UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ý      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended September 30, 2024

o         Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	NMFC	NASDAQ Global Select Market
8.250% Notes due 2028	NMFCZ	NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

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

Description	Shares as of October 30, 2024
Common stock, par value $0.01 per share	107,851,415

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	New Mountain Finance Corporation
	Consolidated Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and December 31, 2023	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited)	6
	Consolidated Schedule of Investments as of September 30, 2024 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2023	38
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	64
	Report of Independent Registered Public Accounting Firm	114
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	115
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	136
Item 4.	Controls and Procedures	137
PART II. OTHER INFORMATION		138
Item 1.	Legal Proceedings	138
Item 1A.	Risk Factors	138
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	140
Item 3.	Defaults Upon Senior Securities	140
Item 4.	Mine Safety Disclosures	140
Item 5.	Other Information	140
Item 6.	Exhibits	142
	Signatures	144

2

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

New Mountain Finance Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)

	September 30, 2024		December 31, 2023
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,459,913 and $2,283,490, respectively)	$	2,446,773	$	2,209,867
Non-controlled/affiliated investments (cost of $121,649 and $107,895, respectively)	113,017		133,659
Controlled investments (cost of $684,751 and $646,823, respectively)	705,481		667,796
Total investments at fair value (cost of $3,266,313 and $3,038,208, respectively)	3,265,271		3,011,322
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	13,500		16,500
Cash and cash equivalents	61,943		70,090
Interest and dividend receivable	45,905		44,107
Derivative asset at fair value	8,320		—
Receivable from affiliates	139		82
Deferred tax asset	—		594
Other assets	19,178		16,519
Total assets	$	3,414,256	$	3,159,214
Liabilities
Borrowings
Unsecured Notes	$	993,577	$	506,500
Holdings Credit Facility	407,563		515,063
SBA-guaranteed debentures	300,000		300,000
Convertible Notes	260,120		260,207
NMFC Credit Facility	55,031		36,813
NMNLC Credit Facility II	2,908		2,853
DB Credit Facility	—		186,400
Deferred financing costs (net of accumulated amortization of $61,723 and $54,263, respectively)	(26,229)		(22,387)
Net borrowings	1,992,970		1,785,449
Interest payable	18,485		20,440
Management fee payable	10,730		10,116
Payable to broker	10,370		—
Incentive fee payable	8,821		8,555
Deferred tax liability	1,100		—
Derivative liability at fair value	781		—
Other liabilities	3,420		2,931
Total liabilities	2,046,677		1,827,491
Commitments and contingencies (See Note 9)
Net assets
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued	—		—
Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 107,851,415 and 102,558,859 shares issued and outstanding, respectively	1,079		1,026
Paid in capital in excess of par	1,398,395		1,331,269
Accumulated undistributed earnings	(38,178)		(12,344)
Total net assets of New Mountain Finance Corporation	$	1,361,296	$	1,319,951
Non-controlling interest in New Mountain Net Lease Corporation	6,283		11,772
Total net assets	$	1,367,579	$	1,331,723
Total liabilities and net assets	$	3,414,256	$	3,159,214
Number of shares outstanding	107,851,415		102,558,859
Net asset value per share of New Mountain Finance Corporation	$	12.62	$	12.87

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

3

New Mountain Finance Corporation

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)

	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	61,788	$	63,892	$	175,608	$	189,299
PIK interest income	4,340		4,061		13,460		11,772
Dividend income	185		49		2,762		143
Non-cash dividend income	5,077		4,458		14,558		12,929
Other income	1,454		791		6,345		3,395
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	349		884		1,093		1,576
PIK interest income	971		265		2,680		1,370
Non-cash dividend income	1,593		1,173		4,211		3,417
Other income	63		63		188		189
From controlled investments:
Interest income (excluding PIK interest income)	1,651		1,351		4,395		4,038
PIK interest income	3,739		3,591		11,595		11,665
Dividend income	11,789		11,041		36,812		34,179
Non-cash dividend income	1,649		1,357		4,715		3,879
Other income	679		1,373		2,049		3,943
Total investment income	95,327		94,349		280,471		281,794
Expenses
Interest and other financing expenses	37,661		31,425		101,790		93,921
Management fee	11,700		11,334		34,048		34,549
Incentive fee	8,821		10,169		27,760		29,748
Administrative expenses	1,059		995		3,135		2,996
Professional fees	1,019		850		3,213		2,818
Other general and administrative expenses	531		542		1,523		1,543
Total expenses	60,791		55,315		171,469		165,575
Less: management fee waived (See Note 5)	(970)		(1,013)		(2,732)		(3,172)
Net expenses	59,821		54,302		168,737		162,403
Net investment income before income taxes	35,506		40,047		111,734		119,391
Income tax expense (benefit)	118		(627)		353		401
Net investment income	35,388		40,674		111,381		118,990
Net realized (losses) gains:
Non-controlled/non-affiliated investments	(75)		113		(46,899)		(8,509)
Controlled investments	(456)		4,560		3,375		16,413
Foreign currency	(1,455)		—		(1,455)		13
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	419		12,419		56,474		11,664
Non-controlled/affiliated investments	(7,853)		(14,815)		(34,396)		(14,830)
Controlled investments	(4,260)		(14,483)		(243)		(15,174)
Securities purchased under collateralized agreements to resell	—		—		(3,000)		(39)
New Mountain Net Lease Corporation	1,533		—		1,533		—
Foreign currency	1,690		(60)		1,796		(5)
(Provision) benefit for taxes	(1,037)		291		(1,804)		66
Net realized and unrealized losses	(11,494)		(11,975)		(24,619)		(10,401)
Net increase in net assets resulting from operations	23,894		28,699		86,762		108,589
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(5)		(3)		(994)		(490)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	$	23,889	$	28,696	$	85,768	$	108,099
Basic earnings per share	$	0.22	$	0.28	$	0.81	$	1.07
Weighted average shares of common stock outstanding - basic (See Note 11)	107,851,415		100,954,898		106,140,789		100,943,049
Diluted earnings per share	$	0.22	$	0.27	$	0.78	$	0.98
Weighted average shares of common stock outstanding - diluted (See Note 11)	126,779,819		123,183,269		125,000,872		124,595,709
Distributions declared and paid per share	$	0.34	$	0.36	$	1.04	$	1.03

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

4

New Mountain Finance Corporation

Consolidated Statements of Changes in Net Assets

(in thousands, except shares and per share data)

(unaudited)

	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Increase (decrease) in net assets resulting from operations:
Net investment income	$	35,388	$	40,674	$	111,381	$	118,990
Net realized (losses) gains on investments and foreign currency	(1,986)		4,673		(44,979)		7,917
Net change in unrealized (depreciation) appreciation of investments, foreign currency and New Mountain Net Lease Corporation	(8,471)		(16,939)		25,164		(18,345)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	—		—		(3,000)		(39)
(Provision) benefit for taxes	(1,037)		291		(1,804)		66
Net increase in net assets resulting from operations	23,894		28,699		86,762		108,589
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	(5)		(3)		(994)		(490)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	23,889		28,696		85,768		108,099
Capital transactions
Net proceeds from shares sold	—		6,625		67,691		6,625
Offering costs	(43)		(66)		(512)		(213)
Distributions declared to stockholders from net investment income	(36,668)		(36,338)		(111,602)		(103,966)
Total net decrease in net assets resulting from capital transactions	(36,711)		(29,779)		(44,423)		(97,554)
Net (decrease) increase in net assets	(12,822)		(1,083)		41,345		10,545
New Mountain Finance Corporation net assets at the beginning of the period	1,374,118		1,326,101		1,319,951		1,314,473
New Mountain Finance Corporation net assets at the end of the period	1,361,296		1,325,018		1,361,296		1,325,018
Non-controlling interest in NMNLC	6,283		11,676		6,283		11,676
Net assets at the end of the period	$	1,367,579	$	1,336,694	$	1,367,579	$	1,336,694
Capital share activity
Shares sold	—		502,623		5,292,556		502,623
Net increase in shares outstanding	—		502,623		5,292,556		502,623

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

5

New Mountain Finance Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Nine Months Ended
	September 30, 2024		September 30, 2023
Cash flows from operating activities
Net increase in net assets resulting from operations	$	86,762	$	108,589
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized losses (gains) on investments	43,524		(7,904)
Net realized losses (gains) on translation of assets and liabilities in foreign currencies	1,455		(13)
Net change in unrealized (appreciation) depreciation of investments and New Mountain Net Lease Corporation	(23,368)		18,340
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(1,796)		5
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	3,000		39
Amortization of purchase discount	(5,774)		(4,082)
Amortization of deferred financing costs	7,502		5,002
Amortization of premium on Convertible Notes	(87)		(101)
Amortization of discount on 6.875% and 6.200% Unsecured Notes	422		—
Net change due to hedging activity	635		—
Non-cash investment income	(47,921)		(42,456)
(Increase) decrease in operating assets:
Cash paid for purchase of non-controlling interest in New Mountain Net Lease Corporation	(4,666)		—
Cash distribution received for purchase of non-controlling interest in New Mountain Net Lease Corporation	244		—
Purchase of investments and delayed draw facilities	(772,915)		(140,568)
Proceeds from sales and paydowns of investments	557,709		282,741
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	447		110
Cash paid for purchase of drawn portion of revolving credit facilities	(48)		—
Cash paid on drawn revolvers	(29,475)		(20,865)
Cash repayments on drawn revolvers	24,893		24,270
Deferred tax asset	594		—
Interest and dividend receivable	(1,809)		(9,429)
Receivable from affiliates	(57)		—
Other assets	(2,832)		(12,408)
(Decrease) increase in operating liabilities:
Management fee payable	614		(203)
Incentive fee payable	266		3,873
Payable for unsettled securities purchased	—		4,678
Interest payable	(1,953)		3,575
Payable to affiliates	—		178
Deferred tax liability	1,100		(5,697)
Payable to broker	10,370		—
Other liabilities	(20)		(628)
Net cash flows (used in) provided by operating activities	(153,184)		207,046
Cash flows from financing activities
Net proceeds from shares sold	67,691		6,625
Offering costs paid	(336)		(306)
Distributions paid	(111,602)		(103,966)
Proceeds from Holdings Credit Facility	558,400		109,600
Repayment of Holdings Credit Facility	(665,900)		(159,000)
Proceeds from Convertible Notes	—		60,300
Repayment of Convertible Notes	—		(116,816)
Proceeds from Unsecured Notes	594,981		—
Repayment of Unsecured Notes	(116,500)		(140,000)
Proceeds from NMFC Credit Facility	112,386		348,500
Repayment of NMFC Credit Facility	(96,450)		(197,000)
Proceeds from DB Credit Facility	—		8,000
Repayment of DB Credit Facility	(186,400)		(8,000)
Proceeds from NMNLC Credit Facility II	7,710		5,750
Repayment of NMNLC Credit Facility II	(7,655)		(6,677)
Distributions related to non-controlling interest in NMNLC	(528)		(532)
Deferred financing costs paid	(10,832)		(1,450)
Net cash flows provided by (used in) financing activities	144,965		(194,972)
Net (decrease) increase in cash and cash equivalents	(8,219)		12,074
Effect of foreign exchange rate changes on cash and cash equivalents	72		1
Cash and cash equivalents at the beginning of the period	70,090		71,190
Cash and cash equivalents at the end of the period	$	61,943	$	83,265
Supplemental disclosure of cash flow information
Cash interest paid	$	93,432	$	84,116
Income taxes paid	142		6,808
Non-cash operating activities:
Non-cash activity on investments	$	26,350	$	15,772
Non-cash financing activities:
Accrual for offering costs	$	159	$	104
Accrual for deferred financing costs	708		2

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

6

New Mountain Finance Corporation

Consolidated Schedule of Investments

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (2)(14)(15)	SOFR(M)	5.25%	10.22%	12/2021	12/2027	$	22,791	$	22,630	$	22,791
	First lien (3)(13)(15)	SOFR(M)	5.25%	10.20%	12/2021	12/2027	20,270		20,147		20,270
	First lien (4)(15)	SOFR(M)	5.25%	10.20%	01/2022	12/2027	9,624		9,565		9,623
	First lien (4)(15)	SOFR(M)	5.25%	10.22%	12/2021	12/2027	7,394		7,342		7,394
	Subordinated (3)(13)(15)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	15,283		15,145		15,031
	Subordinated (4)(15)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	5,994		5,940		5,895
									80,769		81,004		5.92	%
Knockout Intermediate Holdings I Inc.(33)
Kaseya Inc.
Software	First lien (2)(14)(15)	SOFR(Q)	5.50%	10.75%	06/2022	06/2029	64,282		63,928		64,282
	First lien (3)(13)(15)(18) - Drawn	SOFR(Q)	5.50%	10.10%	06/2022	06/2029	973		966		973
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.78%	06/2022	06/2029	751		747		751
	First lien (3)(13)(15)	SOFR(Q)	5.50%	10.75%	06/2022	06/2029	238		237		238
									65,878		66,244		4.84	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(14)	SOFR(M)	5.25%	10.20%	08/2021	08/2029	39,966		39,734		39,966
	First lien (5)	SOFR(M)	5.25%	10.20%	08/2021	08/2029	21,502		21,436		21,502
	First lien (2)(14)	SOFR(M)	5.25%	10.20%	10/2019	08/2029	447		444		447
									61,614		61,915		4.53	%
OA Topco, L.P.(32)
OA Buyer, Inc.
Healthcare	First lien (2)(14)(15)	SOFR(M)	5.00%	9.85%	06/2024	12/2028	31,592		31,517		31,592
	First lien (2)(14)(15)	SOFR(M)	5.00%	9.85%	12/2021	12/2028	27,496		27,309		27,497
	First lien (2)(14)(15)	SOFR(M)	5.00%	9.85%	05/2022	12/2028	1,741		1,728		1,741
									60,554		60,830		4.45	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First lien (3)(13)(15)	SOFR(Q)	6.50%	12.00%	05/2024	07/2028	49,555		49,531		49,530
	Subordinated (3)(15)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	7,680		7,662		7,725
	Subordinated (3)(15)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	2,933		2,926		2,950
									60,119		60,205		4.40	%

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

7

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
GS Acquisitionco, Inc.
Software	First lien (2)(14)(15)	SOFR(Q)	5.25%	9.85%	08/2019	05/2028	$	34,811	$	34,751	$	34,811
	First lien (5)(15)	SOFR(Q)	5.25%	9.85%	08/2019	05/2028	21,353		21,316		21,353
	First lien (3)(13)(15)	SOFR(Q)	5.25%	9.85%	08/2019	05/2028	2,917		2,910		2,917
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.25%	9.85%	08/2019	05/2028	625		625		625
									59,602		59,706		4.37	%
iCIMS, Inc.
Software	First lien (2)(14)(15)	SOFR(M)	5.75%	10.67%	09/2023	08/2028	44,708		44,490		44,373
	First lien (2)(14)(15)	SOFR(M)	6.25%	11.17%	10/2022	08/2028	7,366		7,318		7,366
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.75%	10.62%	08/2022	08/2028	1,059		1,055		1,051
									52,863		52,790		3.86	%
OEConnection LLC
Software	First lien (2)(14)(15)	SOFR(M)	5.25%	10.10%	04/2024	04/2031	46,547		46,324		46,547		3.40	%
Model N, Inc.
Software	First lien (2)(14)(15)	SOFR(Q)	5.00%	9.64%	06/2024	06/2031	44,329		44,113		44,107		3.23	%
Recorded Future, Inc.
Software	First lien (3)(13)	SOFR(M)	5.75%	10.60%	06/2024	06/2030	41,688		41,486		41,688
	First lien (3)(18) - Drawn	SOFR(Q)	5.75%	10.88%	06/2024	06/2030	2,356		2,345		2,356
									43,831		44,044		3.22	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(14)(15)	SOFR(M)	5.75%	10.70%	07/2021	07/2028	18,372		18,286		18,372
	First lien (3)(13)(15)	SOFR(M)	5.75%	10.70%	07/2022	07/2028	7,784		7,730		7,784
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.75%	10.95%	07/2021	07/2026	703		698		703
	Subordinated (3)(15)	SOFR(Q)	7.50%	12.20%	07/2022	07/2029	16,953		16,789		16,953
									43,503		43,812		3.20	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(14)(15)	SOFR(Q)	5.75%	10.45%	08/2021	08/2028	37,189		36,954		36,699
	First lien (3)(13)(15)	SOFR(Q)	5.75%	10.45%	08/2021	08/2028	3,915		3,889		3,863
	First lien (3)(13)(15)(18) - Drawn	SOFR(Q)	5.75%	10.46%	08/2021	08/2027	3,027		2,997		2,987
									43,840		43,549		3.18	%

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

8

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Sierra Enterprises, LLC
Food & Beverage	First lien (3)(13)	SOFR(Q)	6.75%	12.00%	06/2023	05/2027	$	42,554	$	38,612	$	40,852	2.99	%
RealPage, Inc.
Software	Second lien (2)(14)	SOFR(M)	6.50%	11.46%	03/2024	04/2029	41,887		41,689		40,394		2.95	%
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(14)(15)	SOFR(Q)	5.50%	10.69%	05/2022	10/2027	15,632		15,602		15,632
	First lien (3)(13)(15)	SOFR(Q)	5.50%	10.68%	08/2021	10/2027	11,939		11,907		11,939
	First lien (2)(14)(15)	SOFR(Q)	5.50%	10.68%	08/2021	10/2027	6,676		6,660		6,675
	First lien (3)(13)(15)	SOFR(Q)	5.50%	10.52%	01/2022	10/2027	1,231		1,220		1,231
	First lien (3)(13)(15)	SOFR(Q)	5.50%	10.70%	01/2022	10/2027	826		818		826
	Subordinated (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	05/2023	05/2033	3,927		3,881		3,927
									40,088		40,230		2.94	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)	SOFR(Q)	5.00%	10.25%	11/2019	10/2026	17,540		17,518		17,540
	First lien (2)(14)(15)	SOFR(Q)	5.00%	10.25%	06/2024	10/2026	8,369		8,369		8,369
	First lien (2)(14)(15)	SOFR(Q)	5.00%	10.26%	06/2024	10/2026	3,505		3,505		3,505
	First lien (2)(14)(15)	SOFR(Q)	5.00%	10.20%	06/2024	10/2026	2,531		2,531		2,531
	First lien (5)(15)	SOFR(Q)	5.00%	10.25%	11/2019	10/2026	2,284		2,281		2,284
	First lien (2)(14)(15)	SOFR(Q)	5.00%	10.25%	06/2024	10/2026	1,318		1,318		1,318
	First lien (5)(15)	SOFR(Q)	5.00%	10.26%	10/2021	10/2026	1,195		1,190		1,195
	First lien (5)(15)	SOFR(Q)	5.00%	10.20%	10/2021	10/2026	863		863		863
	First lien (2)(14)(15)	SOFR(Q)	5.00%	10.25%	06/2024	10/2026	843		843		843
									38,418		38,448		2.81	%
MRI Software LLC
Software	First lien (5)(15)	SOFR(Q)	4.75%	9.35%	01/2020	02/2027	21,486		21,451		21,486
	First lien (3)(13)(15)	SOFR(Q)	4.75%	9.35%	03/2021	02/2027	7,611		7,599		7,611
	First lien (2)(14)(15)	SOFR(Q)	4.75%	9.35%	03/2021	02/2027	4,533		4,527		4,533
	First lien (2)(14)(15)	SOFR(Q)	4.75%	9.35%	01/2020	02/2027	3,115		3,110		3,115
	First lien (3)(13)(15)	SOFR(Q)	4.75%	9.35%	01/2020	02/2027	795		793		795
									37,480		37,540		2.74	%

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

9

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Foreside Financial Group, LLC
Business Services	First lien (2)(14)(15)	SOFR(Q)	5.25%	10.00%	05/2022	09/2027	$	33,441	$	33,232	$	33,441
	First lien (3)(13)(15)	SOFR(Q)	5.25%	10.00%	05/2022	09/2027	2,980		2,955		2,980
									36,187		36,421		2.66	%
CentralSquare Technologies, LLC
Software	First lien (2)(14)(15)	SOFR(M)*	3.00% + 3.50%/PIK	11.60%	04/2024	04/2030	35,564		35,151		35,564		2.60	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (3)(13)(15)	SOFR(S)	5.75%	10.94%	10/2021	10/2028	21,680		21,539		21,192
	First lien (2)(14)(15)	SOFR(S)	5.75%	10.94%	10/2021	10/2028	14,662		14,566		14,332
									36,105		35,524		2.60	%
IG Investments Holdings, LLC
Business Services	First lien (2)(14)(15)	SOFR(Q)	6.00%	11.35%	09/2021	09/2028	28,617		28,432		28,617
	First lien (2)(14)(15)	SOFR(Q)	6.00%	11.35%	02/2022	09/2028	4,181		4,167		4,181
	First lien (3)(13)(15)	SOFR(Q)	6.00%	11.35%	03/2024	09/2028	1,686		1,686		1,686
	First lien (3)(13)(15)	SOFR(Q)	6.00%	11.25%	04/2024	09/2028	634		631		634
	First lien (3)(13)(15)	SOFR(Q)	6.00%	11.35%	03/2024	09/2028	222		222		222
									35,138		35,340		2.58	%
TigerConnect, Inc.
Healthcare	First lien (2)(14)(15)	SOFR(Q)*	3.38% +3.38%/PIK	12.15%	02/2022	02/2028	29,868		29,677		29,868
	First lien (2)(15)(18) - Drawn	SOFR(Q)*	3.38% +3.38%/PIK	12.15%	02/2022	02/2028	2,163		2,163		2,163
									31,840		32,031		2.34	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(15)	SOFR(Q)	5.75%	10.81%	08/2022	08/2029	22,444		22,386		22,444
	First lien (2)(14)(15)	SOFR(Q)	5.75%	10.81%	06/2024	08/2029	8,279		8,279		8,279
									30,665		30,723		2.25	%
Fortis Solutions Group, LLC
Packaging	First lien (2)(14)(15)	SOFR(Q)	5.50%	10.20%	10/2021	10/2028	17,220		17,104		17,220
	First lien (3)(13)(15)	SOFR(Q)	5.50%	10.20%	10/2021	10/2028	12,051		11,971		12,051
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.20%	10/2021	10/2027	763		755		763
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.20%	06/2022	10/2028	114		113		114
	First lien (3)(15)	SOFR(Q)	5.50%	10.20%	10/2021	10/2028	80		79		80
									30,022		30,228		2.21	%

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

10

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Bullhorn, Inc.
Software	First lien (2)(14)(15)	SOFR(M)	5.00%	9.85%	09/2019	10/2029	$	16,444	$	16,398	$	16,444
	First lien (2)(14)(15)	SOFR(M)	5.00%	9.85%	10/2021	10/2029	3,398		3,394		3,398
	First lien (3)(13)(15)(18) - Drawn	SOFR(M)	5.00%	9.85%	05/2024	10/2029	8,462		8,441		8,462
	First lien (2)(14)(15)	SOFR(M)	5.00%	9.85%	09/2019	10/2029	761		758		761
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.00%	10.02%	05/2024	10/2029	417		417		417
	First lien (2)(14)(15)	SOFR(M)	5.00%	9.85%	09/2019	10/2029	341		340		341
	First lien (2)(14)(15)	SOFR(M)	5.00%	9.85%	09/2019	10/2029	272		271		272
									30,019		30,095		2.20	%
ACI Parent Inc.(29)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(14)(15)	SOFR(M)	5.50%	10.45%	08/2021	08/2028	21,857		21,722		21,214
	First lien (3)(13)(15)	SOFR(M)	5.50%	10.45%	08/2021	08/2028	3,874		3,846		3,760
	First lien (3)(13)(15)	SOFR(M)	5.50%	10.45%	08/2021	08/2028	4,196		4,158		4,072
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.45%	08/2021	08/2027	1,059		1,049		1,028
									30,775		30,074		2.20	%
Brave Parent Holdings, Inc.
Software	First lien (5)(15)	SOFR(Q)	5.00%	10.25%	11/2023	11/2030	20,070		19,978		20,070
	First lien (2)(14)(15)	SOFR(Q)	5.00%	10.25%	05/2024	11/2030	7,847		7,847		7,847
	First lien (5)(15)(18) - Drawn	SOFR(Q)	5.00%	10.25%	11/2023	11/2030	1,323		1,319		1,323
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.00%	10.25%	05/2024	11/2030	517		517		517
									29,661		29,757		2.18	%
Foundational Education Group, Inc.
Education	Second lien (5)(15)	SOFR(Q)	6.50%	12.01%	08/2021	08/2029	22,500		22,420		22,500
	Second lien (2)(14)(15)	SOFR(Q)	6.50%	12.01%	08/2021	08/2029	7,009		6,991		7,009
									29,411		29,509		2.16	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (3)(13)(15)	SOFR(Q)	6.09%	11.56%	03/2021	03/2028	19,259		19,095		19,259
	First lien (3)(13)(15)	SOFR(Q)	6.09%	11.26%	03/2021	03/2028	5,012		4,995		5,012
	First lien (2)(14)(15)	SOFR(Q)	6.09%	11.56%	03/2021	03/2028	4,913		4,871		4,913
									28,961		29,184		2.13	%

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

11

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Nelipak Holding Company
Packaging	First lien (3)(13)(15)(16)	EURIBOR(M)	5.50%	8.88%	03/2024	03/2031	€	16,565	$	17,861	$	18,442
	First lien (2)(14)(15)	SOFR(M)	5.50%	10.35%	03/2024	03/2031	$	9,046	8,983		9,046
	First lien (3)(13)(15)(16)(18) - Drawn	SOFR(M)	5.50%	10.35%	03/2024	03/2031	$	993	985		993
									27,829		28,481		2.08	%
PetVet Care Centers, LLC
Consumer Services	First lien (2)(14)(15)	SOFR(M)	6.00%	10.85%	10/2023	11/2030	28,217		27,958		28,217		2.06	%
Syndigo LLC
Software	Second lien (4)(15)	SOFR(M)	8.00%	13.03%	12/2020	12/2028	22,500		22,392		22,500
	Second lien (2)(14)(15)	SOFR(M)	8.00%	13.03%	02/2022	12/2028	5,697		5,707		5,697
									28,099		28,197		2.06	%
Pioneer Topco I, L.P.(31)
Pioneer Buyer I, LLC
Software	First lien (3)(13)(15)	SOFR(Q)	6.50%	11.10%	03/2024	11/2028	23,089		22,992		23,089
	First lien (3)(13)(15)	SOFR(Q)	6.50%	11.10%	03/2022	11/2028	2,374		2,361		2,374
									25,353		25,463		1.86	%
DOCS, MSO, LLC
Healthcare	First lien (3)(13)(15)	SOFR(M)	5.75%	11.05%	06/2022	06/2028	18,384		18,384		18,283
	First lien (4)(15)	SOFR(M)	5.75%	11.05%	06/2022	06/2028	6,885		6,885		6,847
									25,269		25,130		1.84	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (2)(14)(15)	SOFR(S)	5.25%	9.75%	02/2022	02/2028	19,013		18,952		19,013
	First lien (2)(14)(15)	SOFR(S)	5.25%	9.75%	02/2022	02/2028	5,291		5,272		5,291
	First lien (3)(13)(15)	SOFR(S)	5.25%	9.75%	02/2022	02/2028	695		692		695
									24,916		24,999		1.83	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)(15)	SOFR(M)	6.75%	11.70%	11/2019	11/2027	22,500		22,440		19,605
	Second lien (2)(14)(15)	SOFR(M)	6.75%	11.70%	11/2019	11/2027	4,208		4,187		3,666
									26,627		23,271		1.70	%
Diamond Parent Holdings Corp. (28)
Diligent Corporation
Software	First lien (2)(14)(15)	SOFR(S)	5.00%	10.09%	04/2024	08/2030	19,821		19,751		19,748
	First lien (3)(13)(15)	SOFR(S)	5.00%	10.09%	04/2024	08/2030	3,398		3,386		3,385
									23,137		23,133		1.69	%

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

12

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
FS WhiteWater Holdings, LLC(30)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(15)	SOFR(Q)	5.75%	10.50%	12/2021	12/2027	$	10,211	$	10,149	$	10,211
	First lien (3)(13)(15)	SOFR(Q)	6.00%	10.75%	07/2022	12/2027	5,691		5,647		5,691
	First lien (5)(15)	SOFR(Q)	5.75%	10.50%	12/2021	12/2027	3,428		3,405		3,428
	First lien (5)(15)	SOFR(Q)	5.75%	10.50%	12/2021	12/2027	3,406		3,385		3,406
									22,586		22,736		1.66	%
Xactly Corporation
Software	First lien (4)(15)	SOFR(Q)	6.25%	11.41%	07/2017	07/2027	22,500		22,482		22,500		1.65	%
Power Grid Holdings, Inc.
Business Products	First lien (4)(15)	SOFR(Q)	4.75%	10.00%	11/2023	12/2030	18,091		17,926		17,910
	First lien (4)(15)	SOFR(Q)	4.75%	10.00%	07/2024	12/2030	4,352		4,352		4,309
									22,278		22,219		1.62	%
Ambrosia Holdco Corp(35)
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(15)	SOFR(M)*	5.25%/PIK	10.17%	01/2024	06/2029	12,011		11,445		10,135
	First lien (3)(13)(15)	SOFR(M)*	5.25%/PIK	10.17%	01/2024	06/2029	9,670		9,564		8,159
	First lien (3)(13)(15)	SOFR(M)*	2.00%/PIK + 1.00%	7.92%	03/2024	06/2029	2,829		2,280		2,339
	Subordinated (2)(15)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	294		294		294
	Subordinated (3)(15)	FIXED(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	283		283		283
									23,866		21,210		1.55	%
Oranje Holdco, Inc.
Education	First lien (3)(13)(15)	SOFR(Q)	7.50%	12.75%	02/2023	02/2029	7,440		7,366		7,440
	First lien (2)(14)(15)	SOFR(Q)	7.50%	12.75%	02/2023	02/2029	7,440		7,366		7,440
	First lien (3)(13)(15)	SOFR(Q)	7.25%	12.50%	04/2024	02/2029	5,454		5,402		5,454
									20,134		20,334		1.49	%
Cardinal Parent, Inc.
Software	First lien (4)	SOFR(Q)	4.50%	9.25%	10/2020	11/2027	11,761		11,716		11,016
	Second lien (4)(15)	SOFR(Q)	7.75%	12.52%	11/2020	11/2028	9,767		9,706		9,309
									21,422		20,325		1.49	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(14)(15)	SOFR(S)	5.25%	10.66%	06/2021	06/2028	15,382		15,299		15,382
	First lien (2)(14)(15)(18) - Drawn	SOFR(S)	5.25%	10.41%	06/2021	06/2028	4,467		4,436		4,467
									19,735		19,849		1.45	%

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

13

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Groundworks, LLC
Business Services	First lien (4)	SOFR(M)	3.50%	8.60%	03/2024	03/2031	$	18,955	$	18,776	$	18,848
	First lien (4)(18) - Drawn	SOFR(M)	3.50%	8.60%	03/2024	03/2031	558		553		555
									19,329		19,403		1.42	%
Notorious Topco, LLC
Consumer Products	First lien (3)(13)(15)	SOFR(Q)*	4.75% +2.50%/PIK	12.65%	11/2021	11/2027	9,999		9,955		9,274
	First lien (3)(13)(15)	SOFR(Q)*	4.75% +2.50%/PIK	12.65%	05/2022	11/2027	9,874		9,827		9,159
	First lien (3)(13)(15)	SOFR(Q)*	4.75% + 2.50%/PIK	12.65%	11/2021	11/2027	871		864		808
									20,646		19,241		1.41	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)(13)	SOFR(M)	6.75%	11.71%	03/2021	03/2029	20,313		20,279		19,145		1.40	%
GraphPAD Software, LLC
Healthcare	First lien (2)(14)(15)	SOFR(Q)	4.75%	9.35%	06/2024	06/2031	17,946		17,902		17,901
	First lien (3)(15)(18) - Drawn	SOFR(Q)	4.75%	9.35%	06/2024	06/2031	449		446		448
									18,348		18,349		1.34	%
PDI TA Holdings, Inc.
Software	First lien (4)(15)	SOFR(Q)	5.25%	10.46%	01/2024	02/2031	18,207		18,121		18,207		1.33	%
AAC Lender Holdings, LLC(27)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	SOFR(M)(20)*	6.75%/PIK + 0.50%	12.55%	09/2015	09/2026	29,879		29,843		17,999
	First lien (3)(15)	SOFR(M)(20)*	14.50%/PIK + 0.50%	20.30%	06/2021	09/2026	1,527		1,527		—
	Subordinated (3)(15)	SOFR(Q)(20)*	1.00%/PIK	6.48%	03/2021	09/2026	5,230		—		—
									31,370		17,999		1.32	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(15)	SOFR(M)	5.25%	10.27%	02/2020	02/2026	14,675		14,654		14,675
	First lien (5)(15)	SOFR(M)	5.25%	10.27%	02/2024	02/2026	2,649		2,635		2,649
	First lien (3)(13)(15)(18) - Drawn	SOFR(M)	5.25%	10.27%	02/2020	02/2026	139		139		139
									17,428		17,463		1.28	%
Avalara, Inc.
Software	First lien (3)(13)(15)	SOFR(Q)	6.25%	10.85%	10/2022	10/2028	17,198		17,037		17,198		1.26	%

