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New Mountain Finance Corporation
NMFC
#7110
Rank
$0.68 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$7.30
Share price
-0.82%
Change (1 day)
N/A
Change (1 year)
  1. New Mountain Finance Corporation
  2. Quarterly Reports (10-Q)
  3. Submitted on 2022-11-08

New Mountain Finance Corporation - 10-Q quarterly report FY


Text size:
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Acquisitionco, Inc, First Lien 12022-09-30xbrli:pure0001496099GS Acquisitionco, Inc, First Lien 22022-09-300001496099GS Acquisitionco, Inc, First Lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:GSAcquisitioncoIncMember2022-09-300001496099PhyNet Dermatology LLC, First Lien 12022-09-300001496099PhyNet Dermatology LLC, First Lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:PhyNetDermatologyLLCMember2022-09-300001496099Kaseya Inc., First lien2022-09-300001496099Associations, Inc., First lien 12022-09-300001496099Associations, Inc., First lien 22022-09-300001496099Associations, Inc., First lien 32022-09-300001496099Associations, Inc., First lien 42022-09-300001496099Associations, Inc., First lien 52022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:AssociationsIncMember2022-09-300001496099AAH Topco, LLC, First Lien 12022-09-300001496099AAH Topco, LLC, First Lien 22022-09-300001496099AAH Topco, LLC, First Lien - Drawn 12022-09-300001496099AAH Topco, LLC, First Lien - Drawn 22022-09-300001496099AAH Topco, LLC, Subordinated 12022-09-300001496099AAH Topco, LLC, Subordinated 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:AAHTopcoLLCMember2022-09-300001496099GC Waves Holdings, Inc., First Lien 12022-09-300001496099GC Waves Holdings, Inc., First Lien 22022-09-300001496099GC Waves Holdings, Inc., First Lien 32022-09-300001496099GC Waves Holdings, Inc., First Lien - Drawn2022-09-300001496099nmfc:GCWavesHoldingsIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099CentralSquare Technologies, LLC, Second lien 12022-09-300001496099CentralSquare Technologies, LLC, Second lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:CentralSquareTechnologiesLLCMember2022-09-300001496099Infogain Corporation, First lien 12022-09-300001496099Infogain Corporation, First lien 22022-09-300001496099Infogain Corporation, First lien - Drawn2022-09-300001496099Infogain Corporation, First lien - Subordinated2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:InfogainCorporationMember2022-09-300001496099iCIMS, Inc., First lien2022-09-300001496099Brave Parent Holdings, Inc., Second lien 12022-09-300001496099Brave Parent Holdings, Inc., Second lien 22022-09-300001496099Brave Parent Holdings, Inc., Second lien 32022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:BraveParentHoldingsIncMember2022-09-300001496099Deca Dental Holdings LLC, First lien2022-09-300001496099Deca Dental Holdings LLC, First lien - Drawn 12022-09-300001496099Deca Dental Holdings LLC, First lien - Drawn 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:DecaDentalHoldingsLLCMember2022-09-300001496099Frontline Technologies Group Holdings, LLC, First Lien 12022-09-300001496099Frontline Technologies Group Holdings, LLC, First Lien 22022-09-300001496099Frontline Technologies Group Holdings, LLC, First Lien 32022-09-300001496099Frontline Technologies Group Holdings, LLC, First Lien 42022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:FrontlineTechnologiesGroupHoldingsLLCMember2022-09-300001496099Recorded Future, Inc., First lien 12022-09-300001496099Recorded Future, Inc., First lien 22022-09-300001496099nmfc:RecordedFutureIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099Auctane, Inc., First lien 12022-09-300001496099Auctane, Inc., First lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:AuctaneIncMember2022-09-300001496099Diligent Corporation, First lien 12022-09-300001496099Diligent Corporation, First lien 22022-09-300001496099Diligent Corporation, First lien 32022-09-300001496099Diligent Corporation, First lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:DiligentCorporationMember2022-09-300001496099OEConnection LLC, Second lien 12022-09-300001496099OEConnection LLC, Second lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:OEConnectionLLCMember2022-09-300001496099IG Investments Holdings, LLC, First lien 12022-09-300001496099IG Investments Holdings, LLC, First lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:IGInvestmentsHoldingsLLCMember2022-09-300001496099nmfc:FundedDebtSecuritiesMemberAnaplan, Inc., First lien2022-09-300001496099KAMC Holdings, Inc, Second lien 12022-09-300001496099KAMC Holdings, Inc, Second lien 22022-09-300001496099nmfc:KAMCHoldingsIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099EAB Global, Inc., Second lien2022-09-300001496099MRI Software LLC, First lien 12022-09-300001496099MRI Software LLC, First lien 22022-09-300001496099MRI Software LLC, First lien 32022-09-300001496099MRI Software LLC, First lien 42022-09-300001496099MRI Software LLC, First lien 52022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:MRISoftwareLLCMember2022-09-300001496099Foreside Financial Group, First lien 12022-09-300001496099Foreside Financial Group, First lien 22022-09-300001496099nmfc:ForesideFinancialGroupMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099DCA Investment Holding, LLC, First lien 12022-09-300001496099DCA Investment Holding, LLC, First lien 22022-09-300001496099DCA Investment Holding, LLC, First lien 32022-09-300001496099DCA Investment Holding, LLC, First lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:DCAInvestmentHoldingLLCMember2022-09-300001496099Granicus, Inc., First lien 12022-09-300001496099Granicus, Inc., First lien 22022-09-300001496099Granicus, Inc., First lien 32022-09-300001496099Granicus, Inc., First lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:GranicusIncMember2022-09-300001496099TigerConnect, Inc., First lien2022-09-300001496099OA Buyer, Inc., First lien 12022-09-300001496099OA Buyer, Inc., First lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:OABuyerIncMember2022-09-300001496099Foundational Education Group, Inc., Second lien 12022-09-300001496099Foundational Education Group, Inc., Second lien 22022-09-300001496099nmfc:FoundationalEducationGroupIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099Fortis Solutions Group, LLC, First lien 12022-09-300001496099Fortis Solutions Group, LLC, First lien 22022-09-300001496099Fortis Solutions Group, LLC, First lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:FortisSolutionsGroupLLCMember2022-09-300001496099Syndigo LLC, Second lien 12022-09-300001496099Syndigo LLC, Second lien 22022-09-300001496099nmfc:SyndigoLLCMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 12022-09-300001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 22022-09-300001496099nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099VT Topco, Inc., Second lien 12022-09-300001496099VT Topco, Inc., Second lien 22022-09-300001496099nmfc:VTTopcoIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099DOCS, MSO, LLC, First lien 12022-09-300001496099DOCS, MSO, LLC, First lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:DOCSMSOLLCMember2022-09-300001496099CRCI Longhorn Holdings, Inc., Second lien 12022-09-300001496099CRCI Longhorn Holdings, Inc., Second lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:CRCILonghornHoldingsIncMember2022-09-300001496099Idera, Inc., Second lien 12022-09-300001496099Idera, Inc., Second lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:IderaIncMember2022-09-300001496099NMC Crimson Holdings, Inc., First lien 12022-09-300001496099NMC Crimson Holdings, Inc., First lien 22022-09-300001496099nmfc:NMCCrimsonHoldingsIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099nmfc:FundedDebtSecuritiesMemberAmeriVet Partners Management, Inc., First lien2022-09-300001496099nmfc:FundedDebtSecuritiesMemberAmeriVet Partners Management, Inc., First lien - Drawn 12022-09-300001496099AmeriVet Partners Management, Inc., First lien - Drawn 2nmfc:FundedDebtSecuritiesMember2022-09-300001496099nmfc:AmeriVetPartnersManagementIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099ACI Group Holdings, Inc., First lien2022-09-300001496099ACI Group Holdings, Inc., First lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:ACIGroupHoldingsIncMember2022-09-300001496099Wealth Enhancement Group, LLC, First lien 12022-09-300001496099Wealth Enhancement Group, LLC, First lien 22022-09-300001496099Wealth Enhancement Group, LLC, First lien - Drawn2022-09-300001496099Wealth Enhancement Group, LLC, First lien 32022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:WealthEnhancementGroupLLCMember2022-09-300001496099Convey Health Solutions, Inc., First lien 12022-09-300001496099Convey Health Solutions, Inc., First lien 22022-09-300001496099nmfc:ConveyHealthSolutionsIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099Bullhorn, Inc., First lien 12022-09-300001496099Bullhorn, Inc., First lien 22022-09-300001496099Bullhorn, Inc., First lien 32022-09-300001496099Bullhorn, Inc., First lien - Drawn2022-09-300001496099Bullhorn, Inc., First lien 42022-09-300001496099Bullhorn, Inc., First lien 52022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:BullhornIncMember2022-09-300001496099Spring Education Group, Inc (fka SSH Group Holdings, Inc.), Second liennmfc:FundedDebtSecuritiesMember2022-09-300001496099Cardinal Parent, Inc., First lien2022-09-300001496099Cardinal Parent, Inc., Second lien2022-09-300001496099nmfc:CardinalParentIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099TMK Hawk Parent, Corp., First lien 12022-09-300001496099TMK Hawk Parent, Corp., First lien 22022-09-300001496099nmfc:TMKHawkParentCorpMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099Notorious Topco, LLC, First lien 12022-09-300001496099Notorious Topco, LLC, First lien 22022-09-300001496099Notorious Topco, LLC, First lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:NotoriousTopcoLLCMember2022-09-300001496099YLG Holdings, Inc., First lien 12022-09-300001496099YLG Holdings, Inc., First lien 22022-09-300001496099YLG Holdings, Inc., First lien - Drawn 12022-09-300001496099YLG Holdings, Inc., First lien - Drawn 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:YLGHoldingsIncMember2022-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 12022-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 22022-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated2022-09-300001496099nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099Xactly Corporation, First lien2022-09-300001496099Xactly Corporation, First lien - Drawn2022-09-300001496099nmfc:XactlyCorporationMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099Ansira Holdings, Inc., First lien 12022-09-300001496099Ansira Holdings, Inc., First lien 22022-09-300001496099nmfc:AnsiraHoldingsIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099New Trojan Parent, Inc., Second lien2022-09-300001496099DG Investment Intermediate Holdings 2, Inc., Second lien2022-09-300001496099Bluefin Holding, LLC, First lien - Drawn2022-09-300001496099Bluefin Holding, LLC, Second lien2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:BluefinHoldingLLCMember2022-09-300001496099MED Parentco, LP, Second lien2022-09-300001496099Trinity Air Consultants Holdings Corporation, First lien2022-09-300001496099Trinity Air Consultants Holdings Corporation, First lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:TrinityAirConsultantsHoldingsCorporationMember2022-09-300001496099FS WhiteWater Borrower, LLC, First lien 12022-09-300001496099FS WhiteWater Borrower, LLC, First lien 22022-09-300001496099FS WhiteWater Borrower, LLC, First lien 32022-09-300001496099FS WhiteWater Borrower, LLC, First lien - Drawn 12022-09-300001496099FS WhiteWater Borrower, LLC, First lien - Drawn 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:FSWhiteWaterBorrowerLLCMember2022-09-300001496099The Kleinfelder Group, Inc., First lien2022-09-300001496099Coyote Buyer, LLC, First lien 12022-09-300001496099Coyote Buyer, LLC, First lien 22022-09-300001496099nmfc:CoyoteBuyerLLCMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099Pioneer Buyer I, LLC, First lien 12022-09-300001496099Pioneer Buyer I, LLC, First lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:PioneerBuyerILLCMember2022-09-300001496099Kele Holdco, Inc., First lien2022-09-300001496099Hill International, Inc., First lien2022-09-300001496099CFS Management, LLC, First lien 12022-09-300001496099CFS Management, LLC, First lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:CFSManagementLLCMember2022-09-300001496099Daxko Acquisition Corporation, First lien 12022-09-300001496099Daxko Acquisition Corporation, First lien 22022-09-300001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099Castle Management Borrower LLC, First lien2022-09-300001496099Alegeus Technologies Holding Corp., First lien2022-09-300001496099Transcendia Holdings, Inc., Second lien2022-09-300001496099IMO Investor Holdings, Inc., First lien2022-09-300001496099IMO Investor Holdings, Inc., First lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:IMOInvestorHoldingsIncMember2022-09-300001496099FR Arsenal Holdings II Corp., First lien2022-09-300001496099USRP Holdings, Inc., First lien 12022-09-300001496099USRP Holdings, Inc., First lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:USRPHoldingsIncMember2022-09-300001496099Calabrio, Inc., First lien2022-09-300001496099Apptio, Inc., First lien 12022-09-300001496099Apptio, Inc., First lien 22022-09-300001496099Apptio, Inc., First lien - Drawn2022-09-300001496099nmfc:ApptioIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099CHA Holdings, Inc., Second lien 12022-09-300001496099CHA Holdings, Inc., Second lien 22022-09-300001496099nmfc:CHAHoldingsIncMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099Specialtycare, Inc., First lien2022-09-300001496099Specialtycare, Inc., First lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:SpecialtycareIncMember2022-09-300001496099Quartz Holding Company, Second lien2022-09-300001496099PPVA Black Elk (Equity) LLC, Subordinated2022-09-300001496099Vectra Co., Second lien2022-09-300001496099CG Group Holdings, LLC, First lien2022-09-300001496099CG Group Holdings, LLC, First lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:CGGroupHoldingsLLCMember2022-09-300001496099KPSKY Acquisition Inc., First lien 12022-09-300001496099KPSKY Acquisition Inc., First lien 22022-09-300001496099KPSKY Acquisition Inc., First lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:KPSKYAcquisitionIncMember2022-09-300001496099Energize Holdco LLC, Second lien2022-09-300001496099Community Brands ParentCo, LLC, First lien2022-09-300001496099Safety Borrower Holdings LLC, First lien2022-09-300001496099Safety Borrower Holdings LLC, First lien - Drawn2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:SafetyBorrowerHoldingsLLCMember2022-09-300001496099ADG, LLC, Second lien2022-09-300001496099Appriss Health, LLC, First lien2022-09-300001496099Sun Acquirer Corp., First lien2022-09-300001496099Sun Acquirer Corp., First lien - Drawn 12022-09-300001496099Sun Acquirer Corp., First lien - Drawn 22022-09-300001496099nmfc:SunAcquirerCorpMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099PPV Intermediate Holdings LLC, First lien - Drawn2022-09-300001496099PPV Intermediate Holdings LLC, First lien2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:PPVIntermediateHoldingsLLCMember2022-09-300001496099nmfc:FundedDebtSecuritiesMemberPye-Barker Fire & Safety, LLC, First lien2022-09-300001496099Pye-Barker Fire & Safety, LLC, First lien - Drawmnmfc:FundedDebtSecuritiesMember2022-09-300001496099nmfc:PyeBarkerFireSafetyLLCMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099Education Management II LLC, First lien 12022-09-300001496099Education Management II LLC, First lien 22022-09-300001496099Education Management II LLC, First lien 32022-09-300001496099Education Management II LLC, First lien 42022-09-300001496099Education Management II LLC, First lien 52022-09-300001496099Education Management II LLC, First lien 62022-09-300001496099Education Management II LLC, First lien 72022-09-300001496099Education Management II LLC, First lien 82022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:EducationManagementIILLCMember2022-09-300001496099PPVA Fund, L.P., Collateralized Financing2022-09-300001496099nmfc:FundedDebtSecuritiesMembercountry:USus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-09-300001496099Tahoe Finco, LLC, First lien 12022-09-300001496099Tahoe Finco, LLC, First lien 12022-09-300001496099Tahoe Finco, LLC, First lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:TahoeFincoLLCMember2022-09-300001496099country:NLnmfc:FundedDebtSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-09-300001496099Aston FinCo S.a r.l. / Aston US Finco, LLC, Second lien2022-09-300001496099Integro Parent Inc., First lien 12022-09-300001496099Integro Parent Inc., First lien 22022-09-300001496099Integro Parent Inc., Second lien2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:IntegroParentIncMember2022-09-300001496099nmfc:FundedDebtSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMembercountry:GB2022-09-300001496099Tennessee Bidco Limited, First lien 12022-09-30iso4217:GBP0001496099Tennessee Bidco Limited, First lien 22022-09-300001496099Tennessee Bidco Limited, First lien 32022-09-300001496099Tennessee Bidco Limited, First lien 42022-09-300001496099Tennessee Bidco Limited, First lien 52022-09-30iso4217:EUR0001496099nmfc:FundedDebtSecuritiesMembernmfc:TennesseeBidcoLimitedMember2022-09-300001496099nmfc:FundedDebtSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMembercountry:JE2022-09-300001496099nmfc:FundedDebtSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-09-300001496099Dealer Tire Holdings, LLC, Preferred shares2022-09-300001496099Symplr Software Intermediate Holdings, Inc., Preferred Shares 12022-09-300001496099Symplr Software Intermediate Holdings, Inc., Preferred Shares 22022-09-300001496099nmfc:SymplrSoftwareIntermediateHoldingsIncMemberus-gaap:EquitySecuritiesMember2022-09-300001496099Knockout Intermediate Holdings I, Preferred shares2022-09-300001496099ACI Parent Inc., Preferred shares2022-09-300001496099Project Essential Super Parent, Inc., Preferred shares2022-09-300001496099Diligent Preferred Issuer, Inc., Preferred shares2022-09-300001496099OEC Holdco, LLC, Preferred shares2022-09-300001496099HB Wealth Management, LLC, Preferred shares2022-09-300001496099FS WhiteWater Holdings, LLC, Ordinary shares2022-09-300001496099Appriss Health Intermediate Holdings, Inc., Preferred shares2022-09-300001496099OA Topco, L.P., Ordinary shares2022-09-300001496099Pioneer Topco I, L.P., Ordinary shares2022-09-300001496099Ancora Acquisition LLC, Preferred shares2022-09-300001496099Education Management Corporation, Preferred shares 12022-09-300001496099Education Management Corporation, Preferred shares 22022-09-300001496099Education Management Corporation, Preferred shares 32022-09-300001496099Education Management Corporation, Preferred shares 42022-09-300001496099us-gaap:EquitySecuritiesMembernmfc:EducationManagementCorporationMember2022-09-300001496099AAC Lender Holdings, LLC, Ordinary shares2022-09-300001496099country:USus-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-09-300001496099Bach Special Limited (Bach Preference Limited), Preferred shares2022-09-300001496099country:HKus-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-09-300001496099us-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-09-300001496099nmfc:FundedSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien - Undrawn2022-09-300001496099Bullhorn, Inc., First lien - Undrawn2022-09-300001496099Appriss Health, LLC, First lien - Undrawn2022-09-300001496099Coyote Buyer, LLC, First lien - Undrawn2022-09-300001496099Kele Holdco, Inc., First lien - Undrawn2022-09-300001496099Diligent Corporation, First lien - Undrawn2022-09-300001496099Calabrio, Inc., First lien - Undrawn2022-09-300001496099Granicus, Inc., First lien - Undrawn 12022-09-300001496099Granicus, Inc., First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:GranicusIncMember2022-09-300001496099Associations, Inc., First lien - Undrawn2022-09-300001496099IG Investments Holdings, LLC, First lien - Undrawn2022-09-300001496099Apptio, Inc., First lien - Undrawn2022-09-300001496099Wealth Enhancement Group, LLC, First lien - Undrawn 12022-09-300001496099Wealth Enhancement Group, LLC, First lien - Undrawn 32022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:WealthEnhancementGroupLLCMember2022-09-300001496099DCA Investment Holding, LLC, First lien - Undrawn2022-09-300001496099Safety Borrower Holdings LLC, First lien - Undrawn 12022-09-300001496099Pye-Barker Fire & Safety, LLC, First lien - Undrawn 12022-09-300001496099Notorious Topco, LLC, First lien - Undrawn 12022-09-300001496099Notorious Topco, LLC, First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:NotoriousTopcoLLCMember2022-09-300001496099KPSKY Acquisition Inc., First lien - Undrawn 12022-09-300001496099Sun Acquirer Corp., First lien - Undrawn 12022-09-300001496099Sun Acquirer Corp., First lien - Undrawn 22022-09-300001496099nmfc:SunAcquirerCorpMembernmfc:UnfundedDebtSecuritiesMember2022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:BluefinHoldingLLCMember2022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:NMCCrimsonHoldingsIncMember2022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:CGGroupHoldingsLLCMember2022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:RecordedFutureIncMember2022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:GSAcquisitioncoIncMember2022-09-300001496099PPV Intermediate Holdings LLC First lien - Undrawn 12022-09-300001496099PPV Intermediate Holdings LLC, First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:PPVIntermediateHoldingsLLCMember2022-09-300001496099Community Brands ParentCo, LLC, First lien - Undrawn 12022-09-300001496099Community Brands ParentCo, LLC, First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:CommunityBrandsParentCoLLCMember2022-09-300001496099USRP Holdings, Inc., First lien - Undrawn2022-09-300001496099Infogain Corporation, First lien - Undrawn2022-09-300001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 12022-09-300001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:TrinityAirConsultantsHoldingsCorporationMember2022-09-300001496099DOCS, MSO, LLC, First lien - Undrawn 12022-09-300001496099DOCS, MSO, LLC, First lien - Undrawn 22022-09-300001496099DOCS, MSO, LLC, First lien - Undrawn 32022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:DOCSMSOLLCMember2022-09-300001496099OA Buyer, Inc., First lien - Undrawn2022-09-300001496099iCIMS, Inc., First lien - Undrawn 12022-09-300001496099iCIMS, Inc., First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:ICIMSIncMember2022-09-300001496099Daxko Acquisition Corporation, First lien - Undrawn 12022-09-300001496099Daxko Acquisition Corporation, First lien - Undrawn 22022-09-300001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:UnfundedDebtSecuritiesMember2022-09-300001496099Specialtycare, Inc., First lien - Undrawn 12022-09-300001496099Specialtycare, Inc., First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:SpecialtycareIncMember2022-09-300001496099IMO Investor Holdings, Inc., First lien - Undrawn 12022-09-300001496099IMO Investor Holdings, Inc., First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:IMOInvestorHoldingsIncMember2022-09-300001496099TigerConnect, Inc., First lien - Undrawn 12022-09-300001496099TigerConnect, Inc., First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:TigerConnectIncMember2022-09-300001496099Kaseya Inc., First lien - Undrawn 12022-09-300001496099Kaseya Inc., First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:KaseyaIncMember2022-09-300001496099Pioneer Buyer I, LLC, First lien - Undrawn2022-09-300001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 12022-09-300001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:FSWhiteWaterBorrowerLLCMember2022-09-300001496099Foreside Financial Group, LLC, First lien - Undrawn 12022-09-300001496099Foreside Financial Group, LLC, First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:ForesideFinancialGroupMember2022-09-300001496099Fortis Solutions Group, LLC, First lien - Undrawn 12022-09-300001496099Fortis Solutions Group, LLC, First lien - Undrawn 22022-09-300001496099Fortis Solutions Group, LLC, First lien - Undrawn 32022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:FortisSolutionsGroupLLCMember2022-09-300001496099YLG Holdings, Inc., First lien - Undrawn 12022-09-300001496099YLG Holdings, Inc., First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:YLGHoldingsIncMember2022-09-300001496099MRI Software LLC, First lien - Undrawn 12022-09-300001496099MRI Software LLC, First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:MRISoftwareLLCMember2022-09-300001496099GC Waves Holdings, Inc., First lien - Undrawn 12022-09-300001496099GC Waves Holdings, Inc., First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:GCWavesHoldingsIncMember2022-09-300001496099Deca Dental Holdings LLC, First lien - Undrawn 12022-09-300001496099Deca Dental Holdings LLC, First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:DecaDentalHoldingsLLCMember2022-09-300001496099ACI Group Holdings, Inc., First lien - Undrawn 12022-09-300001496099ACI Group Holdings, Inc., First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:ACIGroupHoldingsIncMember2022-09-300001496099AAH Topco, LLC, First lien - Undrawn 12022-09-300001496099AAH Topco, LLC, First lien - Undrawn 22022-09-300001496099AAH Topco, LLC, First lien - Undrawn 32022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:AAHTopcoLLCMember2022-09-300001496099AmeriVet Partners Management, Inc., First lien - Undrawn 12022-09-300001496099AmeriVet Partners Management, Inc., First lien - Undrawn 22022-09-300001496099nmfc:UnfundedDebtSecuritiesMembernmfc:AmeriVetPartnersManagementIncMember2022-09-300001496099nmfc:UnfundedDebtSecuritiesMembercountry:USus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-09-300001496099Tahoe Finco, LLC, First lien - Undrawn2022-09-300001496099nmfc:UnfundedDebtSecuritiesMembercountry:NLus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-09-300001496099nmfc:UnfundedDebtSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2022-09-300001496099Edmentum Ultimate Holdings, LLC, Subordinated2022-09-300001496099Sierra Hamilton Holdings Corporation, Second lien2022-09-300001496099Permian Trust, First lien 12022-09-300001496099Permian Trust, First lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:PermianTrustMember2022-09-300001496099nmfc:FundedDebtSecuritiesMembercountry:USus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001496099TVG-Edmentum Holdings, LLC, Ordinary shares2022-09-300001496099Sierra Hamilton Holdings Corporation, Ordinary shares 12022-09-300001496099Sierra Hamilton Holdings Corporation, Ordinary shares 22022-09-300001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:EquitySecuritiesMember2022-09-300001496099country:USus-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001496099New Benevis Holdco, Inc., First lien 12022-09-300001496099New Benevis Holdco, Inc., First lien 22022-09-300001496099New Benevis Holdco, Inc., First lien 32022-09-300001496099New Benevis Holdco, Inc., Subordinated2022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:NewBenevisHoldcoIncMember2022-09-300001496099Haven Midstream LLC, First lien 12022-09-300001496099Haven Midstream LLC, First lien 22022-09-300001496099nmfc:HavenMidstreamLLCMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099UniTek Global Services, Inc., First lien 12022-09-300001496099UniTek Global Services, Inc., First lien 22022-09-300001496099UniTek Global Services, Inc., First lien 32022-09-300001496099UniTek Global Services, Inc., First lien 42022-09-300001496099UniTek Global Services, Inc., Second lien 12022-09-300001496099UniTek Global Services, Inc., Second lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:UniTekGlobalServicesIncMember2022-09-300001496099New Permian Holdco, L.L.C., First lien2022-09-300001496099New Permian Holdco, L.L.C., First lien - Drawn2022-09-300001496099nmfc:NewPermianHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2022-09-300001496099National HME, Inc., Second lien 12022-09-300001496099National HME, Inc., Second lien 22022-09-300001496099nmfc:FundedDebtSecuritiesMembernmfc:NationalHMEIncMember2022-09-300001496099nmfc:FundedDebtSecuritiesMembercountry:USus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001496099NMFC Senior Loan Program III LLC, Membership interest2022-09-300001496099NMFC Senior Loan Program IV LLC, Membership interest2022-09-300001496099NM NL Holdings, L.P., Membership interest2022-09-300001496099New Benevis Topco, LLC, Ordinary shares 12022-09-300001496099New Benevis Topco, LLC, Ordinary shares 22022-09-300001496099New Benevis Topco, LLC, Ordinary shares 32022-09-300001496099nmfc:NewBenevisTopcoLLCMemberus-gaap:EquitySecuritiesMember2022-09-300001496099Haven Midstream Holdings LLC, Ordinary shares2022-09-300001496099Haven Midstream Holdings LLC, Profit Interest2022-09-300001496099us-gaap:EquitySecuritiesMembernmfc:HavenMidstreamHoldingsLLCMember2022-09-300001496099UniTek Global Services, Inc., Preferred shares 12022-09-300001496099UniTek Global Services, Inc., Preferred shares 22022-09-300001496099UniTek Global Services, Inc., Preferred shares 32022-09-300001496099UniTek Global Services, Inc., Preferred shares 42022-09-300001496099UniTek Global Services, Inc., Preferred shares 52022-09-300001496099UniTek Global Services, Inc., Ordinary shares 12022-09-300001496099UniTek Global Services, Inc., Ordinary shares 22022-09-300001496099us-gaap:EquitySecuritiesMembernmfc:UniTekGlobalServicesIncMember2022-09-300001496099NM CLFX LP, Membership interest2022-09-300001496099New Permian Holdco, Inc., Ordinary shares2022-09-300001496099NM YI, LLC, Membership interest2022-09-300001496099NM GP Holdco, LLC, Membership interest2022-09-300001496099NHME Holdings Corp., Ordinary shares2022-09-300001496099NM GLCR LP, Membership interest2022-09-300001496099NM APP US LLC, Membership interest2022-09-300001496099NM DRVT LLC, Membership interest2022-09-300001496099NM JRA LLC, Membership interest2022-09-300001496099NM KRLN LLC, Membership interest2022-09-300001496099country:USus-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001496099NM APP Canada Corp., Membership interest2022-09-300001496099country:CAus-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001496099us-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001496099UniTek Global Services, Inc., Warrants2022-09-300001496099NHME Holdings Corp., Warrants2022-09-300001496099country:USus-gaap-supplement:InvestmentAffiliatedIssuerControlledMemberus-gaap:WarrantMember2022-09-300001496099nmfc:FundedSecuritiesMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001496099New Permian Holdco, L.L.C., First lien - Undrawn2022-09-300001496099Haven Midstream LLC, First lien - Undrawn2022-09-300001496099nmfc:UnfundedDebtSecuritiesMembercountry:USus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001496099Tennessee Bidco Limited, First lien 2 and Tennessee Bidco Limited, First lien 52022-09-300001496099nmfc:QIDNGLLLCMemberus-gaap:CommonClassBMember2022-01-012022-09-300001496099us-gaap:CommonClassBMembernmfc:QIDTRHHoldingsLLCMember2022-01-012022-09-300001496099OEConnection LLC, Second lien2022-09-30nmfc:investment0001496099OEC Holdco, LLC, Preferred shares2022-01-012022-09-300001496099Appriss Health Holdings, Inc, Wholly-owned subsidiaries2022-09-300001496099Appriss Health Intermediate Holdings, Inc., Preferred shares2022-01-012022-09-300001496099TVG-Edmentum Holdings, LLC, Ordinary shares2022-01-012022-09-300001496099UniTek Global Services, Inc., Preferred shares 4 and UniTek Global Services, Inc., Preferred shares 52022-01-012022-09-300001496099UniTek Global Services, Inc., Preferred shares 32022-01-012022-09-300001496099UniTek Global Services, Inc., Preferred shares 1 and UniTek Global Services, Inc., Preferred shares 22022-01-012022-09-300001496099Bach Special Limited (Bach Preference Limited), Preferred shares2022-01-012022-09-300001496099Dealer Tire Holdings, LLC, Preferred shares2022-01-012022-09-300001496099Symplr Software Intermediate Holdings, Inc., Preferred Shares2022-01-012022-09-300001496099Project Essential Super Parent, Inc., Preferred shares2022-01-012022-09-300001496099Diamond Parent Holdings Corp, Wholly-owned subsidiaries2022-09-300001496099Diligent Corporation, First lien2022-09-300001496099Diligent Preferred Issuer, Inc., Preferred shares2022-01-012022-09-300001496099ACI Parent Inc., Preferred shares2022-01-012022-09-300001496099HB Wealth Management, LLC, Preferred shares2022-01-012022-09-300001496099FS WhiteWater Borrower, LLC, First lien2022-09-300001496099Knockout Intermediate Holdings I, Preferred shares2022-01-012022-09-30nmfc:agreement0001496099us-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:PermianHoldco3IncAndPermianTrustMember2021-12-310001496099us-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:PermianHoldco3IncAndPermianTrustMember2022-01-012022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMembernmfc:PermianHoldco3IncAndPermianTrustMember2022-09-300001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2021-12-310001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2022-01-012022-09-300001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001496099nmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2021-12-310001496099nmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2022-01-012022-09-300001496099nmfc:TVGEdmentumHoldingsLLCAndEdmentumUltimateHoldingsLLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NationalHMEIncAndNHMEHoldingsCorpMember2021-12-310001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NationalHMEIncAndNHMEHoldingsCorpMember2022-01-012022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NationalHMEIncAndNHMEHoldingsCorpMember2022-09-300001496099nmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001496099nmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-01-012022-09-300001496099nmfc:NewBenevisTopcoLLCAndNewBenevisHoldcoIncMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember2021-12-310001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember2022-01-012022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NewPermianHoldcoIncAndNewPermianHoldcoLLCMember2022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMAPPCanadaCorpMember2021-12-310001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMAPPCanadaCorpMember2022-01-012022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMAPPCanadaCorpMember2022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMAPPUSLLCMember2021-12-310001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMAPPUSLLCMember2022-01-012022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMAPPUSLLCMember2022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMCLFXLPMember2021-12-310001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMCLFXLPMember2022-01-012022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMCLFXLPMember2022-09-300001496099nmfc:NMDRVTLLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001496099nmfc:NMDRVTLLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-01-012022-09-300001496099nmfc:NMDRVTLLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001496099nmfc:NMJRALLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001496099nmfc:NMJRALLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-01-012022-09-300001496099nmfc:NMJRALLCMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMGLCRLPMember2021-12-310001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMGLCRLPMember2022-01-012022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMGLCRLPMember2022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMKRLNLLCMember2021-12-310001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMKRLNLLCMember2022-01-012022-09-300001496099us-gaap-supplement:InvestmentAffiliatedIssuerControlledMembernmfc:NMKRLNLLCMember2022-09-300001496099nmfc:NMNLHoldingsLPMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001496099nmfc:NMNLHoldingsLPMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2022-01-012022-09-300001496099nmfc:NMNLHoldingsLPMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember202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Acquisitionco, Inc., First lien 12021-12-310001496099GS Acquisitionco, Inc., First lien 22021-12-310001496099GS Acquisitionco, Inc., First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:GSAcquisitioncoIncMember2021-12-310001496099PhyNet Dermatology LLC, First lien 12021-12-310001496099PhyNet Dermatology LLC, First lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:PhyNetDermatologyLLCMember2021-12-310001496099Associations, Inc., First lien 12021-12-310001496099Associations, Inc., First lien 22021-12-310001496099Associations, Inc., First lien 32021-12-310001496099Associations, Inc., First lien 42021-12-310001496099Associations, Inc., First lien 52021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:AssociationsIncMember2021-12-310001496099iCIMS, Inc., First lien 12021-12-310001496099iCIMS, Inc., First lien 22021-12-310001496099iCIMS, Inc., First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:ICIMSIncMember2021-12-310001496099Frontline Technologies Group Holdings, LLC, First lien 12021-12-310001496099Frontline Technologies Group Holdings, LLC, First lien 22021-12-310001496099Frontline Technologies Group Holdings, LLC, First lien 32021-12-310001496099Frontline Technologies Group Holdings, LLC, First lien 42021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:FrontlineTechnologiesGroupHoldingsLLCMember2021-12-310001496099CentralSquare Technologies, LLC, Second lien 12021-12-310001496099CentralSquare Technologies, LLC, Second lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:CentralSquareTechnologiesLLCMember2021-12-310001496099Integro Parent Inc., First lien2021-12-310001496099Integro Parent Inc., First lien - Drawn2021-12-310001496099Integro Parent Inc., Second lien2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:IntegroParentIncMember2021-12-310001496099NM GRC Holdco, LLC, First lien 12021-12-310001496099NM GRC Holdco, LLC, First lien 22021-12-310001496099nmfc:NMGRCHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099Affinity Dental Management, Inc., First lien 12021-12-310001496099Affinity Dental Management, Inc., First lien 22021-12-310001496099Affinity Dental Management, Inc., First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:AffinityDentalManagementIncMember2021-12-310001496099Brave Parent Holdings, Inc., Second lien 12021-12-310001496099Brave Parent Holdings, Inc., Second lien 22021-12-310001496099Brave Parent Holdings, Inc., Second lien 32021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:BraveParentHoldingsIncMember2021-12-310001496099Deca Dental Holdings LLC, First lien2021-12-310001496099Deca Dental Holdings LLC, First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:DecaDentalHoldingsLLCMember2021-12-310001496099Kaseya Inc., First lien 12021-12-310001496099Kaseya Inc., First lien 22021-12-310001496099Kaseya Inc., First lien 32021-12-310001496099Kaseya Inc., First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:KaseyaIncMember2021-12-310001496099GC Waves Holdings, Inc., First lien 12021-12-310001496099GC Waves Holdings, Inc., First lien 22021-12-310001496099GC Waves Holdings, Inc., First lien - Drawn2021-12-310001496099nmfc:GCWavesHoldingsIncMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099Stamps.com Inc., First lien2021-12-310001496099OEConnection LLC, Second lien 12021-12-310001496099OEConnection LLC, Second lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:OEConnectionLLCMember2021-12-310001496099Diligent Corporation, First lien 12021-12-310001496099Diligent Corporation, First lien 22021-12-310001496099Diligent Corporation, First lien 32021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:DiligentCorporationMember2021-12-310001496099EAB Global, Inc., Second lien2021-12-310001496099KAMC Holdings, Inc, Second lien 12021-12-310001496099KAMC Holdings, Inc, Second lien 22021-12-310001496099nmfc:KAMCHoldingsIncMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099AAH Topco, LLC, First lien2021-12-310001496099AAH Topco, LLC, Subordinated2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:AAHTopcoLLCMember2021-12-310001496099IG Investments Holdings, LLC, First lien2021-12-310001496099IG Investments Holdings, LLC, First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:IGInvestmentsHoldingsLLCMember2021-12-310001496099Ansira Holdings, Inc., First lien 12021-12-310001496099Ansira Holdings, Inc., First lien 22021-12-310001496099nmfc:AnsiraHoldingsIncMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099Granicus, Inc., First lien 12021-12-310001496099Granicus, Inc., First lien 22021-12-310001496099Granicus, Inc., First lien 32021-12-310001496099Granicus, Inc., First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:GranicusIncMember2021-12-310001496099MRI Software LLC, First lien 12021-12-310001496099MRI Software LLC, First lien 22021-12-310001496099MRI Software LLC, First lien 32021-12-310001496099MRI Software LLC, First lien 42021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:MRISoftwareLLCMember2021-12-310001496099Keystone Acquisition Corp., First lien2021-12-310001496099Keystone Acquisition Corp., Second lien2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:KeystoneAcquisitionCorpMember2021-12-310001496099OA Buyer, Inc., First lien2021-12-310001496099Foundational Education Group, Inc., Second lien 12021-12-310001496099Foundational Education Group, Inc., Second lien 22021-12-310001496099nmfc:FoundationalEducationGroupIncMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099TMK Hawk Parent, Corp., First lien 12021-12-310001496099TMK Hawk Parent, Corp., First lien 22021-12-310001496099nmfc:TMKHawkParentCorpMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099New Trojan Parent, Inc., Second lien2021-12-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 12021-12-310001496099HS Purchaser, LLC / Help/Systems Holdings, Inc., Second lien 22021-12-310001496099nmfc:HSPurchaserLLCHelpSystemsHoldingsIncMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099VT Topco, Inc., Second lien 12021-12-310001496099VT Topco, Inc., Second lien 22021-12-310001496099nmfc:VTTopcoIncMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099CRCI Longhorn Holdings, Inc., Second lien 12021-12-310001496099CRCI Longhorn Holdings, Inc., Second lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:CRCILonghornHoldingsIncMember2021-12-310001496099Galway Borrower LLC, First lien 12021-12-310001496099Galway Borrower LLC, First lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:GalwayBorrowerLLCMember2021-12-310001496099Idera, Inc., Second lien 12021-12-310001496099Idera, Inc., Second lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:IderaIncMember2021-12-310001496099NMC Crimson Holdings, Inc., First lien 12021-12-310001496099NMC Crimson Holdings, Inc., First lien 22021-12-310001496099nmfc:NMCCrimsonHoldingsIncMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099Syndigo LLC, Second lien2021-12-310001496099ACI Group Holdings, Inc., First lien2021-12-310001496099ACI Group Holdings, Inc., First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:ACIGroupHoldingsIncMember2021-12-310001496099Cardinal Parent, Inc., First lien2021-12-310001496099Cardinal Parent, Inc., Second lien2021-12-310001496099nmfc:CardinalParentIncMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099DCA Investment Holding, LLC, First lien2021-12-310001496099DCA Investment Holding, LLC, First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:DCAInvestmentHoldingLLCMember2021-12-310001496099Spring Education Group, Inc (fka SSH Group Holdings, Inc.), Second lien2021-12-310001496099MED Parentco, LP, Second lien2021-12-310001496099DG Investment Intermediate Holdings 2, Inc., Second lien2021-12-310001496099YLG Holdings, Inc., First lien 12021-12-310001496099YLG Holdings, Inc., First lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:YLGHoldingsIncMember2021-12-310001496099Fortis Solutions Group, LLC, First lien 12021-12-310001496099Fortis Solutions Group, LLC, First lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:FortisSolutionsGroupLLCMember2021-12-310001496099Bluefin Holding, LLC, Second lien2021-12-310001496099Bluefin Holding, LLC, First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:BluefinHoldingLLCMember2021-12-310001496099Bullhorn, Inc., First lien 12021-12-310001496099Bullhorn, Inc., First lien 22021-12-310001496099Bullhorn, Inc., First lien 32021-12-310001496099Bullhorn, Inc., First lien 42021-12-310001496099Bullhorn, Inc., First lien 52021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:BullhornIncMember2021-12-310001496099Convey Health Solutions, Inc., First lien2021-12-310001496099Xactly Corporation, First lien2021-12-310001496099Infogain Corporation, First lien2021-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 12021-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien 22021-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated2021-12-310001496099nmfc:AmericanAchievementCorporationAkaAACHoldingCorpMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099The Kleinfelder Group, Inc., First lien2021-12-310001496099Kele Holdco, Inc., First lien2021-12-310001496099Kele Holdco, Inc., First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:KeleHoldcoIncMember2021-12-310001496099Coyote Buyer, LLC, First lien 12021-12-310001496099Coyote Buyer, LLC, First lien 22021-12-310001496099nmfc:CoyoteBuyerLLCMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099Trinity Air Consultants Holdings Corporation, First lien2021-12-310001496099Trinity Air Consultants Holdings Corporation, First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:TrinityAirConsultantsHoldingsCorporationMember2021-12-310001496099Hill International, Inc., First lien2021-12-310001496099CFS Management, LLC, First lien 12021-12-310001496099CFS Management, LLC, First lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:CFSManagementLLCMember2021-12-310001496099FR Arsenal Holdings II Corp., First lien2021-12-310001496099Pioneer Buyer I, LLC, First lien2021-12-310001496099Transcendia Holdings, Inc., Second lien2021-12-310001496099Alegeus Technologies Holding Corp., First lien2021-12-310001496099Daxko Acquisition Corporation, First lien2021-12-310001496099FS WhiteWater Borrower, LLC, First lien2021-12-310001496099FS WhiteWater Borrower, LLC, First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:FSWhiteWaterBorrowerLLCMember2021-12-310001496099Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC), First lien2021-12-310001496099Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC), Second lien 12021-12-310001496099Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC), Second lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:CommunityBrandsParentCoLLCFkaMinistryBrandsLLCMember2021-12-310001496099USRP Holdings, Inc., First lien 12021-12-310001496099USRP Holdings, Inc., First lien 22021-12-310001496099USRP Holdings, Inc., First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:USRPHoldingsIncMember2021-12-310001496099Castle Management Borrower LLC, First lien2021-12-310001496099Calabrio, Inc., First lien2021-12-310001496099Apptio, Inc., First lien2021-12-310001496099Apptio, Inc., First lien - Drawn2021-12-310001496099nmfc:ApptioIncMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099CHA Holdings, Inc., Second lien 12021-12-310001496099CHA Holdings, Inc., Second lien 22021-12-310001496099nmfc:CHAHoldingsIncMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099Recorded Future, Inc., First lien 12021-12-310001496099Recorded Future, Inc., First lien 22021-12-310001496099nmfc:RecordedFutureIncMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099Vectra Co., Second lien2021-12-310001496099PPVA Black Elk (Equity) LLC, Subordinated2021-12-310001496099Notorious Topco, LLC, First lien2021-12-310001496099Notorious Topco, LLC, First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:NotoriousTopcoLLCMember2021-12-310001496099Quartz Holding Company, Second lien2021-12-310001496099Wealth Enhancement Group, LLC, First lien - Drawn 12021-12-310001496099Wealth Enhancement Group, LLC, First lien - Drawn 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:WealthEnhancementGroupLLCMember2021-12-310001496099Geo Parent Corporation, First lien2021-12-310001496099AgKnowledge Holdings Company, Inc., First lien2021-12-310001496099CG Group Holdings, LLC, First lien2021-12-310001496099CG Group Holdings, LLC, First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:CGGroupHoldingsLLCMember2021-12-310001496099Energize Holdco LLC, Second lien2021-12-310001496099KPSKY Acquisition Inc., First lien2021-12-310001496099KPSKY Acquisition Inc., First lien - Drawn2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:KPSKYAcquisitionIncMember2021-12-310001496099Specialtycare, Inc., First lien2021-12-310001496099Restaurant Technologies, Inc., Second lien2021-12-310001496099Appriss Health, LLC, First lien2021-12-310001496099ADG, LLC, Second lien2021-12-310001496099Safety Borrower Holdings LLC, First lien2021-12-310001496099Sun Acquirer Corp., First lien2021-12-310001496099Sun Acquirer Corp., First lien - Drawn2021-12-310001496099nmfc:SunAcquirerCorpMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099Pye-Barker Fire & Safety, LLC, First lien - Drawn2021-12-310001496099Education Management II LLC, First lien 12021-12-310001496099Education Management II LLC, First lien 22021-12-310001496099Education Management II LLC, First lien 32021-12-310001496099Education Management II LLC, First lien 42021-12-310001496099Education Management II LLC, First lien 52021-12-310001496099Education Management II LLC, First lien 62021-12-310001496099Education Management II LLC, First lien 72021-12-310001496099Education Management II LLC, First lien 82021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:EducationManagementIILLCMember2021-12-310001496099PPVA Fund, L.P., Collateralized Financing2021-12-310001496099nmfc:FundedDebtSecuritiesMembercountry:USus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001496099Tahoe Finco, LLC, First lien 12021-12-310001496099Tahoe Finco, LLC, First lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:TahoeFincoLLCMember2021-12-310001496099country:NLnmfc:FundedDebtSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001496099Tennessee Bidco Limited, First lien 12021-12-310001496099Tennessee Bidco Limited, First lien 22021-12-310001496099Tennessee Bidco Limited, First lien - Drawn 12021-12-310001496099Tennessee Bidco Limited, First lien - Drawn 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:TennesseeBidcoLimitedMember2021-12-310001496099nmfc:FundedDebtSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMembercountry:JE2021-12-310001496099Aston FinCo S.a r.l. / Aston US Finco, LLC, Second lien2021-12-310001496099nmfc:FundedDebtSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMembercountry:GB2021-12-310001496099GEMS Menasa (Cayman) Limited, First lien2021-12-310001496099nmfc:FundedDebtSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMembercountry:AE2021-12-310001496099nmfc:FundedDebtSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001496099Dealer Tire Holdings, LLC, Preferred shares2021-12-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 12021-12-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares 22021-12-310001496099nmfc:SymplrSoftwareIntermediateHoldingsIncMemberus-gaap:EquitySecuritiesMember2021-12-310001496099ACI Parent Inc., Preferred shares2021-12-310001496099Project Essential Super Parent, Inc., Preferred shares2021-12-310001496099Diligent Preferred Issuer, Inc., Preferred shares2021-12-310001496099OEC Holdco, LLC, Preferred shares2021-12-310001496099FS WhiteWater Holdings, LLC, Ordinary shares2021-12-310001496099HB Wealth Management, LLC, Preferred shares2021-12-310001496099Appriss Health Intermediate Holdings, Inc., Preferred shares2021-12-310001496099OA Topco, L.P., Ordinary shares2021-12-310001496099Pioneer Topco I, L.P., Ordinary shares2021-12-310001496099Ancora Acquisition LLC, Preferred shares2021-12-310001496099Education Management Corporation, Preferred shares 12021-12-310001496099Education Management Corporation, Preferred shares 22021-12-310001496099Education Management Corporation, Ordinary shares 12021-12-310001496099Education Management Corporation, Ordinary shares 22021-12-310001496099us-gaap:EquitySecuritiesMembernmfc:EducationManagementCorporationMember2021-12-310001496099AAC Lender Holdings, LLC, Ordinary shares2021-12-310001496099country:USus-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001496099Bach Special Limited (Bach Preference Limited), Preferred shares2021-12-310001496099country:HKus-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001496099us-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001496099nmfc:FundedSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien - Undrawn2021-12-310001496099Bluefin Holding, LLC, First lien - Undrawn2021-12-310001496099Wealth Enhancement Group, LLC, First lien - Undrawn 12021-12-310001496099Wealth Enhancement Group, LLC, First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:WealthEnhancementGroupLLCMember2021-12-310001496099AgKnowledge Holdings Company, Inc., First lien - Undrawn2021-12-310001496099Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC), First lien - Undrawn2021-12-310001496099Coyote Buyer, LLC, First lien - Undrawn2021-12-310001496099Pye-Barker Fire & Safety, LLC, First lien - Undrawn 12021-12-310001496099Pye-Barker Fire & Safety, LLC, First lien - Undrawn 22021-12-310001496099nmfc:PyeBarkerFireSafetyLLCMembernmfc:UnfundedDebtSecuritiesMember2021-12-310001496099Xactly Corporation, First lien - Undrawn2021-12-310001496099MRI Software LLC, First lien - Undrawn 12021-12-310001496099MRI Software LLC, First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:MRISoftwareLLCMember2021-12-310001496099Bullhorn, Inc., First lien - Undrawn 12021-12-310001496099Bullhorn, Inc., First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:BullhornIncMember2021-12-310001496099Diligent Corporation, First lien - Undrawn2021-12-310001496099GS Acquisitionco, Inc., First lien - Undrawn2021-12-310001496099YLG Holdings, Inc., First lien - Undrawn 12021-12-310001496099YLG Holdings, Inc., First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:YLGHoldingsIncMember2021-12-310001496099Apptio, Inc., First lien - Undrawn2021-12-310001496099GC Waves Holdings, Inc., First lien - Undrawn 12021-12-310001496099GC Waves Holdings, Inc., First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:GCWavesHoldingsIncMember2021-12-310001496099Kaseya Inc., First lien - Undrawn 12021-12-310001496099Kaseya Inc., First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:KaseyaIncMember2021-12-310001496099CG Group Holdings, LLC, First lien - Undrawn2021-12-310001496099Recorded Future, Inc., First lien - Undrawn2021-12-310001496099KPSKY Acquisition Inc., First lien - Undrawn2021-12-310001496099Appriss Health, LLC, First lien - Undrawn2021-12-310001496099Kele Holdco, Inc., First lien - Undrawn2021-12-310001496099USRP Holdings, Inc., First lien - Undrawn2021-12-310001496099Safety Borrower Holdings LLC, First lien - Undrawn 12021-12-310001496099Safety Borrower Holdings LLC, First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:SafetyBorrowerHoldingsLLCMember2021-12-310001496099Calabrio, Inc., First lien - Undrawn2021-12-310001496099DCA Investment Holding, LLC, First lien - Undrawn2021-12-310001496099IG Investments Holdings, LLC, First lien - Undrawn2021-12-310001496099Notorious Topco, LLC, First lien - Undrawn 12021-12-310001496099Notorious Topco, LLC, First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:NotoriousTopcoLLCMember2021-12-310001496099Associations, Inc., First lien - Undrawn2021-12-310001496099Specialtycare, Inc., First lien - Undrawn 12021-12-310001496099Specialtycare, Inc., First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:SpecialtycareIncMember2021-12-310001496099Sun Acquirer Corp., First lien - Undrawn 12021-12-310001496099Sun Acquirer Corp., First lien - Undrawn 22021-12-310001496099nmfc:SunAcquirerCorpMembernmfc:UnfundedDebtSecuritiesMember2021-12-310001496099Pioneer Buyer I, LLC, First lien - Undrawn2021-12-310001496099Daxko Acquisition Corporation, First lien - Undrawn 12021-12-310001496099Daxko Acquisition Corporation, First lien - Undrawn 22021-12-310001496099nmfc:DaxkoAcquisitionCorporationMembernmfc:UnfundedDebtSecuritiesMember2021-12-310001496099Infogain Corporation, First lien - Undrawn2021-12-310001496099OA Buyer, Inc., First lien - Undrawn2021-12-310001496099Granicus, Inc., First lien - Undrawn 12021-12-310001496099Granicus, Inc., First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:GranicusIncMember2021-12-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 12021-12-310001496099Trinity Air Consultants Holdings Corporation, First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:TrinityAirConsultantsHoldingsCorporationMember2021-12-310001496099Galway Borrower LLC, First lien - Undrawn 12021-12-310001496099Galway Borrower LLC, First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:GalwayBorrowerLLCMember2021-12-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 12021-12-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 22021-12-310001496099FS WhiteWater Borrower, LLC, First lien - Undrawn 32021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:FSWhiteWaterBorrowerLLCMember2021-12-310001496099ACI Group Holdings, Inc., First lien - Undrawn 12021-12-310001496099ACI Group Holdings, Inc., First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:ACIGroupHoldingsIncMember2021-12-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 12021-12-310001496099Fortis Solutions Group, LLC, First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:FortisSolutionsGroupLLCMember2021-12-310001496099Deca Dental Holdings LLC, First lien - Undrawn 12021-12-310001496099Deca Dental Holdings LLC, First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:DecaDentalHoldingsLLCMember2021-12-310001496099NMC Crimson Holdings, Inc., First lien - Undrawn2021-12-310001496099AAH Topco, LLC, First lien - Undrawn 12021-12-310001496099AAH Topco, LLC, First lien - Undrawn 22021-12-310001496099nmfc:UnfundedDebtSecuritiesMembernmfc:AAHTopcoLLCMember2021-12-310001496099nmfc:UnfundedDebtSecuritiesMembercountry:USus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001496099Tennessee Bidco Limited, First lien - Undrawn2021-12-310001496099nmfc:UnfundedDebtSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMembercountry:JE2021-12-310001496099Tahoe Finco, LLC, First lien - Undrawn2021-12-310001496099nmfc:UnfundedDebtSecuritiesMembercountry:NLus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001496099nmfc:UnfundedDebtSecuritiesMemberus-gaap-supplement:InvestmentUnaffiliatedIssuerMember2021-12-310001496099Edmentum Ultimate Holdings, LLC, Subordinated2021-12-310001496099Sierra Hamilton Holdings Corporation, Second lien2021-12-310001496099Permian Trust, First lien 12021-12-310001496099Permian Trust, First lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:PermianTrustMember2021-12-310001496099nmfc:FundedDebtSecuritiesMembercountry:USus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2021-12-310001496099TVG-Edmentum Holdings, LLC, Ordinary shares2021-12-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 12021-12-310001496099Sierra Hamilton Holdings Corporation, Ordinary shares 22021-12-310001496099nmfc:SierraHamiltonHoldingsCorporationMemberus-gaap:EquitySecuritiesMember2021-12-310001496099country:USus-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentAffiliatedIssuerNoncontrolledMember2021-12-310001496099New Benevis Holdco, Inc., First lien 12021-12-310001496099New Benevis Holdco, Inc., First lien 22021-12-310001496099New Benevis Holdco, Inc., First lien 32021-12-310001496099New Benevis Holdco, Inc., Subordinated2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:NewBenevisHoldcoIncMember2021-12-310001496099UniTek Global Services, Inc., First lien 12021-12-310001496099UniTek Global Services, Inc., First lien 22021-12-310001496099UniTek Global Services, Inc., First lien 32021-12-310001496099UniTek Global Services, Inc., First lien 42021-12-310001496099UniTek Global Services, Inc., Second lien2021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:UniTekGlobalServicesIncMember2021-12-310001496099Tenawa Resource Management LLC, First lien 12021-12-310001496099Tenawa Resource Management LLC, First lien 22021-12-310001496099nmfc:TenawaResourceManagementLLCMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099National HME, Inc., Second lien 12021-12-310001496099National HME, Inc., Second lien 22021-12-310001496099nmfc:FundedDebtSecuritiesMembernmfc:NationalHMEIncMember2021-12-310001496099New Permian Holdco, L.L.C., First lien2021-12-310001496099New Permian Holdco, L.L.C., First lien - Drawn2021-12-310001496099nmfc:NewPermianHoldcoLLCMembernmfc:FundedDebtSecuritiesMember2021-12-310001496099nmfc:FundedDebtSecuritiesMembercountry:USus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001496099NMFC Senior Loan Program III LLC, Membership interest2021-12-310001496099NMFC Senior Loan Program IV LLC, Membership interest2021-12-310001496099NM NL Holdings, L.P., Membership interest2021-12-310001496099New Benevis Topco, LLC, Ordinary shares 12021-12-310001496099New Benevis Topco, LLC, Ordinary shares 22021-12-310001496099New Benevis Topco, LLC, Ordinary shares 32021-12-310001496099nmfc:NewBenevisTopcoLLCMemberus-gaap:EquitySecuritiesMember2021-12-310001496099NM GLCR LP, Membership interest2021-12-310001496099NM CLFX LP, Membership interest2021-12-310001496099UniTek Global Services, Inc., Preferred shares 12021-12-310001496099UniTek Global Services, Inc., Preferred shares 22021-12-310001496099UniTek Global Services, Inc., Preferred shares 32021-12-310001496099UniTek Global Services, Inc., Preferred shares 42021-12-310001496099UniTek Global Services, Inc., Preferred shares 52021-12-310001496099UniTek Global Services, Inc., Ordinary shares 12021-12-310001496099UniTek Global Services, Inc., Ordinary shares 22021-12-310001496099us-gaap:EquitySecuritiesMembernmfc:UniTekGlobalServicesIncMember2021-12-310001496099NM APP US LLC, Membership interest2021-12-310001496099New Permian Holdco, Inc., Ordinary shares2021-12-310001496099NM YI, LLC, Membership interest2021-12-310001496099NM DRVT LLC, Membership interest2021-12-310001496099NM JRA LLC, Membership interest2021-12-310001496099NHME Holdings Corp., Ordinary shares2021-12-310001496099NM GP Holdco, LLC, Membership interest2021-12-310001496099NM KRLN LLC, Membership interest2021-12-310001496099Tenawa Resource Holdings LLC, Ordinary shares2021-12-310001496099Tenawa Resource Holdings LLC, Profit Interest2021-12-310001496099nmfc:TenawaResourceHoldingsLLCMemberus-gaap:EquitySecuritiesMember2021-12-310001496099country:USus-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001496099NM APP Canada Corp., Membership interest2021-12-310001496099country:CAus-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001496099us-gaap:EquitySecuritiesMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001496099UniTek Global Services, Inc., Warrants2021-12-310001496099NHME Holdings Corp., Warrants2021-12-310001496099country:USus-gaap-supplement:InvestmentAffiliatedIssuerControlledMemberus-gaap:WarrantMember2021-12-310001496099nmfc:FundedSecuritiesMemberus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001496099New Permian Holdco, L.L.C., First lien - Undrawn2021-12-310001496099Tenawa Resource Management LLC, First lien - Undrawn2021-12-310001496099nmfc:UnfundedDebtSecuritiesMembercountry:USus-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001496099nmfc:QIDNGLLLCMemberus-gaap:CommonClassBMember2021-01-012021-12-310001496099us-gaap:CommonClassBMembernmfc:QIDTRHHoldingsLLCMember2021-01-012021-12-310001496099OEConnection LLC, Second lien2021-12-310001496099OEC Holdco, LLC, Preferred shares2021-01-012021-12-310001496099Appriss Health Holdings, Inc, Wholly-owned subsidiaries2021-12-310001496099Appriss Health Intermediate Holdings, Inc., Preferred shares2021-01-012021-12-310001496099TVG-Edmentum Holdings, LLC, Ordinary shares2021-01-012021-12-310001496099UniTek Global Services, Inc., Preferred shares 4 and UniTek Global Services, Inc., Preferred shares 52021-01-012021-12-310001496099UniTek Global Services, Inc., Preferred shares 32021-01-012021-12-310001496099UniTek Global Services, Inc., Preferred shares 1 and UniTek Global Services, Inc., Preferred shares 22021-01-012021-12-310001496099Bach Special Limited (Bach Preference Limited), Preferred shares2021-01-012021-12-310001496099Dealer Tire Holdings, LLC, Preferred shares2021-01-012021-12-310001496099Symplr Software Intermediate Holdings, Inc., Preferred shares2021-01-012021-12-310001496099Project Essential Super Parent, Inc., Preferred shares2021-01-012021-12-310001496099Diamond Parent Holdings Corp, Wholly-owned subsidiaries2021-12-310001496099Diligent Corporation, First lien2021-12-310001496099Diligent Preferred Issuer, Inc., Preferred shares2021-01-012021-12-310001496099ACI Parent Inc., Preferred shares2021-01-012021-12-310001496099HB Wealth Management, LLC, Preferred 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Holdings, Inc.2022-09-300001496099Ansira Holdings, Inc., Non-accrual status2022-07-012022-09-300001496099Ansira Holdings, Inc., Non-accrual status2022-01-012022-09-300001496099Integro Parent Inc., Second lien, Non-accrual status2022-06-300001496099Integro Parent Inc., Second lien, Non-accrual status2022-09-300001496099Integro Parent Inc., Second lien, Non-accrual status2022-07-012022-09-300001496099Integro Parent Inc., Second lien, Non-accrual status2022-01-012022-09-300001496099National HME, Inc., Second lien2022-09-300001496099National HME, Inc., Second lien , Non-accrual status2022-07-012022-09-300001496099National HME, Inc., Second lien , Non-accrual status2022-01-012022-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), First lien2022-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Subordinated, Non-accrual status2021-03-310001496099American Achievement Corporation (aka AAC Holding Corp.), First lien, Non-accrual status2021-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2022-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2022-07-012022-09-300001496099American Achievement Corporation (aka AAC Holding Corp.), Non-accrual status2022-01-012022-09-300001496099Sierra Hamilton Holdings Corporation, Second lien, Non-accrual status2022-07-012022-09-300001496099Sierra Hamilton Holdings Corporation, Second lien, Non-accrual status2022-01-012022-09-300001496099UniTek Global Services, Inc., Junior preferred shares, Non-accrual status2022-09-300001496099UniTek Global Services, Inc., Junior preferred shares, Non-accrual status2022-07-012022-09-300001496099UniTek Global Services, Inc., Junior preferred shares, Non-accrual status2022-01-012022-09-300001496099UniTek Global Services, Inc., Senior preferred shares, Non-accrual status2021-09-300001496099UniTek Global Services, Inc., Senior preferred shares, Non-accrual status2022-09-300001496099UniTek Global Services, Inc., Senior preferred shares, Non-accrual status2022-07-012022-09-300001496099UniTek Global Services, Inc., Senior preferred shares, Non-accrual status2022-01-012022-09-300001496099Education Management II LLC, First lien, Non-accrual status2022-09-300001496099Education Management II LLC, First lien, Non-accrual status2022-07-012022-09-300001496099Education Management II LLC, First lien, Non-accrual status2022-01-012022-09-300001496099nmfc:UnfundedDebtSecuritiesRevolvingCreditFacilitiesMember2022-09-300001496099nmfc:UnfundedDebtSecuritiesBridgeFacilitiesMember2022-09-300001496099nmfc:UnfundedDebtSecuritiesDelayedDrawsOrOtherFutureFundingCommitmentsMember2022-09-300001496099nmfc:UnfundedDebtSecuritiesRevolvingCreditFacilitiesMember2021-12-310001496099nmfc:UnfundedDebtSecuritiesBridgeFacilitiesMember2021-12-310001496099nmfc:UnfundedDebtSecuritiesDelayedDrawsOrOtherFutureFundingCommitmentsMember2021-12-310001496099PPVA Black Elk (Equity) 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Portfolio Company Investmentnmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Largest Portfolio Company Investmentnmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Top Five Largest Portfolio Company Investmentsnmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Top Five Largest Portfolio Company Investmentsnmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099ADMI Corp. (aka Aspen Dental), First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Advisor Group Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099AG Parent Holdings, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Artera Services, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Aston FinCo S.a.r.l. / Aston US Finco, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099athenahealth Group Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099BCPE Empire Holdings, Inc., First lien - Funded1nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099BCPE Empire Holdings, Inc., First lien - Funded2nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Bella Holding Company, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Bluefin Holding, LLC, First lien - Funded1nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Bluefin Holding, LLC, First lien - Funded2nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Bracket Intermediate Holding Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Brave Parent Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Brown Group Holding, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Cano Health, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Cardinal Parent, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099CE Intermediate I, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099CentralSquare Technologies, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099CHA Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099CommerceHub, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Confluent Health, LLC, First lien - Funded1nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Confluent Health, LLC, First lien - Funded2nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Medical Technologies, Inc., First lien - Funded2022-09-300001496099Cornerstone OnDemand, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCovenant Surgical Partners, Inc., First lien - Funded12022-09-300001496099Covenant Surgical Partners, Inc., First lien - Funded2nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099CRCI Longhorn Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099CVET Midco 2, L.P., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Dealer Tire, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099DG Investment Intermediate Holdings 2, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Discovery Purchaser Corporation, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Dispatch Acquisition Holdings, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Drilling Info Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099EAB Global, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Energize Holdco LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMembereResearchTechnology, Inc., First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEyeCare Partners, LLC, First lien - Funded2022-09-300001496099Foundational Education Group, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFrontline Technologies Intermediate Holdings, LLC, First lien - Funded12022-09-300001496099Frontline Technologies Intermediate Holdings, LLC, First lien - Funded2nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Frontline Technologies Intermediate Holdings, LLC, First lien - Funded3nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Greenway Health, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Heartland Dental, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHelp/Systems Holdings, Inc., First lien - Funded2022-09-300001496099Higginbotham Insurance Agency, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099HighTower Holding, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Houghton Mifflin Harcourt Company, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Idera, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLI Group Holdings, Inc., , First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLSCS Holdings, Inc., First lien - Funded2022-09-300001496099Mamba Purchaser, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Maverick Bidco Inc., , First lien - Funded1nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Maverick Bidco Inc., , First lien - Funded2nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Mavis Tire Express Services Topco Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099MED ParentCo, LP, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Mercury Borrower, Inc., Dirst lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099MH Sub I, LLC (Micro Holding Corp.), First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMitnick Corporate Purchaser, Inc., First lien - Funded2022-09-300001496099National Intergovernmental Purchasing Alliance Company, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Navex Topco, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberNetsmart, Inc., First lien - Funded2022-09-300001496099Outcomes Group Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Pearls (Netherlands) Bidco B.V., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Peraton Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC), First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Physician Partners, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Planview Parent, Inc., , First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Premise Health Holding Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Project Ruby Ultimate Parent Corp., First lien - Funded1nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Project Ruby Ultimate Parent Corp., First lien - Funded2nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099RealPage, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099RLG Holdings, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Sierra Enterprises, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Snap One Holdings Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Sovos Brands Intermediate, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSpring Education Group, Inc. (fka SSH Group Holdings, Inc.), First lien - Funded2022-09-300001496099Storable, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Symplr Software, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Syndigo LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Therapy Brands Holdings LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Thermostat Purchaser III, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Valcour Packaging, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099VT Topco, Inc., First lien - Funded1nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099VT Topco, Inc., First lien - Funded2nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099VT Topco, Inc., First lien - Funded3nmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099WatchGuard Technologies, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Waystar Technologies, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099WP CityMD Bidco LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Wrench Group LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099YI, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099nmfc:FundedSecuritiesMembernmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099athenahealth Group Inc., First lien - Unfundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Health, LLC, First lien - Unfunded2022-09-300001496099Therapy Brands Holdings LLC, First lien - Unfundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099Thermostat Purchaser III, Inc., First lien - Unfundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099VT Topco, Inc., First lien - Unfundednmfc:NMFCSeniorLoanProgramIIILLCMember2022-09-300001496099ADMI Corp. (aka Aspen Dental), First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Advisor Group Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099AG Parent Holdings, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Artera Services, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Aston FinCo S.a.r.l. / Aston US Finco, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099BCPE Empire Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Bearcat Buyer, Inc., First lien - Funded1nmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberBearcat Buyer, Inc., First lien - Funded22021-12-310001496099Bella Holding Company, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Bluefin Holding, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Bracket Intermediate Holding Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Brave Parent Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Cano Health, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Cardinal Parent, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099CE Intermediate I, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099CentralSquare Technologies, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099CHA Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099CommerceHub, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC), First lien - Funded1nmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC), First lien - Funded2nmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC), First lien - Funded3nmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Confluent Health, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Cornerstone OnDemand, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberCovenant Surgical Partners, Inc., First lien - Funded12021-12-310001496099Covenant Surgical Partners, Inc., First lien - Funded2nmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099CRCI Longhorn Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Dealer Tire, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099DG Investment Intermediate Holdings 2, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Dispatch Acquisition Holdings, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Drilling Info Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099EAB Global, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Energize Holdco LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMembereResearchTechnology, Inc., First lien - Funded2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberEyeCare Partners, LLC, First lien - Funded2021-12-310001496099Foundational Education Group, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberFrontline Technologies Intermediate Holdings, LLC, First lien - Funded12021-12-310001496099Frontline Technologies Intermediate Holdings, LLC, First lien - Funded2nmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Greenway Health, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Heartland Dental, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberHelp/Systems Holdings, Inc., First lien - Funded2021-12-310001496099Higginbotham Insurance Agency, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099HighTower Holding, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Idera, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2021-12-310001496099LI Group Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberLSCS Holdings, Inc., First lien - Funded2021-12-310001496099Mamba Purchaser, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberMaravai Intermediate Holdings, LLC, First lien - Funded2021-12-310001496099Maverick Bidco Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Mavis Tire Express Services Topco Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099MED ParentCo, LP, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Mercury Borrower, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099MH Sub I, LLC (Micro Holding Corp.), First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099National Intergovernmental Purchasing Alliance Company, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Navex Topco, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberNetsmart, Inc., First lien - Funded2021-12-310001496099Newport Group Holdings II, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Outcomes Group Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Peraton Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC), First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Planview Parent, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Premise Health Holding Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Project Ruby Ultimate Parent Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Quest Software US Holdings Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099RealPage, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099RLG Holdings, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Sierra Enterprises, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Snap One Holdings Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Sovos Brands Intermediate, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberSpring Education Group, Inc. (fka SSH Group Holdings, Inc.), First lien - Funded2021-12-310001496099Storable, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Symplr Software, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Syndigo LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Therapy Brands Holdings LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Thermostat Purchaser III, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099TIBCO Software Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Trader Interactive, LLC (fka Dominion Web Solutions LLC), First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Unified Women's Healthcare, LP, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Valcour Packaging, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099VetCor Professional Practices LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099VT Topco, Inc., First lien - Funded1nmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099VT Topco, Inc., First lien - Funded2nmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Waystar Technologies, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099WP CityMD Bidco LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Wrench Group LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099YI, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:FundedSecuritiesMembernmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMemberConfluent Health, LLC, First lien - Unfunded2021-12-310001496099Therapy Brands Holdings LLC, First lien - Unfundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099Thermostat Purchaser III, Inc., First lien - Unfundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099VT Topco, Inc., First lien - Unfundednmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2022-07-012022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2021-07-012021-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2021-01-012021-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2022-07-012022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2022-01-012022-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2021-07-012021-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2021-01-012021-09-300001496099nmfc:NMFCSeniorLoanProgramIIILLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2022-01-012022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:SkyKnightIncomeAlphaLLCMembernmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099us-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMember2021-05-050001496099us-gaap:LineOfCreditMembernmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-05-052021-05-050001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberus-gaap:RevolvingCreditFacilityMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:UnfundedSecuritiesMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMembernmfc:UnfundedSecuritiesMember2021-12-310001496099nmfc:DebtSecuritiesFirstLienMembernmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:DebtSecuritiesFirstLienMembernmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:DebtSecuritiesFirstLienMembersrt:WeightedAverageMembernmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:DebtSecuritiesFirstLienMembersrt:WeightedAverageMembernmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Largest Portfolio Company Investmentnmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Largest Portfolio Company Investmentnmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Top Five Largest Portfolio Company Investmentsnmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Top Five Largest Portfolio Company Investmentsnmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099ADG, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2022-09-300001496099Advisor Group Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Artera Services, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberathenahealth Group Inc., First lien - Funded2022-09-300001496099Barracuda Networks, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Bayou Intermediate II, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Bella Holding Company, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Bleriot US Bidco Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBracket Intermediate Holding Corp., First lien - Funded2022-09-300001496099Brave Parent Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Brown Group Holding, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Cano Health, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099CE Intermediate I, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099CentralSquare Technologies, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCertara Holdco, Inc., First lien - Funded2022-09-300001496099CHA Holdings, Inc., First lien - Funded1nmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099CHA Holdings, Inc., First lien - Funded2nmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Confluent Health, LLC, First lien - Funded1nmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Confluent Health, LLC, First lien - Funded2nmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Medical Technologies, Inc., First lien - Funded2022-09-300001496099Corgi Bidco, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCornerstone OnDemand, Inc., First lien - Funded2022-09-300001496099Dealer Tire, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDiscovery Purchaser Corporation, First lien - Funded2022-09-300001496099Dispatch Acquisition Holdings, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDrilling Info Holdings, Inc., First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEAB Global, Inc., , First lien - Funded2022-09-300001496099Emerald 2 Limited, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEnergize Holdco LLC, First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMembereResearchTechnology, Inc., First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberEyeCare Partners, LLC, First lien - Funded2022-09-300001496099Foundational Education Group, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberGeo Parent Corporation, First lien - Funded2022-09-300001496099Greenway Health, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHeartland Dental, LLC, First lien - Funded12022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHeartland Dental, LLC, First lien - Funded22022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHelp/Systems Holdings, Inc., First lien - Funded2022-09-300001496099Houghton Mifflin Harcourt Company, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHunter Holdco 3 Limited, First lien - Funded2022-09-300001496099Idera, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLSCS Holdings, Inc., First lien - Funded2022-09-300001496099Mamba Purchaser, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Mandolin Technology Intermediate Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Maverick Bidco Inc., First lien - Funded1nmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Maverick Bidco Inc., First lien - Funded2nmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMavis Tire Express Services Topco Corp., First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMercury Borrower, Inc., First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.), First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNational Intergovernmental Purchasing Alliance Company, First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNetsmart, Inc., First lien - Funded2022-09-300001496099OEConnection LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPearls (Netherlands) Bidco B.V., First lien - Funded2022-09-300001496099PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC), First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Physician Partners, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPremise Health Holding Corp., First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Boost Purchaser, LLC, First lien - Funded2022-09-300001496099RealPage, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099RLG Holdings, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Sierra Enterprises, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Snap One Holdings Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSovos Brands Intermediate, Inc., First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberStorable, Inc., First lien - Funded2022-09-300001496099Symplr Software, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Syndigo LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTherapy Brands Holdings LLC, First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberThermostat Purchaser III, Inc., First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberUSIC Holdings, Inc., First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberValcour Packaging, LLC, First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVirtusa Corporation, First lien - Funded2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVT Topco, Inc., First lien - Funded12022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVT Topco, Inc., First lien - Funded22022-09-300001496099WatchGuard Technologies, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberWP CityMD Bidco LLC, First lien - Funded2022-09-300001496099Wrench Group LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099YI, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Zone Climate Services, Inc., First lien - Funded1nmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Zone Climate Services, Inc., First lien - Funded2nmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:FundedSecuritiesMembernmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099athenahealth Group Inc., First lien - Unfundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Health, LLC, First lien - Unfunded2022-09-300001496099Therapy Brands Holdings LLC, First lien - Unfundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099Thermostat Purchaser III, Inc., First lien - Unfundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099VT Topco, Inc., First lien - Unfundednmfc:NMFCSeniorLoanProgramIVLLCMember2022-09-300001496099ADG, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberADMI Corp. (aka Aspen Dental), First lien - Funded2021-12-310001496099Advisor Group Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Artera Services, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Bayou Intermediate II, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBearcat Buyer, Inc., First lien - Funded12021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBearcat Buyer, Inc., First lien - Funded22021-12-310001496099Bella Holding Company, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Bleriot US Bidco Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberBracket Intermediate Holding Corp., First lien - Funded2021-12-310001496099Brave Parent Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Cano Health, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099CE Intermediate I, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099CentralSquare Technologies, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCertara Holdco, Inc., First lien - Funded2021-12-310001496099CHA Holdings, Inc., irst lien - Funded1nmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099CHA Holdings, Inc., First lien - Funded2nmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Health, LLC, First lien - Funded2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberCornerstone OnDemand, Inc., First lien - Funded2021-12-310001496099Cvent, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Dealer Tire, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Dispatch Acquisition Holdings, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberDrilling Info Holdings, Inc., First lien - Funded2021-12-310001496099EAB Global, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Emerald 2 Limited, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Energize Holdco LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMembereResearchTechnology, Inc., First lien - Funded2021-12-310001496099EyeCare Partners, LLC, First lien - Funded1nmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099EyeCare Partners, LLC, First lien - Funded2nmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Foundational Education Group, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Greenway Health, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHeartland Dental, LLC, First lien - Funded12021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHeartland Dental, LLC, First lien - Funded22021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHelp/Systems Holdings, Inc., First lien - Funded2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberHunter Holdco 3 Limited, First lien - Funded2021-12-310001496099Idera, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberKestra Advisor Services Holdings A, Inc., First lien - Funded2021-12-310001496099Keystone Acquisition Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberLSCS Holdings, Inc., First lien - Funded2021-12-310001496099Mamba Purchaser, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Mandolin Technology Intermediate Holdings, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Maverick Bidco Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMavis Tire Express Services Topco Corp., First lien - Funded2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMercury Borrower, Inc., First lien - Funded2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberMH Sub I, LLC (Micro Holding Corp.), First lien - Funded2021-12-310001496099Ministry Brands, LLC, First lien - Funded1nmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Ministry Brands, LLC, First lien - Funded2nmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Ministry Brands, LLC, First lien - Funded3nmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNational Intergovernmental Purchasing Alliance Company, First lien - Funded2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberNetsmart, Inc., First lien - Funded2021-12-310001496099OEConnection LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPetVet Care Centers, LLC, First lien - Funded2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberPremise Health Holding Corp., First lien - Funded2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberProject Boost Purchaser, LLC, First lien - Funded2021-12-310001496099Quest Software US Holdings Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099RealPage, Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099RLG Holdings, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Sierra Enterprises, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Snap One Holdings Corp., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberSovos Brands Intermediate, Inc., First lien - Funded2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberStorable, Inc., First lien - Funded2021-12-310001496099Syndigo LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberTherapy Brands Holdings LLC, First lien - Funded2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberThermostat Purchaser III, Inc., First lien - Funded2021-12-310001496099TIBCO Software Inc., First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Trader Interactive, LLC (fka Dominion Web Solutions LLC), First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Unified Women's Healthcare, LP, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberUSIC Holdings, Inc., First lien - Funded2021-12-310001496099Valcour Packaging, LLC, , First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099VetCor Professional Practices LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberVT Topco, Inc., First lien - Funded2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberWP CityMD Bidco LLC, First lien - Funded2021-12-310001496099Wrench Group LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099YI, LLC, First lien - Fundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:FundedSecuritiesMembernmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099nmfc:NMFCSeniorLoanProgramIVLLCMemberConfluent Health, LLC, First lien - Unfunded2021-12-310001496099EyeCare Partners, LLC, First lien - Unfundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Therapy Brands Holdings LLC, First lien - Unfundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099Thermostat Purchaser III, Inc., First lien - Unfundednmfc:NMFCSeniorLoanProgramIVLLCMember2021-12-310001496099VT Topco, Inc., First lien - 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareNMFCThe NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 Large accelerated filerý 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 November 8, 2022
Common stock, par value $0.01 per share 100,937,026

