New Mountain Finance Corporation - 10-Q quarterly report FY

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 March 31, 2022

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

Commission
File Number

Exact name of registrant as specified in its charter, address of principal executive
offices, telephone numbers and states or other jurisdictions of incorporation or organization

I.R.S. Employer
Identification Number

814-00832

New Mountain Finance Corporation

27-2978010

1633 Broadway, 48th Floor
New York, New York 10019
Telephone: (212) 720-0300
State of Incorporation: Delaware

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

NMFC

The NASDAQ Global Select Market

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes o 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 May 9, 2022
Common stock, par value $0.01 per share						100,716,928

Table of Contents

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022

TABLE OF CONTENTS


		PAGE

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	New Mountain Finance Corporation
	Consolidated Statements of Assets and Liabilities as of March 31 , 202 2 (unaudited) and December 31, 202 1 (unaudited)	3
	Consolidated Statements of Operations for the three months ended March 31, 2022 (unaudited) and March 31, 2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2022 (unaudited) and March 31, 2021 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2022 (unaudited) and March 31, 2021 (unaudited)	6
	Consolidated Schedule of Investments as of March 31, 2022 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 20 21	33
	Notes to the Consolidated Financial Statements of New Mountain Finance Corporation (unaudited)	57
	Report of Independent Registered Public Accounting Firm	100

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	101
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	123
Item 4.	Controls and Procedures	124

PART II. OTHER INFORMATION		125

Item 1.	Legal Proceedings	125
Item 1A.	Risk Factors	125
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	126
Item 3.	Defaults Upon Senior Securities	126
Item 4.	Mine Safety Disclosures	126
Item 5.	Other Information	126
Item 6.	Exhibits	127
	Signatures	128

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

New Mountain Finance Corporation

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)


	March 31, 2022		December 31, 2021
Assets
Investments at fair value
Non-controlled/non-affiliated investments (cost of $2,423,505 and $2,323,224, respectively)	$	2,378,853	$	2,283,779
Non-controlled/affiliated investments (cost of $82,039 and $80,801, respectively)	146,772		134,775
Controlled investments (cost of $714,165 and $722,467, respectively)	731,340		755,810
Total investments at fair value (cost of $3,219,709 and $3,126,492, respectively)	3,256,965		3,174,364
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)	19,401		21,422
Cash and cash equivalents	35,376		58,077
Interest and dividend receivable	34,760		30,868



Other assets	15,341		11,081
Total assets	$	3,361,843	$	3,295,812
Liabilities
Borrowings
Holdings Credit Facility	$	576,263	$	545,263
Unsecured Notes	511,500		511,500
SBA-guaranteed debentures	300,000		300,000
DB Credit Facility	224,300		226,300
Convertible Notes	201,391		201,417
NMFC Credit Facility	131,860		127,192
NMNLC Credit Facility II	15,200		15,200
Deferred financing costs (net of accumulated amortization of $42,405 and $40,713, respectively)	(17,996)		(19,684)
Net borrowings	1,942,518		1,907,188
Management fee payable	20,625		10,164
Incentive fee payable	14,980		7,503
Interest payable	10,201		17,388
Payable for unsettled securities purchased	2,000		7,910
Payable to affiliates	1,234		556
Deferred tax liability	14		13
Other liabilities	2,431		2,478
Total liabilities	1,994,003		1,953,200
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 99,498,562 and 97,907,441 shares issued and outstanding, respectively	995		979
Paid in capital in excess of par	1,294,300		1,272,796

Accumulated undistributed earnings	54,073		47,470
Total net assets of New Mountain Finance Corporation	$	1,349,368	$	1,321,245
Non-controlling interest in New Mountain Net Lease Corporation	18,472		21,367
Total net assets	$	1,367,840	$	1,342,612
Total liabilities and net assets	$	3,361,843	$	3,295,812
Number of shares outstanding	99,498,562		97,907,441
Net asset value per share of New Mountain Finance Corporation	$	13.56	$	13.49

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)


	Three Months Ended
	March 31, 2022		March 31, 2021
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	37,444	$	39,560
PIK interest income	3,302		2,534
Dividend income	48		—
Non-cash dividend income	3,085		2,401
Other income	1,631		2,824
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	255		463
PIK interest income	251		—

Non-cash dividend income	982		1,505
Other income	63		102
From controlled investments:
Interest income (excluding PIK interest income)	1,656		1,148
PIK interest income	4,970		3,304
Dividend income	11,645		10,475
Non-cash dividend income	1,012		1,281
Other income	2,619		2,111
Total investment income	68,963		67,708
Expenses
Incentive fee	7,477		7,248
Management fee	11,553		13,420
Interest and other financing expenses	18,637		19,385
Administrative expenses	1,209		1,129
Professional fees	937		726
Other general and administrative expenses	477		442
Total expenses	40,290		42,350
Less: management fee waived (See Note 5)	(1,092)		(3,637)
Less: expenses waived and reimbursed (See Note 5)	(238)		—
Net expenses	38,960		38,713
Net investment income before income taxes	30,003		28,995
Income tax expense	95		1
Net investment income	29,908		28,994
Net realized gains (losses):
Non-controlled/non-affiliated investments	(70)		181
Non-controlled/affiliated investments	—		(12,212)
Controlled investments	19,242		1,535

Foreign currency	345		—
Net change in unrealized (depreciation) appreciation:
Non-controlled/non-affiliated investments	(4,524)		8,271
Non-controlled/affiliated investments	10,759		29,042
Controlled investments	(16,168)		(3,841)
Securities purchased under collateralized agreements to resell	(2,021)		—

Foreign currency	(422)		—
Provision for taxes	(2)		(115)
Net realized and unrealized gains	7,139		22,861
Net increase in net assets resulting from operations	37,047		51,855
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation	(855)		(365)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	$	36,192	$	51,490
Basic earnings per share	$	0.37	$	0.53
Weighted average shares of common stock outstanding - basic (See Note 11)	98,413,476		96,827,342
Diluted earnings per share	$	0.34	$	0.49
Weighted average shares of common stock outstanding - diluted (See Note 11)	111,671,062		110,084,927
Distributions declared and paid per share	$	0.30	$	0.30

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Changes in Net Assets

(in thousands, except shares and per share data)

(unaudited)


	Three Months Ended
	March 31, 2022		March 31, 2021
Increase (decrease) in net assets resulting from operations:
Net investment income	$	29,908	$	28,994
Net realized gains (losses) on investments and foreign currency	19,517		(10,496)
Net change in unrealized (depreciation) appreciation of investments and foreign currency	(10,355)		33,472
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	(2,021)		—
Provision for taxes	(2)		(115)
Net increase in net assets resulting from operations	37,047		51,855
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	(855)		(365)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation	36,192		51,490
Capital transactions
Net proceeds from shares sold	20,474		—
Offering costs	(52)		—
Distributions declared to stockholders from net investment income	(29,589)		(29,048)
Reinvestment of distributions	1,098		—


Total net decrease in net assets resulting from capital transactions	(8,069)		(29,048)
Net increase in net assets	28,123		22,442
New Mountain Finance Corporation net assets at the beginning of the period	1,321,245		1,221,875
New Mountain Finance Corporation net assets at the end of the period	1,349,368		1,244,317
Non-controlling interest in NMNLC	18,472		18,481
Net assets at the end of the period	$	1,367,840	$	1,262,798

Capital share activity
Shares sold	1,511,836		—
Shares issued from the reinvestment of distributions	79,285		—


Net increase in shares outstanding	1,591,121		—

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

Table of Contents

New Mountain Finance Corporation

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Three Months Ended
	March 31, 2022		March 31, 2021
Cash flows from operating activities
Net increase in net assets resulting from operations	$	37,047	$	51,855
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized (gains) losses on investments	(19,172)		10,496
Net realized gains on translation of assets and liabilities in foreign currencies	(345)		—
Net change in unrealized depreciation (appreciation) of investments	9,933		(33,472)
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies	422		—
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell	2,021		—
Amortization of purchase discount	(1,393)		(1,978)
Amortization of deferred financing costs	1,692		2,315
Amortization of premium on Convertible Notes	(26)		(26)
Non-cash investment income	(12,122)		(11,091)
(Increase) decrease in operating assets:

Purchase of investments and delayed draw facilities	(153,863)		(222,985)
Proceeds from sales and paydowns of investments	93,302		197,671
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	83		36
Cash paid for purchase of drawn portion of revolving credit facilities	(32)		(483)
Cash paid on drawn revolvers	(8,438)		(13,806)
Cash repayments on drawn revolvers	8,419		10,502
Deferred tax asset	—		101
Interest and dividend receivable	(3,892)		(4,516)
Receivable from unsettled securities sold	—		9,019
Receivable from affiliates	—		117
Other assets	(4,268)		(2,094)
Increase (decrease) in operating liabilities:
Management fee payable	10,461		9,783
Incentive fee payable	7,477		7,248
Payable for unsettled securities purchased	(5,910)		36,021
Payable to affiliates	678		671
Interest payable	(7,187)		(5,761)
Deferred tax liability	1		14
Other liabilities	(58)		1,550
Contributions related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")	—		3,102
Net cash flows (used in) provided by operating activities	(45,170)		44,289
Cash flows from financing activities
Net proceeds from shares sold	20,474		—
Offering costs paid	(21)		—
Distributions paid	(28,491)		(29,048)
Proceeds from Holdings Credit Facility	55,000		—
Repayment of Holdings Credit Facility	(24,000)		—


Proceeds from Unsecured Notes	—		200,000
Repayment of Unsecured Notes	—		(141,750)

Proceeds from NMFC Credit Facility	61,349		157,000
Repayment of NMFC Credit Facility	(56,000)		(215,500)
Proceeds from DB Credit Facility	20,000		40,000
Repayment of DB Credit Facility	(22,000)		(83,000)



Distributions related to non-controlling interest in NMNLC	(3,750)		—
Deferred financing costs paid	(14)		(3,658)

Net cash flows provided by (used in) by financing activities	22,547		(75,956)
Net decrease in cash and cash equivalents	(22,623)		(31,667)
Effect of foreign exchange rate changes on cash and cash equivalents	(78)		—
Cash and cash equivalents at the beginning of the period	58,077		78,966
Cash and cash equivalents at the end of the period	$	35,376	$	47,299
Supplemental disclosure of cash flow information
Cash interest paid	$	23,703	$	22,245
Income taxes paid	9		1


Non-cash financing activities:

Value of shares reissued from repurchase program in connection with the distribution reinvestment plan	$	1,098	$	—
Accrual for offering costs	42		—
Accrual for deferred financing costs	1		88

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
GS Acquisitionco, Inc.
Software	First lien (2)(15)	7.25% (L + 5.75%/S)	8/7/2019	5/22/2026	$	67,793	$	67,552	$	67,793
	First lien (5)(15)	7.25% (L + 5.75%/S)	8/7/2019	5/22/2026	21,912		21,839		21,912
	First lien (3)(15)(18) - Drawn	7.25% (L + 5.75%/S)	8/7/2019	5/22/2026	5,029		4,998		5,029
							94,389		94,734		6.93	%
PhyNet Dermatology LLC
Healthcare Services	First lien (2)(15)	7.00% (L + 5.50% + 0.50% PIK/Q)*	9/17/2018	8/16/2024	49,551		49,331		49,551
	First lien (3)(15)	7.00% (L + 5.50% + 0.50% PIK/Q)*	9/17/2018	8/16/2024	18,919		18,812		18,919
							68,143		68,470		5.01	%
Associations, Inc.
Consumer Services	First lien (2)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	35,113		34,967		34,937
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,644		8,604		8,601
	First lien (3)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,644		8,602		8,600
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	5,221		5,197		5,195
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	4,153		4,134		4,133
							61,504		61,466		4.49	%
iCIMS, Inc.
Software	First lien (8)(15)	7.50% (L + 6.50%/S)	9/12/2018	9/12/2024	41,635		41,431		41,635
	First lien (8)(15)	7.50% (L + 6.50%/S)	6/14/2019	9/12/2024	8,667		8,622		8,667
	First lien (3)(15)(18) - Drawn	7.50% (L + 6.50%/S)	9/12/2018	9/12/2024	2,915		2,886		2,915
							52,939		53,217		3.89	%
Frontline Technologies Group Holdings, LLC
Software	First lien (4)(15)	6.25% (L + 5.25%/Q)	9/18/2017	9/18/2023	21,662		21,616		21,662
	First lien (2)(15)	6.25% (L + 5.25%/Q)	9/18/2017	9/18/2023	18,256		18,232		18,256
	First lien (2)(15)	6.25% (L + 5.25%/Q)	9/18/2017	9/18/2023	7,536		7,514		7,536
	First lien (2)(15)	6.25% (L + 5.25%/Q)	6/15/2021	9/18/2023	5,019		5,019		5,019
							52,381		52,473		3.84	%
CentralSquare Technologies, LLC
Software	Second lien (3)	8.51% (L + 7.50%/Q)	8/15/2018	8/31/2026	47,838		47,450		44,370
	Second lien (8)	8.51% (L + 7.50%/Q)	8/15/2018	8/31/2026	7,500		7,439		6,956
							54,889		51,326		3.75	%

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

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New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