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

14

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Idera, Inc.
Software	Second lien (4)(15)	SOFR(Q)	6.75%	12.15%	06/2019	03/2029	$	15,091	$	14,955	$	15,091
	Second lien (3)(13)(15)	SOFR(Q)	6.75%	12.15%	04/2021	03/2029	2,012		2,006		2,012
									16,961		17,103		1.25	%
Coupa Holdings, LLC
Software	First lien (3)(13)(15)	SOFR(Q)	5.50%	10.75%	02/2023	02/2030	14,424		14,273		14,424		1.05	%
IMO Investor Holdings, Inc.
Healthcare	First lien (2)(14)(15)	SOFR(A)	5.50%	9.86%	05/2022	05/2029	12,747		12,653		12,747
	First lien (3)(13)(15)	SOFR(A)	5.50%	10.09%	05/2022	05/2029	1,629		1,615		1,629
									14,268		14,376		1.05	%
Houghton Mifflin Harcourt Company
Education	First lien (3)(13)	SOFR(M)	5.25%	10.20%	10/2023	04/2029	14,521		14,123		14,163		1.04	%
Daxko Acquisition Corporation
Software	First lien (3)(13)(15)	SOFR(M)	5.00%	9.85%	10/2021	10/2028	12,912		12,828		12,912
	First lien (2)(14)(15)	SOFR(M)	5.00%	9.85%	10/2021	10/2028	1,088		1,080		1,088
	First lien (3)(15)	SOFR(M)	5.00%	9.85%	10/2021	10/2028	65		65		65
	First lien (3)(15)(18) - Drawn	P(Q)	4.00%	12.00%	10/2021	10/2027	62		61		62
									14,034		14,127		1.03	%
Calabrio, Inc.
Software	First lien (5)(15)	SOFR(Q)	5.50%	10.56%	04/2021	04/2027	12,316		12,270		12,316
	First lien (5)(15)	SOFR(Q)	5.50%	10.56%	01/2024	04/2027	1,578		1,565		1,578
									13,835		13,894		1.02	%
Convey Health Solutions, Inc.
Healthcare	First lien (3)(13)(15)	SOFR(Q)*	1.00% +4.25%/PIK	9.95%	09/2019	07/2029	13,058		13,005		11,823
	First lien (3)(13)(15)	SOFR(Q)*	1.00% + 4.25%/PIK	9.95%	02/2022	07/2029	2,180		2,164		1,974
									15,169		13,797		1.01	%
Baker Tilly Advisory Group, LP
Financial Services	First lien (3)(13)(15)	SOFR(M)	5.00%	9.85%	05/2024	06/2031	13,721		13,622		13,618		1.00	%
CFS Management, LLC
Healthcare	First lien (2)(14)(15)	SOFR(Q)*	6.25% + 2.75%/PIK	13.87%	08/2019	07/2024	11,323		11,323		10,047
	First lien (2)(14)(15)	SOFR(Q)*	6.25% + 2.75%/PIK	13.87%	08/2019	07/2024	3,373		3,373		2,993
									14,696		13,040		0.95	%

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

15

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
USRP Holdings, Inc.
Business Services	First lien (3)(13)(15)	SOFR(M)	5.00%	9.85%	07/2021	12/2029	$	7,002	$	6,940	$	7,002
	First lien (2)(14)(15)	SOFR(M)	5.00%	9.85%	07/2021	12/2029	5,556		5,525		5,556
									12,465		12,558		0.92	%
Anaplan, Inc.
Software	First lien (3)(13)(15)	SOFR(Q)	5.25%	9.85%	06/2022	06/2029	10,618		10,545		10,618		0.78	%
Project Accelerate Parent, LLC
Software	First lien (5)(15)	SOFR(S)	5.25%	10.54%	02/2024	02/2031	10,545		10,496		10,545		0.77	%
Virtusa Corporation
Business Services	Subordinated (3)(13)	FIXED(S)	7.13%	7.13%	10/2022	12/2028	11,001		9,226		10,425		0.76	%
Specialtycare, Inc.
Healthcare	First lien (2)(14)(15)	SOFR(Q)	5.75%	11.34%	06/2021	06/2028	10,273		10,188		9,978
	First lien (3)(13)(15)(18) - Drawn	SOFR(M)	4.00%	9.76%	06/2021	06/2026	212		209		206
	First lien (3)(13)(15)	SOFR(Q)	5.75%	11.30%	06/2021	06/2028	77		76		75
									10,473		10,259		0.75	%
Ciklum Inc.**
Business Services	First lien (2)(14)(15)	SOFR(Q)	7.00%	12.35%	02/2024	02/2030	9,560		9,450		9,560		0.70	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(14)(15)	SOFR(Q)*	6.75% + 2.00%/PIK	13.35%	07/2021	07/2027	8,470		8,420		8,427
	First lien (3)(13)(15)(18) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	13.60%	07/2021	07/2026	950		940		945
									9,360		9,372		0.69	%
Planview Parent, Inc.
Software	Second lien (2)(14)(15)	SOFR(Q)	6.00%	10.60%	06/2024	12/2028	9,231		9,209		9,208		0.67	%
Safety Borrower Holdings LLC
Software	First lien (2)(14)(15)	SOFR(M)	5.25%	10.21%	09/2021	09/2027	7,465		7,443		7,465
	First lien (3)(13)(15)	SOFR(M)	5.25%	10.21%	09/2021	09/2027	1,527		1,527		1,527
	First lien (3)(15)(18) - Drawn	P(Q)	4.25%	12.25%	09/2021	09/2027	192		191		192
									9,161		9,184		0.67	%
Icefall Parent, Inc.
Software	First lien (3)(13)(15)	SOFR(M)	6.50%	11.35%	01/2024	01/2030	8,696		8,616		8,696		0.64	%

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

16

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
KPSKY Acquisition Inc.
Business Services	First lien (3)(13)(15)	SOFR(Q)	5.50%	10.85%	10/2021	10/2028	$	6,845	$	6,800	$	6,588
	First lien (3)(13)(15)	SOFR(Q)	5.50%	10.74%	06/2022	10/2028	1,152		1,142		1,109
	First lien (3)(13)(15)	SOFR(Q)	5.50%	10.90%	10/2021	10/2028	784		779		755
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.75%	10.91%	11/2023	10/2028	19		19		18
									8,740		8,470		0.62	%
Park Place Technologies, LLC
Business Services	First lien (2)(14)(15)	SOFR(Q)	5.25%	9.85%	07/2024	03/2031	7,673		7,654		7,654
	First lien (3)(13)(15)(18) - Drawn	SOFR(M)	5.25%	10.23%	07/2024	03/2030	144		144		144
									7,798		7,798		0.57	%
Eclipse Topco, Inc. (36)
Eclipse Buyer Inc.
Software	First lien (4)	SOFR(Q)	4.75%	9.74%	09/2024	09/2031	7,113		7,077		7,077		0.52	%
CRCI Longhorn Holdings, Inc.
Business Services	First lien (2)(14)(15)	SOFR(M)	5.00%	9.85%	08/2024	08/2031	6,516		6,484		6,483
	First lien (3)(13)(15)(18) - Drawn	SOFR(M)	5.00%	9.85%	08/2024	08/2031	543		540		540
									7,024		7,023		0.51	%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (3)(13)	SOFR(Q)	8.25%	13.46%	09/2018	09/2026	6,763		6,763		6,763		0.49	%
Sun Acquirer Corp.
Consumer Services	First lien (2)(14)(15)	SOFR(M)	5.75%	10.71%	09/2021	09/2028	3,914		3,894		3,914
	First lien (2)(14)(15)	SOFR(M)	5.75%	10.71%	09/2021	09/2028	2,767		2,739		2,767
									6,633		6,681		0.49	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(15)	—	—	—	05/2013	—	14,500		14,500		6,525		0.48	%
Greenway Health, LLC
Healthcare	First lien (3)(13)(15)	SOFR(S)	6.75%	12.01%	12/2023	04/2029	6,317		6,233		6,317		0.46	%
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.) (23)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First lien (3)(13)(15)	SOFR(S)	7.00%	12.08%	05/2021	05/2027	6,133		6,102		6,133
	First lien (3)(15)(18) - Drawn	SOFR(S)	7.00%	12.09%	05/2021	05/2027	21		21		21
									6,123		6,154		0.45	%

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

17

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(15)	SOFR(Q)	5.00%	10.13%	08/2024	08/2031	$	6,081	$	6,021	$	6,020	0.44	%
NC Topco, LLC
Software	First lien (2)(14)(15)	SOFR(M)*	2.50% + 2.75%/PIK	10.10%	08/2024	09/2031	5,812		5,783		5,783		0.42	%
Higginbotham Insurance Agency, Inc.
Business Services	First lien (3)(13)(15)	SOFR(M)	4.50%	9.35%	03/2024	11/2028	3,817		3,817		3,817
	First lien (3)(15)(18) - Drawn	SOFR(M)	4.75%	9.60%	03/2024	11/2028	1,392		1,386		1,392
									5,203		5,209		0.38	%
Healthspan Buyer, LLC
Healthcare	First lien (3)(13)(15)	SOFR(M)	5.50%	10.35%	10/2023	10/2030	5,082		5,036		5,082		0.37	%
Michael Baker International, LLC
Business Services	First lien (3)(13)	SOFR(M)	4.75%	9.60%	05/2024	12/2028	4,904		4,879		4,935		0.36	%
Adelaide Borrower, LLC**
Software	First lien (3)(13)(15)	SOFR(Q)*	3.38% + 3.38%/PIK	11.35%	05/2024	05/2030	4,698		4,654		4,698		0.34	%
Cube Industrials Buyer Inc.
Business Products	First lien (3)(13)	SOFR(Q)	6.00%	11.25%	10/2023	10/2030	4,472		4,441		4,516		0.33	%
Logrhythm, Inc.
Software	First lien (3)(13)(15)	SOFR(Q)	7.50%	12.10%	07/2024	07/2029	4,196		4,133		4,196		0.31	%
RLG Holdings, LLC
Packaging	First lien (2)(14)	SOFR(M)	5.00%	9.85%	06/2024	07/2028	3,980		3,980		3,922		0.29	%
CommerceHub, Inc.
Software	First lien (3)(13)(15)	SOFR(M)	6.25%	11.35%	06/2023	12/2027	3,930		3,596		3,930		0.29	%
Project Power Buyer, LLC
Software	First lien (2)(14)	SOFR(Q)	6.75%	11.35%	01/2023	05/2026	3,526		3,498		3,526		0.26	%
Kene Acquisition, Inc.
Business Services	First lien (2)(14)(15)	SOFR(M)	5.25%	10.10%	02/2024	02/2031	3,518		3,485		3,518		0.26	%
Next Holdco, LLC
Healthcare	First lien (2)(14)(15)	SOFR(Q)	6.00%	11.06%	11/2023	11/2030	3,503		3,479		3,503		0.26	%
CB Buyer, Inc.
Software	First lien (2)(14)(15)	SOFR(Q)	5.25%	9.85%	07/2024	07/2031	3,317		3,300		3,300		0.24	%
Geo Parent Corporation
Business Services	First lien (2)(14)(15)	SOFR(Q)	5.25%	10.60%	12/2018	12/2028	3,291		3,291		3,291		0.24	%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(13)(15)	SOFR(S)	4.75%	10.03%	05/2024	12/2028	3,062		3,047		3,062		0.22	%

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

18

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
DCA Investment Holding, LLC
Healthcare	First lien (2)(14)(15)	SOFR(Q)	6.41%	11.01%	03/2021	04/2028	$	1,809	$	1,802	$	1,763
	First lien (3)(13)(15)	SOFR(Q)	6.50%	11.10%	12/2022	04/2028	1,013		1,002		989
									2,804		2,752		0.20	%
Galway Borrower LLC
Business Services	First lien (2)(14)(15)	SOFR(Q)	4.50%	9.10%	04/2024	09/2028	1,094		1,086		1,083
	First lien (3)(15)(18) - Drawn	SOFR(Q)	4.50%	9.10%	04/2024	09/2028	1,674		1,649		1,657
									2,735		2,740		0.20	%
Compsych Investments Corp.
Business Services	First lien (2)(14)(15)	SOFR(Q)	4.75%	10.03%	07/2024	07/2031	1,164		1,162		1,162		0.08	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(13)(15)	SOFR(M)	5.25%	10.10%	05/2024	10/2029	1,052		1,047		1,052		0.08	%
Reorganized Careismatic Brands, LLC
Healthcare	Trust Claim(2)(15)	—	—	—	06/2024	06/2029	152		152		152
	Trust Claim(3)(15)	—	—	—	06/2024	06/2029	52		52		52
									204		204		0.01	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (3)(15)(18) - Drawn	SOFR(S)	4.75%	9.04%	06/2024	12/2028	56		55		56		—	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (20)(21)	—	—	—	11/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States									$	2,144,187	$	2,117,968	154.85	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(13)(15)	SONIA(D)	5.25%	10.45%	07/2024	07/2031	£	30,123	$	37,920	$	40,102
	First lien (3)(13)(15)	SOFR(S)	5.25%	10.51%	07/2024	07/2031	$	19,418	19,323		19,321
	First lien (3)(13)(15)	EURIBOR(S)	5.25%	8.93%	07/2024	07/2031	£	897	958		993
									58,201		60,416		4.42	%
Total Funded Debt Investments - Jersey									$	58,201	$	60,416	4.42	%
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (3)(13)(15)	SOFR(M)	8.25%	13.21%	10/2019	10/2027	$	34,459	$	34,326	$	34,459	2.52	%

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

19

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Integro Parent Inc.**
Business Services	First lien (2)(15)	SOFR(Q)*	12.25%/PIK	16.85%	10/2015	10/2024	$	4,549	$	4,548	$	4,549
	First lien (3)(15)	SOFR(Q)*	12.25%/PIK	16.85%	6/8/2018	10/2024	898		896		898
	Second lien (3)(13)(15)	SOFR(Q)*	12.25%/PIK	16.85%	10/2015	07/2025	15,581		14,815		15,581
									20,259		21,028		1.54	%
Total Funded Debt Investments - United Kingdom									$	54,585	$	55,487	4.06	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(13)(15)	SOFR(Q)	5.75%	11.03%	12/2022	12/2029	$	3,454	$	3,412	$	3,454
	First lien (3)(13)(15)	SOFR(Q)	5.75%	11.03%	12/2023	12/2029	1,345		1,333		1,345
									4,745		4,799		0.35	%
Total Funded Debt Investments - Australia									$	4,745	$	4,799	0.35	%
Total Funded Debt Investments									$	2,261,718	$	2,238,670	163.68	%
Equity - United States
Dealer Tire Holdings, LLC
Distribution & Logistics	Preferred shares (3)(13)(15)	FIXED(S)*	7.00%/PIK	7.00%	09/2021	—	56,271		$	70,384	$	74,040	5.41	%
Symplr Software Intermediate Holdings, Inc.
Healthcare	Preferred shares (4)(15)	SOFR(Q)*	10.50%/PIK	15.20%	11/2018	—	7,500		15,757		15,773
	Preferred shares (3)(13)(15)	SOFR(Q)*	10.50%/PIK	15.20%	11/2018	—	2,586		5,432		5,438
									21,189		21,211		1.55	%
Knockout Intermediate Holdings I Inc.(33)
Software	Preferred shares (3)(15)	SOFR(S)*	10.75%/PIK	16.01%	06/2022	—	15,150		19,270		19,454		1.42	%
ACI Parent Inc.(29)
Healthcare	Preferred shares (3)(15)	FIXED(Q)*	11.75%/PIK	11.75%	08/2021	—	12,500		17,912		15,947		1.17	%
Project Essential Super Parent, Inc.
Software	Preferred shares (3)(15)	SOFR(Q)*	9.50%/PIK	14.10%	04/2021	—	10,000		15,376		14,323		1.05	%
Diamond Parent Holdings Corp. (28)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(15)	FIXED(S)*	10.50%/PIK	10.50%	04/2021	—	10,000		14,162		13,746		1.01	%
HB Wealth Management, LLC
Financial Services	Preferred shares (10)(15)	FIXED(Q)	4.00%	4.00%	09/2021	—	48,303		4,728		9,512		0.70	%
OA Topco, L.P.(32)
Healthcare	Ordinary shares (3)(15)	—	—	—	12/2021	—	2,000,000		2,000		6,182		0.45	%

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

20

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)	Cost		Fair  Value		Percent of Net Assets
Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.)
Packaging	Preferred shares (3)(15)	FIXED(S)*	15.00%/PIK	15.00%	05/2024	—	2,900	$	2,900	$	2,900
	Preferred shares (3)(15)	FIXED(S)(20)*	11.50%/PIK	11.50%	05/2024	—	3,691	2,565		2,702
	Ordinary shares (3)(15)	—	—	—	05/2024	—	290	145		305
								5,610		5,907		0.43	%
FS WhiteWater Holdings, LLC(30)
Consumer Services	Ordinary shares (5)(15)	—	—	—	12/2021	—	50,000	5,000		4,508		0.33	%
Appriss Health Holdings, Inc. (23)
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)(23)
Healthcare	Preferred shares (3)(15)	FIXED(Q)*	11.00%/PIK	11.00%	05/2021	—	2,333	3,249		3,201		0.23	%
Ambrosia Holdco Corp. (35)
Distribution & Logistics	Ordinary shares (2)(15)	—	—	—	01/2024	—	126,536	1,348		1,348
	Ordinary shares (3)(15)	—	—	—	01/2024	—	122,044	1,300		1,300
								2,648		2,648		0.19	%
Pioneer Topco I, L.P.(31)
Software	Ordinary shares (11)(15)	—	—	—	11/2021	—	199,980	2,000		2,000		0.15	%
Eclipse Topco, Inc. (36)
Software	Preferred shares (4)	FIXED(Q)*	12.50%/PIK	12.50%	09/2024	—	190	1,877		1,877		0.14	%
GEDC Equity, LLC
Healthcare	Ordinary shares (3)(15)	—	—	—	06/2023	—	190,000	190		100		0.01	%
Ancora Acquisition LLC
Education	Preferred shares (8)(15)	—	—	—	08/2013	—	372,000	83		—		—	%
AAC Lender Holdings, LLC(27)
Education	Ordinary shares (3)(15)	—	—	—	03/2021	—	758	—		—		—	%
Total Shares - United States								$	185,678	$	194,656	14.23	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(13)(15)	FIXED(Q)*	12.25%/PIK	12.25%	09/2017	—	134,468	$	13,367	$	13,447	0.98	%
Total Shares - Hong Kong								$	13,367	$	13,447	0.98	%
Total Shares								$	199,045	$	208,103	15.21	%

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

21

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Warrants - United States
Reorganized Careismatic Brands, LLC
Healthcare	Warrants (2)(15)	—	—	—	06/2024	—	138,622		$	182	$	327
	Warrants (3)(15)	—	—	—	06/2024	—	47,459		62		112
									244		439		15.21	%
Total Warrants - United States									$	244	$	439	—
Total Funded Investments									$	2,461,007	$	2,447,212	—
Unfunded Debt Investments - United States
Compsych Investments Corp.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2024	07/2027	$	333	$	—	$	—	—	%
Beacon Pointe Harmony, LLC
Financial Services	First lien (3)(15)(18) - Undrawn	—	—	—	06/2024	12/2025	2,098		—		—		—	%
AAC Lender Holdings, LLC(27)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(15)(18) - Undrawn	—	—	—	01/2021	09/2026	2,652		—		—		—	%
DOXA Insurance Holdings LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	05/2024	05/2026	3,046		—		—		—	%
AI Altius US Bidco, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	05/2024	05/2026	3,077		—		—		—	%
Riskonnect Parent, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	03/2024	03/2026	6,349		—		—		—	%
Higginbotham Insurance Agency, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	03/2024	03/2026	6,602		—		—		—	%
Safety Borrower Holdings LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	320		(2)		—		—	%
Project Power Buyer, LLC
Software	First lien (3)(18) - Undrawn	—	—	—	01/2023	05/2025	184		(3)		—		—	%
CoreTrust Purchasing Group LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	05/2024	05/2026	578		(3)		—		—	%

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

22

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Next Holdco, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	11/2025	$	903	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	11/2029	339		(3)		—
									(3)		—		—	%
Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)( (23)
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	05/2021	05/2027	396		(4)		—		—	%
Cube Industrials Buyer Inc.
Business Products	First lien (3)(18) - Undrawn	—	—	—	10/2023	10/2029	517		(4)		—		—	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	08/2022	08/2029	486		(5)		—		—	%
Sun Acquirer Corp.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	559		(5)		—		—	%
Kene Acquisition, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	02/2024	02/2026	1,561		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2024	02/2031	468		(5)		—
									(5)		—		—	%
Logrhythm, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	07/2024	07/2029	420		(6)		—		—	%
Wealth Enhancement Group, LLC
Financial Services	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	10/2027	2,040		(6)		—		—	%
Adelaide Borrower, LLC**
Software	First lien (3)(15)(18) - Undrawn	—	—	—	05/2024	05/2026	1,048		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2024	05/2030	667		(7)		—
									(7)		—		—	%
Icefall Parent, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2024	01/2030	828		(8)		—		—	%

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

23

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(15)(18) - Undrawn	—	—	—	02/2020	02/2026	$	1,660	$	(8)	$	—	—	%
Project Accelerate Parent, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2024	02/2031	1,510		(8)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	05/2024	05/2026	1,847		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	09/2019	10/2029	1,447		(8)		—
									(8)		—		—	%
USRP Holdings, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	12/2029	893		(9)		—		—	%
Daxko Acquisition Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	924		(9)		—		—	%
PDI TA Holdings, Inc.
Software	First lien (4)(15)(18) - Undrawn	—	—	—	01/2024	02/2026	4,225		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	01/2024	02/2031	1,830		(9)		—
									(9)		—		—	%
Xactly Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	07/2017	07/2027	992		(10)		—		—	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		—		—	%
MRI Software LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2020	02/2027	2,002		(10)		—		—	%
Calabrio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	04/2021	04/2027	1,487		(11)		—		—	%
Healthspan Buyer, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	10/2023	10/2030	1,229		(12)		—		—	%

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

24

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Coupa Holdings, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	08/2025	$	1,291	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	02/2029	989		(12)		—
									(12)		—		—	%
Brave Parent Holdings, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	05/2024	05/2025	376		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	11/2030	1,594		(6)		—
	First lien (5)(15)(18) - Undrawn	—	—	—	11/2023	05/2025	963		(7)		—
									(13)		—		—	%
FS WhiteWater Holdings, LLC(30)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2027	1,400		(14)		—		—	%
IMO Investor Holdings, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2028	1,548		(15)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(14)(15)(18) - Undrawn	—	—	—	06/2021	12/2024	785		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2028	1,501		(15)		—
									(15)		—		—	%
YLG Holdings, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	11/2019	10/2026	5,433		(20)		—		—	%
Avalara, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	10/2022	10/2028	1,720		(21)		—		—	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2025	3,588		—		—
	First lien (3)(13)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	2,098		(21)		—
									(21)		—		—	%

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

25

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Foreside Financial Group, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	11/2024	$	1,903	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	—	—	03/2024	03/2026	3,474		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	09/2027	2,095		(21)		—
									(21)		—		—	%
Nelipak Holding Company
Packaging	First lien (3)(15)(18) - Undrawn	—	—	—	03/2024	03/2027	3,501		—		—
	First lien (3)(13)(15)(16)(18) - Undrawn	—	—	—	03/2024	03/2027	6,411		—		—
	First lien (3)(13)(15)(16)(18) - Undrawn	—	—	—	03/2024	03/2031	1,196		(10)		—
	First lien (3)(15)(18) - Undrawn	—	—	—	03/2024	03/2031	1,620		(12)		—
									(22)		—		—	%
Knockout Intermediate Holdings I Inc.(33)
Kaseya Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2025	2,865		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2029	2,888		(22)		—
									(22)		—		—	%
Oranje Holdco, Inc.
Education	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	02/2029	1,860		(23)		—		—	%
Infogain Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2026	3,124		(23)		—		—	%
OEConnection LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	04/2024	04/2026	8,101		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	04/2024	04/2031	5,063		(25)		—
									(25)		—		—	%
Pioneer Topco I, L.P.(31)
Pioneer Buyer I, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2027	3,284		(26)		—		—	%

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

26

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
GS Acquisitionco, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	03/2024	03/2026	$	1,440	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2019	05/2028	4,196		(26)		—
									(26)		—		—	%
GC Waves Holdings, Inc.
Financial Services	First lien (3)(18) - Undrawn	—	—	—	10/2019	10/2030	3,951		(30)		—		—	%
OA Topco, L.P.(32)
OA Buyer, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2028	3,600		(36)		—		—	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2027	3,659		(37)		—		—	%
PetVet Care Centers, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	10/2023	11/2025	3,708		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	10/2023	11/2029	3,708		(37)		—
									(37)		—		—	%
Ciklum Inc.**
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	02/2024	08/2025	11,955		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2024	02/2030	2,989		(37)		—
									(37)		—		—	%
IG Investments Holdings, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	3,780		(38)		—		—	%
TigerConnect, Inc.
Healthcare	First lien (2)(15)(18) - Undrawn	—	—	—	02/2022	02/2025	76		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	4,267		(43)		—
									(43)		—		—	%
CentralSquare Technologies, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	04/2024	04/2030	3,980		(50)		—		—	%

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

27

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Recorded Future, Inc.
Software	First lien (3)(18) - Undrawn	—	—	—	06/2024	06/2030	$	4,531	$	(23)	$	—
	First lien (3)(18) - Undrawn	—	—	—	06/2024	06/2026	7,311		(37)		—
									(60)		—		—	%
Galway Borrower LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	04/2024	10/2025	136		(1)		(1)		(0.00)%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2026	226		(3)		(1)		(0.00)%
CB Buyer, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	07/2024	07/2026	934		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	07/2024	07/2031	364		(2)		(2)
									(2)		(2)		(0.00)%
CRCI Longhorn Holdings, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	08/2024	08/2026	1,629		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2024	08/2031	543		(3)		(3)
									(3)		(3)		(0.00)%
NC Topco, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	08/2024	08/2026	1,672		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2024	09/2031	669		(3)		(3)
									(3)		(3)		(0.00)%
Associations, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	05/2024	07/2028	3,840		(2)		(2)
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2024	07/2028	3,077		(2)		(2)
									(4)		(4)		(0.00)%
Park Place Technologies, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2024	03/2030	757		(2)		(2)
	First lien (3)(15)(18) - Undrawn	—	—	—	07/2024	09/2025	1,201		(3)		(3)
									(5)		(5)		(0.00)%

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

28

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Legends Hospitality Holding Company, LLC
Business Services	First lien (5)(15)(18) - Undrawn	—	—	—	08/2024	08/2026	$	358	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2024	08/2030	715		(7)		(7)
									(7)		(7)		(0.00)%
Specialtycare, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2026	347		(5)		(10)		(0.00)%
DOCS, MSO, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2028	2,405		—		(13)		(0.00)%
GraphPAD Software, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	06/2024	06/2031	1,682		(4)		(4)
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2024	06/2026	4,038		(10)		(10)
									(14)		(14)		(0.00)%
Groundworks, LLC
Business Services	First lien (4)(18) - Undrawn	—	—	—	03/2024	03/2026	2,938		(15)		(17)		(0.00)%
iCIMS, Inc.
Software	First lien (2)(15)(18) - Undrawn	—	—	—	09/2023	08/2028	7,403		(2)		—
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2022	08/2028	2,471		(22)		(19)
									(24)		(19)		(0.00)%
Eclipse Topco, Inc. (36)
Eclipse Buyer Inc.
Software	First lien (4)(18) - Undrawn	—	—	—	09/2024	09/2026	1,206		—		—
	First lien (3)(18) - Undrawn	—	—	—	09/2024	09/2031	4,190		(21)		(21)
									(21)		(21)		(0.00)%
Diamond Parent Holdings Corp. (28)
Diligent Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	04/2024	08/2030	2,265		(8)		(8)
	First lien (3)(15)(18) - Undrawn	—	—	—	04/2024	04/2026	3,398		(13)		(13)
									(21)		(21)		(0.00)%

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

29

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Baker Tilly Advisory Group, LP
Financial Services	First lien (3)(15)(18) - Undrawn	—	—	—	05/2024	06/2026	$	2,065	$	—	$	(15)
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2024	06/2030	2,894		(22)		(22)
									(22)		(37)		(0.00)%
ACI Parent Inc.(29)
ACI Group Holdings, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2027	1,295		(13)		(38)		(0.00)%
Power Grid Holdings, Inc.
Business Products	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	12/2030	4,289		(43)		(43)		(0.00)%
KPSKY Acquisition Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	11/2025	1,568		—		(47)		(0.00)%
Notorious Topco, LLC
Consumer Products	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	05/2027	880		(7)		(64)		(0.00)%
Model N, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	06/2024	06/2031	4,825		(24)		(24)
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2024	06/2026	9,047		—		(45)
									(24)		(69)		(0.01)	%
Total Unfunded Debt Investments - United States									$	(1,089)	$	(439)	(0.01)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	12/2022	12/2028	$	320	$	(5)	$	—
Total Unfunded Debt Investments - Australia									$	(5)	$	—	—	%
Total Unfunded Debt Investments									$	(1,094)	$	(439)	(0.03)	%
Total Non-Controlled/Non-Affiliated Investments									$	2,459,913	$	2,446,773	178.86	%

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

30

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Non-Controlled/Affiliated Investments (37)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (24)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(15)	SOFR(Q)*	13.00%/PIK	17.60%	12/2020	01/2027	$	21,323	$	21,250	$	21,323	1.56	%
Eagle Infrastructure Super HoldCo, LLC (34)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services	First lien (2)(14)(15)	SOFR(Q)	7.50%	12.25%	03/2023	04/2028	10,628		10,628		10,628
	First lien (3)(15)	SOFR(Q)	7.50%	12.25%	03/2023	04/2028	340		340		341
									10,968		10,969		0.80	%
Permian Holdco 3, Inc.
Permian Trust
Energy	Trust Claim(9)(15)	FIXED(Q)(20)*	10.00%/PIK	10.00%	03/2021	—	247		—		—
	First lien (3)(15)	SOFR(Q)(20)*	10.00%/PIK	11.00%	07/2020	—	3,409		—		—
									—		—		—	%
Total Funded Debt Investments - United States									$	32,218	$	32,292	2.36	%
Equity - United States
TVG-Edmentum Holdings, LLC(24)
Education	Ordinary shares (3)(15)	FIXED(Q)*	12.00%/PIK	12.00%	12/2020	—	48,899		$	65,291	$	63,285
	Preferred shares (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	05/2024	—	3,480		7,253		7,253
									72,544		70,538		5.16	%
Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary shares (3)(15)	—	—	—	03/2023	—	72,536		4,104		8,187		0.60	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(15)	—	—	—	07/2017	—	25,000,000		11,501		1,799
	Ordinary shares (3)(15)	—	—	—	07/2017	—	2,786,000		1,282		201
									12,783		2,000		0.15	%
Total Shares - United States									$	89,431	$	80,725	5.91	%
Total Non-Controlled/Affiliated Investments									$	121,649	$	113,017	8.27	%

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

31

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)		Cost		Fair  Value		Percent of Net Assets
Controlled Investments (38)
Funded Debt Investments - United States
New Benevis Topco, LLC (26)
New Benevis Holdco, Inc.
Healthcare	First lien (2)(15)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2026	$	44,697	$	44,697	$	44,697
	First lien (3)(13)(15)	FIXED(Q)*	12.00%/PIK	12.00%	10/2020	10/2026	32,168		32,168		32,168
	Subordinated (3)(15)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2026	23,098		22,115		18,480
									98,980		95,345		6.97	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(13)(15)	SOFR(Q)	9.00%	13.87%	10/2020	12/2024	23,336		23,336		23,336
	First lien (3)(13)(15)(18) - Drawn	SOFR(Q)	6.00%	10.87%	10/2020	12/2024	19,472		19,472		19,472
									42,808		42,808		3.13	%
UniTek Global Services, Inc.
Business Services	Second lien (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	12/2020	06/2028	15,031		15,031		15,031
	Second lien (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	07/2022	06/2028	6,664		6,664		6,664
									21,695		21,695		1.59	%
NHME Holdings Corp. (25)
National HME, Inc.
Healthcare	Second lien (3)(15)	SOFR(Q)(20)*	5.00%/PIK	10.59%	11/2018	11/2025	8,281		7,872		3,000		0.22	%
Total Funded Debt Investments - United States									$	171,355	$	162,848	11.91	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(15)	—	—	—	05/2018	—	—		$	160,000	$	160,000	11.70	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(15)	—	—	—	05/2021	—	—		112,400		112,400		8.22	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (7)(15)	—	—	—	06/2018	—	—		74,248		103,239		7.55	%
New Benevis Topco, LLC (26)
Healthcare	Ordinary shares (2)(15)	—	—	—	10/2020	—	325,516		27,154		28,481
	Ordinary shares (3)(15)	—	—	—	10/2020	—	152,548		12,768		13,347
									39,922		41,828		3.06	%

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

32

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)	Cost		Fair  Value		Percent of Net Assets
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(15)	FIXED(Q)*	20.00%/PIK	20.00%	08/2018	—	21,717,347	$	21,717	$	20,558
	Preferred shares (3)(15)	FIXED(Q)*	20.00%/PIK	20.00%	08/2019	—	12,907,638	12,908		12,478
	Preferred shares (3)(15)	FIXED(Q)(20)*	19.00%/PIK	19.00%	06/2017	—	19,795,435	19,795		2,407
	Preferred shares (2)(15)	FIXED(Q)(20)*	13.50%/PIK	13.50%	01/2015	—	29,326,545	26,946		—
	Preferred shares (3)(15)	FIXED(Q)(20)*	13.50%/PIK	13.50%	01/2015	—	8,104,462	7,447		—
	Ordinary shares (2)(15)	—	—	—	01/2015	—	2,096,477	1,925		—
	Ordinary shares (3)(15)	—	—	—	01/2015	—	1,993,749	532		—
								91,270		35,443		2.59	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(15)	—	—	—	10/2020	—	100	11,155		20,000		1.46	%
NM CLFX LP
Net Lease	Membership interest (7)(15)	—	—	—	10/2017	—	—	12,279		10,031		0.73	%
NM YI, LLC
Net Lease	Membership interest (7)(15)	—	—	—	09/2019	—	—	6,272		9,961		0.73	%
NM GP Holdco, LLC**
Net Lease	Membership interest (7)(15)	—	—	—	06/2018	—	—	850		1,649		0.12	%
QID TRH Holdings LLC (22)
Haven Midstream Holdings LLC(22)
Specialty Chemicals & Materials	Ordinary shares (12)(15)	—	—	—	10/2021	—	80	—		652
	Profit Interest (6)(15)	—	—	—	10/2021	—	5	—		2
								—		654		0.05	%
NHME Holdings Corp.(25)
Healthcare	Ordinary shares (3)(15)	—	—	—	11/2018	—	640,000	4,000		—		—	%
Total Shares - United States								$	512,396	$	495,205	36.21	%
Total Shares								$	512,396	$	495,205	36.21	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(15)	—	—	—	12/2020	02/2025	13,339	$	—	$	47,428	3.47	%
NHME Holdings Corp. (25)
Healthcare	Warrants (3)(15)	—	—	—	11/2018	—	160,000	1,000		—		—	%
Total Warrants - United States								$	1,000	$	47,428	3.47	%
Total Funded Investments								$	684,751	$	705,481	51.59	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)(18) - Undrawn	—	—	—	10/2020	12/2024	2,423	$	—	$	—	—	%

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

33

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

Portfolio Company, Location and Industry (1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity / Expiration Date	Principal  Amount,  Par Value  or Shares (17)	Cost		Fair  Value		Percent of Net Assets
Haven Midstream Holdings LLC (22)
Haven Midstream LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	10/2026	8,000	$	—	$	—	—	%
Total Unfunded Debt Investments - United States								$	—	$	—	—	%
Total Controlled Investments								$	684,751	$	705,481	51.59	%
Total Investments								$	3,266,313	$	3,265,271	238.72	%

(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(2)Investment is held by New Mountain Finance Holdings, L.L.C.

(3)Investment is held by New Mountain Finance Corporation

(4)Investment is held by New Mountain Finance SBIC, L.P.

(5)Investment is held by New Mountain Finance SBIC II, L.P.