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS
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137
2
PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
New Mountain Finance Corporation
 
Consolidated Statements of Assets and Liabilities
(in thousands, except shares and per share data)
(unaudited)
 September 30, 2022December 31, 2021
Assets  
Investments at fair value  
Non-controlled/non-affiliated investments (cost of $2,476,914 and $2,323,224, respectively)
$2,375,786 $2,283,779 
Non-controlled/affiliated investments (cost of $84,624 and $80,801, respectively)
138,975 134,775 
Controlled investments (cost of $697,365 and $722,467, respectively)
719,672 755,810 
Total investments at fair value (cost of $3,258,903 and $3,126,492, respectively)
3,234,433 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 equivalents48,919 58,077 
Interest and dividend receivable33,902 30,868 
Other assets11,338 11,081 
Total assets$3,347,993 $3,295,812 
Liabilities  
Borrowings
     Holdings Credit Facility$630,663 $545,263 
     Unsecured Notes531,500 511,500 
     SBA-guaranteed debentures300,000 300,000 
     Convertible Notes201,340 201,417 
     DB Credit Facility186,400 226,300 
     NMFC Credit Facility127,210 127,192 
        NMNLC Credit Facility II2,934 15,200 
     Deferred financing costs (net of accumulated amortization of $45,794 and $40,713, respectively)
(15,316)(19,684)
Net borrowings1,964,731 1,907,188 
Management fee payable10,602 10,164 
Incentive fee payable8,202 7,503 
Interest payable12,214 17,388 
Payable for unsettled securities purchased— 7,910 
Payable to affiliates275 556 
Deferred tax liability140 13 
Other liabilities6,731 2,478 
Total liabilities2,002,895 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 100,937,026 and 97,907,441 shares issued and outstanding, respectively
1,009 979 
Paid in capital in excess of par1,313,710 1,272,796 
Accumulated undistributed earnings17,236 47,470 
Total net assets of New Mountain Finance Corporation$1,331,955 $1,321,245 
Non-controlling interest in New Mountain Net Lease Corporation13,143 21,367 
Total net assets$1,345,098 $1,342,612 
Total liabilities and net assets$3,347,993 $3,295,812 
Number of shares outstanding100,937,026 97,907,441 
Net asset value per share of New Mountain Finance Corporation$13.20 $13.49 
The accompanying notes are an integral part of these consolidated financial statements.
3
New Mountain Finance Corporation
 
Consolidated Statements of Operations
(in thousands, except shares and per share data)
(unaudited)
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)$49,401 $40,540 $127,934 $119,919 
PIK interest income2,688 1,903 8,924 6,501 
Dividend income9 867 144 867 
Non-cash dividend income3,837 1,956 10,111 7,324 
Other income1,517 5,249 7,435 9,651 
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)270 296 788 1,322 
PIK interest income264 182 773 182 
Dividend income— 288 — 288 
Non-cash dividend income1,042 831 3,036 3,881 
Other income62 79 187 284 
From controlled investments:
Interest income (excluding PIK interest income)2,914 1,253 6,285 3,570 
PIK interest income3,241 3,614 12,296 10,384 
Dividend income9,867 9,686 32,183 31,278 
Non-cash dividend income1,116 918 3,191 3,533 
Other income2,221 812 7,235 3,759 
Total investment income78,449 68,474 220,522 202,743 
Expenses
Incentive fee8,202 7,661 23,605 22,207 
Management fee11,717 13,740 35,040 40,885 
Interest and other financing expenses24,648 17,693 63,957 54,949 
Administrative expenses881 1,082 3,022 3,240 
Professional fees775 923 2,529 2,413 
Other general and administrative expenses545 490 1,540 1,398 
Total expenses46,768 41,589 129,693 125,092 
Less: management fee waived (See Note 5) (1,115)(3,752)(3,349)(11,193)
Less: expenses waived and reimbursed (See Note 5)— — (238)— 
Net expenses45,653 37,837 126,106 113,899 
Net investment income before income taxes32,796 30,637 94,416 88,844 
Income tax (benefit) expense(13)(8)(5)15 
Net investment income32,809 30,645 94,421 88,829 
Net realized (losses) gains:
Non-controlled/non-affiliated investments(239)2,459 (903)2,797 
Non-controlled/affiliated investments— 20,549 — 8,338 
Controlled investments17 — 36,371 1,557 
Foreign currency(166)— 219— 
Net change in unrealized (depreciation) appreciation:
Non-controlled/non-affiliated investments(31,944)(19,951)(56,975)(22,601)
Non-controlled/affiliated investments(13,381)(20,469)377 44,545 
Controlled investments20,398 9,684 (11,036)30,600 
Securities purchased under collateralized agreements to resell— — (2,021)— 
Foreign currency(10)(13)(625)(13)
Benefit (provision) for taxes 30 1 (127)(114)
Net realized and unrealized (losses) gains(25,295)(7,740)(34,720)65,109 
Net increase in net assets resulting from operations7,514 22,905 59,701 153,938 
Less: Net decrease (increase) in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation191 (1,058)150 (4,789)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation$7,705 $21,847 $59,851 $149,149 
Basic earnings per share$0.08 $0.23 $0.60 $1.54 
Weighted average shares of common stock outstanding - basic (See Note 11)
100,830,075 96,906,988 99,955,432 96,854,474 
Diluted earnings per share$0.08 $0.22 $0.59 $1.42 
Weighted average shares of common stock outstanding - diluted (See Note 11)
114,087,660 110,164,573 113,213,017 110,112,059 
Distributions declared and paid per share$0.30 $0.30 $0.90 $0.90 
The accompanying notes are an integral part of these consolidated financial statements.
4
New Mountain Finance Corporation
 
Consolidated Statements of Changes in Net Assets
(in thousands, except shares and per share data)
(unaudited)
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Increase (decrease) in net assets resulting from operations:
Net investment income$32,809 $30,645 $94,421 $88,829 
Net realized (losses) gains on investments and foreign currency(388)23,008 35,687 12,692 
Net change in unrealized (depreciation) appreciation of investments and foreign currency(24,937)(30,749)(68,259)52,531 
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell— — (2,021)— 
Benefit (provision) for taxes30 1 (127)(114)
Net increase in net assets resulting from operations7,514 22,905 59,701 153,938 
Less: Net decrease (increase) in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")191 (1,058)150 (4,789)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation7,705 21,847 59,851 149,149 
Capital transactions
Net proceeds from shares sold2,955 — 40,006 — 
Offering costs(34)— (160)— 
Distributions declared to stockholders from net investment income(30,281)(29,072)(90,085)(87,168)
Reinvestment of distributions— — 1,098 1,049 
Total net decrease in net assets resulting from capital transactions(27,360)(29,072)(49,141)(86,119)
Net (decrease) increase in net assets(19,655)(7,225)10,710 63,030 
New Mountain Finance Corporation net assets at the beginning of the period1,351,610 1,292,130 1,321,245 1,221,875 
New Mountain Finance Corporation net assets at the end of the period 1,331,955 1,284,905 1,331,955 1,284,905 
Non-controlling interest in NMNLC13,143 20,053 13,143 20,053 
Net assets at the end of the period$1,345,098 $1,304,958 $1,345,098 $1,304,958 
Capital share activity
Shares sold220,098 — 2,950,300 — 
Shares issued from the reinvestment of distributions— — 79,285 79,646 
Net increase in shares outstanding220,098 — 3,029,585 79,646 


The accompanying notes are an integral part of these consolidated financial statements.
5
New Mountain Finance Corporation
 
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended
September 30, 2022September 30, 2021
Cash flows from operating activities
Net increase in net assets resulting from operations$59,701 $153,938 
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized gains on investments(35,468)(12,692)
Net realized gains on translation of assets and liabilities in foreign currencies(219)— 
Net change in unrealized depreciation (appreciation) of investments 67,634 (52,544)
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies625 13 
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell2,021 — 
Amortization of purchase discount
(4,437)(6,681)
Amortization of deferred financing costs
5,082 5,660 
Amortization of premium on Convertible Notes
(77)(77)
Non-cash investment income
(35,585)(33,226)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities
(526,743)(769,167)
Proceeds from sales and paydowns of investments
466,516 816,218 
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities
321 597 
Cash paid for purchase of drawn portion of revolving credit facilities
(185)(832)
Cash paid on drawn revolvers
(30,438)(25,310)
Cash repayments on drawn revolvers
33,589 24,980 
Deferred tax asset— 101 
Interest and dividend receivable
(3,050)(4,362)
Receivable from unsettled securities sold
— 29 
Receivable from affiliates
— 117 
Other assets
(275)(3,907)
Increase (decrease) in operating liabilities:
Management fee payable438 (431)
Incentive fee payable699 307 
Payable for unsettled securities purchased(7,910)(2,184)
Payable to affiliates(281)(551)
Interest payable(5,174)(6,059)
Deferred tax liability127 13 
Other liabilities4,240 490 
Contributions related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")— 250 
Net cash flows (used in) provided by operating activities(8,849)84,690 
Cash flows from financing activities
Net proceeds from shares sold40,006 — 
Offering costs paid(132)— 
Distributions paid(88,987)(86,119)
Proceeds from Holdings Credit Facility164,400 129,000 
Repayment of Holdings Credit Facility(79,000)(85,900)
Proceeds from Unsecured Notes75,000 200,000 
Repayment of Unsecured Notes(55,000)(141,750)
Proceeds from NMFC Credit Facility162,707 311,363 
Repayment of NMFC Credit Facility(158,000)(326,500)
Proceeds from DB Credit Facility108,600 77,500 
Repayment of DB Credit Facility(148,500)(153,700)
Proceeds from NMNLC Credit Facility II2,934 9,025 
Repayment of NMNLC Credit Facility II(15,200)(3,180)
Contributions related to non-controlling interest in NMNLC124 — 
Distributions related to non-controlling interest in NMNLC(8,197)— 
Deferred financing costs paid(710)(10,144)
Net cash flows provided by (used in) by financing activities45 (80,405)
Net (decrease) increase in cash and cash equivalents(8,804)4,285 
Effect of foreign exchange rate changes on cash and cash equivalents(354)106 
Cash and cash equivalents at the beginning of the period58,077 78,966 
Cash and cash equivalents at the end of the period$48,919 $83,357 
Supplemental disclosure of cash flow information
Cash interest paid$63,006 $53,643 
Income taxes paid74 15 
Non-cash financing activities:
Value of shares issued in connection with the distribution reinvestment plan$1,098 $1,049 
Accrual for offering costs30 27 
Accrual for deferred financing costs15 14 

The accompanying notes are an integral part of these consolidated financial statements.
6
New Mountain Finance Corporation
 