NM GRC Holdco, LLC
Business Services	First lien (2)(15)	8.50% (L + 6.00% + 1.50% PIK/M)*	2/9/2018	2/9/2024	$	38,609	$	38,542	$	38,609
	First lien (2)(15)	8.50% (L + 6.00% + 1.50% PIK/M)*	2/9/2018	2/9/2024	10,731		10,711		10,731
							49,253		49,340		3.61	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (8)(15)	6.25% (L + 5.50%/M)	12/22/2021	12/22/2027	20,791		20,591		20,583
	First lien (4)(15)	6.25% (L + 5.50%/M)	1/13/2022	12/22/2027	9,871		9,776		9,773
	Subordinated (3)(15)	11.50% PIK/Q*	12/22/2021	12/22/2031	11,461		11,298		11,290
	Subordinated (4)(15)	11.50% PIK/Q*	1/13/2022	12/22/2031	4,495		4,430		4,427
							46,095		46,073		3.37	%
Affinity Dental Management, Inc.
Healthcare Services	First lien (2)(15)	7.03% (L + 6.00%/S)	9/15/2017	9/15/2023	33,194		33,173		33,194
	First lien (4)(15)	7.03% (L + 6.00%/S)	9/17/2019	9/15/2023	10,454		10,454		10,454
	First lien (3)(15)(18) - Drawn	7.00% (L + 6.00%/S)	9/15/2017	3/15/2023	1,738		1,720		1,738
							45,347		45,386		3.32	%
Brave Parent Holdings, Inc.
Software	Second lien (5)(15)	7.96% (L + 7.50%/M)	4/17/2018	4/17/2026	22,500		22,433		22,500
	Second lien (2)(15)	7.96% (L + 7.50%/M)	4/17/2018	4/17/2026	16,624		16,524		16,624
	Second lien (8)(15)	7.96% (L + 7.50%/M)	4/17/2018	4/17/2026	6,000		5,964		6,000
							44,921		45,124		3.30	%
Integro Parent Inc.
Insurance Services	First lien (2)(15)	6.75% (L + 5.75%/S)	10/9/2015	10/31/2022	33,986		33,958		31,349
	First lien (3)(15)(18) - Drawn	2.80% (L + 2.50%/S)	6/8/2018	4/30/2022	6,743		6,709		6,219
	Second lien (8)(15)	10.25% (L + 9.25%/S)	10/9/2015	10/30/2023	10,000		9,973		6,500
							50,640		44,068		3.22	%
Kaseya Inc.
Software	First lien (8)(15)	7.50% (L + 5.50% + 1.00% PIK/Q)*	5/9/2019	5/2/2025	29,170		29,014		29,170
	First lien (8)(15)	7.50% (L + 5.50% + 1.00% PIK/Q)*	9/8/2021	5/2/2025	7,816		7,757		7,816
	First lien (3)(15)	7.50% (L + 5.50% + 1.00% PIK/Q)*	5/9/2019	5/2/2025	3,414		3,391		3,414
	First lien (3)(15)(18) - Drawn	7.50% (L + 5.50% + 1.00% PIK/Q)*	9/8/2021	5/2/2025	1,908		1,893		1,908
							42,055		42,308		3.09	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Deca Dental Holdings LLC
Healthcare Services	First lien (2)(15)	6.76% (L + 5.75%/Q)	8/26/2021	8/28/2028	$	38,148	$	37,793	$	37,766
	First lien (3)(15)(18) - Drawn	6.76% (L + 5.75%/Q)	8/26/2021	8/28/2028	4,016		3,977		3,975
							41,770		41,741		3.05	%
GC Waves Holdings, Inc.
Financial Services	First lien (5)(15)	6.25% (L + 5.50%/M)	8/13/2021	8/13/2026	22,053		21,943		22,053
	First lien (2)(15)	6.25% (L + 5.50%/M)	8/13/2021	8/13/2026	13,311		13,220		13,311
	First lien (2)(15)(18) - Drawn	6.28% (L + 5.50%/M)	8/13/2021	8/13/2026	6,301		6,242		6,301
							41,405		41,665		3.05	%
Recorded Future, Inc.
Software	First lien (8)(15)	6.26% (L + 5.25%/Q)	8/26/2019	7/3/2025	24,655		24,504		24,532
	First lien (8)(15)	6.26% (L + 5.25%/Q)	3/26/2021	7/3/2025	12,748		12,667		12,685
							37,171		37,217		2.72	%
Stamps.com Inc.
Software	First lien (8)(15)	6.50% (L + 5.75%/Q)	10/5/2021	10/5/2028	37,273		36,922		36,900		2.70	%
OEC Holdco, LLC (22)
OEConnection LLC
Business Services	Second lien (2)(15)	7.50% (L + 7.00%/M)	12/17/2021	9/25/2027	23,406		23,181		23,171
	Second lien (2)(15)	7.50% (L + 7.00%/M)	9/25/2019	9/25/2027	12,044		11,953		11,924
							35,134		35,095		2.57	%
MRI Software LLC
Software	First lien (5)(15)	6.51% (L + 5.50%/Q)	1/31/2020	2/10/2026	22,048		21,972		22,048
	First lien (2)(15)	6.51% (L + 5.50%/Q)	3/24/2021	2/10/2026	7,785		7,766		7,785
	First lien (2)(15)	6.51% (L + 5.50%/Q)	1/31/2020	2/10/2026	3,197		3,186		3,197
	First lien (3)(15)	6.51% (L + 5.50%/Q)	1/31/2020	2/10/2026	816		812		816
							33,736		33,846		2.47	%
IG Investments Holdings, LLC
Business Services	First lien (2)(15)	7.01% (L + 6.00%/Q)	9/22/2021	9/22/2028	29,355		29,079		29,061
	First lien (2)(15)	7.01% (L + 6.00%/Q)	2/25/2022	9/22/2028	4,289		4,268		4,246
	First lien (3)(15)(18) - Drawn	8.50% (P + 5.00%/Q)	9/22/2021	9/22/2027	460		455		455
							33,802		33,762		2.47	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (2)(15)	6.76% (L + 5.75%/Q)	3/30/2021	8/4/2025	$	17,717	$	17,647	$	17,717
	First lien (2)(15)	6.76% (L + 5.75%/Q)	3/4/2021	8/4/2025	9,880		9,841		9,880
	First lien (3)(15)	7.26% (L + 6.25%/Q)	12/19/2018	8/4/2025	5,872		5,846		5,907
							33,334		33,504		2.45	%
EAB Global, Inc.
Education	Second lien (2)(15)	7.00% (L + 6.50%/S)	8/16/2021	8/16/2029	33,452		32,981		32,951		2.41	%
KAMC Holdings, Inc
Business Services	Second lien (2)(15)	8.47% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,646		16,279
	Second lien (8)(15)	8.47% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,646		16,279
							37,292		32,558		2.38	%
Ansira Holdings, Inc.
Business Services	First lien (8)(15)	7.50% (L + 6.50% PIK/Q)*	12/19/2016	12/20/2024	32,553		32,511		24,599
	First lien (3)(15)	7.50% (L + 6.50% PIK/Q)*	12/19/2016	12/20/2024	8,182		8,173		6,182
							40,684		30,781		2.25	%
DCA Investment Holding, LLC
Healthcare Services	First lien (2)(15)	6.75% (SOFR + 6.00%/S)	3/12/2021	4/3/2028	19,823		19,696		19,823
	First lien (2)(15)	6.75% (SOFR + 6.00%/S)	2/25/2022	4/3/2028	7,099		7,064		7,099
	First lien (3)(15)	6.75% (SOFR + 6.00%/S)	3/12/2021	4/3/2028	3,298		3,273		3,298
							30,033		30,220		2.21	%
Granicus, Inc.
Software	First lien (4)(15)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	15,483		15,385		15,483
	First lien (8)(15)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	5,989		5,949		5,989
	First lien (2)(15)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	5,907		5,870		5,907
	First lien (3)(15)(18) - Drawn	7.01% (L + 6.00%/Q)	4/23/2021	1/29/2027	2,771		2,746		2,744
							29,950		30,123		2.20	%
TigerConnect, Inc.
Healthcare Services	First lien (2)(15)	7.75% (SOFR + 6.75%/Q)	2/16/2022	2/16/2028	29,868		29,574		29,570		2.16	%
Foundational Education Group, Inc.
Education	Second lien (5)	7.00% (L + 6.50%/M)	8/19/2021	8/31/2029	22,500		22,393		22,373
	Second lien (2)	7.00% (L + 6.50%/M)	8/19/2021	8/31/2029	7,009		6,985		6,969
							29,378		29,342		2.15	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Syndigo LLC
Software	Second lien (4)(15)	8.75% (L + 8.00%/S)	12/14/2020	12/15/2028	$	22,500	$	22,351	$	22,500
	Second lien (2)(15)	8.75% (L + 8.00%/S)	2/16/2022	12/15/2028	5,697		5,711		5,697
							28,062		28,197		2.06	%
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information Technology	First lien (2)(15)	6.75% (L + 6.00%/M)	12/20/2021	12/20/2028	28,201		27,927		27,918		2.04	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)	4.50% (L + 3.50%/M)	6/24/2019	8/28/2024	16,521		15,206		14,125
	First lien (8)	4.50% (L + 3.50%/M)	10/23/2019	8/28/2024	15,934		14,332		13,624
							29,538		27,749		2.03	%
New Trojan Parent, Inc.
Healthcare Services	Second lien (2)(15)	7.75% (L + 7.25%/M)	1/22/2021	1/5/2029	26,762		26,643		26,762		1.96	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)	7.50% (L + 6.75%/M)	11/14/2019	11/19/2027	22,500		22,407		22,317
	Second lien (2)	7.50% (L + 6.75%/M)	11/14/2019	11/19/2027	4,208		4,176		4,174
							26,583		26,491		1.94	%
VT Topco, Inc.
Business Services	Second lien (2)(15)	7.76% (L + 6.75%/Q)	7/30/2021	7/31/2026	16,183		16,129		16,183
	Second lien (4)(15)	7.76% (L + 6.75%/Q)	8/14/2018	7/31/2026	10,000		9,984		10,000
							26,113		26,183		1.91	%
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)(15)	7.70% (L + 7.25%/M)	8/2/2018	8/10/2026	18,266		18,223		18,266
	Second lien (8)(15)	7.70% (L + 7.25%/M)	8/2/2018	8/10/2026	7,500		7,482		7,500
							25,705		25,766		1.88	%
Idera, Inc.
Software	Second lien (4)(15)	7.50% (L + 6.75%/S)	6/27/2019	3/2/2029	22,500		22,220		22,500
	Second lien (3)(15)	7.50% (L + 6.75%/S)	4/29/2021	3/2/2029	3,000		2,986		3,000
							25,206		25,500		1.86	%
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (8)(15)	6.75% (L + 6.00%/M)	3/1/2021	3/1/2028	19,259		19,006		19,259
	First lien (2)(15)	6.75% (L + 6.00%/M)	3/2/2021	3/1/2028	4,913		4,848		4,913
							23,854		24,172		1.77	%
Convey Health Solutions, Inc.**
Healthcare Services	First lien (4)(15)	5.50% (L + 4.75%/M)	9/9/2019	9/4/2026	19,263		19,116		19,263
	First lien (4)(15)	5.50% (L + 4.75%/M)	2/1/2022	9/4/2026	3,233		3,186		3,233
							22,302		22,496		1.64	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

AmeriVet Partners Management, Inc.
Consumer Services	First lien (2)(15)	6.30% (SOFR + 5.50%/Q)	2/25/2022	2/25/2028	$	22,490	$	22,379	$	22,378	1.64	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare Services	First lien (2)(15)	6.51% (L + 5.50%/Q)	8/2/2021	8/2/2028	22,250		22,045		22,028
	First lien (3)(15)(18) - Drawn	6.51% (L + 5.50%/Q)	8/2/2021	8/2/2028	59		58		58
							22,103		22,086		1.61	%
Cardinal Parent, Inc.
Software	First lien (4)	5.25% (L + 4.50%/Q)	10/30/2020	11/12/2027	12,066		11,990		12,052
	Second lien (4)(15)	8.50% (L + 7.75%/Q)	11/12/2020	11/13/2028	9,767		9,682		9,864
							21,672		21,916		1.60	%
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education	Second lien (2)	9.26% (L + 8.25%/Q)	7/26/2018	7/30/2026	21,959		21,922		21,337		1.56	%
MED Parentco, LP
Healthcare Services	Second lien (8)	8.71% (L + 8.25%/M)	8/2/2019	8/30/2027	20,857		20,739		20,788		1.52	%
Bullhorn, Inc.
Software	First lien (2)(15)	6.76% (L + 5.75%/Q)	9/24/2019	9/30/2026	16,788		16,702		16,788
	First lien (3)(15)	6.76% (L + 5.75%/Q)	10/5/2021	9/30/2026	1,171		1,168		1,171
	First lien (2)(15)	6.76% (L + 5.75%/Q)	10/5/2021	9/30/2026	1,073		1,070		1,073
	First lien (3)(15)	6.76% (L + 5.75%/Q)	9/24/2019	9/30/2026	777		771		777
	First lien (3)(15)	6.76% (L + 5.75%/Q)	9/24/2019	9/30/2026	348		346		348
	First lien (3)(15)	6.76% (L + 5.75%/Q)	9/24/2019	9/30/2026	277		276		277
							20,333		20,434		1.49	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)	6.25% (L + 5.25%/S)	11/1/2019	10/31/2025	17,999		17,941		17,999
	First lien (5)(15)	6.25% (L + 5.25%/S)	11/1/2019	10/31/2025	2,344		2,335		2,344
							20,276		20,343		1.49	%
Fortis Solutions Group, LLC
Packaging	First lien (8)(15)	6.51% (L + 5.50%/Q)	10/15/2021	10/13/2028	10,273		10,175		10,170
	First lien (2)(15)	6.51% (L + 5.50%/Q)	10/15/2021	10/13/2028	10,273		10,175		10,170
							20,350		20,340		1.49	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)(15)	7.50% (L + 6.75%/M)	3/18/2021	3/30/2029	20,313		20,266		20,313		1.49	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Infogain Corporation
Software	First lien (2)(15)	6.75% (L + 5.75%/S)	7/30/2021	7/28/2028	$	19,042	$	18,910	$	18,899
	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/Q)	7/30/2021	7/30/2026	765		760		760
							19,670		19,659		1.44	%
Xactly Corporation
Software	First lien (4)(15)	8.25% (L + 7.25%/S)	7/31/2017	7/31/2023	19,047		19,011		19,047		1.39	%
Bluefin Holding, LLC
Software	Second lien (8)(15)	8.26% (L + 7.75%/Q)	9/6/2019	9/3/2027	18,000		18,000		18,000		1.32	%
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	7.25% (L + 5.75% PIK + 0.50%/M) (41)*	9/30/2015	9/30/2026	27,876		27,829		17,554
	First lien (3)(15)	15.00% (L + 13.50% PIK + 0.50%/M) (41)*	6/10/2021	9/30/2026	1,527		1,527		—
	Subordinated (3)(15)	2.00% (L + 1.00% PIK/Q) (41)*	3/16/2021	9/30/2026	5,230		—		—
							29,356		17,554		1.28	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(15)	6.00% (L + 5.25%/S)	6/30/2021	6/29/2027	15,382		15,244		15,326
	First lien (3)(15)(18) - Drawn	6.15% (L + 5.25%/S)	6/30/2021	6/29/2027	1,876		1,857		1,869
							17,101		17,195		1.26	%
The Kleinfelder Group, Inc.
Business Services	First lien (4)(15)	6.25% (L + 5.25%/Q)	12/18/2018	11/29/2024	16,664		16,623		16,664		1.22	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)(15)	6.75% (L + 5.75%/M)	2/20/2020	2/20/2026	15,909		15,853		15,909
	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/M)	2/20/2020	2/20/2026	630		627		630
							16,480		16,539		1.21	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (5)(15)	7.00% (L + 6.00%/S)	3/13/2020	2/6/2026	13,901		13,853		13,901
	First lien (5)(15)	9.00% (L + 8.00%/S)	10/15/2020	8/6/2026	2,502		2,482		2,502
							16,335		16,403		1.20	%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (8)(15)	7.75% (L + 7.00% PIK/Q)*	11/1/2021	11/1/2028	13,892		13,764		13,753
	First lien (8)(15)	7.75% (L + 7.00% PIK/Q)*	3/11/2022	11/1/2028	1,904		1,885		1,885
							15,649		15,638		1.14	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Hill International, Inc.
Business Services	First lien (2)(15)	6.76% (L + 5.75%/Q)	6/21/2017	11/5/2023	$	15,050	$	15,031	$	15,050	1.10	%
CFS Management, LLC
Healthcare Services	First lien (2)(15)	7.25% (SOFR + 6.25%/Q)	8/6/2019	7/1/2024	11,468		11,440		11,468
	First lien (3)(15)	7.25% (SOFR + 6.25%/Q)	8/6/2019	7/1/2024	3,416		3,406		3,416
							14,846		14,884		1.09	%
Wealth Enhancement Group, LLC
Financial Services	First lien (3)(15)	6.75% (L + 5.75%/S)	1/10/2022	10/4/2027	1,263		1,251		1,263
	First lien (3)(15)	6.75% (L + 5.75%/M)	1/10/2022	10/4/2027	847		839		847
	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/M)	8/13/2021	10/4/2027	11,821		11,799		11,821
	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/M)	8/13/2021	10/4/2027	293		292		293
							14,181		14,224		1.04	%
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(15)	6.76% (L + 5.75%/Q)	12/20/2021	12/21/2027	10,474		10,373		10,369
	First lien (5)(15)	6.71% (L + 5.75%/Q)	12/20/2021	12/21/2027	3,493		3,460		3,459
	First lien (3)(15)(18) - Drawn	6.50% (L + 5.75%/Q)	12/20/2021	12/21/2027	357		353		353
							14,186		14,181		1.04	%
Galway Borrower LLC
Insurance Services	First lien (2)(15)	6.26% (L + 5.25%/Q)	9/30/2021	9/29/2028	13,652		13,523		13,515
	First lien (3)(15)(18) - Drawn	6.26% (L + 5.25%/Q)	9/30/2021	9/29/2028	186		185		185
							13,708		13,700		1.00	%
Transcendia Holdings, Inc.
Packaging	Second lien (8)(15)	9.00% (L + 8.00%/M)	6/28/2017	5/30/2025	14,500		14,403		13,447		0.98	%
Alegeus Technologies Holding Corp.
Healthcare Services	First lien (8)(15)	9.25% (L + 8.25%/S)	9/5/2018	9/5/2024	13,444		13,412		13,444		0.98	%
Castle Management Borrower LLC
Business Services	First lien (2)(15)	3.19% (L + 2.19%/Q)	5/31/2018	2/15/2025	14,590		14,563		13,433		0.98	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (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 (8)(15)	6.25% (L + 5.50%/Q)	10/15/2021	10/16/2028	$	13,244	$	13,118	$	13,111
	First lien (3)(15)(18) - Drawn	6.25% (L + 5.50%/S)	10/15/2021	10/16/2028	295		292		292
							13,410		13,403		0.98	%
FR Arsenal Holdings II Corp.
Business Services	First lien (2)(15)	8.50% (L + 7.50%/S)	9/29/2016	9/8/2022	14,770		14,755		13,201		0.97	%
USRP Holdings, Inc.
Federal Services	First lien (2)(15)	6.50% (L + 5.50%/Q)	7/22/2021	7/23/2027	11,397		11,294		11,283
	First lien (3)(15)	6.50% (L + 5.50%/Q)	7/22/2021	7/23/2027	1,484		1,469		1,469
	First lien (3)(15)(18) - Drawn	6.51% (L + 5.50%/Q)	7/22/2021	7/23/2027	15		15		15
							12,778		12,767		0.93	%
Calabrio, Inc.
Software	First lien (5)(15)	8.01% (L + 7.00%/Q)	4/16/2021	4/16/2027	12,347		12,267		12,267		0.90	%
Apptio, Inc.
Software	First lien (8)(15)	8.25% (L + 7.25%/Q)	1/10/2019	1/10/2025	11,203		11,084		11,203
	First lien (3)(15)(18) - Drawn	8.25% (L + 7.25%/Q)	1/10/2019	1/10/2025	827		810		827
							11,894		12,030		0.88	%
CHA Holdings, Inc.
Business Services	Second lien (4)(15)	9.76% (L + 8.75%/Q)	4/3/2018	4/10/2026	7,012		6,969		7,012
	Second lien (3)(15)	9.76% (L + 8.75%/Q)	4/3/2018	4/10/2026	4,453		4,426		4,453
							11,395		11,465		0.84	%
Specialtycare, Inc.
Healthcare Services	First lien (2)(15)	6.75% (L + 5.75%/Q)	6/18/2021	6/18/2028	10,537		10,407		10,411		0.76	%
Vectra Co.
Business Products	Second lien (8)	7.71% (L + 7.25%/M)	2/23/2018	3/8/2026	10,788		10,765		10,393		0.76	%
Notorious Topco, LLC
Consumer Products	First lien (8)(15)	8.00% (L + 6.50%/S)	11/23/2021	11/23/2027	10,127		10,055		10,051
	First lien (3)(15)(18) - Drawn	8.00% (L + 6.50%/S)	11/23/2021	5/24/2027	235		233		233
							10,288		10,284		0.75	%
Quartz Holding Company
Software	Second lien (3)(15)	8.46% (L + 8.00%/M)	4/2/2019	4/2/2027	10,000		9,860		10,000		0.73	%
Geo Parent Corporation
Business Services	First lien (2)(15)	5.71% (L + 5.25%/M)	12/13/2018	12/19/2025	9,785		9,756		9,785		0.72	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(15)	—	5/3/2013	—	14,500		14,500		9,377		0.69	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

