04/2028	2,000		1,990		2,011
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	8.97%	12/2027	7,287		7,268		7,287
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.75%	11.34%	05/2027	4,450		4,445		4,450
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	8.33%	10/2030	9,431		9,327		9,500
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	5.25%	10.03%	07/2026	3,984		3,892		3,941
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	12.03%	07/2026	2,248		2,205		2,248
Storable, Inc.	Software	SOFR(M)	3.50%	7.86%	04/2028	3,880		3,867		3,911
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.19%	12/2027	3,688		3,683		3,382
Syndigo LLC	Software	SOFR(Q)	4.50%	9.28%	12/2027	9,798		9,788		9,828
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	8.47%	05/2028	5,908		5,891		5,021
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	8.58%	08/2028	5,648		5,634		5,648
TRC Companies LLC	Business Services	SOFR(M)	3.50%	7.97%	12/2028	9,973		9,939		10,070
Valcour Packaging, LLC	Packaging	SOFR(M)	5.25%	9.73%	10/2028	1,641		1,625		1,693
Valcour Packaging, LLC	Packaging	SOFR(M)	1.50% + 2.25%/PIK	8.35%	10/2028	2,258		2,258		1,992
Viant Medical Holdings, Inc.	Healthcare	SOFR(Q)	4.00%	8.59%	10/2031	2,500		2,488		2,531
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	4.75%	9.08%	07/2029	3,372		3,357		3,387
VT Topco, Inc.	Business Services	SOFR(Q)	3.00%	7.33%	08/2030	5,724		5,675		5,771
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.61%	07/2029	3,999		3,807		3,971
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	8.59%	10/2028	9,300		9,273		8,963
Xplor T1, LLC	Software	SOFR(Q)	3.50%	7.83%	06/2031	4,065		4,046		4,112
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	9.84%	02/2028	3,110		3,032		3,149
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	10.27%	03/2028	9,725		9,609		9,489
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	10.27%	03/2028	2,138		2,112		2,086
Total Funded Investments						$	479,828	$	474,743	$	469,318
Unfunded Investments - First lien
AmSpec Parent, LLC	Energy	—	—	—	12/2026	$	459	$	(1)	$	3
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	07/2026	116		—		1
Groundworks, LLC	Business Services	—	—	—	03/2026	637		(4)		4
Total Unfunded Investments						$	1,212	$	(5)	$	8
Total Investments						$	481,040	$	474,738	$	469,326

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

Below is certain summarized consolidated financial information for SLP IV as of June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and June 30, 2024:


Selected Consolidated Balance Sheet Information:	June 30, 2025		December 31, 2024
Investments at fair value (cost of $463,638 and $474,738, respectively)	$	453,120	$	469,326
Cash and other assets	14,634		15,401
Receivable from unsettled securities sold	—		7,232
Total assets	$	467,754	$	491,959

Credit facility	$	319,437	$	334,437
Deferred financing costs (net of accumulated amortization of $3,182 and $2,616, respectively)	(2,523)		(3,088)
Payable for unsettled securities purchased	10,595		13,485
Distribution payable	4,826		5,184
Other liabilities	5,171		6,090
Total liabilities	337,506		356,108

Members' capital	$	130,248	$	135,851
Total liabilities and members' capital	$	467,754	$	491,959


Selected Consolidated Statement of Operations Information:	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Interest income	$	9,906	$	12,157	$	19,983	$	24,119
Other income	61		46		91		67
Total investment income	9,967		12,203		20,074		24,186

Interest and other financing expenses	5,053		6,642		10,185		12,742
Other expenses	193		225		415		449
Total expenses	5,246		6,867		10,600		13,191


Net investment income	4,721		5,336		9,474		10,995

Net realized gains (losses) on investments	89		(176)		(140)		(4,874)
Net change in unrealized (depreciation) appreciation of investments	(1,343)		(3,384)		(5,106)		3,544
Net increase in members' capital	$	3,467	$	1,776	$	4,228	$	9,665

For the three and six months ended June 30, 2025, the Company earned approximately $3,794 and $7,728, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and six months ended June 30, 2024, the Company earned approximately $4,004 and $8,360, respectively, of dividend income related to SLP IV, which is included in dividend income. As of June 30, 2025 and December 31, 2024, approximately $3,794 and $4,075, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

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

Unconsolidated Significant Subsidiaries

In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any qualify as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X. As of June 30, 2025, SLP III is considered a significant unconsolidated subsidiary under Regulation S-X Rule 10-01(b)(1). Based on the requirements under Regulation S-X Rule 10-01(b)(1), the summarized financial information of SLP III is shown above.

Investment Risk Factors

First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these securities. This illiquidity may make it more difficult to value the investments.

Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.

The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.

- Definition

The entire disclosure for investments owned by investment company.

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