Consolidated Schedule of Investments
September 30, 2022
(in thousands, except shares)
(unaudited)
Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / 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.
SoftwareFirst lien (2)(15)
9.92% (L + 5.75%/Q)
8/7/20195/22/2026$67,448 $67,234 $66,846 
First lien (5)(15)
9.92% (L+ 5.75%/Q)
8/7/20195/22/202621,801 21,735 21,607 
First lien (3)(15)(18) - Drawn
9.92% (L + 5.75%/S)
8/7/20195/22/20264,142 4,116 4,105 
93,085 92,558 6.88 %
PhyNet Dermatology LLC
Healthcare ServicesFirst lien (2)(15)
9.31% (SOFR + 5.75%/S)
9/17/20188/16/202449,379 49,204 49,379 
First lien (2)(15)
9.31% (SOFR + 5.75%/S)
9/17/20188/16/202418,796 18,710 18,796 
67,914 68,175 5.07 %
Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.
SoftwareFirst lien (2)(15)
8.29% (SOFR + 5.75%/S)
6/23/20226/25/202963,093 62,634 62,620 4.66 %
Associations, Inc.
Consumer ServicesFirst lien (2)(15)
8.88% (SOFR + 4.00% + 2.50% PIK/Q)*
7/2/20217/2/202735,558 35,424 35,558 
First lien (8)(15)
10.10% (SOFR + 4.00% + 2.50% PIK/Q)*
7/2/20217/2/20278,754 8,717 8,754 
First lien (2)(15)
10.26% (SOFR + 4.00% + 2.50% PIK/Q)*
7/2/20217/2/20278,754 8,717 8,754 
First lien (8)(15)
9.40% (SOFR + 4.00% + 2.50% PIK/Q)*
7/2/20217/2/20275,287 5,265 5,287 
First lien (8)(15)
8.88% (SOFR + 4.00% + 2.50% PIK/Q)*
7/2/20217/2/20274,206 4,189 4,206 
62,312 62,559 4.65 %
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst lien (8)(15)
8.58% (L + 5.50%/M)
12/22/202112/22/202720,687 20,502 20,479 
First lien (4)(15)
8.58% (L + 5.50%/M)
1/13/202212/22/20279,822 9,734 9,724 
First lien (3)(15)(18) - Drawn
8.26% (L + 5.50%/M)
12/22/202112/22/20278,510 8,596 8,425 
First lien (4)(15)(18) - Drawn
8.26% (L + 5.50%/M)
12/22/202112/22/20272,761 2,789 2,733 
Subordinated (3)(15)
11.50% PIK/Q*
12/22/202112/22/203112,141 11,982 11,959 
Subordinated (4)(15)
11.50% PIK/Q*
1/13/202212/22/20314,761 4,699 4,690 
58,302 58,010 4.31 %
The accompanying notes are an integral part of these consolidated financial statements.
7
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
GC Waves Holdings, Inc.
Financial ServicesFirst lien (5)(15)
8.62% (L + 5.50%/M)
8/13/20218/13/2026$21,941 $21,843 $21,678 
First lien (2)(15)
8.62% (L + 5.50%/M)
8/13/20218/13/202613,244 13,164 13,086 
First lien (2)(15)
8.62% (L + 5.50%/M)
8/13/20218/13/202610,577 10,485 10,449 
First lien (3)(15)(18) - Drawn
8.62% (L + 5.50%/M)
4/11/20228/13/20264,486 4,442 4,432 
49,934 49,645 3.69 %
CentralSquare Technologies, LLC
SoftwareSecond lien (3)
11.17% (L + 7.50%/Q)
8/15/20188/31/202647,838 47,487 42,177 
Second lien (8)
11.17% (L + 7.50%/Q)
8/15/20188/31/20267,500 7,445 6,613 
54,932 48,790 3.63 %
IG Intermediateco LLC
Infogain Corporation
SoftwareFirst lien (2)(15)
8.43% (SOFR + 5.75%/Q)
7/30/20217/28/202818,946 18,823 18,757 
First lien (8)(15)
8.04% (SOFR + 5.75%/Q)
7/15/20227/28/20287,943 7,866 7,864 
First lien (3)(15)(18) - Drawn
8.41% (SOFR + 5.75%/Q)
7/30/20217/30/2026678 673 671 
Subordinated (3)(15)
11.90% (SOFR + 8.25%/Q)
7/15/20227/16/202917,245 17,033 17,029 
44,395 44,321 3.30 %
iCIMS, Inc.
SoftwareFirst lien (8)(15)
9.49% (SOFR + 6.75%/Q)
8/17/20228/18/202844,287 43,905 43,901 3.27 %
Brave Parent Holdings, Inc.
SoftwareSecond lien (5)(15)
10.62% (L + 7.50%/M)
4/17/20184/17/202622,500 22,440 21,798 
Second lien (2)(15)
10.62% (L + 7.50%/M)
4/17/20184/17/202616,624 16,534 16,105 
Second lien (8)(15)
10.62% (L + 7.50%/M)
4/17/20184/17/20266,000 5,968 5,813 
44,942 43,716 3.25 %
Deca Dental Holdings LLC
Healthcare ServicesFirst lien (2)(15)
9.42% (L + 5.75%/Q)
8/26/20218/28/202837,956 37,625 37,220 
First lien (3)(15)(18) - Drawn
9.42% (L + 5.75%/Q)
8/26/20218/28/20283,995 3,959 3,918 
First lien (3)(15)(18) - Drawn
9.42% (L + 5.75%/Q)
8/26/20218/26/20271,413 1,398 1,385 
42,982 42,523 3.16 %
Frontline Technologies Group Holdings, LLC
SoftwareFirst lien (4)
11.00% (P + 4.75%/Q)
9/18/20179/18/202321,447 21,417 21,447 
First lien (2)
11.00% (P + 4.75%/Q)
9/18/20179/18/20238,074 8,073 8,074 
First lien (2)
11.00% (P + 4.75%/Q)
9/18/20179/18/20237,461 7,447 7,461 
First lien (2)
11.00% (P + 4.75%/Q)
6/15/20219/18/20234,969 4,969 4,969 
41,906 41,951 3.12 %
The accompanying notes are an integral part of these consolidated financial statements.
8
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
Recorded Future, Inc.
SoftwareFirst lien (8)(15)
8.13% (L + 5.25%/Q)
8/26/20197/3/2025$24,531 $24,402 $24,408 
First lien (2)(15)
8.13% (L + 5.25%/Q)
3/26/20217/3/202512,684 12,615 12,621 
37,017 37,029 2.75 %
Auctane, Inc.
SoftwareFirst lien (8)(15)
8.38% (L + 5.75%/M)
10/5/202110/5/202822,124 21,929 21,748 
First lien (2)(15)
8.38% (L + 5.75%/M)
10/5/202110/5/202814,962 14,830 14,708 
36,759 36,456 2.71 %
Diamond Parent Holdings Corp. (35)
Diligent Corporation
SoftwareFirst lien (2)(15)
8.63% (L + 5.75%/S)
3/30/20218/4/202517,628 17,567 17,415 
First lien (2)(15)
8.63% (L + 5.75%/S)
3/4/20218/4/20259,830 9,797 9,713 
First lien (3)(15)
9.13% (L + 6.25%/S)
12/19/20188/4/20255,842 5,820 5,842 
First lien (3)(15)(18) - Drawn
8.49% (L + 6.25%/S)
3/30/20218/4/20251,812 1,803 1,812 
34,987 34,782 2.59 %
OEC Holdco, LLC (22)
OEConnection LLC
Business ServicesSecond lien (2)(15)
10.05% (L + 7.00%/M)
12/17/20219/25/202723,406 23,198 22,703 
Second lien (2)(15)
10.12% (L + 7.00%/M)
9/25/20199/25/202712,044 11,960 11,683 
35,158 34,386 2.56 %
IG Investments Holdings, LLC
Business ServicesFirst lien (2)(15)
9.67% (L + 6.00%/Q)
9/22/20219/22/202829,207 28,949 29,207 
First lien (2)(15)
9.67% (L + 6.00%/Q)
2/25/20229/22/20284,268 4,248 4,268 
33,197 33,475 2.49 %
Anaplan, Inc.
SoftwareFirst lien (2)(15)
9.53% (SOFR + 6.50%/M)
6/21/20226/21/202933,618 33,291 33,282 2.47 %
KAMC Holdings, Inc
Business ServicesSecond lien (2)(15)
10.94% (L + 8.00%/Q)
8/14/20198/13/202718,750 18,653 16,279 
Second lien (8)(15)
10.94% (L + 8.00%/Q)
8/14/20198/13/202718,750 18,653 16,279 
37,306 32,558 2.42 %
EAB Global, Inc.
EducationSecond lien (2)(15)
8.92% (L + 6.50%/Q)
8/16/20218/16/202933,452 33,005 32,392 2.41 %
MRI Software LLC
SoftwareFirst lien (5)
9.17% (L + 5.50%/Q)
1/31/20202/10/202621,936 21,869 21,442 
First lien (2)
9.17% (L + 5.50%/Q)
3/24/20212/10/20264,627 4,617 4,523 
First lien (2)
9.17% (L + 5.50%/Q)
1/31/20202/10/20263,181 3,171 3,109 
First lien (3)
9.17% (L + 5.50%/Q)
3/24/20212/10/20262,482 2,476 2,426 
First lien (3)
9.17% (L + 5.50%/Q)
1/31/20202/10/2026812 809 794 
32,942 32,294 2.40 %
Foreside Financial Group
Business ServicesFirst lien (2)(15)
8.62% (L + 5.50%/M)
5/26/20229/30/202732,048 31,745 31,728 
First lien (3)(15)
8.62% (L + 5.50%/M)
5/26/20229/30/2027314 310 310 
32,055 32,038 2.38 %
The accompanying notes are an integral part of these consolidated financial statements.
9
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
DCA Investment Holding, LLC
Healthcare ServicesFirst lien (2)(15)
9.98% (SOFR + 6.00%/S)
3/12/20214/3/2028$19,714 $19,596 $19,696 
First lien (2)(15)
9.98% (SOFR + 6.00%/S)
2/25/20224/3/20287,063 7,031 7,057 
First lien (3)(15)
9.98% (SOFR + 6.00%/S)
3/12/20214/3/20283,281 3,259 3,278 
First lien (3)(15)(18) - Drawn
9.98% (SOFR + 6.00%/S)
3/12/20214/3/20281,644 1,636 1,642 
31,522 31,673 2.35 %
Granicus, Inc.
SoftwareFirst lien (4)(15)
10.67% (L + 6.50%/S)
1/27/20211/29/202715,405 15,316 15,405 
First lien (8)(15)
10.67% (L + 6.50%/S)
1/27/20211/29/20275,959 5,923 5,959 
First lien (2)(15)
10.67% (L + 6.50%/S)
1/27/20211/29/20275,877 5,843 5,877 
First lien (2)(15)(18) - Drawn
10.17% (L + 6.00%/S)
4/23/20211/29/20272,758 2,735 2,758 
29,817 29,999 2.23 %
TigerConnect, Inc.
Healthcare ServicesFirst lien (2)(15)
9.98% (SOFR + 7.25% PIK/Q)*
2/16/20222/16/202829,868 29,594 29,570 2.20 %
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information TechnologyFirst lien (2)(15)
9.12% (L + 6.00%/M)
12/20/202112/20/202828,060 27,804 27,780 
First lien (2)(15)
9.12% (L + 6.00%/M)
5/6/202212/20/20281,776 1,759 1,758 
29,563 29,538 2.20 %
Foundational Education Group, Inc.
EducationSecond lien (5)(15)
10.31% (SOFR + 6.50%/Q)
8/19/20218/31/202922,500 22,400 21,533 
Second lien (2)(15)
10.31% (SOFR + 6.50%/Q)
8/19/20218/31/20297,009 6,986 6,708 
29,386 28,241 2.10 %
Fortis Solutions Group, LLC
PackagingFirst lien (2)(15)
9.67% (L + 5.50%/S)
10/15/202110/13/202817,574 17,413 17,391 
First lien (8)(15)
9.67% (L + 5.50%/S)
10/15/202110/13/202810,221 10,130 10,115 
First lien (3)(15)(18) - Drawn
9.67% (L + 5.50%/S)
10/15/202110/15/2027191 189 189 
27,732 27,695 2.06 %
Syndigo LLC
SoftwareSecond lien (4)(15)
10.51% (L + 8.00%/S)
12/14/202012/15/202822,500 22,359 21,281 
Second lien (2)(15)
10.51% (L + 8.00%/S)
2/16/202212/15/20285,697 5,710 5,388 
28,069 26,669 1.98 %
HS Purchaser, LLC / Help/Systems Holdings, Inc.
SoftwareSecond lien (5)(15)
9.88% (SOFR + 6.75%/M)
11/14/201911/19/202722,500 22,413 21,868 
Second lien (2)(15)
9.88% (SOFR + 6.75%/M)
11/14/201911/19/20274,208 4,178 4,090 
26,591 25,958 1.93 %
The accompanying notes are an integral part of these consolidated financial statements.
10
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
VT Topco, Inc.
Business ServicesSecond lien (2)(15)
9.87% (L + 6.75%/M)
7/30/20217/31/2026$16,183 $16,135 $15,905 
Second lien (4)(15)
9.87% (L + 6.75%/M)
8/14/20187/31/202610,000 9,986 9,828 
26,121 25,733 1.91 %
DOCS, MSO, LLC
Healthcare ServicesFirst lien (8)(15)
8.85% (SOFR + 5.75%/Q)
6/1/20226/1/202818,760 18,760 18,706 
First lien (4)(15)
8.85% (SOFR + 5.75%/Q)
6/1/20226/1/20287,025 7,025 7,005 
25,785 25,711 1.91 %
CRCI Longhorn Holdings, Inc.
Business ServicesSecond lien (3)(15)
10.37% (L + 7.25%/M)
8/2/20188/10/202618,266 18,226 17,637 
Second lien (8)(15)
10.37% (L + 7.25%/M)
8/2/20188/10/20267,500 7,484 7,242 
25,710 24,879 1.85 %
Idera, Inc.
SoftwareSecond lien (4)(15)
9.32% (L + 6.75%/M)
6/27/20193/2/202922,500 22,235 21,647 
Second lien (3)(15)
9.32% (L + 6.75%/M)
4/29/20213/2/20293,000 2,987 2,886 
25,222 24,533 1.82 %
NMC Crimson Holdings, Inc.
Healthcare ServicesFirst lien (8)(15)
8.28% (L + 6.00%/Q)
3/1/20213/1/202819,259 19,025 19,232 
First lien (2)(15)
8.28% (L + 6.00%/Q)
3/2/20213/1/20284,913 4,853 4,906 
23,878 24,138 1.79 %
AmeriVet Partners Management, Inc.
Consumer ServicesFirst lien (2)(15)
9.20% (SOFR + 5.50%/Q)
2/25/20222/25/202822,378 22,275 21,984 
First lien (3)(15)(18) - Drawn
8.71% (SOFR + 5.50%/S)
2/25/20222/25/20281,375 1,440 1,351 
First lien (3)(15)(18) - Drawn
10.75% (P + 4.50%/Q)
2/25/20222/25/2028193 192 190 
23,907 23,525 1.75 %
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare ServicesFirst lien (2)(15)
9.17% (L + 5.50%/Q)
8/2/20218/2/202822,138 21,947 21,567 
First lien (3)(15)(18) - Drawn
9.17% (L + 5.50%/Q)
8/2/20218/2/20281,946 1,927 1,895 
23,874 23,462 1.74 %
The accompanying notes are an integral part of these consolidated financial statements.
11
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
Wealth Enhancement Group, LLC
Financial ServicesFirst lien (2)(15)
8.54% (SOFR + 6.00%/S)
8/13/202110/4/2027$18,988 $18,933 $18,988 
First lien (2)(15)
9.41% (SOFR + 6.00%/S)
1/10/202210/4/20271,257 1,245 1,257 
First lien (3)(15)(18) - Drawn
9.96% (SOFR + 6.00%/S)
5/2/202210/4/20271,255 1,289 1,255 
First lien (2)(15)
8.05% (SOFR + 6.00%/S)
1/10/202210/4/2027843 835 843 
22,302 22,343 1.66 %
Convey Health Solutions, Inc.**
Healthcare ServicesFirst lien (4)(15)
7.87% (L + 4.75%/M)
9/9/20199/4/202619,263 19,132 18,945 
First lien (4)(15)
7.87% (L + 4.75%/M)
2/1/20229/4/20263,217 3,175 3,163 
22,307 22,108 1.64 %
Bullhorn, Inc.
SoftwareFirst lien (2)(15)
9.42% (L + 5.75%/Q)
9/24/20199/30/202616,702 16,625 16,702 
First lien (2)(15)
9.42% (L + 5.75%/Q)
10/5/20219/30/20263,451 3,443 3,451 
First lien (2)(15)
9.42% (L + 5.75%/Q)
9/24/20199/30/2026773 768 773 
First lien (3)(15)(18) - Drawn
9.42% (L + 5.75%/Q)
9/24/20199/30/2026392 389 392 
First lien (2)(15)
9.42% (L + 5.75%/Q)
9/24/20199/30/2026346 345 346 
First lien (2)(15)
9.42% (L + 5.75%/Q)
9/24/20199/30/2026276 275 276 
21,845 21,940 1.63 %
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
EducationSecond lien (2)(15)
11.92% (L + 8.25%/Q)
7/26/20187/30/202621,959 21,927 21,256 1.58 %
Cardinal Parent, Inc.
SoftwareFirst lien (4)
8.17% (L + 4.50%/Q)
10/30/202011/12/202712,005 11,935 11,434 
Second lien (4)(15)
11.42% (L + 7.75%/Q)
11/12/202011/13/20289,767 9,686 9,767 
21,621 21,201 1.58 %
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (2)(15)
6.57% (L + 3.50%/Q)
6/24/20198/28/202416,437 15,384 10,725 
First lien (8)(15)
6.57% (L + 3.50%/Q)
10/23/20198/28/202415,853 14,567 10,344 
29,951 21,069 1.57 %
Notorious Topco, LLC
Consumer ProductsFirst lien (8)(15)
9.88% (SOFR + 6.75%/M)
11/23/202111/23/202710,076 10,010 10,002 
First lien (8)(15)
9.88% (SOFR + 6.75%/M)
5/10/202211/23/20279,950 9,880 9,875 
First lien (3)(15)(18) - Drawn
9.88% (SOFR + 6.75%/M)
11/23/202111/23/2027878 874 871 
20,764 20,748 1.54 %
The accompanying notes are an integral part of these consolidated financial statements.
12
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
YLG Holdings, Inc.
Business ServicesFirst lien (5)(15)
6.75% (L + 5.00%/S)
11/1/201910/31/2025$17,907 $17,857 $17,576 
First lien (5)(15)
7.95% (L + 5.00%/S)
11/1/201910/31/20252,332 2,325 2,289 
First lien (3)(15)(18) - Drawn
7.92% (L + 5.00%/Q)
11/1/201910/31/2025397 395 389 
First lien (5)(15)(18) - Drawn
7.81% (L + 5.00%/Q)
10/22/202110/31/2025240 256 236 
20,833 20,490 1.52 %
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
EducationFirst lien (2)(15)
8.82% (L + 5.75% PIK + 0.50%/M)(42)*
9/30/20159/30/202628,459 28,415 20,335 
First lien (3)(15)
16.57% (L + 13.50% PIK + 0.50%/M)(42)*
6/10/20219/30/20261,527 1,527 — 
Subordinated (3)(15)
3.28% (L + 1.00% PIK/Q)(42)*
3/16/20219/30/20265,230 — — 
29,942 20,335 1.51 %
Xactly Corporation
SoftwareFirst lien (4)(15)
10.06% (L + 7.25%/Q)
7/31/20177/31/202319,047 19,024 19,047 
First lien (3)(15)(18) - Drawn
10.82% (L + 7.25%/Q)
7/31/20177/31/2023992 982 992 
20,006 20,039 1.49 %
Ansira Holdings, Inc.
Business ServicesFirst lien (8)(15)
9.31% (L + 6.50% PIK/M)(42)*
12/19/201612/20/202433,026 32,987 15,737 
First lien (3)(15)
9.57% (L + 6.50% PIK/M)(42)*
12/19/201612/20/20248,334 8,326 3,971 
41,313 19,708 1.47 %
New Trojan Parent, Inc.
Healthcare ServicesSecond lien (2)(15)
10.37% (L + 7.25%/M)
1/22/20211/5/202926,762 26,650 19,480 1.45 %
DG Investment Intermediate Holdings 2, Inc.
Business ServicesSecond lien (3)
9.87% (L + 6.75%/M)
3/18/20213/30/202920,313 20,269 19,049 1.42 %
Bluefin Holding, LLC
SoftwareFirst lien (3)(15)(18) - Drawn
8.43% (L + 4.25%/S)
9/6/20199/6/20241,030 1,015 1,000 
Second lien (8)(15)
9.83% (L + 7.75%/S)
9/6/20199/3/202718,000 18,000 17,505 
19,015 18,505 1.38 %
MED Parentco, LP
Healthcare ServicesSecond lien (8)(15)
11.37% (L + 8.25%/M)
8/2/20198/30/202720,857 20,748 18,180 1.35 %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (2)(15)
7.08% (L + 5.25%/S)
6/30/20216/29/202715,382 15,255 15,257 
First lien (2)(15)(18) - Drawn
9.26% (L + 5.25%/S)
6/30/20216/29/20272,889 2,862 2,865 
18,117 18,122 1.35 %
The accompanying notes are an integral part of these consolidated financial statements.
13
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / 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 ServicesFirst lien (5)(15)
9.42% (L + 5.75%/Q)
12/20/202112/21/2027$10,421 $10,328 $10,317 
First lien (5)(15)
9.42% (L + 5.75%/S)
12/20/202112/21/20273,498 3,464 3,463 
First lien (5)(15)
9.42% (L + 5.75%/Q)
12/20/202112/21/20273,476 3,445 3,441 
First lien (3)(15)(18) - Drawn
9.39% (L + 5.75%/Q)
12/20/202112/21/2027280 277 277 
First lien (3)(15)(18) - Drawn
9.42% (L + 6.00%/S)
7/1/202212/21/202714 71 14 
17,585 17,512 1.30 %
The Kleinfelder Group, Inc.
Business ServicesFirst lien (4)(15)
8.92% (L +5.25%/Q)
12/18/201811/29/202416,576 16,543 16,428 1.22 %
Coyote Buyer, LLC
Specialty Chemicals & MaterialsFirst lien (5)(15)
8.81% (L + 6.00%/Q)
3/13/20202/6/202613,830 13,788 13,830 
First lien (5)(15)
11.67% (L + 8.00%/Q)
10/15/20208/6/20262,489 2,471 2,489 
16,259 16,319 1.21 %
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
SoftwareFirst lien (8)(15)
10.67% (L +7.00% PIK/Q)*
11/1/202111/1/202814,508 14,387 14,160 
First lien (8)(15)
10.67% (L +7.00% PIK/Q)*
3/11/202211/1/20281,988 1,971 1,941 
16,358 16,101 1.20 %
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (5)(15)
8.06% (L + 5.50%/M)
2/20/20202/20/202615,828 15,779 15,828 1.18 %
Hill International, Inc.
Business ServicesFirst lien (2)(15)
9.88% (SOFR + 6.85%/M)
6/21/201711/5/202314,971 14,958 14,971 1.11 %
CFS Management, LLC
Healthcare ServicesFirst lien (2)(15)
9.73% (SOFR + 6.25%/Q)
8/6/20197/1/202411,410 11,388 10,913 
First lien (2)(15)
9.73% (SOFR + 6.25%/Q)
8/6/20197/1/20243,399 3,390 3,251 
14,778 14,164 1.05 %
Daxko Acquisition Corporation
SoftwareFirst lien (8)(15)
8.62% (L + 5.50%/M)
10/15/202110/16/202813,177 13,060 12,808 
First lien (2)(15)
8.62% (L + 5.50%/M)
10/15/202110/16/20281,110 1,100 1,079 
14,160 13,887 1.03 %
Castle Management Borrower LLC
Business ServicesFirst lien (2)(15)
3.19% (L + 1.00%/Q)
5/31/20182/15/202514,440 14,418 13,550 1.01 %
Alegeus Technologies Holding Corp.
Healthcare ServicesFirst lien (8)(15)
10.95% (L + 8.25%/A)
9/5/20189/5/202413,444 13,418 13,444 1.00 %
Transcendia Holdings, Inc.
PackagingSecond lien (8)(15)
11.12% (L + 8.00%/M)
6/28/20175/30/202514,500 14,416 13,083 0.97 %
IMO Investor Holdings, Inc.
Healthcare Information TechnologyFirst lien (2)(15)
7.65% (SOFR + 6.00%/S)
5/11/20225/11/202913,007 12,883 12,877 
First lien (3)(15)(18) - Drawn
8.71% (SOFR + 6.00%/Q)
5/11/20225/11/2028186 184 184 
13,067 13,061 0.97 %
The accompanying notes are an integral part of these consolidated financial statements.
14
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
FR Arsenal Holdings II Corp.
Business ServicesFirst lien (2)(15)
12.19% (L + 7.50% + 2.00% PIK/M)*
9/29/201611/8/2022$14,622 $14,620 $12,553 0.93 %
USRP Holdings, Inc.
Federal ServicesFirst lien (2)(15)
9.17% (L + 5.50%/Q)
7/22/20217/23/202711,340 11,246 10,972 
First lien (3)(15)
9.17% (L + 5.50%/Q)
7/22/20217/23/20271,476 1,463 1,429 
12,709 12,401 0.92 %
Calabrio, Inc.
SoftwareFirst lien (5)(15)
10.67% (L + 7.00%/Q)
4/16/20214/16/202712,347 12,273 12,347 0.92 %
Apptio, Inc.
SoftwareFirst lien (8)(15)
8.46% (L + 6.00%/Q)
1/10/20191/10/20255,703 5,653 5,703 
First lien (2)(15)
8.46% (L + 6.00%/Q)
1/10/20191/10/20255,500 5,451 5,500 
First lien (3)(15)(18) - Drawn
8.46% (L + 6.00%/Q)
1/10/20191/10/2025827 810 827 
11,914 12,030 0.89 %
CHA Holdings, Inc.
Business ServicesSecond lien (4)(15)
12.42% (L + 8.75%/Q)
4/3/20184/10/20267,012 6,974 6,925 
Second lien (3)(15)
12.42% (L + 8.75%/Q)
4/3/20184/10/20264,453 4,429 4,398 
11,403 11,323 0.84 %
Specialtycare, Inc.
Healthcare ServicesFirst lien (2)(15)
8.03% (L + 5.75%/Q)
6/18/20216/19/202810,485 10,363 10,175 
First lien (3)(15)(18) - Drawn
8.23% (L + 5.75%/Q)
6/18/20216/19/202879 75 77 
10,438 10,252 0.76 %
Quartz Holding Company
SoftwareSecond lien (3)(15)
11.12% (L + 8.00%/M)
4/2/20194/2/202710,000 9,871 9,802 0.73 %
PPVA Black Elk (Equity) LLC
Business ServicesSubordinated (3)(15)—5/3/2013—14,500 14,500 9,377 0.70 %
Vectra Co.
Business ProductsSecond lien (8)(15)
10.37% (L + 7.25%/M)
2/23/20183/8/202610,788 10,767 8,787 0.65 %
CG Group Holdings, LLC
Specialty Chemicals & MaterialsFirst lien (2)(15)
10.92% (L + 5.25% + 2.00% PIK/Q)*
7/19/20217/19/20278,296 8,219 7,736 
First lien (3)(15)(18) - Drawn
10.37% (L + 5.25% + 2.00% PIK/M)*
7/19/20217/19/2026912 902 850 
9,121 8,586 0.64 %
KPSKY Acquisition Inc.
Industrial ServicesFirst lien (8)(15)
8.58% (L + 5.50%/M)
10/19/202110/19/20286,986 6,924 6,899 
First lien (2)(15)
10.75% (P + 4.50%)/Q
10/19/202110/19/2028802 795 793 
First lien (2)(15)(18) - Drawn
10.75% (P + 4.50%/Q)
6/17/202210/19/2028146 144 144 
7,863 7,836 0.58 %
The accompanying notes are an integral part of these consolidated financial statements.
15
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
Energize Holdco LLC
Business ServicesSecond lien (2)(15)
9.87% (L + 6.75%/M)
11/19/202112/7/2029$7,950 $7,913 $7,530 0.56 %
Community Brands ParentCo, LLC
SoftwareFirst lien (2)(15)
8.88% (SOFR + 5.75%/M)
2/24/20222/24/20287,181 7,115 7,066 0.53 %
Safety Borrower Holdings LLC
Information ServicesFirst lien (2)(15)
8.81% (L + 5.25%/Q)
9/1/20219/1/20276,992 6,962 6,878 
First lien (3)(15)(18) - Drawn
10.50% (P + 4.25%/Q)
9/1/20219/1/2027128 127 126 
7,089 7,004 0.52 %
ADG, LLC
Healthcare ServicesSecond lien (3)(15)
13.13% (L + 10.00% PIK/M)*
10/3/20163/28/20247,179 7,159 6,280 0.47 %
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information TechnologyFirst lien (8)(15)
9.93% (L + 7.25%/M)
5/6/20215/6/20276,242 6,191 6,242 0.46 %
Sun Acquirer Corp.
Consumer ServicesFirst lien (2)(15)
8.56% (L + 5.75%/Q)
9/8/20219/8/20283,995 3,964 3,955 
First lien (2)(15)(18) - Drawn
8.56% (L + 5.75%/Q)
9/8/20219/8/20282,135 2,114 2,114 
First lien (3)(15)(18) - Drawn
11.00% (P + 4.75%/Q)
9/8/20219/8/202767 69 66 
6,147 6,135 0.46 %
PPV Intermediate Holdings LLC
Consumer ServicesFirst lien (4)(15)(18) - Drawn
9.29% (SOFR + 5.75%/Q)
8/30/20228/31/2029129 142 128 
First lien (4)(15)
9.01% (SOFR + 5.75%/S)
8/30/20228/31/20295,933 5,874 5,874 
6,016 6,002 0.45 %
Pye-Barker Fire & Safety, LLC
Business ServicesFirst lien (2)(15)
9.17% (L + 5.50%/Q)
11/26/202111/26/20275,174 5,126 5,027 
First lien (3)(15)(18) - Drawn
9.17% (L + 5.50%/Q)
11/26/202111/26/2024422 418 415 
5,544 5,442 0.40 %
The accompanying notes are an integral part of these consolidated financial statements.
16
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
Education Management Corporation (20)
Education Management II LLC
EducationFirst lien (2)
13.00% (L + 7.50%/M)(42)
1/5/20157/2/2020$300 $292 $— 
First lien (3)
13.00% (L + 7.50%/M)(42)
1/5/20157/2/2020169 165 — 
First lien (2)
9.75% (L + 6.50%/Q)(42)
1/5/20157/2/2020206 200 — 
First lien (3)
9.75% (L + 6.50%/Q)(42)
1/5/20157/2/2020116 113 — 
First lien (2)
11.75% (P + 8.50%/M)(42)
1/5/20157/2/2020140 116 — 
First lien (3)
11.75% (P + 8.50%/M)(42)
1/5/20157/2/202079 65 — 
First lien (2)
11.75% (P + 8.50%/M)(42)
1/5/20157/2/20204 3 — 
First lien (3)
11.75% (P + 8.50%/M)(42)
1/5/20157/2/20202 2 — 
956 — — %
PPVA Fund, L.P.
Business ServicesCollateralized Financing (42)(43)—11/7/2014—— — — — %
Total Funded Debt Investments - United States$2,158,689 $2,068,701 153.79 %
Funded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information TechnologyFirst lien (2)(15)
8.68% (L + 6.00%/M)
10/1/20219/29/2028$35,000 $34,690 $34,650 
First lien (8)(15)
8.68% (L + 6.00%/M)
10/1/20219/29/202824,189 23,975 23,947 
58,665 58,597 4.36 %
Total Funded Debt Investments - Netherlands$58,665 $58,597 4.36 %
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
SoftwareSecond lien (8)(15)
11.37% (L + 8.25%/M)
10/8/201910/8/2027$34,459 $34,264 $34,459 2.56 %
Integro Parent Inc.**
Insurance ServicesFirst lien (2)(15)
13.80% (SOFR + 10.25% PIK/Q)*
10/9/20155/8/20234,026 4,022 4,026 
First lien (3)(15)
13.80% (SOFR + 10.25% PIK/Q)*
6/8/20185/8/2023795 791 795 
Second lien (8)(15)
15.80% (SOFR + 12.25% PIK/Q)(42)*
10/9/201510/30/202311,068 10,821 7,169 
15,634 11,990 0.89 %
Total Funded Debt Investments - United Kingdom$49,898 $46,449 3.45 %
The accompanying notes are an integral part of these consolidated financial statements.
17
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
Funded Debt Investments - Jersey
Tennessee Bidco Limited **
Business ServicesFirst lien (3)(15)(16)
8.97% (SONIA + 7.00%/D)
8/6/20218/3/2028£12,879 $17,627 $14,386 
First lien (3)(15)(16)
8.97% (SONIA + 7.00%/D)
8/6/20218/3/2028£10,538 13,127 11,772 
First lien (3)(15)
10.38% (L + 7.00%/S)
8/6/20218/3/2028$10,184 10,050 10,184 
First lien (3)(15)
9.31% (L + 7.00%/S)
8/6/20218/3/2028$6,246 6,159 6,246 
First lien (3)(15)(16)
7.63% (EURIBOR + 7.00%/S)
8/6/20218/3/2028€708 713 694 
47,676 43,282 3.22 %
Total Funded Debt Investments - Jersey$47,676 $43,282 3.22 %
Total Funded Debt Investments$2,314,928 $2,217,029 164.82 %
Equity - United States
Dealer Tire Holdings, LLC (30)
Distribution & LogisticsPreferred shares (3)(15)—9/13/2021—56,271 $60,360 $59,862 4.45 %
Symplr Software Intermediate Holdings, Inc. (31)
Healthcare Information TechnologyPreferred shares (4)(15)—11/30/2018—7,500 11,572 11,467 
Preferred shares (3)(15)—11/30/2018—2,586 3,989 3,953 
15,561 15,420 1.15 %
Knockout Intermediate Holdings I (41)
SoftwarePreferred shares (3)(15)—6/23/2022—15,150 14,961 14,961 1.11 %
ACI Parent Inc. (36)
Healthcare ServicesPreferred shares (3)(15)—8/2/2021—12,500 14,181 13,663 1.02 %
Project Essential Super Parent, Inc. (34)
SoftwarePreferred shares (3)(15)—4/20/2021—10,000 11,501 11,645 0.87 %
Diamond Parent Holdings Corp. (35)
Diligent Preferred Issuer, Inc.
SoftwarePreferred shares (3)(15)—4/6/2021—10,000 11,518 11,304 0.84 %
OEC Holdco, LLC (22)
Business ServicesPreferred shares (12)(15)—12/17/2021—7,214 7,565 7,054 0.52 %
HB Wealth Management, LLC (37)
Financial ServicesPreferred shares (11)(15)—9/30/2021—48,303 4,797 5,125 0.38 %
FS WhiteWater Holdings, LLC (38)
Consumer ServicesOrdinary shares (5)(15)—12/20/2021—50,000 5,000 5,000 0.37 %
Appriss Health Holdings, Inc. (23)
Appriss Health Intermediate Holdings, Inc.
Healthcare Information TechnologyPreferred shares (3)(15)—5/6/2021—2,333 2,681 2,678 0.20 %
The accompanying notes are an integral part of these consolidated financial statements.
18
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
OA Topco, L.P. (40)
Healthcare Information TechnologyOrdinary shares (3)(15)—12/20/2021—2,000,000 $2,000 $2,000 0.15 %
Pioneer Topco I, L.P. (39)
SoftwareOrdinary shares (13)(15)—11/1/2021—199,980 1,999 1,759 0.13 %
Ancora Acquisition LLC
EducationPreferred shares (9)(15)—8/12/2013—372 83 158 0.01 %
Education Management Corporation (20)
EducationPreferred 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)
EducationOrdinary shares (3)(15)—3/16/2021—758 — — — %
Total Shares - United States152,676 150,629 11.20 %
Equity - Hong Kong
Bach Special Limited (Bach Preference Limited)**
EducationPreferred shares (3)(15)(29)—9/1/2017—105,254 $10,446 $10,525 0.78 %
Total Shares - Hong Kong$10,446 $10,525 0.78 %
Total Shares$163,122 $161,154 11.98 %
Total Funded Investments$2,478,050 $2,378,183 176.80 %
Unfunded Debt Investments - United States
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
EducationFirst lien (3)(15)(18) - Undrawn—1/25/20219/30/2026$2,652 $— $— — %
Bullhorn, Inc.
SoftwareFirst lien (3)(15)(18) - Undrawn—9/24/20199/30/2026460 (3)— — %
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information TechnologyFirst lien (3)(15)(18) - Undrawn—5/6/20215/6/2027417 (4)— — %
Coyote Buyer, LLC
Specialty Chemicals & MaterialsFirst lien (3)(15)(18) - Undrawn—3/13/20202/6/20251,013 (5)— — %
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (3)(15)(18) - Undrawn—2/20/20202/20/20261,799 (9)— — %
The accompanying notes are an integral part of these consolidated financial statements.
19
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
Diamond Parent Holdings Corp. (35)
Diligent Corporation
SoftwareFirst lien (3)(15)(18) - Undrawn—3/30/20218/4/2025$1,812 $(9)$— — %
Calabrio, Inc.
SoftwareFirst lien (3)(15)(18) - Undrawn—4/16/20214/16/20271,487 (11)— — %
Granicus, Inc.
SoftwareFirst lien (2)(15)(18) - Undrawn—4/23/20214/21/20231,822 — — 
First lien (3)(15)(18) - Undrawn—1/27/20211/29/20272,414 (18)— 
(18)— — %
Associations, Inc.
Consumer ServicesFirst lien (3)(15)(18) - Undrawn—7/2/20217/2/20273,543 (18)— — %
IG Investments Holdings, LLC
Business ServicesFirst lien (3)(15)(18) - Undrawn—9/22/20219/22/20272,298 (23)— — %
Apptio, Inc.
SoftwareFirst lien (3)(15)(18) - Undrawn—1/10/20191/10/20251,240 (25)— — %
Wealth Enhancement Group, LLC
Financial ServicesFirst lien (3)(15)(18) - Undrawn—8/13/202110/4/20272,040 (6)— 
First lien (3)(15)(18) - Undrawn—5/2/20225/2/202414,550 (36)— 
(42)— — %
DCA Investment Holding, LLC
Healthcare ServicesFirst lien (3)(15)(18) - Undrawn—3/12/20213/10/20231,642 — (1)(0.00)%
Safety Borrower Holdings LLC
Information ServicesFirst lien (3)(15)(18) - Undrawn—9/1/20219/1/2027384 (2)(6)(0.00)%
Pye-Barker Fire & Safety, LLC
Business ServicesFirst lien (3)(15)(18) - Undrawn—11/26/202111/26/2024483 (5)(8)(0.00)%
Notorious Topco, LLC
Consumer ProductsFirst lien (3)(15)(18) - Undrawn—11/23/202111/23/2023587 (7)(4)
First lien (3)(15)(18) - Undrawn—11/23/20215/24/2027880 (7)(7)
(14)(11)(0.00)%
The accompanying notes are an integral part of these consolidated financial statements.
20
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
KPSKY Acquisition Inc.
Industrial ServicesFirst lien (2)(15)(18) - Undrawn—6/17/20226/17/2024$1,022 $— $(13)(0.00)%
Sun Acquirer Corp.
Consumer ServicesFirst lien (3)(15)(18) - Undrawn—9/8/20219/8/2027492 (7)(5)
First lien (2)(15)(18) - Undrawn—9/8/20219/8/2023815 (9)(8)
(16)(13)(0.00)%
Bluefin Holding, LLC
SoftwareFirst lien (3)(15)(18) - Undrawn—9/6/20199/6/2024485 (7)(14)(0.00)%
NMC Crimson Holdings, Inc.
Healthcare ServicesFirst lien (3)(15)(18) - Undrawn—3/1/20213/1/202310,664 — (15)(0.00)%
CG Group Holdings, LLC
Specialty Chemicals & MaterialsFirst lien (3)(15)(18) - Undrawn—7/19/20217/19/2026226 (3)(15)(0.00)%
Recorded Future, Inc.
SoftwareFirst lien (3)(15)(18) - Undrawn—8/26/20197/3/20252,981 (20)(15)(0.00)%
GS Acquisitionco, Inc.
SoftwareFirst lien (3)(15)(18) - Undrawn—8/7/20195/22/20261,775 (11)(16)(0.00)%
PPV Intermediate Holdings LLC
Consumer ServicesFirst lien (3)(15)(18) - Undrawn—8/30/20228/31/2029486 (5)(5)
First lien (4)(15)(18) - Undrawn—8/30/20228/31/20241,452 (15)(15)
(20)(20)(0.00)%
Community Brands ParentCo, LLC
SoftwareFirst lien (3)(15)(18) - Undrawn—2/24/20222/24/2028425 (4)(7)
First lien (3)(15)(18) - Undrawn—2/24/20222/26/2024849 — (14)
(4)(21)(0.00)%
USRP Holdings, Inc.
Federal ServicesFirst lien (3)(15)(18) - Undrawn—7/22/20217/23/2027893 (9)(29)(0.00)%
Infogain Corporation
SoftwareFirst lien (3)(15)(18) - Undrawn—7/30/20217/30/20263,150 (24)(31)(0.00)%
The accompanying notes are an integral part of these consolidated financial statements.
21
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (3)(15)(18) - Undrawn—6/30/20216/29/2027$1,501 $(15)$(12)
First lien (2)(15)(18) - Undrawn—6/30/20216/29/20232,364 — (19)
(15)(31)(0.00)%
DOCS, MSO, LLC
Healthcare ServicesFirst lien (3)(15)(18) - Undrawn—6/1/20226/1/20282,405 — (7)
First lien (4)(15)(18) - Undrawn—6/1/20226/3/20242,457 — (7)
First lien (3)(15)(18) - Undrawn—6/1/20226/3/20246,561 — (19)
— (33)(0.00)%
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information TechnologyFirst lien (3)(15)(18) - Undrawn—12/20/202112/20/20283,600 (36)(36)(0.00)%
iCIMS, Inc.
SoftwareFirst lien (8)(15)(18) - Undrawn—8/17/20228/18/202411,763 — — 
First lien (3)(15)(18) - Undrawn—8/17/20228/18/20284,218 (37)(37)
(37)(37)(0.00)%
Daxko Acquisition Corporation
SoftwareFirst lien (3)(15)(18) - Undrawn—10/15/202110/16/2023524 — (15)
First lien (3)(15)(18) - Undrawn—10/15/202110/15/2027986 (10)(26)
(10)(41)(0.00)%
Specialtycare, Inc.
Healthcare ServicesFirst lien (3)(15)(18) - Undrawn—6/18/20216/18/2026559 (8)(16)
First lien (3)(15)(18) - Undrawn—6/18/20216/18/2023868 — (26)
(8)(42)(0.00)%
The accompanying notes are an integral part of these consolidated financial statements.
22
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
IMO Investor Holdings, Inc.
Healthcare Information TechnologyFirst lien (3)(15)(18) - Undrawn—5/11/20225/11/2028$1,363 $(14)$(14)
First lien (3)(15)(18) - Undrawn—5/11/20225/13/20243,097 — (31)
(14)(45)(0.00)%
TigerConnect, Inc.
Healthcare ServicesFirst lien (2)(15)(18) - Undrawn—2/16/20222/16/20231,232 — (12)
First lien (3)(15)(18) - Undrawn—2/16/20222/16/20284,267 (43)(43)
(43)(55)(0.00)%
Knockout Intermediate Holdings I Inc. (41)
Kaseya Inc.
SoftwareFirst lien (3)(15)(18) - Undrawn—6/23/20226/24/20243,851 — (29)
First lien (3)(15)(18) - Undrawn—6/23/20226/25/20293,851 (29)(29)
(29)(58)(0.00)%
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
SoftwareFirst lien (3)(15)(18) - Undrawn—11/1/202111/1/20272,446 (24)(62)(0.01)%
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer ServicesFirst lien (3)(15)(18) - Undrawn—12/20/202112/21/20271,120 (11)(11)
First lien (3)(15)(18) - Undrawn—7/1/202212/21/20245,741 (57)(57)
(68)(68)(0.01)%
Foreside Financial Group, LLC
Business ServicesFirst lien (3)(15)(18) - Undrawn—5/26/20229/30/20272,095 (21)(21)
First lien (3)(15)(18) - Undrawn—5/26/20225/26/20246,670 — (67)
(21)(88)(0.01)%
Fortis Solutions Group, LLC
PackagingFirst lien (3)(15)(18) - Undrawn—10/15/202110/13/2023958 — (10)
First lien (3)(15)(18) - Undrawn—10/15/202110/15/20272,670 (27)(28)
First lien (3)(15)(18) - Undrawn—6/24/20226/24/20244,886 — (51)
(27)(89)(0.01)%
The accompanying notes are an integral part of these consolidated financial statements.
23
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
YLG Holdings, Inc.
Business ServicesFirst lien (5)(15)(18) - Undrawn—10/22/202110/22/2023$1,838 $(18)$(34)
First lien (3)(15)(18) - Undrawn—11/1/201910/31/20253,571 (18)(66)
(36)(100)(0.01)%
MRI Software LLC
SoftwareFirst lien (3)(18) - Undrawn—1/31/20202/10/20262,002 (10)(45)
First lien (3)(18) - Undrawn—2/11/20228/16/20235,266 — (118)
(10)(163)(0.01)%
GC Waves Holdings, Inc.
Financial ServicesFirst lien (3)(15)(18) - Undrawn—10/31/20198/13/20263,951 (30)(47)
First lien (3)(15)(18) - Undrawn—4/11/20224/11/202412,920 — (155)
(30)(202)(0.02)%
Deca Dental Holdings LLC
Healthcare ServicesFirst lien (3)(15)(18) - Undrawn—8/26/20218/26/20271,614 (16)(31)
First lien (3)(15)(18) - Undrawn—8/26/20218/28/20239,080 — (176)
(16)(207)(0.02)%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare ServicesFirst lien (3)(15)(18) - Undrawn—8/2/20218/2/20272,354 (24)(61)
First lien (3)(15)(18) - Undrawn—8/2/20218/2/20236,287 — (162)
(24)(223)(0.02)%
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst lien (3)(15)(18) - Undrawn—12/22/202112/22/20273,659 (37)(37)
First lien (4)(15)(18) - Undrawn—1/13/202212/22/20235,486 (55)(55)
First lien (3)(15)(18) - Undrawn—12/22/202112/22/202316,910 (169)(169)
(261)(261)(0.02)%
The accompanying notes are an integral part of these consolidated financial statements.
24
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
AmeriVet Partners Management, Inc.
Consumer ServicesFirst lien (3)(15)(18) - Undrawn—2/25/20222/25/2028$1,776 $(9)$(31)
First lien (3)(15)(18) - Undrawn—2/25/20222/25/202414,376 (72)(253)
(81)(284)(0.02)%
Total Unfunded Debt Investments - United States$(1,092)$(2,353)(0.16)%
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information TechnologyFirst lien (3)(15)(18) - Undrawn—10/1/202110/1/2027$4,439 $(44)$(44)(0.00)%
Total Unfunded Debt Investments - Netherlands$(44)$(44)(0.00)%
Total Unfunded Debt Investments $(1,136)$(2,397)(0.16)%
Total Non-Controlled/Non-Affiliated Investments$2,476,914 $2,375,786 176.64 %
Non-Controlled/Affiliated Investments (44)
Funded Debt Investments - United States
TVG-Edmentum Holdings, LLC (24)
Edmentum Ultimate Holdings, LLC
EducationSubordinated (3)(15)
13.00% (6.50% + 6.50%/PIK)*
12/11/20201/26/2027$16,207 $16,090 $16,207 1.20 %
Sierra Hamilton Holdings Corporation
EnergySecond lien (3)(15)
15.00% PIK/Q(42)*
9/12/20199/12/20235 5 — — %
Permian Holdco 3, Inc.
Permian Trust
EnergyFirst lien (10)(15)
10.00% PIK/Q (42)*
3/30/2021—247 — — 
First lien (3)(15)
11.00% (L + 10.00% PIK/M)(42)*
7/23/2020—3,409 — — 
— — — %
Total Funded Debt Investments - United States$16,095 $16,207 1.20 %
Equity - United States
TVG-Edmentum Holdings, LLC (24)
EducationOrdinary shares (3)(15)—12/11/2020—48,899 $55,746 $118,768 8.83 %
Sierra Hamilton Holdings Corporation
EnergyOrdinary 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$68,529 $122,768 9.13 %
Total Non-Controlled/Affiliated Investments$84,624 $138,975 10.33 %
The accompanying notes are an integral part of these consolidated financial statements.
25
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
Controlled Investments (45)
Funded Debt Investments - United States
New Benevis Topco, LLC (32)
New Benevis Holdco, Inc.
Healthcare ServicesFirst lien (2)(15)
13.17% (L + 2.50% + 7.00% PIK/Q)*
10/6/20204/7/2025$34,923 $34,923 $34,923 
First lien (8)(15)
13.17% (L + 2.50% + 7.00% PIK/Q)*
10/6/20204/7/20258,568 8,568 8,568 
First lien (3)(15)
13.17% (L + 2.50% + 7.00% PIK/Q)*
10/6/20204/7/20254,207 4,207 4,207 
Subordinated (3)(15)
12.00% PIK/M*
10/6/202010/6/202518,126 16,180 14,501 
63,878 62,199 4.62 %
Haven Midstream Holdings LLC (21)
Haven Midstream LLC
Specialty Chemicals & MaterialsFirst lien (3)(15)
14.00%/Q
12/17/202110/30/202633,889 21,086 33,889 
First lien (3)(15)
12.18% (L + 8.50%/Q)
12/17/202110/30/202611,972 11,972 11,972 
33,058 45,861 3.41 %
UniTek Global Services, Inc.
Business ServicesFirst lien (2)(15)
10.76% (SOFR + 5.50% + 2.00% PIK/S)*
6/29/20188/20/202412,805 12,805 12,793 
First lien (3)(15)
10.76% (SOFR + 5.50% + 2.00% PIK/S)*
3/16/20208/20/20249,480 8,932 9,472 
First lien (2)(15)
10.76% (SOFR + 5.50% + 2.00% PIK/S)*
6/29/20188/20/20242,561 2,561 2,558 
First lien (3)(15)
10.76% (SOFR + 5.50% + 2.00% PIK/S)*
6/29/20188/20/20241,373 1,264 1,372 
Second lien (3)(15)
15.00% PIK/Q*
12/16/20202/20/202511,148 11,148 10,385 
Second lien (3)(15)
15.00% PIK/Q*
7/29/20222/20/20254,942 4,942 4,604 
41,652 41,184 3.06 %
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
EnergyFirst lien (3)(15)
18.00% PIK/M*
10/30/202012/31/202420,830 20,830 20,830 
First lien (3)(15)(18) - Drawn
11.56% (L + 9.00% PIK/M)*
10/30/202012/31/20249,489 9,489 9,489 
30,319 30,319 2.25 %
NHME Holdings Corp. (28)
National HME, Inc.
Healthcare ServicesSecond lien (3)(15)
12.00% PIK/Q(42)*
11/27/20185/27/202417,102 16,672 7,021 
Second lien (3)(15)
12.00% PIK/Q(42)*
11/27/20185/27/202421,647 19,840 — 
36,512 7,021 0.52 %
Total Funded Debt Investments - United States$205,419 $186,584 13.86 %
The accompanying notes are an integral part of these consolidated financial statements.
26
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / 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 FundMembership interest (3)(15)—5/4/2018—— $140,000 $140,000 10.41 %
NMFC Senior Loan Program IV LLC**
Investment FundMembership interest (3)(15)—5/5/2021—— 112,400 112,400 8.36 %
NM NL Holdings, L.P.**
Net LeaseMembership interest (7)(15)—6/20/2018—— 76,371 95,356 7.09 %
New Benevis Topco, LLC (32)
Healthcare ServicesOrdinary shares (2)(15)—10/6/2020—269,027 27,154 34,454 
Ordinary shares (8)(15)—10/6/2020—66,007 6,662 8,453 
Ordinary shares (3)(15)—10/6/2020—60,068 6,106 7,693 
39,922 50,600 3.76 %
QID TRH Holdings LLC (21)
Haven Midstream Holdings LLC
Specialty Chemicals & MaterialsOrdinary shares (14)(15)—10/1/2021—80 — 27,125 
Profit Interest (6)(15)—10/1/2021—5 — 83 
— 27,208 2.02 %
UniTek Global Services, Inc.
Business ServicesPreferred shares (3)(15)(27)—8/17/2018—14,699,155 14,699 12,350 
Preferred shares (3)(15)(27)—8/29/2019—8,736,397 8,736 7,830 
Preferred shares (3)(15)(26)(42)—6/30/2017—19,795,435 19,795 2,194 
Preferred shares (2)(15)(25)(42)—1/13/2015—29,326,545 26,946 — 
Preferred shares (3)(15)(25)(42)—1/13/2015—8,104,462 7,447 — 
Ordinary shares (2)(15)—1/13/2015—2,096,477 1,926 — 
Ordinary shares (3)(15)—1/13/2015—1,993,749 533 — 
80,082 22,374 1.66 %
NM CLFX LP
Net LeaseMembership interest (7)(15)—10/6/2017—— 12,538 17,522 1.30 %
New Permian Holdco, Inc.
EnergyOrdinary shares (3)(15)—10/30/2020—100 11,155 16,000 1.19 %
NM YI, LLC
Net LeaseMembership interest (7)(15)—9/30/2019—— 6,272 9,375 0.70 %
NM GP Holdco, LLC**
Net LeaseMembership interest (7)(15)—6/20/2018—— 861 1,038 0.08 %
The accompanying notes are an integral part of these consolidated financial statements.
27
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)		 Cost Fair
 Value		Percent of Net
Assets
NHME Holdings Corp. (28)
Healthcare ServicesOrdinary shares (3)(15)—11/27/2018—640,000 $4,000 $— — %
NM GLCR LP
Net LeaseMembership interest (7)(15)—2/1/2018—— — — — %
NM APP US LLC
Net LeaseMembership interest (7)(15)—9/13/2016—— — — — %
NM DRVT LLC
Net LeaseMembership interest (7)(15)—11/18/2016—— — — — %
NM JRA LLC
Net LeaseMembership interest (7)(15)—8/12/2016—— — — — %
NM KRLN LLC
Net LeaseMembership interest (7)(15)—11/15/2016—— — — — %
Total Shares - United States$483,601 $491,873 36.57 %
Equity - Canada
NM APP Canada Corp.**
Net LeaseMembership interest (7)(15)—9/13/2016—— $7,345 $11,620 0.86 %
Total Shares - Canada$7,345 $11,620 0.86 %
Total Shares$490,946 $503,493 37.43 %
Warrants - United States
UniTek Global Services, Inc.
Business ServicesWarrants (3)(15)—12/16/20202/20/202513,305 $— $29,595 2.20 %
NHME Holdings Corp. (28)
Healthcare ServicesWarrants (3)(15)—11/27/2018—160,000 1,000 — — %
Total Warrants - United States$1,000 $29,595 2.20 %
Total Funded Investments$697,365 $719,672 53.49 %
Unfunded Debt Investments - United States
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
EnergyFirst lien (3)(15)(18) - Undrawn—10/30/202012/31/2024$1,577 $— $— — %
Haven Midstream Holdings LLC (21)
Haven Midstream LLC
Specialty Chemicals & MaterialsFirst lien (3)(15)(18) - Undrawn—12/17/202110/30/20268,000 — — — %
Total Unfunded Debt Investments - United States— — — %
Total Controlled Investments$697,365 $719,672 53.49 %
Total Investments$3,258,903 $3,234,433 240.46 %
(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
(2)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. ("NMF Holdings") as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian. See Note 7. Borrowings, for details.
The accompanying notes are an integral part of these consolidated financial statements.
28
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