AgKnowledge Holdings Company, Inc.
Business Services	First lien (2)(15)	6.25% (L + 4.75%/S)	11/30/2018	7/21/2023	$	9,142	$	9,128	$	9,142	0.67	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(15)	6.26% (L + 5.25%/Q)	7/19/2021	7/19/2027	8,281		8,197		8,188
	First lien (3)(15)(18) - Drawn	6.25% (L + 5.25%/M)	7/19/2021	7/19/2026	906		895		896
							9,092		9,084		0.66	%
Energize Holdco LLC
Business Services	Second lien (2)(15)	7.25% (L + 6.75%/M)	11/19/2021	12/7/2029	7,950		7,911		7,910		0.58	%
KPSKY Acquisition Inc.
Industrial Services	First lien (8)(15)	6.25% (L + 5.50%/M)	10/19/2021	10/19/2028	7,021		6,955		6,951
	First lien (3)(15)(18) - Drawn	8.00% (P + 4.50%/Q)	10/19/2021	10/19/2028	401		397		397
							7,352		7,348		0.54	%
Community Brands ParentCo, LLC
Software	First lien (2)(15)	6.50% (SOFR + 5.75%/Q)	2/24/2022	2/24/2028	7,217		7,146		7,145		0.52	%
Restaurant Technologies, Inc.
Business Services	Second lien (4)	9.00% (P + 5.50%/M)	9/24/2018	10/1/2026	6,722		6,711		6,722		0.49	%
ADG, LLC
Healthcare Services	Second lien (3)(15)	11.00% (L + 10.00% PIK/Q)*	10/3/2016	3/28/2024	6,772		6,746		6,249		0.46	%
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information Technology	First lien (8)(15)	8.25% (L + 7.25%/Q)	5/6/2021	5/6/2027	6,250		6,195		6,188		0.45	%
Safety Borrower Holdings LLC
Information Services	First lien (2)(15)	6.76% (L + 5.75%/Q)	9/1/2021	9/1/2027	5,742		5,716		5,713
	First lien (3)(15)(18) - Drawn	8.25% (P + 4.75%/Q)	9/1/2021	9/1/2027	128		127		127
							5,843		5,840		0.43	%
Sun Acquirer Corp.
Consumer Services	First lien (2)(15)	6.76% (L + 5.75%/Q)	9/8/2021	9/8/2028	4,015		3,982		3,974
	First lien (3)(15)(18) - Drawn	6.76% (L + 5.75%/Q)	9/8/2021	9/8/2028	1,581		1,567		1,566
							5,549		5,540		0.41	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Drawn	6.46% (L + 5.50%/Q)	11/26/2021	11/26/2027	3,722		3,686		3,722		0.27	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Education Management Corporation (20)
Education Management II LLC
Education	First lien (2)	13.00% (L + 7.50%/M) (41)	1/5/2015	7/2/2020	$	300	$	292	$	—
	First lien (3)	13.00% (L + 7.50%/M) (41)	1/5/2015	7/2/2020	169		165		—
	First lien (2)	9.75% (L + 6.50%/Q) (41)	1/5/2015	7/2/2020	206		200		—
	First lien (3)	9.75% (L + 6.50%/Q) (41)	1/5/2015	7/2/2020	116		113		—
	First lien (2)	11.75% (P + 8.50%/M) (41)	1/5/2015	7/2/2020	140		116		—
	First lien (3)	11.75% (P + 8.50%/M) (41)	1/5/2015	7/2/2020	79		65		—
	First lien (2)	11.75% (P + 8.50%/M) (41)	1/5/2015	7/2/2020	4		3		—
	First lien (3)	11.75% (P + 8.50%/M) (41)	1/5/2015	7/2/2020	2		2		—
							956		—		—	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (41)(42)	—	11/7/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States							$	2,138,640	$	2,093,764	153.10	%
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (2)(15)	6.75% (L + 6.00%/Q)	10/1/2021	9/29/2028	$	35,000	$	34,670	$	34,650
	First lien (8)(15)	6.75% (L + 6.00%/Q)	10/1/2021	9/29/2028	24,189		23,961		23,947
							58,631		58,597		4.28	%
Total Funded Debt Investments - Netherlands							$	58,631	$	58,597	4.28	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)	7.97% (SONIA + 7.00%/D)	8/6/2021	8/3/2028	£	12,879	$	17,615	$	16,667
	First lien (3)(15)	7.53% (L + 7.00%/S)	8/6/2021	8/3/2028	$	10,184	10,041		10,045
	First lien (3)(15)(16)(18) - Drawn	7.97% (SONIA + 7.00%/D)	8/6/2021	8/3/2028	£	4,992	6,563		6,423
	First lien (3)(15)(18) - Drawn	7.36% (L + 7.00%/S)	8/6/2021	8/3/2028	$	3,983	3,925		3,928
							38,144		37,063		2.71	%
Total Funded Debt Investments - Jersey							$	38,144	$	37,063	2.71	%
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(15)	8.71% (L + 8.25%/M)	10/8/2019	10/8/2027	$	34,459	$	34,249	$	34,459	2.52	%
Total Funded Debt Investments - United Kingdom							$	34,249	$	34,459	2.52	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Funded Debt Investments - United Arab Emirates
GEMS Menasa (Cayman) Limited**
Education	First lien (8)	6.00% (L + 5.00%/S)	7/30/2019	7/31/2026	$	10,507	$	10,472	$	10,494	0.77	%
Total Funded Debt Investments - United Arab Emirates							$	10,472	$	10,494	0.77	%
Total Funded Debt Investments							$	2,280,136	$	2,234,377	163.38	%
Equity - United States
Dealer Tire Holdings, LLC (30)
Distribution & Logistics	Preferred shares (3)(15)	—	9/13/2021	—	56,271		$	60,360	$	62,234	4.55	%
Symplr Software Intermediate Holdings, Inc. (31)
Healthcare Information Technology	Preferred shares (4)(15)	—	11/30/2018	—	7,500		10,894		11,006
	Preferred shares (3)(15)	—	11/30/2018	—	2,586		3,756		3,794
							14,650		14,800		1.08	%
ACI Parent Inc. (36)
Healthcare Services	Preferred shares (3)(15)	—	8/2/2021	—	12,500		13,375		13,365		0.98	%
Diamond Parent Holdings Corp. (35)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(15)	—	4/6/2021	—	10,000		10,937		10,924		0.80	%
Project Essential Super Parent, Inc. (34)
Software	Preferred shares (3)(15)	—	4/20/2021	—	10,000		10,879		10,864		0.79	%
OEC Holdco, LLC (22)
Business Services	Preferred shares (12)(15)	—	12/17/2021	—	7,214		7,142		7,142		0.52	%
FS WhiteWater Holdings, LLC (38)
Consumer Services	Ordinary shares (5)(15)	—	12/20/2021	—	50,000		5,000		5,000		0.37	%
HB Wealth Management, LLC (37)
Financial Services	Preferred shares (11)(15)	—	9/30/2021	—	48,303		4,818		4,834		0.35	%
Appriss Health Holdings, Inc. (23)
Appriss Health Intermediate Holdings, Inc.
Healthcare Information Technology	Preferred shares (3)(15)	—	5/6/2021	—	2,333		2,537		2,534		0.19	%
OA Topco, L.P. (40)
Healthcare Information Technology	Ordinary shares (3)(15)	—	12/20/2021	—	2,000,000		2,000		2,000		0.15	%
Pioneer Topco I, L.P. (39)
Software	Ordinary shares (13)(15)	—	11/1/2021	—	199,980		2,000		2,000		0.15	%
Ancora Acquisition LLC
Education	Preferred shares (9)(15)	—	8/12/2013	—	372		83		158		0.01	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Education Management Corporation (20)
Education	Preferred shares (2)	—	1/5/2015	—	3,331		$	200	$	—
	Preferred shares (3)	—	1/5/2015	—	1,879		113		—
	Ordinary shares (2)	—	1/5/2015	—	2,994,065		100		—
	Ordinary shares (3)	—	1/5/2015	—	1,688,976		56		—
							469		—		—	%
AAC Lender Holdings, LLC (33)
Education	Ordinary shares (3)(15)	—	3/16/2021	—	758		—		—		—	%
Total Shares - United States							$	134,250	$	135,855	9.94	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(15)(29)	—	9/1/2017	—	99,124		$	9,833	$	10,012	0.73	%
Total Shares - Hong Kong							$	9,833	$	10,012	0.73	%
Total Shares							$	144,083	$	145,867	10.67	%
Total Funded Investments							$	2,424,219	$	2,380,244	174.05	%
Unfunded Debt Investments - United States
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	3/1/2021	3/1/2023	$	10,664	$	—	$	—	—	%
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(15)(18) - Undrawn	—	1/25/2021	9/30/2026	2,652		—		—		—	%
DCA Investment Holding, LLC
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	3/12/2021	3/10/2023	3,286		—		—		—	%
Wealth Enhancement Group, LLC
Financial Services	First lien (3)(15)(18) - Undrawn	—	8/13/2021	10/4/2027	892		(2)		—
	First lien (3)(15)(18) - Undrawn	—	8/13/2021	6/3/2022	7,240		(18)		—
							(20)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