(6)Investment is held by NMF QID NGL Holdings, Inc.

(7)Investment is held by New Mountain Net Lease Corporation.

(8)Investment is held by NMF Ancora Holdings, Inc.

(9)Investment is held by NMF Permian Holdings, LLC.

(10)Investment is held by NMF HB, Inc.

(11)Investment is held by NMF Pioneer, Inc.

(12)Investment is held by NMF TRM, LLC.

(13)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto. See Note 7. Borrowings, for details

(14)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent, and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian.. See Note 7. Borrowings, for details.

(15)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of September 30, 2024, the par value U.S. dollar equivalent of the Tennessee Bidco Limited first lien term loans is $41,302 and the Nelipak Holding Company first lien term loan, undrawn delayed draw term loan and undrawn revolver is $18,445, $7,138 and $1,332, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

(17)Par amount is denominated in U.S. Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").

(18)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

(19)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of September 30, 2024.

(20)Investment is on non-accrual status. See Note 3. Investments, for details.

(21)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $13,500 as of September 30, 2024. See Note 2. Summary of Significant Accounting Policies, for details.

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

34

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

(22)The Company holds investments in multiple entities of Haven Midstream Holdings LLC. The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97.0% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Haven Midstream Holdings LLC, and holds a first lien revolver in Haven Midstream LLC.

(23)The Company holds preferred equity in Bamboo Health Intermediate Holdings, Inc.(fka Appriss Health Intermediate Holdings, Inc.) and holds a first lien term loan and a first lien revolver in Bamboo Health Holdings, LLC (fka Appriss Health, LLC), a wholly-owned subsidiary of Bamboo Health Intermediate Holdings, Inc.

(24)The Company holds ordinary shares and preferred equity in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC.

(25)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR + 5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR + 6.00%.

(26)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.

(27)The Company holds ordinary shares in AAC Lender Holdings, LLC and two first lien term loans, a first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.

(28)The Company holds investments in two wholly-owned subsidiaries of Diamond Parent Holdings Corp. The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc.

(29)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc.

(30)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and three first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.

(31)The Company holds ordinary shares in Pioneer Topco I, L.P., and two first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.

(32)The Company holds ordinary shares in OA Topco, L.P., and two first lien term loans and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidiary of OA Topco, L.P.

(33)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Kaseya, Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I Inc.

(34)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.

(35)The Company holds ordinary shares in Ambrosia Holdco Corp. and two first lien term loans and a subordinated loan in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Holdco Corp.

(36)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc..

(37)Denotes a portfolio company of which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of September 30, 2024 and December 31, 2023, along with transactions during the nine months ended September 30, 2024 in which the issuer was a non-controlled/affiliated investment, is as follows:

Portfolio Company	Fair Value at December 31, 2023		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at September 30, 2024		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC	$	17,873	$	—	$	(50)	$	1,333	$	19,156	$	—	$	1,088	$	—	$	—
Sierra Hamilton Holdings Corporation	2,000		—		—		—		2,000		—		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	113,786		13,804		—		(35,729)		91,861		—		2,685		4,211		188
Total Non-Controlled/Affiliated Investments	$	133,659	$	13,804	$	(50)	$	(34,396)	$	113,017	$	—	$	3,773	$	4,211	$	188

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.

(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

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

35

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(in thousands, except shares)

(unaudited)

(38)    Denotes portfolio companies which the Company "controls", as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of September 30, 2024 and December 31, 2023, along with transactions during the nine months ended September 30, 2024 in which the issuer was a controlled investment, is as follows:

Portfolio Company (1)	Fair Value at December 31, 2023		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at September 30, 2024		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	$	3,419	$	—	$	—	$	(2,765)	$	654	$	3,895	$	—	$	—	$	30
National HME, Inc./NHME Holdings Corp.	3,000		—		—		—		3,000		—		—		—		—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	135,401		7,411		—		(5,639)		137,173		—		9,679		—		375
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	63,170		5,637		—		(5,999)		62,808		—		4,010		—		375
NM APP Canada Corp.	7		—		—		(7)		—		31		—		—		—
NM CLFX LP	11,731		—		—		(1,700)		10,031		—		—		601		—
NM NL Holdings, L.P.	96,071		—		(2,123)		9,291		103,239		(548)		—		6,133		181
NM GP Holdco, LLC	1,048		—		(11)		612		1,649		(3)		—		67		—
NM YI LLC	9,550		—		—		411		9,961		—		—		654		—
NMFC Senior Loan Program III LLC	140,000		20,000		—		—		160,000		—		—		17,204		—
NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		12,153		—
UniTek Global Services, Inc.	91,999		7,014		—		5,553		104,566		—		2,301		4,715		1,088
Total Controlled Investments	$	667,796	$	40,062	$	(2,134)	$	(243)	$	705,481	$	3,375	$	15,990	$	41,527	$	2,049

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.

(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

*    All or a portion of interest contains PIK interest. See Note 2. Summary of Significant Accounting Policies-Revenue Recognition, for details.

**    Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2024, 15.4% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

36

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

September 30, 2024

(unaudited)

	September 30, 2024
Investment Type	Percent of Total Investments at Fair Value
First lien	63.48	%
Second lien	7.68	%
Subordinated	3.36	%
Equity and other	25.48	%
Total investments	100.00	%

	September 30, 2024
Industry Type	Percent of Total Investments at Fair Value
Software	28.37	%
Business Services	17.64	%
Healthcare	15.58	%
Investment Funds (includes investments in joint ventures)	8.34	%
Consumer Services	6.09	%
Education	5.74	%
Financial Services	3.84	%
Net Lease	3.82	%
Distribution & Logistics	3.53	%
Packaging	2.10	%
Energy	1.98	%
Food & Beverage	1.25	%
Business Products	0.82	%
Consumer Products	0.59	%
Specialty Chemicals & Materials	0.31	%
Total investments	100.00	%

	September 30, 2024
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	87.37	%
Fixed rates	12.63	%
Total investments	100.00	%

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

37

New Mountain Finance Corporation

Consolidated Schedule of Investments

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (2)(15)(18) - Drawn	SOFR(M)	5.50%	10.96%	12/2021	12/2027	$	22,965	$	22,772	$	22,965
	First lien (8)(15)	SOFR(M)	5.50%	10.96%	12/2021	12/2027	20,426		20,278		20,426
	First lien (4)(15)	SOFR(M)	5.50%	10.96%	01/2022	12/2027	9,698		9,628		9,698
	First lien (4)(15)(18) - Drawn	SOFR(M)	5.50%	10.96%	12/2021	12/2027	7,450		7,388		7,450
	Subordinated (3)(15)	FIXED(Q)*	11.50%/PIK	11.50%	12/2021	12/2031	14,011		13,865		13,420
	Subordinated (4)(15)	FIXED(Q)*	11.50%/PIK	11.50%	01/2022	12/2031	5,495		5,437		5,263
									79,368		79,222		5.95	%
Associations, Inc.
Business Services	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.18%	07/2021	07/2027	33,701		33,604		33,701
	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.13%	07/2021	07/2027	9,037		9,007		9,037
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.15%	07/2021	07/2027	9,036		9,006		9,036
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.13%	07/2021	07/2027	5,457		5,439		5,457
	First lien (8)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.17%	07/2021	07/2027	4,341		4,327		4,341
	First lien (2)(15)	SOFR(Q)*	4.00% + 2.50%/PIK	12.16%	10/2023	07/2027	4,121		4,102		4,121
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.50%	12.14%	07/2021	07/2027	1,252		1,246		1,252
									66,731		66,945		5.03	%
Knockout Intermediate Holdings I Inc. (32)
Kaseya Inc.
Software	First lien (2)(15)	SOFR(Q)*	3.50% + 2.50%/PIK	11.38%	06/2022	06/2029	63,633		63,237		63,633
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.86%	06/2022	06/2029	973		966		973
	First lien (3)(15)(18) - Drawn	SOFR(Q)*	3.50% + 2.50%/PIK	11.38%	06/2022	06/2029	237		235		237
									64,438		64,843		4.87	%

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

38

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
GC Waves Holdings, Inc.
Financial Services	First lien (2)(15)	SOFR(M)	6.00%	11.46%	08/2021	08/2028	$	40,270	$	40,008	$	40,270
	First lien (5)(15)	SOFR(M)	6.00%	11.46%	08/2021	08/2028	21,666		21,591		21,666
	First lien (2)(15)(18) - Drawn	SOFR(M)	6.00%	11.46%	10/2019	08/2028	451		446		451
									62,045		62,387		4.68	%
GS Acquisitionco, Inc.
Software	First lien (2)(15)	SOFR(Q)	5.50%	11.00%	08/2019	05/2026	34,023		33,947		34,023
	First lien (5)(15)	SOFR(Q)	5.50%	11.00%	08/2019	05/2026	21,521		21,476		21,521
									55,423		55,544		4.17	%
CentralSquare Technologies, LLC
Software	Second lien (3)(15)	SOFR(Q)	7.50%	13.00%	08/2018	08/2026	47,838		47,581		45,072
	Second lien (8)(15)	SOFR(Q)	7.50%	13.00%	08/2018	08/2026	7,500		7,459		7,066
									55,040		52,138		3.91	%
IG Intermediateco LLC
Infogain Corporation
Business Services	First lien (2)(15)	SOFR(M)	5.50%	10.96%	07/2021	07/2028	18,707		18,605		18,707
	First lien (8)(15)	SOFR(M)	5.50%	10.96%	07/2022	07/2028	7,844		7,781		7,844
	Subordinated (3)(15)	SOFR(Q)	8.25%	13.70%	07/2022	07/2029	17,245		17,060		17,245
									43,446		43,796		3.29	%
iCIMS, Inc.
Software	First lien (8)(15)	SOFR(Q)*	3.88%/PIK + 3.38%	12.62%	08/2022	08/2028	30,783		30,569		31,008
	First lien (2)(15)	SOFR(Q)	7.25%	12.62%	10/2022	08/2028	7,366		7,311		7,440
	First lien (2)(15)	SOFR(Q)*	3.88%/PIK + 3.38%	12.62%	09/2023	08/2028	4,772		4,726		4,807
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	12.10%	08/2022	08/2028	471		467		471
									43,073		43,726		3.28	%
Deca Dental Holdings LLC
Healthcare	First lien (2)(15)	SOFR(Q)	5.75%	11.20%	08/2021	08/2028	37,477		37,204		36,791
	First lien (3)(15)	SOFR(Q)	5.75%	11.20%	08/2021	08/2028	3,945		3,915		3,873
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.75%	11.20%	08/2021	08/2027	2,623		2,597		2,576
									43,716		43,240		3.25	%
MRI Software LLC
Software	First lien (5)(15)	SOFR(Q)	5.50%	10.95%	01/2020	02/2027	21,655		21,610		21,598
	First lien (3)(15)	SOFR(Q)	5.50%	10.95%	03/2021	02/2027	7,670		7,655		7,650
	First lien (2)(15)	SOFR(Q)	5.50%	10.95%	03/2021	02/2027	4,568		4,561		4,557
	First lien (2)(15)	SOFR(Q)	5.50%	10.95%	01/2020	02/2027	3,140		3,133		3,132
	First lien (3)(15)	SOFR(Q)	5.50%	10.95%	01/2020	02/2027	801		799		800
									37,758		37,737		2.83	%

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

39

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
WEG Sub Intermediate Holdings, LLC
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(15)	SOFR(Q)	5.75%	11.11%	08/2021	10/2027	$	18,758	$	18,715	$	18,758
	First lien (2)(15)(18) - Drawn	SOFR(Q)	5.75%	11.20%	05/2022	10/2027	13,336		13,307		13,336
	First lien (2)(15)	SOFR(Q)	5.75%	11.23%	01/2022	10/2027	1,241		1,232		1,241
	First lien (2)(15)	SOFR(Q)	5.75%	11.23%	01/2022	10/2027	832		826		832
	Subordinated (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	05/2023	05/2033	3,513		3,464		3,459
									37,544		37,626		2.83	%
Recorded Future, Inc.
Software	First lien (8)(15)	SOFR(M)	5.25%	10.71%	08/2019	07/2025	24,220		24,147		24,220
	First lien (2)(15)	SOFR(M)	5.25%	10.71%	03/2021	07/2025	12,524		12,484		12,524
									36,631		36,744		2.76	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First lien (8)(15)	SOFR(Q)	5.75%	11.23%	10/2021	10/2028	21,847		21,684		21,473
	First lien (2)(15)	SOFR(Q)	5.75%	11.23%	10/2021	10/2028	14,774		14,664		14,522
									36,348		35,995		2.70	%
OEC Holdco, LLC (21)
OEConnection LLC
Software	Second lien (2)(15)	SOFR(M)	7.00%	12.46%	12/2021	09/2027	23,406		23,239		23,406
	Second lien (2)(15)	SOFR(M)	7.00%	12.46%	09/2019	09/2027	12,044		11,977		12,044
									35,216		35,450		2.66	%
Foreside Financial Group, LLC
Business Services	First lien (2)(15)	SOFR(Q)	5.50%	11.04%	05/2022	09/2027	33,698		33,444		33,698
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	11.02%	05/2022	09/2027	1,006		996		1,006
	First lien (3)(15)	SOFR(Q)	5.50%	11.04%	05/2022	09/2027	347		344		347
									34,784		35,051		2.63	%
KAMC Holdings, Inc.
Business Services	Second lien (2)(15)	SOFR(Q)	8.00%	13.63%	08/2019	08/2027	18,750		18,673		17,079
	Second lien (8)(15)	SOFR(Q)	8.00%	13.63%	08/2019	08/2027	18,750		18,673		17,079
									37,346		34,158		2.56	%
IG Investments Holdings, LLC
Business Services	First lien (2)(15)	SOFR(Q)	6.00%	11.48%	09/2021	09/2028	28,839		28,625		28,839
	First lien (2)(15)	SOFR(Q)	6.00%	11.48%	02/2022	09/2028	4,214		4,197		4,214
									32,822		33,053		2.48	%

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

40

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Granicus, Inc.
Software	First lien (4)(15)	SOFR(Q)*	5.50% + 1.50%/PIK	12.48%	01/2021	01/2027	$	15,463	$	15,396	$	15,463
	First lien (8)(15)	SOFR(Q)*	5.50% + 1.50%/PIK	12.48%	01/2021	01/2027	5,981		5,954		5,981
	First lien (2)(15)	SOFR(Q)*	5.50% + 1.50%/PIK	12.48%	01/2021	01/2027	5,899		5,874		5,899
	First lien (2)(15)	SOFR(Q)	6.00%	11.48%	04/2021	01/2027	4,542		4,511		4,542
	First lien (3)(15)(18) - Drawn	SOFR(M)	6.50%	11.96%	01/2021	01/2027	579		575		579
									32,310		32,464		2.44	%
TigerConnect, Inc.
Healthcare	First lien (8)(15)	SOFR(Q)*	3.38% + 3.38%/PIK	12.28%	02/2022	02/2028	29,868		29,644		29,614
	First lien (2)(15)(18) - Drawn	SOFR(Q)*	3.38% + 3.38%/PIK	12.28%	02/2022	02/2028	1,354		1,354		1,343
									30,998		30,957		2.32	%
Diamond Parent Holdings Corp. (27)
Diligent Corporation
Software	First lien (2)(15)	SOFR(Q)	5.75%	11.28%	03/2021	08/2025	17,404		17,369		16,998
	First lien (3)(15)	SOFR(Q)	6.25%	11.78%	12/2018	08/2025	5,768		5,755		5,654
	First lien (2)(15)	SOFR(Q)	5.75%	11.28%	03/2021	08/2025	5,679		5,667		5,546
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.25%	11.76%	03/2021	08/2025	1,957		1,947		1,919
									30,738		30,117		2.26	%
OA Topco, L.P. (31)
OA Buyer, Inc.
Healthcare	First lien (2)(15)	SOFR(M)	5.50%	10.86%	12/2021	12/2028	27,707		27,493		27,707
	First lien (2)(15)	SOFR(M)	5.50%	10.86%	05/2022	12/2028	1,754		1,740		1,754
									29,233		29,461		2.21	%
NMC Crimson Holdings, Inc.
Healthcare	First lien (8)(15)	SOFR(Q)	6.09%	11.64%	03/2021	03/2028	19,259		19,067		19,133
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.09%	11.62%	03/2021	03/2028	5,012		4,992		4,979
	First lien (2)(15)	SOFR(Q)	6.09%	11.64%	03/2021	03/2028	4,913		4,864		4,881
									28,923		28,993		2.18	%
Foundational Education Group, Inc.
Education	Second lien (5)(15)	SOFR(Q)	6.50%	12.14%	08/2021	08/2029	22,500		22,412		22,100
	Second lien (2)(15)	SOFR(Q)	6.50%	12.14%	08/2021	08/2029	7,009		6,989		6,884
									29,401		28,984		2.18	%

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

41

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Fortis Solutions Group, LLC
Packaging	First lien (2)(15)	SOFR(Q)	5.50%	10.95%	10/2021	10/2028	$	17,353	$	17,219	$	17,243
	First lien (8)(15)	SOFR(Q)	5.50%	10.95%	10/2021	10/2028	10,092		10,017		10,028
	First lien (3)(15)	SOFR(Q)	5.50%	10.95%	10/2021	10/2028	1,178		1,168		1,171
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.95%	10/2021	10/2027	143		142		142
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	10.98%	06/2022	10/2028	138		137		138
	First lien (3)(15)	SOFR(Q)	5.50%	10.95%	10/2021	10/2028	80		80		80
									28,763		28,802		2.16	%
PetVet Care Centers, LLC
Consumer Services	First lien (2)	SOFR(M)	6.00%	11.36%	10/2023	11/2030	28,430		28,148		28,439		2.14	%
Syndigo LLC
Software	Second lien (4)(15)	SOFR(M)	8.00%	13.48%	12/2020	12/2028	22,500		22,379		22,500
	Second lien (2)(15)	SOFR(M)	8.00%	13.48%	02/2022	12/2028	5,697		5,708		5,697
									28,087		28,197		2.12	%
ACI Parent Inc. (28)
ACI Group Holdings, Inc.
Healthcare	First lien (2)(15)	SOFR(M)	5.50%	10.96%	08/2021	08/2028	22,025		21,868		21,498
	First lien (3)(15)	SOFR(M)	5.50%	10.96%	08/2021	08/2028	3,904		3,871		3,810
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.96%	08/2021	08/2028	1,397		1,384		1,364
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.96%	08/2021	08/2027	353		350		345
									27,473		27,017		2.03	%
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)(15)	SOFR(M)	7.25%	12.71%	08/2018	08/2026	18,266		18,237		18,184
	Second lien (8)(15)	SOFR(M)	7.25%	12.71%	08/2018	08/2026	7,500		7,488		7,467
									25,725		25,651		1.93	%
Idera, Inc.
Software	Second lien (4)(15)	SOFR(Q)	6.75%	12.28%	06/2019	03/2029	22,500		22,273		22,500
	Second lien (3)(15)	SOFR(Q)	6.75%	12.28%	04/2021	03/2029	3,000		2,989		3,000
									25,262		25,500		1.91	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (2)(15)	SOFR(Q)	5.50%	11.00%	02/2022	02/2028	19,159		19,089		19,159
	First lien (2)(15)	SOFR(Q)	5.50%	11.00%	02/2022	02/2028	5,331		5,308		5,331
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.50%	11.00%	02/2022	02/2028	700		697		700
									25,094		25,190		1.89	%

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

42

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
DOCS, MSO, LLC
Healthcare	First lien (8)(15)	SOFR(M)	5.75%	11.20%	06/2022	06/2028	$	18,572	$	18,572	$	18,238
	First lien (4)(15)	SOFR(M)	5.75%	11.20%	06/2022	06/2028	6,955		6,955		6,830
									25,527		25,068		1.88	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)(15)	SOFR(S)	6.75%	12.35%	11/2019	11/2027	22,500		22,429		21,059
	Second lien (2)(15)	SOFR(S)	6.75%	12.35%	11/2019	11/2027	4,208		4,184		3,938
									26,613		24,997		1.88	%
Xactly Corporation
Software	First lien (4)(15)	SOFR(Q)	7.25%	12.74%	07/2017	07/2025	22,500		22,472		22,500		1.69	%
Sierra Enterprises, LLC
Food & Beverage	First lien (3)	SOFR(Q)*	4.25%/PIK + 2.50%	12.13%	06/2023	05/2027	23,780		20,370		22,055		1.66	%
FS WhiteWater Holdings, LLC (29)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(15)	SOFR(Q)	5.75%	11.25%	12/2021	12/2027	10,290		10,217		10,125
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.00%	11.52%	07/2022	12/2027	4,503		4,462		4,466
	First lien (5)(15)	SOFR(Q)	5.75%	11.28%	12/2021	12/2027	3,454		3,427		3,398
	First lien (5)(15)	SOFR(Q)	5.75%	11.25%	12/2021	12/2027	3,432		3,407		3,378
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.75%	11.26%	12/2021	12/2027	315		312		310
									21,825		21,677		1.63	%
Bullhorn, Inc.
Software	First lien (2)(15)	SOFR(M)	5.50%	10.96%	09/2019	09/2026	16,487		16,432		16,487
	First lien (2)(15)	SOFR(M)	5.50%	10.96%	10/2021	09/2026	3,407		3,401		3,407
	First lien (2)(15)	SOFR(M)	5.50%	10.96%	09/2019	09/2026	763		760		763
	First lien (2)(15)	SOFR(M)	5.50%	10.96%	09/2019	09/2026	342		341		342
	First lien (2)(15)	SOFR(M)	5.50%	10.96%	09/2019	09/2026	273		272		273
									21,206		21,272		1.60	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)	SOFR(Q)	5.00%	10.48%	11/2019	10/2025	17,677		17,646		17,676
	First lien (5)(15)	SOFR(Q)	5.00%	10.48%	11/2019	10/2025	2,302		2,298		2,301
	First lien (5)(15)(18) - Drawn	SOFR(Q)	5.00%	10.48%	10/2021	10/2025	1,204		1,196		1,204
	First lien (5)(15)(18) - Drawn	SOFR(Q)	5.50%	10.99%	10/2021	10/2025	80		80		80
									21,220		21,261		1.60	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(15)	SOFR(Q)	3.50%	9.14%	06/2019	08/2024	16,227		15,852		9,736
	First lien (8)(15)	SOFR(Q)	3.50%	9.14%	10/2019	08/2024	15,651		15,190		9,392
	First lien (2)	SOFR(M)	9.50%	14.98%	12/2023	05/2024	1,033		1,033		1,033
	First lien (8)	SOFR(M)	9.50%	14.98%	12/2023	05/2024	996		996		996
									33,071		21,157		1.59	%

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

43

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
AAC Lender Holdings, LLC (26)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	SOFR(M)(34)*	5.75%/PIK + 0.50%	11.69%	09/2015	09/2026	$	29,879	$	29,842	$	20,586
	First lien (3)(15)	SOFR(M)(34)*	13.50%/PIK + 0.50%	19.44%	06/2021	09/2026	1,527		1,527		—
	Subordinated (3)(15)	SOFR(Q)(34)*	1.00%/PIK	7.54%	03/2021	09/2026	5,230		—		—
									31,369		20,586		1.55	%
MED Parentco, LP
Healthcare	Second lien (8)(15)	SOFR(M)	8.25%	13.72%	08/2019	08/2027	20,857		20,769		20,119		1.51	%
Brave Parent Holdings, Inc.
Software	First lien (5)(15)	SOFR(M)	5.00%	10.36%	11/2023	11/2030	20,171		20,071		20,070		1.51	%
Cardinal Parent, Inc.
Software	First lien (4)	SOFR(Q)	4.50%	10.00%	10/2020	11/2027	11,852		11,798		10,919
	Second lien (4)(15)	SOFR(Q)	7.75%	13.25%	11/2020	11/2028	9,767		9,698		8,975
									21,496		19,894		1.49	%
Convey Health Solutions, Inc.
Healthcare	First lien (4)(15)	SOFR(Q)	5.25%	10.70%	09/2019	09/2026	19,022		18,928		16,768
	First lien (4)(15)	SOFR(Q)	5.25%	10.70%	02/2022	09/2026	3,176		3,146		2,800
									22,074		19,568		1.47	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(15)	SOFR(S)	5.75%	11.29%	06/2021	06/2027	15,382		15,283		15,382
	First lien (2)(15)(18) - Drawn	SOFR(S)	5.75%	11.18%	06/2021	06/2027	4,070		4,038		4,070
									19,321		19,452		1.46	%
Groundworks, LLC
Consumer Services	First lien (4)(15)	SOFR(Q)	6.50%	11.90%	03/2023	03/2030	19,517		19,245		19,330		1.45	%
Notorious Topco, LLC
Consumer Products	First lien (8)(15)	SOFR(Q)	6.75%	12.28%	11/2021	11/2027	9,950		9,896		9,215
	First lien (8)(15)	SOFR(Q)	6.75%	12.28%	05/2022	11/2027	9,825		9,769		9,100
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	12.28%	11/2021	11/2027	867		858		803
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.75%	12.28%	11/2021	05/2027	59		59		55
									20,582		19,173		1.44	%

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

44

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Pioneer Topco I, L.P. (30)
Pioneer Buyer I, LLC
Software	First lien (8)(15)	SOFR(Q)*	7.00%/PIK	12.35%	11/2021	11/2028	$	16,802	$	16,700	$	16,802
	First lien (8)(15)	SOFR(Q)*	7.00%/PIK	12.35%	03/2022	11/2028	2,303		2,287		2,303
									18,987		19,105		1.43	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)	SOFR(M)	6.75%	12.22%	03/2021	03/2029	20,313		20,275		18,333		1.38	%
Power Grid Holdings, Inc.
Business Products	First lien (4)(15)	SOFR(Q)	4.75%	10.14%	11/2023	12/2030	18,193		18,013		18,011
	First lien (3)(15)(18) - Drawn	SOFR(Q)	4.75%	10.12%	11/2023	12/2030	214		212		212
									18,225		18,223		1.37	%
Avalara, Inc.
Software	First lien (8)(15)	SOFR(Q)	7.25%	12.60%	10/2022	10/2028	17,198		17,015		17,198		1.29	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (5)	SOFR(Q)	6.00%	11.53%	03/2020	02/2026	13,653		13,625		13,653
	First lien (5)	SOFR(Q)	8.00%	13.54%	10/2020	08/2026	2,457		2,445		2,457
									16,070		16,110		1.21	%
Oranje Holdco, Inc.
Education	First lien (8)(15)	SOFR(Q)	7.50%	12.88%	02/2023	02/2029	7,440		7,357		7,440
	First lien (2)(15)	SOFR(Q)	7.50%	12.88%	02/2023	02/2029	7,440		7,357		7,440
									14,714		14,880		1.12	%
EAB Global, Inc.
Education	Second lien (2)(15)	SOFR(M)	6.50%	11.97%	08/2021	08/2029	14,868		14,695		14,868		1.12	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(15)	SOFR(M)	5.25%	10.71%	02/2020	02/2026	14,796		14,767		14,796		1.11	%
Coupa Holdings, LLC
Software	First lien (2)(15)	SOFR(M)	7.50%	12.86%	02/2023	02/2030	7,230		7,147		7,303
	First lien (8)(15)	SOFR(M)	7.50%	12.86%	02/2023	02/2030	7,230		7,147		7,303
									14,294		14,606		1.10	%
Daxko Acquisition Corporation
Software	First lien (8)(15)	SOFR(M)	5.50%	10.96%	10/2021	10/2028	13,011		12,914		13,011
	First lien (2)(15)	SOFR(M)	5.50%	10.96%	10/2021	10/2028	1,096		1,088		1,096
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.50%	10.96%	10/2021	10/2028	66		65		66
	First lien (3)(15)(18) - Drawn	P(Q)	4.50%	13.00%	10/2021	10/2027	66		65		66
									14,132		14,239		1.07	%

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

45

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
IMO Investor Holdings, Inc.
Healthcare	First lien (2)(15)	SOFR(Q)	6.00%	11.40%	05/2022	05/2029	$	12,844	$	12,739	$	12,742
	First lien (3)(15)(18) - Drawn	SOFR(S)	6.00%	11.39%	05/2022	05/2029	1,139		1,128		1,130
	First lien (3)(15)(18) - Drawn	SOFR(S)	6.00%	11.42%	05/2022	05/2028	62		61		61
									13,928		13,933		1.05	%
Alegeus Technologies Holdings Corp.
Healthcare	First lien (8)(15)	SOFR(S)	8.25%	13.75%	09/2018	09/2024	13,444		13,433		13,444		1.01	%
Calabrio, Inc.
Software	First lien (5)	SOFR(M)	7.13%	12.48%	04/2021	04/2027	12,347		12,290		12,224
	First lien (3)(18) - Drawn	SOFR(M)	7.13%	12.48%	04/2021	04/2027	850		843		841
									13,133		13,065		0.98	%
USRP Holdings, Inc.
Business Services	First lien (2)(15)	SOFR(S)	5.75%	11.18%	07/2021	07/2027	11,226		11,152		11,226
	First lien (3)(15)	SOFR(S)	5.75%	11.18%	07/2021	07/2027	1,462		1,451		1,462
									12,603		12,688		0.95	%
CFS Management, LLC
Healthcare	First lien (2)(15)	SOFR(Q)*	6.25% + 0.75%/PIK	12.61%	08/2019	07/2024	11,188		11,181		9,775
	First lien (2)(15)	SOFR(Q)*	6.25% + 0.75%/PIK	12.61%	08/2019	07/2024	3,333		3,330		2,912
									14,511		12,687		0.95	%
CHA Holdings, Inc.
Business Services	Second lien (4)(15)	SOFR(M)	8.75%	14.22%	04/2018	04/2026	7,012		6,985		7,012
	Second lien (3)(15)	SOFR(M)	8.75%	14.22%	04/2018	04/2026	4,453		4,436		4,454
									11,421		11,466		0.86	%
Anaplan, Inc.
Software	First lien (2)(15)	SOFR(Q)	6.50%	11.85%	06/2022	06/2029	10,618		10,535		10,618		0.80	%
Specialtycare, Inc.
Healthcare	First lien (2)(15)	SOFR(Q)	5.75%	11.41%	06/2021	06/2028	10,352		10,253		9,938
	First lien (3)(15)(18) - Drawn	SOFR(M)	4.00%	9.46%	06/2021	06/2026	78		77		76
	First lien (3)(15)	SOFR(Q)	5.75%	11.41%	06/2021	06/2028	78		76		76
									10,406		10,090		0.76	%
Quartz Holding Company
Software	Second lien (3)(15)	SOFR(M)	8.00%	13.46%	04/2019	04/2027	10,000		9,900		10,000		0.75	%

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

46

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(15)	SOFR(Q)*	6.75% + 2.00%/PIK	14.10%	07/2021	07/2027	$	8,403	$	8,342	$	8,039
	First lien (3)(15)(18) - Drawn	SOFR(M)*	6.75% + 2.00%/PIK	14.11%	07/2021	07/2026	935		925		894
									9,267		8,933		0.67	%
KPSKY Acquisition Inc.
Business Services	First lien (8)(15)	SOFR(Q)	5.25%	10.73%	10/2021	10/2028	6,898		6,846		6,763
	First lien (2)(15)(18) - Drawn	SOFR(Q)	5.25%	10.73%	06/2022	10/2028	1,160		1,150		1,138
	First lien (2)(15)	SOFR(Q)	5.25%	10.76%	10/2021	10/2028	790		784		774
	First lien (3)(15)(18) - Drawn	SOFR(Q)	5.75%	11.23%	11/2023	10/2028	19		19		19
									8,799		8,694		0.65	%
Ncontracts, LLC
Software	First lien (2)	SOFR(S)	6.50%	11.80%	12/2023	12/2029	8,372		8,268		8,267		0.62	%
Virtusa Corporation
Business Services	Subordinated (3)	FIXED(S)	7.13%	7.13%	10/2022	12/2028	9,401		7,565		8,077		0.61	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(15)	SOFR(Q)	—	—	05/2013	—	14,500		14,500		7,975		0.60	%
TRC Companies L.L.C. (fka Energize Holdco LLC)
Business Services	Second lien (2)(15)	SOFR(M)	6.75%	12.22%	11/2021	12/2029	7,950		7,918		7,711		0.58	%
DS Admiral Bidco, LLC
Software	First lien (2)(15)	SOFR(Q)	7.00%	12.35%	12/2022	03/2028	7,472		7,377		7,564		0.57	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (4)(15)	SOFR(Q)	5.75%	11.14%	08/2022	08/2029	7,514		7,449		7,514		0.56	%
Safety Borrower Holdings LLC
Software	First lien (2)(15)	SOFR(M)	5.25%	10.87%	09/2021	09/2027	6,904		6,881		6,904
	First lien (3)(15)(18) - Drawn	P(Q)	4.25%	12.75%	09/2021	09/2027	384		382		384
									7,263		7,288		0.55	%
Transcendia Holdings, Inc.
Packaging	Second lien (8)(15)	L(Q)(34)	8.00%	13.61%	06/2017	05/2025	14,500		14,445		7,250		0.54	%
Community Brands ParentCo, LLC
Software	First lien (2)(15)	SOFR(M)	5.50%	10.96%	02/2022	02/2028	7,091		7,037		6,899		0.52	%
Sun Acquirer Corp.
Consumer Services	First lien (2)(15)	SOFR(M)	5.75%	11.22%	09/2021	09/2028	3,945		3,919		3,878
	First lien (2)(15)	SOFR(M)	5.75%	11.22%	09/2021	09/2028	2,788		2,757		2,740
	First lien (3)(15)(18) - Drawn	SOFR(M)	5.75%	11.22%	09/2021	09/2027	112		113		110
									6,789		6,728		0.51	%