(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 September 30, 2022, the par value U.S. dollar equivalent of the first lien term loan, and drawn first lien term loan is $14,386, and $12,465, respectively. See Note 2. Summary of Significant Accounting Policies, for details.
(17)Par amount is denominated in United States Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").
(18)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.
(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), Euro Interbank Offered Rate (EURIBOR) 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 September 30, 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 97.0% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Haven Midstream Holdings LLC, and holds a tranche A first lien term loan, a tranche B first lien term loan and a first lien revolver in Haven Midstream LLC.
(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 11.0% 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 11.0% 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.
(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 a Tranche A Term Loan and Tranche B Term Loan 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.
The accompanying notes are an integral part of these consolidated financial statements.
29
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

(30)The Company holds preferred equity in Dealer Tire Holdings, LLC that is entitled to receive cumulative preferential dividends at a rate of 7.0% 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 + 10.5% 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, Inc. that is entitled to receive cumulative preferential dividends at a rate of L + 9.5% 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 10.5% 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 4.0% 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)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Kaseya, Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I Inc. The preferred equity is entitled to received cumulative preferential dividends at a rate of 11.75% per annum.
(42)Investment or a portion of the investment is on non-accrual status. See Note 3. Investments, for details.
(43)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 $19,401 as of September 30, 2022. See Note 2. Summary of Significant Accounting Policies, for details.
(44)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of September 30, 2022 and December 31, 2021 along with transactions during the nine months ended September 30, 2022 in which the issuer was a non-controlled/affiliated investment is as follows:
Portfolio CompanyFair Value at December 31, 2021Gross Additions (A)Gross Redemptions (B)Net Change In Unrealized Appreciation (Depreciation)Fair Value at September 30, 2022Net Realized Gains (Losses)Interest IncomeDividend IncomeOther Income
Permian Holdco 3, Inc. / Permian Trust$— $— $— $— $— $— $— $— $— 
Sierra Hamilton Holdings Corporation4,000 — — — 4,000 — — — — 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC130,775 3,823 — 377 134,975 — 1,561 3,036 187 
Total Non-Controlled/Affiliated Investments$134,775 $3,823 $— $377 $138,975 $— $1,561 $3,036 $187 
(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.
30
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(in thousands, except shares)
(unaudited)

(45)    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 September 30, 2022 and December 31, 2021, along with transactions during the nine months ended September 30, 2022 in which the issuer was a controlled investment, is as follows:
Portfolio Company (1)Fair Value at December 31, 2021Gross Additions (A)Gross Redemptions (B)Net Change In Unrealized Appreciation (Depreciation)Fair Value at September 30, 2022Net Realized Gains (Losses)Interest IncomeDividend IncomeOther Income
National HME, Inc./NHME Holdings Corp.$27,347 $3,075 $— $(23,401)$7,021 $— $1,575 $— $— 
New Benevis Topco, LLC / New Benevis Holdco, Inc.109,595 4,377 — (1,173)112,799 — 5,753 — 1,125 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.34,759 6,560 — 5,000 46,319 — 3,215 — 389 
NM APP CANADA CORP9,422 — — 2,198 11,620 — — 635 500 
NM APP US LLC14,891 — (5,080)(9,811)— 4,488 — 255 483 
NM CLFX LP24,676 — — (7,154)17,522 — — 1,169 — 
NM DRVT LLC7,984 — (5,152)(2,832)— 3,439 — 173 475 
NM JRA LLC3,996 — (2,043)(1,953)— 2,049 — 72 188 
NM GLCR LP50,687 — (14,750)(35,937)— 35,713 — 400 2,150 
NM KRLN LLC244 97 (9,318)8,977 — (9,318)— — — 
NM NL Holdings, L.P.107,870 52 (10,886)(1,680)95,356 — — 6,330 — 
NM GP Holdco, LLC1,197 — (137)(22)1,038 — — 73 — 
NM YI LLC8,286 — — 1,089 9,375 — — 621 — 
NMFC Senior Loan Program III LLC140,000 — — — 140,000 — — 12,935 — 
NMFC Senior Loan Program IV LLC112,400 — — — 112,400 — — 9,520 — 
Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC 34,821 3,866 (5,628)40,010 73,069 — 4,717 — 1,381 
UniTek Global Services, Inc.67,635 11,378 (1,513)15,653 93,153 — 3,321 3,191 544 
Total Controlled Investments$755,810 $29,405 $(54,507)$(11,036)$719,672 $36,371 $18,581 $35,374 $7,235 
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
*    All or a portion of interest contains PIK interest. See Note 2. Summary of Significant Accounting Policies-Revenue Recognition, for details.
**    Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2022, 16.2% 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.
31
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
September 30, 2022
(unaudited)

 September 30, 2022
Investment TypePercent of Total
Investments at Fair Value
First lien54.73 %
Second lien17.73 %
Subordinated2.28 %
Equity and other25.26 %
Total investments100.00 %
 
 September 30, 2022
Industry TypePercent of Total
Investments at Fair Value
Software27.38 %
Business Services15.30 %
Healthcare Services14.90 %
Investment Funds (includes investments in joint ventures)7.80 %
Education7.66 %
Consumer Services5.51 %
Net Lease4.17 %
Specialty Chemicals & Materials3.03 %
Distribution & Logistics2.99 %
Financial Services2.38 %
Healthcare Information Technology2.13 %
Information Technology1.81 %
Energy1.56 %
Packaging1.26 %
Consumer Products0.64 %
Federal Services0.38 %
Insurance Services0.37 %
Business Products0.27 %
Industrial Services0.24 %
Information Services0.22 %
Total investments100.00 %
 
 September 30, 2022
Interest Rate TypePercent of Total
Investments at Fair Value
Floating rates87.64 %
Fixed rates12.36 %
Total investments100.00 %

The accompanying notes are an integral part of these consolidated financial statements.
32
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
GS Acquisitionco, Inc.
SoftwareFirst lien (2)(15)
6.75% (L + 5.75%/S)
8/7/20195/22/2026$67,966 $67,713 $67,966 
First lien (5)(15)
6.75% (L + 5.75%/S)
8/7/20195/22/202621,968 21,891 21,968 
First lien (3)(15)(18) - Drawn
6.75% (L + 5.75%/Q)
8/7/20195/22/20262,811 2,793 2,811 
92,397 92,745 6.91 %
PhyNet Dermatology LLC
Healthcare ServicesFirst lien (2)(15)
7.00% (L + 5.50% + 0.50% PIK/Q)*
9/17/20188/16/202449,61749,374 49,617 
First lien (3)(15)
7.00% (L + 5.50% + 0.50% PIK/Q)*
9/17/20188/16/202418,966 18,848 18,966 
68,222 68,583 5.11 %
Associations, Inc.
Consumer ServicesFirst lien (2)(15)
7.50% (L + 4.00% + 2.50% PIK/Q)*
7/2/20217/2/202730,196 30,056 30,045 
First lien (3)(15)
7.50% (L + 4.00% + 2.50% PIK/Q)*
7/2/20217/2/20278,590 8,547 8,547 
First lien (8)(15)
7.50% (L + 4.00% + 2.50% PIK/Q)*
7/2/20217/2/20278,590 8,548 8,547 
First lien (8)(15)
7.50% (L + 4.00% + 2.50% PIK/Q)*
7/2/20217/2/20275,188 5,163 5,162 
First lien (8)(15)
7.50% (L + 4.00% + 2.50% PIK/Q)*
7/2/20217/2/20274,127 4,107 4,106 
56,421 56,407 4.20 %
iCIMS, Inc.
SoftwareFirst lien (8)(15)
7.50% (L + 6.50%/S)
9/12/20189/12/202441,636 41,413 41,636 
First lien (8)(15)
7.50% (L + 6.50%/S)
6/14/20199/12/20248,667 8,618 8,666 
First lien (3)(15)(18) - Drawn
7.50% (L + 6.50%/S)
9/12/20189/12/20242,915 2,886 2,915 
52,917 53,217 3.97 %
Frontline Technologies Group Holdings, LLC
SoftwareFirst lien (4)(15)
6.25% (L + 5.25%/Q)
9/18/20179/18/202321,718 21,664 21,718 
First lien (2)(15)
6.25% (L + 5.25%/Q)
9/18/20179/18/202318,303 18,275 18,303 
First lien (2)(15)
6.25% (L + 5.25%/Q)
9/18/20179/18/20237,555 7,530 7,555 
First lien (2)(15)
6.25% (L + 5.25%/Q)
6/15/20219/18/20235,031 5,031 5,031 
52,500 52,607 3.92 %
CentralSquare Technologies, LLC
SoftwareSecond lien (3)
7.72% (L + 7.50%/Q)
8/15/20188/31/202647,838 47,431 43,293 
Second lien (8)
7.72% (L + 7.50%/Q)
8/15/20188/31/20267,500 7,436 6,788 
54,867 50,081 3.73 %
Integro Parent Inc.
Insurance ServicesFirst lien (2)(15)
6.75% (L + 5.75%/S)
10/9/201510/31/202233,986 33,947 33,239 
First lien (3)(15)(18) - Drawn
4.80% (L + 4.50%/S)
6/8/20184/30/20226,743 6,709 6,685 
Second lien (8)(15)
10.25% (L + 9.25%/S)
10/9/201510/30/202310,000 9,969 9,534 
50,625 49,458 3.69 %
The accompanying notes are an integral part of these consolidated financial statements.
33
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
NM GRC Holdco, LLC
Business ServicesFirst lien (2)(15)
8.50% (L + 6.00% + 1.50% PIK/M)*
2/9/20182/9/2024$38,561 $38,485 $38,561 
First lien (2)(15)
8.50% (L + 6.00% + 1.50% PIK/M)*
2/9/20182/9/202410,718 10,695 10,718 
49,180 49,279 3.67%
Affinity Dental Management, Inc.
Healthcare ServicesFirst lien (2)(15)
7.00% (L + 6.00%/S)
9/15/20179/15/202333,281 33,256 33,281 
First lien (4)(15)
7.00% (L + 6.00%/S)
9/17/20199/15/202310,482 10,482 10,482 
First lien (3)(15)(18) - Drawn
7.00% (L + 6.00%/S)
9/15/20173/15/20231,738 1,720 1,738 
45,458 45,501 3.39 %
Brave Parent Holdings, Inc.
SoftwareSecond lien (5)
7.60% (L + 7.50%/M)
4/17/20184/17/202622,500 22,430 22,613 
Second lien (2)
7.60% (L + 7.50%/M)
4/17/20184/17/202616,624 16,518 16,707 
Second lien (8)
7.60% (L + 7.50%/M)
4/17/20184/17/20266,000 5,962 6,030 
44,910 45,350 3.38 %
Deca Dental Holdings LLC
Healthcare ServicesFirst lien (2)(15)
6.50% (L + 5.75%/Q)
8/26/20218/28/202838,244 37,877 37,861 
First lien (3)(15)(18) - Drawn
6.50% (L + 5.75%/Q)
8/26/20218/28/20284,026 3,985 3,985 
41,862 41,846 3.13 %
Kaseya Inc.
SoftwareFirst lien (8)(15)
7.50% (L + 5.50% + 1.00% PIK/Q)*
5/9/20195/2/202529,094 28,926 29,094 
First lien (8)(15)
7.50% (L + 5.50% + 1.00% PIK/Q)*
9/8/20215/2/20257,795 7,733 7,795 
First lien (3)(15)
7.50% (L + 5.50% + 1.00% PIK/Q)*
5/9/20195/2/20253,405 3,380 3,405 
First lien (3)(15)(18) - Drawn
7.50% (L + 5.50% + 1.00% PIK/Q)*
9/8/20215/2/20251,541 1,528 1,541 
41,567 41,835 3.12 %
GC Waves Holdings, Inc.**
Financial ServicesFirst lien (5)(15)
6.25% (L + 5.50%/Q)
8/13/20218/13/202622,108 21,993 22,108 
First lien (2)(15)
6.25% (L + 5.50%/Q)
8/13/20218/13/202613,345 13,250 13,345 
First lien (2)(15)(18) - Drawn
6.25% (L + 5.50%/Q)
8/13/20218/13/20265,643 5,588 5,643 
40,831 41,096 3.06 %
Stamps.com Inc.
SoftwareFirst lien (8)(15)
6.50% (L + 5.75%/Q)
10/5/202110/5/202837,273 36,911 36,900 2.75 %
OEC Holdco, LLC (22)
OEConnection LLC
Business ServicesSecond lien (2)
7.50% (L + 7.00%/M)
12/17/20219/25/202723,406 23,173 23,171 
Second lien (2)
7.50% (L + 7.00%/M)
9/25/20199/25/202712,044 11,950 11,924 
35,123 35,095 2.62 %
The accompanying notes are an integral part of these consolidated financial statements.
34
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
Diamond Parent Holdings Corp. (35)
Diligent Corporation
SoftwareFirst lien (2)(15)
6.75% (L + 5.75%/Q)
3/30/20218/4/2025$17,762 $17,687 $17,673 
First lien (2)(15)
6.75% (L + 5.75%/Q)
3/4/20218/4/20259,905 9,863 9,855 
First lien (3)(15)
7.25% (L + 6.25%/Q)
12/19/20188/4/20255,887 5,860 5,945 
33,410 33,473 2.49 %
EAB Global, Inc.
EducationSecond lien (2)(15)
7.00% (L + 6.50%/S)
8/16/20218/16/202933,452 32,969 32,951 2.46 %
KAMC Holdings, Inc
Business ServicesSecond lien (2)(15)
8.16% (L + 8.00%/Q)
8/14/20198/13/202718,750 18,642 16,352 
Second lien (8)(15)
8.16% (L + 8.00%/Q)
8/14/20198/13/202718,750 18,642 16,352 
37,284 32,704 2.44 %
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst lien (8)
6.25% (L + 5.50%/Q)
12/22/202112/22/202720,843 20,635 20,634 
Subordinated (3)
11.50% PIK/Q*
12/22/202112/22/203111,110 10,944 10,944 
31,579 31,578 2.36 %
IG Investments Holdings, LLC
Business ServicesFirst lien (2)(15)
6.75% (L + 6.00%/Q)
9/22/20219/22/202829,429 29,144 29,133 
First lien (3)(15)(18) - Drawn
6.75% (L + 6.00%/M)
9/22/20219/22/20271,149 1,137 1,137 
30,281 30,270 2.25 %
Ansira Holdings, Inc.
Business ServicesFirst lien (8)(15)
7.50% (L + 6.50% PIK/S)*
12/19/201612/20/202431,793 31,748 24,025 
First lien (3)(15)
7.50% (L + 6.50% PIK/S)*
12/19/201612/20/20248,033 8,024 6,071 
39,772 30,096 2.24 %
Granicus, Inc.
SoftwareFirst lien (4)(15)
7.50% (L + 6.50%/Q)
1/27/20211/29/202715,522 15,420 15,406 
First lien (3)(15)
7.50% (L + 6.50%/Q)
1/27/20211/29/20276,004 5,963 5,959 
First lien (2)(15)
7.50% (L + 6.50%/Q)
1/27/20211/29/20275,922 5,883 5,878 
First lien (3)(15)(18) - Drawn
7.00% (L + 6.00%/Q)
4/23/20211/29/20272,778 2,752 2,751 
30,018 29,994 2.23 %
MRI Software LLC
SoftwareFirst lien (5)(15)
6.50% (L + 5.50%/S)
1/31/20202/10/202622,104 22,024 22,104 
First lien (2)(15)
6.50% (L + 5.50%/S)
1/31/20202/10/20266,205 6,182 6,205 
First lien (3)(15)
6.50% (L + 5.50%/S)
1/31/20202/10/2026818 814 818 
First lien (2)(15)
6.50% (L + 5.50%/Q)
3/24/20212/10/2026319 318 319 
29,338 29,446 2.19 %
Keystone Acquisition Corp.
Healthcare ServicesFirst lien (2)
6.25% (L + 5.25%/Q)
5/10/20175/1/202423,981 23,918 23,861 
Second lien (2)(15)
10.25% (L + 9.25%/Q)
5/10/20175/1/20254,500 4,476 4,500 
28,394 28,361 2.11 %
The accompanying notes are an integral part of these consolidated financial statements.
35
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information TechnologyFirst lien (2)
6.75% (L + 6.00%/Q)
12/20/202112/20/2028$28,201 $27,920 $27,919 2.08 %
Foundational Education Group, Inc.
EducationSecond lien (5)
7.00% (L + 6.50%/S)
8/19/20218/31/202922,500 22,391 22,500 
Second lien (2)
7.00% (L + 6.50%/S)
8/19/20218/31/20295,009 4,985 5,009 
27,376 27,509 2.05 %
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (2)(15)
3.60% (L + 3.50%/M)
6/24/20198/28/202416,563 15,121 13,968 
First lien (8)(15)
3.60% (L + 3.50%/M)
10/23/20198/28/202415,975 14,219 13,473 
29,340 27,441 2.04 %
New Trojan Parent, Inc.
Healthcare ServicesSecond lien (2)
7.75% (L + 7.25%/Q)
1/22/20211/5/202926,762 26,640 26,762 1.99 %
HS Purchaser, LLC / Help/Systems Holdings, Inc.
SoftwareSecond lien (5)
7.50% (L + 6.75%/Q)
11/14/201911/19/202722,500 22,404 22,509 
Second lien (2)
7.50% (L + 6.75%/Q)
11/14/201911/19/20274,208 4,174 4,210 
26,578 26,719 1.99 %
VT Topco, Inc.
Business ServicesSecond lien (2)
7.50% (L + 6.75%/M)
7/30/20217/31/202616,183 16,127 16,224 
Second lien (4)
6.85% (L + 6.75%/M)
8/14/20187/31/202610,000 9,984 10,025 
26,111 26,249 1.96 %
CRCI Longhorn Holdings, Inc.
Business ServicesSecond lien (3)(15)
7.35% (L + 7.25%/M)
8/2/20188/10/202618,266 18,221 18,266 
Second lien (8)(15)
7.35% (L + 7.25%/M)
8/2/20188/10/20267,500 7,481 7,500 
25,702 25,766 1.92 %
Galway Borrower LLC
Insurance ServicesFirst lien (2)(15)
6.00% (L + 5.25%/Q)
9/30/20219/29/202824,279 24,043 24,036 
First lien (3)(15)
6.00% (L + 5.25%/Q)
9/30/20219/29/20281,674 1,658 1,658 
25,701 25,694 1.91 %
Idera, Inc.
SoftwareSecond lien (4)
7.50% (L + 6.75%/S)
6/27/20193/2/202922,500 22,212 22,613 
Second lien (3)
7.50% (L + 6.75%/S)
4/29/20213/2/20293,000 2,986 3,015 
25,198 25,628 1.91 %
NMC Crimson Holdings, Inc.
Healthcare ServicesFirst lien (8)(15)
6.75% (L + 6.00%/S)
3/1/20213/1/202819,259 18,998 18,970 
First lien (2)(15)
6.75% (L + 6.00%/S)
3/2/20213/1/20284,913 4,846 4,839 
23,844 23,809 1.77 %
Syndigo LLC
SoftwareSecond lien (4)
8.75% (L + 8.00%/S)
12/14/202012/15/202822,500 22,347 22,528 1.68 %
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare ServicesFirst lien (2)(15)
6.25% (L + 5.50%/Q)
8/2/20218/2/202822,306 22,094 22,083 
First lien (3)(15)(18) - Drawn
6.25% (L + 5.50%/Q)
8/2/20218/2/202859 58 58 
22,152 22,141 1.65 %
The accompanying notes are an integral part of these consolidated financial statements.
36
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
Cardinal Parent, Inc.
SoftwareFirst lien (4)
5.25% (L + 4.50%/Q)
10/30/202011/12/2027$12,096 $12,017 $12,083 
Second lien (4)(15)
8.50% (L + 7.75%/Q)
11/12/202011/13/20289,767 9,679 9,864 
21,696 21,947 1.63%
DCA Investment Holding, LLC
Healthcare ServicesFirst lien (2)
7.00% (L + 6.25%/Q)
3/12/20213/12/202719,878 19,746 19,803 
First lien (3)(18) - Drawn
7.00% (L + 6.25%/Q)
3/12/20213/12/20271,919 1,905 1,912 
21,651 21,715 1.62 %
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
EducationSecond lien (2)
8.47% (L + 8.25%/Q)
7/26/20187/30/202621,959 21,921 21,282 1.59 %
MED Parentco, LP
Healthcare ServicesSecond lien (8)
8.35% (L + 8.25%/M)
8/2/20198/30/202720,857 20,735 20,883 1.56 %
DG Investment Intermediate Holdings 2, Inc.
Business ServicesSecond lien (3)
7.50% (L + 6.75%/M)
3/18/20213/30/202920,313 20,265 20,465 1.52 %
YLG Holdings, Inc.
Business ServicesFirst lien (5)(15)
6.25% (L + 5.25%/S)
11/1/201910/31/202518,045 17,983 18,045 
First lien (5)(15)
6.25% (L + 5.25%/S)
11/1/201910/31/20252,350 2,341 2,350 
20,324 20,395 1.52 %
Fortis Solutions Group, LLC
PackagingFirst lien (8)(15)
6.25% (L + 5.50%/Q)
10/15/202110/13/202810,298 10,198 10,195 
First lien (2)(15)
6.25% (L + 5.50%/Q)
10/15/202110/13/202810,298 10,198 10,195 
20,396 20,390 1.52 %
Bluefin Holding, LLC
SoftwareSecond lien (8)(15)
7.93% (L + 7.75%/Q)
9/6/20199/3/202718,000 18,000 18,000 
First lien (3)(15)(18) - Drawn
4.41% (L + 4.25%/Q)
9/6/20199/6/20241,485 1,463 1,485 
19,463 19,485 1.45 %
Bullhorn, Inc.
SoftwareFirst lien (2)(15)
6.75% (L + 5.75%/Q)
9/24/20199/30/202616,830 16,741 16,830 
First lien (2)(15)
6.75% (L + 5.75%/Q)
10/5/20219/30/20261,075 1,072 1,075 
First lien (3)(15)
6.75% (L + 5.75%/Q)
9/24/20199/30/2026779 773 779 
First lien (3)(15)
6.75% (L + 5.75%/Q)
9/24/20199/30/2026349 347 349 
First lien (3)(15)
6.75% (L + 5.75%/Q)
9/24/20199/30/2026278 277 278 
19,210 19,311 1.44 %
Convey Health Solutions, Inc.**
Healthcare ServicesFirst lien (4)(15)
5.50% (L + 4.75%/M)
9/9/20199/4/202619,263 19,108 19,263 1.43 %
Xactly Corporation
SoftwareFirst lien (4)(15)
8.25% L + 7.25%/S)
7/31/20177/31/202319,047 19,005 19,047 1.42 %
Infogain Corporation
SoftwareFirst lien (2)(15)
6.75% (L + 5.75%/S)
7/30/20217/28/202819,090 18,953 18,946 1.41 %
The accompanying notes are an integral part of these consolidated financial statements.
37
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
AAC Lender Holdings, LLC (33)
American Achievement Corporation (aka AAC Holding Corp.)
EducationFirst lien (2)(15)
7.25% (L + 5.75% PIK + 0.50%/M) (41)*
9/30/20159/30/2026$27,610 $27,559 $17,386 
First lien (3)(15)
15.00% (L + 13.50% PIK + 0.50%/M) (41)*
6/10/20219/30/20261,527 1,527 — 
Subordinated (3)(15)
2.00% (L + 1.00% PIK/Q) (41)*
3/16/20219/30/20265,230 — — 
29,086 17,386 1.29 %
The Kleinfelder Group, Inc.
Business ServicesFirst lien (4)(15)
6.25% (L + 5.25%/Q)
12/18/201811/29/202416,708 16,663 16,708 1.24 %
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (5)
7.00% (L + 6.00%/M)
2/20/20202/20/202615,949 15,890 15,870 
First lien (3)(18) - Drawn
7.00% (L + 6.00%/M)
2/20/20202/20/2026630 627 627 
16,517 16,497 1.23 %
Coyote Buyer, LLC
Specialty Chemicals & MaterialsFirst lien (5)(15)
7.00% (L + 6.00%/S)
3/13/20202/6/202613,937 13,885 13,937 
First lien (5)(15)
9.00% (L + 8.00%/S)
10/15/20208/6/20262,507 2,488 2,507 
16,373 16,444 1.22 %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (2)(15)
6.00% (L + 5.25%/S)
6/30/20216/29/202715,382 15,238 15,228 
First lien (3)(15)(18) - Drawn
6.00% (L + 5.25%/M)
6/30/20216/29/20271,201 1,189 1,189 
16,427 16,417 1.22 %
Hill International, Inc.
Business ServicesFirst lien (2)(15)
6.75% (L + 5.75%/M)
6/21/20176/21/202315,089 15,067 15,089 1.12 %
CFS Management, LLC
Healthcare ServicesFirst lien (2)(15)
6.50% (L + 5.50%/S)
8/6/20197/1/202411,497 11,466 11,497 
First lien (3)(15)
6.50% (L + 5.50%/S)
8/6/20197/1/20243,425 3,413 3,425 
14,879 14,922 1.11 %
FR Arsenal Holdings II Corp.
Business ServicesFirst lien (2)(15)
8.50% (L + 7.50%/S)
9/29/20169/8/202214,884 14,861 14,520 1.08 %
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
SoftwareFirst lien (8)(15)
7.75% (L + 7.00% PIK/Q)*
11/1/202111/1/202813,628 13,496 13,492 1.00 %
Transcendia Holdings, Inc.
PackagingSecond lien (8)(15)
9.00% (L + 8.00%/M)
6/28/20175/30/202514,500 14,396 13,445 1.00 %
Alegeus Technologies Holding Corp.
Healthcare ServicesFirst lien (8)(15)
9.25% (L + 8.25%/S)
9/5/20189/5/202413,443 13,409 13,443 1.00 %
Daxko Acquisition Corporation
SoftwareFirst lien (8)(15)
6.25% (L + 5.50%/Q)
10/15/202110/16/202813,277 13,147 13,144 0.98 %
The accompanying notes are an integral part of these consolidated financial statements.
38
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer ServicesFirst lien (5)
6.50% (L + 5.75%/Q)
12/20/202112/21/2027$10,500 $10,395 $10,395 
First lien (5)(18) - Drawn
6.50% (L + 5.75%/Q)
12/20/202112/21/20272,618 2,592 2,592 
12,98712,9870.97 %
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)
SoftwareFirst lien (2)(15)
5.00% (L + 4.00%/M)
12/7/201612/2/20222,872 2,869 2,872 
Second lien (8)(15)
10.25% (L + 9.25%/M)
12/7/20166/2/20237,840 7,824 7,840 
Second lien (3)(15)
10.25% (L + 9.25%/M)
12/7/20166/2/20232,160 2,155 2,160 
12,848 12,872 0.96 %
USRP Holdings, Inc.
Federal ServicesFirst lien (2)
6.25% (L + 5.50%/Q)
7/22/20217/23/202711,426 11,318 11,311 
First lien (3)
6.25% (L + 5.50%/Q)
7/22/20217/23/20271,488 1,473 1,473 
First lien (3)(18) - Drawn
6.25% (L + 5.50%/Q)
7/22/20217/23/202715 15 15 
12,806 12,799 0.95 %
Castle Management Borrower LLC
Business ServicesFirst lien (2)(15)
3.19% (L + 2.19%/Q)
5/31/20182/15/202514,590 14,561 12,794 0.95 %
Calabrio, Inc.
SoftwareFirst lien (5)(15)
8.00% (L + 7.00%/Q)
4/16/20214/16/202712,347 12,263 12,271 0.91 %
Apptio, Inc.
SoftwareFirst lien (8)(15)
8.25% (L + 7.25%/S)
1/10/20191/10/202511,203 11,075 11,203 
First lien (3)(15)(18) - Drawn
8.25% (L + 7.25%/S)
1/10/20191/10/2025827 810 827 
11,885 12,030 0.90 %
CHA Holdings, Inc.
Business ServicesSecond lien (4)(15)
9.75% (L + 8.75%/Q)
4/3/20184/10/20267,012 6,967 7,012 
Second lien (3)(15)
9.75% (L + 8.75%/Q)
4/3/20184/10/20264,453 4,424 4,453 
11,391 11,465 0.85 %
Recorded Future, Inc.
SoftwareFirst lien (8)
7.00% (L + 6.00%/Q)
8/26/20197/3/20256,219 6,199 6,188 
First lien (8)
7.00% (L + 6.00%/Q)
3/26/20217/3/20254,776 4,750 4,752 
10,949 10,940 0.81 %
Vectra Co.
Business ProductsSecond lien (8)
7.35% (L + 7.25%/M)
2/23/20183/8/202610,788 10,764 10,586 0.79 %
PPVA Black Elk (Equity) LLC
Business ServicesSubordinated (3)(15)—5/3/2013—14,500 14,500 10,354 0.77 %
Notorious Topco, LLC
Consumer ProductsFirst lien (8)(15)
7.50% (L + 6.50%/Q)
11/23/202111/23/202710,153 10,078 10,077 
First lien (3)(15)(18) - Drawn
7.50% (L + 6.50%/Q)
11/23/20215/24/2027147 146 146 
10,224 10,223 0.76 %
The accompanying notes are an integral part of these consolidated financial statements.
39
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
Quartz Holding Company
SoftwareSecond lien (3)(15)
8.10% (L + 8.00%/M)
4/2/20194/2/2027$10,000 $9,854 $10,000 0.74 %
Wealth Enhancement Group, LLC**
Financial ServicesFirst lien (3)(15)(18) - Drawn
6.75% (L + 5.75%/Q)
8/13/202110/4/20279,390 9,367 9,390 
First lien (3)(15)(18) - Drawn
6.75% (L + 5.75%/Q)
8/13/202110/4/2027425 424 425 
9,791 9,815 0.73 %
Geo Parent Corporation
Business ServicesFirst lien (2)
5.35% (L + 5.25%/M)
12/13/201812/19/20259,810 9,780 9,761 0.73 %
AgKnowledge Holdings Company, Inc.
Business ServicesFirst lien (2)(15)
5.75% (L + 4.75%/S)
11/30/20187/21/20239,166 9,149 9,166 0.68 %
CG Group Holdings, LLC
Specialty Chemicals & MaterialsFirst lien (2)(15)
6.25% (L + 5.25%/Q)
7/19/20217/19/20278,302 8,214 8,209 
First lien (3)(15)(18) - Drawn
6.25% (L + 5.25%/M)
7/19/20217/19/2026906 895 896 
9,109 9,105 0.68 %
Energize Holdco LLC
Business ServicesSecond lien (2)
7.25% (L + 6.75%/Q)
11/19/202112/7/20297,950 7,910 7,910 0.59 %
KPSKY Acquisition Inc.
Industrial ServicesFirst lien (8)(15)
6.25% (L + 5.50%/M)
10/19/202110/19/20287,039 6,970 6,968 
First lien (3)(15)(18) - Drawn
7.75% (P + 4.50%/Q)
10/19/202110/19/2028402 398 398 
7,368 7,366 0.55 %
Specialtycare, Inc.
Healthcare ServicesFirst lien (2)(15)
6.75% (L + 5.75%/Q)
6/18/20216/18/20287,224 7,122 7,115 0.53 %
Restaurant Technologies, Inc.
Business ServicesSecond lien (4)
6.60% (L + 6.50%/M)
9/24/201810/1/20266,722 6,711 6,722 0.50 %
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information TechnologyFirst lien (8)(15)
8.25% (L + 7.25%/Q)
5/6/20215/6/20276,250 6,192 6,187 0.46 %
ADG, LLC
Healthcare ServicesSecond lien (3)(15)
11.00% (L + 10.00% PIK/Q)*
10/3/20163/28/20246,591 6,562 6,082 0.45 %
Safety Borrower Holdings LLC
Information ServicesFirst lien (2)(15)
6.75% (L + 5.75%/S)
9/1/20219/1/20275,756 5,729 5,728 0.43 %
Sun Acquirer Corp.
Consumer ServicesFirst lien (2)(15)
6.50% (L + 5.75%/Q)
9/8/20219/8/20284,025 3,991 3,985 
First lien (3)(15)(18) - Drawn
6.50% (L + 5.75%/Q)
9/8/20219/8/20281,585 1,570 1,570 
5,561 5,555 0.41 %
The accompanying notes are an integral part of these consolidated financial statements.
40
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
Pye-Barker Fire & Safety, LLC
Business ServicesFirst lien (3)(15)(18) - Drawn
6.25% (L + 5.50%/Q)
11/26/202111/26/2027$2,394 $2,370 $2,394 0.18 %
Education Management Corporation (20)
Education Management II LLC
EducationFirst lien (2)
13.00% (L + 7.50%/M)(41)
1/5/20157/2/2020300 292 — 
First lien (3)
13.00% (L + 7.50%/M)(41)
1/5/20157/2/2020169 165 — 
First lien (2)
9.75% (L + 6.50%/Q)(41)
1/5/20157/2/2020206 201 — 
First lien (3)
9.75% (L + 6.50%/Q)(41)
1/5/20157/2/2020116 113 — 
First lien (2)
11.75% (P + 8.50%/M)(41)
1/5/20157/2/2020140 116 — 
First lien (3)
11.75% (P + 8.50%/M)(41)
1/5/20157/2/202079 65 — 
First lien (2)
11.75% (P + 8.50%/M)(41)
1/5/20157/2/20204 3 — 
First lien (3)
11.75% (P + 8.50%/M)(41)
1/5/20157/2/20202 2 — 
957 — — %
PPVA Fund, L.P.
Business ServicesCollateralized 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 TechnologyFirst lien (2)(15)
6.75% (L + 6.00%/Q)
10/1/20219/29/2028$35,000 $34,660 $34,650 
First lien (8)(15)
6.75% (L + 6.00%/Q)
10/1/20219/29/202824,189 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 ServicesFirst lien (3)(15)(16)
7.47% (Sonia + 7.00%/D)
8/6/20218/3/2028£12,879 $17,608 $17,167 
First lien (3)(15)
7.15% (L + 7.00%/S)
8/6/20218/3/2028$10,184 10,037 10,032 
First lien (3)(15)(16)(18) - Drawn
7.47% (Sonia + 7.00%/D)
8/6/20218/3/2028£3,771 4,943 4,976 
First lien (3)(15)(18) - Drawn
7.29% (L + 7.00%/S)
8/6/20218/3/2028$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.
41
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
Funded Debt Investments - United Kingdom
Aston FinCo S.a r.l. / Aston US Finco, LLC**
SoftwareSecond lien (8)(15)
8.35% (L + 8.25%/M)
10/8/201910/8/2027$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**
EducationFirst lien (8)
6.00% (L + 5.00%/S)
7/30/20197/31/2026$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 & LogisticsPreferred shares (3)(15)—9/13/2021—56,271 $60,360 $60,180 4.48 %
Symplr Software Intermediate Holdings, Inc. (31)
Healthcare Information TechnologyPreferred 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 ServicesPreferred shares (3)(15)—8/2/2021—12,500 12,994 12,989 0.97 %
Project Essential Super Parent, Inc. (34)
SoftwarePreferred shares (3)(15)—4/20/2021—10,000 10,597 10,586 0.79 %
Diamond Parent Holdings Corp. (35)
Diligent Preferred Issuer, Inc.
SoftwarePreferred shares (3)(15)—4/6/2021—10,000 10,386 10,379 0.77 %
OEC Holdco, LLC (22)
Business ServicesPreferred shares (12)—12/17/2021—7,214 7,142 7,142 0.53 %
FS WhiteWater Holdings, LLC (38)
Consumer ServicesOrdinary shares (5)—12/20/2021—50,000 5,000 5,000 0.37 %
HB Wealth Management, LLC (37)**
Financial ServicesPreferred 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 TechnologyPreferred shares (3)(15)—5/6/2021—2,333 2,468 2,466 0.18 %
OA Topco, L.P. (40)
Healthcare Information TechnologyOrdinary 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.
42
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
Pioneer Topco I, L.P. (39)
SoftwareOrdinary shares (13)(15)—11/1/2021—199,980 $2,000 $2,000 0.15 %
Ancora Acquisition LLC
EducationPreferred shares (9)(15)—8/12/2013—372 83 158 0.01 %
Education Management Corporation (20)
EducationPreferred 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)
EducationOrdinary 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)**
EducationPreferred 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.)
EducationFirst lien (3)(15)(18) - Undrawn—1/25/20219/30/2026$2,652 $— $— — %
Bluefin Holding, LLC
SoftwareFirst lien (3)(15)(18) - Undrawn—9/6/20199/6/202430 — — — %
Wealth Enhancement Group, LLC**
Financial ServicesFirst lien (3)(15)(18) - Undrawn—8/13/202110/4/2027678 (2)— 
First lien (3)(15)(18) - Undrawn—8/13/20216/3/20228,257 — — 
(2)— — %
AgKnowledge Holdings Company, Inc.
Business ServicesFirst lien (3)(15)(18) - Undrawn—11/30/20187/21/2023526 (3)— — %
The accompanying notes are an integral part of these consolidated financial statements.
43
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)
SoftwareFirst lien (3)(15)(18) - Undrawn—12/7/201612/2/2022$1,000 $(5)$— — %
Coyote Buyer, LLC
Specialty Chemicals & MaterialsFirst lien (3)(15)(18) - Undrawn—3/13/20202/6/20251,013 (5)— — %
Pye-Barker Fire & Safety, LLC
Business ServicesFirst lien (3)(15)(18) - Undrawn—11/26/202111/26/20232,810 — — 
First lien (3)(15)(18) - Undrawn—11/26/202111/26/2024905 (9)— 
(9)— — %
Xactly Corporation
SoftwareFirst lien (3)(15)(18) - Undrawn—7/31/20177/31/2023992 (10)— — %
MRI Software LLC
SoftwareFirst lien (2)(15)(18) - Undrawn—3/24/20213/24/20229,364 — — 
First lien (3)(15)(18) - Undrawn—1/31/20202/10/20262,002 (10)— 
(10)— — %
Bullhorn, Inc.
SoftwareFirst lien (3)(15)(18) - Undrawn—10/5/202111/8/20222,395 (6)— 
First lien (3)(15)(18) - Undrawn—9/24/20199/30/2026852 (6)— 
(12)— — %
Diamond Parent Holdings Corp. (35)
Diligent Corporation
SoftwareFirst lien (3)(15)(18) - Undrawn—3/30/20218/4/20253,624 (18)— — %
GS Acquisitionco, Inc.
SoftwareFirst lien (3)(15)(18) - Undrawn—8/7/20195/22/20263,106 (19)— — %
YLG Holdings, Inc.
Business ServicesFirst lien (5)(15)(18) - Undrawn—10/22/202110/22/20232,078 — — 
First lien (3)(15)(18) - Undrawn—11/1/201910/31/20253,968 (20)— 
(20)— — %
The accompanying notes are an integral part of these consolidated financial statements.
44
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
Apptio, Inc.
SoftwareFirst lien (3)(15)(18) - Undrawn—1/10/20191/10/2025$1,240 $(25)$— — %
GC Waves Holdings, Inc.**
Financial ServicesFirst lien (2)(15)(18) - Undrawn—8/13/20218/11/20234,991 — — 
First lien (3)(15)(18) - Undrawn—10/31/201910/31/20253,951 (30)— 
(30)— — %
Kaseya Inc.
SoftwareFirst lien (3)(15)(18) - Undrawn—9/8/20219/8/20232,129 (19)— 
First lien (3)(15)(18) - Undrawn—5/9/20195/2/20252,312 (23)— 
(42)— — %
CG Group Holdings, LLC
Specialty Chemicals & MaterialsFirst lien (3)(15)(18) - Undrawn—7/19/20217/19/2026226 (3)(3)(0.00) %
Recorded Future, Inc.
SoftwareFirst lien (3)(18) - Undrawn—8/26/20197/3/2025750 (4)(4)(0.00) %
KPSKY Acquisition Inc.
Industrial ServicesFirst lien (3)(15)(18) - Undrawn—10/19/202110/19/2023403 — (4)(0.00) %
Appriss Health Holdings, Inc. (23)
Appriss Health, LLC
Healthcare Information TechnologyFirst lien (3)(15)(18) - Undrawn—5/6/20215/6/2027417 (4)(4)(0.00) %
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (3)(18) - Undrawn—2/20/20202/20/20261,169 (6)(6)(0.00) %
USRP Holdings, Inc.
Federal ServicesFirst lien (3)(18) - Undrawn—7/22/20217/23/2027878 (9)(9)(0.00) %
Safety Borrower Holdings LLC
Information ServicesFirst lien (3)(15)(18) - Undrawn—9/1/20219/1/2027512 (3)(3)
First lien (3)(15)(18) - Undrawn—9/1/20219/1/20221,279 — (6)
(3)(9)(0.00) %
Calabrio, Inc.
SoftwareFirst lien (3)(15)(18) - Undrawn—4/16/20214/16/20271,487 (11)(9)(0.00) %
The accompanying notes are an integral part of these consolidated financial statements.
45
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
DCA Investment Holding, LLC
Healthcare ServicesFirst lien (3)(18) - Undrawn—3/12/20213/10/2023$3,005 $— $(11)(0.00) %
IG Investments Holdings, LLC
Business ServicesFirst lien (3)(15)(18) - Undrawn—9/22/20219/22/20271,149 (11)(11)(0.00) %
Notorious Topco, LLC
Consumer ProductsFirst lien (3)(15)(18) - Undrawn—11/23/20215/24/2027734 (6)(6)
First lien (3)(15)(18) - Undrawn—11/23/202111/23/20231,467 — (11)
(6)(17)(0.00) %
Associations, Inc.
Consumer ServicesFirst lien (3)(15)(18) - Undrawn—7/2/20217/2/20273,543 (18)(18)(0.00) %
Specialtycare, Inc.
Healthcare ServicesFirst lien (3)(15)(18) - Undrawn—6/18/20216/18/2026559 (8)(8)
First lien (3)(15)(18) - Undrawn—6/18/20216/18/2023671 — (10)
(8)(18)(0.00) %
Sun Acquirer Corp.
Consumer ServicesFirst lien (3)(15)(18) - Undrawn—9/8/20219/8/2027559 (5)(6)
First lien (3)(15)(18) - Undrawn—9/8/20219/8/20231,378 (10)(14)
(15)(20)(0.00) %
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
SoftwareFirst lien (3)(15)(18) - Undrawn—11/1/202111/1/20272,446 (24)(24)(0.00) %
Daxko Acquisition Corporation
SoftwareFirst lien (3)(15)(18) - Undrawn—10/15/202110/15/2027986 (10)(10)
First lien (3)(15)(18) - Undrawn—10/15/202110/16/20231,638 — (16)
(10)(26)(0.00) %
Infogain Corporation
SoftwareFirst lien (3)(15)(18) - Undrawn—7/30/20217/30/20263,827 (29)(29)(0.00) %
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information TechnologyFirst lien (3)(18) - Undrawn—12/20/202112/20/20283,600 (36)(36)(0.00) %
The accompanying notes are an integral part of these consolidated financial statements.
46
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
Granicus, Inc.
SoftwareFirst lien (3)(15)(18) - Undrawn—1/27/20211/29/2027$2,414 $(18)$(18)
First lien (3)(15)(18) - Undrawn—4/23/20214/21/20231,822 — (18)
(18)(36)(0.00) %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (3)(15)(18) - Undrawn—6/30/20216/29/2027300 (3)(3)
First lien (3)(15)(18) - Undrawn—6/30/20216/29/20235,252 — (53)
(3)(56)(0.01)%
Galway Borrower LLC
Insurance ServicesFirst lien (3)(15)(18) - Undrawn—9/30/20219/30/20271,865 (19)(19)
First lien (3)(15)(18) - Undrawn—9/30/20219/29/20233,917 — (39)
(19)(58)(0.01)%
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer ServicesFirst lien (5)(18) - Undrawn—12/20/202112/21/2022882 — (9)
First lien (3)(18) - Undrawn—12/20/202112/21/20271,400 (14)(14)
First lien (5)(18) - Undrawn—12/20/202112/21/20233,500 — (35)
(14)(58)(0.01)%
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare ServicesFirst lien (3)(15)(18) - Undrawn—8/2/20218/2/20272,354 (24)(24)
First lien (3)(15)(18) - Undrawn—8/2/20218/2/20238,180 — (82)
(24)(106)(0.01)%
Fortis Solutions Group, LLC
PackagingFirst lien (3)(15)(18) - Undrawn—10/15/202110/15/20272,861 (29)(29)
First lien (3)(15)(18) - Undrawn—10/15/202110/13/20238,343 — (83)
(29)(112)(0.01)%
Deca Dental Holdings LLC
Healthcare ServicesFirst lien (3)(15)(18) - Undrawn—8/26/20218/26/20273,027 (30)(30)
First lien (3)(15)(18) - Undrawn—8/26/20218/28/20239,080 — (91)
(30)(121)(0.01)%
The accompanying notes are an integral part of these consolidated financial statements.
47
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
NMC Crimson Holdings, Inc.
Healthcare ServicesFirst lien (3)(15)(18) - Undrawn—3/1/20213/1/2023$10,664 $— $(160)(0.01)%
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst lien (3)(18) - Undrawn—12/22/202112/22/20273,659 (37)(37)
First lien (3)(18) - Undrawn—12/22/202112/22/202325,420 — (254)
(37)(291)(0.02)%
Total Unfunded Debt Investments - United States$(581)$(1,256)(0.09)%
Unfunded Debt Investments - Jersey
Tennessee Bidco Limited**
Business ServicesFirst lien (3)(15)(16)(18) - Undrawn—8/6/20217/9/2023£9,521 $— $(143)(0.01)%
Total Unfunded Debt Investments - Jersey$— $(143)(0.01)%
Unfunded Debt Investments - Netherlands
Tahoe Finco, LLC**
Information TechnologyFirst lien (3)(15)(18) - Undrawn—10/1/202110/1/2027$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
EducationSubordinated (3)(15)
13.00% (6.50% + 6.50%/PIK)*
12/11/20201/26/2027$15,434 $15,302 $15,841 1.18 %
Sierra Hamilton Holdings Corporation
EnergySecond lien (3)(15)
15.00% PIK/Q(41)*
9/12/20199/12/20235 5 — — %
Permian Holdco 3, Inc.
Permian Trust
EnergyFirst 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.
48
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
Equity - United States
TVG-Edmentum Holdings, LLC (24)
EducationOrdinary shares (3)(15)—12/11/2020—48,899 $52,711 $114,934 8.56 %
Sierra Hamilton Holdings Corporation
EnergyOrdinary 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 ServicesFirst lien (2)(15)
10.50% (L + 2.50% + 7.00% PIK/Q)*
10/6/20204/7/2025$33,133 $33,133 $33,133 
First lien (8)(15)
10.50% (L + 2.50% + 7.00% PIK/Q)*
10/6/20204/7/20258,129 8,129 8,129 
First lien (3)(15)
10.50% (L + 2.50% + 7.00% PIK/Q)*
10/6/20204/7/20253,992 3,992 3,992 
Subordinated (3)(15)
12.00% PIK/M*
10/6/202010/6/202516,556 14,250 13,603 
59,504 58,857 4.39 %
UniTek Global Services, Inc.
Business ServicesFirst lien (2)(15)
8.50% (L + 5.50% + 2.00% PIK/Q)*
6/29/20188/20/202412,643 12,643 12,643 
First lien (3)(15)
8.50% (L + 5.50% + 2.00% PIK/Q)*
3/16/20208/20/20249,363 8,628 9,363 
First lien (2)(15)
8.50% (L + 5.50% + 2.00% PIK/Q)*
6/29/20188/20/20242,528 2,528 2,528 
First lien (3)(15)
8.50% (L + 5.50% + 2.00% PIK/Q)*
6/29/20188/20/20241,354 1,208 1,354 
Second lien (3)(15)
15.00% PIK/Q*
12/16/20202/20/20259,970 9,970 9,970 
34,977 35,858 2.67 %
Tenawa Resource Holdings LLC (21)
Tenawa Resource Management LLC
Specialty Chemicals & MaterialsFirst lien (3)(15)
14.00% PIK/Q*
12/17/202110/30/202631,624 18,821 18,821 
First lien (3)(15)
10.50% (L + 8.50%/Q)
12/17/202110/30/202616,000 16,000 16,000 
34,821 34,821 2.59 %
The accompanying notes are an integral part of these consolidated financial statements.
49
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
NHME Holdings Corp. (28)
National HME, Inc.
Healthcare ServicesSecond lien (3)(15)
12.00% PIK/Q*
11/27/20185/27/202421,016 $18,816 $13,030 
Second lien (3)(15)
12.00% PIK/Q*
11/27/20185/27/202415,148 14,621 11,817 
33,437 24,847 1.85 %
New Permian Holdco, Inc.
New Permian Holdco, L.L.C.
EnergyFirst lien (3)(15)
18.00% PIK/M*
10/30/202012/31/202418,216 18,216 18,216 
First lien (3)(15)(18) - Drawn
10.00% (L + 9.00% PIK/M)*
10/30/202012/31/20245,543 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 FundMembership interest (3)(15)—5/4/2018—— $140,000 $140,000 10.43 %
NMFC Senior Loan Program IV LLC**
Investment FundMembership interest (3)(15)—5/5/2021—— 112,400 112,400 8.37 %
NM NL Holdings, L.P.**
Net LeaseMembership interest (7)(15)—6/20/2018—— 87,203 107,870 8.03 %
New Benevis Topco, LLC (32)
Healthcare ServicesOrdinary 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 LeaseMembership interest (7)(15)—2/1/2018—— 14,750 50,687 3.77 %
NM CLFX LP
Net LeaseMembership interest (7)(15)—10/6/2017—— 12,538 24,676 1.84 %
The accompanying notes are an integral part of these consolidated financial statements.
50
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
UniTek Global Services, Inc.
Business ServicesPreferred 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 LeaseMembership interest (7)(15)—9/13/2016—— 5,080 14,891 1.11 %
New Permian Holdco, Inc.
EnergyOrdinary shares (3)(15)—10/30/2020—100 11,155 11,000 0.82 %
NM YI, LLC
Net LeaseMembership interest (7)(15)—9/30/2019—— 6,272 8,286 0.62 %
NM DRVT LLC
Net LeaseMembership interest (7)(15)—11/18/2016—— 5,152 7,984 0.59 %
NM JRA LLC
Net LeaseMembership interest (7)(15)—8/12/2016—— 2,043 3,996 0.30 %
NHME Holdings Corp. (28)
Healthcare ServicesOrdinary shares (3)(15)—11/27/2018—640,000 4,000 2,000 0.15 %
NM GP Holdco, LLC**
Net LeaseMembership interest (7)(15)—6/20/2018—— 998 1,197 0.09 %
NM KRLN LLC
Net LeaseMembership interest (7)(15)—11/15/2016—— 9,222 244 0.02 %
QID TRH Holdings LLC (21)
Tenawa Resource Holdings LLC
Specialty Chemicals & MaterialsOrdinary 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.
51
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 DateMaturity/Expiration
Date		Principal
Amount,
Par Value
or Shares (17)		CostFair ValuePercent of
Net
Assets
Equity - Canada
NM APP Canada Corp.**
Net LeaseMembership 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 ServicesWarrants (3)(15)—12/16/20202/20/20258,523 $— $13,081 0.97 %
NHME Holdings Corp. (28)
Healthcare ServicesWarrants (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.
EnergyFirst lien (3)(15)(18) - Undrawn—10/30/202012/31/2024$4,977 $— $— — %
Tenawa Resource Holdings LLC (21)
Tenawa Resource Management LLC
Specialty Chemicals & MaterialsFirst lien (3)(15)(18) - Undrawn—12/17/202110/30/20268,000 — — — %
Total Unfunded Debt Investments - United States$— $— — %
Total Controlled Investments$722,467 $755,810 56.29 %
Total Investments$3,126,492 $3,174,364 236.43 %
(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.
The accompanying notes are an integral part of these consolidated financial statements.
52
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 ("£").
(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), 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.
(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 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.
(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.
(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.
The accompanying notes are an integral part of these consolidated financial statements.
53
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2021
(in thousands, except shares)

(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 $21,422 as of December 31, 2021. See Note 2. Summary of Significant Accounting Policies, for details.
(43)Denotes investments in which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2021 and December 31, 2020 along with transactions during the year ended December 31, 2021 in which the issuer was a non-controlled/affiliated investment is as follows:
Portfolio CompanyFair Value at December 31, 2020Gross
Additions (A)		Gross
Redemptions
(B)		Net
Realized
Gains
(Losses)		Net Change In
Unrealized
Appreciation
(Depreciation)		Fair Value at December 31, 2021Interest
Income		Dividend
Income		Other
Income
Permian Holdco 1, Inc. / Permian Holdco 2, Inc. / Permian Holdco 3, Inc. / Permian Trust$— $225 $(12,438)$(12,213)$12,213 $— $— $— $— 
Sierra Hamilton Holdings Corporation4,776 11 (828)2 41 4,000 188 — 24 
TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC98,236 5,575 (27,287)20,549 54,251 130,775 1,825 5,123 321 
Total Non-Controlled/Affiliated Investments$103,012 $5,811 $(40,553)$8,338 $66,505 $134,775 $2,013 $5,123 $345 
(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 at fair value of an existing portfolio company into this category from a different category.
(B)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.