AgKnowledge Holdings Company, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	11/30/2018	7/21/2023	$	526	$	(3)	$	—	—	%
GS Acquisitionco, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	8/7/2019	5/22/2026	888		(5)		—		—	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	3/13/2020	2/6/2025	1,013		(5)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(15)(18) - Undrawn	—	2/20/2020	2/20/2026	1,169		(6)		—		—	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2023	1,474		—		—
	First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2024	905		(9)		—
							(9)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	10/5/2021	11/8/2022	1,221		(3)		—
	First lien (3)(15)(18) - Undrawn	—	9/24/2019	9/30/2026	852		(6)		—
							(9)		—		—	%
Xactly Corporation
Software	First lien (3)(15)(18) - Undrawn	—	7/31/2017	7/31/2023	992		(10)		—		—	%
MRI Software LLC
Software	First lien (2)(15)(18) - Undrawn	—	3/24/2021	6/30/2022	1,879		—		—
	First lien (3)(15)(18) - Undrawn	—	2/11/2022	8/16/2023	7,754		—		—
	First lien (3)(15)(18) - Undrawn	—	1/31/2020	2/10/2026	2,002		(10)		—
							(10)		—		—	%
Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (3)(15)(18) - Undrawn	—	3/30/2021	8/4/2025	3,624		(18)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (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	—	10/22/2021	10/22/2023	$	2,078	$	—	$	—
	First lien (3)(15)(18) - Undrawn	—	11/1/2019	10/31/2025	3,968		(20)		—
							(20)		—		—	%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Undrawn	—	9/6/2019	9/6/2024	1,515		(23)		—		—	%
Apptio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	1/10/2019	1/10/2025	1,239		(25)		—		—	%
GC Waves Holdings, Inc.
Financial Services	First lien (2)(15)(18) - Undrawn	—	8/13/2021	8/11/2023	4,319		—		—
	First lien (3)(15)(18) - Undrawn	—	10/31/2019	8/13/2026	3,951		(30)		—
							(30)		—		—	%
Kaseya Inc.
Software	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2023	1,762		(15)		—
	First lien (3)(15)(18) - Undrawn	—	5/9/2019	5/2/2025	2,312		(23)		—
							(38)		—		—	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	7/19/2021	7/19/2026	226		(3)		(3)		(0.00) %
KPSKY Acquisition Inc.
Industrial Services	First lien (3)(15)(18) - Undrawn	—	10/19/2021	10/19/2023	403		—		(4)		(0.00) %
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information Technology	First lien (3)(15)(18) - Undrawn	—	5/6/2021	5/6/2027	417		(4)		(4)		(0.00) %
Safety Borrower Holdings LLC
Information Services	First lien (3)(15)(18) - Undrawn	—	9/1/2021	9/1/2027	384		(2)		(2)
	First lien (3)(15)(18) - Undrawn	—	9/1/2021	9/1/2022	1,279		—		(6)
							(2)		(8)		(0.00) %

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

USRP Holdings, Inc.
Federal Services	First lien (3)(15)(18) - Undrawn	—	7/22/2021	7/23/2027	$	878	$	(9)	$	(9)	(0.00) %
Calabrio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	4/16/2021	4/16/2027	1,487		(11)		(10)		(0.00) %
Community Brands ParentCo, LLC
Software	First lien (3)(15)(18) - Undrawn	—	2/24/2022	2/24/2028	425		(4)		(4)
	First lien (3)(15)(18) - Undrawn	—	2/24/2022	2/26/2024	849		—		(8)
							(4)		(12)		(0.00) %
Recorded Future, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	8/26/2019	7/3/2025	2,981		(20)		(15)		(0.00) %
Notorious Topco, LLC
Consumer Products	First lien (3)(15)(18) - Undrawn	—	11/23/2021	5/24/2027	645		(5)		(5)
	First lien (3)(15)(18) - Undrawn	—	11/23/2021	11/23/2023	1,467		—		(11)
							(5)		(16)		(0.00) %
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	6/30/2021	6/29/2027	1,501		(15)		(5)
	First lien (3)(15)(18) - Undrawn	—	6/30/2021	6/29/2023	3,377		—		(12)
							(15)		(17)		(0.00) %
Associations, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	7/2/2021	7/2/2027	3,543		(18)		(18)		(0.00) %
Specialtycare, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	6/18/2021	6/18/2026	559		(8)		(7)
	First lien (3)(15)(18) - Undrawn	—	6/18/2021	6/18/2023	946		(3)		(11)
							(11)		(18)		(0.00) %
Granicus, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	1/27/2021	1/29/2027	2,414		(18)		—
	First lien (3)(15)(18) - Undrawn	—	4/23/2021	4/21/2023	1,822		—		(18)
							(18)		(18)		(0.00) %

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

IG Investments Holdings, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	9/22/2021	9/22/2027	$	1,838	$	(18)	$	(18)	(0.00) %
Sun Acquirer Corp.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2027	559		(5)		(6)
	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2023	1,378		(10)		(14)
							(15)		(20)		(0.00) %
Infogain Corporation
Software	First lien (3)(15)(18) - Undrawn	—	7/30/2021	7/30/2026	3,062		(23)		(23)		(0.00) %
Daxko Acquisition Corporation
Software	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/15/2027	986		(10)		(10)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/16/2023	1,343		—		(13)
							(10)		(23)		(0.00) %
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (3)(15)(18) - Undrawn	—	11/1/2021	11/1/2027	2,446		(24)		(24)		(0.00) %
Galway Borrower LLC
Insurance Services	First lien (3)(15)(18) - Undrawn	—	9/30/2021	9/30/2027	984		(10)		(10)
	First lien (3)(15)(18) - Undrawn	—	9/30/2021	9/29/2023	1,879		—		(19)
							(10)		(29)		(0.00) %
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information Technology	First lien (3)(15)(18) - Undrawn	—	12/20/2021	12/20/2028	3,600		(36)		(36)		(0.00) %
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	12/20/2021	12/21/2027	1,043		(10)		(10)
	First lien (5)(15)(18) - Undrawn	—	12/20/2021	12/21/2023	3,500		—		(35)
							(10)		(45)		(0.00) %

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

TigerConnect, Inc.
Healthcare Services	First lien (2)(15)(18) - Undrawn	—	2/16/2022	2/16/2023	$	1,232	$	—	$	(12)
	First lien (3)(15)(18) - Undrawn	—	2/16/2022	2/16/2028	4,267		(43)		(43)
							(43)		(55)		(0.00) %
AmeriVet Partners Management, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	2/25/2022	2/25/2028	1,969		(10)		(10)
	First lien (3)(15)(18) - Undrawn	—	2/25/2022	2/25/2024	15,755		—		(79)
							(10)		(89)		(0.01)	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	8/2/2021	8/2/2027	2,354		(24)		(24)
	First lien (3)(15)(18) - Undrawn	—	8/2/2021	8/2/2023	8,180		—		(82)
							(24)		(106)		(0.01)	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/15/2027	2,861		(29)		(29)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/13/2023	8,343		—		(83)
							(29)		(112)		(0.01)	%
Deca Dental Holdings LLC
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	8/26/2021	8/26/2027	3,027		(30)		(30)
	First lien (3)(15)(18) - Undrawn	—	8/26/2021	8/28/2023	9,080		—		(91)
							(30)		(121)		(0.01)	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(15)(18) - Undrawn	—	12/22/2021	12/22/2027	3,659		(37)		(37)
	First lien (4)(15)(18) - Undrawn	—	1/13/2022	12/22/2023	8,247		—		(82)
	First lien (3)(15)(18) - Undrawn	—	12/22/2021	12/22/2023	25,420		—		(254)
							(37)		(373)		(0.03)	%
Total Unfunded Debt Investments - United States							$	(670)	$	(1,226)	(0.07)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Unfunded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)(18) - Undrawn	—	8/6/2021	7/9/2023	£	8,091	$	—	$	(121)	(0.01)	%
Total Unfunded Debt Investments - Jersey							$	—	$	(121)	(0.01)	%
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (3)(15)(18) - Undrawn	—	10/1/2021	10/1/2027	$	4,439	$	(44)	$	(44)	(0.00) %
Total Unfunded Debt Investments - Netherlands							$	(44)	$	(44)	(0.00) %
Total Unfunded Debt Investments							$	(714)	$	(1,391)	(0.08)	%
Total Non-Controlled/Non-Affiliated Investments							$	2,423,505	$	2,378,853	173.97	%
Non-Controlled/Affiliated Investments (43)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (24)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(15)	13.00% (6.50% + 6.50%/PIK)*	12/11/2020	1/26/2027	$	15,684	$	15,558	$	15,684	1.15	%
Sierra Hamilton Holdings Corporation
Energy	Second lien (3)(15)	15.00% PIK/Q(41)*	9/12/2019	9/12/2023	5		5		—		—	%
Permian Holdco 3, Inc.
Permian Trust
Energy	First lien (10)(15)	10.00% PIK/Q (41)*	3/30/2021	—	247		—		—
	First lien (3)(15)	11.00% (L + 10.00% PIK/M) (41)*	7/23/2020	—	3,409		—		—
							—		—		—	%
Total Funded Debt Investments - United States							$	15,563	$	15,684	1.15	%
Equity - United States
TVG-Edmentum Holdings, LLC (24)
Education	Ordinary shares (3)(15)	—	12/11/2020	—	48,899		$	53,693	$	127,088	9.29	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(15)	—	7/31/2017	—	25,000,000		11,501		3,599
	Ordinary shares (3)(15)	—	7/31/2017	—	2,786,000		1,282		401
							12,783		4,000		0.29	%
Total Shares - United States							$	66,476	$	131,088	9.58	%
Total Non-Controlled/Affiliated Investments							$	82,039	$	146,772	10.73	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

Controlled Investments (44)
Funded Debt Investments - United States
New Benevis Topco, LLC (32)
New Benevis Holdco, Inc.
Healthcare Services	First lien (2)(15)	10.51% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	$	33,713	$	33,713	$	33,713
	First lien (8)(15)	10.51% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	8,271		8,271		8,271
	First lien (3)(15)	10.51% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	4,061		4,061		4,061
	Subordinated (3)(15)	12.00% PIK/M*	10/6/2020	10/6/2025	17,058		14,865		14,089
							60,910		60,134		4.40	%
Haven Midstream Holdings LLC (21)
Haven Midstream LLC
Specialty Chemicals & Materials	First lien (3)(15)	14.00% PIK/Q*	12/17/2021	10/30/2026	32,730		19,928		23,921
	First lien (3)(15)	10.50% (L + 8.50%/Q)	12/17/2021	10/30/2026	16,000		16,000		16,000
							35,928		39,921		2.92	%
UniTek Global Services, Inc.
Business Services	First lien (2)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	12,675		12,675		12,675
	First lien (3)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	3/16/2020	8/20/2024	9,384		8,709		9,384
	First lien (2)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	2,535		2,535		2,535
	First lien (3)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	1,359		1,225		1,359
	Second lien (3)(15)	15.00% PIK/Q*	12/16/2020	2/20/2025	10,344		10,344		10,344
							35,488		36,297		2.65	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)	18.00% PIK/M*	10/30/2020	12/31/2024	19,036		19,036		19,036
	First lien (3)(15)(18) - Drawn	10.00% (L + 9.00% PIK/M)*	10/30/2020	12/31/2024	5,690		5,690		5,690
							24,726		24,726		1.81	%
NHME Holdings Corp. (28)
National HME, Inc.
Healthcare Services	Second lien (3)(15)	12.00% PIK/Q*	11/27/2018	5/27/2024	21,647		19,638		2,290
	Second lien (3)(15)	12.00% PIK/Q*	11/27/2018	5/27/2024	15,602		15,123		11,215
							34,761		13,505		0.99	%
Total Funded Debt Investments - United States							$	191,813	$	174,583	12.77	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets

Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(15)	—	5/4/2018	—	—	$	140,000	$	140,000	10.24	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(15)	—	5/5/2021	—	—	112,400		112,400		8.22	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (7)(15)	—	6/20/2018	—	—	87,228		109,777		8.03	%
New Benevis Topco, LLC (32)
Healthcare Services	Ordinary shares (2)(15)	—	10/6/2020	—	269,027	27,154		34,363
	Ordinary shares (8)(15)	—	10/6/2020	—	66,007	6,662		8,431
	Ordinary shares (3)(15)	—	10/6/2020	—	60,068	6,105		7,673
						39,921		50,467		3.69	%
NM CLFX LP
Net Lease	Membership interest (7)(15)	—	10/6/2017	—	—	12,538		23,247		1.70	%
UniTek Global Services, Inc.
Business Services	Preferred shares (3)(15)(27)	—	8/17/2018	—	13,332,567	13,333		11,795
	Preferred shares (3)(15)(27)	—	8/29/2019	—	7,924,170	7,924		7,580
	Preferred shares (3)(15)(26)(41)	—	6/30/2017	—	19,795,435	19,795		3,632
	Preferred shares (2)(15)(25)(41)	—	1/13/2015	—	29,326,545	26,946		—
	Preferred shares (3)(15)(25)(41)	—	1/13/2015	—	8,104,462	7,447		—
	Ordinary shares (2)(15)	—	1/13/2015	—	2,096,477	1,925		—
	Ordinary shares (3)(15)	—	1/13/2015	—	1,993,749	532		—
						77,902		23,007		1.68	%
NM APP US LLC
Net Lease	Membership interest (7)(15)	—	9/13/2016	—	—	5,080		17,872		1.31	%
NM GLCR LP
Net Lease	Membership interest (7)(15)	—	2/1/2018	—	—	—		16,852		1.23	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(15)	—	10/30/2020	—	100	11,155		11,000		0.80	%
NM DRVT LLC
Net Lease	Membership interest (7)(15)	—	11/18/2016	—	—	5,152		9,023		0.66	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)


Portfolio Company, Location and Industry (1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity / Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets

NM YI, LLC
Net Lease	Membership interest (7)(15)	—	9/30/2019	—	—		$	6,272	$	8,381	0.61	%
NM JRA LLC
Net Lease	Membership interest (7)(15)	—	8/12/2016	—	—		2,043		4,223		0.31	%
NM GP Holdco, LLC**
Net Lease	Membership interest (7)(15)	—	6/20/2018	—	—		998		1,214		0.09	%
NM KRLN LLC
Net Lease	Membership interest (7)(15)	—	11/15/2016	—	—		9,318		60		0.00 %
NHME Holdings Corp.(28)
Healthcare Services	Ordinary shares (3)(15)	—	11/27/2018	—	640,000		4,000		—		—	%
QID TRH Holdings LLC (21)
Haven Midstream Holdings LLC
Specialty Chemicals & Materials	Ordinary shares (14)(15)	—	10/1/2021	—	80		—		—
	Profit Interest (6)(15)	—	10/1/2021	—	5		—		—
							—		—		—	%
Total Shares - United States							$	514,007	$	527,523	38.57	%
Equity - Canada
NM APP Canada Corp.**
Net Lease	Membership interest (7)(15)	—	9/13/2016	—	—		7,345		10,002		0.73	%
Total Shares - Canada							$	7,345	$	10,002	0.73	%
Total Shares							$	521,352	$	537,525	39.30	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(15)	—	12/16/2020	2/20/2025	8,523		$	—	$	19,232	1.41	%
NHME Holdings Corp. (28)
Healthcare Services	Warrants (3)(15)	—	11/27/2018	—	160,000		1,000		—		—	%
Total Warrants - United States							$	1,000	$	19,232	1.41	%
Total Funded Investments							$	714,165	$	731,340	53.48	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)(18) - Undrawn	—	10/30/2020	12/31/2024	$	4,977	$	—	$	—	—	%
Haven Midstream Holdings LLC (21)
Haven Midstream LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	12/17/2021	10/30/2026	8,000		—		—		—	%
Total Unfunded Debt Investments - United States							$	—	$	—	—	%
Total Controlled Investments							$	714,165	$	731,340	53.48	%
Total Investments							$	3,219,709	$	3,256,965	238.18	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)

(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 and Wells Fargo Bank, National Association as the Administrative Agent and Collateral Custodian. See Note 7. Borrowings, for details.