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

47

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Houghton Mifflin Harcourt Company
Education	First lien (8)	SOFR(M)	5.25%	10.71%	10/2023	04/2029	$	6,822	$	6,430	$	6,704	0.50	%
Greenway Health, LLC
Healthcare	First lien (8)	SOFR(S)	6.75%	11.93%	12/2023	04/2029	6,349		6,254		6,254		0.47	%
Appriss Health Holdings, Inc. (22)
Appriss Health, LLC
Healthcare	First lien (8)(15)	SOFR(Q)	6.75%	12.32%	05/2021	05/2027	6,188		6,150		6,188		0.46	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (2)(15)	SOFR(Q)	5.50%	11.00%	11/2021	11/2027	5,109		5,071		5,109		0.38	%
Healthspan Buyer, LLC
Healthcare	First lien (8)(15)	SOFR(Q)	5.75%	11.10%	10/2023	10/2030	5,120		5,070		5,069		0.38	%
Cube Industrials Buyer, Inc.
Business Products	First lien (3)(15)	SOFR(Q)	6.00%	11.40%	10/2023	10/2030	4,483		4,450		4,450		0.33	%
CommerceHub, Inc.
Software	First lien (3)(15)	SOFR(Q)	6.25%	11.79%	06/2023	12/2027	3,960		3,564		3,960		0.30	%
Project Power Buyer, LLC
Software	First lien (2)(15)	SOFR(Q)	7.00%	12.35%	01/2023	05/2026	3,553		3,513		3,553		0.27	%
Next Holdco, LLC
Healthcare	First lien (2)(15)	SOFR(M)	6.00%	11.37%	11/2023	11/2030	3,520		3,494		3,494		0.26	%
DCA Investment Holding, LLC
Healthcare	First lien (2)(15)	SOFR(Q)	6.41%	11.75%	03/2021	04/2028	1,823		1,815		1,768
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.50%	11.85%	12/2022	04/2028	1,021		1,007		992
									2,822		2,760		0.21	%
New Trojan Parent, Inc.
Healthcare	Second lien (2)(15)	SOFR(M)	7.25%	12.72%	01/2021	01/2029	26,762		26,663		1,421		0.11	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (34)(35)	—	—	—	11/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States									$	1,992,317	$	1,917,817	144.02	%
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(15)	SOFR(M)	8.25%	13.72%	10/2019	10/2027	$	34,459	$	34,301	$	34,458	2.59	%
Integro Parent Inc.**
Business Services	First lien (2)(15)	SOFR(Q)*	12.25%/PIK	17.60%	10/2015	10/2024	4,086		4,085		4,086
	First lien (3)(15)	SOFR(Q)*	12.25%/PIK	17.60%	06/2018	10/2024	807		805		807
	Second lien (3)(15)	SOFR(Q)*	12.25%/PIK	17.60%	10/2015	10/2024	13,657		12,888		13,231
									17,778		18,124		1.36	%
Total Funded Debt Investments - United Kingdom									$	52,079	$	52,582	3.95	%

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

48

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)	SONIA(D)*	5.00% +2.50% /PIK	12.96%	08/2021	08/2028	£	13,039	$	17,864	$	16,600
	First lien (3)(15)(16)	SONIA(D)*	5.00% +2.50% /PIK	12.96%	08/2021	08/2028	£	10,734	13,407		13,664
	First lien (3)(15)	SOFR(S)*	5.00% +2.50% /PIK	13.03%	08/2021	08/2028	$	10,312	10,200		10,312
	First lien (3)(15)	SOFR(S)*	5.00% +2.50% /PIK	12.90%	08/2021	08/2028	$	6,373	6,300		6,373
	First lien (3)(15)(16)	EURIBOR(S)*	5.00% +2.50% /PIK	11.47%	08/2021	08/2028	€	716	726		791
									48,497		47,740		3.58	%
Total Funded Debt Investments - Jersey									$	48,497	$	47,740	3.58	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (2)(15)	SOFR(M)	7.25%	12.61%	12/2022	12/2029	$	3,454	$	3,407	$	3,454
	First lien (2)	SOFR(M)	6.75%	12.11%	12/2023	12/2029	1,345		1,332		1,332
									4,739		4,786		0.36	%
Total Funded Debt Investments - Australia									$	4,739	$	4,786	0.36	%
Total Funded Debt Investments									$	2,097,632	$	2,022,925	151.91	%
Equity - United States
Dealer Tire Holdings, LLC
Distribution & Logistics	Preferred shares (3)(15)	FIXED(S)*	7.00%/PIK	7.00%	09/2021	—	56,271		$	70,383	$	74,768	5.61	%
Symplr Software Intermediate Holdings, Inc.
Healthcare	Preferred shares (4)(15)	SOFR(Q)*	10.50%/PIK	16.03%	11/2018	—	7,500		13,999		13,807
	Preferred shares (3)(15)	SOFR(Q)*	10.50%/PIK	16.03%	11/2018	—	2,586		4,826		4,759
									18,825		18,566		1.39	%
Knockout Intermediate Holdings I Inc. (32)
Software	Preferred shares (3)(15)	FIXED(S)*	11.75%/PIK	11.75%	06/2022	—	15,150		16,837		17,019		1.28	%
ACI Parent Inc. (28)
Healthcare	Preferred shares (3)(15)	FIXED(Q)*	11.75%/PIK	11.75%	08/2021	—	12,500		16,414		15,040		1.13	%
Project Essential Super Parent, Inc.
Software	Preferred shares (3)(15)	SOFR(Q)*	9.50%/PIK	14.85%	04/2021	—	10,000		13,754		12,382		0.93	%
Diamond Parent Holdings Corp. (27)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(15)	FIXED(S)*	10.50%/PIK	10.50%	04/2021	—	10,000		12,771		12,162		0.91	%

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

49

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
OEC Holdco, LLC (21)
Software	Preferred shares (12)(15)	FIXED(S)*	11.00%/PIK	11.00%	12/2021	—	7,214		$	8,431	$	8,115	0.61	%
HB Wealth Management, LLC
Financial Services	Preferred shares (11)(15)	FIXED(Q)*	4.00%/PIK	4.00%	09/2021	—	48,303		4,777		5,125		0.38	%
FS WhiteWater Holdings, LLC (29)
Consumer Services	Ordinary shares (5)(15)	—	—	—	12/2021	—	50,000		5,000		4,454		0.33	%
OA Topco, L.P. (31)
Healthcare	Ordinary shares (3)(15)	—	—	—	12/2021	—	2,000,000		2,000		3,343		0.25	%
Appriss Health Holdings, Inc. (22)
Appriss Health Intermediate Holdings, Inc.
Healthcare	Preferred shares (3)(15)	FIXED(Q)*	11.00%/PIK	11.00%	05/2021	—	2,333		2,992		2,863		0.21	%
Pioneer Topco I, L.P. (30)
Software	Ordinary shares (13)(15)	—	—	—	11/2021	—	199,980		2,000		1,796		0.13	%
GEDC Equity, LLC
Healthcare	Ordinary shares (3)(15)	—	—	—	06/2023	—	190,000		190		150		0.01	%
Ancora Acquisition LLC
Education	Preferred shares (9)(15)	SOFR(Q)	—	—	08/2013	—	372		83		—		—	%
AAC Lender Holdings, LLC(26)
Education	Ordinary shares (3)(15)	SOFR(Q)	—	—	03/2021	—	758		—		—		—	%
Total Shares - United States									$	174,457	$	175,783	13.17	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(15)	FIXED(Q)*	12.25%/PIK	12.25%	09/2017	—	122,712		$	12,189	$	11,742	0.88	%
Total Shares - Hong Kong									$	12,189	$	11,742	0.88	%
Total Shares									$	186,646	$	187,525	14.05	%
Total Funded Investments									$	2,284,278	$	2,210,450	165.96	%
Unfunded Debt Investments - United States
Coupa Holdings, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	08/2024	$	1,291	$	—	$	13
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	02/2029	989		(12)		—
									(12)		13		0.00	%

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

50

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
PetVet Care Centers, LLC
Consumer Services	First lien (3)(18) - Undrawn	—	—	—	10/2023	11/2025	$	3,708	$	—	$	1
	First lien (3)(18) - Undrawn	—	—	—	10/2023	11/2029	3,708		(37)		—
									(37)		1		0.00	%
AAC Lender Holdings, LLC (26)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(15)(18) - Undrawn	—	—	—	01/2021	09/2026	2,652		—		—		—	%
Safety Borrower Holdings LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	128		(1)		—		—	%
Project Power Buyer, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2023	05/2025	184		(3)		—		—	%
Appriss Health Holdings, Inc. (22)
Appriss Health, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	05/2021	05/2027	417		(4)		—		—	%
PPV Intermediate Holdings, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	08/2022	08/2029	486		(5)		—		—	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(18) - Undrawn	—	—	—	03/2020	02/2025	1,013		(5)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	09/2019	09/2026	852		(6)		—		—	%
Wealth Enhancement Group, LLC
Financial Services	First lien (2)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	2,396		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	10/2027	2,040		(6)		—
									(6)		—		—	%
USRP Holdings, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2027	893		(9)		—		—	%

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

51

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Daxko Acquisition Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	04/2024	$	459	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	920		(9)		—
									(9)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(15)(18) - Undrawn	—	—	—	02/2020	02/2026	1,799		(9)		—		—	%
Xactly Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	07/2017	07/2025	992		(10)		—		—	%
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	1,969		(10)		—		—	%
Associations, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2027	2,291		(11)		—		—	%
Foreside Financial Group, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	4,557		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	09/2027	1,090		(11)		—
									(11)		—		—	%
Granicus, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2021	01/2027	1,834		(14)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(15)(18) - Undrawn	—	—	—	06/2021	06/2024	1,182		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2027	1,501		(15)		—
									(15)		—		—	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2026	1,161		(16)		—		—	%
Recorded Future, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	08/2019	07/2025	2,981		(20)		—		—	%

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

52

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
YLG Holdings, Inc.
Business Services	First lien (5)(15)(18) - Undrawn	—	—	—	10/2021	12/2024	$	785	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	—	—	11/2019	10/2025	3,968		(20)		—
									(20)		—		—	%
Avalara, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	10/2022	10/2028	1,720		(21)		—		—	%
iCIMS, Inc.
Software	First lien (8)(15)(18) - Undrawn	—	—	—	08/2022	08/2024	6,293		—		—
	First lien (2)(15)(18) - Undrawn	—	—	—	09/2023	08/2024	976		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2022	08/2028	2,347		(21)		—
									(21)		—		—	%
Knockout Intermediate Holdings I Inc. (32)
Kaseya Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	3,616		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2029	2,888		(22)		—
									(22)		—		—	%
Oranje Holdco, Inc.
Education	First lien (3)(15)(18) - Undrawn	—	—	—	02/2023	02/2029	1,860		(23)		—		—	%
IG Investments Holdings, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	2,298		(23)		—		—	%
GS Acquisitionco, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	—	—	08/2019	05/2026	3,730		(23)		—		—	%
Pioneer Topco I, L.P. (30)
Pioneer Buyer I, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	11/2027	2,446		(24)		—		—	%
Infogain Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2026	3,827		(29)		—		—	%
GC Waves Holdings, Inc.
Financial Services	First lien (3)(15)(18) - Undrawn	—	—	—	10/2019	08/2028	3,951		(30)		—		—	%

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

53

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
OA Topco, L.P. (31)
OA Buyer, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2028	$	3,600	$	(36)	$	—	—	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2027	3,659		(37)		—		—	%
Next Holdco, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	11/2025	903		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	11/2029	339		(3)		(3)
									(3)		(3)		(0.00)%
Cube Industrials Buyer, Inc.
Business Products	First lien (3)(15)(18) - Undrawn	—	—	—	10/2023	10/2029	517		(4)		(4)		(0.00)%
MRI Software LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	01/2020	02/2027	2,002		(10)		(5)		(0.00)%
Calabrio, Inc.
Software	First lien (3)(18) - Undrawn	—	—	—	04/2021	04/2027	637		(5)		(6)		(0.00)%
Brave Parent Holdings, Inc.
Software	First lien (5)(15)(18) - Undrawn	—	—	—	11/2023	05/2025	2,292		—		—
	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	11/2030	1,146		(6)		(6)
									(6)		(6)		(0.00)%
Deca Dental Holdings LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2027	404		(4)		(7)		(0.00)%
Sun Acquirer Corp.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	09/2021	09/2027	447		(6)		(8)		(0.00)%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	07/2021	07/2026	226		(3)		(10)		(0.00)%

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

54

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Ncontracts, LLC
Software	First lien (3)(18) - Undrawn	—	—	—	12/2023	12/2025	$	773	$	—	$	—
	First lien (3)(18) - Undrawn	—	—	—	12/2023	12/2029	773		(10)		(10)
									(10)		(10)		(0.00)%
Healthspan Buyer, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	10/2023	10/2030	1,229		(12)		(12)		(0.00)%
KPSKY Acquisition Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	11/2025	1,568		—		(16)		(0.00)%
Specialtycare, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	06/2021	06/2026	481		(7)		(17)		(0.00)%
Groundworks, LLC
Consumer Services	First lien (4)(15)(18) - Undrawn	—	—	—	03/2023	09/2024	891		—		(9)
	First lien (3)(15)(18) - Undrawn	—	—	—	03/2023	03/2029	1,076		(16)		(10)
									(16)		(19)		(0.00)%
FS WhiteWater Holdings, LLC (29)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	—	—	07/2022	07/2024	1,229		—		(10)
	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	12/2027	1,085		(11)		(17)
									(11)		(27)		(0.00)%
IMO Investor Holdings, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2028	1,487		(15)		(12)
	First lien (3)(15)(18) - Undrawn	—	—	—	05/2022	05/2024	1,951		—		(16)
									(15)		(28)		(0.00)%
Diamond Parent Holdings Corp. (27)
Diligent Corporation
Software	First lien (3)(15)(18) - Undrawn	—	—	—	03/2021	08/2025	1,667		(8)		(33)		(0.00)%

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

55

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Community Brands ParentCo, LLC
Software	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	$	425	$	(4)	$	(11)
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2024	849		—		(23)
									(4)		(34)		(0.00)%
Power Grid Holdings, Inc.
Business Products	First lien (3)(15)(18) - Undrawn	—	—	—	11/2023	12/2030	4,075		(41)		(41)		(0.00)%
DOCS, MSO, LLC
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2028	2,405		—		(43)		(0.00)%
TigerConnect, Inc.
Healthcare	First lien (2)(15)(18) - Undrawn	—	—	—	02/2022	02/2024	885		—		(8)
	First lien (3)(15)(18) - Undrawn	—	—	—	02/2022	02/2028	4,267		(43)		(36)
									(43)		(44)		(0.00)%
Fortis Solutions Group, LLC
Packaging	First lien (3)(15)(18) - Undrawn	—	—	—	10/2021	10/2027	2,718		(27)		(17)
	First lien (3)(15)(18) - Undrawn	—	—	—	06/2022	06/2024	4,435		—		(28)
									(27)		(45)		(0.00)%
Notorious Topco, LLC
Consumer Products	First lien (3)(15)(18) - Undrawn	—	—	—	11/2021	05/2027	822		(6)		(61)		(0.00)%
ACI Parent Inc. (28)
ACI Group Holdings, Inc.
Healthcare	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2027	2,001		(20)		(48)
	First lien (3)(15)(18) - Undrawn	—	—	—	08/2021	08/2024	2,909		—		(70)
									(20)		(118)		(0.01)	%
Total Unfunded Debt Investments - United States									$	(783)	$	(583)	(0.01)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First lien (3)(15)(18) - Undrawn	—	—	—	12/2022	12/2028	$	320	$	(5)	$	—	—	%
Total Unfunded Debt Investments - Australia									$	(5)	$	—	—	%
Total Unfunded Debt Investments									$	(788)	$	(583)	(0.01)	%
Total Non-Controlled/Non-Affiliated Investments									$	2,283,490	$	2,209,867	165.95	%

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

56

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Non-Controlled/Affiliated Investments (36)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (23)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(15)	SOFR(Q)*	7.50% + 4.50%/PIK	17.50%	12/2020	01/2027	$	18,635	$	18,544	$	18,635	1.40	%
Eagle Infrastructure Super HoldCo, LLC (33)
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.)
Business Services	First lien (2)(15)	SOFR(Q)	7.50%	13.00%	03/2023	04/2028	10,676		10,676		10,676
	First lien (3)(15)	SOFR(Q)	7.50%	13.00%	03/2023	04/2028	342		342		342
									11,018		11,018		0.83	%
Permian Holdco 3, Inc.
Permian Trust
Energy	First lien (10)(15)	FIXED(Q)(34)*	10.00%/PIK	10.00%	03/2021	—	247		—		—
	First lien (3)(15)	SOFR(Q)(34)*	10.00%/PIK	11.00%	07/2020	—	3,409		—		—
									—		—		—	%
Total Funded Debt Investments - United States									$	29,562	$	29,653	2.23	%
Equity - United States
TVG-Edmentum Holdings, LLC (23)
Education	Ordinary shares (3)(15)	FIXED(Q)*	12.00%/PIK	12.00%	12/2020	—	48,899		$	61,449	$	95,151	7.14	%
Eagle Infrastructure Super HoldCo, LLC
Business Services	Ordinary shares (3)(15)	—	—	—	03/2023	—	72,536		4,102		6,855		0.51	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(15)	—	—	—	07/2017	—	25,000,000		11,500		1,799
	Ordinary shares (3)(15)	—	—	—	07/2017	—	2,786,000		1,282		201
									12,782		2,000		0.15	%
Total Shares - United States									$	78,333	$	104,006	7.80	%
Total Non-Controlled/Affiliated Investments									$	107,895	$	133,659	10.03	%

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

57

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Controlled Investments (37)
Funded Debt Investments - United States
New Benevis Topco, LLC (25)
New Benevis Holdco, Inc.
Healthcare	First lien (2)(15)	SOFR(Q)*	9.50%/PIK	14.96%	10/2020	04/2026	$	41,731	$	41731	$	41,731
	First lien (3)(15)	SOFR(Q)*	9.50%/PIK	14.96%	10/2020	04/2026	19,798		19,798		19,798
	First lien (8)(15)	SOFR(Q)*	9.50%/PIK	14.96%	10/2020	04/2026	10,239		10,239		10,239
	Subordinated (3)(15)	FIXED(M)*	12.00%/PIK	12.00%	10/2020	10/2026	21,092		19,801		16,874
									91,569		88,642		6.66	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)	SOFR(Q)	9.00%	14.61%	10/2020	12/2024	23,336		23,336		23,335
	First lien (3)(15)(18) - Drawn	SOFR(Q)	6.00%	11.61%	10/2020	12/2024	13,835		13,835		13,835
									37,171		37,170		2.79	%
UniTek Global Services, Inc.
Business Services	Second lien (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	12/2020	02/2025	13,438		13,438		12,893
	Second lien (3)(15)	FIXED(Q)*	15.00%/PIK	15.00%	07/2022	02/2025	5,957		5,957		5,713
									19,395		18,606		1.40	%
NHME Holdings Corp. (24)
National HME, Inc.
Healthcare	Second lien (3)(15)	SOFR(Q)(34)*	5.00%/PIK	10.66%	11/2018	11/2025	8,281		7,872		3,000		0.23	%
Total Funded Debt Investments - United States									$	156,007	$	147,418	11.08	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(15)	—	—	—	05/2018	—	—		$	140,000	$	140,000	10.51	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(15)	—	—	—	05/2021	—	—		112,400		112,400		8.44	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (7)(15)	—	—	—	06/2018	—	—		76,371		96,071		7.21	%
New Benevis Topco, LLC (25)
Healthcare	Ordinary shares (2)(15)	—	—	—	10/2020	—	325,516		27,154		31,838
	Ordinary shares (8)(15)	—	—	—	10/2020	—	79,867		6,662		7,812
	Ordinary shares (3)(15)	—	—	—	10/2020	—	72,681		6,108		7,109
									39,924		46,759		3.51	%

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

58

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(15)	FIXED(Q)*	20.00%/PIK	20.00%	08/2018	—	18,760,261	$	18,760	$	16,348
	Preferred shares (3)(15)	FIXED(Q)*	20.00%/PIK	20.00%	08/2019	—	11,150,103	11,150		10,119
	Preferred shares (3)(15)(34)	FIXED(Q)(34)*	19.00%/PIK	19.00%	06/2017	—	19,795,435	19,795		4,210
	Preferred shares (2)(15)(34)	FIXED(Q)(34)*	13.50%/PIK	13.50%	01/2015	—	29,326,545	26,946		—
	Preferred shares (3)(15)(34)	FIXED(Q)(34)*	13.50%/PIK	13.50%	01/2015	—	8,104,462	7,447		—
	Ordinary shares (2)(15)	—	—	—	01/2015	—	2,096,477	1,925		—
	Ordinary shares (3)(15)	—	—	—	01/2015	—	1,993,749	532		—
								86,555		30,677		2.30	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(15)	—	—	—	10/2020	—	100	11,155		26,000		1.95	%
NM CLFX LP
Net Lease	Membership interest (7)(15)	—	—	—	10/2017	—	—	12,278		11,731		0.88	%
NM YI, LLC
Net Lease	Membership interest (7)(15)	—	—	—	09/2019	—	—	6,272		9,550		0.72	%
QID TRH Holdings LLC (20)
Haven Midstream Holdings LLC(20)
Specialty Chemicals & Materials	Ordinary shares (14)(15)	—	—	—	10/2021	—	80	—		3,323
	Profit Interest (6)(15)	—	—	—	10/2021	—	5	—		96
								—		3,419		0.26	%
NM GP Holdco, LLC**
Net Lease	Membership interest (7)(15)	—	—	—	06/2018	—	—	861		1,048		0.08	%
NHME Holdings Corp.(24)
Healthcare	Ordinary shares (3)(15)	—	—	—	11/2018	—	640,000	4,000		—		—	%
Total Shares - United States								$	489,816	$	477,655	35.86	%
Equity - Canada
NM APP Canada Corp.**
Net Lease	Membership interest (7)(15)	—	—	—	09/2016	—	—	$	—	$	7	—	%
Total Shares - Canada								$	—	$	7	—	%
Total Shares								$	489,816	$	477,662	35.86	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(15)	—	—	—	12/2020	02/2025	13,339	$	—	$	42,716	3.21	%
NHME Holdings Corp. (24)
Healthcare	Warrants (3)(15)	—	—	—	11/2018	—	160,000	1,000		—		—	%
Total Warrants - United States								$	1,000	$	42,716	3.21	%
Total Funded Investments								$	646,823	$	667,796	50.15	%

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

59

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

Portfolio Company, Location and Industry(1)	Type of Investment	Reference	Spread	Total Coupon (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)(18) - Undrawn	—	—	—	10/2020	12/2024	$	8,060	$	—	$	—	—	%
Haven Midstream Holdings LLC (20)
Haven Midstream LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	—	—	12/2021	10/2026	8,000		—		—		—	%
Total Unfunded Debt Investments - United States									$	—	$	—	—	%
Total Controlled Investments									$	646,823	$	667,796	50.15	%
Total Investments									$	3,038,208	$	3,011,322	226.13	%

(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(2)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. ("NMF Holdings") as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian. See Note 7. Borrowings, for details.

(3)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower and Goldman Sachs Bank USA as the Administrative Agent and the Collateral Agent and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A. as Lenders. See Note 7. Borrowings, for details.

(4)Investment is held by New Mountain Finance SBIC, L.P.

(5)Investment is held by New Mountain Finance SBIC II, L.P.

(6)Investment is held by NMF QID NGL Holdings, Inc.

(7)Investment is held by New Mountain Net Lease Corporation.

(8)Investment is pledged as collateral for the DB Credit Facility, a revolving credit facility among New Mountain Finance DB, L.L.C. as the Borrower and Deutsche Bank AG, New York Branch as the Facility Agent. See Note 7. Borrowings, for details.

(9)Investment is held by NMF Ancora Holdings, Inc.

(10)Investment is held by NMF Permian Holdings, LLC.

(11)Investment is held by NMF HB, Inc.

(12)Investment is held by NMF OEC, Inc.

(13)Investment is held by NMF Pioneer, Inc.

(14)Investment is held by NMF TRM, LLC.

(15)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.

(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, 2023, the par value U.S. dollar equivalent of the first lien term loan, and drawn first lien term loan is $16,600 and $14,457, respectively. See Note 2. Summary of Significant Accounting Policies, for details.

(17)Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").

(18)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.

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

60

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

(19)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA), Secured Overnight Financing Rate (SOFR) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current coupon rate provided reflects the rate in effect as of December 31, 2023.

(20)The Company holds investments in multiple entities of Haven Midstream Holdings LLC. The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97.0% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Haven Midstream Holdings LLC, and holds a first lien revolver in Haven Midstream LLC.

(21)The Company holds preferred equity in OEC Holdco, LLC, and two second lien term loans in OEConnection LLC, a wholly-owned subsidiary of OEC Holdco, LLC. The preferred equity is entitled to receive preferential dividends of 11.0% per annum.

(22)The Company holds investments in two wholly-owned subsidiaries of Appriss Health Holdings, Inc. The company holds a first lien term loan and a first lien revolver in Appriss Health, LLC, and preferred equity in Appriss Health Intermediate Holdings, Inc. The preferred equity is entitled to receive preferential dividends at a rate of 11.0% per annum.

(23)The Company holds ordinary shares in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC. The ordinary shares are entitled to receive cumulative preferential dividends at a rate of 12.0% per annum.

(24)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR + 5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR + 6.00%.

(25)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.

(26)The Company holds ordinary shares in AAC Lender Holdings, LLC and two first lien term loans, a first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.

(27)The Company holds investments in two wholly-owned subsidiary of Diamond Parent Holdings Corp. The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc. The preferred equity in Diligent Preferred Issuer Inc. is entitled to receive cumulative preferential dividends at a rate 10.5% per annum.

(28)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc. The preferred equity in ACI Parent Inc. is entitled to receive cumulative preferential dividends at a rate of 11.75% per annum.

(29)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, and three first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.

(30)The Company holds ordinary shares in Pioneer Topco I, L.P., and two first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.

(31)The Company holds ordinary shares in OA Topco, L.P., and two first lien term loans and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidiary of OA Topco, L.P.

(32)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Kaseya, Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I Inc. The preferred equity is entitled to received cumulative preferential dividends at a rate of 11.75% per annum.

(33)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.

(34)Investment is on non-accrual status. See Note 3. Investments, for details.

(35)The Company holds one security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $16,500 as of December 31, 2023. See Note 2. Summary of Significant Accounting Policies, for details.

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

61

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

(36)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2023 and December 31, 2022 along with transactions during the year ended December 31, 2023 in which the issuer was a non-controlled/affiliated investment is as follows:

Portfolio Company	Fair Value at December 31, 2022		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2023		Net  Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC	$	—	$	15,581	$	(459)	$	2,751	$	17,873	$	—	$	1,084	$	—	$	—
Sierra Hamilton Holdings Corporation	4,000		2		(7)		(1,995)		2,000		—		2		—		1
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	126,787		6,807		—		(19,808)		113,786		—		3,048		4,625		250
Total Non-Controlled/Affiliated Investments	$	130,787	$	22,390	$	(466)	$	(19,052)	$	133,659	$	—	$	4,134	$	4,625	$	251

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.

(B)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

(37)    Denotes investments in which the Company is in “Control”, as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of December 31, 2023 and December 31, 2022 along with transactions during the year ended December 31, 2023 in which the issuer was a controlled investment, is as follows:

Portfolio Company	Fair Value at December 31, 2022		Gross Additions (A)		Gross Redemptions (B)		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2023		Net Realized Gains (Losses)		Interest Income		Dividend Income		Other Income
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	$	35,788	$	—	$	—	$	(32,369)	$	3,419	$	33,815	$	—	$	—	$	2,041
National HME, Inc./NHME Holdings Corp.	5,381		—		(17,404)		15,023		3,000		(17,404)		—		—		—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	114,146		26,153		—		(4,898)		135,401		—		11,632		—		1,500
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	57,564		5,606		—		—		63,170		—		5,197		—		506
NM APP CANADA CORP	—		—		—		7		7		—		—		—		—
NM CLFX LP	16,172		—		(259)		(4,182)		11,731		—		—		1,252		—
NM NL Holdings, L.P.	94,305		—		—		1,766		96,071		—		—		8,191		—
NM GP Holdco, LLC	1,028		—		—		20		1,048		—		—		88		—
NM YI LLC	9,481		—		—		69		9,550		—		—		853		—
NMFC Senior Loan Program III LLC	140,000		—		—		—		140,000		—		—		20,038		—
NMFC Senior Loan Program IV LLC	112,400		—		—		—		112,400		—		—		15,483		—
UniTek Global Services, Inc.	103,770		8,699		(26,446)		5,976		91,999		2		4,000		5,303		1,268
Total Controlled Investments	$	690,035	$	40,458	$	(44,109)	$	(18,588)	$	667,796	$	16,413	$	20,829	$	51,208	$	5,315

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.

(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

*    All or a portion of interest contains PIK interest.

**    Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2023, 14.8% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

62

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

 December 31, 2023

(in thousands, except shares)

	December 31, 2023
Investment Type	Percent of Total Investments at Fair Value
First lien	55.92	%
Second lien	14.10	%
Subordinated	3.02	%
Equity and other	26.96	%
Total investments	100.00	%

	December 31, 2023
Industry Type	Percent of Total Investments at Fair Value
Software	26.89	%
Business Services	17.93	%
Healthcare	15.87	%
Investment Funds (includes investments in joint ventures)	8.38	%
Education	7.03	%
Consumer Services	6.39	%
Net Lease	3.93	%
Distribution & Logistics	3.68	%
Financial Services	3.49	%
Energy	2.16	%
Packaging	1.20	%
Specialty Chemicals & Materials	0.94	%
Business Products	0.75	%
Food & Beverage	0.73	%
Consumer Products	0.63	%
Total investments	100.00	%

	December 31, 2023
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	88.76	%
Fixed rates	11.24	%
Total investments	100.00	%

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

63

Notes to the Consolidated Financial Statements of

New Mountain Finance Corporation

September 30, 2024

(in thousands, except share data)

(unaudited)

Note 1. Formation and Business Purpose

New Mountain Finance Corporation (“NMFC” or the “Company”) is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering ("IPO") on May 19, 2011. NMFC is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). NMFC has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Since NMFC’s IPO, and through September 30, 2024, NMFC has raised approximately $1,034,550 in net proceeds from additional offerings of its common stock.

New Mountain Finance Advisers, L.L.C. (the “Investment Adviser”), formerly known as New Mountain Finance Advisers BDC, L.L.C., is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with over $55 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations.

The Company has established the following wholly-owned direct and indirect subsidiaries:

•New Mountain Finance Holdings, L.L.C. ("NMF Holdings") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings’ credit facility and were used to secure NMFDB’s credit facility, until its termination on September 30, 2024, respectively;

•New Mountain Finance SBIC, L.P. ("SBIC I")  and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the U.S. Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act"), and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP"), and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively;

•NMF Ancora Holdings, Inc. ("NMF Ancora"), NMF QID NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC"), which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity related investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); the Company consolidates these corporations for accounting purposes but the corporations are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expense as a result of their ownership of the portfolio companies; and

•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.

New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of the Company, which acquires commercial real estate properties that are subject to "triple net" leases and has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.

NMFC is a BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by private equity sponsors. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company’s investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

64

Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, the Company’s investments may also include equity interests.

NMFC primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $10 million to $200 million. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Similar to the Company, the investment objective of SBIC I and SBIC II is to generate current income and capital appreciation under the investment criteria used by the Company. However, SBIC I and SBIC II investments must be in SBA eligible small businesses. The Company’s portfolio may be concentrated in a limited number of industries. As of September 30, 2024, the Company’s top five industry concentrations were software, business services, healthcare, investment funds (which includes the Company's investments in its joint ventures) and consumer services.

Note 2. Summary of Significant Accounting Policies

Basis of accounting—The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies (“ASC 946”). The Company consolidates its wholly-owned direct and indirect subsidiaries: NMF Holdings, NMFDB, NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF OEC and its majority-owned consolidated subsidiary: NMNLC. For majority-owned consolidated subsidiaries, the third-party equity interest is referred to as non-controlling interest. The net income attributable to non-controlling interests for such subsidiaries is presented as “Net increase (decrease) in net assets resulting from operations related to non-controlling interest” in the Company’s Consolidated Statements of Operations. The portion of shareholders' equity that is attributable to non-controlling interests for such subsidiaries is presented as “Non-controlling interest”, a component of total equity, on the Company’s Consolidated Statements of Assets and Liabilities.

The Company’s consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for all periods presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company’s portfolio investments are not consolidated in the financial statements.

The Company’s interim consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 6 or 10 of Regulation S-X. Accordingly, the Company’s interim consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024.

Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company’s Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company’s Consolidated Statements of Operations as “Net change in unrealized appreciation (depreciation) of investments” and realizations on portfolio investments reflected in the Company’s Consolidated Statements of Operations as “Net realized gains (losses) on investments”.

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company’s board of directors is ultimately and solely responsible for determining the fair value of the portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company’s quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

65

(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:

i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and

ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b.Preliminary valuation conclusions will then be documented and discussed with the Company’s senior management;

c.If an investment falls into (3) above for four consecutive quarters and if the investment’s par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company’s board of directors; and

d.When deemed appropriate by the Company’s management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period and the fluctuations could be material.

See Note 3. Investments, for further discussion relating to investments.

Derivative instruments and hedging activities—The Company follows the guidance in Accounting Standards Codification Topic 815, Derivatives and Hedging ("ASC 815"), when accounting for derivative instruments and hedging activities. The Company may utilize derivatives to support its overarching risk management objectives. The primary market risk that the Company is exposed to is interest rate risk, which we seek to mitigate through derivative transactions.

66

The Company enters into derivative financial instruments to manage interest rate risk, facilitate asset/liability management strategies and manage other exposures. These instruments primarily include interest rate swaps. All derivative financial instruments are recognized as other assets or other liabilities, as applicable, at fair value.

The Company has entered into an International Swaps and Derivatives Association, Inc. 2002 Master Agreement, (together with the Schedule and Credit Support Annex thereto and any transactions thereunder, the "ISDA Master Agreement"), on March 18, 2024, with a derivative counterparty (the “ISDA Counterparty”). The ISDA Master Agreement is a bilateral agreement between the Company and the ISDA Counterparty that governs over-the-counter derivatives, into which the Company enters for hedging purposes. The ISDA Master Agreement provides for, among other things, collateral posting terms and netting provisions in the event of certain specified defaults and/or termination events, including bankruptcy or insolvency of the counterparty. The ISDA Master Agreement also includes termination rights that permit the termination of outstanding transactions by the ISDA Counterparty in the event the Company fails to maintain sufficient asset levels, and by the Company in the event the ISDA Counterparty is downgraded below a specified minimum rating level. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties. The collateral terms of the ISDA Master Agreement provide for the bilateral posting of collateral in the form of cash or U.S. government securities for any outstanding exposure under the transactions. In the case of the Company, the agreement provides for the segregation of posted collateral at the Company’s custodian subject to a perfected security interest in favor of the ISDA Counterparty. Upon the close-out of the transactions outstanding under the ISDA Master Agreement following a default, the ISDA Master Agreement provides for a single net payment between the parties equal to the close-out replacement value of the terminated transactions, the right to offset receivables and payables with the same counterparty and/or the right to liquidate collateral.

Interest rate swaps are agreements to exchange interest payments based upon notional amounts and subject the Company to market risk associated with changes in interest rates and changes in interest rate volatility, as well as the credit risk that the counterparty will fail to perform. The Company designates all interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship. As a result, the change in fair value of the hedging instrument and hedged item are recorded in "Interest expense" and recognized as components of "Interest expense" in the Company’s Consolidated Statements of Operations. The fair value of the interest rate swap is included as a component of "Derivative asset at fair value" or "Derivative liability at fair value" on the Company’s Consolidated Statements of Assets and Liabilities. Derivative assets at fair value and derivative liabilities at fair value, including variation margin as applicable, are included in the "Net change due to hedging activity" line item in the operating section in the Company’s Consolidated Statements of Cash Flows.