The accompanying notes are an integral part of these consolidated financial statements.
54
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2021
(in thousands, except shares)


(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 December 31, 2021 and December 31, 2020 along with transactions during the year ended December 31, 2021 in which the issuer was a controlled investment, is as follows:
Portfolio CompanyFair Value at December 31, 2020Gross
Additions
(A)		Gross
Redemptions
(B)		Net 
Realized
Gains
(Losses)		Net Change In
Unrealized
Appreciation
(Depreciation)		Fair Value at December 31, 2021Interest
Income		Dividend
Income		Other
Income
Edmentum Inc.$— $— $— $2,207 $— $— $— $— $1,200 
National HME, Inc./NHME Holdings Corp.27,530 8,094 — — (8,277)27,347 4,594 — 500 
New Benevis Topco, LLC / New Benevis Holdco, Inc.98,442 5,417 — — 5,736 109,595 6,956 — 1,500 
New Permian Holdco, Inc. / New Permian Holdco, L.L.C.29,336 5,423 — — — 34,759 3,522 — 634 
NM APP CANADA CORP12,302 — — — (2,880)9,422 — 978 — 
NM APP US LLC7,410 — — — 7,481 14,891 — 561 — 
NM CLFX LP14,885 — — — 9,791 24,676 — 1,521 — 
NM DRVT LLC7,084 — — — 900 7,984 — 466 — 
NM JRA LLC3,830 — — — 166 3,996 — 268 — 
NM GLCR LP29,130 — — — 21,557 50,687 — 1,892 — 
NM KRLN LLC1,501 641 — — (1,898)244 — — — 
NM NL Holdings, L.P.67,132 32,757 — — 7,981 107,870 — 7,414 — 
NM GP Holdco, LLC703 415 — — 79 1,197 — 52 — 
NM YI LLC6,852 — — — 1,434 8,286 — 877 — 
NMFC Senior Loan Program I LLC23,000 10,000 (33,000)— — — — 741 — 
NMFC Senior Loan Program II LLC79,400 — (79,400)— — — — 2,410 — 
NMFC Senior Loan Program III LLC120,000 20,000 — — — 140,000 — 16,712 — 
NMFC Senior Loan Program IV LLC— 112,400 — — — 112,400 — 7,767 — 
Tenawa Resource Management LLC / Tenawa Resource Holdings LLC / QID TRH Holdings LLC (C)— 64,776 (45,892)(11,243)15,937 34,821 845 — 8 
UniTek Global Services, Inc.72,338 6,669 (2,712)1 (8,660)67,635 3,880 4,497 738 
Total Controlled Investments$600,875 $266,592 $(161,004)$(9,035)$49,347 $755,810 $19,797 $46,156 $4,580 

(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
(C)Portfolio company moved into the controlled category from the non-controlled/non-affiliated investment category.
*    All or a portion of interest contains PIK interest.
**    Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2021, 18.0% 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.
55
New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
 December 31, 2021
(in thousands, except shares)



 December 31, 2021
Investment TypePercent of Total
Investments at Fair Value
First lien
52.23 %
Second lien19.76 %
Subordinated1.60 %
Equity and other26.41 %
Total investments100.00 %
 
 December 31, 2021
Industry TypePercent of Total
Investments at Fair Value
Software24.61 %
Business Services16.19 %
Healthcare Services16.07 %
Investment Funds (includes investments in joint ventures)7.95 %
Education7.89 %
Net Lease7.22 %
Consumer Services3.50 %
Distribution & Logistics3.28 %
Insurance Services2.37 %
Specialty Chemicals & Materials1.90 %
Information Technology1.85 %
Financial Services1.76 %
Healthcare Information Technology1.67 %
Energy1.22 %
Packaging1.06 %
Federal Services0.40 %
Business Products0.33 %
Consumer Products0.32 %
Industrial Services0.23 %
Information Services0.18 %
Total investments100.00 %
 
 December 31, 2021
Interest Rate TypePercent of Total
Investments at Fair Value
Floating rates88.54 %
Fixed rates11.46 %
Total investments100.00 %

The accompanying notes are an integral part of these consolidated financial statements.
56

Notes to the Consolidated Financial Statements of
New Mountain Finance Corporation
 
September 30, 2022
(in thousands, except share data)
(unaudited)
Note 1. Formation and Business Purpose
New Mountain Finance Corporation (“NMFC” or the “Company”) is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering ("IPO") on May 19, 2011. NMFC is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). NMFC has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Since NMFC’s IPO, and through September 30, 2022, NMFC raised approximately $945,617 in net proceeds from additional offerings of its common stock.
New Mountain Finance Advisers BDC, L.L.C. (the “Investment Adviser”) is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a firm with a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations.
The Company has established the following wholly-owned direct and indirect subsidiaries:
•New Mountain Finance Holdings, L.L.C. ("NMF Holdings") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings’ credit facility and NMFDB’s credit facility, respectively;
•New Mountain Finance SBIC, L.P. ("SBIC I")  and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the U.S. Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act"), and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP"), and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively;
•NMF Ancora Holdings Inc. ("NMF Ancora"), NMF QID Holdings, Inc. ("NMF QID"), NMF YP Holdings Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC") which serve as tax blocker corporations by holding equity or equity-like investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); the Company consolidates its tax blocker corporations for accounting purposes but the tax blocker corporations are not consolidated for U.S. federal income tax purposes and may incur U.S. federal income tax expense as a result of their ownership of the portfolio companies; and
•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.
New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of the Company, which acquires commercial real estate properties that are subject to "triple net" leases and has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.
The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. The first lien debt may include traditional first lien senior secured loans or unitranche loans. Unitranche loans combine characteristics of traditional first lien senior secured loans as well as second lien and subordinated loans. Unitranche loans will expose the Company to the risks associated with second lien and subordinated loans to the extent the Company invests in the “last out” tranche. In some cases, the Company’s investments may also include equity interests. The Company's primary focus is in the debt of defensive growth companies, which are defined as generally exhibiting the following characteristics: (i) sustainable secular growth drivers, (ii) high barriers to competitive entry, (iii) high free cash flow after
57
capital expenditure and working capital needs, (iv) high returns on assets and (v) niche market dominance. Similar to the Company, SBIC I's and SBIC II's investment objectives are to generate current income and capital appreciation under the investment criteria used by the Company. However, SBIC I and SBIC II investments must be in SBA-eligible small businesses. The Company’s portfolio may be concentrated in a limited number of industries. As of September 30, 2022, the Company’s top five industry concentrations were software, business services, healthcare services, investment funds (which includes the Company's investments in its joint ventures) and education.
Note 2. Summary of Significant Accounting Policies
Basis of accounting—The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies, (“ASC 946”). The Company consolidates its wholly-owned direct and indirect subsidiaries: NMF Holdings, NMFDB, NMF Servicing, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF OEC and its majority-owned consolidated subsidiary: NMNLC. For majority-owned consolidated subsidiaries, the third-party equity interest is referred to as non-controlling interest. The net income attributable to non-controlling interests for such subsidiaries is presented as “Net increase (decrease) in net assets resulting from operations related to non-controlling interest” in the Company’s Consolidated Statements of Operations. The portion of shareholders' equity that is attributable to non-controlling interests for such subsidiaries is presented as “Non-controlling interest”, a component of total equity, on the Company’s Consolidated Statements of Assets and Liabilities.
The Company’s consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for all periods presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company’s portfolio investments are not consolidated in the financial statements.
The Company’s interim consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 6 or 10 of Regulation S-X. Accordingly, the Company’s interim consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2022.
Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company’s Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company’s Consolidated Statements of Operations as “Net change in unrealized appreciation (depreciation) of investments” and realizations on portfolio investments reflected in the Company’s Consolidated Statements of Operations as “Net realized gains (losses) on investments”.
The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company’s board of directors is ultimately and solely responsible for determining the fair value of the portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company’s quarterly valuation procedures are set forth in more detail below:
(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.
(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.
a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and
b.For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures:
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i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and
ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment’s par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).
(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:
a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;
b.Preliminary valuation conclusions will then be documented and discussed with the Company’s senior management;
c.If an investment falls into (3) above for four consecutive quarters and if the investment’s par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company’s board of directors; and
d.When deemed appropriate by the Company’s management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.
For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.
The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period and the fluctuations could be material.
See Note 3. Investments, for further discussion relating to investments.
New Mountain Net Lease Corporation
NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on the Company's Consolidated Schedule of Investments as of September 30, 2022.
    
On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020.


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Below is certain summarized property information for NMNLC as of September 30, 2022:
Lease Total Fair Value as of
Portfolio CompanyTenantExpiration DateLocationSquare FeetSeptember 30, 2022
NM NL Holdings LP / NM GP Holdco LLCVariousVariousVariousVarious$96,394 
NM CLFX LPVictor Equipment Company8/31/2033TX42317,522 
NM APP Canada, Corp.A.P. Plasman, Inc.9/30/2031Canada43611,620 
NM YI, LLCYoung Innovations, Inc.10/31/2039IL / MO2129,375 
$134,911 
Collateralized agreements or repurchase financings—The Company follows the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral (“ASC 860”), when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of September 30, 2022 and December 31, 2021, the Company held one collateralized agreement to resell with a cost basis of $30,000 and $30,000, respectively, and a fair value of $19,401 and $21,422, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from the Company at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to the Company, and therefore, the Company does not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized the Company’s contractual rights under the collateralized agreement. The Company continues to exercise its rights under the collateralized agreement and continues to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.
Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of September 30, 2022 and December 31, 2021.
Revenue recognition
Sales and paydowns of investments:  Realized gains and losses on investments are determined on the specific identification method.
Interest and dividend income:  Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2022, the Company recognized PIK and non-cash interest from investments of $6,193 and $21,993, respectively, and PIK and non-cash dividends from investments of $5,995 and $16,338, respectively. For the three and nine months ended September 30, 2021, the Company recognized PIK and non-cash interest from investments of $5,699 and $17,067, respectively, and PIK and non-cash dividends from investments of $3,705 and $14,738, respectively.
Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.
Non-accrual income:  Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s
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judgment of the ultimate collectibility. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.
Other income:  Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after trade date. Other income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.
Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 7. Borrowings, for details.
Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company’s borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 7. Borrowings, for details.
Deferred offering costs—The Company's deferred offering costs consist of fees and expenses incurred in connection with equity offerings and the filing of shelf registration statements. Upon the issuance of shares, offering costs are charged as a direct reduction to net assets. Deferred offering costs are included in other assets on the Company's Consolidated Statements of Assets and Liabilities.
Income taxes—The Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its stockholders.
To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.
Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.
For U.S. federal income tax purposes, distributions paid to stockholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.
The Company will be subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.
Certain consolidated subsidiaries of the Company are subject to U.S. federal and state income taxes. These taxable entities are not consolidated for U.S. federal income tax purposes and may generate income tax liabilities or assets from permanent and temporary differences in the recognition of items for financial reporting and U.S. federal income tax purposes.
For the three and nine months ended September 30, 2022, the Company recognized a total income tax benefit (provision) of approximately $43 and $(122), respectively, for the Company’s consolidated subsidiaries. For the three and nine months ended September 30, 2022, the Company recorded a current income tax benefit of approximately $13 and $5, respectively, and deferred income tax benefit (provision) of approximately $30 and $(127), respectively. For the three and nine months ended September 30, 2021, the Company recognized a total income tax benefit (provision) of approximately $9 and $(129), respectively, for the Company’s consolidated subsidiaries. For the three and nine months ended September 30, 2021, the Company recorded current income tax (benefit) expense of approximately $(8) and $15, respectively, and deferred income tax benefit (provision) of approximately $1 and $(114), respectively.
As of September 30, 2022 and December 31, 2021, the Company had $140 and $13, respectively, of deferred tax liabilities primarily relating to deferred taxes attributable to certain differences between the computation of income for U.S. federal income tax purposes as compared to GAAP.
Based on its analysis, the Company has determined that there were no uncertain income tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740")
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through December 31, 2021. The 2018 through 2021 tax years remain subject to examination by the U.S. federal, state, and local tax authorities.
Distributions—Distributions to common stockholders of the Company are recorded on the record date as set by the board of directors. The Company intends to make distributions to its stockholders that will be sufficient to enable the Company to maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income (see Note 5. Agreements, for details) on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.
The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash.
The Company applies the following in implementing the dividend reinvestment plan. If the price at which newly issued shares are to be credited to stockholders' accounts is equal to or greater than 110.0% of the last determined net asset value of the shares, the Company will use only newly issued shares to implement its dividend reinvestment plan. Under such circumstances, the number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of the Company's common stock on the NASDAQ Global Select Market (the "NASDAQ") on the distribution payment date. Market price per share on that date will be the closing price for such shares on the NASDAQ or, if no sale is reported for such day, the average of their electronically reported bid and ask prices.
If the price at which newly issued shares are to be credited to stockholders' accounts is less than 110.0% of the last determined net asset value of the shares, the Company will either issue new shares or instruct the plan administrator to purchase shares in the open market to satisfy the additional shares required. Shares purchased in open market transactions by the plan administrator will be allocated to a stockholder based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market. The number of shares of the Company's common stock to be outstanding after giving effect to payment of the distribution cannot be established until the value per share at which additional shares will be issued has been determined and elections of the Company's stockholders have been tabulated.
Share repurchase program—On February 4, 2016, the Company's board of directors authorized a program for the purpose of repurchasing up to $50,000 worth of the Company's common stock (the "Repurchase Program"). Under the Repurchase Program, the Company was permitted, but was not obligated, to repurchase its outstanding common stock in the open market from time to time provided that it complied with the Company's code of ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On December 22, 2021, the Company's board of directors extended the Company's Repurchase Program and the Company expects the Repurchase Program to be in place until the earlier of December 31, 2022 or until $50,000 of its outstanding shares of common stock have been repurchased. During the three and nine months ended September 30, 2022 and September 30, 2021, the Company did not repurchase any shares of the Company's common stock. The Company previously repurchased $2,948 outstanding shares of its common stock under the Repurchase Program.
Earnings per share—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued, and its related net impact to net assets accounted for, and the additional shares of common stock were dilutive. Diluted EPS reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.
Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company isolates that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation)" and "Net realized gains (losses)" in the Company's Consolidated Statements of Operations.
Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and such foreign currencies. This movement is beyond the control of the Company and cannot be predicted.
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Use of estimates—The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.
Note 3. Investments
At September 30, 2022, the Company's investments consisted of the following:
Investment Cost and Fair Value by Type
 CostFair Value
First lien$1,811,879 $1,770,125 
Second lien642,943 573,535 
Subordinated80,484 73,763 
Equity and other723,597 817,010 
Total investments$3,258,903 $3,234,433 

Investment Cost and Fair Value by Industry
 CostFair Value
Software$898,673 $885,447 
Business Services566,853 494,874 
Healthcare Services520,449 482,067 
Investment Funds (includes investments in joint ventures)252,400 252,400 
Education198,050 247,882 
Consumer Services178,805 178,097 
Net Lease103,387 134,911 
Specialty Chemicals & Materials58,430 97,959 
Distribution & Logistics106,081 96,759 
Financial Services76,961 76,911 
Healthcare Information Technology69,009 68,858 
Information Technology58,621 58,553 
Energy54,262 50,319 
Packaging42,121 40,689 
Consumer Products20,750 20,737 
Federal Services12,700 12,372 
Insurance Services15,634 11,990 
Business Products10,767 8,787 
Industrial Services7,863 7,823 
Information Services7,087 6,998 
Total investments$3,258,903 $3,234,433 
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At December 31, 2021, the Company’s investments consisted of the following:
Investment Cost and Fair Value by Type
 CostFair Value
First lien$1,682,541 $1,657,815 
Second lien645,370 627,356 
Subordinated54,996 50,742 
Equity and other743,585 838,451 
Total investments$3,126,492 $3,174,364 

Investment Cost and Fair Value by Industry
 CostFair Value
Software$782,714 $781,304 
Business Services578,635 514,013 
Healthcare Services510,832 509,941 
Investment Funds (includes investments in joint ventures)252,400 252,400 
Education200,895 250,351 
Net Lease150,603 229,253 
Consumer Services111,464 111,140 
Distribution & Logistics106,211 104,112 
Insurance Services76,307 75,094 
Specialty Chemicals & Materials60,295 60,367 
Information Technology58,570 58,553 
Financial Services55,424 55,745 
Healthcare Information Technology52,804 52,946 
Energy47,702 38,759 
Packaging34,763 33,723 
Federal Services12,797 12,790 
Business Products10,764 10,586 
Consumer Products10,218 10,206 
Industrial Services7,368 7,362 
Information Services5,726 5,719 
Total investments$3,126,492 $3,174,364 

During the third quarter of 2022, the Company placed its first lien term loan and first lien delayed draw term loan positions in Ansira Holdings, Inc. ("Ansira") on non-accrual status. As of September 30, 2022, the Company's positions in Ansira had an aggregate cost basis of $41,313, an aggregate fair value of $19,708, and total unearned interest income of $979 and $979, respectively, for the three and nine months then ended.
As of September 30, 2022, the Company's aggregate principal amount of its second lien term loan in Integro Parent Inc. ("Integro") was $11,068. During the second quarter of 2022, the Company placed an aggregate principal amount of $3,874 of its second lien position on non-accrual status. As of September 30, 2022, the Company's position in Integro on non-accrual status had an aggregate cost basis of $3,787, an aggregate fair value of $2,509, total unearned interest income of $117 and $218, respectively, for the three and nine months then ended and total unearned other income of $0 and $36, respectively, for the three and nine months then ended.
During the second quarter of 2022, the Company placed its second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2022, the Company's second lien positions in National HME had an aggregate cost basis of $36,512, an aggregate fair value of $7,021, and total unearned interest income of $1,488 and $2,651, respectively, for the three and nine months then ended.
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As of September 30, 2022, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $29,986, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an aggregate principal amount of $12,911 of its first lien term loans on non-accrual status. As of September 30, 2022, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $12,893, an aggregate fair value of $8,134 and total unearned interest income of $382 and $988, respectively, for the three and nine months then ended.
During the third quarter of 2021, the Company placed its second lien position in Sierra Hamilton Holdings Corporation ("Sierra") on non-accrual status. As of September 30, 2022, the Company's second lien position in Sierra had an aggregate cost basis of $5, an aggregate fair value of $0, and total unearned interest income of $1 and $1, respectively, for the three and nine months then ended.
During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of September 30, 2022, the Company's junior preferred shares in UniTek had an aggregate cost basis of $34,393, an aggregate fair value of $0 and total unearned dividend income of $1,703 and $4,944, respectively, for the three and nine months then ended. During the third quarter of 2021, the Company placed an aggregate principal amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status. As of September 30, 2022, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $2,194 and total unearned dividend income of approximately $1,190 and $3,410, respectively, for the three and nine months then ended.
During the first quarter of 2018, the Company placed its first lien positions in Education Management II LLC ("EDMC") on non-accrual status as EDMC announced its intention to wind down and liquidate the business. As of September 30, 2022, the Company's investment in EDMC, which was placed on non-accrual status, represented an aggregate cost basis of $956, an aggregate fair value of $0 and total unearned interest income of $8 and $17, respectively, for the three and nine months then ended.
    As of September 30, 2022, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $97,859 and $0, respectively. As of September 30, 2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $156,538. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2022.
As of December 31, 2021, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $86,989 and $0, respectively. As of December 31, 2021, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $128,446. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of December 31, 2021.
PPVA Black Elk (Equity) LLC
On May 3, 2013, the Company entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, the Company purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20,000 with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20,000 plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, the Company received a payment of $20,540, the full amount due under the SPP Agreement.
In August 2017, a trustee (the “Trustee”) for Black Elk informed the Company that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against the Company and one of its affiliates seeking the return of the $20,540 repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to the Company under the SPP Agreement. The Company was unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.
On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of September 30, 2022 and December 31, 2021, the SPP Agreement has a cost basis of $14,500 and $14,500, respectively, and a fair value of $9,377 and $10,354, respectively, which is reflective of the higher inherent risk in this transaction.
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NMFC Senior Loan Program III LLC
NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between the Company and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III has a five year investment period and will continue in existence until April 25, 2025. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.
SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 2022, the Company and SkyKnight II have committed and contributed $140,000 and $35,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2022 and December 31, 2021.
On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A., which matures on January 8, 2026. Effective July 8, 2021, the reinvestment period was extended to July 8, 2024. As of the most recent amendment on July 8, 2021, during the reinvestment period the credit facility bears interest at a rate of the London Interbank Offered Rate ("LIBOR") plus 1.60% and after the reinvestment period it will bear interest at a rate of LIBOR plus 1.90%. Prior to July 8, 2021, the credit facility bore interest at a rate of LIBOR plus 1.70%. Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000. As of September 30, 2022 and December 31, 2021, SLP III had total investments with an aggregate fair value of approximately $635,750 and $702,148, respectively, and debt outstanding under its credit facility of $501,500 and $510,900, respectively. As of September 30, 2022 and December 31, 2021, none of SLP III's investments were on non-accrual. Additionally, as of September 30, 2022 and December 31, 2021, SLP III had unfunded commitments in the form of delayed draws of $4,171 and $4,569, respectively.
Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of September 30, 2022 and December 31, 2021:
September 30, 2022December 31, 2021
First lien investments (1)$681,054 $709,517 
Weighted average interest rate on first lien investments (2)7.30 %4.50 %
Number of portfolio companies in SLP III81 80 
Largest portfolio company investment (1)$18,355 $23,489 
Total of five largest portfolio company investments (1)$88,767 $95,504 
(1)Reflects principal amount or par value of investment.
(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.
66
The following table is a listing of the individual investments in SLP III's portfolio as of September 30, 2022:
Portfolio Company and Type of InvestmentIndustryInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)Healthcare Services
6.87% (L + 3.75%)
12/23/2027$2,406 $2,396 $2,134 
Advisor Group Holdings, Inc.Financial Services
7.62% (L + 4.50%)
7/31/20269,725 9,696 9,258 
AG Parent Holdings, LLCHealthcare Services
8.12% (L + 5.00%)
7/31/202612,157 12,120 11,789 
Artera Services, LLCDistribution & Logistics
7.17% (L + 3.50%)
3/6/20256,855 6,820 5,633 
Aston FinCo S.a.r.l. / Aston US Finco, LLCSoftware
7.37% (L + 4.25%)
10/9/20265,850 5,814 5,484 
athenahealth Group Inc.Healthcare I.T.
6.58% (SOFR + 3.50%)
2/15/20293,227 3,212 2,900 
BCPE Empire Holdings, Inc.Distribution & Logistics
7.12% (L + 4.00%)
6/11/20264,269 4,245 4,109 
BCPE Empire Holdings, Inc.Distribution & Logistics
7.76% (SOFR + 4.63%)
6/11/20263,265 3,158 3,175 
Bella Holding Company, LLCHealthcare Services
6.87% (L + 3.75%)
5/10/20282,243 2,225 2,098 
Bluefin Holding, LLCSoftware
6.33% (L + 4.25%)
9/4/20269,725 9,637 9,442 
Bluefin Holding, LLCSoftware
7.08% (L + 5.00%)
9/4/20262,569 2,535 2,494 
Bracket Intermediate Holding Corp.Healthcare Services
6.54% (L + 4.25%)
9/5/202514,400 14,367 13,662 
Brave Parent Holdings, Inc.Software
7.12% (L + 4.00%)
4/18/20254,277 4,271 4,095 
Brown Group Holding, LLCDistribution & Logistics
6.78% (SOFR + 3.75%)
7/2/20297,063 6,888 6,857 
Cano Health, LLCHealthcare Services
7.13% (SOFR + 4.00%)
11/23/202710,260 10,226 9,926 
Cardinal Parent, Inc.Software
8.17% (L + 4.50%)
11/12/20276,932 6,851 6,603 
CE Intermediate I, LLCSoftware
6.91% (L + 4.00%)
11/10/202810,948 10,879 10,236 
CentralSquare Technologies, LLCSoftware
7.42% (L + 3.75%)
8/29/202514,438 14,421 12,683 
CHA Holdings, Inc.Business Services
8.17% (L + 4.50%)
4/10/2025959 959 943 
CommerceHub, Inc.Software
7.67% (L + 4.00%)
12/29/20275,731 5,709 5,177 
Confluent Health, LLCHealthcare Services
7.12% (L + 4.00%)
11/30/202811,993 11,938 10,614 
Confluent Health, LLCHealthcare Services
7.12% (L + 4.00%)
11/30/2028712 708 630 
Confluent Medical Technologies, Inc.Healthcare Products
7.30% (SOFR + 3.75%)
2/16/20296,965 6,933 6,582 
Cornerstone OnDemand, Inc.Software
6.87% (L + 3.75%)
10/16/20284,523 4,503 3,822 
Covenant Surgical Partners, Inc.Healthcare Services
7.12% (L + 4.00%)
7/1/20262,000 1,983 1,860 
Covenant Surgical Partners, Inc.Healthcare Services
7.12% (L + 4.00%)
7/1/20269,704 9,648 9,025 
CRCI Longhorn Holdings, Inc.Business Services
6.18% (L + 3.50%)
8/8/202514,401 14,368 13,498 
CVET Midco 2, L.P.Software
8.14% (SOFR + 5.00%)
10/13/20296,965 6,547 6,539 
Dealer Tire, LLCDistribution & Logistics
7.37% (L + 4.25%)
12/12/20259,725 9,711 9,506 
DG Investment Intermediate Holdings 2, Inc.Business Services
6.87% (L + 3.75%)
3/31/20287,406 7,382 6,923 
Discovery Purchaser CorporationSpecialty Chemicals & Materials
7.52% (SOFR + 4.38%)
10/4/20297,100 6,532 6,625 
Dispatch Acquisition Holdings, LLCIndustrial Services
7.92% (L + 4.25%)
3/27/202814,027 13,882 11,572 
Drilling Info Holdings, Inc.Business Services
7.37% (L + 4.25%)
7/30/202518,245 18,202 17,606 
EAB Global, Inc.Education
6.31% (L + 3.50%)
8/16/20283,220 3,206 3,033 
Energize Holdco LLCBusiness Services
6.87% (L + 3.75%)
12/8/202812,519 12,462 11,893 
eResearchTechnology, Inc.Healthcare Services
7.62% (L + 4.50%)
2/4/20277,289 7,264 6,817 
EyeCare Partners, LLCHealthcare Services
7.42% (L + 3.75%)
2/18/202714,648 14,636 13,317 
Foundational Education Group, Inc.Education
7.56% (SOFR + 3.75%)
8/31/20289,429 9,346 9,161 
Frontline Technologies Intermediate Holdings, LLCSoftware
11.00% (P + 4.75%)
9/18/202310,000 10,000 10,000 
Frontline Technologies Intermediate Holdings, LLCSoftware
11.00% (P + 4.75%)
9/18/20236,368 6,368 6,368 
Frontline Technologies Intermediate Holdings, LLCSoftware
11.00% (P + 4.75%)
9/18/20231,987 1,987 1,987 
Greenway Health, LLCHealthcare I.T.
6.87% (L + 3.75%)
2/16/202414,257 14,260 12,840 
Heartland Dental, LLCHealthcare Services
6.62% (L + 3.50%)
4/30/202518,208 18,170 16,831 
Help/Systems Holdings, Inc.Software
7.13% (SOFR + 4.00%)
11/19/202618,116 17,993 16,702 
Higginbotham Insurance Agency, Inc.Insurance Services
8.37% (L + 5.25%)
11/25/20269,102 9,038 8,994 
HighTower Holding, LLCFinancial Services
6.73% (L + 4.00%)
4/21/20284,790 4,750 4,461 
Houghton Mifflin Harcourt CompanyEducation
8.38% (SOFR + 5.25%)
4/9/20295,667 5,502 5,185 
Idera, Inc.Software
6.32% (L + 3.75%)
3/2/202815,843 15,832 14,703 
Kestra Advisor Services Holdings A, Inc.Financial Services
7.93% (L + 4.25%)
6/3/202611,965 11,917 11,532 
LI Group Holdings, Inc.Software
6.87% (L + 3.75%)
3/11/20284,585 4,576 4,402 
LSCS Holdings, Inc.Healthcare Services
8.17% (L + 4.50%)
12/16/20287,586 7,552 7,283 
Mamba Purchaser, Inc.Healthcare Services
6.55% (L + 3.50%)
10/16/20285,744 5,719 5,464 
67
Portfolio Company and Type of InvestmentIndustryInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Maverick Bidco Inc.Software
6.56% (L + 3.75%)
5/18/2028$3,970 $3,954 $3,816 
Maverick Bidco Inc.Software
7.59% (SOFR + 5.00%)
5/18/20282,000 1,901 1,923 
Mavis Tire Express Services Topco Corp.Retail
7.25% (SOFR + 4.00%)
5/4/20284,184 4,167 3,937 
MED ParentCo, LPHealthcare Services
7.37% (L + 4.25%)
8/31/202612,621 12,548 10,702 
Mercury Borrower, Inc.Business Services
7.19% (L + 3.50%)
8/2/20284,189 4,170 3,823 
MH Sub I, LLC (Micro Holding Corp.)Software
6.87% (L + 3.75%)
9/13/202410,722 10,702 10,240 
Mitnick Corporate Purchaser, Inc.Software
7.39% (SOFR + 4.75%)
5/2/20294,667 4,644 4,449 
National Intergovernmental Purchasing Alliance CompanyBusiness Services
5.75% (L + 3.50%)
5/23/20258,500 8,498 8,266 
Navex Topco, Inc.Software
6.37% (L + 3.25%)
9/5/202510,916 10,866 10,597 
Netsmart, Inc.Healthcare I.T.
7.12% (L + 4.00%)
10/1/20273,950 3,950 3,777 
Outcomes Group Holdings, Inc.Healthcare Services
7.17% (L + 3.50%)
10/24/20253,340 3,336 3,198 
Pearls (Netherlands) Bidco B.V.Specialty Chemicals & Materials
6.78% (SOFR + 3.75%)
2/26/20291,732 1,728 1,587 
Peraton Corp.Federal Services
6.87% (L + 3.75%)
2/1/20287,253 7,224 6,893 
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)Consumer Services
6.62% (L + 3.50%)
2/14/20254,584 4,582 4,275 
Physician Partners, LLCHealthcare Services
7.13% (SOFR + 4.00%)
12/26/20288,076 8,000 7,632 
Planview Parent, Inc.Software
7.67% (L + 4.00%)
12/17/20277,859 7,798 7,499 
Premise Health Holding Corp.Healthcare Services
7.92% (SOFR + 3.75%)
7/10/20257,425 7,408 7,202 
Project Ruby Ultimate Parent Corp.Healthcare I.T.
6.37% (L + 3.25%)
3/10/20284,363 4,345 4,087 
Project Ruby Ultimate Parent Corp.Healthcare I.T.
8.89% (SOFR + 5.75%)
3/10/20285,000 4,851 4,850 
RealPage, Inc.Business Services
6.12% (L + 3.00%)
4/24/202810,185 10,164 9,558 
RLG Holdings, LLCPackaging
7.12% (L + 4.00%)
7/7/20285,800 5,775 5,471 
Sierra Enterprises, LLCFood & Beverage
7.12% (L + 4.00%)
11/11/20242,387 2,386 2,173 
Snap One Holdings Corp.Distribution & Logistics
7.38% (L + 4.50%)
12/8/20286,639 6,579 6,058 
Sovos Brands Intermediate, Inc.Food & Beverage
6.62% (L + 3.50%)
6/8/20289,429 9,410 9,013 
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)Education
7.92% (L + 4.25%)
7/30/202511,965 11,951 11,406 
Storable, Inc.Software
6.38% (SOFR + 3.50%)
4/17/20283,833 3,825 3,603 
Symplr Software, Inc.Healthcare I.T.
7.63% (SOFR + 4.50%)
12/22/202715,760 15,645 14,880 
Syndigo LLCSoftware
7.32% (L + 4.50%)
12/15/202714,775 14,689 14,338 
Therapy Brands Holdings LLCHealthcare I.T.
6.99% (L + 4.00%)
5/18/20283,374 3,360 3,223 
Thermostat Purchaser III, Inc.Business Services
7.57% (L + 4.50%)
8/31/20286,018 5,992 5,814 
Valcour Packaging, LLCPackaging
5.22% (L + 3.75%)
10/4/20284,516 4,503 4,143 
VT Topco, Inc.Business Services
6.87% (L + 3.75%)
8/1/202531 31 30 
VT Topco, Inc.Business Services
6.62% (L + 3.50%)
8/1/20252,736 2,736 2,637 
VT Topco, Inc.Business Services
6.87% (L + 3.75%)
8/1/2025840 837 808 
WatchGuard Technologies, Inc.Software
8.28% (SOFR + 5.25%)
7/2/20295,303 4,960 4,949 
Waystar Technologies, Inc.Healthcare Services
7.12% (L + 4.00%)
10/22/20264,035 4,028 3,879 
WP CityMD Bidco LLCHealthcare Services
6.92% (L + 3.25%)
12/22/20284,159 4,132 3,986 
Wrench Group LLCConsumer Services
7.67% (L + 4.00%)
4/30/20267,844 7,828 7,589 
YI, LLCHealthcare Services
7.12% (L + 4.00%)
11/7/20249,515 9,512 9,309 
Total Funded Investments$676,883 $672,359 $636,093 
Unfunded Investments - First lien
athenahealth Group Inc.Healthcare I.T.—1/26/2024$548 $— $(56)
Confluent Health, LLCHealthcare Services—11/30/20231,926 (9)(221)
Therapy Brands Holdings LLCHealthcare I.T.—5/18/2023735 — (33)
Thermostat Purchaser III, Inc.Business Services—8/31/2023937 — (32)
VT Topco, Inc.Business Services—8/1/202325 — (1)
Total Unfunded Investments$4,171 $(9)$(343)
Total Investments$681,054 $672,350 $635,750 
(1)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 LIBOR (L), the Prime Rate (P), Secured Overnight Financing Rate (SOFR), and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2022.
(2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III.
68
The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2021:
Portfolio Company and Type of InvestmentIndustryInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)Healthcare Services
 4.00% (L + 3.50%)
12/23/2027$2,424 $2,413 $2,424 
Advisor Group Holdings, Inc.Financial Services
 4.60% (L + 4.50%)
7/31/20269,800 9,766 9,832 
AG Parent Holdings, LLCHealthcare Services
 5.10% (L + 5.00%)
7/31/202612,250 12,207 12,227 
Artera Services, LLCDistribution & Logistics
 4.50% (L + 3.50%)
3/6/20256,907 6,861 6,706 
Aston FinCo S.a.r.l. / Aston US Finco, LLCSoftware
 4.35% (L + 4.25%)
10/9/20265,895 5,853 5,877 
BCPE Empire Holdings, Inc.Distribution & Logistics
 4.10% (L + 4.00%)
6/11/20264,302 4,273 4,278 
Bearcat Buyer, Inc.Healthcare Services
 5.25% (L + 4.25%)
7/9/202619,456 19,388 19,455 
Bearcat Buyer, Inc.Healthcare Services
 5.25% (L + 4.25%)
7/9/20264,033 4,018 4,033 
Bella Holding Company, LLCHealthcare Services
 4.50% (L + 3.75%)
5/10/20282,260 2,240 2,262 
Bluefin Holding, LLCSoftware
 4.43% (L + 4.25%)
9/4/20269,800 9,696 9,800 
Bracket Intermediate Holding Corp.Healthcare Services
 4.38% (L + 4.25%)
9/5/202514,513 14,471 14,498 
Brave Parent Holdings, Inc.Software
 4.10% (L + 4.00%)
4/18/20254,347 4,339 4,352 
Cano Health, LLCHealthcare Services
 5.25% (L + 4.50%)
11/23/20276,948 6,910 6,961 
Cardinal Parent, Inc.Software
 5.25% (L + 4.50%)
11/12/20276,985 6,893 6,977 
CE Intermediate I, LLCSoftware
 4.50% (L + 4.00%)
11/10/202811,004 10,927 10,934 
CentralSquare Technologies, LLCSoftware
 3.97% (L + 3.75%)
8/29/202514,550 14,529 13,761 
CHA Holdings, Inc.Business Services
 5.50% (L + 4.50%)
4/10/2025967 967 967 
CommerceHub, Inc.Software
 4.75% (L + 4.00%)
12/29/20275,775 5,750 5,724 
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)Software
 5.00% (L + 4.00%)
12/2/20222,985 2,969 2,985 
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)Software
 5.00% (L + 4.00%)
12/2/20224,455 4,450 4,455 
Community Brands ParentCo, LLC (f.k.a Ministry Brands, LLC)Software
 5.00% (L + 4.00%)
12/2/2022862 861 862 
Confluent Health, LLCHealthcare Services
 4.50% (L + 4.00%)
11/30/202812,054 11,993 12,053 
Cornerstone OnDemand, Inc.Software
 4.25% (L + 3.75%)
10/16/20284,545 4,523 4,541 
Covenant Surgical Partners, Inc.Healthcare Services
 4.10% (L + 4.00%)
7/1/20269,777 9,711 9,655 
Covenant Surgical Partners, Inc.Healthcare Services
 4.10% (L + 4.00%)
7/1/20262,000 1,980 1,975 
CRCI Longhorn Holdings, Inc.Business Services
 3.60% (L + 3.50%)
8/8/202514,513 14,471 14,408 
Dealer Tire, LLCDistribution & Logistics
 4.35% (L + 4.25%)
12/12/20259,800 9,783 9,817 
DG Investment Intermediate Holdings 2, Inc.Business Services
 4.25% (L + 3.50%)
3/31/20287,463 7,435 7,471 
Dispatch Acquisition Holdings, LLCIndustrial Services
 5.00% (L + 4.25%)
3/27/202814,133 13,970 14,124 
Drilling Info Holdings, Inc.Business Services
 4.35% (L + 4.25%)
7/30/202518,387 18,335 18,249 
EAB Global, Inc.Education
 4.00% (L + 3.50%)
8/16/20284,250 4,230 4,234 
Energize Holdco LLCBusiness Services
 4.25% (L + 3.75%)
12/8/202812,582 12,519 12,550 
eResearchTechnology, Inc.Healthcare Services
 5.50% (L + 4.50%)
2/4/20277,345 7,316 7,388 
EyeCare Partners, LLCHealthcare Services
 3.97% (L + 3.75%)
2/18/202714,760 14,745 14,678 
Foundational Education Group, Inc.Education
 4.75% (L + 4.25%)
8/31/20289,500 9,408 9,524 
Frontline Technologies Intermediate Holdings, LLCSoftware
 6.25% (L + 5.25%)
9/18/20236,448 6,448 6,448 
Frontline Technologies Intermediate Holdings, LLCSoftware
 6.25% (L + 5.25%)
9/18/20232,012 2,012 2,012 
Greenway Health, LLCHealthcare I.T.
 4.75% (L + 3.75%)
2/16/202414,369 14,374 13,790 
Heartland Dental, LLCHealthcare Services
 3.60% (L + 3.50%)
4/30/202518,350 18,302 18,191 
Help/Systems Holdings, Inc.Software
 4.75% (L + 4.00%)
11/19/202618,254 18,112 18,214 
Higginbotham Insurance Agency, Inc.Insurance Services
 6.25% (L + 5.50%)
11/25/20269,170 9,096 9,239 
HighTower Holding, LLCFinancial Services
 4.75% (L + 4.00%)
4/21/20284,826 4,781 4,838 
Idera, Inc.Software
 4.50% (L + 3.75%)
3/2/202815,964 15,951 15,997 
Kestra Advisor Services Holdings A, Inc.Financial Services
 4.36% (L + 4.25%)
6/3/202612,058 12,000 11,998 
LI Group Holdings, Inc.Software
 4.50% (L + 3.75%)
3/11/20284,620 4,610 4,620 
LSCS Holdings, Inc.Healthcare Services
 5.00% (L + 4.50%)
12/16/20287,644 7,605 7,663 
Mamba Purchaser, Inc.Healthcare Services
 4.25% (L + 3.75%)
10/16/20285,773 5,745 5,777 
Maravai Intermediate Holdings, LLCSpecialty Chemicals & Materials
 4.75% (L + 3.75%)
10/19/20272,939 2,914 2,956 
Maverick Bidco Inc.Software
 4.50% (L + 3.75%)
5/18/20284,000 3,982 4,008 
Mavis Tire Express Services Topco Corp.Retail
 4.75% (L + 4.00%)
5/4/20284,216 4,197 4,224 
MED ParentCo, LPHealthcare Services
 4.35% (L + 4.25%)
8/31/202612,718 12,633 12,727 
69
Portfolio Company and Type of InvestmentIndustryInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Mercury Borrower, Inc.Business Services
 4.00% (L + 3.50%)
8/2/2028$4,211 $4,189 $4,204 
MH Sub I, LLC (Micro Holding Corp.)Software
 4.75% (L + 3.75%)
9/13/202410,804 10,777 10,842 
National Intergovernmental Purchasing Alliance CompanyBusiness Services
 3.72% (L + 3.50%)
5/23/20258,540 8,538 8,526 
Navex Topco, Inc.Software
 3.36% (L + 3.25%)
9/5/202517,024 16,927 16,946 
Netsmart, Inc.Healthcare I.T.
 4.75% (L + 4.00%)
10/1/20273,980 3,980 3,992 
Newport Group Holdings II, Inc.Business Services
 3.72% (L + 3.50%)
9/12/20254,838 4,824 4,835 
Outcomes Group Holdings, Inc.Healthcare Services
 3.47% (L + 3.25%)
10/24/20253,366 3,361 3,335 
Peraton Corp.Federal Services
 4.50% (L + 3.75%)
2/1/20287,444 7,410 7,460 
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)Consumer Services
 4.25% (L + 3.50%)
2/14/20255,719 5,716 5,726 
Planview Parent, Inc.Software
 4.75% (L + 4.00%)
12/17/20277,919 7,850 7,929 
Premise Health Holding Corp.Healthcare Services
 3.72% (L + 3.50%)
7/10/20257,483 7,462 7,455 
Project Ruby Ultimate Parent Corp.Healthcare I.T.
 4.00% (L + 3.25%)
3/10/202811,414 11,361 11,407 
Quest Software US Holdings Inc.Software
 4.38% (L + 4.25%)
5/16/202514,550 14,511 14,555 
RealPage, Inc.Business Services
 3.75% (L + 3.25%)
4/24/202813,965 13,933 13,941 
RLG Holdings, LLCPackaging
 5.00% (L + 4.25%)
7/7/20285,844 5,816 5,841 
Sierra Enterprises, LLCFood & Beverage
 5.00% (L + 4.00%)
11/11/20242,406 2,405 2,406 
Snap One Holdings Corp.Distribution & Logistics
 5.00% (L + 4.50%)
12/8/20286,672 6,606 6,664 
Sovos Brands Intermediate, Inc.Food & Beverage
 4.50% (L + 3.75%)
6/8/20289,429 9,407 9,437 
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)Education
 4.47% (L + 4.25%)
7/30/202512,058 12,041 11,666 
Storable, Inc.Software
 3.75% (L + 3.25%)
4/17/20283,862 3,853 3,854 
Symplr Software, Inc.Healthcare I.T.
 5.25% (L + 4.50%)
12/22/202715,880 15,750 15,938 
Syndigo LLCSoftware
 5.25% (L + 4.50%)
12/15/202714,888 14,790 14,925 
Therapy Brands Holdings LLCHealthcare I.T.
 4.75% (L + 4.00%)
5/18/20283,400 3,384 3,400 
Thermostat Purchaser III, Inc.Business Services
 5.25% (L + 4.50%)
8/31/20285,953 5,924 5,953 
TIBCO Software Inc.Software
 3.86% (L + 3.75%)
6/30/20267,577 7,563 7,535 
Trader Interactive, LLC (fka Dominion Web Solutions LLC)Business Services
 4.50% (L + 4.00%)
7/28/20284,910 4,886 4,904 
Unified Women's Healthcare, LPHealthcare Services
 5.00% (L + 4.25%)
12/20/20279,950 9,883 9,984 
Valcour Packaging, LLCPackaging
 4.25% (L + 3.75%)
10/4/20284,538 4,524 4,538 
VetCor Professional Practices LLCConsumer Services
 5.00% (L + 4.25%)
7/2/20256,980 6,846 6,922 
VT Topco, Inc.Business Services
 3.35% (L + 3.25%)
8/1/20252,766 2,766 2,748 
VT Topco, Inc.Business Services
 4.50% (L + 3.75%)
8/1/2025849 845 844 
Waystar Technologies, Inc.Healthcare Services
 4.10% (L + 4.00%)
10/22/20264,066 4,058 4,069 
WP CityMD Bidco LLCHealthcare Services
 3.75% (L + 3.25%)
12/22/20289,180 9,136 9,182 
Wrench Group LLCConsumer Services
 4.22% (L + 4.00%)
4/30/20267,905 7,886 7,905 
YI, LLCHealthcare Services
 5.00% (L + 4.00%)
11/7/20249,590 9,586 9,542 
Total Funded Investments704,948 701,756 702,149 
Unfunded Investments - First lien
Confluent Health, LLCHealthcare Services—11/30/20232,638 (13)— 
Therapy Brands Holdings LLCHealthcare I.T.—5/18/2023735 — — 
Thermostat Purchaser III, Inc.Business Services—8/31/20231,047 — — 
VT Topco, Inc.Business Services—8/1/2023149 — (1)
Total Unfunded Investments$4,569 $(13)$(1)
Total Investments$709,517 $701,743 $702,148 
(1)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 LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2021.
(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP III.