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

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

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

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

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

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

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

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

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

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

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

(14)Investment is held in NMF TRM, LLC

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

(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of March 31, 2022, the par value U.S. dollar equivalent of the first lien term loan, drawn first lien term loan and the undrawn first lien term loan is $16,921, $6,560 and $10,629, 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 ("£").

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

(19)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA), Secured Overnight Financing Rate (SOFR), and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of March 31, 2022.

(20)The Company holds investments in Education Management Corporation and one related entity of Education Management Corporation. The Company holds series A-1 convertible preferred stock and common stock in Education Management Corporation and holds tranche A first lien term loans and a tranche B first lien term loan in Education Management II LLC, which is an indirect subsidiary of Education Management Corporation.

(21)The Company holds investments in multiple entities of Haven Midstream Holdings LLC. The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Haven Midstream Holdings LLC, and holds a tranche A first lien term loan, a tranche B first lien term loan and a first lien revolver in Haven Midstream LLC. Subsequent to March 31, 2022, Haven Midstream LLC ceased operations at its Haven KS natural gas processing plant due to a fire; Haven Midstream LLC is currently working with various experts to determine the cause and extent of the fire in order to determine next steps.

(22)The Company holds preferred equity in OEC Holdco, LLC, and two second lien term loans in OEConnection LLC, a wholly-owned subsidiary of OEC Holdco, LLC. The preferred equity is entitled to receive prefenential dividends of 11.00% per annum.

(23)The Company holds investments in two wholly-owned subsidiaries of Appriss Health Holdings, Inc. The company holds a first lien term loan and a first lien revolver in Appriss Health, LLC, and preferred equity in Appriss Health Intermediate Holdings, Inc. The preferred equity is entitled to receive preferential dividends at a rate of 11.00% per annum.

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

(25)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 13.5% per annum payable in additional shares.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)

(26)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to receive cumulative preferential dividends at a rate of 19.0% per annum payable in additional shares.

(27)The Company holds preferred equity in UniTek Global Services, Inc. that is entitled to received cumulative preferential dividends at a rate of 20.0% per annum payable in additional shares.

(28)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as second lien term loans in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp.

(29)The Company holds preferred equity in Bach Special Limited (Bach Preference Limited) that is entitled to receive cumulative preferential dividends at a rate of 12.25% per annum payable in additional shares.

(30)The Company holds preferred equity in Dealer Tire Holdings, LLC that is entitled to receive cumulative preferential dividends at a rate of 7.00% per annum.

(31)The Company holds preferred equity in Symplr Software Intermediate Holdings, Inc. that is entitled to receive cumulative preferential dividends at a rate of L + 10.50% per annum.

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

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

(34)The Company holds preferred equity in Project Essential Super Parent, LLC that is entitled to receive cumulative preferential dividends at a rate of L + 9.50% per annum.

(35)The Company holds investments in two wholly-owned subsidiary of Diamond Parent Holdings Corp. The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc. The preferred equity in Diligent Preferred Issuer Inc. is entitled to receive cumulative preferential dividends at a rate 10.50% per annum.

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

(37)The Company holds preferred equity in HB Wealth Management, LLC that is entitled to receive cumulative preferential dividends at a rate of 4.00% per annum.

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

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

(40)The Company holds ordinary shares in OA Topco, L.P., and a first lien term loan and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidary of OA Topco, L.P.

(41)Investment or a portion of the investment is on non-accrual status. See Note 3. Investments, for details.

(42)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 $19,401 as of March 31, 2022. See Note 2. Summary of Significant Accounting Policies, for details.

(43)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 March 31, 2022 and December 31, 2021 along with transactions during the three months ended March 31, 2022 in which the issuer was a non-controlled/affiliated investment is as follows:


Portfolio Company	Fair Value at December 31, 2021		Gross Additions (A)		Gross Redemptions (B)		Net Realized Gains (Losses)		Net Change In Unrealized Appreciation		Fair Value at March 31, 2022		Interest Income		Dividend Income		Other Income
Permian Holdco 3, Inc. / Permian Trust	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Sierra Hamilton Holdings Corporation	4,000		—		—		—		—		4,000		—		—		—
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC	130,775		1,238		—		—		10,759		142,772		506		982		63
Total Non-Controlled/Affiliated Investments	$	134,775	$	1,238	$	—	$	—	$	10,759	$	146,772	$	506	$	982	$	63

(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.

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(in thousands, except shares)

(unaudited)

(44) 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 March 31, 2022 and December 31, 2021, along with transactions during the three months ended March 31, 2022 in which the issuer was a controlled investment, is as follows:


Portfolio Company	Fair Value at December 31, 2021		Gross Additions (A)		Gross Redemptions (B)		Net Realized Gains		Net Change In Unrealized Appreciation (Depreciation)		Fair Value at March 31, 2022		Interest Income		Dividend Income		Other Income
National HME, Inc./NHME Holdings Corp.	$	27,347	$	1,324	$	—	$	—	$	(15,166)	$	13,505	$	1,324	$	—	$	—
New Benevis Topco, LLC / New Benevis Holdco, Inc.	109,595		1,408		—		—		(402)		110,601		1,804		—		375
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.	34,759		967		—		—		—		35,726		974		—		131
NM APP CANADA CORP	9,422		—		—		—		580		10,002		—		240		—
NM APP US LLC	14,891		—		—		—		2,981		17,872		—		128		—
NM CLFX LP	24,676		—		—		—		(1,429)		23,247		—		392		—
NM DRVT LLC	7,984		—		—		—		1,039		9,023		—		129		—
NM JRA LLC	3,996		—		—		—		227		4,223		—		32		—
NM GLCR LP	50,687		—		(14,750)		19,242		(19,085)		16,852		—		295		1,709
NM KRLN LLC	244		97		—		—		(281)		60		—		—		—
NM NL Holdings, L.P.	107,870		24		—		—		1,883		109,777		—		2,210		—
NM GP Holdco, LLC	1,197		—		—		—		17		1,214		—		—		—
NM YI LLC	8,286		—		—		—		95		8,381		—		209		—
NMFC Senior Loan Program III LLC	140,000		—		—		—		—		140,000		—		4,638		—
NMFC Senior Loan Program IV LLC	112,400		—		—		—		—		112,400		—		3,372		—
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC	34,821		1,106		—		—		3,994		39,921		1,527		—		223
UniTek Global Services, Inc.	67,635		1,587		(65)		—		9,379		78,536		997		1,012		181
Total Controlled Investments	$	755,810	$	6,513	$	(14,815)	$	19,242	$	(16,168)	$	731,340	$	6,626	$	12,657	$	2,619

(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.

* 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 March 31, 2022, 16.3% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

March 31, 2022

(unaudited)


	March 31, 2022
Investment Type	Percent of Total Investments at Fair Value
First lien	54.10	%
Second lien	18.62	%
Subordinated	1.68	%
Equity and other	25.60	%
Total investments	100.00	%


	March 31, 2022
Industry Type	Percent of Total Investments at Fair Value
Software	25.14	%
Business Services	16.28	%
Healthcare Services	15.78	%
Education	8.12	%
Investment Funds (includes investments in joint ventures)	7.75	%
Net Lease	6.16	%
Consumer Services	4.73	%
Distribution & Logistics	3.27	%
Specialty Chemicals & Materials	2.01	%
Financial Services	1.86	%
Information Technology	1.80	%
Insurance Services	1.77	%
Healthcare Information Technology	1.64	%
Energy	1.22	%
Packaging	1.03	%
Federal Services	0.39	%
Business Products	0.32	%
Consumer Products	0.32	%
Industrial Services	0.23	%
Information Services	0.18	%
Total investments	100.00	%