The Company elected not to offset derivative assets and liabilities and cash collateral held with the same counterparty where it has a legally enforceable master netting agreement.

Refer to Note 4. Fair Value and Note 7. Borrowings for more information on derivative instruments and hedging activities.

New Mountain Net Lease Corporation

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments as of September 30, 2024 are disclosed on the Company's Consolidated Schedule of Investments.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666. Immediately thereafter, NMNLC sold 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666.

67

Below is certain summarized property information for NMNLC as of September 30, 2024:

		Lease		Total	Fair Value as of
Portfolio Company	Tenant	Expiration Date	Location	Square Feet	September 30, 2024
NM NL Holdings LP / NM GP Holdco LLC	Various	Various	Various	Various	$	104,888
NM CLFX LP	Victor Equipment Company	8/31/2033	TX	423	10,031
NM YI, LLC	Young Innovations, Inc.	10/31/2039	IL / MO	212	9,961
					$	124,880

Collateralized agreements or repurchase financings—The Company follows the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral (“ASC 860”), when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of September 30, 2024 and December 31, 2023, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of $13,500 and $16,500, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from the Company at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to the Company, and therefore, the Company does not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized the Company’s contractual rights under the collateralized agreement. The Company continues to exercise its rights under the collateralized agreement and continues to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.

Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of September 30, 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 and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2024, the Company recognized PIK and non-cash interest from investments of $9,050 and $27,735, respectively, and PIK and non-cash dividends from investments of $8,319 and $23,484, respectively. For the three and nine months ended September 30, 2023, the Company recognized PIK and non-cash interest from investments of $7,917 and $24,807, respectively, and PIK and non-cash dividends from investments of $6,988 and $20,225, respectively.

Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.

Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the

68

ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Other income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.

Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 7. Borrowings, for details.

Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company’s borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 7. Borrowings, for details.

Deferred offering costs—The Company's deferred offering costs consist of fees and expenses incurred in connection with equity offerings and the filing of shelf registration statements. Upon the issuance of shares, offering costs are charged as a direct reduction to net assets. Deferred offering costs are included in other assets on the Company's Consolidated Statements of Assets and Liabilities.

Income taxes—The Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its stockholders.

To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.

Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.

For U.S. federal income tax purposes, distributions paid to stockholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.

The Company will be subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.

Certain consolidated subsidiaries of the Company are subject to U.S. federal and state income taxes. These taxable entities are not consolidated for U.S. federal income tax purposes and may generate income tax liabilities or assets from permanent and temporary differences in the recognition of items for financial reporting and U.S. federal income tax purposes.

The following table summarizes the current income tax expense (benefit), deferred income tax provision (benefit) and total income tax provision (benefit), for the three and nine months ended September 30, 2024 and September 30, 2023:

	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Current income tax expense (benefit)	$	118	$	(627)	$	353	$	401
Deferred income tax provision (benefit)	1,037		(291)		1,804		(66)
Total income tax provision (benefit)	$	1,155	$	(918)	$	2,157	$	335

69

As of September 30, 2024 and December 31, 2023, the Company had $1,100 of deferred tax liabilities and $594 of deferred tax assets, respectively, primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S. federal income tax purposes as compared to GAAP.

Based on its analysis, the Company has determined that there were no uncertain income tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740") through December 31, 2023. The 2020 through 2023 tax years remain subject to examination by the U.S. federal, state, and local tax authorities.

Distributions—Distributions to common stockholders of the Company are recorded on the record date as set by the board of directors. The Company intends to make distributions to its stockholders that will be sufficient to enable the Company to maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income (see Note 5. Agreements, for details) on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash.

The Company applies the following in implementing the dividend reinvestment plan. If the price at which newly issued shares are to be credited to stockholders' accounts is equal to or greater than 110.0% of the last determined net asset value of the shares, the Company will use only newly issued shares to implement its dividend reinvestment plan. Under such circumstances, the number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of the Company's common stock on NASDAQ Global Select Market ("NASDAQ") on the distribution payment date. Market price per share on that date will be the closing price for such shares on NASDAQ or, if no sale is reported for such day, the average of their electronically reported bid and ask prices.

If the price at which newly issued shares are to be credited to stockholders' accounts is less than 110.0% of the last determined net asset value of the shares, the Company will either issue new shares or instruct the plan administrator to purchase shares in the open market to satisfy the additional shares required. Shares purchased in open market transactions by the plan administrator will be allocated to a stockholder based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market. The number of shares of the Company's common stock to be outstanding after giving effect to payment of the distribution cannot be established until the value per share at which additional shares will be issued has been determined and elections of the Company's stockholders have been tabulated.

Stock repurchase program—On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of the Company's common stock (the "Repurchase Program"). Under the Repurchase Program, the Company was permitted, but was not obligated, to repurchase its outstanding common stock in the open market from time to time provided that it complied with the Company's code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On October 23, 2024, the Company's board of directors extended the Company's Repurchase Program and the Company expects the Repurchase Program to be in place until the earlier of December 31, 2025 or until $50,000 of its outstanding shares of common stock have been repurchased. During the three and nine months ended September 30, 2024 and September 30, 2023, the Company did not repurchase any shares of the Company's common stock. The Company previously repurchased $2,948 outstanding shares of its common stock under the Repurchase Program.

Earnings per share—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued, and its related net impact to net assets accounted for, and the additional shares of common stock were dilutive. Diluted EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation)" and "Net realized gains (losses)" in the Company's Consolidated Statements of Operations.

70

Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and such foreign currencies. This movement is beyond the control of the Company and cannot be predicted.

Use of estimates—The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

Note 3. Investments

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

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	2,083,293	$	2,072,485
Second lien	260,689		250,871
Subordinated	120,011		109,811
Equity and other	802,320		832,104
Total investments	$	3,266,313	$	3,265,271

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Software	$	930,735	$	926,639
Business Services	583,812		575,852
Healthcare	521,248		508,572
Investment Funds (includes investments in joint ventures)	272,400		272,400
Consumer Services	198,419		198,868
Education	202,259		187,313
Financial Services	120,049		125,294
Net Lease	93,649		124,880
Distribution & Logistics	114,318		115,361
Packaging	67,398		68,538
Energy	66,746		64,808
Food & Beverage	38,612		40,852
Business Products	26,672		26,692
Consumer Products	20,639		19,177
Specialty Chemicals & Materials	9,357		10,025
Total investments	$	3,266,313	$	3,265,271

71

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

Investment Cost and Fair Value by Type

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

Investment Cost and Fair Value by Industry

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

During the second quarter of 2022, the Company placed its second lien position in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2024, the Company's second lien position in National HME had an aggregate cost basis of $7,872, an aggregate fair value of $3,000 and total unearned interest income of $535 and $1,543, respectively, for the three and nine months then ended.

As of September 30, 2024, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $31,406, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its first lien term loans on non-accrual status. As of September 30, 2024, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $31,370, an aggregate fair value of $17,999 and total unearned interest income of $1,299 and $3,684, respectively, for the three and nine months then ended.

During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of September 30, 2024, the Company's junior preferred shares in UniTek had an aggregate cost basis of $34,393, an aggregate fair value of $0 and total unearned dividend income of $2,221 and $6,448, respectively, for the three and nine months then ended. During the third quarter of 2021, the Company placed an aggregate amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status. As of September 30, 2024, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $2,407 and total unearned dividend income of approximately $1,725 and $4,943, respectively, for the three and nine months then ended.

72

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 September 30, 2024, 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 $106 and $150, respectively, for the three and nine 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 September 30, 2024 and December 31, 2023, the SPP Agreement had a cost basis of $14,500 and $14,500, respectively and a fair value of $6,525 and $7,975, respectively, which is reflective of the higher inherent risk in this transaction.

NMFC Senior Loan Program III LLC

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

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 2024, 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 September 30, 2024 and December 31, 2023.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on July 3, 2024, the maturity date of SLP III's revolving credit facility was extended from January 8, 2026 to January 8, 2029, and the reinvestment period was extended from July 8, 2026 to July 8, 2027. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.65%, and after the reinvestment period it will bear interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%. Prior to the amendment on June 23, 2023, the facility bore interest at a rate of London Interbank Offered Rate ("LIBOR") plus 1.60% per annum during the reinvestment period and LIBOR plus 1.90% per annum after the reinvestment period. As of September 30, 2024, SLP III's revolving credit facility has a maximum borrowing capacity of $600,000. As of September 30, 2024 and December 31, 2023, SLP III had total investments with an aggregate fair value of approximately $680,676 and $636,560, respectively, and debt outstanding under its credit facility of $473,200 and $453,200, respectively. As of September 30, 2024 and December 31, 2023, none of SLP III's investments were on non-accrual.

73

Additionally, as of September 30, 2024 and December 31, 2023, SLP III had unfunded commitments in the form of delayed draws of $1,768 and $1,127, respectively.

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

	September 30, 2024			December 31, 2023
First lien investments (1)	$	694,510		$	657,208
Weighted average interest rate on first lien investments (2)	9.07		%	9.79		%
Number of portfolio companies in SLP III	88			87
Largest portfolio company investment (1)	$	17,743		$	17,883
Total of five largest portfolio company investments (1)	$	80,382		$	79,458

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

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

74

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

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.71%	12/2027	$	2,358	$	2,351	$	2,313
AG Parent Holdings, LLC	Healthcare	SOFR(Q)	5.00%	10.32%	07/2026	7,237		7,226		6,731
Ardonagh Midco 3 Limited	Financial Services	SOFR (Q)	3.75%	8.35%	02/2031	9,400		9,353		9,420
Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(M)	4.00%	8.85%	08/2030	6,577		6,444		6,453
Ascensus Group Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.46%	08/2028	2,795		2,785		2,798
AssuredPartners, Inc	Business Services	SOFR(M)	3.50%	8.35%	02/2031	1,960		1,958		1,961
Aston FinCo S.a r.l.	Software	SOFR(M)	4.25%	9.21%	10/2026	5,730		5,711		5,469
Asurion, LLC	Business Services	SOFR(M)	4.25%	9.20%	08/2028	13,167		13,068		12,992
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	8.10%	02/2029	6,790		6,589		6,759
Bach Finance Limited	Education	SOFR(Q)	3.75%	8.81%	02/2031	2,129		2,124		2,144
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	10.01%	08/2028	3,969		3,947		3,890
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.00%	8.85%	12/2028	7,421		7,362		7,433
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	8.70%	05/2028	7,820		7,799		7,834
BIFM CA Buyer Inc.	Business Services	SOFR(M)	4.25%	9.10%	05/2028	3,580		3,538		3,598
Boxer Parent Company Inc.	Software	SOFR(Q)	3.75%	9.01%	07/2031	15,321		15,283		15,301
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	5.00%	9.70%	05/2028	14,146		13,820		14,228
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	2.75%	7.84%	07/2031	2,704		2,653		2,701
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	9.21%	12/2028	2,750		2,591		2,542
Cardinal Parent, Inc.	Software	SOFR(Q)	4.50%	9.25%	11/2027	9,746		9,601		9,128
CE Intermediate I, LLC	Software	SOFR(Q)	3.50%	8.76%	11/2028	10,728		10,679		10,758
Chrysaor Bidco S.a r.l.	Information Services	SOFR (Q)	3.50%	8.10%	07/2031	2,131		2,131		2,143
Cloudera, Inc.	Software	SOFR(M)	3.75%	8.70%	10/2028	12,527		12,355		12,235
CommerceHub, Inc.	Software	SOFR(M)	6.25%	11.35%	12/2027	3,930		3,582		3,930
CommerceHub, Inc.	Software	SOFR(M)	4.00%	9.20%	12/2027	6,899		6,837		6,432
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	8.96%	11/2028	9,719		9,686		9,525
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	8.35%	02/2029	6,825		6,802		6,853
ConnectWise, LLC	Software	SOFR(Q)	3.50%	8.37%	09/2028	7,979		7,960		7,983
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	1.00% + 4.25%/PIK	9.95%	07/2029	8,812		8,667		7,979
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	8.71%	10/2028	2,566		2,558		2,406
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.60%	10/2029	9,831		9,453		9,355
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.50%	8.35%	07/2031	11,580		11,523		11,628
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	8.71%	03/2028	10,314		10,283		10,298
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	9.69%	10/2029	9,468		9,009		9,436
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.00%	03/2028	15,329		15,040		14,020
EAB Global, Inc.	Education	SOFR(M)	3.25%	8.10%	08/2028	2,823		2,804		2,816
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	8.85%	04/2029	7,411		7,304		7,048
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	8.85%	02/2031	8,654		8,591		8,690
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.00%	8.85%	02/2027	3,603		3,603		3,623
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	8.75%	03/2028	16,549		16,537		16,247
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	9.26%	08/2028	14,246		14,134		13,747
Groundworks, LLC	Business Services	SOFR(M)	3.50%	8.60%	03/2031	259		257		258
Groundworks, LLC	Business Services	SOFR(M)	3.50%	8.60%	03/2031	8,811		8,760		8,761
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	9.35%	04/2028	14,072		13,639		13,846
Help/Systems Holdings, Inc.	Software	SOFR(M)	4.00%	8.95%	11/2026	17,743		17,677		16,939
Higginbotham Insurance Agency, Inc.	Business Services	SOFR(M)	4.50%	9.35%	11/2026	8,919		8,876		8,919
HighTower Holding, LLC	Financial Services	SOFR(Q)	3.50%	8.75%	08/2028	4,694		4,666		4,702
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	10.20%	04/2029	8,089		7,866		7,890

75

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%	8.95%	08/2028	$	4,500	$	4,468	$	4,483
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	4.00%	9.06%	03/2031	10,022		9,998		10,068
LI Group Holdings, Inc.	Software	SOFR(M)	3.50%	8.46%	03/2028	3,714		3,709		3,728
LSCS Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.46%	12/2028	12,004		11,908		11,981
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	4.00%	9.34%	11/2030	2,830		2,791		2,851
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	10.20%	05/2028	1,970		1,901		1,967
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	9.15%	05/2028	8,877		8,850		8,863
Maverick Bidco Inc.	Software	SOFR(Q)	4.25%	9.76%	05/2028	2,469		2,375		2,468
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(M)	3.50%	8.35%	05/2028	4,100		4,089		4,103
MED ParentCo, LP	Healthcare	SOFR(M)	4.00%	8.85%	04/2031	9,954		9,907		9,981
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	9.10%	05/2028	7,094		6,966		7,057
Nielsen Consumer Inc.	Business Services	SOFR(M)	4.75%	9.60%	03/2028	14,790		14,755		14,766
OMNIA Partners, LLC	Business Services	SOFR(Q)	3.25%	8.53%	07/2030	8,459		8,397		8,495
Osaic Holdings, Inc.	Financial Services	SOFR(M)	4.00%	8.85%	08/2028	11,597		11,474		11,490
Osmosis Buyer Limited	Consumer Products	SOFR(M)	3.50%	8.70%	07/2028	11,048		10,933		11,047
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	4.00%	9.25%	02/2029	1,699		1,696		1,704
Peraton Corp.	Federal Services	SOFR(M)	3.75%	8.70%	02/2028	4,114		4,103		3,968
Perforce Software, Inc.	Software	SOFR(M)	4.75%	9.60%	03/2031	6,614		6,585		6,613
Physician Partners, LLC	Healthcare	SOFR(S)	4.00%	9.56%	12/2028	4,199		4,170		2,737
Plano Holdco, Inc.	Information Technology	SOFR (Q)	3.50%	8.09%	08/2031	4,625		4,602		4,636
Planview Parent, Inc.	Software	SOFR(Q)	3.75%	8.35%	12/2027	10,667		10,506		10,689
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.75%	9.00%	10/2030	13,676		13,428		13,724
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	3.25%	8.21%	03/2028	4,274		4,262		4,274
Pushpay USA Inc.	Software	SOFR(Q)	4.50%	9.10%	08/2031	3,120		3,089		3,124
Quartz Holding Company	Software	SOFR(M)	4.00%	8.85%	10/2028	9,107		9,066		9,113
RealPage, Inc.	Software	SOFR(M)	3.00%	7.96%	04/2028	4,272		4,266		4,152
Renaissance Holding Corp.	Education	SOFR(M)	4.25%	9.10%	04/2030	5,042		4,915		5,046
RLG Holdings, LLC	Packaging	SOFR(M)	4.25%	9.21%	07/2028	5,683		5,666		5,562
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.47%	12/2027	6,290		6,214		6,304
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.25%	10.10%	12/2027	3,642		3,572		3,642
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.75%	12.00%	05/2027	2,546		2,546		2,444
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	8.60%	10/2030	12,256		12,119		12,360
Storable, Inc.	Software	SOFR(M)	3.50%	8.35%	04/2028	3,756		3,751		3,771
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.85%	12/2027	15,440		15,365		14,143
Syndigo LLC	Software	SOFR(M)	4.50%	9.46%	12/2027	14,713		14,656		14,694
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	8.96%	05/2028	4,026		4,014		3,317
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	9.00%	08/2028	6,527		6,506		6,539
TMF Sapphire Bidco B.V.	Business Services	SOFR(Q)	3.50%	8.82%	05/2028	2,647		2,604		2,660
TRC Companies LLC	Business Services	SOFR(M)	3.75%	8.71%	12/2028	13,920		13,869		13,932
UKG Inc.	Software	SOFR(Q)	3.25%	8.55%	02/2031	5,827		5,822		5,834
Valcour Packaging, LLC	Packaging	SOFR(Q)	5.25%	10.56%	10/2028	2,256		2,233		2,291
Valcour Packaging, LLC	Packaging	SOFR(Q)	1.50% + 2.25%/PIK	9.33%	10/2028	3,075		3,075		2,687
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	4.75%	9.35%	07/2029	4,467		4,447		4,470
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	10.10%	07/2029	6,936		6,671		6,879
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	8.87%	10/2028	14,144		14,120		14,155
Xplor T1, LLC	Software	SOFR(Q)	4.25%	8.85%	06/2031	5,601		5,573		5,643

76

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	10.51%	02/2028	$	4,042	$	3,918	$	4,066
Total Funded Investments						$	692,742	$	685,432	$	680,683
Unfunded Investments - First lien
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	05/2031	$	158	$	—	$	1
DG Investment Intermediate Holdings 2, Inc.	Business Services	—	—	—	03/2026	246		(1)		—
Groundworks, LLC	Business Services	—	—	—	03/2026	1,364		(4)		(8)
Total Unfunded Investments						$	1,768	$	(5)	$	(7)
Total Investments						$	694,510	$	685,427	$	680,676

(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 September 30, 2024.

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

77

The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2023:

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

78

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

79

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	9.61%	04/2026	$	7,743	$	7,732	$	7,772
Wrench Group LLC	Consumer Services	SOFR(Q)	4.50%	9.95%	04/2026	5,473		5,386		5,495
Zest Acquisition Corp.	Healthcare	SOFR(M)	5.50%	10.86%	02/2028	4,072		3,926		3,999
Total Funded Investments						$	656,081	$	646,319	$	636,554
Unfunded Investments - First lien
Groundworks, LLC	Consumer Services	—	—	—	09/2024	$	65	$	(1)	$	(1)
OMNIA Partners, LLC	Business Services	—	—	—	01/2024	556		(3)		4
Osmosis Buyer Limited	Food & Beverage	—	—	—	07/2028	506		—		3
Total Unfunded Investments						$	1,127	$	(4)	$	6
Total Investments						$	657,208	$	646,315	$	636,560

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

(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.

80

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

Selected Balance Sheet Information:	September 30, 2024		December 31, 2023
Investments at fair value (cost of $685,427 and $646,315)	$	680,676	$	636,560
Cash and other assets	21,667		21,443
Receivable from unsettled securities sold	1,842		—
Total assets	$	704,185	$	658,003
Credit facility	$	473,200	$	453,200
Deferred financing costs (net of accumulated amortization of $6,196 and $5,650, respectively)	(4,005)		(943)
Payable for unsettled securities purchased	26,321		23,881
Distribution payable	6,959		6,672
Other liabilities	7,670		7,862
Total liabilities	510,145		490,672
Members' capital	$	194,040	$	167,331
Total liabilities and members' capital	$	704,185	$	658,003

Selected Statement of Operations Information:	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest income	$	17,860	$	16,848	$	51,245	$	48,083
Other income	49		295		134		452
Total investment income	17,909		17,143		51,379		48,535
Interest and other financing expenses	8,888		9,061		26,599		26,336
Other expenses	229		317		737		853
Total expenses	9,117		9,378		27,336		27,189
Net investment income	8,792		7,765		24,043		21,346
Net realized gains (losses) on investments	74		(545)		(5,833)		(2,400)
Net change in unrealized (depreciation) appreciation of investments	(1,493)		11,856		5,005		27,810
Net increase in members' capital	$	7,373	$	19,076	$	23,215	$	46,756

For the three and nine months ended September 30, 2024, the Company earned approximately $5,567 and $17,205, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and nine months ended September 30, 2023, the Company earned approximately $4,900 and $14,700, respectively, of dividend income related to SLP III, which is included in dividend income. As of September 30, 2024 and December 31, 2023, approximately $5,567 and $5,338, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

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

81

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 September 30, 2024, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2024 and December 31, 2023.

On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on March 27, 2029. As of the amendment on March 27, 2024, the facility bears interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%. Prior to the amendment on April 28, 2023, the facility bore interest at a rate of LIBOR plus 1.60% per annum. As of September 30, 2024 and December 31, 2023, SLP IV had total investments with an aggregate fair value of approximately $466,322 and $467,886, respectively, and debt outstanding under its credit facility of $341,937 and $306,537, respectively. As of September 30, 2024 and December 31, 2023, none of SLP IV’s investments were on non-accrual. Additionally, as of September 30, 2024 and December 31, 2023, SLP IV had unfunded commitments in the form of delayed draws of $753 and $792, respectively.

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

	September 30, 2024			December 31, 2023
First lien investments (1)	$	478,284		$	482,776
Weighted average interest rate on first lien investments (2)	9.16		%	9.81		%
Number of portfolio companies in SLP IV	78			78
Largest portfolio company investment (1)	$	17,803		$	17,400
Total of five largest portfolio company investments (1)	$	62,735		$	67,838

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

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

82

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

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADG, LLC	Healthcare	SOFR(Q)	1.00% + 3.00%/ PIK	8.85%	09/2026	$	17,803	$	17,798	$	15,840
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	8.71%	12/2027	1,819		1,814		1,784
Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(M)	4.00%	8.85%	08/2030	4,768		4,674		4,679
Ascensus Group Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.46%	08/2028	4,138		4,125		4,143
Asurion, LLC	Business Services	SOFR(M)	4.25%	9.20%	08/2028	9,717		9,644		9,587
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	8.10%	02/2029	2,355		2,347		2,344
Bach Finance Limited	Education	SOFR(Q)	3.75%	8.81%	02/2031	1,611		1,607		1,623
Barracuda Parent, LLC	Software	SOFR(S)	4.50%	9.81%	08/2029	4,913		4,800		4,791
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	10.01%	08/2028	8,872		8,837		8,694
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.00%	8.85%	12/2028	5,299		5,262		5,307
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	8.70%	05/2028	747		745		748
BIFM CA Buyer Inc.	Business Services	SOFR(M)	4.25%	9.10%	05/2028	2,709		2,678		2,723
Bleriot US Bidco Inc.	Federal Services	SOFR(Q)	3.25%	7.85%	10/2030	3,871		3,855		3,883
Boxer Parent Company Inc.	Software	SOFR(Q)	3.75%	9.01%	07/2031	10,440		10,414		10,426
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	5.00%	9.70%	05/2028	4,360		4,260		4,386
BW Holding, Inc.	Packaging	SOFR(Q)	4.00%	9.21%	12/2028	2,029		1,912		1,876
CE Intermediate I, LLC	Software	SOFR(Q)	3.50%	8.76%	11/2028	8,033		7,996		8,056
Chrysaor Bidco S.a r.l.	Information Services	SOFR (Q)	3.50%	8.10%	07/2031	1,573		1,573		1,581
Cloudera, Inc.	Software	SOFR(M)	3.75%	8.70%	10/2028	9,346		9,215		9,128
CommerceHub, Inc.	Software	SOFR(M)	6.25%	11.35%	12/2027	540		540		540
CommerceHub, Inc.	Software	SOFR(M)	4.00%	9.20%	12/2027	4,078		3,924		3,802
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	8.96%	11/2028	6,506		6,484		6,376
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	8.35%	02/2029	6,825		6,802		6,853
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	1.00% + 4.25%/PIK	9.95%	07/2029	3,389		3,333		3,069
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	8.71%	10/2028	1,833		1,827		1,718
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.60%	10/2029	6,606		6,453		6,286
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	3.50%	8.35%	07/2031	10,507		10,456		10,550
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	9.69%	10/2029	5,802		5,461		5,783
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.00%	03/2028	9,699		9,624		8,871
EAB Global, Inc.	Education	SOFR(M)	3.25%	8.10%	08/2028	998		992		995
Eagle Parent Corp.	Business Services	SOFR(Q)	4.25%	8.85%	04/2029	7,424		7,326		7,060
Eisner Advisory Group LLC	Financial Services	SOFR(M)	4.00%	8.85%	02/2031	5,039		4,992		5,060
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.00%	8.85%	02/2027	2,173		2,164		2,184
Flash Charm, Inc.	Software	SOFR(Q)	3.50%	8.75%	03/2028	10,082		10,034		9,897
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	9.26%	08/2028	11,072		10,961		10,685
Geo Parent Corporation	Business Services	SOFR(Q)	5.25%	10.60%	12/2028	9,585		9,450		9,585
Groundworks, LLC	Business Services	SOFR(M)	3.50%	8.60%	03/2031	121		120		120
Groundworks, LLC	Business Services	SOFR(M)	3.50%	8.60%	03/2031	4,113		4,074		4,090
Heartland Dental, LLC	Healthcare	SOFR(M)	4.50%	9.35%	04/2028	10,036		9,805		9,875
Help/Systems Holdings, Inc.	Software	SOFR(M)	4.00%	8.95%	11/2026	9,632		9,616		9,195
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	10.20%	04/2029	6,262		6,091		6,108
Inizio Group Limited	Healthcare	SOFR(Q)	4.25%	8.95%	08/2028	3,949		3,925		3,934
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	4.00%	9.06%	03/2031	4,560		4,549		4,581
LSCS Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.46%	12/2028	9,799		9,743		9,780
Mandolin Technology Intermediate Holdings, Inc.	Software	SOFR(Q)	3.75%	8.50%	07/2028	9,725		9,695		8,047
Marcel Bidco LLC (Marcel Bidco GmbH)	Software	SOFR(M)	4.00%	9.34%	11/2030	2,034		2,006		2,049

83

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	10.20%	05/2028	$	1,970	$	1,901	$	1,967
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	9.15%	05/2028	7,781		7,758		7,768
Mavis Tire Express Services Topco, Corp.	Retail	SOFR(M)	3.50%	8.35%	05/2028	8,201		8,177		8,206
MED ParentCo, LP	Healthcare	SOFR(M)	4.00%	8.85%	04/2031	7,346		7,310		7,365
MH Sub I, LLC (Micro Holding Corp.)	Business Services	SOFR(M)	4.25%	9.10%	05/2028	6,095		5,982		6,063
Nielsen Consumer Inc.	Business Services	SOFR(M)	4.75%	9.60%	03/2028	9,860		9,837		9,844
OMNIA Partners, LLC	Business Services	SOFR(Q)	3.25%	8.53%	07/2030	4,983		4,939		5,004
Osaic Holdings, Inc.	Financial Services	SOFR(M)	4.00%	8.85%	08/2028	11,460		11,367		11,355
Osmosis Buyer Limited	Consumer Products	SOFR(M)	3.50%	8.70%	07/2028	8,850		8,758		8,849
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	4.00%	9.25%	02/2029	1,311		1,308		1,314
Perforce Software, Inc.	Software	SOFR(M)	4.75%	9.60%	03/2031	4,880		4,860		4,880
Physician Partners, LLC	Healthcare	SOFR(S)	4.00%	9.56%	12/2028	3,173		3,151		2,069
Project Alpha Intermediate Holding, Inc.	Software	SOFR(Q)	3.75%	9.00%	10/2030	9,831		9,651		9,865
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	3.50%	8.46%	03/2028	4,975		4,953		4,981
Quartz Holding Company	Software	SOFR(M)	4.00%	8.85%	10/2028	6,892		6,861		6,897
RealPage, Inc.	Software	SOFR(M)	3.00%	7.96%	04/2028	1,361		1,358		1,322
Renaissance Holding Corp.	Education	SOFR(M)	4.25%	9.10%	04/2030	3,890		3,791		3,893
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.47%	12/2027	7,306		7,285		7,322
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	6.75%	12.00%	05/2027	4,461		4,456		4,283
Spring Education Group, Inc.	Education	SOFR(Q)	4.00%	8.60%	10/2030	9,455		9,347		9,535
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	5.25%	10.64%	07/2026	995		982		969
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	12.64%	07/2026	2,254		2,204		2,254
Storable, Inc.	Software	SOFR(M)	3.50%	8.35%	04/2028	3,890		3,876		3,905
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.85%	12/2027	3,697		3,692		3,387
Syndigo LLC	Software	SOFR(M)	4.50%	9.46%	12/2027	9,823		9,813		9,811
Therapy Brands Holdings LLC	Healthcare	SOFR(M)	4.00%	8.96%	05/2028	5,923		5,905		4,879
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.25%	9.00%	08/2028	4,662		4,647		4,671
TRC Companies LLC	Business Services	SOFR(M)	3.75%	8.71%	12/2028	9,999		9,963		10,008
Valcour Packaging, LLC	Packaging	SOFR(Q)	5.25%	10.56%	10/2028	1,641		1,625		1,667
Valcour Packaging, LLC	Packaging	SOFR(Q)	1.50% + 2.25%/PIK	9.33%	10/2028	2,237		2,237		1,954
VSTG Intermediate Holdings, Inc.	Business Services	SOFR(Q)	4.75%	9.35%	07/2029	3,380		3,365		3,383
VT Topco, Inc.	Business Services	SOFR(M)	3.50%	8.35%	08/2030	5,738		5,689		5,762
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	10.10%	07/2029	4,009		3,808		3,977
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	8.87%	10/2028	9,324		9,295		9,331
Xplor T1, LLC	Software	SOFR(Q)	4.25%	8.85%	06/2031	4,075		4,055		4,106
Zest Acquisition Corp.	Healthcare	SOFR(Q)	5.25%	10.51%	02/2028	3,118		3,037		3,136
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	10.93%	03/2028	9,750		9,626		9,551
Zone Climate Services, Inc.	Business Services	SOFR(Q)	5.50%	10.93%	03/2028	2,143		2,116		2,100
Total Funded Investments						$	477,531	$	472,988	$	466,325
Unfunded Investments - First lien
Chrysaor Bidco S.a r.l.	Information Services	—	—	—	05/2031	$	116	$	—	$	1
Groundworks, LLC	Business Services	—	—	—	03/2026	637		(3)		(4)
						$	753	$	(3)	$	(3)
Total Unfunded Investments						$	478,284	$	472,985	$	466,322

(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 September 30, 2024.

(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.

84

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2023:

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

85

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

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

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

86

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

Selected Consolidated Balance Sheet Information:	September 30, 2024		December 31, 2023
Investments at fair value (cost of $472,985 and $476,017, respectively)	$	466,322	$	467,886
Cash and other assets	18,078		16,227
Receivable from unsettled securities sold	2,929		1,445
Total assets	$	487,329	$	485,558
Credit facility	$	341,937	$	306,537
Deferred financing costs (net of accumulated amortization of $2,329 and $1,599, respectively)	(3,376)		(1,414)
Distribution payable	4,826		5,220
Payable for unsettled securities purchased	1,573		31,322
Other liabilities	6,872		6,676
Total liabilities	351,832		348,341
Members' capital	$	135,497	$	137,217
Total liabilities and members' capital	$	487,329	$	485,558

Selected Consolidated Statement of Operations Information:	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest income	$	12,906	$	12,476	$	37,025	$	35,669
Other income	10		100		77		258
Total investment income	12,916		12,576		37,102		35,927
Interest and other financing expenses	6,694		6,447		19,436		18,455
Other expenses	202		221		651		653
Total expenses	6,896		6,668		20,087		19,108
Net investment income	6,020		5,908		17,015		16,819
Net realized gains (losses) on investments	133		(97)		(4,741)		(1,751)
Net change in unrealized (depreciation) appreciation of investments	(2,076)		10,361		1,468		19,942
Net increase in members' capital	$	4,077	$	16,172	$	13,742	$	35,010

For the three and nine months ended September 30, 2024, the Company earned approximately $3,794 and $12,153, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and nine months ended September 30, 2023, the Company earned approximately $3,653 and $11,381, respectively, of dividend income related to SLP IV, which is included in dividend income. As of September 30, 2024 and December 31, 2023, approximately $3,794 and $4,103, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

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

87

Unconsolidated Significant Subsidiaries

In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any are as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under this rule. As of September 30, 2024, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary."

Investment Risk Factors

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

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

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

Note 4. Fair Value

Pursuant to Rule 2a-5, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include

88

inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of September 30, 2024:

	Total		Level I		Level II		Level III
First lien	$	2,072,485	$	—	$	53,422	$	2,019,063
Second lien	250,871		—		59,539		191,332
Subordinated	109,811		—		10,425		99,386
Equity and other	832,104		—		—		832,104
Total investments	$	3,265,271	$	—	$	123,386	$	3,141,885

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

	Total		Level I		Level II		Level III
First lien	$	1,683,952	$	—	$	46,063	$	1,637,889
Second lien	424,513		—		18,333		406,180
Subordinated	90,948		—		8,077		82,871
Equity and other	811,909		—		—		811,909
Total investments	$	3,011,322	$	—	$	72,473	$	2,938,849

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2024:

	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, June 30, 2024	$	3,098,192	$	1,973,080	$	216,064	$	96,653	$	812,395
Total gains or losses included in earnings:
Net realized (losses) gains on investments	(1,981)		(1,529)		—		3		(455)
Net change in unrealized (depreciation) appreciation of investments	(4,521)		3,513		(451)		199		(7,782)
Purchases, including capitalized PIK and revolver fundings	170,005		136,054		1,485		2,823		29,643
Proceeds from sales and paydowns of investments	(110,879)		(83,124)		(25,766)		(292)		(1,697)
Transfers out of Level III(1)	(8,931)		(8,931)		—		—		—
Fair Value, September 30, 2024	$	3,141,885	$	2,019,063	$	191,332	$	99,386	$	832,104
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(6,029)	$	2,007	$	(452)	$	197	$	(7,781)

(1)As of September 30, 2024, portfolio investments were transferred out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

89

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

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

The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2024:

	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair Value, December 31, 2023	$	2,938,849	$	1,637,889	$	406,180	$	82,871	$	811,909
Total gains or losses included in earnings:
Net realized (losses) gains on investments	(44,979)		(13,267)		(35,163)		3		3,448
Net change in unrealized appreciation (depreciation) of investments	31,047		18,233		40,417		(1,240)		(26,363)
Purchases, including capitalized PIK and revolver fundings(1)	797,225		708,021		13,546		18,044		57,614
Proceeds from sales and paydowns of investments(1)	(608,697)		(360,253)		(233,648)		(292)		(14,504)
Transfers into Level III(2)	28,440		28,440		—		—		—
Fair Value, September 30, 2024	$	3,141,885	$	2,019,063	$	191,332	$	99,386	$	832,104
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(23,625)	$	3,908	$	347	$	(1,242)	$	(26,638)

(1)Includes non-cash reorganizations and restructurings.