70
Below is certain summarized financial information for SLP III as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and September 30, 2021:
Selected Balance Sheet Information:September 30, 2022December 31, 2021
Investments at fair value (cost of $672,350 and $701,743)
$635,750 $702,148 
Cash and other assets25,474 16,505 
Receivable from unsettled securities sold— 7,351 
Total assets$661,224 $726,004 
Credit facility$501,500 $510,900 
Deferred financing costs (net of accumulated amortization of $3,708 and $3,338, respectively)
(2,074)(3,198)
Payable for unsettled securities purchased13,079 34,552 
Distribution payable4,922 5,031 
Other liabilities5,059 2,378 
Total liabilities522,486 549,663 
Members' capital$138,738 $176,341 
Total liabilities and members' capital$661,224 $726,004 
Selected Statement of Operations Information:Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest income$11,113 $8,080 $27,767 $23,278 
Other income110 172 463 487 
Total investment income11,223 8,252 28,230 23,765 
Interest and other financing expenses5,468 2,679 11,875 7,954 
Other expenses205 207 641 585 
Total expenses5,673 2,886 12,516 8,539 
Net investment income5,550 5,366 15,714 15,226 
Net realized (losses) gains on investments(128)(83)(145)488 
Net change in unrealized (depreciation) appreciation of investments(1,566)887 (37,004)6,439 
Net increase (decrease) in members' capital$3,856 $6,170 $(21,435)$22,153 
For the three and nine months ended September 30, 2022, the Company earned approximately $3,938 and $12,935, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and nine months ended September 30, 2021, the Company earned approximately $3,675 and $12,687, respectively, of dividend income related to SLP III, which is included in dividend income. As of September 30, 2022 and December 31, 2021, approximately $3,938 and $4,025, respectively, of dividend income related to SLP III was included in interest and dividend receivable.
The Company has determined that SLP III is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP III.

71
NMFC Senior Loan Program IV LLC
NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement dated May 5, 2021, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV has a five year investment period and will continue in existence until May 5, 2028. The investment period may be extended for up to one year pursuant to certain terms of the SLP IV Agreement.
SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of September 30, 2022, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2022 and December 31, 2021.
On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on May 5, 2026 and bears interest at a rate of LIBOR plus 1.60% per annum. As of September 30, 2022 and December 31, 2021, SLP IV had total investments with an aggregate fair value of approximately $475,893 and $504,948, respectively, and debt outstanding under its credit facility of $359,537 and $360,137, respectively. As of September 30, 2022 and December 31, 2021, none of SLP IV’s investments were on non-accrual. Additionally, as of September 30, 2022 and December 31, 2021, SLP IV had unfunded commitments in the form of delayed draws of $4,066 and $6,103, respectively.
Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2022 and December 31, 2021:
September 30, 2022December 31, 2021
First lien investments (1)$508,640 513,298 
Weighted average interest rate on first lien investments (2)7.19 %4.64 %
Number of portfolio companies in SLP IV73 68 
Largest portfolio company investment (1)$22,041 22,215 
Total of five largest portfolio company investments (1)$94,230 99,875 
(1)Reflects principal amount or par value of investment.
(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.


72
The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2022:
Portfolio Company and Type of InvestmentIndustryInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Funded Investments - First lien
ADG, LLCHealthcare Services
8.38% (L + 4.75% + 0.50%% PIK)
9/28/2023$16,627 $16,601 $16,627 
ADMI Corp. (aka Aspen Dental)Healthcare Services
6.87% (L + 3.75%)
12/23/20271,856 1,849 1,646 
Advisor Group Holdings, Inc.Financial Services
7.62% (L + 4.50%)
7/31/202611,607 11,538 11,050 
Artera Services, LLCDistribution & Logistics
7.17% (L + 3.50%)
3/6/20255,288 5,261 4,345 
athenahealth Group Inc.Healthcare Information Technology
6.58% (SOFR + 3.50%)
2/15/20292,305 2,295 2,071 
Barracuda Networks, Inc.Software
7.53% (SOFR + 4.50%)
8/15/20295,000 4,852 4,715 
Bayou Intermediate II, LLCHealthcare Services
7.30% (L + 4.50%)
8/2/20288,628 8,591 8,218 
Bella Holding Company, LLCHealthcare Services
6.87% (L + 3.75%)
5/10/20281,755 1,750 1,641 
Bleriot US Bidco Inc.Federal Services
7.67% (L + 4.00%)
10/30/20263,950 3,950 3,831 
Bracket Intermediate Holding Corp.Healthcare Services
6.54% (L + 4.25%)
9/5/20254,439 4,428 4,211 
Brave Parent Holdings, Inc.Software
7.12% (L + 4.00%)
4/18/20252,351 2,348 2,251 
Brown Group Holding, LLCDistribution & Logistics
6.78% (SOFR + 3.75%)
7/2/20295,438 5,302 5,279 
Cano Health, LLCHealthcare Services
7.13% (SOFR + 4.00%)
11/23/20278,069 8,063 7,807 
CE Intermediate I, LLCSoftware
6.91% (L + 4.00%)
11/10/20288,198 8,145 7,665 
CentralSquare Technologies, LLCSoftware
7.42% (L + 3.75%)
8/29/202514,437 14,420 12,683 
Certara Holdco, Inc.Healthcare Information Technology
6.62% (L + 3.50%)
8/15/20263,910 3,902 3,788 
CHA Holdings, Inc.Business Services
8.17% (L + 4.50%)
4/10/202510,834 10,814 10,649 
CHA Holdings, Inc.Business Services
8.17% (L + 4.50%)
4/10/20251,989 1,984 1,955 
Confluent Health, LLCHealthcare Services
7.12% (L + 4.00%)
11/30/20288,035 7,998 7,111 
Confluent Health, LLCHealthcare Services
7.12% (L + 4.00%)
11/30/2028475 473 420 
Confluent Medical Technologies, Inc.Healthcare Products
7.30% (SOFR + 3.75%)
2/16/20296,965 6,933 6,582 
Corgi Bidco, Inc.Software
 8.14% (SOFR + 5.00%)
9/20/20292,687 2,525 2,522 
Cornerstone OnDemand, Inc.Software
6.87% (L + 3.75%)
10/16/20283,231 3,216 2,730 
Dealer Tire, LLCDistribution & Logistics
7.37% (L + 4.25%)
12/12/202510,666 10,651 10,426 
Discovery Purchaser CorporationSpecialty Chemicals & Materials
 7.52% (SOFR + 4.38%)
10/4/20295,400 4,968 5,039 
Dispatch Acquisition Holdings, LLCIndustrial Services
7.92% (L + 4.25%)
3/27/20289,900 9,789 8,167 
Drilling Info Holdings, Inc.Business Services
7.37% (L + 4.25%)
7/30/202520,341 20,301 19,629 
EAB Global, Inc.Education
6.31% (L + 3.50%)
8/16/20286,438 6,410 6,064 
Emerald 2 LimitedBusiness Services
6.92% (L + 3.25%)
7/12/2028442 441 426 
Energize Holdco LLCBusiness Services
6.87% (L + 3.75%)
12/8/20289,023 8,982 8,572 
eResearchTechnology, Inc.Healthcare Services
7.62% (L + 4.50%)
2/4/20274,396 4,366 4,111 
EyeCare Partners, LLCHealthcare Services
7.42% (L + 3.75%)
11/15/20289,950 9,928 9,030 
Foundational Education Group, Inc.Education
7.56% (SOFR + 3.75%)
8/31/20286,451 6,395 6,268 
Geo Parent CorporationBusiness Services
8.37% (L + 5.25%)
12/19/20259,735 9,508 9,566 
Greenway Health, LLCHealthcare Information Technology
6.87% (L + 3.75%)
2/16/202420,784 20,760 18,718 
Heartland Dental, LLCHealthcare Services
6.62% (L + 3.50%)
4/30/20253,545 3,537 3,277 
Heartland Dental, LLCHealthcare Services
7.08% (L + 4.00%)
4/30/20256,221 6,200 5,792 
Help/Systems Holdings, Inc.Software
7.13% (SOFR + 4.00%)
11/19/20269,833 9,806 9,066 
Houghton Mifflin Harcourt CompanyEducation
8.38% (SOFR + 5.25%)
4/9/20294,048 3,932 3,704 
Hunter Holdco 3 LimitedHealthcare Services
7.92% (L + 4.25%)
8/19/20283,949 3,915 3,742 
Idera, Inc.Software
6.32% (L + 3.75%)
3/2/20289,248 9,183 8,582 
Kestra Advisor Services Holdings A, Inc.Financial Services
7.93% (L + 4.25%)
6/3/20265,444 5,400 5,247 
LSCS Holdings, Inc.Healthcare Services
8.17% (L + 4.50%)
12/16/20288,691 8,655 8,344 
Mamba Purchaser, Inc.Healthcare Services
6.55% (L + 3.50%)
10/16/20284,103 4,085 3,903 
Mandolin Technology Intermediate Holdings, Inc.Software
6.56% (L + 3.75%)
7/31/20289,925 9,883 9,565 
Maverick Bidco Inc.Software
6.56% (L + 3.75%)
5/18/20287,940 7,908 7,633 
Maverick Bidco Inc.Software
 7.59% (SOFR + 5.00%)
5/18/20282,000 1,901 1,923 
Mavis Tire Express Services Topco Corp.Retail
7.25% (SOFR + 4.00%)
5/4/20288,369 8,334 7,874 
Mercury Borrower, Inc.Business Services
7.19% (L + 3.50%)
8/2/20286,203 6,177 5,660 
73
Portfolio Company and Type of InvestmentIndustryInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
MH Sub I, LLC (Micro Holding Corp.)Software
6.87% (L + 3.75%)
9/13/2024$7,838 $7,824 $7,485 
National Intergovernmental Purchasing Alliance CompanyBusiness Services
5.75% (L + 3.50%)
5/23/20251,321 1,322 1,285 
Netsmart, Inc.Healthcare Information Technology
7.12% (L + 4.00%)
10/1/20276,912 6,912 6,610 
OEConnection LLCBusiness Services
7.56% (L + 4.00%)
9/25/20264,091 4,065 3,917 
Pearls (Netherlands) Bidco B.V.Specialty Chemicals & Materials
6.78% (SOFR + 3.75%)
2/26/20291,336 1,333 1,224 
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)Consumer Services
6.62% (L + 3.50%)
2/14/20257,996 7,981 7,456 
Physician Partners, LLCHealthcare Services
7.13% (SOFR + 4.00%)
12/23/20286,103 6,047 5,767 
Premise Health Holding Corp.Healthcare Services
7.92% (L + 3.50%)
7/10/20251,951 1,947 1,892 
Project Boost Purchaser, LLCBusiness Services
6.62% (L + 3.50%)
5/30/20262,469 2,464 2,344 
RealPage, Inc.Business Services
6.12% (L + 3.00%)
4/24/20283,638 3,626 3,414 
RLG Holdings, LLCPackaging
7.12% ( L+ 4.00%)
7/7/20284,731 4,711 4,463 
Sierra Enterprises, LLCFood & Beverage
7.12% (L + 4.00%)
11/11/20244,183 4,174 3,806 
Snap One Holdings Corp.Distribution & Logistics
7.38% (L + 4.50%)
12/8/20288,606 8,528 7,853 
Sovos Brands Intermediate, Inc.Food & Beverage
6.62% (L + 3.50%)
6/8/20288,290 8,272 7,924 
Storable, Inc.Software
6.38% (SOFR + 3.50%)
4/17/20283,970 3,950 3,732 
Symplr Software, Inc.Healthcare Information Technology
7.63% (SOFR + 4.50%)
12/22/20273,774 3,766 3,563 
Syndigo LLCSoftware
7.32% (L + 4.50%)
12/15/20279,784 9,768 9,495 
Therapy Brands Holdings LLCHealthcare Information Technology
6.99% (L + 4.00%)
5/18/20284,575 4,556 4,369 
Thermostat Purchaser III, Inc.Business Services
7.57% (L + 4.50%)
8/31/20284,299 4,280 4,153 
USIC Holdings, Inc.Business Services
6.62% (L + 3.50%)
5/12/20283,811 3,798 3,583 
Valcour Packaging, LLCPackaging
5.22% (L + 3.75%)
10/4/20283,286 3,277 3,015 
Virtusa CorporationInformation Technology
6.81% (SOFR + 3.75%)
2/15/20292,286 2,265 2,150 
VT Topco, Inc.Business Services
6.87% (L + 3.75%)
8/1/20258,399 8,368 8,084 
VT Topco, Inc.Business Services
6.87% (L + 3.75%)
8/1/2025309 309 298 
WatchGuard Technologies, Inc.Software
 8.28% (SOFR + 5.25%)
7/2/20294,091 3,826 3,818 
WP CityMD Bidco LLCHealthcare Services
6.92% (L + 3.25%)
12/22/20281,735 1,724 1,663 
Wrench Group LLCConsumer Services
7.67% (L + 4.00%)
4/30/20269,493 9,443 9,185 
YI, LLCHealthcare Services
7.12% (L + 4.00%)
11/7/202422,041 22,032 21,563 
Zone Climate Services, Inc.Consumer Services
7.53% (SOFR + 4.75%)
3/9/20289,950 9,767 9,791 
Zone Climate Services, Inc.Consumer Services
7.60% (SOFR + 4.75%)
3/9/20282,187 2,147 2,152 
Total Funded Investments$504,574 $501,135 $476,179 
Unfunded Investments - First lien
athenahealth Group Inc.Healthcare Information Technology—1/26/2024$392 $— $(40)
Confluent Health, LLCHealthcare Services—11/30/20231,284 (6)(148)
Therapy Brands Holdings LLCHealthcare Information Technology—5/18/20231,470 — (66)
Thermostat Purchaser III, Inc.Business Services—8/31/2023669 — (23)
VT Topco, Inc.Business Services—8/1/2023251 — (9)
Total Unfunded Investments$4,066 $(6)$(286)
Total Investments$508,640 $501,129 $475,893 
(1)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 LIBOR (L), the Prime Rate (P), Secured Overnight Financing Rate (SOFR), and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2022.
(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV.
74
The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2021:
Portfolio Company and Type of InvestmentIndustryInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
Funded Investments - First lien
ADG, LLCHealthcare Services
 6.25% (L + 4.75% + 0.50% PIK)
9/28/2023$16,565 $16,518 $16,565 
ADMI Corp. (aka Aspen Dental)Healthcare Services
 4.00% (L + 3.50%)
12/23/20271,870 1,862 1,870 
Advisor Group Holdings, Inc.Financial Services
 4.60% (L + 4.50%)
7/31/202611,697 11,615 11,735 
Artera Services, LLCDistribution & Logistics
 4.50% (L + 3.50%)
3/6/20255,329 5,293 5,173 
Bayou Intermediate II, LLCHealthcare Services
 5.25% (L + 4.50%)
8/2/20288,693 8,652 8,704 
Bearcat Buyer, Inc.Healthcare Services
 5.25% (L + 4.25%)
7/9/20261,976 1,969 1,976 
Bearcat Buyer, Inc.Healthcare Services
 5.25% (L + 4.25%)
7/9/2026410 408 410 
Bella Holding Company, LLCHealthcare Services
 4.50% (L + 3.75%)
5/10/20281,769 1,763 1,770 
Bleriot US Bidco Inc.Federal Services
 4.22% (L + 4.00%)
10/30/20263,980 3,980 3,983 
Bracket Intermediate Holding Corp.Healthcare Services
 4.38% (L + 4.25%)
9/5/20254,473 4,461 4,469 
Brave Parent Holdings, Inc.Software
 4.10% (L + 4.00%)
4/18/20252,390 2,385 2,392 
Cano Health, LLCHealthcare Services
 5.25% (L + 4.50%)
11/23/20275,737 5,731 5,748 
CE Intermediate I, LLCSoftware
 4.50% (L + 4.00%)
11/10/20288,239 8,182 8,188 
CentralSquare Technologies, LLCSoftware
 3.97% (L + 3.75%)
8/29/202514,550 14,530 13,761 
Certara Holdco, Inc.Healthcare Information Technology
 3.60% (L + 3.50%)
8/15/20263,940 3,931 3,932 
CHA Holdings, Inc.Business Services
 5.50% (L + 4.50%)
4/10/202510,919 10,894 10,919 
CHA Holdings, Inc.Business Services
 5.50% (L + 4.50%)
4/10/20252,004 1,998 2,004 
Confluent Health, LLCHealthcare Services
 4.50% (L + 4.00%)
11/30/20288,076 8,035 8,076 
Cornerstone OnDemand, Inc.Software
 4.25% (L + 3.75%)
10/16/20283,247 3,231 3,244 
Cvent, Inc.Software
 3.85% (L + 3.75%)
11/29/20242,322 2,319 2,322 
Dealer Tire, LLCDistribution & Logistics
 4.35% (L + 4.25%)
12/12/202510,748 10,729 10,767 
Dispatch Acquisition Holdings, LLCIndustrial Services
 5.00% (L + 4.25%)
3/27/20289,975 9,851 9,969 
Drilling Info Holdings, Inc.Business Services
 4.35% (L + 4.25%)
7/30/202520,500 20,449 20,346 
EAB Global, Inc.Education
 4.00% (L + 3.50%)
8/16/202810,000 9,952 9,961 
Emerald 2 LimitedBusiness Services
 3.47% (L + 3.25%)
7/12/2028445 444 443 
Energize Holdco LLCBusiness Services
 4.25% (L + 3.75%)
12/8/20289,068 9,023 9,045 
eResearchTechnology, Inc.Healthcare Services
 5.50% (L + 4.50%)
2/4/20274,429 4,396 4,455 
EyeCare Partners, LLCHealthcare Services
 4.25% (L + 3.75%)
11/15/20288,000 7,980 7,982 
EyeCare Partners, LLCHealthcare Services
 6.00% (P + 2.75%)
11/15/20281,364 1,360 1,360 
Foundational Education Group, Inc.Education
 4.75% (L + 4.25%)
8/31/20286,500 6,438 6,516 
Greenway Health, LLCHealthcare Information Technology
 4.75% (L + 3.75%)
2/16/202420,948 20,912 20,104 
Heartland Dental, LLCHealthcare Services
 3.60% (L + 3.50%)
4/30/20253,572 3,563 3,541 
Heartland Dental, LLCHealthcare Services
 4.10% (L + 4.00%)
4/30/20256,269 6,241 6,261 
Help/Systems Holdings, Inc.Software
 4.75% (L + 4.00%)
11/19/20269,909 9,876 9,888 
Hunter Holdco 3 LimitedHealthcare Services
 4.75% (L + 4.25%)
8/19/20283,949 3,911 3,959 
Idera, Inc.Software
 4.50% (L + 3.75%)
3/2/20289,318 9,245 9,338 
Kestra Advisor Services Holdings A, Inc.Financial Services
 4.36% (L + 4.25%)
6/3/20265,486 5,434 5,459 
Keystone Acquisition Corp.Healthcare Services
 6.25% (L + 5.25%)
5/1/20245,171 5,150 5,146 
LSCS Holdings, Inc.Healthcare Services
 5.00% (L + 4.50%)
12/16/20285,897 5,867 5,911 
Mamba Purchaser, Inc.Healthcare Services
 4.25% (L + 3.75%)
10/16/20284,124 4,104 4,126 
Mandolin Technology Intermediate Holdings, Inc.Software
 4.25% (L + 3.75%)
7/31/202810,000 9,953 9,975 
Maverick Bidco Inc.Software
 4.50% (L + 3.75%)
5/18/20288,000 7,963 8,015 
Mavis Tire Express Services Topco Corp.Retail
 4.75% (L + 4.00%)
5/4/20288,432 8,394 8,447 
Mercury Borrower, Inc.Business Services
 4.00% (L + 3.50%)
8/2/20286,250 6,220 6,240 
MH Sub I, LLC (Micro Holding Corp.)Software
 4.75% (L + 3.75%)
9/13/20247,898 7,878 7,925 
Ministry Brands, LLCSoftware
 5.00% (L + 4.00%)
12/2/202216,734 16,719 16,734 
Ministry Brands, LLCSoftware
 5.00% (L + 4.00%)
12/2/20222,051 2,050 2,051 
Ministry Brands, LLCSoftware
 5.00% (L + 4.00%)
12/2/2022862 861 862 
National Intergovernmental Purchasing Alliance CompanyBusiness Services
 3.72% (L + 3.50%)
5/23/20251,327 1,329 1,325 
Netsmart, Inc.Healthcare Information Technology
 4.75% (L + 4.00%)
10/1/20276,965 6,965 6,987 
75
Portfolio Company and Type of InvestmentIndustryInterest Rate (1)Maturity Date Principal Amount or Par Value CostFair
Value (2)
OEConnection LLCBusiness Services
 4.10% (L + 4.00%)
9/25/2026$4,123 $4,092 $4,118 
PetVet Care Centers, LLCConsumer Services
 4.25% (L + 3.50%)
2/14/20259,974 9,950 9,987 
Premise Health Holding Corp.Healthcare Services
 3.72% (L + 3.50%)
7/10/20251,966 1,961 1,959 
Project Boost Purchaser, LLCBusiness Services
 4.00% (L + 3.50%)
5/30/20262,488 2,482 2,491 
Quest Software US Holdings Inc.Software
 4.38% (L + 4.25%)
5/16/202514,550 14,512 14,555 
RealPage, Inc.Business Services
 3.75% (L + 3.25%)
4/24/20284,988 4,970 4,979 
RLG Holdings, LLCPackaging
 5.00% (L + 4.25%)
7/7/20284,767 4,744 4,765 
Sierra Enterprises, LLCFood & Beverage
 5.00% (L + 4.00%)
11/11/20244,216 4,204 4,216 
Snap One Holdings Corp.Distribution & Logistics
 5.00% (L + 4.50%)
12/8/20288,649 8,563 8,639 
Sovos Brands Intermediate, Inc.Food & Beverage
 4.50% (L + 3.75%)
6/8/20288,290 8,270 8,296 
Storable, Inc.Software
 3.75% (L + 3.25%)
4/17/20284,000 3,977 3,991 
Syndigo LLCSoftware
 5.25% (L + 4.50%)
12/15/20277,839 7,834 7,858 
Therapy Brands Holdings LLCHealthcare Information Technology
 4.75% (L + 4.00%)
5/18/20284,609 4,588 4,609 
Thermostat Purchaser III, Inc.Business Services
 5.25% (L + 4.50%)
8/31/20284,252 4,231 4,252 
TIBCO Software Inc.Software
 3.86% (L + 3.75%)
6/30/20262,977 2,961 2,961 
Trader Interactive, LLC (fka Dominion Web Solutions LLC)Business Services
 4.50% (L + 4.00%)
7/28/20285,303 5,277 5,296 
Unified Women's Healthcare, LPHealthcare Services
 5.00% (L + 4.25%)
12/20/20277,400 7,365 7,426 
USIC Holdings, Inc.Business Services
 4.25% (L + 3.50%)
5/12/20283,839 3,825 3,839 
Valcour Packaging, LLCPackaging
 4.25% (L + 3.75%)
10/4/20283,301 3,291 3,301 
VetCor Professional Practices LLCConsumer Services
 5.00% (L + 4.25%)
7/2/20259,972 9,779 9,889 
VT Topco, Inc.Business Services
 4.50% (L + 3.75%)
8/1/20258,489 8,451 8,436 
WP CityMD Bidco LLCHealthcare Services
 3.75% (L + 3.25%)
12/22/20287,044 7,002 7,045 
Wrench Group LLCConsumer Services
 4.22% (L + 4.00%)
4/30/20269,567 9,506 9,567 
YI, LLCHealthcare Services
 5.00% (L + 4.00%)
11/7/202422,215 22,203 22,104 
Total Funded Investments$507,195 $505,052 $504,958 
Unfunded Investments - First lien
Confluent Health, LLCHealthcare Services—11/30/2023$1,759 $(9)$— 
EyeCare Partners, LLCHealthcare Services—11/15/2028636 — (1)
Therapy Brands Holdings LLCHealthcare Information Technology—5/18/20231,470 — — 
Thermostat Purchaser III, Inc.Business Services—8/31/2023748 — — 
VT Topco, Inc.Business Services—8/4/20231,490 — (9)
Total Unfunded Investments$6,103 $(9)$(10)
Total Investments$513,298 $505,043 $504,948 
(1)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 LIBOR (L), the Prime Rate (P) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2021.
(2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV.

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Below is certain summarized consolidated financial information for SLP IV as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022:
Selected Consolidated Balance Sheet Information:September 30, 2022December 31, 2021
Investments at fair value (cost of $501,129 and $505,043, respectively)
$475,893 $504,948 
Receivable from unsettled securities sold— 2,595 
Cash and other assets15,697 12,912 
Total assets$491,590 $520,455 
Credit facility$359,537 $360,137 
Deferred financing costs (net of accumulated amortization of $845 and $396, respectively)
(2,160)(2,609)
Payable for unsettled securities purchased7,493 13,893 
Distribution payable4,022 3,396 
Other liabilities4,178 1,910 
Total liabilities373,070 376,727 
Members' capital$118,520 $143,728 
Total liabilities and members' capital$491,590 $520,455 
Selected Consolidated Statement of Operations Information:Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021(1)
Interest income$8,333 $5,806 $20,749 $9,034 
Other income102 143 257 157 
Total investment income8,435 5,949 21,006 9,191 
Interest and other financing expenses3,940 1,649 8,288 2,523 
Other expenses188 206 596 475 
Total expenses4,128 1,855 8,884 2,998 
Net investment income4,307 4,094 12,122 6,193 
Net realized (losses) gains on investments(85)(85)(77)139 
Net change in unrealized (depreciation) appreciation of investments(1,013)2,214 (25,142)4,265 
Net increase (decrease) in members' capital$3,209 $6,223 $(13,097)$10,597 
(1)Reflects the results of operations for the period from May 5, 2021 through September 30, 2021.
For the three and nine months ended September 30, 2022, the Company earned approximately $3,161 and $9,520, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three months ended September 30, 2021, and the period from May 5, 2021 through September 30, 2021, the Company earned approximately $2,670 and $5,098, respectively, of dividend income related to SLP IV, which is included in dividend income. As of September 30, 2022 and December 31, 2021, approximately $3,161 and $2,670, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.
The Company has determined that SLP IV is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP IV.
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Unconsolidated Significant Subsidiaries
In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any are as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under this rule. As of September 30, 2022, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary."
Investment Risk Factors
First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt.
Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower.
The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.
The Company’s operating results and portfolio companies may be negatively impacted by the COVID-19 pandemic. At the time of this Quarterly Report on Form 10-Q, public health restrictions have been partially or fully lifted throughout most of the United States and globally. However, new variants of COVID-19, challenges regarding distribution, hesitancy and efficacy of COVID-19 vaccines and treatments, and the reintroduction of related advisories and restrictions may prolong the effects of the COVID-19 pandemic. To the extent its portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, the Company may have a material adverse impact on future net investment income, the fair value of its portfolio investments and its financial condition.
While general economic conditions have improved since the beginning of the COVID-19 pandemic, the Company continues to see reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both in the United States and globally. The COVID-19 pandemic has and continues to have an adverse impact on the markets and the economy in general, which could have a material adverse impact on, among other things, the ability of lenders to originate loans, the volume and type of loans originated, and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. Any potential impact to the Company's results of operations will depend to a large extent on future developments and new information that could emerge regarding the duration and severity of COVID-19 and the actions taken by authorities and other entities to contain COVID-19 or treat its impact, all of which are beyond the Company's control. These potential impacts, while uncertain, could adversely affect the Company's and its portfolio companies’ operating results.
Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience downturns, and the Company anticipates its business and operations could be materially adversely affected by a prolonged recession in the United States and other major markets.
Note 4. Fair Value
Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:
Level I—Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to
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the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.
Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:
•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);
•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and
•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.
Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.
The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.
The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.
The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of September 30, 2022:
 TotalLevel ILevel IILevel III
First lien$1,770,125 $— $11,434 $1,758,691 
Second lien573,535 — 67,839 505,696 
Subordinated73,763 — — 73,763 
Equity and other817,010 — — 817,010 
Total investments$3,234,433 $— $79,273 $3,155,160 
The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, 2021:
 TotalLevel ILevel IILevel III
First lien$1,657,815 $— $22,672 $1,635,143 
Second lien627,356 — 308,236 319,120 
Subordinated50,742 — — 50,742 
Equity and other838,451 — — 838,451 
Total investments$3,174,364 $— $330,908 $2,843,456 
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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2022:
 TotalFirst LienSecond LienSubordinatedEquity and
other
Fair Value, June 30, 2022$3,129,485 $1,835,954 $434,069 $55,968 $803,494 
Total gains or losses included in earnings:
Net realized gains on investments62 45 — — 17 
Net change in unrealized (depreciation) appreciation (24,503)(19,170)(13,958)(526)9,151 
Purchases, including capitalized PIK and revolver fundings147,022 116,907 7,422 18,321 4,372 
Proceeds from sales and paydowns of investments(176,517)(175,045)(1,448)— (24)
Transfers into Level III(1)79,611 — 79,611 — — 
Fair Value, September 30, 2022$3,155,160 $1,758,691 $505,696 $73,763 $817,010 
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:$(24,455)$(19,123)$(13,958)$(526)$9,152 
(1)As of September 30, 2022, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.
The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2021, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2021:
 TotalFirst LienSecond LienSubordinatedEquity and
other
Fair Value, June 30, 2021$2,582,889 $1,443,896 $312,771 $37,982 $788,240 
Total gains or losses included in earnings:
Net realized gains on investments22,904 629 — — 22,275 
Net change in unrealized (depreciation) appreciation (26,009)(10,360)(2,774)222 (13,097)
Purchases, including capitalized PIK and revolver fundings481,619 287,564 106,480 659 86,916 
Proceeds from sales and paydowns of investments(431,533)(304,180)(21,451)— (105,902)
Transfers into Level III(1)43,027 — 43,027 — — 
Transfers out of Level III(1)(57,589)(36,673)(20,916)— — 
Fair Value, September 30, 2021$2,615,308 $1,380,876 $417,137 $38,863 $778,432 
Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:$8,381 $(9,395)$(2,774)$222 $20,328 
(1)As of September 30, 2021, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.


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The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2022:
 TotalFirst LienSecond LienSubordinatedEquity and
other
Fair Value, December 31, 2021$2,843,456 $1,635,143 $319,120 $50,742 $838,451 
Total gains or losses included in earnings:
Net realized gains (losses) on investments35,753 (618)— — 36,371 
Net change in unrealized depreciation(64,552)(13,309)(47,712)(2,078)(1,453)
Purchases, including capitalized PIK and revolver fundings587,780 515,997 19,269 25,099 27,415 
Proceeds from sales and paydowns of investments(478,245)(378,522)(15,949)— (83,774)
Transfers into Level III(1)230,968 — 230,968 — — 
Fair Value, September 30, 2022$3,155,160 $1,758,691 $505,696 $73,763 $817,010 
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:$(23,102)$(13,414)$(47,712)$(2,078)$40,102 
(1)As of September 30, 2022, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2021, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2021:

 TotalFirst LienSecond LienSubordinatedEquity and
other
Fair Value, December 31, 2020$2,737,857 $1,483,367 $570,033 $36,939 $647,518 
Total gains or losses included in earnings:
Net realized gains (losses) on investments10,912 848 2 (5,150)15,212 
Net change in unrealized appreciation (depreciation)56,689 (9,663)(2,145)5,502 62,995 
Purchases, including capitalized PIK and revolver fundings767,313 477,631 129,501 1,572 158,609 
Proceeds from sales and paydowns of investments(737,067)(535,475)(95,690)— (105,902)
Transfers out of Level III(1)(220,396)(35,832)(184,564)— — 
Fair Value, September 30, 2021$2,615,308 $1,380,876 $417,137 $38,863 $778,432 
Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:$50,567 $(9,393)$(2,347)$352 $61,955 
(1)As of September 30, 2021, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the tables above, there were no other transfers in or out of Level I, II, or III during the three and nine months ended September 30, 2022 and September 30, 2021. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs.
The Company invests in revolving credit facilities. These investments are categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies.
The Company generally uses the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as
81
reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:
Company Performance, Financial Review, and Analysis: Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("EBITDA") growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation.
For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company’s debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company’s debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.
Market Based Approach:  The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiple will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of September 30, 2022 and December 31, 2021, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.
Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of September 30, 2022 and December 31, 2021, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2022 were as follows:
   Range
TypeFair Value as of September 30, 2022ApproachUnobservable InputLowHighWeighted
Average
First lien$1,581,331 Market & income approachEBITDA multiple3.5x38.0x15.7x
Revenue multiple4.0x19.5x8.9x
 Discount rate9.0 %27.9 %11.5 %
177,360 OtherN/A(1)N/AN/AN/A
Second lien498,527 Market & income approachEBITDA multiple8.0x33.0x15.2x
 Discount rate11.0 %43.8 %13.3 %
7,169 OtherN/A(1)N/AN/AN/A
Subordinated73,763 Market & income approachEBITDA multiple6.5x24.5x16.7x
 Discount rate12.7 %23.9 %17.0 %
Equity and other789,644 Market & income approachEBITDA multiple5.0x26.5x12.7x
Revenue multiple4.0x19.5x6.9x
 Discount rate6.1 %42.4 %12.9 %
27,366 OtherN/A(1)N/AN/AN/A
$3,155,160      
 
(1)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.


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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2021 were as follows:
   Range
TypeFair Value as of December 31, 2021ApproachUnobservable InputLowHighWeighted
Average
First lien$1,478,445 Market & income approachEBITDA multiple4.5x32.5x14.7x
 Revenue multiple4.0x19.5x7.0x
Discount rate4.8 %17.0 %7.6 %
55,326 Market quoteBroker quoteN/AN/AN/A
101,372 OtherN/A(1)N/AN/AN/A
Second lien253,587 Market & income approachEBITDA multiple7.5x32.0x15.2x
Discount rate7.5 %28.2 %11.3 %
22,528 Market quoteBroker quoteN/AN/AN/A
43,005 OtherN/A(1)N/AN/AN/A
Subordinated39,798 Market & income approachEBITDA multiple8.0x14.5x11.5x
Discount rate11.1 %18.4 %16.0 %
10,944 OtherN/A(1)N/AN/AN/A
Equity and other824,151 Market & income approachEBITDA multiple5.0x26.5x12.7x
 Revenue multiple5.0x19.5x14.3x
Discount rate4.0 %31.3 %10.0 %
14,300 OtherN/A(1)N/AN/AN/A
$2,843,456      
(1)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The carrying value of the collateralized agreement approximates fair value as of September 30, 2022 and is considered Level III. The fair value of other financial assets and liabilities approximates their carrying value based on the short-term nature of these items.
The Holdings Credit Facility, NMFC Credit Facility, DB Credit Facility, SBA-guaranteed debentures, Unsecured Notes and NMNLC Credit Facility II are considered Level III. The fair value of the 2018 Convertible Notes (defined below) was based on quoted prices and is considered Level II. See Note 7. Borrowings, for details.
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The following are the principal amounts and fair values of the Company’s borrowings as of September 30, 2022. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings or market quotes, if available.
As of
 September 30, 2022
Principal Amount
Fair Value
Holdings Credit Facility$630,663 $617,558 
Unsecured Notes531,500 498,018 
SBA-guaranteed debentures300,000 257,090 
Convertible Notes201,250 199,238 
DB Credit Facility186,400 184,127 
NMFC Credit Facility (1)127,210 125,434 
NMNLC Credit Facility II2,934 2,933 
Total Borrowings$1,979,957 $1,884,398 
 
(1)     As of September 30, 2022, the principal amount of the NMFC Credit Facility was $127,210, which included £22,850 denominated in GBP and €700 denominated in EUR that has been converted to U.S. dollars. As of September 30, 2022, the fair value of the NMFC Credit Facility was $125,434, which included £22,531 denominated in GBP and €690 denominated in EUR that has been converted to U.S. dollars.
Fair value risk factors—The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Company's portfolio companies conduct their operations, as well as general economic, political and public health conditions (including the COVID-19 pandemic), may have a significant negative impact on the operations and profitability of the Company's investments and/or on the fair value of the Company's investments. The Company's investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in income to the Company and their corresponding fair valuations. Also, there may be risk associated with the concentration of investments in one geographic region or in certain industries. These events are beyond the control of the Company and cannot be predicted. Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.
Note 5. Agreements
The Company entered into an investment advisory and management agreement (the “Investment Management Agreement”) with the Investment Adviser which was most recently re-approved by the Company's board of directors on February 23, 2022 at a virtual meeting for a period of 12 months commencing on May 5, 2022. The Company's board of directors held such meeting by virtual means in reliance on relief provided by the U.S. Securities and Exchange Commission (the "SEC") in response to the COVID-19 pandemic (the "COVID Relief"). As a condition of the COVID Relief, the Company's board of directors will ratify the approval of the Investment Management Agreement at its next in-person meeting. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives a fee from the Company, consisting of two components—a base management fee and an incentive fee. On November 1, 2021, the Company entered into Amendment No. 1 to the Investment Management Agreement ("Amendment No. 1"). As described below, the sole purpose of Amendment No. 1 was to reduce the base management fee from 1.75% of the Company's gross assets to 1.4% of the Company's gross assets.
Pursuant to Amendment No. 1, the base management fee is calculated at an annual rate of 1.4% of the Company's gross assets, which equals the Company's total assets on the Consolidated Statements of Assets and Liabilities, less cash and cash equivalents. Prior to Amendment No. 1, pursuant to the Investment Management Agreement, the base management fee was calculated at an annual rate of 1.75% of the Company's gross assets, which equaled the Company's total assets on the Consolidated Statements of Assets and Liabilities, less (i) the borrowings under the New Mountain Finance SPV Funding, L.L.C. Loan and Security Agreement, as amended and restated, dated October 27, 2010 (the "SLF Credit Facility") and (ii) cash and cash equivalents. The base management fee is payable quarterly in arrears, and is calculated based on the average value of the Company's gross assets, which equals the Company's total assets, as determined in accordance with GAAP, less cash and cash equivalents at the end of each of the two most recently completed calendar quarters, and appropriately adjusted on a pro rata basis for any equity capital raises or repurchases during the current calendar quarter. The Company has not invested, and currently is not invested, in derivatives. To the extent the Company invests in derivatives in the future, the Company will use
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the actual value of the derivatives, as reported on the Consolidated Statements of Assets and Liabilities, for purposes of calculating its base management fee.
Effective as of and for the quarter ended March 31, 2021 through the quarter ending December 31, 2023, the Investment Adviser entered into a fee waiver agreement (the "Fee Waiver Agreement") pursuant to which the Investment Adviser will waive base management fees in order to reach a target base management fee of 1.25% on gross assets (the “Reduced Base Management Fee”). The Investment Adviser cannot recoup management fees that the Investment Adviser has previously waived. For the three and nine months ended September 30, 2022, management fees waived were approximately $1,115 and $3,349, respectively. For the three and nine months ended September 30, 2021, management fees waived were approximately $3,752 and $11,193, respectively.
The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter, subject to a “preferred return”, or “hurdle”, and a “catch-up” feature. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under an administration agreement, as amended and restated (the “Administration Agreement”), with the Administrator, and any interest expense and distributions paid on any issued and outstanding preferred stock (of which there were none as of September 30, 2022), but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter, will be compared to a "hurdle rate" of 2.0% per quarter (8.0% annualized), subject to a "catch-up" provision measured as of the end of each calendar quarter. The hurdle rate is appropriately pro-rated for any partial periods. The calculation of the Company's incentive fee with respect to the Pre-Incentive Fee Net Investment Income for each quarter is as follows:
•No incentive fee is payable to the Investment Adviser in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2.0% (the "preferred return" or "hurdle").
•100.0% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the "catch-up". The catch-up provision is intended to provide the Investment Adviser with an incentive fee of 20.0% on all of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company's Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter.
•20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser once the hurdle is reached and the catch-up is achieved.
The second part of the incentive fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement) and will equal 20.0% of the Company's realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee.
In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on actual realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year as if the entire portfolio was sold at fair value.

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The following table summarizes the management fees and incentive fees incurred by the Company for the three and nine months ended September 30, 2022 and September 30, 2021:
 Three Months EndedNine Months Ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Management fee$11,717 $13,740 $35,040 $40,885 
Less: management fee waiver(1,115)(3,752)(3,349)(11,193)
Total management fee10,602 9,988 31,691 29,692 
Incentive fee, excluding accrued capital gains incentive fees$8,202 $7,661 $23,605 $22,207 
Accrued capital gains incentive fees(1)$— $— $— $— 
(1)As of September 30, 2022 and September 30, 2021, no actual capital gains incentive fee was owed under the Investment Management Agreement by the Company, as cumulative net realized capital gains did not exceed cumulative unrealized capital depreciation.
The Company has entered into the Administration Agreement with the Administrator under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the board of directors on February 23, 2022 for a period of 12 months commencing on May 5, 2022. The Administrator maintains, or oversees the maintenance of, the Company's consolidated financial records, prepares reports filed with the SEC, generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. However, it is expected that the Administrator will continue to support part of the expense burden of the Company in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and nine months ended September 30, 2022, approximately $496 and $1,854, respectively, of indirect administrative expenses were included in administrative expenses of which $0 and $238, respectively, were waived by the Administrator. For the three and nine months ended September 30, 2021, approximately $616 and $2,037, respectively, of indirect administrative expenses were included in administrative expenses of which $0 and $0, respectively, were waived by the Administrator. As of September 30, 2022 and December 31, 2021, approximately $496 and $545, respectively, of indirect administrative expenses were included in payable to affiliates. For the three and nine months ended September 30, 2022, the reimbursement to the Administrator represented approximately 0.01% and 0.05%, respectively, of the Company's gross assets. For the three and nine months ended September 30, 2021, the reimbursement to the Administrator represented approximately 0.02% and 0.06%, respectively, of the Company's gross assets.
The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain" and the "New Mountain Finance" names, as well as the NMF logo. Under the Trademark License Agreement, as amended, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "New Mountain" and "New Mountain Finance" names, as well as the NMF logo, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain" or the "New Mountain Finance" names, as well as the NMF logo.
In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs through December 31, 2020 (the “Temporary Relief), the Company was permitted, subject to the satisfaction of certain conditions, to co-invest in our existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such co-investments with the Company unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with the Company. Although the Temporary Relief expired on December 31, 2020, the SEC’s Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement
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action, to the extent that any BDC with an existing co-investment order continues to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, the Company filed an application to amend its existing Exemptive Order (as defined below) on May 24, 2022, as amended on June 22, 2022.
On August 30, 2022, the Company received an Order from the SEC which amended its existing Exemptive Order to permit the Company to continue to co-invest in its existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company, subject to certain conditions.
Note 6. Related Parties
The Company has entered into a number of business relationships with affiliated or related parties.
    The Company has entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.
The Company has entered into the Fee Waiver Agreement with the Investment Adviser, pursuant to which the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by the Company under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ending December 31, 2022. Subsequently, the Company and the Investment Adviser extended the term of the Fee Waiver Agreement to be effective through the quarter ending December 31, 2023. See Note 5. Agreements, for details.
The Company has entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges office space for the Company and provides office equipment and administrative services necessary to conduct their respective day-to-day operations pursuant to the Administration Agreement. The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to the Company under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance and compliance functions, and the compensation of the Company's chief financial officer and chief compliance officer and their respective staffs.
The Company, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.
The Company has adopted a formal code of ethics that governs the conduct of its officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.
The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company’s investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser’s allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the “Exemptive Order”), which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company's independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit the Company to co-invest in its existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company, subject to certain conditions.
On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11,315. Immediately thereafter, NMNLC redeemed
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105,030 shares of its common stock held by the Company in exchange for a promissory note with a principal amount of $11,315 and a 7.0% interest rate, which was repaid by NMNLC to the Company on March 31, 2020.
On March 30, 2020, the Company entered into an unsecured revolving credit facility with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000. On December 17, 2021, the Company entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. Refer to Note 7. Borrowings for discussion of the Unsecured Management Company Revolver (defined below).
Note 7. Borrowings
On June 8, 2018 the Company's shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction from 200.0% to 150.0% of the minimum asset coverage ratio applicable to the Company as of June 9, 2018 (which means the Company can borrow $2 for every $1 of its equity). As a result of the Company's exemptive relief received on November 5, 2014, the Company is permitted to exclude its SBA-guaranteed debentures from the 150.0% asset coverage ratio that the Company is required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, the 2018 Convertible Notes and the Unsecured Notes (each defined below) contain certain covenants and terms, including a requirement that the Company not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that the Company not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of September 30, 2022, the Company’s asset coverage ratio was 179.3%.
Holdings Credit Facility—On October 24, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement among the Company, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (as amended from time to time, the "Holdings Credit Facility"). As of the most recent amendment on April 20, 2021, the maturity date of the Holdings Credit Facility is April 20, 2026, and the maximum facility amount is the lesser of $800,000 and the actual commitments of the lenders to make advances as of such date.
As of September 30, 2022, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730,000. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 25.0%, 45.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires the Company to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.
As of the most recent amendment on April 20, 2021, the Holdings Credit Facility bears interest at a rate of LIBOR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Fifth Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. From September 30, 2020 to April 19, 2021 the Holdings Credit Facility bore interest at a rate of LIBOR plus 2.00% per annum for Broadly Syndicated Loans (as defined in the Fourth Amendment Loan and Security Agreement) and LIBOR plus 2.50% per annum for all other investments. The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Third Amended and Restated Loan and Security Agreement).