	March 31, 2022
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	88.25	%
Fixed rates	11.75	%
Total investments	100.00	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
GS Acquisitionco, Inc.
Software	First lien (2)(15)	6.75% (L + 5.75%/S)	8/7/2019	5/22/2026	$	67,966	$	67,713	$	67,966
	First lien (5)(15)	6.75% (L + 5.75%/S)	8/7/2019	5/22/2026	21,968		21,891		21,968
	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/Q)	8/7/2019	5/22/2026	2,811		2,793		2,811
							92,397		92,745		6.91	%
PhyNet Dermatology LLC
Healthcare Services	First lien (2)(15)	7.00% (L + 5.50% + 0.50% PIK/Q)*	9/17/2018	8/16/2024	49,617		49,374		49,617
	First lien (3)(15)	7.00% (L + 5.50% + 0.50% PIK/Q)*	9/17/2018	8/16/2024	18,966		18,848		18,966
							68,222		68,583		5.11	%
Associations, Inc.
Consumer Services	First lien (2)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	30,196		30,056		30,045
	First lien (3)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,590		8,547		8,547
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	8,590		8,548		8,547
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	5,188		5,163		5,162
	First lien (8)(15)	7.50% (L + 4.00% + 2.50% PIK/Q)*	7/2/2021	7/2/2027	4,127		4,107		4,106
							56,421		56,407		4.20	%
iCIMS, Inc.
Software	First lien (8)(15)	7.50% (L + 6.50%/S)	9/12/2018	9/12/2024	41,636		41,413		41,636
	First lien (8)(15)	7.50% (L + 6.50%/S)	6/14/2019	9/12/2024	8,667		8,618		8,666
	First lien (3)(15)(18) - Drawn	7.50% (L + 6.50%/S)	9/12/2018	9/12/2024	2,915		2,886		2,915
							52,917		53,217		3.97	%
Frontline Technologies Group Holdings, LLC
Software	First lien (4)(15)	6.25% (L + 5.25%/Q)	9/18/2017	9/18/2023	21,718		21,664		21,718
	First lien (2)(15)	6.25% (L + 5.25%/Q)	9/18/2017	9/18/2023	18,303		18,275		18,303
	First lien (2)(15)	6.25% (L + 5.25%/Q)	9/18/2017	9/18/2023	7,555		7,530		7,555
	First lien (2)(15)	6.25% (L + 5.25%/Q)	6/15/2021	9/18/2023	5,031		5,031		5,031
							52,500		52,607		3.92	%
CentralSquare Technologies, LLC
Software	Second lien (3)	7.72% (L + 7.50%/Q)	8/15/2018	8/31/2026	47,838		47,431		43,293
	Second lien (8)	7.72% (L + 7.50%/Q)	8/15/2018	8/31/2026	7,500		7,436		6,788
							54,867		50,081		3.73	%
Integro Parent Inc.
Insurance Services	First lien (2)(15)	6.75% (L + 5.75%/S)	10/9/2015	10/31/2022	33,986		33,947		33,239
	First lien (3)(15)(18) - Drawn	4.80% (L + 4.50%/S)	6/8/2018	4/30/2022	6,743		6,709		6,685
	Second lien (8)(15)	10.25% (L + 9.25%/S)	10/9/2015	10/30/2023	10,000		9,969		9,534
							50,625		49,458		3.69	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
NM GRC Holdco, LLC
Business Services	First lien (2)(15)	8.50% (L + 6.00% + 1.50% PIK/M)*	2/9/2018	2/9/2024	$	38,561	$	38,485	$	38,561
	First lien (2)(15)	8.50% (L + 6.00% + 1.50% PIK/M)*	2/9/2018	2/9/2024	10,718		10,695		10,718
							49,180		49,279		3.67%
Affinity Dental Management, Inc.
Healthcare Services	First lien (2)(15)	7.00% (L + 6.00%/S)	9/15/2017	9/15/2023	33,281		33,256		33,281
	First lien (4)(15)	7.00% (L + 6.00%/S)	9/17/2019	9/15/2023	10,482		10,482		10,482
	First lien (3)(15)(18) - Drawn	7.00% (L + 6.00%/S)	9/15/2017	3/15/2023	1,738		1,720		1,738
							45,458		45,501		3.39	%
Brave Parent Holdings, Inc.
Software	Second lien (5)	7.60% (L + 7.50%/M)	4/17/2018	4/17/2026	22,500		22,430		22,613
	Second lien (2)	7.60% (L + 7.50%/M)	4/17/2018	4/17/2026	16,624		16,518		16,707
	Second lien (8)	7.60% (L + 7.50%/M)	4/17/2018	4/17/2026	6,000		5,962		6,030
							44,910		45,350		3.38	%
Deca Dental Holdings LLC
Healthcare Services	First lien (2)(15)	6.50% (L + 5.75%/Q)	8/26/2021	8/28/2028	38,244		37,877		37,861
	First lien (3)(15)(18) - Drawn	6.50% (L + 5.75%/Q)	8/26/2021	8/28/2028	4,026		3,985		3,985
							41,862		41,846		3.13	%
Kaseya Inc.
Software	First lien (8)(15)	7.50% (L + 5.50% + 1.00% PIK/Q)*	5/9/2019	5/2/2025	29,094		28,926		29,094
	First lien (8)(15)	7.50% (L + 5.50% + 1.00% PIK/Q)*	9/8/2021	5/2/2025	7,795		7,733		7,795
	First lien (3)(15)	7.50% (L + 5.50% + 1.00% PIK/Q)*	5/9/2019	5/2/2025	3,405		3,380		3,405
	First lien (3)(15)(18) - Drawn	7.50% (L + 5.50% + 1.00% PIK/Q)*	9/8/2021	5/2/2025	1,541		1,528		1,541
							41,567		41,835		3.12	%
GC Waves Holdings, Inc.**
Financial Services	First lien (5)(15)	6.25% (L + 5.50%/Q)	8/13/2021	8/13/2026	22,108		21,993		22,108
	First lien (2)(15)	6.25% (L + 5.50%/Q)	8/13/2021	8/13/2026	13,345		13,250		13,345
	First lien (2)(15)(18) - Drawn	6.25% (L + 5.50%/Q)	8/13/2021	8/13/2026	5,643		5,588		5,643
							40,831		41,096		3.06	%
Stamps.com Inc.
Software	First lien (8)(15)	6.50% (L + 5.75%/Q)	10/5/2021	10/5/2028	37,273		36,911		36,900		2.75	%
OEC Holdco, LLC (22)
OEConnection LLC
Business Services	Second lien (2)	7.50% (L + 7.00%/M)	12/17/2021	9/25/2027	23,406		23,173		23,171
	Second lien (2)	7.50% (L + 7.00%/M)	9/25/2019	9/25/2027	12,044		11,950		11,924
							35,123		35,095		2.62	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (2)(15)	6.75% (L + 5.75%/Q)	3/30/2021	8/4/2025	$	17,762	$	17,687	$	17,673
	First lien (2)(15)	6.75% (L + 5.75%/Q)	3/4/2021	8/4/2025	9,905		9,863		9,855
	First lien (3)(15)	7.25% (L + 6.25%/Q)	12/19/2018	8/4/2025	5,887		5,860		5,945
							33,410		33,473		2.49	%
EAB Global, Inc.
Education	Second lien (2)(15)	7.00% (L + 6.50%/S)	8/16/2021	8/16/2029	33,452		32,969		32,951		2.46	%
KAMC Holdings, Inc
Business Services	Second lien (2)(15)	8.16% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,642		16,352
	Second lien (8)(15)	8.16% (L + 8.00%/Q)	8/14/2019	8/13/2027	18,750		18,642		16,352
							37,284		32,704		2.44	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (8)	6.25% (L + 5.50%/Q)	12/22/2021	12/22/2027	20,843		20,635		20,634
	Subordinated (3)	11.50% PIK/Q*	12/22/2021	12/22/2031	11,110		10,944		10,944
							31,579		31,578		2.36	%
IG Investments Holdings, LLC
Business Services	First lien (2)(15)	6.75% (L + 6.00%/Q)	9/22/2021	9/22/2028	29,429		29,144		29,133
	First lien (3)(15)(18) - Drawn	6.75% (L + 6.00%/M)	9/22/2021	9/22/2027	1,149		1,137		1,137
							30,281		30,270		2.25	%
Ansira Holdings, Inc.
Business Services	First lien (8)(15)	7.50% (L + 6.50% PIK/S)*	12/19/2016	12/20/2024	31,793		31,748		24,025
	First lien (3)(15)	7.50% (L + 6.50% PIK/S)*	12/19/2016	12/20/2024	8,033		8,024		6,071
							39,772		30,096		2.24	%
Granicus, Inc.
Software	First lien (4)(15)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	15,522		15,420		15,406
	First lien (3)(15)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	6,004		5,963		5,959
	First lien (2)(15)	7.50% (L + 6.50%/Q)	1/27/2021	1/29/2027	5,922		5,883		5,878
	First lien (3)(15)(18) - Drawn	7.00% (L + 6.00%/Q)	4/23/2021	1/29/2027	2,778		2,752		2,751
							30,018		29,994		2.23	%
MRI Software LLC
Software	First lien (5)(15)	6.50% (L + 5.50%/S)	1/31/2020	2/10/2026	22,104		22,024		22,104
	First lien (2)(15)	6.50% (L + 5.50%/S)	1/31/2020	2/10/2026	6,205		6,182		6,205
	First lien (3)(15)	6.50% (L + 5.50%/S)	1/31/2020	2/10/2026	818		814		818
	First lien (2)(15)	6.50% (L + 5.50%/Q)	3/24/2021	2/10/2026	319		318		319
							29,338		29,446		2.19	%
Keystone Acquisition Corp.
Healthcare Services	First lien (2)	6.25% (L + 5.25%/Q)	5/10/2017	5/1/2024	23,981		23,918		23,861
	Second lien (2)(15)	10.25% (L + 9.25%/Q)	5/10/2017	5/1/2025	4,500		4,476		4,500
							28,394		28,361		2.11	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information Technology	First lien (2)	6.75% (L + 6.00%/Q)	12/20/2021	12/20/2028	$	28,201	$	27,920	$	27,919	2.08	%
Foundational Education Group, Inc.
Education	Second lien (5)	7.00% (L + 6.50%/S)	8/19/2021	8/31/2029	22,500		22,391		22,500
	Second lien (2)	7.00% (L + 6.50%/S)	8/19/2021	8/31/2029	5,009		4,985		5,009
							27,376		27,509		2.05	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First lien (2)(15)	3.60% (L + 3.50%/M)	6/24/2019	8/28/2024	16,563		15,121		13,968
	First lien (8)(15)	3.60% (L + 3.50%/M)	10/23/2019	8/28/2024	15,975		14,219		13,473
							29,340		27,441		2.04	%
New Trojan Parent, Inc.
Healthcare Services	Second lien (2)	7.75% (L + 7.25%/Q)	1/22/2021	1/5/2029	26,762		26,640		26,762		1.99	%
HS Purchaser, LLC / Help/Systems Holdings, Inc.
Software	Second lien (5)	7.50% (L + 6.75%/Q)	11/14/2019	11/19/2027	22,500		22,404		22,509
	Second lien (2)	7.50% (L + 6.75%/Q)	11/14/2019	11/19/2027	4,208		4,174		4,210
							26,578		26,719		1.99	%
VT Topco, Inc.
Business Services	Second lien (2)	7.50% (L + 6.75%/M)	7/30/2021	7/31/2026	16,183		16,127		16,224
	Second lien (4)	6.85% (L + 6.75%/M)	8/14/2018	7/31/2026	10,000		9,984		10,025
							26,111		26,249		1.96	%
CRCI Longhorn Holdings, Inc.
Business Services	Second lien (3)(15)	7.35% (L + 7.25%/M)	8/2/2018	8/10/2026	18,266		18,221		18,266
	Second lien (8)(15)	7.35% (L + 7.25%/M)	8/2/2018	8/10/2026	7,500		7,481		7,500
							25,702		25,766		1.92	%
Galway Borrower LLC
Insurance Services	First lien (2)(15)	6.00% (L + 5.25%/Q)	9/30/2021	9/29/2028	24,279		24,043		24,036
	First lien (3)(15)	6.00% (L + 5.25%/Q)	9/30/2021	9/29/2028	1,674		1,658		1,658
							25,701		25,694		1.91	%
Idera, Inc.
Software	Second lien (4)	7.50% (L + 6.75%/S)	6/27/2019	3/2/2029	22,500		22,212		22,613
	Second lien (3)	7.50% (L + 6.75%/S)	4/29/2021	3/2/2029	3,000		2,986		3,015
							25,198		25,628		1.91	%
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (8)(15)	6.75% (L + 6.00%/S)	3/1/2021	3/1/2028	19,259		18,998		18,970
	First lien (2)(15)	6.75% (L + 6.00%/S)	3/2/2021	3/1/2028	4,913		4,846		4,839
							23,844		23,809		1.77	%
Syndigo LLC
Software	Second lien (4)	8.75% (L + 8.00%/S)	12/14/2020	12/15/2028	22,500		22,347		22,528		1.68	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare Services	First lien (2)(15)	6.25% (L + 5.50%/Q)	8/2/2021	8/2/2028	22,306		22,094		22,083
	First lien (3)(15)(18) - Drawn	6.25% (L + 5.50%/Q)	8/2/2021	8/2/2028	59		58		58
							22,152		22,141		1.65	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Cardinal Parent, Inc.
Software	First lien (4)	5.25% (L + 4.50%/Q)	10/30/2020	11/12/2027	$	12,096	$	12,017	$	12,083
	Second lien (4)(15)	8.50% (L + 7.75%/Q)	11/12/2020	11/13/2028	9,767		9,679		9,864
							21,696		21,947		1.63%
DCA Investment Holding, LLC
Healthcare Services	First lien (2)	7.00% (L + 6.25%/Q)	3/12/2021	3/12/2027	19,878		19,746		19,803
	First lien (3)(18) - Drawn	7.00% (L + 6.25%/Q)	3/12/2021	3/12/2027	1,919		1,905		1,912
							21,651		21,715		1.62	%
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
Education	Second lien (2)	8.47% (L + 8.25%/Q)	7/26/2018	7/30/2026	21,959		21,921		21,282		1.59	%
MED Parentco, LP
Healthcare Services	Second lien (8)	8.35% (L + 8.25%/M)	8/2/2019	8/30/2027	20,857		20,735		20,883		1.56	%
DG Investment Intermediate Holdings 2, Inc.
Business Services	Second lien (3)	7.50% (L + 6.75%/M)	3/18/2021	3/30/2029	20,313		20,265		20,465		1.52	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)	6.25% (L + 5.25%/S)	11/1/2019	10/31/2025	18,045		17,983		18,045
	First lien (5)(15)	6.25% (L + 5.25%/S)	11/1/2019	10/31/2025	2,350		2,341		2,350
							20,324		20,395		1.52	%
Fortis Solutions Group, LLC
Packaging	First lien (8)(15)	6.25% (L + 5.50%/Q)	10/15/2021	10/13/2028	10,298		10,198		10,195
	First lien (2)(15)	6.25% (L + 5.50%/Q)	10/15/2021	10/13/2028	10,298		10,198		10,195
							20,396		20,390		1.52	%
Bluefin Holding, LLC
Software	Second lien (8)(15)	7.93% (L + 7.75%/Q)	9/6/2019	9/3/2027	18,000		18,000		18,000
	First lien (3)(15)(18) - Drawn	4.41% (L + 4.25%/Q)	9/6/2019	9/6/2024	1,485		1,463		1,485
							19,463		19,485		1.45	%
Bullhorn, Inc.
Software	First lien (2)(15)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	16,830		16,741		16,830
	First lien (2)(15)	6.75% (L + 5.75%/Q)	10/5/2021	9/30/2026	1,075		1,072		1,075
	First lien (3)(15)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	779		773		779
	First lien (3)(15)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	349		347		349
	First lien (3)(15)	6.75% (L + 5.75%/Q)	9/24/2019	9/30/2026	278		277		278
							19,210		19,311		1.44	%
Convey Health Solutions, Inc.**
Healthcare Services	First lien (4)(15)	5.50% (L + 4.75%/M)	9/9/2019	9/4/2026	19,263		19,108		19,263		1.43	%
Xactly Corporation
Software	First lien (4)(15)	8.25% (L + 7.25%/S)	7/31/2017	7/31/2023	19,047		19,005		19,047		1.42	%
Infogain Corporation
Software	First lien (2)(15)	6.75% (L + 5.75%/S)	7/30/2021	7/28/2028	19,090		18,953		18,946		1.41	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (2)(15)	7.25% (L + 5.75% PIK + 0.50%/M) (41)*	9/30/2015	9/30/2026	$	27,610	$	27,559	$	17,386
	First lien (3)(15)	15.00% (L + 13.50% PIK + 0.50%/M) (41)*	6/10/2021	9/30/2026	1,527		1,527		—
	Subordinated (3)(15)	2.00% (L + 1.00% PIK/Q) (41)*	3/16/2021	9/30/2026	5,230		—		—
							29,086		17,386		1.29	%
The Kleinfelder Group, Inc.
Business Services	First lien (4)(15)	6.25% (L + 5.25%/Q)	12/18/2018	11/29/2024	16,708		16,663		16,708		1.24	%
Kele Holdco, Inc.
Distribution & Logistics	First lien (5)	7.00% (L + 6.00%/M)	2/20/2020	2/20/2026	15,949		15,890		15,870
	First lien (3)(18) - Drawn	7.00% (L + 6.00%/M)	2/20/2020	2/20/2026	630		627		627
							16,517		16,497		1.23	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (5)(15)	7.00% (L + 6.00%/S)	3/13/2020	2/6/2026	13,937		13,885		13,937
	First lien (5)(15)	9.00% (L + 8.00%/S)	10/15/2020	8/6/2026	2,507		2,488		2,507
							16,373		16,444		1.22	%
Trinity Air Consultants Holdings Corporation
Business Services	First lien (2)(15)	6.00% (L + 5.25%/S)	6/30/2021	6/29/2027	15,382		15,238		15,228
	First lien (3)(15)(18) - Drawn	6.00% (L + 5.25%/M)	6/30/2021	6/29/2027	1,201		1,189		1,189
							16,427		16,417		1.22	%
Hill International, Inc.
Business Services	First lien (2)(15)	6.75% (L + 5.75%/M)	6/21/2017	6/21/2023	15,089		15,067		15,089		1.12	%
CFS Management, LLC
Healthcare Services	First lien (2)(15)	6.50% (L + 5.50%/S)	8/6/2019	7/1/2024	11,497		11,466		11,497
	First lien (3)(15)	6.50% (L + 5.50%/S)	8/6/2019	7/1/2024	3,425		3,413		3,425
							14,879		14,922		1.11	%
FR Arsenal Holdings II Corp.
Business Services	First lien (2)(15)	8.50% (L + 7.50%/S)	9/29/2016	9/8/2022	14,884		14,861		14,520		1.08	%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (8)(15)	7.75% (L + 7.00% PIK/Q)*	11/1/2021	11/1/2028	13,628		13,496		13,492		1.00	%
Transcendia Holdings, Inc.
Packaging	Second lien (8)(15)	9.00% (L + 8.00%/M)	6/28/2017	5/30/2025	14,500		14,396		13,445		1.00	%
Alegeus Technologies Holding Corp.
Healthcare Services	First lien (8)(15)	9.25% (L + 8.25%/S)	9/5/2018	9/5/2024	13,443		13,409		13,443		1.00	%
Daxko Acquisition Corporation
Software	First lien (8)(15)	6.25% (L + 5.50%/Q)	10/15/2021	10/16/2028	13,277		13,147		13,144		0.98	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)	6.50% (L + 5.75%/Q)	12/20/2021	12/21/2027	$	10,500	$	10,395	$	10,395
	First lien (5)(18) - Drawn	6.50% (L + 5.75%/Q)	12/20/2021	12/21/2027	2,618		2,592		2,592
							12,987		12,987		0.97	%
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)
Software	First lien (2)(15)	5.00% (L + 4.00%/M)	12/7/2016	12/2/2022	2,872		2,869		2,872
	Second lien (8)(15)	10.25% (L + 9.25%/M)	12/7/2016	6/2/2023	7,840		7,824		7,840
	Second lien (3)(15)	10.25% (L + 9.25%/M)	12/7/2016	6/2/2023	2,160		2,155		2,160
							12,848		12,872		0.96	%
USRP Holdings, Inc.
Federal Services	First lien (2)	6.25% (L + 5.50%/Q)	7/22/2021	7/23/2027	11,426		11,318		11,311
	First lien (3)	6.25% (L + 5.50%/Q)	7/22/2021	7/23/2027	1,488		1,473		1,473
	First lien (3)(18) - Drawn	6.25% (L + 5.50%/Q)	7/22/2021	7/23/2027	15		15		15
							12,806		12,799		0.95	%
Castle Management Borrower LLC
Business Services	First lien (2)(15)	3.19% (L + 2.19%/Q)	5/31/2018	2/15/2025	14,590		14,561		12,794		0.95	%
Calabrio, Inc.
Software	First lien (5)(15)	8.00% (L + 7.00%/Q)	4/16/2021	4/16/2027	12,347		12,263		12,271		0.91	%
Apptio, Inc.
Software	First lien (8)(15)	8.25% (L + 7.25%/S)	1/10/2019	1/10/2025	11,203		11,075		11,203
	First lien (3)(15)(18) - Drawn	8.25% (L + 7.25%/S)	1/10/2019	1/10/2025	827		810		827
							11,885		12,030		0.90	%
CHA Holdings, Inc.
Business Services	Second lien (4)(15)	9.75% (L + 8.75%/Q)	4/3/2018	4/10/2026	7,012		6,967		7,012
	Second lien (3)(15)	9.75% (L + 8.75%/Q)	4/3/2018	4/10/2026	4,453		4,424		4,453
							11,391		11,465		0.85	%
Recorded Future, Inc.
Software	First lien (8)	7.00% (L + 6.00%/Q)	8/26/2019	7/3/2025	6,219		6,199		6,188
	First lien (8)	7.00% (L + 6.00%/Q)	3/26/2021	7/3/2025	4,776		4,750		4,752
							10,949		10,940		0.81	%
Vectra Co.
Business Products	Second lien (8)	7.35% (L + 7.25%/M)	2/23/2018	3/8/2026	10,788		10,764		10,586		0.79	%
PPVA Black Elk (Equity) LLC
Business Services	Subordinated (3)(15)	—	5/3/2013	—	14,500		14,500		10,354		0.77	%
Notorious Topco, LLC
Consumer Products	First lien (8)(15)	7.50% (L + 6.50%/Q)	11/23/2021	11/23/2027	10,153		10,078		10,077
	First lien (3)(15)(18) - Drawn	7.50% (L + 6.50%/Q)	11/23/2021	5/24/2027	147		146		146
							10,224		10,223		0.76	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Quartz Holding Company
Software	Second lien (3)(15)	8.10% (L + 8.00%/M)	4/2/2019	4/2/2027	$	10,000	$	9,854	$	10,000	0.74	%
Wealth Enhancement Group, LLC**
Financial Services	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/Q)	8/13/2021	10/4/2027	9,390		9,367		9,390
	First lien (3)(15)(18) - Drawn	6.75% (L + 5.75%/Q)	8/13/2021	10/4/2027	425		424		425
							9,791		9,815		0.73	%
Geo Parent Corporation
Business Services	First lien (2)	5.35% (L + 5.25%/M)	12/13/2018	12/19/2025	9,810		9,780		9,761		0.73	%
AgKnowledge Holdings Company, Inc.
Business Services	First lien (2)(15)	5.75% (L + 4.75%/S)	11/30/2018	7/21/2023	9,166		9,149		9,166		0.68	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (2)(15)	6.25% (L + 5.25%/Q)	7/19/2021	7/19/2027	8,302		8,214		8,209
	First lien (3)(15)(18) - Drawn	6.25% (L + 5.25%/M)	7/19/2021	7/19/2026	906		895		896
							9,109		9,105		0.68	%
Energize Holdco LLC
Business Services	Second lien (2)	7.25% (L + 6.75%/Q)	11/19/2021	12/7/2029	7,950		7,910		7,910		0.59	%
KPSKY Acquisition Inc.
Industrial Services	First lien (8)(15)	6.25% (L + 5.50%/M)	10/19/2021	10/19/2028	7,039		6,970		6,968
	First lien (3)(15)(18) - Drawn	7.75% (P + 4.50%/Q)	10/19/2021	10/19/2028	402		398		398
							7,368		7,366		0.55	%
Specialtycare, Inc.
Healthcare Services	First lien (2)(15)	6.75% (L + 5.75%/Q)	6/18/2021	6/18/2028	7,224		7,122		7,115		0.53	%
Restaurant Technologies, Inc.
Business Services	Second lien (4)	6.60% (L + 6.50%/M)	9/24/2018	10/1/2026	6,722		6,711		6,722		0.50	%
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information Technology	First lien (8)(15)	8.25% (L + 7.25%/Q)	5/6/2021	5/6/2027	6,250		6,192		6,187		0.46	%
ADG, LLC
Healthcare Services	Second lien (3)(15)	11.00% (L + 10.00% PIK/Q)*	10/3/2016	3/28/2024	6,591		6,562		6,082		0.45	%
Safety Borrower Holdings LLC
Information Services	First lien (2)(15)	6.75% (L + 5.75%/S)	9/1/2021	9/1/2027	5,756		5,729		5,728		0.43	%
Sun Acquirer Corp.
Consumer Services	First lien (2)(15)	6.50% (L + 5.75%/Q)	9/8/2021	9/8/2028	4,025		3,991		3,985
	First lien (3)(15)(18) - Drawn	6.50% (L + 5.75%/Q)	9/8/2021	9/8/2028	1,585		1,570		1,570
							5,561		5,555		0.41	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Drawn	6.25% (L + 5.50%/Q)	11/26/2021	11/26/2027	$	2,394	$	2,370	$	2,394	0.18	%
Education Management Corporation (20)
Education Management II LLC
Education	First lien (2)	13.00% (L + 7.50%/M)(41)	1/5/2015	7/2/2020	300		292		—
	First lien (3)	13.00% (L + 7.50%/M)(41)	1/5/2015	7/2/2020	169		165		—
	First lien (2)	9.75% (L + 6.50%/Q)(41)	1/5/2015	7/2/2020	206		201		—
	First lien (3)	9.75% (L + 6.50%/Q)(41)	1/5/2015	7/2/2020	116		113		—
	First lien (2)	11.75% (P + 8.50%/M)(41)	1/5/2015	7/2/2020	140		116		—
	First lien (3)	11.75% (P + 8.50%/M)(41)	1/5/2015	7/2/2020	79		65		—
	First lien (2)	11.75% (P + 8.50%/M)(41)	1/5/2015	7/2/2020	4		3		—
	First lien (3)	11.75% (P + 8.50%/M)(41)	1/5/2015	7/2/2020	2		2		—
							957		—		—	%
PPVA Fund, L.P.
Business Services	Collateralized Financing (41)(42)	—	11/7/2014	—	—		—		—		—	%
Total Funded Debt Investments - United States							$	2,042,136	$	2,003,901	149.25	%
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (2)(15)	6.75% (L + 6.00%/Q)	10/1/2021	9/29/2028	$	35,000	$	34,660	$	34,650
	First lien (8)(15)	6.75% (L + 6.00%/Q)	10/1/2021	9/29/2028	24,189		23,954		23,947
							58,614		58,597		4.36	%
Total Funded Debt Investments - Netherlands							$	58,614	$	58,597	4.36	%
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business Services	First lien (3)(15)(16)	7.47% (Sonia + 7.00%/D)	8/6/2021	8/3/2028	£	12,879	$	17,608	$	17,167
	First lien (3)(15)	7.15% (L + 7.00%/S)	8/6/2021	8/3/2028	$	10,184	10,037		10,032
	First lien (3)(15)(16)(18) - Drawn	7.47% (Sonia + 7.00%/D)	8/6/2021	8/3/2028	£	3,771	4,943		4,976
	First lien (3)(15)(18) - Drawn	7.29% (L + 7.00%/S)	8/6/2021	8/3/2028	$	3,708	3,652		3,652
							36,240		35,827		2.67	%
Total Funded Debt Investments - Jersey							$	36,240	$	35,827	2.67	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
Software	Second lien (8)(15)	8.35% (L + 8.25%/M)	10/8/2019	10/8/2027	$	34,459	$	34,241	$	34,459	2.57	%
Total Funded Debt Investments - United Kingdom							$	34,241	$	34,459	2.57	%
Funded Debt Investments - United Arab Emirates
GEMS Menasa (Cayman) Limited**
Education	First lien (8)	6.00% (L + 5.00%/S)	7/30/2019	7/31/2026	$	10,534	$	10,496	$	10,589	0.79	%
Total Funded Debt Investments - United Arab Emirates							$	10,496	$	10,589	0.79	%
Total Funded Debt Investments							$	2,181,727	$	2,143,373	159.64	%
Equity - United States
Dealer Tire Holdings, LLC (30)
Distribution & Logistics	Preferred shares (3)(15)	—	9/13/2021	—	56,271		$	60,360	$	60,180	4.48	%
Symplr Software Intermediate Holdings, Inc. (31)
Healthcare Information Technology	Preferred shares (4)(15)	—	11/30/2018	—	7,500		10,607		10,719
	Preferred shares (3)(15)	—	11/30/2018	—	2,586		3,657		3,695
							14,264		14,414		1.08	%
ACI Parent Inc. (36)
Healthcare Services	Preferred shares (3)(15)	—	8/2/2021	—	12,500		12,994		12,989		0.97	%
Project Essential Super Parent, Inc. (34)
Software	Preferred shares (3)(15)	—	4/20/2021	—	10,000		10,597		10,586		0.79	%
Diamond Parent Holdings Corp. (35)
Diligent Preferred Issuer, Inc.
Software	Preferred shares (3)(15)	—	4/6/2021	—	10,000		10,386		10,379		0.77	%
OEC Holdco, LLC (22)
Business Services	Preferred shares (12)	—	12/17/2021	—	7,214		7,142		7,142		0.53	%
FS WhiteWater Holdings, LLC (38)
Consumer Services	Ordinary shares (5)	—	12/20/2021	—	50,000		5,000		5,000		0.37	%
HB Wealth Management, LLC (37)**
Financial Services	Preferred shares (11)(15)	—	9/30/2021	—	48,303		4,834		4,834		0.36	%
Appriss Health Holdings, Inc. (23)
Appriss Health Intermediate Holdings, Inc.
Healthcare Information Technology	Preferred shares (3)(15)	—	5/6/2021	—	2,333		2,468		2,466		0.18	%
OA Topco, L.P. (40)
Healthcare Information Technology	Ordinary shares (3)	—	12/20/2021	—	2,000,000		2,000		2,000		0.15	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (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. (39)
Software	Ordinary shares (13)(15)	—	11/1/2021	—	199,980		$	2,000	$	2,000	0.15	%
Ancora Acquisition LLC
Education	Preferred shares (9)(15)	—	8/12/2013	—	372		83		158		0.01	%
Education Management Corporation (20)
Education	Preferred shares (2)	—	1/5/2015	—	3,331		200		—
	Preferred shares (3)	—	1/5/2015	—	1,879		113		—
	Ordinary shares (2)	—	1/5/2015	—	2,994,065		100		—
	Ordinary shares (3)	—	1/5/2015	—	1,688,976		56		—
							469		—		—	%
AAC Lender Holdings, LLC (33)
Education	Ordinary shares (3)(15)	—	3/16/2021	—	758		—		—		—	%
Total Shares - United States							$	132,597	$	132,148	9.84	%
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
Education	Preferred shares (3)(15)(29)	—	9/1/2017	—	96,052		$	9,525	$	9,701	0.72	%
Total Shares - Hong Kong							$	9,525	$	9,701	0.72	%
Total Shares							$	142,122	$	141,849	10.56	%
Total Funded Investments							$	2,323,849	$	2,285,222	170.20	%
Unfunded Debt Investments - United States
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
Education	First lien (3)(15)(18) - Undrawn	—	1/25/2021	9/30/2026	$	2,652	$	—	$	—	—	%
Bluefin Holding, LLC
Software	First lien (3)(15)(18) - Undrawn	—	9/6/2019	9/6/2024	30		—		—		—	%
Wealth Enhancement Group, LLC**
Financial Services	First lien (3)(15)(18) - Undrawn	—	8/13/2021	10/4/2027	678		(2)		—
	First lien (3)(15)(18) - Undrawn	—	8/13/2021	6/3/2022	8,257		—		—
							(2)		—		—	%
AgKnowledge Holdings Company, Inc.
Business Services	First lien (3)(15)(18) - Undrawn	—	11/30/2018	7/21/2023	526		(3)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)
Software	First lien (3)(15)(18) - Undrawn	—	12/7/2016	12/2/2022	$	1,000	$	(5)	$	—	—	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	3/13/2020	2/6/2025	1,013		(5)		—		—	%
Pye-Barker Fire & Safety, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2023	2,810		—		—
	First lien (3)(15)(18) - Undrawn	—	11/26/2021	11/26/2024	905		(9)		—
							(9)		—		—	%
Xactly Corporation
Software	First lien (3)(15)(18) - Undrawn	—	7/31/2017	7/31/2023	992		(10)		—		—	%
MRI Software LLC
Software	First lien (2)(15)(18) - Undrawn	—	3/24/2021	3/24/2022	9,364		—		—
	First lien (3)(15)(18) - Undrawn	—	1/31/2020	2/10/2026	2,002		(10)		—
							(10)		—		—	%
Bullhorn, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	10/5/2021	11/8/2022	2,395		(6)		—
	First lien (3)(15)(18) - Undrawn	—	9/24/2019	9/30/2026	852		(6)		—
							(12)		—		—	%
Diamond Parent Holdings Corp. (35)
Diligent Corporation
Software	First lien (3)(15)(18) - Undrawn	—	3/30/2021	8/4/2025	3,624		(18)		—		—	%
GS Acquisitionco, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	8/7/2019	5/22/2026	3,106		(19)		—		—	%
YLG Holdings, Inc.
Business Services	First lien (5)(15)(18) - Undrawn	—	10/22/2021	10/22/2023	2,078		—		—
	First lien (3)(15)(18) - Undrawn	—	11/1/2019	10/31/2025	3,968		(20)		—
							(20)		—		—	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Apptio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	1/10/2019	1/10/2025	$	1,240	$	(25)	$	—	—	%
GC Waves Holdings, Inc.**
Financial Services	First lien (2)(15)(18) - Undrawn	—	8/13/2021	8/11/2023	4,991		—		—
	First lien (3)(15)(18) - Undrawn	—	10/31/2019	10/31/2025	3,951		(30)		—
							(30)		—		—	%
Kaseya Inc.
Software	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2023	2,129		(19)		—
	First lien (3)(15)(18) - Undrawn	—	5/9/2019	5/2/2025	2,312		(23)		—
							(42)		—		—	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	7/19/2021	7/19/2026	226		(3)		(3)		(0.00) %
Recorded Future, Inc.
Software	First lien (3)(18) - Undrawn	—	8/26/2019	7/3/2025	750		(4)		(4)		(0.00) %
KPSKY Acquisition Inc.
Industrial Services	First lien (3)(15)(18) - Undrawn	—	10/19/2021	10/19/2023	403		—		(4)		(0.00) %
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information Technology	First lien (3)(15)(18) - Undrawn	—	5/6/2021	5/6/2027	417		(4)		(4)		(0.00) %
Kele Holdco, Inc.
Distribution & Logistics	First lien (3)(18) - Undrawn	—	2/20/2020	2/20/2026	1,169		(6)		(6)		(0.00) %
USRP Holdings, Inc.
Federal Services	First lien (3)(18) - Undrawn	—	7/22/2021	7/23/2027	878		(9)		(9)		(0.00) %
Safety Borrower Holdings LLC
Information Services	First lien (3)(15)(18) - Undrawn	—	9/1/2021	9/1/2027	512		(3)		(3)
	First lien (3)(15)(18) - Undrawn	—	9/1/2021	9/1/2022	1,279		—		(6)
							(3)		(9)		(0.00) %
Calabrio, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	4/16/2021	4/16/2027	1,487		(11)		(9)		(0.00) %