(2)As of September 30, 2024, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

90

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

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

(1)Includes non-cash reorganizations and restructurings.

(2)As of September 30, 2023, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the tables above, there were no other transfers in or out of Level I, II, or III during the three and nine months ended September 30, 2024 and September 30, 2023. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs.

The Company invests in revolving credit facilities. These investments are categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies.

The Company generally uses the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

Company Performance, Financial Review, and Analysis: Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("EBITDA") growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation.

For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company’s debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company’s debt

91

investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach:  The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiple will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of September 30, 2024 and December 31, 2023, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of September 30, 2024 and December 31, 2023, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2024 were as follows:

					Range
Type	Fair Value as of September 30, 2024		Approach	Unobservable Input	Low		High		Weighted Average(1)
First lien	$	1,796,760	Market & Income Approach	EBITDA multiple	5.0x		35.0x		15.1x
				Revenue multiple	4.0x		19.5x		8.0x
				Discount rate	6.5	%	21.1	%	9.7	%
	222,303		Other	N/A(2)	N/A		N/A		N/A
Second lien	175,751		Market & Income Approach	EBITDA multiple	8.6x		21.0x		18.2x
				Discount rate	9.5	%	21.0	%	11.4	%
	15,581		Other	N/A(2)	N/A		N/A		N/A
Subordinated	99,386		Market & Income Approach	EBITDA multiple	7.7x		24.5x		16.3x
				Discount rate	12.2	%	23.8	%	16.9	%
Equity and other	424,106		Market & Income Approach	EBITDA multiple	5.0x		32.0x		13.0x
				Revenue multiple	4.5x		19.5x		7.1x
				Discount rate	8.4	%	52.6	%	9.2	%
	397,280		Income Approach	Discount rate	6.3	%	12.5	%	10.0	%
	10,718		Other	N/A(2)	N/A		N/A		N/A
	$	3,141,885

(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.

92

The unobservable inputs used in the fair value measurement of the Company'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	$	1,559,300	Market & income approach	EBITDA multiple	5.0x		24.0x		15.1x
				Revenue multiple	5.0x		19.5x		10.6x
				Discount rate	8.6	%	22.0	%	10.2	%
	78,589		Other	N/A(2)	N/A		N/A		N/A
Second lien	403,180		Market & income approach	EBITDA multiple	7.0x		20.0x		14.4x
				Discount rate	9.2	%	30.0	%	12.1	%
	3,000		Other	N/A(2)	N/A		N/A		N/A
Subordinated	82,871		Market & income approach	EBITDA multiple	8.0x		22.0x		16.0x
				Discount rate	12.9	%	20.9	%	11.9	%
Equity and other	430,828		Market & income approach	EBITDA multiple	5.5x		34.0x		12.6x
				Revenue multiple	9.0x		11.0x		10.0x
				Discount rate	9.8	%	43.1	%	12.2	%
	370,807		Income approach	Discount rate	6.4	%	12.6	%	10.1	%
	10,274		Other	N/A(2)	N/A		N/A		N/A
	$	2,938,849

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The carrying value of the collateralized agreement approximates fair value as of September 30, 2024 and is considered a Level III investment. The fair value of other financial assets and liabilities approximates their carrying value based on the short-term nature of these items.

The 2021A Unsecured Notes, 2022A Unsecured Notes, SBA-guaranteed debentures, Holdings Credit Facility, DB Credit Facility, NMFC Credit Facility and NMNLC Credit Facility II are considered Level III investments. The fair value of the 2022 Convertible Notes, the 8.250% Unsecured Notes, the 6.875% Unsecured Notes and the 6.200% Unsecured Notes are based on quoted prices and are considered Level II investments. See Note 7. Borrowings, for details.

The following are the principal amounts and fair values of the Company’s borrowings as of September 30, 2024 and December 31, 2023. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings or market quotes, if available.

	As of
	September 30, 2024				December 31, 2023
	Principal Amount		Fair Value		Principal Amount		Fair Value
Unsecured Notes	$	990,000	$	988,569	$	506,500	$	490,200
Holdings Credit Facility	407,563		406,072		515,063		511,511
SBA-guaranteed debentures	300,000		270,806		300,000		259,811
Convertible Notes	260,000		263,250		260,000		264,706
NMFC Credit Facility (1)	55,031		54,105		36,813		36,507
NMNLC Credit Facility II	2,908		2,908		2,853		2,846
DB Credit Facility (2)	—		—		186,400		184,506
Total Borrowings	$	2,015,502	$	1,985,710	$	1,807,629	$	1,750,087

(1)     As of September 30, 2024, the principal amount of the NMFC Credit Facility was $55,031, which includes £26,650 denominated in GBP and €17,400 denominated in EUR that has been converted to U.S. dollars. As of September 30, 2024, the fair value of the NMFC Credit Facility was $54,105, which included £26,659 denominated in GBP and

93

€16,557 denominated in EUR that has been converted to U.S. dollars. As of December 31, 2023, the principal amount of the NMFC Credit Facility was $36,813, which included £22,850 denominated in GBP and €700 denominated in EUR that has been converted to U.S. dollars. As of December 31, 2023, the fair value of the NMFC Credit Facility was $36,507, which included £22,660 denominated in GBP and €694 denominated in EUR that has been converted to U.S. dollars.

(2)     On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of September 30, 2024. The Company's derivative instruments are considered Level II investments.

	As of September 30, 2024
	Notional Amount		Fair Value
			Asset		Liability
Derivatives in fair value hedging relationships:
Interest rate swaps	$	600,000	$	8,320	$	(781)
Total derivatives designated as hedging instruments	$	600,000	$	8,320	$	(781)
Total derivatives	$	600,000	$	8,320	$	(781)
Total net derivatives(1)	$	600,000	$	7,539

(1)As of September 30, 2024, the Company had net derivative assets at fair value subject to such enforceable master netting arrangement in the amount of $7,539 and a collateral balance of $10,370, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. If the Company had elected to offset, the net amount would be $0.

Fair value risk factors—The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Company's portfolio companies conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the operations and profitability of the Company's investments and/or on the fair value of the Company's investments. The Company's investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in income to the Company and their corresponding fair valuations. Also, there may be risk associated with the concentration of investments in one geographic region or in certain industries. These events are beyond the control of the Company and cannot be predicted. Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.

Note 5. Agreements

The Company entered into an investment advisory and management agreement (the “Investment Management Agreement”) with the Investment Adviser which was most recently re-approved by the Company's board of directors on January 30, 2024, at an in-person meeting, for a period of 12 months commencing on March 1, 2024. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives a fee from the Company, consisting of two components—a base management fee and an incentive fee. On November 1, 2021, the Company entered into Amendment No. 1 to the Investment Management Agreement (“Amendment No. 1”). As described below, the sole purpose of Amendment No. 1 was to reduce the base management fee from 1.75% of the Company’s gross assets to 1.4% of the Company’s gross assets.

Pursuant to Amendment No. 1, the base management fee is calculated at an annual rate of 1.4% of the Company's gross assets, which equals the Company's total assets on the Consolidated Statements of Assets and Liabilities, less cash and cash equivalents. The base management fee is payable quarterly in arrears, and is calculated based on the average value of the Company's gross assets, which equals the Company's total assets, as determined in accordance with GAAP, less cash and cash equivalents at the end of each of the two most recently completed calendar quarters, and appropriately adjusted on a pro rata basis for any equity capital raises or repurchases during the current calendar quarter. To the extent the Company invests in derivatives, the Company uses the actual value of the derivatives, as reported on the Consolidated Statements of Assets and Liabilities, for purposes of calculating its base management fee.

Effective as of and for the quarter ended March 31, 2021 through the quarter ending December 31, 2024, the Investment Adviser entered into a fee waiver agreement (the "Fee Waiver Agreement"), amended on August 7, 2023, pursuant to which the Investment Adviser will waive base management fees in order to reach a target base management fee of 1.25% on gross assets (the “Reduced Base Management Fee”). The Fee Waiver Agreement was most recently extended for a period of one year through the quarter ending December 31, 2024 by the Investment Adviser on August 7, 2023. The Investment Adviser

94

cannot recoup management fees that the Investment Adviser has previously waived. For the three and nine months ended September 30, 2024, management fees waived were approximately $970 and $2,732, respectively. For the three and nine months ended September 30, 2023, management fees waived were approximately $1,013 and $3,172, respectively.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter, subject to a “preferred return”, or “hurdle”, and a “catch-up” feature. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under an administration agreement, as amended and restated (the “Administration Agreement”), with the Administrator, and any interest expense and distributions paid on any issued and outstanding preferred stock (of which there were none as of September 30, 2024), but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, will be compared to a "hurdle rate" of 2.0% per quarter (8.0% annualized), subject to a "catch-up" provision measured as of the end of each calendar quarter. The hurdle rate is appropriately pro-rated for any partial periods. The calculation of the Company’s incentive fee with respect to the Pre-Incentive Fee Net Investment Income for each quarter is as follows:

•No incentive fee is payable to the Investment Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2.0% (the "preferred return" or "hurdle").

•100.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the "catch-up". The catch-up provision is intended to provide the Investment Adviser with an incentive fee of 20.0% on all of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company's Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter.

•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser once the hurdle is reached and the catch-up is achieved.

The second part of the incentive fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement) and will equal 20.0% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee.

In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on actual realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year.

95

The following table summarizes the management fees and incentive fees incurred by the Company for the three and nine months ended September 30, 2024 and September 30, 2023:

	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Management fee	$	11,700	$	11,334	$	34,048	$	34,549
Less: management fee waiver	(970)		(1,013)		(2,732)		(3,172)
Total management fee	10,730		10,321		31,316		31,377
Incentive fee, excluding accrued capital gains incentive fees	$	8,821	$	10,169	$	27,760	$	29,748
Accrued capital gains incentive fees(1)	$	—	$	—	$	—	$	—

(1)As of September 30, 2024 and September 30, 2023, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.

The Company has entered into the Administration Agreement with the Administrator under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the board of directors on January 30, 2024 for a period of 12 months commencing on March 1, 2024. The Administrator maintains, or oversees the maintenance of, the Company’s consolidated financial records, prepares reports filed with the SEC, generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. However, it is expected that the Administrator will continue to support part of the expense burden of the Company in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and nine months ended September 30, 2024, approximately $618 and $1,804, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. For the three and nine months ended September 30, 2023, approximately $563 and $1,659, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of September 30, 2024 and December 31, 2023, approximately $580 and $682, respectively, of indirect administrative expenses were included in payable to affiliates. For the three and nine months ended September 30, 2024, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of the Company's gross assets. For the three and nine months ended September 30, 2023, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of the Company's gross assets.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain" and the "New Mountain Finance" names, as well as the NMF logo. Under the Trademark License Agreement, as amended, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "New Mountain" and "New Mountain Finance" names, as well as the NMF logo, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain" or the "New Mountain Finance" names, as well as the NMF logo.

In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs through December 31, 2020 (the “Temporary Relief), the Company was permitted, subject to the satisfaction of certain conditions, to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds did not hold an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such co-investments with the Company unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with the Company. Although the Temporary Relief expired on December 31, 2020, the SEC’s Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continued to engage in certain

96

transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, on August 30, 2022, the Company received an Order from the SEC that amended its existing Exemptive Order to permit the Company to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

Note 6. Related Parties

The Company has entered into a number of business relationships with affiliated or related parties.

    The Company has entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

The Company has entered into the Fee Waiver Agreement with the Investment Adviser, pursuant to which the Investment Adviser originally agreed to voluntarily reduce the base management fees payable to the Investment Adviser by the Company under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ended December 31, 2022. Subsequently, the Company and the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ending December 31, 2024. See Note 5. Agreements, for details.

The Company has entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges office space for the Company and provides office equipment and administrative services necessary to conduct their respective day-to-day operations pursuant to the Administration Agreement. The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to the Company under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance and compliance functions, and the compensation of the Company's chief financial officer and chief compliance officer and their respective staffs.

The Company, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.

The Company has adopted a formal code of ethics that governs the conduct of its officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company’s investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser’s allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the “Exemptive Order”), which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company's independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit the Company to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by the Company in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to the Company on March 31, 2020. Effective July 1, 2024,

97

NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4,666.

On March 30, 2020, the Company entered into an unsecured revolving credit facility with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000. On December 17, 2021, the Company entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. On October 31, 2023, we entered into a Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings thereunder from $50,000 to $100,000, extended the maturity date from December 31, 2024 to December 31, 2027 and changed the interest rate to the Applicable Federal Rate. Refer to Note 7. Borrowings for discussion of the Unsecured Management Company Revolver (defined below).

Note 7. Borrowings

On June 8, 2018 the Company's shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to the Company from 200.0% to 150.0% as of June 9, 2018 (which means the Company can borrow $2 for every $1 of its equity). As a result of the Company's exemptive relief received on November 5, 2014, the Company is permitted to exclude the SBA-guaranteed debentures held by SBIC I and SBIC II from the 150.0% asset coverage ratio that the Company is required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, the Convertible Notes (as defined below) and certain of the Unsecured Notes (as defined below) contain certain covenants and terms, including a requirement that the Company not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that the Company not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of September 30, 2024, the Company’s asset coverage ratio was 179.2%.

Holdings Credit Facility—On October 24, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement (as amended from time to time, the "Loan and Security Agreement") among the Company, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (the "Holdings Credit Facility"). As of the amendment on October 26, 2023, the maturity date of the Holdings Credit Facility is October 26, 2028, and the maximum facility amount is the lesser of $800,000 and the actual commitments of the lenders to make advances as of such date.

As of September 30, 2024, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730,000. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 35.0%, 45.0%, 55.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires the Company to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.

As of the amendment on July 29, 2024, the Holdings Credit Facility bears interest at a rate of SOFR plus 2.15% per annum for Broadly Syndicated Loans (as defined in the Eleventh Amendment to the Loan and Security Agreement). From October 26, 2023 to July 28, 2024, the Holdings Credit Facility bore interest at a rate of SOFR plus 2.50% for Broadly Syndicated Loans (as defined in the Eighth Amendment to the Loan and Security Agreement). From April 28, 2023 to October 25, 2023, the Holdings Credit Facility bore interest at a rate of SOFR plus 1.70% for Broadly Syndicated Loans (as defined in the Seventh Amendment to the Loan and Security Agreement) and SOFR plus 2.20% per annum for all other investments. From April 20, 2021 to April 27, 2023, the Holdings Credit Facility bore interest at a rate of LIBOR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Fifth Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Twelfth Amendment to the Loan and Security Agreement).

98

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three and nine months ended September 30, 2024 and September 30, 2023:

	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Interest expense	$	7,835		$	10,340		$	21,417		$	31,345
Non-usage fee	$	409		$	209		$	1,417		$	473
Amortization of financing costs	$	585		$	475		$	1,737		$	1,408
Weighted average interest rate	7.6		%	7.2		%	7.7		%	6.9		%
Effective interest rate	8.7		%	7.8		%	9.0		%	7.4		%
Average debt outstanding	$	405,661		$	563,470		$	364,418		$	603,154

As of September 30, 2024 and December 31, 2023, the outstanding balance on the Holdings Credit Facility was $407,563 and $515,063, respectively, and NMF Holdings was in compliance with the applicable covenants of the Holdings Credit Facility on such dates.

NMFC Credit Facility—The Second Amended and Restated Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated September 30, 2024, among the Company, as the Borrower, Sumitomo Mitsui Banking Corporation, as the Administrative Agent, and the Lenders, as outlined in the RCA (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of the Company's domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment and restatement on September 30, 2024, the maturity date of the NMFC Credit Facility is June 4, 2026 for Non-Extending Lenders and September 28, 2029 for Extending Lenders (as defined in the RCA).

As of the amendment and restatement on September 30, 2024, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $638,500, of which $527,100 has been committed by Extending Lenders and $111,400 has been committed by Non-Extending Lenders. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on the Company’s Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to asset coverage and liquidity and other maintenance covenants.

As of the amendment and restatement on September 30, 2024, the NMFC Credit Facility generally bears interest at a rate of SOFR plus any applicable credit spread adjustment, SONIA or EURIBOR plus 1.90% per annum for Extending Lenders and 2.10% per annum for Non-Extending Lenders, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA). From June 29, 2023 to September 29, 2024, the NMFC Credit Facility bore interest at a rate of SOFR plus any applicable credit spread adjustment, SONIA or EURIBOR plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum. From June 4, 2021 to June 28, 2023, the NMFC Credit Facility generally bore interest at a rate of LIBOR, SONIA or EURIBOR plus 2.10% per annum or the prime rate plus 1.10% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.375% per annum. As of the amendment on June 5, 2024, the Canadian Dollar Offered Rate was replaced with the Canadian Overnight Repo Rate Average term rate plus a credit spread adjustment as a benchmark rate for certain assets.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three and nine months ended September 30, 2024 and September 30, 2023:

	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Interest expense	$	2,538		$	2,680		$	4,292		$	5,481
Non-usage fee	$	56		$	55		$	338		$	269
Amortization of financing costs	$	63		$	56		$	170		$	162
Weighted average interest rate	7.2		%	7.4		%	7.1		%	7.0		%
Effective interest rate	7.5		%	7.8		%	8.0		%	7.6		%
Average debt outstanding	$	140,385		$	141,764		$	79,969		$	104,227

99

As of September 30, 2024, the outstanding balance on the NMFC Credit Facility was $55,031, which included £26,650 denominated in British Pound Sterling ("GBP") and €17,400 denominated in Euro ("EUR") that have been converted to U.S. dollars. As of December 31, 2023, the outstanding balance on the NMFC Credit Facility was $36,813, which included £22,850 denominated in GBP and €700 denominated in EUR that have been converted to U.S. dollars.

Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement (the "Uncommitted Revolving Loan Agreement"), dated March 30, 2020, by and between the Company, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the amendment on October 31, 2023, the maturity date of the Unsecured Management Company Revolver is December 31, 2027.

As of the amendment on October 31, 2023, the Unsecured Management Company Revolver bears interest at the Applicable Federal Rate. As of December 17, 2021 through the amendment on October 31, 2023, the Unsecured Management Company Revolver bore interest at a rate of 4.00% per annum. On October 31, 2023, the Company entered into a Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amount of revolving borrowings available thereunder from $50,000 to $100,000. As of September 30, 2024, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $100,000 and no borrowings were outstanding. For the three and nine months ended September 30, 2024, amortization of financing costs were $1 and $5, respectively. For the three and nine months ended September 30, 2023, amortization of financing costs were $1 and $2, respectively.

DB Credit Facility—The Loan Financing and Servicing Agreement (the "LFSA"), dated December 14, 2018 and as amended from time to time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S. Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), was structured as a secured revolving credit facility. As of the amendment on October 31, 2023, the maturity date of the DB Credit Facility was March 25, 2027. On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

Prior to its termination on September 30, 2024, the maximum amount of revolving borrowings available under the DB Credit Facility was $280,000. The Company was permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the LFSA. The DB Credit Facility was non-recourse to the Company and was collateralized by all of the investments of NMFDB on an investment by investment basis. All fees associated with the origination and amending of the DB Credit Facility were capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the DB Credit Facility. The DB Credit Facility contained certain customary affirmative and negative covenants and events of default. The covenants were generally not tied to mark to market fluctuations in the prices of NMFDB investments, but rather to the performance of the underlying portfolio companies.

The advances under the DB Credit Facility accrued interest at a per annum rate equal to the Applicable Margin plus the lender's Cost of Funds Rate. As of the amendment on October 31, 2023, the Applicable Margin was equal to 2.55% during the Revolving Period, increased by 0.20% per annum after the Revolving period and would have been increased by 2.00% per annum during an Event of Default. From June 29, 2023 to October 30, 2023, the Applicable Margin was 2.61% during the Revolving Period, increased by 0.20% per annum after the Revolving Period and then increased by 2.00% per annum during an Event of Default. From March 25, 2021 to June 29, 2023, the Applicable Margin was equal to 2.35% during the Revolving Period, increased by 0.20% per annum after the Revolving Period and then increased by 2.00% during an Event of Default (as defined in the LFSA). The "Cost of Funds Rate" for a conduit lender was the lower of its commercial paper rate and the Base Rate plus 0.50%, and for any other lender was the Base Rate. Effective June 29, 2023, the Base Rate was the three-months SOFR Rate. Prior to the amendment on June 29, 2023, the Base Rate was the three-months LIBOR rate. The Company was also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the LFSA) and a facility agent fee of 0.25% per annum, until the amendment on October 31, 2023, on the total facility amount. As of the amendment on October 31, 2023, the facility agent fee was 0.20% per annum on the total facility amounts.

100

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three and nine months ended September 30, 2024 and September 30, 2023:

	Three Months Ended						Nine Months Ended
	September 30, 2024(2)			September 30, 2023			September 30, 2024(2)			September 30, 2023
Interest expense(1)	$	3,718		$	3,864		$	11,203		$	11,062
Non-usage fee(1)	$	112		$	120		$	331		$	355
Amortization of financing costs(3)	$	1,641		$	277		$	2,024		$	814
Weighted average interest rate	8.1		%	8.1		%	8.1		%	7.8		%
Effective interest rate(3)	12.1		%	9.1		%	9.9		%	8.8		%
Average debt outstanding	$	180,022		$	186,487		$	182,364		$	186,429

(1)Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the DB Credit Facility and non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the DB Credit Facility.

(2)On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

(3)Three and nine months ended September 30, 2024 includes accelerated deferred financing costs due to DB Credit Facility termination on September 30, 2024.

As of September 30, 2024 and December 31, 2023, the outstanding balance on the DB Credit Facility was $0 and $186,400, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on December 31, 2023.

NMNLC Credit Facility II—The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), is structured as a senior secured revolving credit facility. As of the amendment on November 1, 2022, NM CLFX LP has been added as a co-borrower and the NMNLC CA would have matured on November 1, 2024. As of the most recent amendment on October 29, 2024, the NMNLC CA will mature on December 2, 2024. The NMNLC Credit Facility II is guaranteed by the Company and proceeds from the NMNLC Credit Facility II are able to be used for refinancing existing loans on properties held.

As of the amendment on November 1, 2022, the NMNLC Credit Facility II bears interest at a rate of SOFR plus 2.25% per annum with a 0.35% floor, and charges a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). As of the amendment on November 1, 2022, the maximum amount of revolving borrowings available to all borrowers under the NMNLC Credit Facility II is $27,500, of which $25,463 is outstanding as of September 30, 2024.

The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMNLC Credit Facility II for the three and nine months ended September 30, 2024 and September 30, 2023:

	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Interest expense	$	41		$	40		$	135		$	136
Non-usage fee	$	—		$	—		$	1		$	1
Amortization of financing costs	$	21		$	21		$	64		$	66
Weighted average interest rate	7.6		%	7.5		%	7.6		%	7.1		%
Effective interest rate	11.7		%	11.7		%	11.4		%	10.9		%
Average debt outstanding	$	2,151		$	2,091		$	2,341		$	2,480

As of September 30, 2024 and December 31, 2023, the outstanding balance on the NMNLC Credit Facility II was $2,908 and $2,853, respectively, and NMNLC was in compliance with the applicable covenants of the NMNLC Credit Facility II on such dates.

101

Convertible Notes

2018 Convertible Notes—On August 20, 2018, the Company closed a registered public offering of $100,000 aggregate principal amount of unsecured convertible notes (the “2018 Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a first supplemental indenture thereto, dated August 20, 2018 (together the “2018A Indenture”). On August 30, 2018, in connection with the registered public offering, the Company issued an additional $15,000 aggregate principal amount of the 2018 Convertible Notes pursuant to the exercise of an overallotment option by the underwriter of the 2018 Convertible Notes. On June 7, 2019, the Company closed a registered public offering of an additional $86,250 aggregate principal amount of the 2018 Convertible Notes. These additional 2018 Convertible Notes constituted a further issuance of, ranked equally in right of payment with, and formed a single series with the $115,000 aggregate principal amount of 2018 Convertible Notes that the Company issued in August 2018.

The 2018 Convertible Notes bore interest at an annual rate of 5.75%, payable semi-annually in arrears on February 15 and August 15 of each year, which commenced on February 15, 2019. The 2018 Convertible Notes matured on August 15, 2023.

On November 4, 2022, the Company launched a tender offer to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 4, 2022, up to $201,250 aggregate principal amount of then outstanding 2018 Convertible Notes for cash in an amount equal to $1 per $1 principal amount of Notes purchased (exclusive of accrued and unpaid interest on such notes) (the "Tender Offer"). The Tender Offer expired on December 6, 2022. As of the expiration of the Tender Offer, $84,434 aggregate principal amount of the 2018 Convertible Notes were validly tendered and not validly withdrawn pursuant to the Tender Offer. The Company accepted for purchase all of the 2018 Convertible Notes that were validly tendered and not validly withdrawn at the expiration of the Tender Offer. Following settlement of the Tender Offer on December 9, 2022, approximately $116,816 aggregate principal amount of the 2018 Convertible Notes remained outstanding.

On August 15, 2023, the Company's $116,816 aggregate principal amount of 2018 Convertible Notes matured and the Company repaid the outstanding principal and accrued but unpaid interest in cash.

2022 Convertible Notes—On November 2, 2022, the Company closed a private offering of $200,000 aggregate principal amount of unsecured convertible notes (the “2022 Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a third supplemental indenture thereto, dated November 2, 2022 (together the “2018C Indenture”). On March 14, 2023, the Company issued an additional $60,000 aggregate principal amount of the 2022 Convertible Notes. These additional 2022 Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $200,000 aggregate principal amount of the 2022 Convertible Notes that the Company issued in November 2022.

The 2022 Convertible Notes bear interest at an annual rate of 7.50%, payable semi-annually in arrears on April 15 and October 15 of each year. The 2022 Convertible Notes will mature on October 15, 2025 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018C Indenture. The Company may not redeem the 2022 Convertible Notes prior to July 15, 2025. On or after July 15, 2025, the Company may redeem the 2022 Convertible Notes for cash, in whole or from time to time in part, at our option at a redemption price, subject to an exception for redemption dates occurring after a record date but on or prior to the interest payment date, equal to the sum of (i) 100% of the principal amount of the 2022 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.

The following table summarizes certain key terms related to the convertible features of the 2022 Convertible Notes as of September 30, 2024:

	2022 Convertible Notes
Initial conversion premium(1)	14.7		%
Initial conversion rate(2)	70.4225
Initial conversion price	$	14.20
Conversion rate at September 30, 2024(1)(2)	73.0051
Conversion price at September 30, 2024(2)(3)	$	13.70
Last conversion price calculation date	September 16, 2024

(1)Conversion rates denominated in shares of common stock per $1 principal amount of the 2022 Convertible Notes converted.

(2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.

102

(3)The conversion price in effect at September 30, 2024 on the 2022 Convertible Notes was calculated on September 16, 2024.

The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.30 per share per quarter for the 2022 Convertible Notes and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, are subject to a conversion price floor of $12.38 per share for the 2022 Convertible Notes. In no event will the total number of shares of common stock issuable upon conversion exceed 80.7754 per $1 principal amount of the 2022 Convertible Notes. The Company has determined that the embedded conversion option in the 2022 Convertible Notes is not required to be separately accounted for as a derivative under GAAP.

The 2022 Convertible Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the 2022 Convertible Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles. As reflected in Note 11. Earnings Per Share, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.

The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the 2018 Convertible Notes and 2022 Convertible Notes (together, the "Convertible Notes") for the three and nine months ended September 30, 2024 and September 30, 2023:

	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Interest expense	$	4,875		$	5,696		$	14,625		$	17,892
Amortization of financing costs	$	410		$	447		$	1,210		$	1,276
Amortization of premium	$	(30)		$	(52)		$	(87)		$	(101)
Weighted average interest rate	7.5		%	7.2		%	7.5		%	7.0		%
Effective interest rate	8.1		%	7.7		%	8.1		%	7.5		%
Average debt outstanding	$	260,000		$	317,138		$	260,000		$	340,881

As of September 30, 2024 and December 31, 2023, the outstanding balance on the 2022 Convertible Notes was $260,000 and $260,000, respectively. As of both September 30, 2024 and December 31, 2023, the outstanding balance on the 2018 Convertible Notes was $0. The Company was in compliance with the terms of the 2018A Indenture and 2018C Indenture on such dates.

Unsecured Notes

On January 30, 2018, the Company issued $90,000 in aggregate principal amount of five year unsecured notes that matured on January 30, 2023 (the "2018A Unsecured Notes") pursuant to the NPA and a second supplement to the NPA. On January 30, 2023, the Company caused notices to be issued to holders of the Company's 2018A Unsecured Notes regarding the exercise of the Company's option to repay all of the Company's $90,000 in aggregate principal amount of issued and outstanding 2018A Unsecured Notes, which was repaid on January 27, 2023. On July 5, 2018, the Company issued $50,000 in aggregate principal amount of five year unsecured notes that matured on June 28, 2023 (the "2018B Unsecured Notes") pursuant to the NPA and a third supplement to the NPA (the "Third Supplement"). On June 28, 2023, the Company caused notices to be issued to holders of the Company's 2018B Unsecured Notes regarding the exercise of the Company's option to repay all of the Company's $50,000 in aggregate principal amount of issued and outstanding 2018B Unsecured Notes, which was repaid on June 27, 2023. On April 30, 2019, the Company issued $116,500 in aggregate principal amount of five year unsecured notes with a maturity of April 30, 2024 (the "2019A Unsecured Notes") pursuant to the NPA and a fourth supplement to the NPA (the "Fourth Supplement"). On February 5, 2024, the Company fully repaid $116,500 in aggregate principal amount of issued and outstanding 2019A Unsecured Notes. On January 29, 2021, the Company issued $200,000 in aggregate principal amount of five year unsecured notes that mature on January 29, 2026 (the "2021A Unsecured Notes") pursuant to the NPA and a fifth supplement to the NPA (the "Fifth Supplement"). On June 15, 2022, the Company issued $75,000 in aggregate principal amount of five year unsecured notes that mature on June 15, 2027 (the "2022A Unsecured Notes") pursuant to the NPA and a sixth supplement to the NPA (the "Sixth Supplement"). The NPA provides for future issuances of unsecured notes in separate series or tranches.

The 2019A Unsecured Notes bore interest at an annual rate of 5.494%. The 2021A Unsecured Notes bear interest at an annual rate of 3.875%, payable semi-annually in arrears on January 29 and July 29 of each year. The 2022A Unsecured Notes

103

bear interest at an annual rate of 5.900%, payable semi-annually in arrears on June 15 and December 15 of each year. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or the Company ceases to have an investment grade rating or (ii) the aggregate amount of the Company’s unsecured debt falls below $150,000. In each such event, the Company has the option to offer to prepay the underlying unsecured notes at par, in which case holders of the underlying unsecured notes who accept the offer would not receive the increased interest rate. In addition, the Company is obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be the Company’s investment adviser or if certain change in control events occur with respect to the Investment Adviser. 

The NPA contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, an option to offer to prepay all or a portion of the unsecured notes under its governance at par (plus a make-whole amount, if applicable), affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC under the 1940 Act and a RIC under the Code, minimum stockholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes at the Company or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. The Third Supplement, Fourth Supplement, Fifth Supplement and Sixth Supplement all include additional financial covenants related to asset coverage as well as other terms.

On November 13, 2023, the Company closed a registered public offering of $115,000 in aggregate principal amount of 8.250% notes that mature on November 15, 2028 (the "8.250% Unsecured Notes"), pursuant to a base indenture and fourth supplemental indenture thereto dated November 13, 2023 (the "Fourth Supplemental Indenture") between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee.

The 8.250% Unsecured Notes bear interest at an annual rate of 8.250%, payable quarterly on February 15, May 15, August 15 and November 15 of each year. The 8.250% Unsecured Notes are listed on NASDAQ and trade under the trading symbol "NMFCZ".

The Company may redeem the 8.250% Unsecured Notes, in whole or in part, at any time, or from time to time, at its option on or after November 15, 2025 at the redemption price of par, plus accrued interest.

No sinking fund provision is provided for the 8.250% Unsecured Notes and holders of the 8.250% Unsecured Notes have no option to have their 8.250% Unsecured Notes repaid prior to the stated maturity date.

On February 1, 2024, the Company issued $300,000 in aggregate principal amount of its 6.875% notes that mature on February 1, 2029 (the "6.875% Unsecured Notes") pursuant to a base indenture and fifth supplemental indenture thereto dated February 1, 2024 (the "Fifth Supplemental Indenture"). The 6.875% Unsecured Notes bear interest at an annual rate of 6.875%, payable semi-annually on February 1 and August 1 of each year. The Company may redeem the 6.875% Unsecured Notes, in whole or in part, at any time prior to January 1, 2029, at par plus a "make-whole" premium, and thereafter at par, plus accrued interest.

On September 26, 2024, the Company issued $300,000 in aggregate principal amount of its 6.200% notes that mature on October 15, 2027 (the "6.200% Unsecured Notes", together with the 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes, 2021A Unsecured Notes, 2022A Unsecured Notes, 8.250% Unsecured Notes and 6.875% Unsecured Notes, the "Unsecured Notes") pursuant to a base indenture and sixth supplemental indenture thereto dated September 26, 2024 (together, with the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the "Indenture"). The 6.200% Unsecured Notes bear interest at an annual rate of 6.200%, payable semi-annually on April 15 and October 15 of each year, beginning on April 15, 2025. The Company may redeem the 6.200% Unsecured Notes, in whole or in part, at any time prior to October 15, 2027, at par plus a "make-whole" premium and accrued interest.

The Unsecured Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles.

104

The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three and nine months ended September 30, 2024 and September 30, 2023:

	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Interest expense(1)	$	12,277		$	4,644		$	33,765		$	15,602
Amortization of financing costs	$	526		$	143		$	1,539		$	524
Amortization of discount	$	165		$	—		$	422		$	—
Weighted average interest rate	6.7		%	4.7		%	6.5		%	4.8		%
Effective interest rate	7.3		%	4.9		%	7.0		%	5.0		%
Average debt outstanding	$	706,304		$	391,500		$	676,414		$	433,661

(1)Interest expense includes net expense recognized on fair value hedges.