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The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Holdings Credit Facility for the three and nine months ended September 30, 2022 and September 30, 2021:
 Three Months EndedNine Months Ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest expense$6,734 $2,446 $13,937 $7,606 
Non-usage fee$154 $311 $558 $1,004 
Amortization of financing costs$807 $806 $2,395 $2,046 
Weighted average interest rate4.4 %2.0 %3.2 %2.2 %
Effective interest rate5.0 %2.9 %3.9 %3.0 %
Average debt outstanding$607,585 $483,131 $580,699 $467,570 
As of September 30, 2022 and December 31, 2021, the outstanding balance on the Holdings Credit Facility was $630,663 and $545,263, respectively, and NMF Holdings was in compliance with the applicable covenants in the Holdings Credit Facility on such dates.
NMFC Credit Facility—The Amended and Restated Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated June 4, 2021, among the Company, as the Borrower, Goldman Sachs Bank USA, as the Administrative Agent and Collateral Agent, and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A., as Lenders (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of the Company's domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on June 4, 2021, the maturity date of the NMFC Credit Facility is June 4, 2026.
As of September 30, 2022, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $198,500. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on the Company’s Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to asset coverage and liquidity and other maintenance covenants.
As of the most recent amendment on June 4, 2021, the NMFC Credit Facility generally bears interest at a rate of LIBOR, Sterling Overnight Interbank Average Rate ("SONIA") or Euro Interbank Offered Rate ("EURIBOR") plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA). Prior to June 4, 2021, the NMFC Credit Facility bore interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA).
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the NMFC Credit Facility for the three and nine months ended September 30, 2022 and September 30, 2021:
 Three Months EndedNine Months Ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest expense$1,872 $655 $3,798 $2,262 
Non-usage fee$25 $69 $118 $188 
Amortization of financing costs$60 $61 $175 $137 
Weighted average interest rate4.3 %2.2 %3.2 %2.5 %
Effective interest rate4.5 %2.7 %3.5 %2.8 %
Average debt outstanding$171,850 $117,146 $156,303 $122,537 
As of September 30, 2022 and December 31, 2021, the outstanding balance on the NMFC Credit Facility was $127,210 and $127,192, which included £22,850 and £16,400, respectively, denominated in British Pound Sterling ("GBP") and €700 and €0, respectively, denominated in Euro ("EUR") that has been converted to U.S. dollars. NMFC was in compliance with the applicable covenants in the NMFC Credit Facility on such dates.
Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement, dated March 30, 2020, by and between the Company, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving credit facility.
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The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on December 17, 2021, the maturity date of the Unsecured Management Company Revolver is December 31, 2024.
As of the most recent amendment on December 17, 2021, the Unsecured Management Company Revolver bears interest at a rate of 4.00% per annum. Prior to December 17, 2021, the Unsecured Management Company Revolver bore interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement). On May 4, 2020, the Company entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30,000 to $50,000. As of September 30, 2022, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $50,000 and no borrowings were outstanding. For the three and nine months ended September 30, 2022, amortization of financing costs were $4 and $10, respectively. For the three and nine months ended September 30, 2021, amortization of financing costs were $2 and $8, respectively.
DB Credit Facility—The Loan Financing and Servicing Agreement (the "LFSA") dated December 14, 2018 and as amended from time to time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S. Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), is structured as a secured revolving credit facility and the maturity date is March 25, 2026.
As of September 30, 2022, the maximum amount of revolving borrowings available under the DB Credit Facility was $280,000. The Company is permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the LFSA. The DB Credit Facility is non-recourse to the Company and is collateralized by all of the investments of NMFDB on an investment by investment basis. All fees associated with the origination and amending of the DB Credit Facility are capitalized on the Company's Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the DB Credit Facility. The DB Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of NMFDB investments, but rather to the performance of the underlying portfolio companies.
The advances under the DB Credit Facility accrue interest at a per annum rate equal to the Applicable Margin plus the lender's Cost of Funds Rate. Prior to March 25, 2021, the Applicable Margin was equal to 2.60% during the Revolving Period and then increases by 0.20% during an Event of Default. Effective March 25, 2021, the Applicable Margin is equal to 2.35% during the Revolving Period and then increases by 0.20% during an Event of Default. The "Cost of Funds Rate" for a conduit lender is the lower of its commercial paper rate and the Base Rate plus 0.50%, and for any other lender is the Base Rate. The "Base Rate" is the three-months LIBOR Rate but may become an alternative base rate based on Deutsche Bank's base lending rate if certain LIBOR disruption events occur. The Company is also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the LFSA) and a facility agent fee of 0.25% per annum on the total facility amount.
The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the DB Credit Facility for the three and nine months ended September 30, 2022 and September 30, 2021:
 Three Months EndedNine Months Ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest expense(1)$2,682 $1,384 $6,555 $4,517 
Non-usage fee(1)$103 $105 $236 $269 
Amortization of financing costs$272 $272 $809 $708 
Weighted average interest rate5.3 %2.8 %4.0 %2.9 %
Effective interest rate6.1 %3.5 %4.7 %3.5 %
Average debt outstanding$199,442 $198,938 $217,817 $209,417 
(1)Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the DB Credit Facility and non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the DB Credit Facility.
As of September 30, 2022 and December 31, 2021, the outstanding balance on the DB Credit Facility was $186,400 and $226,300, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such dates.
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NMNLC Credit Facility II—The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), is structured as a senior secured revolving credit facility. As of the amendment on March 16, 2022, the NMNLC Credit Facility II matures on February 25, 2023. As of the amendment on November 1, 2022, the NMNLC Credit Facility II will mature on November 1, 2024. The NMNLC Credit Facility II is guaranteed by the Company and proceeds from the NMNLC Credit Facility II are able to be used for funding of additional acquisition properties. As of September 30, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $10,000.
Prior to the amendment on December 7, 2021, the NMNLC Credit Facility II bore interest at a rate of LIBOR plus 2.75% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). As of December 7, 2021, the NMNLC Credit Facility II bore interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 2.75% per annum with a 0.35% floor and charges a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). Prior to the amendment on March 16, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $20,000. As of the March 16, 2022 amendment and effective May 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $10,000. As of the amendment on November 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II is $27,500 and the facility bears interest at a rate of SOFR plus 2.25%. For the three and nine months ended September 30, 2022, interest expense, non-usage fees and amortization of financing costs were $25 and $225, $1 and $2, and $5 and $40, respectively and the weighted average interest rate and effective interest rate was 5.0% and 3.4% and 6.1% and 4.0%, respectively. For the three and nine months ended September 30, 2021, interest expense, non-usage fees and amortization of financing costs were $27 and $27, $1 and $3, and $24 and $55, respectively. As of September 30, 2022 and December 31, 2021, the outstanding balance on the NMNLC Credit Facility II was $2,934 and $15,200, respectively, and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility II on such date.
Convertible Notes—On August 20, 2018, the Company closed a registered public offering of $100,000 aggregate principal amount of unsecured convertible notes (the “2018 Convertible Notes”), pursuant to an indenture, dated August 20, 2018, as supplemented by a first supplemental indenture thereto, dated August 20, 2018 (together the “2018A Indenture”). On August 30, 2018, in connection with the registered public offering, the Company issued an additional $15,000 aggregate principal amount of the 2018 Convertible Notes pursuant to the exercise of an overallotment option by the underwriter of the 2018 Convertible Notes. On June 7, 2019, the Company closed a registered public offering of an additional $86,250 aggregate principal amount of the 2018 Convertible Notes. These additional 2018 Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $115,000 aggregate principal amount of 2018 Convertible Notes that the Company issued in August 2018.
The 2018 Convertible Notes bear interest at an annual rate of 5.75%, payable semi-annually in arrears on February 15 and August 15 of each year, which commenced on February 15, 2019. The 2018 Convertible Notes will mature on August 15, 2023 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018A Indenture. The Company may not redeem the 2018 Convertible Notes prior to May 15, 2023. On or after May 15, 2023, the Company may redeem the 2018 Convertible Notes for cash, in whole or from time to time in part, at its option at a redemption price, subject to an exception for redemption dates occurring after a record date but on or prior to the interest payment date, equal to the sum of (i) 100% of the principal amount of the 2018 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.
No sinking fund is provided for the 2018 Convertible Notes. Holders of 2018 Convertible Notes may, at their option, convert their 2018 Convertible Notes into shares of the Company’s common stock at any time on or prior to the close of business on the business day immediately preceding the maturity date of the 2018 Convertible Notes. In addition, if certain corporate events occur, holders of the 2018 Convertible Notes may require the Company to repurchase for cash all or part of their 2018 Convertible Notes at a repurchase price equal to 100% of the principal amount of the 2018 Convertible Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the repurchase date.
The 2018A Indenture contains certain covenants, including covenants requiring the Company to provide certain financial information to the holders of the 2018 Convertible Notes and the trustee if the Company ceases to be subject to the reporting requirements of the Exchange Act. The 2018A Indenture also includes additional financial covenants related to asset coverage. These covenants are subject to limitations and exceptions that are described in the 2018A Indenture.




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The following table summarizes certain key terms related to the convertible features of the Company’s 2018 Convertible Notes as of September 30, 2022:
2018 Convertible Notes
Initial conversion premium10.0 %
Initial conversion rate(1)65.8762 
Initial conversion price$15.18 
Conversion premium at September 30, 202210.0 %
Conversion rate at September 30, 2022(1)(2)65.8762 
Conversion price at September 30, 2022(2)(3)$15.18 
Last conversion price calculation dateAugust 20, 2022
(1)Conversion rates denominated in shares of common stock per $1 principal amount of the 2018 Convertible Notes converted.
(2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.
(3)The conversion price in effect at September 30, 2022 was calculated on the last anniversary of the issuance and will be calculated again on the next anniversary, unless the exercise price shall have changed by more than 1.0% before the anniversary.
The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.34 per share per quarter and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, are subject to a conversion price floor of $13.80 per share. In no event will the total number of shares of common stock issuable upon conversion exceed 72.4637 per $1 principal amount. The Company has determined that the embedded conversion option in the 2018 Convertible Notes is not required to be separately accounted for as a derivative under GAAP.
The 2018 Convertible Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the 2018 Convertible Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles. As reflected in Note 11. Earnings Per Share, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.
The following table summarizes the interest expense, amortization of financing costs and amortization of premium incurred on the 2018 Convertible Notes for the three and nine months ended September 30, 2022 and September 30, 2021:
 Three Months EndedNine Months Ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest expense$2,893 $2,893 $8,679 $8,679 
Amortization of financing costs$100 $100 $296 $296 
Amortization of premium$(26)$(26)$(77)$(77)
Weighted average interest rate5.8 %5.8 %5.8 %5.8 %
Effective interest rate5.9 %5.9 %5.9 %5.9 %
Average debt outstanding$201,250 $201,250 $201,250 $201,250 
As of September 30, 2022 and December 31, 2021, the outstanding balance on the 2018 Convertible Notes was $201,250 and $201,250, respectively, and NMFC was in compliance with the terms of the 2018A Indenture on such date.
Unsecured Notes—On May 6, 2016, the Company issued $50,000 in aggregate principal amount of five-year unsecured notes (the “2016 Unsecured Notes”), pursuant to a note purchase agreement, dated May 4, 2016, to an institutional investor in a private placement. On September 30, 2016, the Company entered into an amended and restated note purchase agreement (the "NPA") and issued an additional $40,000 in aggregate principal amount of 2016 Unsecured Notes to institutional investors in a private placement. On February 16, 2021, the Company repaid all $90,000 in aggregate principal amount of the issued and outstanding 2016 Unsecured Notes. On June 30, 2017, the Company issued $55,000 in aggregate
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principal amount of five-year unsecured notes that matured on July 15, 2022 (the "2017A Unsecured Notes"), pursuant to the NPA and a supplement to the NPA. On July 15, 2022, the Company caused notices to be issued to holders of the Company's 2017A Unsecured Notes regarding the exercise of the Company's option to repay all of the Company's $55,000 in aggregate principal amount of issued and outstanding 2017A Unsecured Notes, which was repaid on July 14, 2022. On January 30, 2018, the Company issued $90,000 in aggregate principal amount of five year unsecured notes that mature on January 30, 2023 (the "2018A Unsecured Notes") pursuant to the NPA and a second supplement to the NPA. On July 5, 2018, the Company issued $50,000 in aggregate principal amount of five year unsecured notes that mature on June 28, 2023 (the "2018B Unsecured Notes") pursuant to the NPA and a third supplement to the NPA (the "Third Supplement"). On April 30, 2019, the Company issued $116,500 in aggregate principal amount of five year unsecured notes that mature on April 30, 2024 (the "2019A Unsecured Notes") pursuant to the NPA and a fourth supplement to the NPA (the "Fourth Supplement"). On January 29, 2021, the Company issued $200,000 in aggregate principal amount of five year unsecured notes that mature on January 29, 2026 (the "2021A Unsecured Notes") pursuant to the NPA and a fifth supplement to the NPA (the "Fifth Supplement"). On June 15, 2022, the Company issued $75,000 in aggregate principal amount of five year unsecured notes that mature on June 15, 2027 (the "2022A Unsecured Notes") pursuant to the NPA and a sixth supplement to the NPA (the "Sixth Supplement"). The NPA provides for future issuances of unsecured notes in separate series or tranches.
The 2016 Unsecured Notes bore interest at an annual rate of 5.313%, payable semi-annually on May 15 and November 15 of each year, which commenced on November 15, 2016. The 2017A Unsecured Notes bore interest at an annual rate of 4.760%, payable semi-annually on January 15 and July 15 of each year, which commenced on January 15, 2018. The 2018A Unsecured Notes bear interest at an annual rate of 4.870%, payable semi-annually on February 15 and August 15 of each year, which commenced on August 15, 2018. The 2018B Unsecured Notes bear interest at an annual rate of 5.360%, payable semi-annually on January 15 and July 15 of each year, which commenced on January 15, 2019. The 2019A Unsecured Notes bear interest at an annual rate of 5.494%, payable semi-annually on April 15 and October 15 of each year, which commenced on October 15, 2019. The 2021A Unsecured Notes bear interest at an annual rate of 3.875%, payable semi-annually in arrears on January 29 and July 29 of each year, which commenced on July 29, 2021. The 2022A Unsecured Notes bear interest at an annual rate of 5.900%, payable semi-annually in arrears on June 15 and December 15 of each year. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or the Company ceases to have an investment grade rating or (ii) the aggregate amount of the Company’s unsecured debt falls below $150,000. In each such event, the Company has the option to offer to prepay the underlying unsecured notes at par, in which case holders of the underlying unsecured notes who accept the offer would not receive the increased interest rate. In addition, the Company is obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be the Company’s investment adviser or if certain change in control events occur with respect to the Investment Adviser. 
The NPA contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, an option to offer to prepay all or a portion of the unsecured notes under its governance at par (plus a make-whole amount, if applicable), affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC under the 1940 Act and a RIC under the Code, minimum stockholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes at the Company or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. The Third Supplement, Fourth Supplement, Fifth Supplement and Sixth Supplement all include additional financial covenants related to asset coverage as well as other terms.
On September 25, 2018, the Company closed a registered public offering of $50,000 in aggregate principal amount of five-year unsecured notes that mature on October 1, 2023 (the "5.75% Unsecured Notes" and together with the 2016 Unsecured Notes, 2017A Unsecured Notes, 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes, the 2021A Unsecured Notes and the 2022A Unsecured Notes, the "Unsecured Notes") pursuant to an indenture, dated August 20, 2018, as supplemented by a second supplemental indenture thereto, dated September 25, 2018 (together, the "2018B Indenture"). On October 17, 2018, in connection with the registered public offering, the Company issued an additional $1,750 aggregate principal amount of the 5.75% Unsecured Notes pursuant to the exercise of an overallotment option by the underwriters of the 5.75% Unsecured Notes.
On March 8, 2021, the Company redeemed $51,750 in aggregate principal amount of the 5.75% Unsecured Notes at a redemption price of 100% plus accrued and unpaid interest.
The 5.75% Unsecured Notes bore interest at an annual rate of 5.75%, payable quarterly on January 1, April 1, July 1 and October 1 of each year, which commenced on January 1, 2019. The 5.75% Unsecured Notes were listed on the New York Stock Exchange and traded under the trading symbol “NMFX” until September 13, 2020. On September 14, 2020, the 5.75% Unsecured Notes began trading on the NASDAQ under the ticker symbol "NMFCL", until redeemed on March 8, 2021.
The Unsecured Notes are unsecured obligations and rank senior in right of payment to the Company’s existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment
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to the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of the Company’s secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries and financing vehicles.

The following table summarizes the interest expense and amortization of financing costs incurred on the Unsecured Notes for the three and nine months ended September 30, 2022 and September 30, 2021:
 Three Months EndedNine Months Ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest expense$6,512 $5,958 $18,624 $18,443 
Amortization of financing costs$202 $204 $607 $1,661 
Weighted average interest rate4.8 %4.7 %4.7 %4.7 %
Effective interest rate5.0 %4.8 %4.9 %5.2 %
Average debt outstanding$539,870 $511,500 $525,456 $518,333 
As of September 30, 2022 and December 31, 2021, the outstanding balance on the Unsecured Notes was $531,500 and $511,500, respectively, and the Company was in compliance with the terms of the NPA as of such dates, as applicable.
SBA-guaranteed debentures—On August 1, 2014 and August 25, 2017, respectively, SBIC I and SBIC II received licenses from the SBA to operate as SBICs.
The SBIC licenses allow SBICs to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a capital commitment by the SBA and other customary procedures. SBA-guaranteed debentures are non-recourse to the Company, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with ten year maturities. The SBA, as a creditor, will have a superior claim to the assets of SBIC I and SBIC II over the Company's stockholders in the event SBIC I and SBIC II are liquidated or the SBA exercises remedies upon an event of default.
The maximum amount of borrowings available under current SBA regulations for a single licensee is $150,000 as long as the licensee has at least $75,000 in regulatory capital, receives a capital commitment from the SBA and has been through an examination by the SBA subsequent to licensing. In June 2018, legislation amended the 1958 Act by increasing the individual leverage limit from $150,000 to $175,000, subject to SBA approvals.
As of September 30, 2022 and December 31, 2021, SBIC I had regulatory capital of $75,000 and $75,000, respectively, and SBA-guaranteed debentures outstanding of $150,000 and $150,000, respectively. As of September 30, 2022 and December 31, 2021, SBIC II had regulatory capital of $75,000 and $75,000, respectively, and $150,000 and $150,000, respectively, of SBA-guaranteed debentures outstanding. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures.












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The following table summarizes the Company’s SBA-guaranteed debentures as of September 30, 2022:
Issuance DateMaturity DateDebenture AmountInterest RateSBA Annual Charge
Fixed SBA-guaranteed debentures(1):    
March 25, 2015March 1, 2025$37,500 2.517 %0.355 %
September 23, 2015September 1, 202537,500 2.829 %0.355 %
September 23, 2015September 1, 202528,795 2.829 %0.742 %
March 23, 2016March 1, 202613,950 2.507 %0.742 %
September 21, 2016September 1, 20264,000 2.051 %0.742 %
September 20, 2017September 1, 202713,000 2.518 %0.742 %
March 21, 2018March 1, 202815,255 3.187 %0.742 %
Fixed SBA-guaranteed debentures(2):
September 19, 2018September 1, 202815,000 3.548 %0.222 %
September 25, 2019September 1, 202919,000 2.283 %0.222 %
March 25, 2020March 1, 203041,000 2.078 %0.222 %
March 25, 2020March 1, 203024,000 2.078 %0.275 %
September 23, 2020September 1, 203051,000 1.034 %0.275 %
Total SBA-guaranteed debentures $300,000   
(1)SBA-guaranteed debentures are held in SBIC I.
(2)SBA-guaranteed debentures are held in SBIC II.
Prior to pooling, the SBA-guaranteed debentures bear interest at an interim floating rate of LIBOR plus 0.30%. Once pooled, which occurs in March and September each year, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.
The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three and nine months ended September 30, 2022 and September 30, 2021:
 Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Interest expense$2,042 $2,042 $6,061 $6,061 
Amortization of financing costs$253 $253 $750 $750 
Weighted average interest rate2.7 %2.7 %2.7 %2.7 %
Effective interest rate3.0 %3.0 %3.0 %3.0 %
Average debt outstanding$300,000 $300,000 $300,000 $300,000 

The SBIC program is designed to stimulate the flow of private investor capital into eligible small businesses, as defined by the SBA. Under SBA regulations, SBICs are subject to regulatory requirements, including making investments in SBA-eligible small businesses, investing at least 25.0% of its investment capital in eligible smaller enterprises (as defined under the 1958 Act), placing certain limitations on the financing terms of investments, regulating the types of financing, prohibiting investments in smaller businesses with certain characteristics or in certain industries and requiring capitalization thresholds that limit distributions to the Company. SBICs are subject to an annual periodic examination by an SBA examiner to determine the SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor. As of September 30, 2022 and December 31, 2021, SBIC I and SBIC II were in compliance with SBA regulatory requirements.
    
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Leverage risk factors—The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The Company's lenders will have fixed dollar claims on certain assets that are superior to the claims of the Company's common stockholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's net asset value. Similarly, leverage may cause a sharper decline in the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its stockholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.
Note 8. Regulation
The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under Subchapter M of the Code. In order to continue to qualify and be subject to tax treatment as a RIC, among other things, the Company is required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code).
Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.
Note 9. Commitments and Contingencies
In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of September 30, 2022, the Company had unfunded commitments on revolving credit facilities of $97,859, no outstanding bridge financing commitments and other future funding commitments of $156,538. As of December 31, 2021, the Company had unfunded commitments on revolving credit facilities of $86,989, no outstanding bridge financing commitments and other future funding commitments of $128,446. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedules of Investments.
The Company also had revolving borrowings available under the Holdings Credit Facility, the DB Credit Facility, the NMFC Credit Facility, the Unsecured Management Company Revolver and the NMNLC Credit Facility II as of September 30, 2022 and December 31, 2021. See Note 7. Borrowings, for details.
The Company may from time to time enter into financing commitment letters. As of September 30, 2022 and December 31, 2021, the Company had commitment letters to purchase investments in the aggregate par amount of $62,239 and $6,800, respectively, which could require funding in the future.
COVID-19 Developments
The Company's operating results and portfolio companies may be negatively impacted by the ongoing COVID-19 pandemic. The Company has been closely monitoring, and will continue to monitor, the impact of the COVID-19 pandemic, including new variants of COVID-19, on all aspects of its business, including how it will impact the Company's portfolio companies, employees, due diligence, and the financial markets. Any effects of the COVID-19 pandemic will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter.
The extent of the impact of the COVID-19 pandemic on the financial performance of the Company's current and future investments will depend on future developments, including the duration and spread of the virus, related advisories and restrictions, and the health of the financial markets and economy, all of which are highly uncertain and cannot be predicted. To the extent the Company's portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on the Company's future net investment income, the fair value of the Company's portfolio investments and the Company's financial condition.
While general economic conditions have improved since the beginning of the COVID-19 pandemic, the Company continues to see reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both in the United States and globally. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience downturns, and the Company anticipates its
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business and operations could be materially adversely affected by a prolonged recession in the United States and other major markets.
Note 10. Net Assets
The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2022:
Accumulated Overdistributed Earnings
 Common StockPaid in
Capital in
Excess		Accumulated
Net Investment		Accumulated Net Realized Net 
Unrealized Appreciation		Total Net AssetsNon-
Controlling
Interest in		Total
 SharesPar Amountof ParIncome(Losses) Gains(Depreciation)of NMFCNMNLCNet Assets
Net assets at December 31, 202197,907,441 $979 $1,272,796 $118,330 $(92,099)$21,239 $1,321,245 $21,367 $1,342,612 
Issuances of common stock1,591,121 16 21,556 — — — 21,572 — 21,572 
Offering costs— — (52)— — — (52)— (52)
Distributions declared — — — (29,589)— — (29,589)(3,750)(33,339)
Net increase (decrease) in net assets resulting from operations— — — 29,573 17,596 (10,977)36,192 855 37,047 
Net assets at March 31, 202299,498,562 $995 $1,294,300 $118,314 $(74,503)$10,262 $1,349,368 $18,472 $1,367,840 
Issuances of common stock1,218,366 12 16,565 — — — 16,577 — 16,577 
Offering costs— — (74)— — — (74)(74)
Distributions declared — — — (30,215)— — (30,215)(4,190)(34,405)
Contributions related to non-controlling interest in NMNLC— — — — — — — 123 123 
Net increase (decrease) in net assets resulting from operations— — — 31,396 14,849 (30,291)15,954 (814)15,140 
Net assets at June 30, 2022100,716,928 $1,007 $1,310,791 $119,495 $(59,654)$(20,029)$1,351,610 $13,591 $1,365,201 
Issuances of common stock220,098 2 2,953 — — — 2,955 — 2,955 
Offering costs— — (34)— — — (34)— (34)
Distributions declared — — — (30,281)— — (30,281)(257)(30,538)
Contributions related to non-controlling interest in NMNLC— — — — — — — — — 
Net increase (decrease) in net assets resulting from operations— — — 32,527 (390)(24,432)7,705 (191)7,514 
Net assets at September 30, 2022100,937,026 $1,009 $1,313,710 $121,741 $(60,044)$(44,461)$1,331,955 $13,143 $1,345,098 

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The table below illustrates the effect of certain transactions on the net asset accounts of the Company during the three and nine months ended September 30, 2021:
Accumulated Undistributed (Overdistributed) Earnings
 Common StockPaid in
Capital in Excess		Accumulated
Net Investment		Accumulated Net Realized 
(Losses)		Net 
Unrealized Appreciation		Total Net AssetsNon-Controlling Interest inTotal
 SharesPar Amountof ParIncomeGains(Depreciation)of NMFCNMNLCNet Assets
Net assets at December 31, 202096,827,342 $968 $1,269,671 $105,981 $(88,250)$(66,495)$1,221,875 $15,014 $1,236,889 
Distributions declared— — — (29,048)— — (29,048)(301)(29,349)
Contributions related to non-controlling interest in NMNLC— — — — — — — 3,403 3,403 
Net increase (decrease) in net assets resulting from operations— — — 28,668 (10,496)33,318 51,490 365 51,855 
Net assets at March 31, 202196,827,342 $968 $1,269,671 $105,601 $(98,746)$(33,177)$1,244,317 $18,481 $1,262,798 
Issuances of common stock79,646 11,048 — — — 1,049 — 1,049 
Distributions declared— — — (29,048)— — (29,048)(330)(29,378)
Distributions related to non-controlling interest in NMNLC— — — — — — — (2,561)(2,561)
Net increase in net assets resulting from operations— — — 28,845 180 46,787 75,812 3,366 79,178 
Net assets at June 30, 202196,906,988 $969 $1,270,719 $105,398 $(98,566)$13,610 $1,292,130 $18,956 $1,311,086 
Distributions declared— — — (29,072)— — (29,072)(278)(29,350)
Contributions related to non-controlling interest in NMNLC— — — — — — — 317 317 
Net increase (decrease) in net assets resulting from operations— — — 30,338 23,008 (31,499)21,847 1,058 22,905 
Net assets at September 30, 202196,906,988 $969 $1,270,719 $106,664 $(75,558)$(17,889)$1,284,905 $20,053 $1,304,958 
On November 3, 2021, the Company entered into an equity distribution agreement (the “Distribution Agreement”) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. (collectively, the “Agents”). The Distribution Agreement provides that the Company may issue and sell its shares from time to time through the Agents, up to $250,000 worth of its common stock by means of at-the-market ("ATM") offerings.
For the three and nine months ended September 30, 2022, the Company sold 220,098 and 2,950,300, respectively, shares of common stock under the Distribution Agreement. For the same period, the Company received total accumulated net proceeds of approximately $2,956 and $40,007, respectively, including $12 and $439, respectively, of offering expenses, from these sales.
The Company generally uses net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2022, shares representing approximately $196,938 of its common stock remain available for issuance and sale under the Distribution Agreement.
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Note 11. Earnings Per Share
The following information sets forth the computation of basic and diluted net increase in the Company’s net assets per share resulting from operations for the three and nine months ended September 30, 2022 and September 30, 2021:
 Three Months EndedNine Months Ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Earnings per share—basic    
Numerator for basic earnings per share:$7,705 $21,847 $59,851 $149,149 
Denominator for basic weighted average share:100,830,075 96,906,988 99,955,432 96,854,474 
Basic earnings per share:$0.08 $0.23 $0.60 $1.54 
Earnings per share—diluted(1)  
Numerator for increase in net assets per share$7,705 $21,847 $59,851 $149,149 
Adjustment for interest on 2018 Convertible Notes and incentive fees, net2,314 2,314 6,943 6,943 
Numerator for diluted earnings per share:$10,019 $24,161 $66,794 $156,092 
Denominator for basic weighted average share100,830,075 96,906,988 99,955,432 96,854,474 
Adjustment for dilutive effect of 2018 Convertible Notes13,257,585 13,257,585 13,257,585 13,257,585 
Denominator for diluted weighted average share114,087,660 110,164,573 113,213,017 110,112,059 
Diluted earnings per share:$0.08 $0.22 $0.59 $1.42 
(1)In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three months ended September 30, 2022 there was anti-dilution. For the nine months ended September 30, 2022 and the three and nine months ended September 30, 2021, there was no anti-dilution.
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Note 12. Financial Highlights
The following information sets forth the Company's financial highlights for the nine months ended September 30, 2022 and September 30, 2021:
 Nine Months Ended
 September 30, 2022September 30, 2021
Per share data(1):  
Net asset value, January 1, 2022 and January 1, 2021, respectively$13.49 $12.62 
Net investment income0.94 0.91 
Net realized and unrealized (losses) gains (2)(0.33)0.63 
Total net increase0.61 1.54 
Distributions declared to stockholders from net investment income(0.90)(0.90)
Net asset value, September 30, 2022 and September 30, 2021, respectively$13.20 $13.26 
Per share market value, September 30, 2022 and September 30, 2021, respectively$11.53 $13.31 
Total return based on market value(3)(9.64)%25.41 %
Total return based on net asset value(4)4.54 %12.42 %
Shares outstanding at end of period100,937,026 96,906,988 
Average weighted shares outstanding for the period99,955,432 96,854,474 
Average net assets for the period$1,348,479 $1,253,263 
Ratio to average net assets:  
Net investment income9.27 %9.48 %
Total expenses, before waivers/reimbursements12.85 %13.35 %
Total expenses, net of waivers/reimbursements12.50 %12.15 %
Average debt outstanding—Holdings Credit Facility$580,699 $467,570 
Average debt outstanding—Unsecured Notes525,456 518,333 
Average debt outstanding—SBA-guaranteed debentures300,000 300,000 
Average debt outstanding—DB Credit Facility217,817 209,417 
Average debt outstanding—2018 Convertible Notes201,250 201,250 
Average debt outstanding—NMFC Credit Facility(5)156,303 122,537 
Average debt outstanding—NMNLC Credit Facility II(6)8,939 1,533 
Asset coverage ratio(7)179.28 %183.99 %
Portfolio turnover14.38 %25.47 %
(1)Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which is based on actual rate per share).
(2)Includes the effective of common stock issuances per share, which for the nine months ended September 30, 2022 and September 30, 2021 were $0.01 and $0.00, respectively.
(3)Total return is calculated assuming a purchase of common stock at the opening of the first day of the year and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. Total return does not reflect sales load.
(4)Total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. Total return does not reflect sales load.
(5)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2022, the Company had borrowings denominated in GBP of £22,850 and borrowings denominated in EUR of €700 that has been converted to U.S. dollars.
(6)For the nine months ended September 30, 2021, average debt outstanding represents the period from February 26, 2021 (commencement of the NMNLC Credit Facility II) to September 30, 2021.
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(7)On November 5, 2014, the Company received exemptive relief from the SEC allowing the Company to modify the asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation.
Note 13. Recent Accounting Standards Updates
In March 2020, the Financial Accounting Standards Board (the "FASB") issued ASU 2020-04, Reference Rate Reform. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's consolidated financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the quarter ended September 30, 2022.
In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While our board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.
Note 14. Subsequent Events
    
On October 27, 2022, the Company entered into a private placement purchase agreement with several purchasers, each of whom is an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) or a “qualified institutional buyer” within the meaning of Rule 144A promulgated under the Securities Act (the “Purchasers”), for the sale of $200,000 in aggregate principal amount of the Company's 7.50% convertible notes due 2025 (the “2022 Convertible Notes”). Oppenheimer & Co. Inc. acted as a placement agent for the offering. Subject to the terms and conditions of an indenture, dated as of August 20, 2018, as supplemented by a third supplemental indenture dated as of November 2, 2022 (together, the “2018C Indenture”), between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) governing the 2022 Convertible Notes that was entered into in connection with the closing of the offering, the 2022 Convertible Notes are convertible into shares of the Company’s common stock (together with cash in lieu of fractional shares) at an initial conversion rate of 70.4225 shares of the Company’s common stock per $1,000 principal amount of 2022 Convertible Notes (subject to adjustments by the Company as provided in the 2018C Indenture), which is equal to a conversion price of approximately $14.20 per share of the Company's common stock. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. A holder may convert its 2022 Convertible Notes in whole or in part any time prior to the close of business on the scheduled business day immediately preceding the maturity date of October 15, 2025. The 2022 Convertible Notes will accrue interest at an annual rate of 7.50%, payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2023. The Company will use the net proceeds from the 2022 Convertible Notes to launch a tender offer for its existing 2018 Convertible Notes and then, to the extent any net proceeds remain, to repay other outstanding indebtedness and for general corporate purposes.
On November 2, 2022, the Company’s board of directors declared a fourth quarter 2022 distribution of $0.32 per share payable on December 30, 2022 to holders of record as of December 16, 2022.
On November 4, 2022, the Company launched a tender offer to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 4, 2022, up to $201,250 aggregate principal amount of outstanding 2018 Convertible Notes for cash in an amount equal to $1,000 per $1,000 principal amount of Notes purchased (exclusive of accrued and unpaid interest on such notes) (the "Tender Offer"). The Tender Offer will expire at 11:59 P.M., New York City time, on December 6, 2022.
On November 7, 2022, the Company’s board of directors appointed John R. Kline as the Chief Executive Officer of the Company, effective January 1, 2023, in addition to continuing in his role as President and a director. Mr. Kline joined New Mountain in 2008 and has been a senior executive within New Mountain Capital's credit effort since its inception that year. Also on November 7, 2022, the Company’s board of directors received and accepted the resignation of Robert A. Hamwee as Chief Executive Officer and appointed him Vice Chairman of the board of directors, effective January 1, 2023, with the continued ability to allocate half of his time to activities outside of credit and NMFC. As part of his responsibilities, Mr.
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Hamwee will continue to: (i) serve as a director of the Company and (ii) serve as a senior member of the Investment Committee of the Company’s Investment Adviser. The Company’s Investment Adviser believes that its management team, with the overall support of New Mountain Capital’s team of 215 professionals, is adequately staffed to support the Company.

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nmfc-20220930_g1.jpg
 
Deloitte & Touche LLP
 
30 Rockefeller Plaza
New York, NY 10112
USA
 
Tel:    212 492 4000
Fax:   212 489 1687
www.deloitte.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the board of directors of New Mountain Finance Corporation

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities of New Mountain Finance Corporation and subsidiaries (the “Company”), including the consolidated schedule of investments, as of September 30, 2022, and the related consolidated statements of operations, and changes in net assets for the three-month and nine-month periods ended September 30, 2022 and 2021, the consolidated statement of cash flows for the nine-month periods ended September 30, 2022 and 2021, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of December 31, 2021, and the related consolidated statements of operations, changes in net assets and cash flows for the year then ended (not presented herein); and in our report dated February 28, 2022, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities as of December 31, 2021, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities from which it has been derived.

Basis for Review Results

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

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

/s/ DELOITTE & TOUCHE LLP
November 8, 2022




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Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information in management's discussion and analysis of financial condition and results of operations relates to New Mountain Finance Corporation, including its wholly-owned direct and indirect subsidiaries (collectively, "we", "us", "our", "NMFC" or the "Company").
Forward-Looking Statements
The information contained in this section should be read in conjunction with the financial data and consolidated financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:
•statements concerning the impact of a protracted decline in the liquidity of credit markets;
•the general economy, including interest and inflation rates, and the COVID-19 pandemic on the industries in which we invest;
•the impact of interest rate volatility, including the decommissioning of LIBOR and rising interest rates, on our business and our portfolio companies;
•our future operating results, our business prospects, the adequacy of our cash resources and working capital, and the impact of the COVID-19 pandemic thereon;
•the ability of our portfolio companies to achieve their objectives and the impact of the COVID-19 pandemic thereon;
•our ability to make investments consistent with our investment objectives, including with respect to the size, nature and terms of our investments;
•the ability of New Mountain Finance Advisers BDC, L.L.C. (the "Investment Adviser") or its affiliates to attract and retain highly talented professionals;
•actual and potential conflicts of interest with the Investment Adviser and New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor.; and
•the risk factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2021 and in this Quarterly Report on Form 10-Q.
Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2021 and in this Quarterly Report on Form 10-Q.
We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview
We are a Delaware corporation that was originally incorporated on June 29, 2010 and completed our initial public offering ("IPO") on May 19, 2011. We are a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Since our IPO, and through September 30, 2022, we raised approximately $945.6 million in net proceeds from additional offerings of our common stock.
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The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a firm with a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations.
We have established the following wholly-owned direct and indirect subsidiaries:
•New Mountain Finance Holdings, L.L.C. ("NMF Holdings") and New Mountain Finance DB, L.L.C. ("NMFDB"), whose assets are used to secure NMF Holdings’ credit facility and NMFDB’s credit facility, respectively;
•New Mountain Finance SBIC, L.P. ("SBIC I")  and New Mountain Finance SBIC II, L.P. ("SBIC II"), who have received licenses from the U.S. Small Business Administration ("SBA") to operate as small business investment companies ("SBICs") under Section 301(c) of the Small Business Investment Act of 1958, as amended (the "1958 Act") and their general partners, New Mountain Finance SBIC G.P., L.L.C. ("SBIC I GP") and New Mountain Finance SBIC II G.P., L.L.C. ("SBIC II GP"), respectively;
•NMF Ancora Holdings Inc. ("NMF Ancora"), NMF QID Holdings, Inc. ("NMF QID") NMF YP Holdings Inc. ("NMF YP"), NMF Permian Holdings, LLC ("NMF Permian"), NMF HB, Inc. ("NMF HB"), NMF TRM, LLC ("NMF TRM"), NMF Pioneer, Inc. ("NMF Pioneer") and NMF OEC, Inc. ("NMF OEC"), which serve as tax blocker corporations by holding equity or equity-like investments in portfolio companies organized as limited liability companies (or other forms of pass-through entities); we consolidate our tax blocker corporations for accounting purposes but the tax blocker corporations are not consolidated for income tax purposes and may incur income tax expense as a result of their ownership of the portfolio companies; and
•New Mountain Finance Servicing, L.L.C. ("NMF Servicing"), which serves as the administrative agent on certain investment transactions.
New Mountain Net Lease Corporation ("NMNLC") is a majority-owned consolidated subsidiary of ours, which acquires commercial real estate properties that are subject to "triple net" leases has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a real estate investment trust, or REIT, within the meaning of Section 856(a) of the Code.
Our investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. The first lien debt may include traditional first lien senior secured loans or unitranche loans. Unitranche loans combine characteristics of traditional first lien senior secured loans as well as second lien and subordinated loans. Unitranche loans will expose us to the risks associated with second lien and subordinated loans to the extent we invest in the “last out” tranche. In some cases, our investments may also include equity interests.
Our primary focus is in the debt of defensive growth companies, which are defined as generally exhibiting the following characteristics: (i) sustainable secular growth drivers, (ii) high barriers to competitive entry, (iii) high free cash flow after capital expenditure and working capital needs, (iv) high returns on assets and (v) niche market dominance. Similar to us, SBIC I's and SBIC II's investment objectives are to generate current income and capital appreciation under our investment criteria. However, SBIC I's and SBIC II's investments must be in SBA-eligible small businesses. Our portfolio may be concentrated in a limited number of industries. As of September 30, 2022, our top five industry concentrations were software, business services, healthcare services, investment funds (which includes our investments in our joint ventures) and education.
As of September 30, 2022, our net asset value was approximately $1,332.0 million and our portfolio had a fair value, as determined in good faith by the board of directors, of approximately $3,234.4 million in 107 portfolio companies, with a weighted average yield to maturity at cost for income producing investments ("YTM at Cost") of approximately 11.3% and a weighted average yield to maturity at cost for all investments ("YTM at Cost for Investments") of approximately 9.8%. The YTM at Cost calculation assumes that all investments, including secured collateralized agreements, not on non-accrual are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. The YTM at Cost for Investments calculation assumes that all investments, including secured collateralized agreements, are purchased at cost on the quarter end date and held until their respective maturities with no prepayments or losses and exited at par at maturity. YTM at Cost and YTM at Cost for Investments calculations exclude the impact of existing leverage. YTM at Cost and YTM at Cost for Investments use the London Interbank Offered Rate ("LIBOR"), Sterling Overnight Interbank Average Rate ("SONIA"), Secured Overnight Financing Rate ("SOFR") and Euro Interbank Offered Rate ("EURIBOR") curves at each quarter's end date. The actual yield to maturity may be higher or lower due to the future selection of the LIBOR, SONIA, SOFR and EURIBOR contracts by the individual companies in our portfolio or other factors.
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Recent Developments
On October 27, 2022, we entered into a private placement purchase agreement with several purchasers, each of whom is an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) or a “qualified institutional buyer” within the meaning of Rule 144A promulgated under the Securities Act (the “Purchasers”), for the sale of $200.0 million in aggregate principal amount of the 7.50% convertible notes due 2025 (the “2022 Convertible Notes”). Oppenheimer & Co. Inc. acted as a placement agent for the offering. Subject to the terms and conditions of an indenture, dated as of August 20, 2018, as supplemented by a third supplemental indenture as of November 2, 2022 (together, the “2018C Indenture”), between us and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) governing the 2022 Convertible Notes entered into in connection with the closing of the offering, the 2022 Convertible Notes are convertible into shares of our common stock (together with cash in lieu of fractional shares) at an initial conversion rate of 70.4225 shares of our common stock per $1,000 principal amount of 2022 Convertible Notes (subject to adjustments by us as provided in the 2018C Indenture), which is equal to a conversion price of approximately $14.20 per share of our common stock. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. A holder may convert its 2022 Convertible Notes in whole or in part any time prior to the close of business on the scheduled business day immediately preceding the maturity date of October 15, 2025. The 2022 Convertible Notes will accrue interest at an annual rate of 7.50% and will be payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2023. We will use the net proceeds from the 2022 Convertible Notes to launch a tender offer for its existing 2018 Convertible Notes and then, to the extent any net proceeds remain, to repay other outstanding indebtedness and for general corporate purposes.
On November 2, 2022, our board of directors declared a fourth quarter 2022 distribution of $0.32 per share payable on December 30, 2022 to holders of record as of December 16, 2022.
On November 4, 2022, we launched a tender offer to purchase, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated November 4, 2022, up to $201.3 million aggregate principal amount of outstanding 2018 Convertible Notes for cash in an amount equal to $1,000 per $1,000 principal amount of Notes purchased (exclusive of accrued and unpaid interest on such notes) (the "Tender Offer"). The Tender Offer will expire at 11:59 P.M. New York City time, on December 6, 2022.
On November 7, 2022, our board of directors appointed John R. Kline as the Chief Executive Officer, effective January 1, 2023, in addition to continuing in his role as President and a director. Mr. Kline joined New Mountain in 2008 and has been a senior executive within New Mountain Capital's credit effort since its inception that year. Also on November 7, 2022, our board of directors received and accepted the resignation of Robert A. Hamwee as Chief Executive Officer and appointed him Vice Chairman of the board of directors, effective January 1, 2023, with the continued ability to allocate half of his time to activities outside of credit and NMFC. As part of his responsibilities, Mr. Hamwee will continue to: (i) serve as a director and (ii) serve as a senior member of the Investment Committee of our Investment Adviser. Our Investment Adviser believes that our management team, with the overall support of New Mountain Capital’s team of 215 professionals, is adequately staffed to support NMFC.
COVID-19 Developments
Our operating results and portfolio companies may be negatively impacted by the ongoing COVID-19 pandemic. We have been closely monitoring, and will continue to monitor, the impact of the COVID-19 pandemic, including new variants of COVID-19, on all aspects of our business, including how it will impact our portfolio companies, employees, due diligence, and the financial markets. Any effects of the COVID-19 pandemic will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter.
The extent of the impact of the COVID-19 pandemic on the financial performance of our current and future investments will depend on future developments, including the duration and spread of the virus, related advisories and restrictions, and the health of the financial markets and economy, all of which are highly uncertain and cannot be predicted. To the extent our portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on our future net investment income, the fair value of our portfolio investments and our financial condition.
While general economic conditions have improved since the beginning of the COVID-19 pandemic, we continue to see reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both in the United States and globally. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience downturns, and we anticipate our business and operations could be materially adversely affected by a prolonged recession in the United States and other major markets.
For additional discussion on our portfolio companies, see “Monitoring of Portfolio Investments”.

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Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies
Basis of Accounting
We consolidate our wholly-owned direct and indirect subsidiaries: NMF Holdings, NMF Servicing, NMFDB, SBIC I, SBIC I GP, SBIC II, SBIC II GP, NMF Ancora, NMF QID, NMF YP, NMF Permian, NMF HB, NMF TRM, NMF Pioneer and NMF OEC and our majority-owned consolidated subsidiary, NMNLC. We are an investment company following accounting and reporting guidance as described in Accounting Standards Codification Topic 946, Financial Services—Investment Companies, ("ASC 946").
Valuation and Leveling of Portfolio Investments
At all times consistent with GAAP and the 1940 Act, we conduct a valuation of our assets, which impacts our net asset value.
We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of directors is ultimately and solely responsible for determining the fair value of our portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where our portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Our quarterly valuation procedures are set forth in more detail below:
(1)Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services.
(2)Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP.
a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and
b.For investments other than bonds, we look at the number of quotes readily available and perform the following procedures:
i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. We will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, we will use one or more of the methodologies outlined below to determine fair value;
ii.Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).
(3)Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process:
a.Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring;
b.Preliminary valuation conclusions will then be documented and discussed with our senior management;
c.If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for
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each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors; and
d.When deemed appropriate by our management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided.
For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.
The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period and the fluctuations could be material.
GAAP fair value measurement guidance classifies the inputs used in measuring fair value into three levels as follows:
Level I—Quoted prices (unadjusted) are available in active markets for identical investments and we have the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), we, to the extent that we hold such investments, do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.
Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:
•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);
•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and
•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.
Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.
The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.
The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.
See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of September 30, 2022.
We generally use the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. We typically determine the fair value of our performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered:
Company Performance, Financial Review, and Analysis:  Prior to investment, as part of our due diligence process, we evaluate the overall performance and financial stability of the portfolio company. Post investment, we analyze each portfolio
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company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and earnings before interest, taxes, depreciation, and amortization ("EBITDA") growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. We also attempt to identify and subsequently track any developments at the portfolio company, within its customer or vendor base or within the industry or the macroeconomic environment, generally, that may alter any material element of our original investment thesis. This analysis is specific to each portfolio company. We leverage the knowledge gained from our original due diligence process, augmented by this subsequent monitoring, to continually refine our outlook for each of our portfolio companies and ultimately form the valuation of our investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, we will consider the pricing indicated by the external event to corroborate the private valuation.
For debt investments, we may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of our debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, we may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for our debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.
Market Based Approach:  We may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. We consider numerous factors when selecting the appropriate companies whose trading multiples are used to value our portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. We may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue, or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.
Income Based Approach: We also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.
See Item 1.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of September 30, 2022.
NMFC Senior Loan Program III LLC
NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between us and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from us and SkyKnight II. SLP III has a five year investment period and will continue in existence until April 25, 2025. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.
SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 2022, we and SkyKnight II have committed and contributed $140.0 million and $35.0 million, respectively, of equity to SLP III. Our investment in SLP III is disclosed on our Consolidated Schedule of Investments as of September 30, 2022 and December 31, 2021.
On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A., which matures on January 8, 2026. Effective July 8, 2021, the reinvestment period was extended to July 8, 2024. As of the most recent amendment on July 8, 2021, during the reinvestment period the credit facility bears interest at a rate of LIBOR plus 1.60% and after the reinvestment period it will bear interest at a rate of LIBOR plus 1.90%. Prior to July 8, 2021, the credit facility bore interest at a rate of LIBOR plus 1.70%. Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity
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of $525.0 million. As of September 30, 2022 and December 31, 2021, SLP III had total investments with an aggregate fair value of approximately $635.8 million and $702.1 million, respectively, and debt outstanding under its credit facility of $501.5 million and $510.9 million, respectively. As of September 30, 2022 and December 31, 2021, none of SLP III's investments were on non-accrual. Additionally, as of September 30, 2022 and December 31, 2021, SLP III had unfunded commitments in the form of delayed draws of $4.2 million and $4.6 million, respectively.
Below is a summary of SLP III's portfolio as of September 30, 2022 and December 31, 2021:    
(in thousands)September 30, 2022December 31, 2021
First lien investments (1)$681,054 $709,517 
Weighted average interest rate on first lien investments (2)7.30 %4.50 %
Number of portfolio companies in SLP III81 80 
Largest portfolio company investment (1)$18,355 $23,489 
Total of five largest portfolio company investments (1)$88,767 $95,504 
(1)Reflects principal amount or par value of investment.
(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.
See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP III's portfolio as of September 30, 2022 and December 31, 2021 and additional information on certain summarized financial information for SLP III as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and September 30, 2021.