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (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 Services	First lien (3)(18) - Undrawn	—	3/12/2021	3/10/2023	$	3,005	$	—	$	(11)	(0.00) %
IG Investments Holdings, LLC
Business Services	First lien (3)(15)(18) - Undrawn	—	9/22/2021	9/22/2027	1,149		(11)		(11)		(0.00) %
Notorious Topco, LLC
Consumer Products	First lien (3)(15)(18) - Undrawn	—	11/23/2021	5/24/2027	734		(6)		(6)
	First lien (3)(15)(18) - Undrawn	—	11/23/2021	11/23/2023	1,467		—		(11)
							(6)		(17)		(0.00) %
Associations, Inc.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	7/2/2021	7/2/2027	3,543		(18)		(18)		(0.00) %
Specialtycare, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	6/18/2021	6/18/2026	559		(8)		(8)
	First lien (3)(15)(18) - Undrawn	—	6/18/2021	6/18/2023	671		—		(10)
							(8)		(18)		(0.00) %
Sun Acquirer Corp.
Consumer Services	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2027	559		(5)		(6)
	First lien (3)(15)(18) - Undrawn	—	9/8/2021	9/8/2023	1,378		(10)		(14)
							(15)		(20)		(0.00) %
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
Software	First lien (3)(15)(18) - Undrawn	—	11/1/2021	11/1/2027	2,446		(24)		(24)		(0.00) %
Daxko Acquisition Corporation
Software	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/15/2027	986		(10)		(10)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/16/2023	1,638		—		(16)
							(10)		(26)		(0.00) %
Infogain Corporation
Software	First lien (3)(15)(18) - Undrawn	—	7/30/2021	7/30/2026	3,827		(29)		(29)		(0.00) %
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information Technology	First lien (3)(18) - Undrawn	—	12/20/2021	12/20/2028	3,600		(36)		(36)		(0.00) %