As of September 30, 2024 and December 31, 2023, the outstanding balance on the Unsecured Notes was $993,577 and $506,500, respectively, and the Company was in compliance with the terms of the NPA and Indenture as of such dates, as applicable.

In connection with the issuance of the 6.875% Unsecured Notes, the Company entered into an interest rate swap on March 22, 2024 with Morgan Stanley Bank N.A., in which the Company receives a fixed interest rate of 6.875% and pays a floating interest rate of one-month SOFR plus 2.8183% on the notional amount of $300,000. In connection with the issuance of the 6.200% Unsecured Notes, the Company entered into an interest rate swap on September 23, 2024 with Morgan Stanley Bank, N.A., in which the Company receives a fixed interest rate of 6.200% and pays a floating rate of one-month SOFR plus 2.882% on the notional amount of $300,000. The Company designates interest rate swaps as fair value hedges in a qualifying fair value hedge accounting relationship to mitigate risk of changes in the fair value of financial liabilities due to interest rate risk. As a result, the Company will present changes in fair value of the hedging instruments and the related hedged items in interest expense within the Company’s Consolidated Statements of Operations.

The Company recorded and formally documented all hedging relationships, its risk management objective and strategy upon entering into each hedging relationship. For each hedging relationship, the Company performs quarterly quantitative assessments of the hedge effectiveness to assess that the hedging relationships are highly effective in offsetting changes in fair values of hedged items and whether the relationship is expected to continue to be highly effective in the future. To the extent the changes in fair value of the derivative do not offset the changes in fair value of the hedged item, the difference is recognized. The corresponding adjustment to the hedged asset or liability is included in the basis of the hedged item, while the corresponding change in the fair value of the derivative instrument is recorded as an adjustment to "Derivative assets at fair value" or "Derivative liabilities at fair value", as applicable.

If a hedge relationship is de-designated or if hedge accounting is discontinued because the hedged item no longer exists, the derivative will continue to be recorded as a "Derivative asset at fair value" or "Derivative liability at fair value" in the Consolidated Statements of Assets and Liabilities at its fair value, with changes in fair value recognized in net change in unrealized appreciation (depreciation).

105

The following table presents the effect of hedging derivative instruments on the Consolidated Statements of Operations and the total amounts for the respective line items affected:

	Three Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2024
(Losses) gains on fair value hedging relationship:
Interest rate swap contract:
Interest expense recognized on derivative	$	(1,189)	$	(2,270)
Gains recognized on derivative	9,092		7,539
Losses recognized on hedged item	(9,350)		(8,175)
Net expense recognized on fair value hedge	$	(1,447)	$	(2,906)

The following table summarizes the carrying value of the Company's hedged assets and liabilities in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of September 30, 2024.

Description	Carrying Value		Cumulative Amount of Basis Adjustment
6.875% Unsecured Notes	$	306,122	$	(8,817)
6.200% Unsecured Notes	$	297,455	$	642

The Company’s derivative instrument contracts are subject to ISDA Master Agreements which contain certain covenants and other provisions upon the occurrence of specific credit-risk-related events which may allow the counterparties to terminate derivatives contracts if the Company fails to maintain sufficient asset coverage for its derivative contracts or upon certain credit events. As a result, the hedging relationship terminates and is immediately accelerated and deemed payable pursuant to the ISDA Master Agreement.

The aggregate fair values of all derivative instruments with any credit-risk-related contingent features that were in an asset position on September 30, 2024 was $7,539, for which Morgan Stanley Bank N.A. had posted collateral of $10,370. The Company does not have any derivatives that are not designated as hedging instruments.

SBA-guaranteed debentures—On August 1, 2014 and August 25, 2017, respectively, SBIC I and SBIC II received licenses from the SBA to operate as SBICs.

These SBIC licenses allow each of SBIC I and SBIC II to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a capital commitment by the SBA and other customary procedures. SBA-guaranteed debentures are non-recourse to the Company, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with ten year maturities. The SBA, as a creditor, will have a superior claim to the assets of SBIC I and SBIC II over the Company's stockholders in the event SBIC I and SBIC II are liquidated or the SBA exercises remedies upon an event of default.

The maximum amount of borrowings available under current SBA regulations for a single licensee is $150,000 as long as the licensee has at least $75,000 in regulatory capital, receives a capital commitment from the SBA and has been through an examination by the SBA subsequent to licensing. In June 2018, legislation amended the 1958 Act by increasing the individual leverage limit from $150,000 to $175,000, subject to SBA approvals.

As of September 30, 2024 and December 31, 2023, SBIC I had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $150,000 and $150,000, respectively. As of September 30, 2024 and December 31, 2023, SBIC II had regulatory capital of $75,000 and $75,000, respectively, and $150,000 and $150,000, respectively, of SBA-guaranteed debentures outstanding. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures.

106

The following table summarizes the Company’s SBA-guaranteed debentures as of September 30, 2024:

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

(1)SBA-guaranteed debentures are held by SBIC I.

(2)SBA-guaranteed debentures are held by SBIC II.

Prior to pooling, the SBA-guaranteed debentures bear interest at an interim interest rate equal to the Federal Home Loan Bank of Chicago's Fixed Regular Advance Rate (Bank Advance Rate), plus 41 basis points. Once pooled, which occurs in March and September each year, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.

The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three and nine months ended September 30, 2024 and September 30, 2023:

	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Interest expense	$	2,043		$	2,042		$	6,084		$	6,061
Amortization of financing costs	$	253		$	253		$	753		$	750
Weighted average interest rate	2.7		%	2.7		%	2.7		%	2.7		%
Effective interest rate	3.0		%	3.0		%	3.0		%	3.0		%
Average debt outstanding	$	300,000		$	300,000		$	300,000		$	300,000

The SBIC program is designed to stimulate the flow of private investor capital into eligible small businesses, as defined by SBA regulations that, among other things: require SBICs to invest in eligible small businesses and invest at least 25.0% of investment capital in eligible smaller enterprises (as defined by the SBA regulations), place certain limitations on the financing terms of investments, regulate the types of financing provided by an SBIC, prohibit investments in small businesses with certain characteristics or in certain industries and require capitalization thresholds that limit distributions to the Company. SBICs are subject to an annual periodic examination by an SBA examiner to determine the SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor.

Leverage risk factors—The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The Company's lenders will have fixed dollar claims on certain assets that are superior to the claims of the Company's common stockholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's net asset value. Similarly, leverage may cause a sharper decline in

107

the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its stockholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.

Note 8. Regulation

The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under Subchapter M of the Code. In order to continue to qualify and be subject to tax treatment as a RIC, among other things, the Company is generally required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code).

Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.

Note 9. Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of September 30, 2024, the Company had unfunded commitments on revolving credit facilities of $146,530, no outstanding bridge financing commitments and other future funding commitments of $130,848. As of December 31, 2023, the Company had unfunded commitments on revolving credit facilities of $112,803, no outstanding bridge financing commitments and other future funding commitments of $43,948. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedules of Investments.

The Company also had revolving borrowings available under the Holdings Credit Facility, the DB Credit Facility (prior to its termination on September 30, 2024), the NMFC Credit Facility, the Unsecured Management Company Revolver and the NMNLC Credit Facility II as of September 30, 2024 and December 31, 2023. See Note 7. Borrowings, for details.

The Company may from time to time enter into financing commitment letters. As of September 30, 2024 and December 31, 2023, the Company had commitment letters to purchase investments in the aggregate par amount of $87,649 and $11,105, respectively, which could require funding in the future.

108

Note 10. Net Assets

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2024:

						Accumulated Overdistributed Earnings
	Common Stock			Paid in Capital in Excess		Accumulated Net Investment		Accumulated Net Realized		Net  Unrealized Appreciation		Total Net Assets		Non- Controlling Interest in		Total
	Shares	Par Amount		of Par		Income		(Losses) Gains		(Depreciation)		of NMFC		NMNLC		Net Assets
Net assets at December 31, 2023	102,558,859	$	1,026	$	1,331,269	$	150,407	$	(100,015)	$	(62,736)	$	1,319,951	$	11,772	$	1,331,723
Issuances of common stock	3,730,434	37		47,882		—		—		—		47,919		—		47,919
Offering costs	—	—		(81)		—		—		—		(81)		—		(81)
Distributions declared	—	—		—		(38,265)		—		—		(38,265)		(197)		(38,462)
Net increase (decrease) in net assets resulting from operations	—	—		—		37,325		(11,830)		1,913		27,408		676		28,084
Net assets at March 31, 2024	106,289,293	$	1,063	$	1,379,070	$	149,467	$	(111,845)	$	(60,823)	$	1,356,932	$	12,251	$	1,369,183
Issuances of common stock	1,562,122	16		19,756		—		—		—		19,772		—		19,772
Offering costs	—	—		(388)		—		—		—		(388)		—		(388)
Distributions declared	—	—		—		(36,669)		—		—		(36,669)		(165)		(36,834)
Net increase (decrease) in net assets resulting from operations	—	—		—		38,200		(31,166)		27,437		34,471		313		34,784
Net assets at June 30, 2024	107,851,415	$	1,079	$	1,398,438	$	150,998	$	(143,011)	$	(33,386)	$	1,374,118	$	12,399	$	1,386,517
Issuances of common stock	—	—		—		—		—		—		—		—		—
Other	—	—		—		—		—		—		—		244		244
Offering costs	—	—		(43)		—		—		—		(43)		—		(43)
Distributions declared	—	—		—		(36,668)		—		—		(36,668)		(166)		(36,834)
Sale of non-controlling interest in NMNLC	—	—		—		—		—		—		—		(4,666)		(4,666)
Net change in unrealized appreciation in NMNLC	—	—		—		—		—		—		—		(1,533)		(1,533)
Net increase (decrease) in net assets resulting from operations	—	—		—		35,526		(1,959)		(9,678)		23,889		5		23,894
Net assets at September 30, 2024	107,851,415	$	1,079	$	1,398,395	$	149,856	$	(144,970)	$	(43,064)	$	1,361,296	$	6,283	$	1,367,579

109

The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2023:

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

On November 3, 2021, the Company entered into an equity distribution agreement, as amended on May 18, 2023, August 23, 2023, June 27, 2024 and August 1, 2024 (the “Distribution Agreement”), with B. Riley Securities, Inc. and Raymond James & Associates, Inc. (collectively, the “Agents”). The Distribution Agreement originally provided that the Company may issue and sell its shares from time to time through the Agents, up to $250,000 worth of its common stock by means of at-the-market ("ATM") offerings. As of the amendment on June 27, 2024, the Company increased the maximum amount of shares to be sold through the ATM program from $250,000 to $400,000.

For the three months ended September 30, 2024, the Company did not sell any shares of common stock, under the Distribution Agreement. For the nine months ended September 30, 2024, the Company sold 5,292,556 shares of common stock under the Distribution Agreement. For the nine months ended September 30, 2024, the Company received total accumulated net proceeds of approximately $67,691, including $12 of offering expenses, from these sales. For the three and nine months ended September 30, 2023, the Company sold 502,623 and 502,623 shares, respectively, of common stock under the Distribution Agreement. For the three and nine months ended September 30, 2023, the Company received total accumulated net proceeds of approximately $6,625 and $6,625, respectively, including $0 and $0, respectively, of offering expenses, from these sales.

110

The Company generally uses net proceeds from these offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2024, shares representing approximately $257,991 of its common stock remain available for issuance and sale under the Distribution Agreement.

Note 11. Earnings Per Share

The following information sets forth the computation of basic and diluted net increase in the Company’s net assets per share resulting from operations for the three and nine months ended September 30, 2024 and September 30, 2023:

	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Earnings per share—basic
Numerator for basic earnings per share:	$	23,889	$	28,696	$	85,768	$	108,099
Denominator for basic weighted average share:	107,851,415		100,954,898		106,140,789		100,943,049
Basic earnings per share:	$	0.22	$	0.28	$	0.81	$	1.07
Earnings per share—diluted(1)
Numerator for increase in net assets per share	$	23,889	$	28,696	$	85,768	$	108,099
Adjustment for interest on Convertible Notes and incentive fees, net	3,900		4,557		11,700		14,314
Numerator for diluted earnings per share:	$	27,789	$	33,253	$	97,468	$	122,413
Denominator for basic weighted average share	107,851,415		100,954,898		106,140,789		100,943,049
Adjustment for dilutive effect of Convertible Notes	18,928,404		22,228,371		18,860,083		23,652,660
Denominator for diluted weighted average share	126,779,819		123,183,269		125,000,872		124,595,709
Diluted earnings per share:	$	0.22	$	0.27	$	0.78	$	0.98

(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended September 30, 2024, there was anti-dilution. For the nine months ended September 30, 2024 and for the three and nine months September 30, 2023, there was no anti-dilution.

111

Note 12. Financial Highlights

The following information sets forth the Company's financial highlights for the nine months ended September 30, 2024 and September 30, 2023:

	Nine Months Ended
	September 30, 2024			September 30, 2023
Per share data(1):
Net asset value, January 1, 2024 and January 1, 2023, respectively	$	12.87		$	13.02
Net investment income	1.05			1.17
Net realized and unrealized losses (2)	(0.26)			(0.10)
Total net increase	0.79			1.07
Distributions declared to stockholders from net investment income	(1.04)			(1.03)
Net asset value, September 30, 2024 and September 30, 2023, respectively	$	12.62		$	13.06
Per share market value, September 30, 2024 and September 30, 2023, respectively	$	11.98		$	12.95
Total return based on market value(3)	2.40		%	13.49		%
Total return based on net asset value(4)	6.32		%	8.39		%
Shares outstanding at end of period	107,851,415			101,439,649
Average weighted shares outstanding for the period	106,140,789			100,943,049
Average net assets for the period	$	1,357,569		1,322,558
Ratio to average net assets(5):
Net investment income	10.93		%	11.95		%
Total expenses, before waivers/reimbursements	16.90		%	16.77		%
Total expenses, net of waivers/reimbursements	16.63		%	16.45		%
Average debt outstanding—Unsecured Notes	$	676,414		$	433,661
Average debt outstanding—Holdings Credit Facility	364,418			603,154
Average debt outstanding—SBA-guaranteed debentures	300,000			300,000
Average debt outstanding—Convertible Notes	260,000			340,881
Average debt outstanding—DB Credit Facility (6)	182,364			186,429
Average debt outstanding—NMFC Credit Facility(7)	79,969			104,227
Average debt outstanding—NMNLC Credit Facility II	2,341			2,480
Asset coverage ratio(8)	179.18		%	182.68		%
Portfolio turnover	17.99		%	4.36		%

(1)Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which is based on actual rate per share).

(2)Includes the accretive effect of common stock issuances per share, which for the nine months ended September 30, 2024 and September 30, 2023, were $(0.02) and $0.00, respectively

(3)Total return is calculated assuming a purchase of common stock at the opening of the first day of the year and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. Total return does not reflect sales load.

(4)Total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. Total return does not reflect sales load.

(5)Interim periods are annualized.

(6)On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.

(7)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2024 and September 30, 2023, the Company had borrowings denominated in GBP of £26,650 and

112

£22,850, respectively, and borrowings denominated in EUR of €17,400 and €700, respectively, that have been converted to U.S. dollars.

(8)On November 5, 2014, the Company received exemptive relief from the SEC allowing the Company to modify the asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation.

Note 13. Recent Accounting Standards Updates

In March 2020, the Financial Accounting Standards Board (the "FASB") issued ASU 2020-04, Reference Rate Reform. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's consolidated financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the quarter ended September 30, 2024. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Note 14. Subsequent Events

On October 23, 2024, the Company’s board of directors declared a regular fourth quarter 2024 distribution of $0.32 per share and a supplemental distribution related to third quarter earnings of $0.01 per share, each payable on December 31, 2024 to holders of record as of December 17, 2024.

113

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of New Mountain Finance Corporation

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities of New Mountain Finance Corporation and subsidiaries (the "Company"), including the consolidated schedule of investments, as of September 30, 2024, and the related consolidated statements of operations and changes in net assets for the three-month and nine-month periods ended September 30, 2024 and 2023, the consolidated statements of cash flows for the nine-month periods ended September 30, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments as of December 31, 2023, and the related consolidated statements of operations, changes in net assets and cash flows for the year then ended (not presented herein); and in our report dated February 26, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

October 30, 2024

114

Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information in management's discussion and analysis of financial condition and results of operations relates to New Mountain Finance Corporation, including its wholly-owned direct and indirect subsidiaries (collectively, "we", "us", "our", "NMFC" or the "Company").

Forward-Looking Statements

The information contained in this section should be read in conjunction with the financial data and consolidated financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:

•statements concerning the impact of a protracted decline in the liquidity of credit markets;

•the general economy, including fluctuating interest and inflation rates, on the industries in which we invest;

•the impact of interest rate volatility, including the replacement of LIBOR with alternative reference rates and rising interest rates, on our business and our portfolio companies;

•our future operating results, our business prospects, the adequacy of our cash resources and working capital;

•the ability of our portfolio companies to achieve their objectives;

•our ability to make investments consistent with our investment objectives, including with respect to the size, nature and terms of our investments;

•the ability of New Mountain Finance Advisers, L.L.C. (the "Investment Adviser"), formerly known as New Mountain Finance Advisers BDC, L.L.C., or its affiliates to attract and retain highly talented professionals;

•actual and potential conflicts of interest with the Investment Adviser and New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor; and

•the risk factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and in this Quarterly Report on Form 10-Q.

Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and in this Quarterly Report on Form 10-Q.

We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

We are a Delaware corporation that was originally incorporated on June 29, 2010 and completed our initial public offering ("IPO") on May 19, 2011. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Since our IPO, and through September 30, 2024, we have raised approximately $1,034.6 million in net proceeds from additional offerings of our common stock.

The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with over $55 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in

115

whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations.

We have established the following wholly-owned direct and indirect subsidiaries:

•New Mountain Finance Holdings, L.L.C. ("NMF Holdings") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings’ credit facility and were used to secured NMFDB’s credit facility, until its termination on September 30, 2024, respectively;

•New Mountain Finance SBIC, L.P. ("SBIC I")  and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the U.S. Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act") and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP") and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively;

•NMF Ancora Holdings, Inc. ("NMF Ancora"), NMF QID NGL Holdings, Inc. ("NMF QID"), NMF YP Holdings, Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC"), which are treated as corporations for U.S. federal income tax purposes and are intended to facilitate our compliance with the requirements to be treated as a RIC under the Code by holding equity or equity related investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); we consolidate these corporations for accounting purposes but the corporations are not consolidated for income tax purposes and may incur income tax expense as a result of their ownership of the portfolio companies; and

•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.

New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of ours, which acquires commercial real estate properties that are subject to "triple net" leases has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.

We are a leading BDC focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. Our investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. Our differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

Senior secured loans may include traditional first lien loans or unitranche loans. We invest a significant portion of our portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, our investments may also include equity interests.

We primarily invest in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $10 million to $200 million. Our focus is on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Similar to us, the investment objective of SBIC I and SBIC II is to generate current income and capital appreciation under the investment criteria we use. However, SBIC I and SBIC II investments must be in SBA eligible small businesses. Our portfolio may be concentrated in a limited number of industries. As of September 30, 2024, our top five industry concentrations were software, business services, healthcare, investment funds (which includes our investments in our joint ventures) and consumer services.

As of September 30, 2024, our net asset value was approximately $1,361.3 million and our portfolio had a fair value, as determined in good faith by the board of directors, of approximately $3,265.3 million in 127 portfolio companies, with a weighted average yield to maturity at cost for income producing investments ("YTM at Cost") of approximately 10.5% and a weighted average yield to maturity at cost for all investments ("YTM at Cost for Investments") of approximately 9.5%. The YTM at Cost calculation assumes that all investments, including secured collateralized agreements, not on non-accrual are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. The YTM at Cost for Investments calculation assumes that all investments, including secured collateralized agreements, are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. YTM at Cost and YTM at Cost for Investments calculations exclude the impact of existing

116

leverage. YTM at Cost and YTM at Cost for Investments use Sterling Overnight Interbank Average Rate ("SONIA"), Secured Overnight Financing Rate ("SOFR") and Euro Interbank Offered Rate ("EURIBOR") curves at each quarter's end date. The actual yield to maturity may be higher or lower due to the future selection of the SONIA, SOFR and EURIBOR contracts by the individual companies in our portfolio or other factors.

Recent Developments

On October 23, 2024, our board of directors declared a fourth quarter 2024 distribution of $0.32 per share and a supplemental distribution related to third quarter earnings of $0.01 per share, each payable on December 31, 2024 to holders of record as of December 17, 2024.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.

Basis of Accounting

We consolidate our wholly-owned direct and indirect subsidiaries: NMF Holdings, NMF Servicing, NMFDB, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF OEC and our majority-owned consolidated subsidiary, NMNLC. We are an investment company following accounting and reporting guidance as described in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946").

Valuation and Leveling of Portfolio Investments

At all times consistent with GAAP and the 1940 Act, we conduct a valuation of our assets, which impacts our net asset value.

We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of directors is ultimately and solely responsible for determining the fair value of our portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where our portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Our quarterly valuation procedures are set forth in more detail below:

(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.

(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.

a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

b.For investments other than bonds, we look at the number of quotes readily available and perform the following procedures:

i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. We will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, we will use one or more of the methodologies outlined below to determine fair value;

ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

117

(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:

a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;

b.Preliminary valuation conclusions will then be documented and discussed with our senior management;

c.If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors; and

d.When deemed appropriate by our management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period and the fluctuations could be material.

GAAP fair value measurement guidance classifies the inputs used in measuring fair value into three levels as follows:

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and we have the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), we, to the extent that we hold such investments, do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.

Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

118

See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of September 30, 2024.

We generally use the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. We typically determine the fair value of our performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:

Company Performance, Financial Review, and Analysis:  Prior to investment, as part of our due diligence process, we evaluate the overall performance and financial stability of the portfolio company. Post investment, we analyze each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("EBITDA") growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. We also attempt to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of our original investment thesis. This analysis is specific to each portfolio company. We leverage the knowledge gained from our original due diligence process, augmented by this subsequent monitoring, to continually refine our outlook for each of our portfolio companies and ultimately form the valuation of our investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, we will consider the pricing indicated by the external event to corroborate the private valuation.

For debt investments, we may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of our debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, we may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for our debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach:  We may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. We consider numerous factors when selecting the appropriate companies whose trading multiples are used to value our portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. We may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue, or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.

Income Based Approach: We also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of September 30, 2024.

NMFC Senior Loan Program III LLC

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

119

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 2024, we and SkyKnight II have committed and contributed $160.0 million and $40.0 million, respectively, of equity to SLP III. Our investment in SLP III is disclosed on our Consolidated Schedule of Investments as of September 30, 2024 and December 31, 2023.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on July 3, 2024, the maturity date of SLP III's revolving credit facility was extended from January 8, 2026 to January 8, 2029, and the reinvestment period was extended from July 8, 2026 to July 8, 2027. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.65%, and after the reinvestment period it will bear interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of 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 LIBOR plus 1.60% per annum during the reinvestment period and LIBOR plus 1.90% per annum after the reinvestment period. As of September 30, 2024, SLP III's revolving credit facility has a maximum borrowing capacity of $600.0 million. As of September 30, 2024 and December 31, 2023, SLP III had total investments with an aggregate fair value of approximately $680.7 million and $636.6 million, respectively, and debt outstanding under its credit facility of $473.2 million and $453.2 million, respectively. As of September 30, 2024 and December 31, 2023, none of SLP III's investments were on non-accrual. Additionally, as of September 30, 2024 and December 31, 2023, SLP III had unfunded commitments in the form of delayed draws of $1.8 million and $1.1 million, respectively.

Below is a summary of SLP III's portfolio as of September 30, 2024 and December 31, 2023:    

(in thousands)	September 30, 2024			December 31, 2023
First lien investments (1)	$	694,510		$	657,208
Weighted average interest rate on first lien investments (2)	9.07		%	9.79		%
Number of portfolio companies in SLP III	88			87
Largest portfolio company investment (1)	$	17,743		$	17,883
Total of five largest portfolio company investments (1)	$	80,382		$	79,458

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

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

See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP III's portfolio as of September 30, 2024 and December 31, 2023 and additional information on certain summarized financial information for SLP III as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and September 30, 2023.

120

NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between us and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from us and SkyKnight Alpha. SLP IV 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 September 30, 2024, we and SkyKnight Alpha have transferred and contributed $112.4 million and $30.6 million, respectively, of their membership interests in SLP I and SLP II to SLP IV. Our investment in SLP IV is disclosed on our Consolidated Schedule of Investments as of September 30, 2024 and December 31, 2023.

On May 5, 2021, SLP IV entered into a $370.0 million revolving credit facility with Wells Fargo Bank, National Association which matures on March 27, 2029. As of the amendment on March 27, 2024, the facility bears interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%. Prior to the amendment on April 28, 2023, the facility bore interest at a rate of LIBOR plus 1.60% per annum. As of September 30, 2024 and December 31, 2023, SLP IV had total investments with an aggregate fair value of approximately $466.3 million and $467.9 million, respectively, and debt outstanding under its credit facility of $341.9 million and $306.5 million, respectively. As of September 30, 2024 and December 31, 2023, none of SLP IV’s investments were on non-accrual. Additionally, as of September 30, 2024 and December 31, 2023, SLP IV had unfunded commitments in the form of delayed draws of $0.8 million and $0.8 million, respectively.

Below is a summary of SLP IV's consolidated portfolio as of September 30, 2024 and December 31, 2023:

(in thousands)	September 30, 2024			December 31, 2023
First lien investments (1)	$	478,284		$	482,776
Weighted average interest rate on first lien investments (2)	9.16		%	9.81		%
Number of portfolio companies in SLP IV	78			78
Largest portfolio company investment (1)	$	17,803		$	17,400
Total of five largest portfolio company investments (1)	$	62,735		$	67,838

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

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

See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2024 and December 31, 2023 and additional information on certain summarized financial information for SLP IV as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and September 30, 2023.

New Mountain Net Lease Corporation

NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on our Consolidated Schedule of Investments as of September 30, 2024.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million. Immediately thereafter, NMNLC sold

121

the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million.

Below is certain summarized property information for NMNLC as of September 30, 2024:

		Lease		Total	Fair Value as of
Portfolio Company	Tenant	Expiration Date	Location	Square Feet	September 30, 2024
				(in thousands)	(in thousands)
NM NL Holdings LP / NM GP Holdco LLC	Various	Various	Various	Various	$	104,888
NM CLFX LP	Victor Equipment Company	8/31/2033	TX	423	10,031
NM YI, LLC	Young Innovations, Inc.	10/31/2039	IL / MO	212	9,961
					$	124,880

Collateralized agreements or repurchase financings

We follow the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral ("ASC 860") when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of September 30, 2024 and December 31, 2023, we held one collateralized agreement to resell with a cost basis of $30.0 million and $30.0 million, respectively, and a fair value of $13.5 million and $16.5 million, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from us at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to us, therefore, we do not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized our contractual rights under the collateralized agreement. We continue to exercise our rights under the collateralized agreement and continue to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.

PPVA Black Elk (Equity) LLC

On May 3, 2013, we entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, we purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20.0 million with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20.0 million plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, we received a payment of $20.5 million, the full amount due under the SPP Agreement.

In August 2017, a trustee (the “Trustee”) for Black Elk informed us that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against us and one of its affiliates seeking the return of the $20.5 million repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to us under the SPP Agreement. We were unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.

On December 22, 2017, we settled the Trustee’s $20.5 million Claim for $16.0 million and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16.0 million that is owed to us under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. We continue to exercise our rights under the SPP Agreement and continue to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, we received a $1.5 million payment from our insurance carrier in respect to the settlement. As of September 30, 2024 and December 31, 2023, the SPP Agreement had a cost basis of $14.5 million and $14.5 million, respectively, and a fair value of $6.5 million and $8.0 million, respectively, which is reflective of the higher inherent risk in this transaction.

122

Revenue Recognition

Sales and paydowns of investments:  Realized gains and losses on investments are determined on the specific identification method.

Interest and dividend income:  Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2024 we recognized PIK and non-cash interest from investments of approximately $9.1 million and $27.7 million, respectively, and PIK and non-cash dividends from investments of approximately $8.3 million and $23.5 million, respectively. For the three and nine months ended September 30, 2023, we recognized PIK and non-cash interest from investments of approximately $7.9 million and $24.8 million, respectively, and PIK and non-cash dividends from investments of approximately $7.0 million and $20.2 million, respectively.

Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.

Non-accrual income:  Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate collectibility. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.

Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after trade date. Other income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.

Monitoring of Portfolio Investments

We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy. Our portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating (as defined below).

We use an investment risk rating system to characterize and monitor the credit profile and expected level of returns on each investment in the portfolio. As such, we assign each investment a composite score (“Risk Rating”) based on two metrics – 1) Operating Performance and 2) Business Characteristics:

•Operating Performance assesses the health of the investment in context of its financial performance and the market environment it faces. The metric is expressed in Tiers of “4” to “1”, with “4” being the best and “1” being the worst:

◦Tier 4 – Business performance is in-line with or above expectations

◦Tier 3 – Moderate business underperformance and/or moderate market headwinds

◦Tier 2 – Significant business underperformance and/or significant market headwinds

◦Tier 1 – Severe business underperformance and/or severe market headwinds

•Business Characteristics assesses the health of the investment in context of the underlying portfolio company’s business and credit quality, the underlying portfolio company’s current balance sheet, and the level of support from the

123

equity sponsor. The metric is expressed as on a qualitative scale of “A” to “C”, with “A” being the best and “C” being the worst.

The Risk Rating for each investment is a composite of these two metrics. The Risk Rating is expressed in categories of Green, Yellow, Orange and Red, with Green reflecting an investment that is in-line with or above expectations and Red reflecting an investment performing materially below expectations. The mapping of the composite scores to these categories are below:

•Green – 4C, 3B, 2A, 4B, 3A, and 4A (e.g., Tier 4 for Operating Performance and C for Business Characteristics)

•Yellow – 3C, 2B, and 1A

•Orange – 2C and 1B

•Red – 1C

The following table shows the Risk Rating of our portfolio companies as of September 30, 2024:

(in millions)	As of September 30, 2024
Risk Rating		Cost		Percent		Fair Value		Percent
Green		$	3,143.6	95.4	%	$	3,189.0	97.3	%
Yellow		80.3		2.4	%	53.0		1.6	%
Orange		72.4		2.2	%	36.8		1.1	%
Red		—		—		—		—
Total		$	3,296.3	100.0	%	$	3,278.8	100.0	%

As of September 30, 2024, all investments in our portfolio had a Green Risk Rating with the exception of four portfolio companies that had a Yellow Risk Rating, and six portfolio companies that had an Orange Risk Rating. As of September 30, 2024, no portfolio companies had a Red Risk Rating.

During the second quarter of 2022, we placed our second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2024, our second lien position in National HME had an aggregate cost basis of $7.9 million, an aggregate fair value of $3.0 million and total unearned interest income of $0.5 million and $1.5 million, respectively, for the three and nine months then ended. As of September 30, 2024, our investment in National HME had an Orange Risk Rating.

As of September 30, 2024, our aggregate principal amount of our subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5.2 million and $31.4 million, respectively. During the first quarter of 2021, we placed an aggregate principal amount of $5.2 million of our subordinated position on non-accrual status. During the third quarter of 2021, we placed an aggregate principal amount of $13.5 million of our first lien term loans on non-accrual status. During the third quarter of 2023, we placed the remaining aggregate principal amount of $17.9 million of our first lien term loans on non-accrual status. As of September 30, 2024, our positions in AAC on non-accrual status had an aggregate cost basis of $31.4 million, an aggregate fair value of $18.0 million and total unearned interest income of $1.3 million and $3.7 million, for the three and nine months then ended. As of September 30, 2024, our investment in AAC had an Orange Risk Rating.

During the first quarter of 2020, we placed our investment in our junior preferred shares of UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of September 30, 2024, our junior preferred shares of UniTek had an aggregate cost basis of $34.4 million, an aggregate fair value of $0 and total unearned dividend income of $2.2 million and $6.4 million, respectively, for the three and nine months then ended. During the third quarter of 2021, we placed an aggregate principal amount of $19.8 million of our investment in our senior preferred shares of UniTek on non-accrual status. As of September 30, 2024, our senior preferred shares of UniTek had an aggregate cost basis of $19.8 million, an aggregate fair value of approximately $2.4 million and total unearned dividend income of approximately $1.7 million and $4.9 million, respectively, for the three and nine months then ended. As of September 30, 2024, our investment in UniTek had a Green Risk Rating.

During the second quarter of 2024, we placed our investment in our junior preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of September 30, 2024, our junior preferred shares in Transcendia had an aggregate cost basis of $2.6 million, an aggregate fair value of $2.7 million and total unearned income of $0.1 million and $0.1 million, respectively, for the three and nine months then ended. As of September 30, 2024, our investment in Transcendia had a Green Risk Rating.

124

During the year ended December 31, 2019, our security purchased under collateralized agreements to resell was placed on non-accrual. As of September 30, 2024, our investment in this security had a Yellow Risk Rating and had an aggregate cost basis of $30.0 million and an aggregate fair value of approximately $13.5 million.

Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our board of directors, was approximately $3,265.3 million in 127 portfolio companies at September 30, 2024 and approximately $3,011.3 million in 110 portfolio companies at December 31, 2023.

The following table shows our portfolio and investment activity for the nine months ended September 30, 2024 and September 30, 2023:

	Nine Months Ended
(in millions)	September 30, 2024		September 30, 2023
New investments in 67 and 32 portfolio companies, respectively	$	777.2	$	140.5
Debt repayments in existing portfolio companies	546.7		112.0
Sales of securities in 3 and 8 portfolio companies, respectively	11.0		170.8
Change in unrealized appreciation on 73 and 66 portfolio companies, respectively	84.3		70.0
Change in unrealized depreciation on 59 and 41 portfolio companies, respectively	(62.5)		(88.3)

Recent Accounting Standards Updates

See Item 1.—Financial Statements and Supplementary Data—Note 13. Recent Accounting Standards Updates in this Quarterly Report on Form 10-Q for details on recent accounting standards updates.