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Granicus, Inc.
Software	First lien (3)(15)(18) - Undrawn	—	1/27/2021	1/29/2027	$	2,414	$	(18)	$	(18)
	First lien (3)(15)(18) - Undrawn	—	4/23/2021	4/21/2023	1,822		—		(18)
							(18)		(36)		(0.00) %
Trinity Air Consultants Holdings Corporation
Business Services	First lien (3)(15)(18) - Undrawn	—	6/30/2021	6/29/2027	300		(3)		(3)
	First lien (3)(15)(18) - Undrawn	—	6/30/2021	6/29/2023	5,252		—		(53)
							(3)		(56)		(0.01)	%
Galway Borrower LLC
Insurance Services	First lien (3)(15)(18) - Undrawn	—	9/30/2021	9/30/2027	1,865		(19)		(19)
	First lien (3)(15)(18) - Undrawn	—	9/30/2021	9/29/2023	3,917		—		(39)
							(19)		(58)		(0.01)	%
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer Services	First lien (5)(18) - Undrawn	—	12/20/2021	12/21/2022	882		—		(9)
	First lien (3)(18) - Undrawn	—	12/20/2021	12/21/2027	1,400		(14)		(14)
	First lien (5)(18) - Undrawn	—	12/20/2021	12/21/2023	3,500		—		(35)
							(14)		(58)		(0.01)	%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	8/2/2021	8/2/2027	2,354		(24)		(24)
	First lien (3)(15)(18) - Undrawn	—	8/2/2021	8/2/2023	8,180		—		(82)
							(24)		(106)		(0.01)	%
Fortis Solutions Group, LLC
Packaging	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/15/2027	2,861		(29)		(29)
	First lien (3)(15)(18) - Undrawn	—	10/15/2021	10/13/2023	8,343		—		(83)
							(29)		(112)		(0.01)	%
Deca Dental Holdings LLC
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	8/26/2021	8/26/2027	3,027		(30)		(30)
	First lien (3)(15)(18) - Undrawn	—	8/26/2021	8/28/2023	9,080		—		(91)
							(30)		(121)		(0.01)	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
NMC Crimson Holdings, Inc.
Healthcare Services	First lien (3)(15)(18) - Undrawn	—	3/1/2021	3/1/2023	$	10,664	$	—	$	(160)	(0.01)	%
Paw Midco, Inc.
AAH Topco, LLC
Consumer Services	First lien (3)(18) - Undrawn	—	12/22/2021	12/22/2027	3,659		(37)		(37)
	First lien (3)(18) - Undrawn	—	12/22/2021	12/22/2023	25,420		—		(254)
							(37)		(291)		(0.02)	%
Total Unfunded Debt Investments - United States							$	(581)	$	(1,256)	(0.09)	%
Unfunded Debt Investments - Jersey
Tennessee Bidco Limited**
Business Services	First lien (3)(15)(16)(18) - Undrawn	—	8/6/2021	7/9/2023	£	9,521	$	—	$	(143)	(0.01)	%
Total Unfunded Debt Investments - Jersey							$	—	$	(143)	(0.01)	%
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information Technology	First lien (3)(15)(18) - Undrawn	—	10/1/2021	10/1/2027	$	4,439	$	(44)	$	(44)	(0.00) %
Total Unfunded Debt Investments - Netherlands							$	(44)	$	(44)	(0.00) %
Total Unfunded Debt Investments							$	(625)	$	(1,443)	(0.10)	%
Total Non-Controlled/Non-Affiliated Investments							$	2,323,224	$	2,283,779	170.10	%
Non-Controlled/Affiliated Investments (43)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (24)
Edmentum Ultimate Holdings, LLC
Education	Subordinated (3)(15)	13.00% (6.50% + 6.50%/PIK)*	12/11/2020	1/26/2027	$	15,434	$	15,302	$	15,841	1.18	%
Sierra Hamilton Holdings Corporation
Energy	Second lien (3)(15)	15.00% PIK/Q(41)*	9/12/2019	9/12/2023	5		5		—		—	%
Permian Holdco 3, Inc.
Permian Trust
Energy	First lien (10)(15)	10.00% PIK/Q(41)*	3/30/2021	—	247		—		—
	First lien (3)(15)	11.00% (L + 10.00% PIK/M)(41)*	7/23/2020	—	3,409		—		—
							—		—		—	%
Total Funded Debt Investments - United States							$	15,307	$	15,841	1.18	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Equity - United States
TVG-Edmentum Holdings, LLC (24)
Education	Ordinary shares (3)(15)	—	12/11/2020	—	48,899		$	52,711	$	114,934	8.56	%
Sierra Hamilton Holdings Corporation
Energy	Ordinary shares (2)(15)	—	7/31/2017	—	25,000,000		11,501		3,599
	Ordinary shares (3)(15)	—	7/31/2017	—	2,786,000		1,282		401
							12,783		4,000		0.30	%
Total Shares - United States							$	65,494	$	118,934	8.86	%
Total Non-Controlled/Affiliated Investments							$	80,801	$	134,775	10.04	%
Controlled Investments (44)
Funded Debt Investments - United States
New Benevis Topco, LLC (32)
New Benevis Holdco, Inc.
Healthcare Services	First lien (2)(15)	10.50% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	$	33,133	$	33,133	$	33,133
	First lien (8)(15)	10.50% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	8,129		8,129		8,129
	First lien (3)(15)	10.50% (L + 2.50% + 7.00% PIK/Q)*	10/6/2020	4/7/2025	3,992		3,992		3,992
	Subordinated (3)(15)	12.00% PIK/M*	10/6/2020	10/6/2025	16,556		14,250		13,603
							59,504		58,857		4.39	%
UniTek Global Services, Inc.
Business Services	First lien (2)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	12,643		12,643		12,643
	First lien (3)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	3/16/2020	8/20/2024	9,363		8,628		9,363
	First lien (2)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	2,528		2,528		2,528
	First lien (3)(15)	8.50% (L + 5.50% + 2.00% PIK/Q)*	6/29/2018	8/20/2024	1,354		1,208		1,354
	Second lien (3)(15)	15.00% PIK/Q*	12/16/2020	2/20/2025	9,970		9,970		9,970
							34,977		35,858		2.67	%
Tenawa Resource Holdings LLC (21)
Tenawa Resource Management LLC
Specialty Chemicals & Materials	First lien (3)(15)	14.00% PIK/Q*	12/17/2021	10/30/2026	31,624		18,821		18,821
	First lien (3)(15)	10.50% (L + 8.50%/Q)	12/17/2021	10/30/2026	16,000		16,000		16,000
							34,821		34,821		2.59	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)	Cost		Fair Value		Percent of Net Assets
NHME Holdings Corp. (28)
National HME, Inc.
Healthcare Services	Second lien (3)(15)	12.00% PIK/Q*	11/27/2018	5/27/2024	21,016	$	18,816	$	13,030
	Second lien (3)(15)	12.00% PIK/Q*	11/27/2018	5/27/2024	15,148	14,621		11,817
						33,437		24,847		1.85	%
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)	18.00% PIK/M*	10/30/2020	12/31/2024	18,216	18,216		18,216
	First lien (3)(15)(18) - Drawn	10.00% (L + 9.00% PIK/M)*	10/30/2020	12/31/2024	5,543	5,543		5,543
						23,759		23,759		1.77	%
Total Funded Debt Investments - United States						$	186,498	$	178,142	13.27	%
Equity - United States
NMFC Senior Loan Program III LLC**
Investment Fund	Membership interest (3)(15)	—	5/4/2018	—	—	$	140,000	$	140,000	10.43	%
NMFC Senior Loan Program IV LLC**
Investment Fund	Membership interest (3)(15)	—	5/5/2021	—	—	112,400		112,400		8.37	%
NM NL Holdings, L.P.**
Net Lease	Membership interest (7)(15)	—	6/20/2018	—	—	87,203		107,870		8.03	%
New Benevis Topco, LLC (32)
Healthcare Services	Ordinary shares (2)(15)	—	10/6/2020	—	269,027	27,154		34,548
	Ordinary shares (8)(15)	—	10/6/2020	—	66,007	6,662		8,476
	Ordinary shares (3)(15)	—	10/6/2020	—	60,068	6,105		7,714
						39,921		50,738		3.78	%
NM GLCR LP
Net Lease	Membership interest (7)(15)	—	2/1/2018	—	—	14,750		50,687		3.77	%
NM CLFX LP
Net Lease	Membership interest (7)(15)	—	10/6/2017	—	—	12,538		24,676		1.84	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (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)(27)	—	8/17/2018	—	12,697,683	$	12,698	$	11,085
	Preferred shares (3)(15)(27)	—	8/29/2019	—	7,546,829	7,547		7,215
	Preferred shares (3)(15)(26)(41)	—	6/30/2017	—	19,795,435	19,795		396
	Preferred shares (2)(15)(25)(41)	—	1/13/2015	—	29,326,545	26,946		—
	Preferred shares (3)(15)(25)(41)	—	1/13/2015	—	8,104,462	7,447		—
	Ordinary shares (2)(15)	—	1/13/2015	—	2,096,477	1,925		—
	Ordinary shares (3)(15)	—	1/13/2015	—	1,993,749	532		—
						76,890		18,696		1.39	%
NM APP US LLC
Net Lease	Membership interest (7)(15)	—	9/13/2016	—	—	5,080		14,891		1.11	%
New Permian Holdco, Inc.
Energy	Ordinary shares (3)(15)	—	10/30/2020	—	100	11,155		11,000		0.82	%
NM YI, LLC
Net Lease	Membership interest (7)(15)	—	9/30/2019	—	—	6,272		8,286		0.62	%
NM DRVT LLC
Net Lease	Membership interest (7)(15)	—	11/18/2016	—	—	5,152		7,984		0.59	%
NM JRA LLC
Net Lease	Membership interest (7)(15)	—	8/12/2016	—	—	2,043		3,996		0.30	%
NHME Holdings Corp. (28)
Healthcare Services	Ordinary shares (3)(15)	—	11/27/2018	—	640,000	4,000		2,000		0.15	%
NM GP Holdco, LLC**
Net Lease	Membership interest (7)(15)	—	6/20/2018	—	—	998		1,197		0.09	%
NM KRLN LLC
Net Lease	Membership interest (7)(15)	—	11/15/2016	—	—	9,222		244		0.02	%
QID TRH Holdings LLC (21)
Tenawa Resource Holdings LLC
Specialty Chemicals & Materials	Ordinary shares (14)(15)	—	10/1/2021	—	80	—		—
	Profit Interest (6)(15)	—	10/1/2021	—	5	—		—
						—		—		—	%
Total Shares - United States						$	527,624	$	554,665	41.31	%

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Interest Rate (19)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares (17)		Cost		Fair Value		Percent of Net Assets
Equity - Canada
NM APP Canada Corp.**
Net Lease	Membership interest (7)(15)	—	9/13/2016	—	—		$	7,345	$	9,422	0.70	%
Total Shares - Canada							$	7,345	$	9,422	0.70	%
Total Shares							$	534,969	$	564,087	42.01	%
Warrants - United States
UniTek Global Services, Inc.
Business Services	Warrants (3)(15)	—	12/16/2020	2/20/2025	8,523		$	—	$	13,081	0.97	%
NHME Holdings Corp. (28)
Healthcare Services	Warrants (3)(15)	—	11/27/2018	—	160,000		1,000		500		0.04	%
Total Warrants - United States							$	1,000	$	13,581	1.01	%
Total Funded Investments							$	722,467	$	755,810	56.29	%
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
Energy	First lien (3)(15)(18) - Undrawn	—	10/30/2020	12/31/2024	$	4,977	$	—	$	—	—	%
Tenawa Resource Holdings LLC (21)
Tenawa Resource Management LLC
Specialty Chemicals & Materials	First lien (3)(15)(18) - Undrawn	—	12/17/2021	10/30/2026	8,000		—		—		—	%
Total Unfunded Debt Investments - United States							$	—	$	—	—	%
Total Controlled Investments							$	722,467	$	755,810	56.29	%
Total Investments							$	3,126,492	$	3,174,364	236.43	%

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

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

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

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

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

(10)Investment is held in NMF Permian Holdings, LLC

(11)Investment is held in NMF HB, Inc

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

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

Table of Contents

New Mountain Finance Corporation

Consolidated Schedule of Investments (Continued)

December 31, 2021

(in thousands, except shares)

(13)Investment is held in NMF Pioneer, Inc

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

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

(16)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of December 31, 2021, the par value U.S. dollar equivalent of the first lien term loan, drawn first lien term loan and the undrawn first lien term loan is $17,428, $5,103 and $12,884, respectively. See Note 2. Summary of Significant Accounting Policies, for details

(17)Par amount is denominated in United States Dollar unless otherwise noted, British Pound ("£").

(19)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (L), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (Sonia), and the alternative base rate (Base) and which resets daily (D), weekly (W), monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of December 31, 2021.

(21)The Company holds investments in multiple entities of Tenawa Resource Holdings LLC. The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Tenawa Resource Holdings LLC, and holds a tranche A first lien term loan, a tranche B first lien term loan and a first lien revolver in Tenawa Resource Management LLC.

(23)The Company holds investments in two wholly-owned subsidiaries of Appriss Health Holdings, Inc. The Company holds a first lien term loan and a first lien revolver in Appriss Health, LLC, and preferred equity in Appriss Health Intermediate Holdings, Inc. The preferred equity is entitled to receive preferential dividends at a rate of 11.00% per annum.