Results of Operations for the Three Months Ended September 30, 2024 and September 30, 2023

Revenue

	Three Months Ended
(in thousands)	September 30, 2024		September 30, 2023
Total interest income	$	72,838	$	74,044
Total dividend income	20,293		18,078
Other income	2,196		2,227
Total investment income	$	95,327	$	94,349

Our total investment income increased by approximately $1.0 million, or 1%, for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. For the three months ended September 30, 2024, total investment income of approximately $95.3 million consisted of approximately $61.9 million in cash interest from investments, approximately $9.0 million in PIK and non-cash interest from investments, approximately $0.1 million in prepayment fees, net amortization of purchase premiums and discounts of approximately $1.7 million, approximately $12.0 million in cash dividends from investments, approximately $8.4 million in PIK and non-cash dividends from investments and approximately $2.2 million in other income. The decrease in interest income of approximately $1.2 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 was primarily due to the decrease in total coupon rates on our floating rate investments, partially offset by a larger invested balance. The increase in dividend income of approximately $2.2 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 was primarily due to an increase in cash dividends from SLP III and an increase in PIK dividends on our preferred equity investments. Other income during the three months ended September 30, 2024, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 19 different portfolio companies.

125

Operating Expenses

	Three Months Ended
(in thousands)	September 30, 2024		September 30, 2023
Management fee	$	11,700	$	11,334
Less: management fee waiver	(970)		(1,013)
Total management fee	10,730		10,321
Incentive fee	8,821		10,169
Interest and other financing expenses	37,661		31,425
Professional fees	1,019		850
Administrative expenses	1,059		995
Other general and administrative expenses	531		542
Total expenses	59,821		54,302
Income tax expense (benefit)	118		(627)
Net expenses after income taxes	$	59,939	$	53,675

    

Our total net operating expenses increased by approximately $6.3 million for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. Our management fee, net of a management fee waiver, remained relatively flat for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. Our incentive fee decreased by approximately $1.3 million for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023. The decrease in incentives fees was attributable to a decrease in net investment income. Interest and other financing expenses increased by approximately $6.2 million during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 as a result of the acceleration of financing costs upon termination of the DB Credit Facility, an increase in our cost of borrowings due to higher SOFR rates on our floating rate facilities, our 8.250% Unsecured Notes, issued on November 13, 2023 and our 6.875% Unsecured Notes, issued on February 1, 2024, partially offset by the repayment of our 2019A Unsecured Notes on February 5, 2024. Our total professional fees, administrative expenses and total other general and administrative expenses for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 remained relatively flat.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)

	Three Months Ended
(in thousands)	September 30, 2024		September 30, 2023
Net realized (losses) gains on investments	$	(531)	$	4,673
Net realized losses on foreign currency	(1,455)		—
Net change in unrealized depreciation of investments	(11,694)		(16,879)
Net change in unrealized appreciation in NMNLC	1,533		—
Net change in unrealized appreciation (depreciation) on foreign currency	1,690		(60)
(Provision) benefit for taxes	(1,037)		291
Net realized and unrealized losses	$	(11,494)	$	(11,975)

Our net realized losses and unrealized gains and losses resulted in a net loss of approximately $11.5 million for the three months ended September 30, 2024 compared to net realized gains and unrealized losses resulting in a net loss of approximately $12.0 million for the same period in 2023. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended September 30, 2024 was primarily driven by unrealized depreciation in New Permian Holdco, Inc., TVG-Edmentum Holdings, LLC ("Edmentum") and AAC, partially offset by unrealized appreciation in HB Wealth Management, LLC ("Homrich"), NM NL Holdings, L.P. and NM YI, LLC. The provision for income taxes was attributable to equity investments that are held as of September 30, 2024 in eight of our corporate subsidiaries. The net loss for the three months ended September 30, 2023 was primarily driven by unrealized depreciation in Edmentum and UniTek, partially offset by realized gains in Haven Midstream Holdings LLC and unrealized appreciation in Vectra Co. and TMK Hawk Parent, Corp. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

126

Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation ("NMNLC")

	Three Months Ended
(in thousands)	September 30, 2024		September 30, 2023
Total investment income	$	95,327	$	94,349
Net expenses after income taxes	59,939		53,675
Net investment income	35,388		40,674
Less: Net investment income related to non-controlling interest in NMNLC	(138)		229
Net investment income related to NMFC	$	35,526	$	40,445
Net change in realized (losses) gains on investments	(531)		4,673
Net change in realized losses on foreign currency	(1,455)		—
Less: Net change in realized losses on investments related to non-controlling interest in NMNLC	(27)		—
Net change in realized (losses) gains of investments related to NMFC	$	(1,959)	$	4,673
Net change in unrealized depreciation of investments	(11,694)		(16,879)
Net change in unrealized appreciation in NMNLC	1,533		—
Net change in unrealized appreciation (depreciation) on foreign currency	1,690		(60)
(Provision) benefit for taxes	(1,037)		291
Less: Net change in unrealized appreciation (depreciation) of investments related to non-controlling interest in NMNLC	170		(226)
Net change in unrealized depreciation of investments related to NMFC	$	(9,678)	$	(16,422)

Results of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023

Revenue

	Nine Months Ended
(in thousands)	September 30, 2024		September 30, 2023
Total interest income	$	208,831	$	219,720
Total dividend income	63,058		54,547
Other income	8,582		7,527
Total investment income	$	280,471	$	281,794

Our total investment income remained relatively flat for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. For the nine months ended September 30, 2024, total investment income of approximately $280.5 million consisted of approximately $174.8 million in cash interest from investments, approximately $27.7 million in PIK and non-cash interest from investments, approximately $0.6 million in prepayment fees, net amortization of purchase premiums and discounts of approximately $5.8 million, approximately $39.4 million in cash dividends from investments, approximately $23.6 million in PIK and non-cash dividends from investments and approximately $8.6 million in other income. The decrease in interest income of approximately $10.9 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 was primarily due to lower leverage, resulting in a smaller invested asset base, along with slightly lower yields on the portfolio. The increase in dividend income of approximately $8.5 million during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 was primarily driven by an increase in cash dividends from our investments in SLP III and SLP IV, an increase in PIK dividends on our preferred equity investments and a cash distribution from our common shares investment in OA Topco, L.P. Other income during the nine months ended September 30, 2024, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 61 different portfolio companies.

127

Operating Expenses

	Nine Months Ended
(in thousands)	September 30, 2024		September 30, 2023
Management fee	$	34,048	$	34,549
Less: management fee waiver	(2,732)		(3,172)
Total management fee	31,316		31,377
Incentive fee	27,760		29,748
Interest and other financing expenses	101,790		93,921
Professional fees	3,213		2,818
Administrative expenses	3,135		2,996
Other general and administrative expenses	1,523		1,543
Total expenses	168,737		162,403
Income tax expense	353		401
Net expenses after income taxes	$	169,090	$	162,804

    

Our total net operating expenses increased by approximately $6.3 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. Our management fee, net of a management fee waiver, remained relatively flat for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. Our incentive fee decreased by approximately $2.0 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023. The decrease in incentive fees was attributable to a decrease in net investment income. Interest and other financing expenses increased by approximately $7.9 million for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 as a result of the acceleration of financing costs upon termination of the DB Credit Facility, an increase in our cost of borrowings due to higher SOFR rates on our floating rate facilities, our 8.250% Unsecured Notes, issued on November 13, 2023 and our 6.875% Unsecured Notes, issued on February 1, 2024, partially offset by the repayment of our 2019A Unsecured Notes on February 5, 2024. Our total professional fees, administrative expenses and total other general and administrative expenses for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 remained relatively flat.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)

	Nine Months Ended
(in thousands)	September 30, 2024		September 30, 2023
Net realized (losses) gains on investments	$	(43,524)	$	7,904
Net realized (losses) gains on foreign currency	(1,455)		13
Net change in unrealized appreciation (depreciation) of investments	21,835		(18,340)
Net change in unrealized depreciation securities purchased under collateralized agreements to resell	(3,000)		(39)
Net change in unrealized appreciation in NMNLC	1,533		—
Net change in unrealized appreciation (depreciation) on foreign currency	1,796		(5)
(Provision) benefit for taxes	(1,804)		66
Net realized and unrealized losses	$	(24,619)	$	(10,401)

Our net realized losses and unrealized gains and losses resulted in a net loss of approximately $24.6 million for the nine months ended September 30, 2024 compared to net realized gains and unrealized losses resulting in a net loss of approximately $10.4 million for the same period in 2023. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the nine months ended September 30, 2024 was primarily driven by realized losses in New Trojan Parent, Inc., TMK Hawk Parent, Corp., and Transcendia and unrealized depreciation in Edmentum, Permian and New Benevis Holdco, Inc., partially offset by realized gains in Haven Midstream Holdings LLC and unrealized appreciation in NM GP Holdco, LLC, UniTek, Homrich and CentralSquare Technologies, LLC. The benefit for income taxes was attributable to equity investments that are held as of September 30, 2024 in eight of our corporate subsidiaries. The net loss for the nine months ended September 30, 2023 was primarily driven by realized losses in National HME and ADG, LLC, and unrealized depreciation in Ansira, Edmentum and

128

New Trojan Parent, Inc., partially offset by realized gains in Haven Midstream Holdings LLC and unrealized appreciation in UniTek. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.

Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation ("NMNLC")

	Nine Months Ended
(in thousands)	September 30, 2024		September 30, 2023
Total investment income	$	280,471	$	281,794
Net expenses after income taxes	169,090		162,804
Net investment income	111,381		118,990
Less: Net investment income related to non-controlling interest in NMNLC	330		754
Net investment income related to NMFC	$	111,051	$	118,236
Net change in realized (losses) gains on investments	(43,524)		7,904
Net change in realized (losses) gains on foreign currency	(1,455)		13
Less: Net change in realized losses on investments related to non-controlling interest in NMNLC	(24)		—
Net change in realized (losses) gains of investments related to NMFC	$	(44,955)	$	7,917
Net change in unrealized appreciation (depreciation) of investments	21,835		(18,340)
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	(3,000)		(39)
Net change in unrealized appreciation in NMNLC	1,533		—
Net change in unrealized appreciation (depreciation) on foreign currency	1,796		(5)
(Provision) benefit for taxes	(1,804)		66
Less: Net change in unrealized appreciation (depreciation) of investments related to non-controlling interest in NMNLC	688		(264)
Net change in unrealized appreciation (depreciation) of investments related to NMFC	$	19,672	$	(18,054)

Liquidity, Capital Resources, Off-Balance Sheet Arrangements and Contractual Obligations

Liquidity and Capital Resources

The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate purposes.

Since our IPO, and through September 30, 2024, we have raised approximately $1,034.6 million in net proceeds from additional offerings of common stock.

Our liquidity is generated and generally available through advances from the revolving credit facilities, from cash flows from operations, and, we expect, through periodic follow-on equity offerings. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including unsecured debt and/or debt securities convertible into common stock. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 8, 2018 our shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0% as of June 9, 2018. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As a result of our exemptive relief received on November 5, 2014, we are permitted to exclude the SBA-guaranteed debentures held by SBIC I and SBIC II from the 150.0% asset coverage ratio that we are required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, the Convertible Notes and certain of the Unsecured Notes (as defined in Item 1— Financial Statements—Note 7. Borrowings) contain certain covenants and terms, including a requirement that we not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that we not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of September 30, 2024, our asset coverage ratio was 179.2%.

129

As of September 30, 2024 and December 31, 2023, our borrowings consisted of the 2019A Unsecured Notes (repaid on February 5, 2024), 2021A Unsecured Notes, 2022A Unsecured Notes, 8.250% Unsecured Notes, 6.875% Unsecured Notes (issued on February 1, 2024), SBA-guaranteed debentures, Holdings Credit Facility, 2022 Convertible Notes, DB Credit Facility (repaid and terminated on September 30, 2024), NMFC Credit Facility, NMNLC Credit Facility II and Unsecured Management Company Revolver. See Item 1—Financial Statements —Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information.

At September 30, 2024 and December 31, 2023, we had cash and cash equivalents of approximately $61.9 million and $70.1 million, respectively. Our cash (used in) provided by operating activities during the nine months ended September 30, 2024 and September 30, 2023 was approximately $(153.2) million and $207.0 million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and other activities.

On November 3, 2021, we entered into an equity distribution agreement, as amended on May 18, 2023, August 23, 2023, June 27, 2024 and August 1, 2024 (the “Distribution Agreement”) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. (collectively, the “Agents”). The Distribution Agreement originally provided that we may issue and sell our shares from time to time through the Agents, up to $250.0 million worth of our common stock by means of at-the-market ("ATM") offerings. As of the amendment on June 27, 2024, we increased the maximum amount of shares to be sold through the ATM program from $250.0 million to $400.0 million.

For the three months ended September 30, 2024, we did not sell any shares of common stock under the Distribution Agreement. For the nine months ended September 30, 2024, we sold 5,292,556 shares of common stock under the Distribution Agreement and received total accumulated net proceeds of approximately $67.7 million, including $0.0 million of offering expenses, from these sales. For the three and nine months ended September 30, 2023, we sold 502,623 and 502,623 shares, respectively, of common stock, under the Distribution Agreement and received total accumulated net proceeds of approximately $6.6 million and $6.6 million, respectively, including $0.0 million and $0.0 million, respectively, of offering expenses, from these sales.

We generally use net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2024, shares representing approximately $258.0 million of our common stock remain available for issuance and sale under the Distribution Agreement.

Off-Balance Sheet Agreements

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of September 30, 2024 and December 31, 2023, we had outstanding commitments to third parties to fund investments totaling $277.4 million and $156.8 million, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of September 30, 2024 and December 31, 2023, we had commitment letters to purchase investments in an aggregate par amount of $87.6 million and $11.1 million, respectively. As of September 30, 2024 and December 31, 2023, we had not entered into any bridge financing commitments which could require funding in the future.

130

Contractual Obligations

A summary of our significant contractual payment obligations as of September 30, 2024 is as follows:

	Contractual Obligations Payments Due by Period
(in millions)	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years
Unsecured Notes(1)	$	990.0	$	—	$	275.0	$	715.0	$	—
Holdings Credit Facility(2)	407.6		—		—		407.6		—
SBA-guaranteed debentures(3)	300.0		103.8		30.9		49.3		116.0
2022 Convertible Notes(4)	260.0		—		260.0		—		—
NMFC Credit Facility(5)	55.0		—		5.6		49.4		—
NMNLC Credit Facility II(6)	2.9		2.9		—		—		—
Total Contractual Obligations(7)	$	2,015.5	$	106.7	$	571.5	$	1,221.3	$	116.0

(1)$200.0 million of the 2021A Unsecured Notes will mature on January 29, 2026 unless earlier repurchased, $75.0 million of the 2022A Unsecured Notes will mature on June 15, 2027 unless earlier repurchased, $115.0 million of the 8.250% Unsecured Notes will mature on November 15, 2028 unless earlier redeemed, $300.0 million of the 6.875% Unsecured Notes will mature on February 1, 2029 unless earlier redeemed and $300.0 million of the 6.200% Unsecured Notes will mature on October 15, 2027 unless earlier redeemed.

(2)Under the terms of the $730.0 million Holdings Credit Facility, all outstanding borrowings under that facility ($407.6 million as of September 30, 2024) must be repaid on or before October 26, 2028. As of September 30, 2024, there was approximately $322.4 million of available capacity remaining, subject to borrowing base limitations, under the Holdings Credit Facility.

(3)The SBA-guaranteed debentures held by SBIC I and SBIC II will begin to mature on March 1, 2025.

(4)The 2022 Convertible Notes will mature on October 15, 2025 unless earlier converted or purchased at the holder's option or redeemed by us.

(5)Under the terms of the $638.5 million NMFC Credit Facility, all outstanding borrowings under that facility ($55.0 million, which included £26.7 million denominated in GBP and €17.4 million denominated in EUR that have been converted to U.S. dollars as of September 30, 2024) must be repaid on or before June 4, 2026 for Non-Extending Lenders and on or before September 28, 2029 for Extending Lenders. As of September 30, 2024, there was approximately $583.5 million of available capacity remaining, subject to borrowing base limitations, under the NMFC Credit Facility.

(6)Under the terms of the NMNLC Credit Facility II, all outstanding borrowings under that facility must be repaid on or before November 1, 2024. As of September 30, 2024, the outstanding borrowings under the NMNLC Credit Facility II for all borrowers was $25.5 million, of which $2.9 million was outstanding for NMNLC.

(7)Under the terms of the $100.0 million Unsecured Management Company Revolver, all outstanding borrowings under that facility must be repaid on or before December 31, 2027. As of September 30, 2024, there were no borrowings outstanding.

We have entered into an investment management and advisory agreement (the "Investment Management Agreement") with the Investment Adviser in accordance with the 1940 Act. Under the Investment Management Agreement, the Investment Adviser has agreed to provide us with investment advisory and management services. We have agreed to pay for these services (1) a management fee and (2) an incentive fee based on our performance.

We have also entered into the administration agreement, as amended and restated (the "Administration Agreement") with the Administrator. Under the Administration Agreement, the Administrator has agreed to arrange office space for us and provide office equipment and clerical, bookkeeping and record keeping services and other administrative services necessary to conduct our respective day-to-day operations. The Administrator has also agreed to maintain, or oversee the maintenance of, our financial records, our reports to stockholders and reports filed with the SEC.

If any of the contractual obligations discussed above are terminated, our costs under any new agreements that are entered into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under the Investment Management Agreement and the Administration Agreement.

131

Distributions and Dividends

Distributions declared and paid to stockholders for the nine months ended September 30, 2024 totaled approximately $111.6 million.

The following table reflects cash distributions, including dividends and returns of capital, if any, per share that have been declared by our board of directors for the two most recently completed fiscal years and the current fiscal year to date:

Fiscal Year Ended	Date Declared	Record Date	Payment Date	Per Share Amount (1)
December 31, 2024
Third Quarter	July 23, 2024	September 16, 2024	September 30, 2024	$	0.34	(2)
Second Quarter	April 18, 2024	June 14, 2024	June 28, 2024	0.34		(3)
First Quarter	January 30, 2024	March 15, 2024	March 29, 2024	0.36		(4)
				$	1.04
December 31, 2023
Fourth Quarter	December 8, 2023	December 22, 2023	December 29, 2023	$	0.10	(5)
Fourth Quarter	October 24, 2023	December 15, 2023	December 29, 2023	0.36		(6)
Third Quarter	July 27, 2023	September 15, 2023	September 29, 2023	0.36		(7)
Second Quarter	April 25, 2023	June 16, 2023	June 30, 2023	0.35		(8)
First Quarter	January 24, 2023	March 17, 2023	March 31, 2023	0.32
				$	1.49
December 31, 2022
Fourth Quarter	November 2, 2022	December 16, 2022	December 30, 2022	$	0.32
Third Quarter	August 3, 2022	September 16, 2022	September 30, 2022	0.30
Second Quarter	May 3, 2022	June 16, 2022	June 30, 2022	0.30
First Quarter	February 23, 2022	March 17, 2022	March 31, 2022	0.30
				$	1.22

(1)Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. For the years ended December 31, 2023 and December 31, 2022, total distributions were $150.7 million and $122.4 million, respectively, of which the distributions were comprised of approximately 93.14% and 70.59%, respectively, of ordinary income, 6.86% and 0.00%, respectively, of qualified income, 0.00% and 20.79%, respectively, of long-term capital gains and approximately 0.00% and 8.62%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.

(2)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to second quarter 2024 earnings of $0.02 per share.

(3)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to first quarter 2024 earnings of $0.02 per share.

(4)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to fourth quarter 2023 earnings of $0.04 per share.

(5)Special distribution of excess undistributed taxable income, driven primarily from the gain realized on our investment in Haven Midstream Holdings LLC.

(6)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to third quarter 2023 earnings of $0.04 per share.

(7)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to second quarter 2023 earnings of $0.04 per share.

(8)Includes a regular quarterly distribution of $0.32 per share and a supplemental distribution related to first quarter 2023 earnings of $0.03 per share.

We intend to pay quarterly distributions to our stockholders in amounts sufficient to maintain our status as a RIC. We intend to distribute approximately all of our net investment income on a quarterly basis and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment.

We maintain an "opt out" dividend reinvestment plan on behalf of our common stockholders, pursuant to which each of our stockholders' cash distributions will be automatically reinvested in additional shares of our common stock, unless the

132

stockholder elects to receive cash. See Item 1— Financial Statements—Note 2. Summary of Significant Accounting Policies in this Quarterly Report on Form 10-Q for additional details regarding our dividend reinvestment plan.

133

Related Parties

We have entered into a number of business relationships with affiliated or related parties, including the following:

•We have entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

•We have entered into a fee waiver agreement (the "Fee Waiver Agreement") with the Investment Adviser, pursuant to which the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by us under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ending December 31, 2024. See Item 1— Financial Statements—Note 5. Agreements in this Quarterly Report on Form 10-Q for details.

•We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance, and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. However, it is expected that the Administrator will continue to support part of our expense burden in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and nine months ended September 30, 2024 approximately $0.6 million and $1.8 million, respectively, of indirect administrative expenses were included in administrative expenses, of which no expenses were waived by the Administrator. As of September 30, 2024, approximately $0.6 million of indirect administrative expenses were included in payable to affiliates. For the three and nine months ended September 30, 2024, the reimbursement to the Administrator represented approximately 0.02% and 0.05%, respectively, of our gross assets.

•We, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant us, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.

In addition, we have adopted a formal code of ethics that governs the conduct of our officers and directors, which is available on our website at www.newmountainfinance.com. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the “Exemptive Order”), which superseded a prior order issued on December 18, 2017, which permits us to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of our stockholders and is consistent with our then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit us to complete follow-on

134

investments in our existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020. Effective July 1, 2024, NMNLC purchased 63,575 shares of NMNLC's common stock from an affiliate of the Investment Adviser at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million. Immediately thereafter, NMNLC sold the 63,575 shares of its common stock to NMFC at remaining original cost, a price of $73.39 per share, for an aggregate purchase price of approximately $4.7 million.

On March 30, 2020, we entered into the Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30.0 million maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, we entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30.0 million to $50.0 million. On December 17, 2021, we entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. On October 31, 2023, we entered into the Second Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amount of revolving borrowings thereunder from $50.0 million to $100.0 million, extended the maturity date from December 31, 2024 to December 31, 2027 and changed the interest rate to the Applicable Federal Rate. Refer to Item 1 — Financial Statements — Note 7. Borrowings for discussion of the Unsecured Management Company Revolver.

135

Item 3.     Quantitative and Qualitative Disclosures About Market Risk

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. From March 2022 to July 2023, the Federal Reserve was periodically raising interest rates to combat inflation and maintained the same rate benchmark from July 2023 to September 2024. While the Federal Reserve cut its benchmark rate in the third quarter of 2024 for the first time since March 2020 and indicated that there may be additional rate cuts in 2024, future reductions to benchmark rates are not certain. In a high interest rate environment, our net investment income would increase due to an increase in interest income generated by our investment portfolio. However, our cost of funds would also increase, which could also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. Alternatively, in a prolonged low interest rate environment, including a reduction of base rates, such as SONIA or SOFR, to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. During the nine months ended September 30, 2024, certain of the loans held in our portfolio had floating SOFR, SONIA, EURIBOR or Prime interest rates. As of September 30, 2024, approximately 84.94% of our investments at fair value (excluding investments on non-accrual, unfunded debt investments and non-interest bearing equity investments) represent floating-rate investments with a SOFR, SONIA or EURIBOR floor (includes investments bearing prime interest rate contracts) and approximately 15.06% of investments at fair value represent fixed-rate investments. Additionally, our senior secured revolving credit facilities are also subject to floating interest rates and are currently paid based on floating SOFR, SONIA or EURIBOR rates.

The following table estimates the potential changes in interest income, net of interest expense, should interest rates decrease by 200, 150, 100 or 50 basis points, or increase by 50, 100, 150 or 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on September 30, 2024. Interest expense is calculated based on the terms of our outstanding revolving credit facilities, convertible notes and unsecured notes. For our credit facilities, we use the outstanding balance as of September 30, 2024. This analysis does not take into account the impact of the incentive fee or other expenses. These hypothetical calculations are based on a model of the investments in our portfolio, held as of September 30, 2024, and are only adjusted for assumed changes in the underlying base interest rates.

Actual results could differ significantly from those estimated in the table.

Change in Interest Rates	Estimated Percentage Change in Interest Income Net of Interest Expense (unaudited)
-200 Basis Points	(14.16)	%
-150 Basis Points	(10.62)	%
-100 Basis Points	(7.08)	%
-50 Basis Points	(3.54)	%
+50 Basis Points	3.54	%
+100 Basis Points	7.08	%
+150 Basis Points	10.62	%
+200 Basis Points	14.16	%

136

Item 4.     Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures 

As of September 30, 2024 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

(b)Changes in Internal Controls Over Financial Reporting

Management has not identified any change in our internal control over financial reporting that occurred during the quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

137

PART II. OTHER INFORMATION

The terms “we”, “us”, “our” and the “Company” refers to New Mountain Finance Corporation and its consolidated subsidiaries.

Item 1.    Legal Proceedings

We, our consolidated subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material pending legal proceedings as of September 30, 2024. From time to time, we or our consolidated subsidiaries may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "Small Business Credit Availability Act allows us to incur additional leverage, which could increase the risk of investing in our securities". The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the nine months ended September 30, 2024 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023, other than those set forth below:

We may be subject to additional risks if we invest in foreign securities.

The 1940 Act generally requires that 70.0% of our investments be in issuers each of whom is, among other things, organized under the laws of, and has its principal place of business in the United States. Our investment strategy does not presently contemplate significant investments in securities of non-U.S. companies. However, we may desire to make such investments in the future, to the extent that such transactions and investments are permitted under the 1940 Act and any other applicable laws. We expect that these investments would focus on the same types of investments that we make in U.S. middle market companies and accordingly would be complementary to our overall strategy and enhance the diversity of our holdings. Investing in foreign companies could expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Investments denominated in foreign currencies would be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. We may employ hedging techniques to minimize these risks, but we can offer no assurance that we will, in fact, hedge currency risk, or that if we do, such strategies will be effective.

Hedging using derivatives may impact investment performance.

We may use over-the-counter (OTC) and cleared derivatives to hedge against fluctuations of the relative values of our portfolio positions from changes in market interest rates or currency exchange rates. Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of the positions declined. However, such hedging could establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions.

Hedging transactions may limit the opportunity for gain if the values of the underlying portfolio positions increased. Moreover, it might not be possible to hedge against an exchange rate or interest rate fluctuation that was so generally anticipated that we would not be able to enter into a hedging transaction at an acceptable price. If we choose to engage in hedging transactions, there can be no assurances that we will achieve the intended benefits of such transactions and, depending on the degree of exposure such transactions could create, such transactions may expose us to risk of loss.

While we may enter into derivatives transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates could result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged could vary. Moreover, for a variety of reasons, we might not seek to establish a perfect correlation between the hedging instruments and the portfolio holdings being hedged. Any imperfect correlation could prevent us from achieving the intended hedge and expose us to risk of

138

loss. In addition, it might not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities would likely fluctuate as a result of factors not related to currency fluctuations.

Our ability to enter into transactions involving derivatives and unfunded commitment transactions may be limited.

In 2020, the SEC adopted Rule 18f-4 under the 1940 Act, which relates to the use of derivatives and other transactions that create future payment or delivery obligations by BDCs (and other funds that are registered investment companies). Under Rule 18f-4, for which compliance was required beginning in August 2022, BDCs that use derivatives are subject to a value-at-risk leverage limit, certain derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined in Rule 18f-4. A BDC that enters into reverse repurchase agreements or similar financing transactions could either (i) comply with the asset coverage requirements of Section 18, as modified by Section 61 of the 1940 Act, when engaging in reverse repurchase agreements or (ii) choose to treat such agreements as derivatives transactions under Rule 18f-4. In addition, under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this requirement, it is required to treat the unfunded commitment as a derivatives transaction subject to the aforementioned requirements of Rule 18f-4.

We qualify as a “limited derivatives user” for purposes of Rule 18f-4 and as a result the requirements applicable to us under Rule 18f-4 may limit our ability to use derivatives and enter into certain other financial contracts. However, if we fail to qualify as a limited derivatives user and become subject to the additional requirements under Rule 18f-4, compliance with such requirements may increase cost of doing business, which could have a material adverse effect on our business, financial condition, results of operations, and cash flows.

Valuing OTC derivatives may be less certain than actively traded financial instruments.

In general, valuing OTC derivatives is less certain than valuing actively traded financial instruments such as exchange traded futures contracts and securities or cleared swaps because, for OTC derivatives, the price and terms on which such OTC derivatives are entered into or can be terminated are individually negotiated, and those prices and terms may not reflect the best price or terms available from other sources. In addition, while market makers and dealers generally quote indicative prices or terms for entering into or terminating OTC contracts, they typically are not contractually obligated to do so, particularly if they are not a party to the transaction. As a result, it may be difficult to obtain an independent value for an outstanding OTC derivatives transaction.

Our rights under an OTC derivative may be restricted by regulations.

Regulations adopted by global prudential regulators that are now in effect require certain prudentially regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their derivatives contracts and certain other financial contracts terms that delay or restrict the rights of counterparties to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S. jurisdictions that may apply to any of our counterparties that located in those jurisdictions. It is possible that these new requirements, as well as potential additional resulted government regulation, could adversely affect our ability to terminate existing derivatives contracts, exercise default rights, or satisfy obligations owed to us with collateral received under such contracts.

The use of OTC derivatives may expose us to early termination risk, which could result in significant losses.

OTC derivatives do not have uniform terms. An OTC derivatives counterparty may have the right to close out our position due to the occurrence of certain events (for example, if a counterparty is unable to hedge its obligations to us, or if we defaults on certain terms of the OTC swaps agreement, or if there is a material decline in our NAV on a particular day) and request immediate payment of amounts owed by us under the agreement. If the level of our NAV has a dramatic intraday move, the terms of our OTC derivatives document may permit the counterparty to early close out a transaction with us at a price calculated by the counterparty that, in good faith, represents such counterparty’s loss, which may not represent fair market value. An OTC derivatives counterparty may also have the right to close out our position for no reason, in some cases with same day notice.

139

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

We did not engage in unregistered sales of equity securities during the three and nine months ended September 30, 2024.

Issuer Purchases of Equity Securities

Dividend Reinvestment Plan

During the nine months ended September 30, 2024, as part of our dividend reinvestment plan for our common stockholders, our dividend reinvestment plan administrator purchased 422,990 shares of our common stock for approximately $5.3 million in the open market in order to satisfy the reinvestment portion of our distribution. The following table outlines purchases by our dividend reinvestment plan administrator of our common stock for this purpose during the nine months ended September 30, 2024.

(in thousands, except shares and per share data)	Total Number of	Weighted Average Price		Total Number of Shares Purchased as Part of Publicly Announced Plans	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the
Period	Shares Purchased	Paid Per Share		or Programs	Plans or Programs
January 2024	161,815	$	12.86	—	$	—
February 2024	—	—		—	—
March 2024	—	—		—	—
April 2024	135,241	12.63		—	—
May 2024	—	—		—	—
June 2024	—	—		—	—
July 2024	125,934	12.26		—	—
August 2024	—	—		—	—
September 2024	—	—		—	—
Total	422,990	$	12.61	—	$	—

Stock Repurchase Program

On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Repurchase Program"). Under the Repurchase Program, we were permitted, but were not obligated, to repurchase our outstanding common stock in the open market from time to time, provided that we complied with our code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On October 23, 2024, our board of directors extended our Repurchase Program and we expect the Repurchase Program to be in place until the earlier of December 31, 2025 or until $50.0 million of outstanding shares of common stock have been repurchased. To date, approximately $2.9 million of common stock has been repurchased by us under the Repurchase Program. We did not repurchase any shares of our common stock under the Repurchase Program during the three and nine months ended September 30, 2024.

Item 3.     Defaults Upon Senior Securities

None.

Item 4.    Mine Safety Disclosures

Not applicable.

Item 5.    Other Information

(a)None.

(b)None.

(c)For the period covered by this Quarterly Report on Form 10-Q, no director or officer has entered into or terminated any (i) contract, instruction or written plan for the purchase or sale of securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

140

We have adopted insider trading policies and procedures governing the purchase, sale, and disposition of the our securities by our officers and directors that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

141

Item 6.     Exhibits

(a)Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the U.S. Securities and Exchange Commission:

Exhibit Number	Description
3.1(a)	Amended and Restated Certificate of Incorporation of New Mountain Finance Corporation(2)
3.1(b)	Certificate of Change of Registered Agent and/or Registered Office of New Mountain Finance Corporation(3)
3.2	Amended and Restated Bylaws of New Mountain Finance Corporation(2)
3.3	Certificate of Amendment to the Amended and Restated Certificate of Incorporation New Mountain Finance Corporation(4)
4.1	Form of Stock Certificate of New Mountain Finance Corporation(1)
4.2	Sixth Supplemental Indenture, dated September 26, 2024 relating to the 6.200% Notes due 2027, by and between New Mountain Finance Corporation and U.S. Bank Trust, Company, National Association, as trustee(5)
4.3	Form of Global Note 6.200% Note Due 2027 (included as part of Exhibit 4.2)(5)
10.1	Amendment No.4, dated August 1, 2024, to Equity Distribution Agreement, dated November 3, 2021, between New Mountain Finance Corporation and B. Riley Securities, Inc., Raymond James & Associates, Inc. and Citizens JMP Securities, LLC*
10.2	Second Amended and Restated Senior Secured Revolving Credit Agreement, by and among New Mountain Finance Corporation, as borrower Sumitomo Mitsui Banking Corporation, as administrative agent, sole lead arranger, and sole book runner, and the lenders party thereto*
10.3	Twelfth Amended and Restated Loan and Security Agreement, dated as of October 11, 2024, by and among New Mountain Finance Corporation, as the collateral manager, New Mountain Finance Holdings, L.L.C., as the borrower, Wells Fargo Bank, National Association, as the administrative agent, the lenders party thereto and Wells Fargo Bank, National Association, as the collateral custodian*
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
32.1	Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
32.2	Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

142

(1)Previously filed in connection with New Mountain Finance Holdings, L.L.C.’s registration statement on Form N-2 Pre-Effective Amendment No. 3 (File Nos. 333-168280 and 333-172503) filed on May 9, 2011.

(2)Previously filed in connection with New Mountain Finance Corporation’s Quarterly Report on Form 10-Q filed on August 11, 2011.

(3)Previously filed in connection with New Mountain Finance Corporation's and New Mountain Finance AIV Holdings Corporation's Current Report on Form 8-K filed on August 25, 2011.

(4)Previously filed in connection with New Mountain Finance Corporation's Current Report on Form 8-K filed on April 3, 2019.

(5)Previously filed in connection with New Mountain Finance Corporation's Current Report on Form 8-K filed on September 26, 2024.

*Filed herewith.

143

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on October 30, 2024.

NEW MOUNTAIN FINANCE CORPORATION
By:	/s/ JOHN R. KLINE
	John R. Kline
	President, Chief Executive Officer
	(Principal Executive Officer) and Director
By:	/s/ KRIS CORBETT
	Kris Corbett
	Chief Financial Officer and Treasurer (Principal
	Financial and Accounting Officer)

144