NMFC Senior Loan Program IV LLC
NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between us and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement dated May 5, 2021, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within our core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from us and SkyKnight Alpha. SLP IV has a five year investment period and will continue in existence until May 5, 2028. The investment period may be extended for up to one year pursuant to certain terms of the SLP IV Agreement.
SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of September 30, 2022, we and SkyKnight Alpha have transferred and contributed $112.4 million and $30.6 million, respectively, of their membership interests in SLP I and SLP II to SLP IV. Our investment in SLP IV is disclosed on our Consolidated Schedule of Investments as of September 30, 2022 and December 31, 2021.
On May 5, 2021, SLP IV entered into a $370.0 million revolving credit facility with Wells Fargo Bank, National Association which matures on May 5, 2026 and bears interest at a rate of LIBOR plus 1.60% per annum. As of September 30, 2022 and December 31, 2021, SLP IV had total investments with an aggregate fair value of approximately $475.9 million and $504.9 million, respectively, and debt outstanding under its credit facility of $359.5 million and $360.1 million, respectively. As of September 30, 2022 and December 31, 2021, none of SLP IV’s investments were on non-accrual. Additionally, as of September 30, 2022 and December 31, 2021, SLP IV had unfunded commitments in the form of delayed draws of $4.1 million and $6.1 million, respectively.

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Below is a summary of SLP IV's consolidated portfolio as of September 30, 2022 and December 31, 2021:
(in thousands)September 30, 2022December 31, 2021
First lien investments (1)$508,640 $513,298 
Weighted average interest rate on first lien investments (2)7.19 %4.64 %
Number of portfolio companies in SLP IV73 68 
Largest portfolio company investment (1)$22,041 $22,215 
Total of five largest portfolio company investments (1)$94,230 $99,875 
(1)Reflects principal amount or par value of investment.
(2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments.
See Item 1.—Financial Statements and Supplementary Data—Note 3. Investments in this Quarterly Report on Form 10-Q for a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2022 and December 31, 2021 and additional information on certain summarized financial information for SLP IV as of September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022, and for the three months ended September 30, 2021, and the period from May 5, 2021 through September 30, 2021.

New Mountain Net Lease Corporation
NMNLC was formed to acquire commercial real estate properties that are subject to "triple net" leases. NMNLC's investments are disclosed on our Consolidated Schedule of Investments as of September 30, 2022.
On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020.
Below is certain summarized property information for NMNLC as of September 30, 2022:
Lease Total Fair Value as of
Portfolio CompanyTenantExpiration DateLocationSquare FeetSeptember 30, 2022
(in thousands)(in thousands)
NM NL Holdings LP / NM GP Holdco LLCVariousVariousVariousVarious$96,394 
NM CLFX LPVictor Equipment Company8/31/2033TX42317,522 
NM APP Canada, Corp.A.P. Plasman, Inc.9/30/2031Canada43611,620 
NM YI, LLCYoung Innovations, Inc.10/31/2039IL / MO2129,375 
$134,911 
Collateralized agreements or repurchase financings
We follow the guidance in Accounting Standards Codification Topic 860, Transfers and Servicing—Secured Borrowing and Collateral, ("ASC 860") when accounting for transactions involving the purchases of securities under collateralized agreements to resell (resale agreements). These transactions are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts, as specified in the respective agreements. Interest on collateralized agreements is accrued and recognized over the life of the transaction and included in interest income. As of September 30, 2022 and December 31, 2021, we held one collateralized agreement to resell with a cost basis of $30.0 million and $30.0 million, respectively, and a fair value of $19.4 million and $21.4 million, respectively. The collateralized agreement to resell is on non-accrual. The collateralized agreement to resell is guaranteed by a private hedge fund, PPVA Fund, L.P. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. Pursuant to the terms of the collateralized agreement, the private hedge fund was obligated to repurchase the collateral from us at the par value of the collateralized agreement. The private hedge fund has breached its agreement to repurchase the collateral under the collateralized agreement. The default by the private hedge fund did not release the collateral to us, therefore, we do not have full rights and title to the collateral. A claim has been filed with the Cayman Islands joint official liquidators to resolve this matter. The joint official liquidators have recognized our contractual rights under the collateralized agreement. We continue to exercise our rights under
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the collateralized agreement and continue to monitor the liquidation process of the private hedge fund. The fair value of the collateralized agreement to resell is reflective of the increased risk of the position.
PPVA Black Elk (Equity) LLC
On May 3, 2013, we entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, we purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20.0 million with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20.0 million plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, we received a payment of $20.5 million, the full amount due under the SPP Agreement.
In August 2017, a trustee (the “Trustee”) for Black Elk informed us that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against us and one of its affiliates seeking the return of the $20.5 million repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to us under the SPP Agreement. We were unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.
On December 22, 2017, we settled the Trustee’s $20.5 million Claim for $16.0 million and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16.0 million that is owed to us under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. We continue to exercise our rights under the SPP Agreement and continue to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, we received a $1.5 million payment from our insurance carrier in respect to the settlement. As of September 30, 2022 and December 31, 2021, the SPP Agreement has a cost basis of $14.5 million and $14.5 million, respectively, and a fair value of $9.4 million and $10.4 million, respectively, which is reflective of the higher inherent risk in this transaction.
Revenue Recognition
Sales and paydowns of investments:  Realized gains and losses on investments are determined on the specific identification method.
Interest and dividend income:  Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in the portfolio that contain a payment-in-kind (“PIK”) interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2022, we recognized PIK and non-cash interest from investments of approximately $6.2 million and $22.0 million, respectively, and PIK and non-cash dividends from investments of approximately $6.0 million and $16.3 million, respectively. For the three and nine months ended September 30, 2021, we recognized PIK and non-cash interest from investments of approximately $5.7 million and $17.1 million, respectively, and PIK and non-cash dividends from investments of approximately $3.7 million and $14.7 million, respectively.
Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.
Non-accrual income:  Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment of the ultimate collectibility. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current.
Other income: Other income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after trade date. Other income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-
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term in nature and may expire unfunded. A fee is received for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable.
Monitoring of Portfolio Investments
We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy. We have recently consolidated our portfolio monitoring procedures by combining our previously bifurcated system that separately (1) rated investments based on their performance compared to expectations and (2) assigned a risk rating to each investment based on the expected impact from the COVID-19 pandemic. As described more fully below, our new portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating (as defined below).
We use an investment risk rating system to characterize and monitor the credit profile and expected level of returns on each investment in the portfolio. As such, we assign each investment a composite score (“Risk Rating”) based on two metrics – 1) Operating Performance and 2) Business Characteristics:
•Operating Performance assesses the health of the investment in context of its financial performance and the market environment it faces. The metric is expressed in Tiers of “1” to “4”, with “1” being the worst and “4” being the best:
◦Tier 1 – Severe business underperformance and/or severe market headwinds
◦Tier 2 – Significant business underperformance and/or significant market headwinds
◦Tier 3 – Moderate business underperformance and/or moderate market headwinds
◦Tier 4 – Business performance is in-line with or above expectations
•Business Characteristics assesses the health of the investment in context of the underlying portfolio company’s business and credit quality, the underlying portfolio company’s current balance sheet, and the level of support from the equity sponsor. The metric is expressed as on a qualitative scale of “A” to “C”, with “A” being the best and “C” being the worst.
The Risk Rating for each investment is a composite of these two metrics. The Risk Rating is expressed in categories of Red, Orange, Yellow and Green with Red reflecting an investment performing materially below expectations and Green reflecting an investment that is in-line with or above expectations. The mapping of the composite scores to these categories are below:
•Red – 1C (e.g., Tier 1 for Operating Performance and C for Business Characteristics)
•Orange – 2C and 1B
•Yellow – 3C, 2B, and 1A
•Green – 4C, 3B, 2A, 4B, 3A, and 4A
The following table shows the Risk Rating of our portfolio companies as of September 30, 2022:
(in millions)
As of September 30, 2022
Risk RatingCostPercentFair ValuePercent
Red$95.6 2.9 %$30.7 0.9 %
Orange46.0 1.4 %32.9 1.0 %
Yellow195.1 5.9 %166.5 5.1 %
Green2,952.3 89.8 %3,023.7 93.0 %
 $3,289.0 100.0 %$3,253.8 100.0 %
As of September 30, 2022, all investments in our portfolio had a Green Risk Rating with the exception of eight portfolio companies that had a Yellow Risk Rating, three portfolio companies that had an Orange Risk Rating and three portfolio companies that had a Red Risk Rating.
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During the third quarter of 2022, we placed our first lien term loan and first lien delayed draw term loan positions in Ansira Holdings, Inc. ("Ansira") on non-accrual status. As of September 30, 2022, our first lien positions in Ansira on non-accrual status had an aggregate cost basis of $41.3 million, an aggregate fair value of $19.7 million, total unearned interest income of $1.0 million and $1.0 million, respectively, for the three and nine months then ended. As of September 30, 2022, our Ansira portfolio company has a Red Risk Rating.
As of September 30, 2022, our aggregate principal amount of our second lien term loan in Integro Parent Inc. ("Integro") was $11.1 million. During the second quarter of 2022, we placed an aggregate principal amount of $3.9 million of our second lien position on non-accrual status. As of September 30, 2022, our position in Integro on non-accrual status had an aggregate cost basis of $3.8 million, an aggregate fair value of $2.5 million, total unearned interest income of $0.1 million and $0.2 million, respectively, for the three and nine months then ended and total unearned other income of $0 and $36 thousand, respectively, for the three and nine months then ended. As of September 30, 2022, our Integro portfolio company has a Green Risk Rating.
During the second quarter of 2022, we placed our second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2022, our second lien positions in National HME had an aggregate cost basis of $36.5 million, an aggregate fair value of $7.0 million, and total unearned interest income of $1.5 million and $2.7 million, respectively, for the three and nine months then ended. As of September 30, 2022, our National HME portfolio company has a Red Risk Rating.
As of September 30, 2022, our aggregate principal amount of our subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5.2 million and $30.0 million, respectively. During the first quarter of 2021, we placed an aggregate principal amount of $5.2 million of our subordinated position on non-accrual status. During the third quarter of 2021, we placed an aggregate principal amount of $12.9 million of our first lien term loans on non-accrual status. As of September 30, 2022, our positions in AAC on non-accrual status had an aggregate cost basis of $12.9 million, an aggregate fair value of $8.1 million and total unearned interest income of $0.4 million and $1.0 million, respectively, for the three and nine months then ended. As of September 30, 2022, our AAC portfolio company has an Orange Risk Rating.
During the third quarter of 2021, we placed our second lien position in Sierra Hamilton Holdings Corporation ("Sierra") on non-accrual status. As of September 30, 2022, our second lien position in Sierra had an aggregate cost basis of $0.0 million, an aggregate fair value of $0.0 million and total unearned interest income of $0.0 million and $0.0 million, respectively, for the three and nine months then ended. As of September 30, 2022, our Sierra portfolio company has a Red Risk Rating.
During the first quarter of 2020, we placed our investment in our junior preferred shares of UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of September 30, 2022, our junior preferred shares of UniTek had an aggregate cost basis of $34.4 million, an aggregate fair value of $0.0 million and total unearned dividend income of $1.7 million and $4.9 million, respectively, for the three and nine months then ended. During the third quarter of 2021, we placed an aggregate principal amount of $19.8 million of our investment in our senior preferred shares of UniTek on non-accrual status. As of September 30, 2022, our senior preferred shares of UniTek had an aggregate cost basis of $19.8 million, an aggregate fair value of approximately $2.2 million and total unearned dividend income of approximately $1.2 million and $3.4 million, respectively, for the three and nine months then ended. As of September 30, 2022, our UniTek portfolio company has a Green Risk Rating.
During the first quarter of 2018, we placed our first lien positions in Education Management II LLC on non-accrual status as the portfolio company announced its intention to wind down and liquidate the business. As of September 30, 2022, our Education Management Corporation portfolio company has an Orange Risk Rating and an aggregate cost basis of $1.4 million, an aggregate fair value of $0.0 million and total unearned interest income of $0.0 million and $0.0 million, respectively, for the three and nine months then ended.
During the year ended December 31, 2019, our security purchased under collateralized agreements to resell was placed on non-accrual. As of September 30, 2022, our investment in this security has a Yellow Risk Rating and has an aggregate cost basis of $30.0 million and an aggregate fair value of approximately $19.4 million.
Portfolio and Investment Activity
The fair value of our investments, as determined in good faith by our board of directors, was approximately $3,234.4 million in 107 portfolio companies at September 30, 2022 and approximately $3,174.4 million in 106 portfolio companies at December 31, 2021.

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The following table shows our portfolio and investment activity for the nine months ended September 30, 2022 and September 30, 2021:
 Nine Months Ended
(in millions)September 30, 2022September 30, 2021
New investments in 44 and 46 portfolio companies, respectively
$526.6 $769.4 
Debt repayments in existing portfolio companies289.3 710.5 
Sales of securities in 9 and 8 portfolio companies, respectively
177.2 105.7 
Change in unrealized appreciation on 25 and 38 portfolio companies, respectively
67.2 107.7 
Change in unrealized depreciation on 85 and 80 portfolio companies, respectively
(134.8)(55.2)
Recent Accounting Standards Updates
See Item 1.—Financial Statements and Supplementary Data—Note 13. Recent Accounting Standards Updates for details on recent accounting standards updates.

Results of Operations for the Three Months Ended September 30, 2022 and September 30, 2021
Revenue
 Three Months Ended
(in thousands)September 30, 2022September 30, 2021
Total interest income$58,778 $47,788 
Total dividend income15,871 14,546 
Other income3,800 6,140 
Total investment income$78,449 $68,474 
Our total investment income increased by approximately $10.0 million, or 15%, for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021. For the three months ended September 30, 2022, total investment income of approximately $78.4 million consisted of approximately $50.6 million in cash interest from investments, approximately $6.2 million in PIK and non-cash interest from investments, $0.7 million in prepayment fees, net amortization of purchase premiums and discounts of approximately $1.3 million, approximately $9.8 million in cash dividends from investments, approximately $6.0 million in PIK and non-cash dividends from investments and approximately $3.8 million in other income. The increase in interest income of approximately $11.0 million during the three months ended September 30, 2022 as compared to the three months ended September 30, 2021 was primarily due to a higher effective interest rate of our portfolio on larger invested balances. The increase in dividend income for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021 was primarily driven by an increase in cash dividends from our investments in SLP III and SLP IV, partially offset by a decrease in cash dividends from our investment in NMNLC. Other income during the three months ended September 30, 2022, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront, consent and amendment fees received from 13 different portfolio companies.


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Operating Expenses
 Three Months Ended
(in thousands)September 30, 2022September 30, 2021
Management fee$11,717 $13,740 
Less: management fee waiver(1,115)(3,752)
Total management fee10,602 9,988 
Incentive fee8,202 7,661 
Interest and other financing expenses24,648 17,693 
Administrative expenses881 1,082 
Professional fees775 923 
Other general and administrative expenses545 490 
Net expenses before income taxes45,653 37,837 
Income tax benefit(13)(8)
Net expenses after income taxes$45,640 $37,829 
    
Our total net operating expenses increased by approximately $7.8 million for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021. Our management fee increased by approximately $0.6 million, net of a management fee waiver, and our incentive fee increased by approximately $0.5 million for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021. The increase in management and incentive fees was attributable to higher invested balances.
Interest and other financing expenses increased by approximately $7.0 million during the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to larger drawn balances on the Holdings Credit Facility and DB Credit Facility, higher interest rates on those facilities and interest costs associated with the 2022A Unsecured Notes, issued on June 15, 2022, partially offset by lower interest costs on the 2017A Unsecured Notes, which were repaid on July 14, 2022. Our total professional fees, administrative expenses and total other general and administrative expenses for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021 remained relatively consistent.

Net Realized Gains (Losses) and Net Change in Unrealized Appreciation (Depreciation)
 Three Months Ended
(in thousands)September 30, 2022September 30, 2021
Net realized (losses) gains on investments$(222)$23,008 
Net realized losses on foreign currency(166)— 
Net change in unrealized depreciation of investments(24,927)(30,736)
Net change in unrealized depreciation on foreign currency(10)(13)
Benefit for taxes30 1 
Net realized and unrealized losses$(25,295)$(7,740)
Our net realized and unrealized losses resulted in a net loss of approximately $25.3 million for the three months ended September 30, 2022 compared to net realized gains and unrealized losses resulting in a net loss of approximately $7.7 million for the same period in 2021. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended September 30, 2022 was primarily driven by realized and unrealized losses in TVG-Edmentum Ultimate Holdings, LLC ("Edmentum"), Ansira, New Trojan Parent, Inc., TMK Hawk Parent, Corp. and NM CLFX LP, which was partially offset by unrealized appreciation in Haven Midstream LLC, AAC and Phynet Dermatology LLC. The provision for income taxes was attributable to equity investments that are held as of September 30, 2022 in eight of our corporate subsidiaries. The net loss for the three months ended September 30, 2021 was primarily driven by unrealized depreciation in Tenawa Resource Management LLC ("Tenawa"), CentralSquare Technologies, LLC and UniTek and was partially offset by unrealized appreciation on our investments in New Benevis Topco, LLC and NM GLCR LP. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.


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Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation
 Three Months Ended
(in thousands)September 30, 2022September 30, 2021
Total investment income$78,449 $68,474 
Net expenses after income taxes45,640 37,829 
Net investment income32,809 30,645 
Less: Net investment income related to non-controlling interests in NMNLC282 307 
Net investment income related to NMFC$32,527 $30,338 
Net change in realized (losses) gains on investments(222)23,008 
Net change in realized losses on foreign currency(166)— 
Less: Net change in realized gains on investments related to non-controlling interest in NMNLC2 — 
Net change in realized (losses) gains of investments related to NMFC$(390)$23,008 
Net change in unrealized depreciation of investments(24,927)(30,736)
Net change in unrealized depreciation on foreign currency(10)(13)
Benefit for taxes30 1 
Less: Net change in unrealized (depreciation) appreciation of investments related to non-controlling interest in NMNLC(475)751 
Net change in unrealized depreciation of investments related to NMFC$(24,432)$(31,499)

Results of Operations for the Nine Months Ended September 30, 2022 and September 30, 2021
Revenue
 Nine Months Ended
(in thousands)September 30, 2022September 30, 2021
Total interest income$157,000 $141,878 
Total dividend income48,665 47,171 
Other income14,857 13,694 
Total investment income$220,522 $202,743 
Our total investment income increased by approximately $17.8 million, or 9%, for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021. For the nine months ended September 30, 2022, total investment income of approximately $220.5 million consisted of approximately $129.5 million in cash interest from investments, approximately $22.0 million in PIK and non-cash interest from investments, $1.1 million in prepayment fees, net amortization of purchase premiums and discounts of approximately $4.4 million, approximately $32.3 million in cash dividends from investments, approximately $16.3 million in PIK and non-cash dividends from investments and approximately $14.9 million in other income. The increase in interest income of approximately $15.1 million during the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021 was primarily due to higher LIBOR and SOFR rates on larger invested balances. The increase in dividend income for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021 was primarily driven by an increase in cash dividends from our investments in SLP III and SLP IV, partially offset by a decrease in cash dividends from our investment in NMNLC. Other income during the nine months ended September 30, 2022, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront, consent and amendment fees received from 36 different portfolio companies.


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Operating Expenses
 Nine Months Ended
(in thousands)September 30, 2022September 30, 2021
Management fee$35,040 $40,885 
Less: management fee waiver(3,349)(11,193)
Total management fee31,691 29,692 
Incentive fee23,605 22,207 
Interest and other financing expenses63,957 54,949 
Administrative expenses3,022 3,240 
Professional fees2,529 2,413 
Other general and administrative expenses1,540 1,398 
Total expenses126,344 113,899 
Less: expenses waived and reimbursed(238)— 
Net expenses before income taxes126,106 113,899 
Income tax (benefit) expense(5)15 
Net expenses after income taxes$126,101 $113,914 
Our total net operating expenses increased by approximately $12.2 million for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021. Our management fee increased by approximately $2.0 million, net of a management fee waiver, and our incentive fee increased by approximately $1.4 million for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021. The increase in management and incentive fees was attributable to higher invested balances.
Interest and other financing expenses increased by approximately $9.0 million during the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to larger drawn balances on the Holdings Credit Facility and DB Credit Facility, higher interest rates on those facilities and interest costs associated with the 2022A Unsecured Notes, issued on June 15, 2022, partially offset by lower interest costs on the 2017A Unsecured Notes, which were repaid on July 14, 2022. Our total professional fees, administrative expenses and total other general and administrative expenses for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021 remained relatively consistent.
Net Realized Gains (Losses) and Net Change in Unrealized (Depreciation) Appreciation
 Nine Months Ended
(in thousands)September 30, 2022September 30, 2021
Net realized gains on investments$35,468 $12,692 
Net realized gains on foreign currency219 — 
Net change in unrealized (depreciation) appreciation of investments(67,634)52,544 
Net change in unrealized depreciation securities purchased under collateralized agreements to resell(2,021)— 
Net change in unrealized depreciation on foreign currency(625)(13)
Provision for taxes(127)(114)
Net realized and unrealized (losses) gains$(34,720)$65,109 
Our net realized gains and unrealized losses resulted in a net loss of approximately $34.7 million for the nine months ended September 30, 2022 compared to net realized and unrealized gains resulting in a net gain of approximately $65.1 million for the same period in 2021. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the nine months ended September 30, 2022 was primarily driven by unrealized depreciation in NM CLFX LP, NM APP US LLC, NHME Holdings Corp. and Ansira Holdings, Inc. which was partially offset by unrealized appreciation in Haven Midstream LLC, UniTek and New Permian Holdco, Inc. and a realized gain in NM GLCR LP. The provision for income taxes was attributable to equity investments that are held as of September 30, 2022 in eight of our corporate subsidiaries. The net gain for the nine months ended September 30, 2021 was primarily driven by realized gains and unrealized appreciation on our investments in Edmentum and unrealized appreciation on our investments in NM CLFX LP and NM GLCR LP, which offset unrealized depreciation on our investments in AAC,
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Tenawa and UniTek. See Monitoring of Portfolio Investments above for more details regarding the health of our portfolio companies.
Investment Income and Net Realized and Unrealized (Losses) Gains Related to Non-Controlling Interest in New Mountain Net Lease Corporation
 Nine Months Ended
(in thousands)September 30, 2022September 30, 2021
Total investment income$220,522 $202,743 
Net expenses after income taxes126,101 113,914 
Net investment income94,421 88,829 
Less: Net investment income related to non-controlling interests in NMNLC924 977 
Net investment income related to NMFC$93,497 $87,852 
Net change in realized gains on investments35,468 12,692 
Net change in realized gains on foreign currency219 — 
Less: Net change in realized gains on investments related to non-controlling interest in NMNLC3,634 — 
Net change in realized gains of investments related to NMFC$32,053 $12,692 
Net change in unrealized (depreciation) appreciation of investments(67,634)52,544 
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell(2,021)— 
Net change in unrealized depreciation on foreign currency(625)(13)
Provision for taxes(127)(114)
Less: Net change in unrealized (depreciation) appreciation of investments related to non-controlling interest in NMNLC(4,708)3,812 
Net change in unrealized (depreciation) appreciation of investments related to NMFC$(65,699)$48,605 
Liquidity, Capital Resources, Off-Balance Sheet Arrangements, Borrowings and Contractual Obligations
The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate purposes.
Since our IPO, and through September 30, 2022, we raised approximately $945.6 million in net proceeds from additional offerings of common stock.
Our liquidity is generated and generally available through advances from the revolving credit facilities, from cash flows from operations, and, we expect, through periodic follow-on equity offerings. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including unsecured debt and/or debt securities convertible into common stock. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 8, 2018 our shareholders approved the application of the modified asset coverage requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction from 200.0% to 150.0% of the minimum asset coverage ratio applicable to us as of June 9, 2018. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As a result of our exemptive relief received on November 5, 2014, we are permitted to exclude our SBA-guaranteed debentures from the 150.0% asset coverage ratio that the we are required to maintain under the 1940 Act. The agreements governing the NMFC Credit Facility, the 2018 Convertible Notes and the Unsecured Notes (as defined below) contain certain covenants and terms, including a requirement that we not exceed a debt-to-equity ratio of 1.65 to 1.00 at the time of incurring additional indebtedness and a requirement that we not exceed a secured debt ratio of 0.70 to 1.00 at any time. As of September 30, 2022, our asset coverage ratio was 179.3%.
At September 30, 2022 and December 31, 2021, we had cash and cash equivalents of approximately $48.9 million and $58.1 million, respectively. Our cash (used in) provided by operating activities during the nine months ended September 30, 2022 and September 30, 2021 was approximately $(8.8) million and $84.7 million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and other activities.
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On November 3, 2021, we entered into an equity distribution agreement (the “Distribution Agreement”) with B. Riley Securities, Inc. and Raymond James & Associates, Inc. (collectively, the “Agents”). The Distribution Agreement provides that we may issue and sell our shares from time to time through the Agents, up to $250.0 million worth of our common stock by means of at-the-market ("ATM") offerings.
For the three and nine months ended September 30, 2022, we sold 220,098 shares and 2,950,300 shares, respectively, of common stock under the Distribution Agreement. For the same period, we received total accumulated net proceeds of approximately $2.9 million and $40.0 million, respectively, including $0.0 million and $0.4 million, respectively, of offering expenses from these sales.
We generally use net proceeds from these ATM offerings to make investments, to pay down liabilities and for general corporate purposes. As of September 30, 2022, shares representing approximately $196.9 million of our common stock remain available for issuance and sale under the Distribution Agreement.
Off-Balance Sheet Arrangements
We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of September 30, 2022 and December 31, 2021, we had outstanding commitments to third parties to fund investments totaling $254.4 million and $215.4 million, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.
We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of September 30, 2022 and December 31, 2021, we had commitment letters to purchase investments in an aggregate par amount of $62.2 million and $6.8 million, respectively. As of September 30, 2022 and December 31, 2021, we had not entered into any bridge financing commitments which could require funding in the future.
Borrowings
Holdings Credit Facility—On October 24, 2017, we entered into the Third Amended and Restated Loan and Security Agreement among us, as the Collateral Manager, NMF Holdings, as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian (as amended from time to time, the "Holdings Credit Facility"). As of the most recent amendment on April 20, 2021, the maturity date of the Holdings Credit Facility is April 20, 2026, and the maximum facility amount is the lesser of $800.0 million and the actual commitments of the lenders to make advances as of such date.
As of September 30, 2022, the maximum amount of revolving borrowings available under the Holdings Credit Facility is $730.0 million. Under the Holdings Credit Facility, NMF Holdings is permitted to borrow up to 25.0%, 45.0%, 67.5% or 70.0% of the purchase price of pledged assets, subject to approval by Wells Fargo Bank, National Association. The Holdings Credit Facility is non-recourse to us and is collateralized by all of the investments of NMF Holdings on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Holdings Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the Holdings Credit Facility. The Holdings Credit Facility contains certain customary affirmative and negative covenants and events of default. In addition, the Holdings Credit Facility requires us to maintain a minimum asset coverage ratio of 150.0%. The covenants are generally not tied to mark to market fluctuations in the prices of NMF Holdings investments, but rather to the performance of the underlying portfolio companies.
As of the most recent amendment on April 20, 2021, the Holdings Credit Facility bears interest at a rate of LIBOR plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Fifth Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. From September 30, 2020 to April 19, 2021, the Holdings Credit Facility bore interest at a rate of LIBOR plus 2.00% per annum for Broadly Syndicated Loans (as defined in the Fourth Amendment Loan and Security Agreement) and LIBOR plus 2.50% per annum for all other investments. The Holdings Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Third Amended and Restated Loan and Security Agreement).
As of September 30, 2022 and December 31, 2021, the outstanding balance on the Holdings Credit Facility was $630.7 million and $545.3 million, respectively, and NMF Holdings was in compliance with the applicable covenants in the Holdings Credit Facility on such dates.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the Holdings Credit Facility for the three and nine months ended September 30, 2022 and September 30, 2021.
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NMFC Credit Facility—The Amended and Restated Senior Secured Revolving Credit Agreement, (as amended from time to time, and together with the related guarantee and security agreement, the "RCA"), dated June 4, 2021, among us, as the Borrower, Goldman Sachs Bank USA, as the Administrative Agent and Collateral Agent, and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A., as Lenders (the "NMFC Credit Facility"), is structured as a senior secured revolving credit facility. The NMFC Credit Facility is guaranteed by certain of our domestic subsidiaries and proceeds from the NMFC Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on June 4, 2021, the maturity date of the NMFC Credit Facility is June 4, 2026.
As of September 30, 2022, the maximum amount of revolving borrowings available under the NMFC Credit Facility was $198.5 million. We are permitted to borrow at various advance rates depending on the type of portfolio investment as outlined in the related RCA. All fees associated with the origination and amending of the NMFC Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the NMFC Credit Facility. The NMFC Credit Facility contains certain customary affirmative and negative covenants and events of default, including certain financial covenants related to the asset coverage and liquidity and other maintenance covenants.
As of the most recent amendment on June 4, 2021, the NMFC Credit Facility generally bears interest at a rate of LIBOR, SONIA or EURIBOR plus 2.10% per annum or the prime rate plus 1.10% per annum, and charges a commitment fee, based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA). Prior to June 4, 2021, the NMFC Credit Facility bore interest at a rate of LIBOR plus 2.50% per annum or the prime rate plus 1.50% per annum, and charged a commitment fee based on the unused facility amount multiplied by 0.375% per annum (as defined in the RCA).
As of September 30, 2022 and December 31, 2021, the outstanding balance on the NMFC Credit Facility was $127.2 million and $127.2 million, which included £22.9 million and £16.4 million, respectively, denominated in British Pound Sterling ("GBP") and €0.7 million and €0.0 million, respectively, denominated in Euro ("EUR") that has been converted to U.S. dollars. NMFC was in compliance with the applicable covenants in the NMFC Credit Facility on such dates.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the NMFC Credit Facility for the three and nine months ended September 30, 2022 and September 30, 2021.
Unsecured Management Company Revolver—The Uncommitted Revolving Loan Agreement, dated March 30, 2020, by and between us, as the Borrower, and NMF Investments III, L.L.C., as Lender, an affiliate of the Investment Adviser (the "Unsecured Management Company Revolver"), is structured as a discretionary unsecured revolving credit facility. The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. As of the most recent amendment on December 17, 2021, the maturity date of the Unsecured Management Company Revolver is December 31, 2024.
As of the most recent amendment on December 17, 2021, the Unsecured Management Company Revolver bears interest at a rate of 4.00% per annum. Prior to December 17, 2021, the Unsecured Management Company Revolver bore interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement). On May 4, 2020, we entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30.0 million to $50.0 million. As of September 30, 2022, the maximum amount of revolving borrowings available under the Unsecured Management Company Revolver was $50.0 million and no borrowings were outstanding. For the three and nine months ended September 30, 2022 and September 30, 2021, amortization of financing costs were each less than $50.0 thousand, respectively.
DB Credit Facility—The Loan Financing and Servicing Agreement (the "LFSA") dated December 14, 2018 and as amended from time to time, among NMFDB as the borrower, Deutsche Bank AG, New York Branch ("Deutsche Bank") as the facility agent, Lender and other agent from time to time party thereto and U.S. Bank National Association, as collateral agent and collateral custodian (the "DB Credit Facility"), is structured as a secured revolving credit facility and matures on March 25, 2026.
As of September 30, 2022, the maximum amount of revolving borrowings available under the DB Credit Facility was $280.0 million. We are permitted to borrow at various advance rates depending on the type of portfolio investment, as outlined in the LFSA. The DB Credit Facility is non-recourse to us and is collateralized by all of the investments of NMFDB on an investment by investment basis. All fees associated with the origination and amending of the DB Credit Facility are capitalized on our Consolidated Statement of Assets and Liabilities and charged against income as other financing expenses over the life of the DB Credit Facility. The DB Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of NMFDB investments, but rather to the performance of the underlying portfolio companies.
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The advances under the DB Credit Facility accrue interest at a per annum rate equal to the Applicable Margin plus the lender's Cost of Funds Rate. Prior to March 25, 2021, the Applicable Margin was equal to 2.60% during the Revolving Period and then increases by 0.20% during an Event of Default. Effective March 25, 2021, the Applicable Margin is equal to 2.35% during the Revolving Period and then increases by 0.20% during an Event of Default. The "Cost of Funds Rate" for a conduit lender is the lower of its commercial paper rate and the Base Rate plus 0.50%, and for any other lender is the Base Rate. The "Base Rate" is the three-months LIBOR Rate but may become an alternative base rate based on Deutsche Bank's base lending rate if certain LIBOR disruption events occur. We are also charged a non-usage fee, based on the unused facility amount multiplied by the Undrawn Fee Rate (as defined in the LFSA) and a facility agent fee of 0.25% per annum on the total facility amount.
As of September 30, 2022 and December 31, 2021, the outstanding balance on the DB Credit Facility was $186.4 million and $226.3 million, respectively, and NMFDB was in compliance with the applicable covenants in the DB Credit Facility on such date.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the DB Credit Facility for the three and nine months ended September 30, 2022 and September 30, 2021.
NMNLC Credit Facility II—The Credit Agreement (together with the related guarantee and security agreement, the "NMNLC CA"), dated February 26, 2021, by and between NMNLC, as the Borrower, and City National Bank, as the Lender (the "NMNLC Credit Facility II"), is structured as a senior secured revolving credit facility. As of the amendment on March 16, 2022, the NMNLC Credit Facility II matures on February 25, 2023. As of the amendment on November 1, 2022, the NMNLC Credit Facility II will mature on November 1, 2024. The NMNLC Credit Facility II is guaranteed by us and proceeds from the NMNLC Credit Facility II are able to be used for funding of additional acquisition properties. As of September 30, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $10.0 million.
Prior to the amendment on December 7, 2021, the NMNLC Credit Facility II bore interest at a rate of LIBOR plus 2.75% per annum, and charged a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). As of December 7, 2021, the NMNLC Credit Facility II bore interest at a rate of SOFR plus 2.75% per annum with a 0.35% floor, and charges a commitment fee, based on the unused facility amount multiplied by 0.05% per annum (as defined in the NMNLC CA). Prior to the amendment on March 16, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $20.0 million. As of the March 16, 2022 amendment and effective May 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II was $10.0 million. As of the amendment on November 1, 2022, the maximum amount of revolving borrowings available under the NMNLC Credit Facility II is $27.5 million and the facility bears interest at a rate of SOFR plus 2.25%. As of September 30, 2022 and December 31, 2021, the outstanding balance on the NMNLC Credit Facility II was $2.9 million and $15.2 million, respectively, and NMNLC was in compliance with the applicable covenants in the NMNLC Credit Facility II on such date.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the NMNLC Credit Facility II for the three and nine months ended September 30, 2022 and September 30, 2021.
Convertible Notes—On August 20, 2018, we closed a registered public offering of $100.0 million aggregate principal amount of unsecured convertible notes (the "2018 Convertible Notes"), pursuant to an indenture, dated August 20, 2018, as supplemented by a first supplemental indenture thereto, dated August 20, 2018 (together the “2018A Indenture”). On August 30, 2018, in connection with the registered public offering, we issued an additional $15.0 million aggregate principal amount of the 2018 Convertible Notes pursuant to the exercise of an overallotment option by the underwriter of the 2018 Convertible Notes. On June 7, 2019, we closed a registered public offering of an additional $86.3 million aggregate principal amount of the 2018 Convertible Notes. These additional 2018 Convertible Notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $115.0 million aggregate principal amount of 2018 Convertible Notes that we issued in August 2018.
The 2018 Convertible Notes bear interest at an annual rate of 5.75%, payable semi-annually in arrears on February 15 and August 15 of each year. The 2018 Convertible Notes will mature on August 15, 2023 unless earlier converted, repurchased or redeemed pursuant to the terms of the 2018A Indenture. We may not redeem the 2018 Convertible Notes prior to May 15, 2023. On or after May 15, 2023, we may redeem the 2018 Convertible Notes for cash, in whole or from time to time in part, at our option at a redemption price, subject to an exception for redemption dates occurring after a record date but on or prior to the interest payment date, equal to the sum of (i) 100% of the principal amount of the 2018 Convertible Notes to be redeemed, (ii) accrued and unpaid interest thereon to, but excluding, the redemption date and (iii) a make-whole premium.
No sinking fund is provided for the 2018 Convertible Notes. Holders of 2018 Convertible Notes may, at their option, convert their 2018 Convertible Notes into shares of our common stock at any time on or prior to the close of business on the business day immediately preceding the maturity date of the 2018 Convertible Notes. In addition, if certain corporate events
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occur, holders of the 2018 Convertible Notes may require us to repurchase for cash all or part of their 2018 Convertible Notes at a repurchase price equal to 100.0% of the principal amount of the 2018 Convertible Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the repurchase date.
The 2018A Indenture contains certain covenants, including covenants requiring us to provide certain financial information to the holders of the 2018 Convertible Notes and the trustee if we cease to be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The 2018A Indenture also includes additional financial covenants related to our asset coverage ratio. These covenants are subject to limitations and exceptions that are described in the 2018A Indenture.
The following table summarizes certain key terms related to the convertible features of our 2018 Convertible Notes as of September 30, 2022:
2018 Convertible Notes
Initial conversion premium10.0 %
Initial conversion rate(1)65.8762 
Initial conversion price$15.18 
Conversion premium at September 30, 202210.0 %
Conversion rate at September 30, 2022(1)(2)65.8762 
Conversion price at September 30, 2022(2)(3)$15.18 
Last conversion price calculation dateAugust 20, 2022
(1)Conversion rates denominated in shares of common stock per $1.0 thousand principal amount of our 2018 Convertible Notes converted.
(2)Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.
(3)The conversion price in effect at September 30, 2022 was calculated on the last anniversary of the issuance and will be calculated again on the next anniversary, unless the exercise price shall have changed by more than 1.0% before the anniversary.
The conversion rate will be subject to adjustment upon certain events, such as stock splits and combinations, mergers, spin-offs, increases in dividends in excess of $0.34 per share per quarter and certain changes in control. Certain of these adjustments, including adjustments for increases in dividends, are subject to a conversion price floor of $13.80 per share. In no event will the total number of shares of common stock issuable upon conversion exceed 72.4637 per $1 principal amount. We have determined that the embedded conversion option in the 2018 Convertible Notes is not required to be separately accounted for as a derivative under GAAP.
The 2018 Convertible Notes are unsecured obligations and rank senior in right of payment to our existing and future indebtedness, if any, that is expressly subordinated in right of payment to the 2018 Convertible Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries and financing vehicles. As reflected in Item 1. - Financial Statements - Note 11. Earnings Per Share, the issuance is considered part of the if-converted method for calculation of diluted earnings per share.
As of September 30, 2022 and December 31, 2021, the outstanding balance on the 2018 Convertible Notes was $201.2 million and $201.2 million, respectively, and NMFC was in compliance with the terms of the 2018A Indenture on such date.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the 2018 Convertible Notes for the three and nine months ended September 30, 2022 and September 30, 2021.
Unsecured Notes
On May 6, 2016, we issued $50.0 million in aggregate principal amount of our 2016 Unsecured Notes (the "2016 Unsecured Notes"), pursuant to a note purchase agreement, dated May 4, 2016, to an institutional investor in a private placement. On September 30, 2016, we entered into an amended and restated note purchase agreement (the "NPA") and issued an additional $40.0 million in aggregate principal amount of 2016 Unsecured Notes to institutional investors in a private placement. On February 16, 2021, we repaid all $90.0 million in aggregate principal amount of the issued and outstanding 2016 Unsecured Notes. On June 30, 2017, we issued $55.0 million in aggregate principal amount of five-year unsecured notes that matured on July 15, 2022 (the "2017A Unsecured Notes"), pursuant to the NPA and a supplement to the NPA. On July 15,
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2022, we caused notices to be issued to holders of our 2017A Unsecured Notes regarding the exercise of our option to repay all of our $55.0 million in aggregate principal amount of issued and outstanding 2017A Unsecured Notes, which was repaid on July 14, 2022. On January 30, 2018, we issued $90.0 million in aggregate principal amount of five year unsecured notes that mature on January 30, 2023 (the "2018A Unsecured Notes") pursuant to the NPA and a second supplement to the NPA. On July 5, 2018, we issued $50.0 million in aggregate principal amount of five year unsecured notes that mature on June 28, 2023 (the "2018B Unsecured Notes") pursuant to the NPA and a third supplement to the NPA (the "Third Supplement"). On April 30, 2019, we issued $116.5 million in aggregate principal amount of five year unsecured notes that mature on April 30, 2024 (the "2019A Unsecured Notes") pursuant to the NPA and a fourth supplement to the NPA (the "Fourth Supplement"). On January 29, 2021, we issued $200.0 million in aggregate principal amount of five year unsecured notes that mature on January 29, 2026 (the "2021A Unsecured Notes") pursuant to the NPA and a fifth supplement to the NPA (the "Fifth Supplement"). On June 15, 2022, we issued $75.0 million in aggregate principal amount of five year unsecured notes that mature on June 15, 2027 (the "2022A Unsecured Notes") pursuant to the NPA and a sixth supplement to the NPA (the "Sixth Supplement"). The NPA provides for future issuances of unsecured notes in separate series or tranches.
The 2016 Unsecured Notes bore interest at an annual rate of 5.313%, payable semi-annually on May 15 and November 15 of each year. The 2017A Unsecured Notes bore interest at an annual rate of 4.760%, payable semi-annually on January 15 and July 15 of each year. The 2018A Unsecured Notes bear interest at an annual rate of 4.870%, payable semi-annually on February 15 and August 15 of each year. The 2018B Unsecured Notes bear interest at an annual rate of 5.360%, payable semi-annually on January 15 and July 15 of each year. The 2019A Unsecured Notes bear interest at an annual rate of 5.494%, payable semi-annually on April 15 and October 15 of each year. The 2021A Unsecured Notes bear interest at an annual rate of 3.875%, payable semi-annually in arrears on January 29 and July 29 of each year, which commenced on July 29, 2021. The 2022A Unsecured Notes bear interest at an annual rate of 5.900%, payable semi-annually in arrears on June 15 and December 15 of each year. These interest rates are subject to increase in the event that: (i) subject to certain exceptions, the underlying unsecured notes or we cease to have an investment grade rating or (ii) the aggregate amount of our unsecured debt falls below $150.0 million.  In each such event, we have the option to offer to prepay the underlying unsecured notes at par, in which case holders of the underlying unsecured notes who accept the offer would not receive the increased interest rate. In addition, we are obligated to offer to prepay the underlying unsecured notes at par if the Investment Adviser, or an affiliate thereof, ceases to be our investment adviser or if certain change in control events occur with respect to the Investment Adviser. 
The NPA contains customary terms and conditions for unsecured notes issued, including, without limitation, an option to offer to prepay all or a portion of the unsecured notes under its governance at par (plus a make-whole amount if applicable), affirmative and negative covenants such as information reporting, maintenance of our status as a BDC under the 1940 Act and a RIC under the Code, minimum stockholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes at NMFC or any subsidiary guarantor, as well as customary events of default with customary cure and notice, including, without limitation, nonpayment, misrepresentation in a material respect, breach of covenant, cross-default under other indebtedness of NMFC or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy. The Third Supplement, Fourth Supplement, Fifth Supplement and Sixth Supplement all include additional financial covenants related to asset coverage as well as other terms.
On September 25, 2018, we closed a registered public offering of $50.0 million in aggregate principal amount of our 5.75% Unsecured Notes that mature on October 1, 2023 (the "5.75% Unsecured Notes", together with the 2016 Unsecured Notes, 2017A Unsecured Notes, 2018A Unsecured Notes, 2018B Unsecured Notes, 2019A Unsecured Notes, 2021A Unsecured Notes and the 2022A Unsecured Notes, the "Unsecured Notes"), pursuant to an indenture, dated August 20, 2018, as supplemented by a second supplemental indenture thereto, dated September 25, 2018 (together, the "2018B Indenture"). On October 17, 2018, in connection with the registered public offering, we issued an additional $1.8 million aggregate principal amount of the 5.75% Unsecured Notes pursuant to the exercise of an overallotment option by the underwriters of the 5.75% Unsecured Notes.
On March 8, 2021, we redeemed $51.8 million in aggregate principal amount of the 5.75% Unsecured Notes bear at a redemption price of 100% plus accrued and unpaid interest.
The 5.75% Unsecured Notes bore interest at an annual rate of 5.75%, payable quarterly on January 1, April 1, July 1 and October 1 of each year. The 5.75% Unsecured Notes were listed on the New York Stock Exchange and traded under the trading symbol “NMFX” until September 13, 2020. On September 14, 2020, the 5.75% Unsecured Notes began trading on the NASDAQ Global Select Market (the "NASDAQ") under the ticker symbol "NMFCL", until redeemed on March 8, 2021.
The Unsecured Notes are unsecured obligations and rank senior in right of payment to our existing and future indebtedness, if any, that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries and financing vehicles.
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As of September 30, 2022 and December 31, 2021, the outstanding balance on the Unsecured Notes was $531.5 million and $511.5 million, respectively, and we were in compliance with the terms of the NPA as of such dates, as applicable.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on costs incurred on the Unsecured Notes for the three and nine months ended September 30, 2022 and September 30, 2021.
SBA-guaranteed debentures—On August 1, 2014 and August 25, 2017, respectively, SBIC I and SBIC II received SBIC licenses from the SBA to operate as SBICs.
The SBIC license allows SBICs to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a capital commitment by the SBA and other customary procedures. SBA-guaranteed debentures are non-recourse to us, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount of SBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with ten year maturities. The SBA, as a creditor, will have a superior claim to the assets of SBIC I and SBIC II over our stockholders in the event SBIC I and SBIC II are liquidated or the SBA exercises remedies upon an event of default.
The maximum amount of borrowings available under current SBA regulations for a single licensee is $150.0 million as long as the licensee has at least $75.0 million in regulatory capital, receives a capital commitment from the SBA and has been through an examination by the SBA subsequent to licensing. In June 2018, legislation amended the 1958 Act by increasing the individual leverage limit from $150.0 million to $175.0 million, subject to SBA approvals.
As of September 30, 2022 and December 31, 2021, SBIC I had regulatory capital of $75.0 million and $75.0 million, respectively, and SBA-guaranteed debentures outstanding of $150.0 million and $150.0 million, respectively. As of September 30, 2022 and December 31, 2021, SBIC II had regulatory capital of $75.0 million and $75.0 million, respectively, and $150.0 million and $150.0 million, respectively, of SBA-guaranteed debentures outstanding. The SBA-guaranteed debentures incur upfront fees of 3.435%, which consists of a 1.00% commitment fee and a 2.435% issuance discount, which are amortized over the life of the SBA-guaranteed debentures.
Prior to pooling, the SBA-guaranteed debentures bear interest at an interim floating rate of LIBOR plus 0.30%. Once pooled, which occurs in March and September each year, the SBA-guaranteed debentures bear interest at a fixed rate that is set to the current 10-year treasury rate plus a spread at each pooling date.
The SBIC program is designed to stimulate the flow of private investor capital into eligible small businesses, as defined by the SBA. Under SBA regulations, SBICs are subject to regulatory requirements, including making investments in SBA-eligible small businesses, investing at least 25.0% of its investment capital in eligible smaller enterprises (as defined under the 1958 Act), placing certain limitations on the financing terms of investments, regulating the types of financing, prohibiting investments in small businesses with certain characteristics or in certain industries and requiring capitalization thresholds that limit distributions to us. SBICs are subject to an annual periodic examination by an SBA examiner to determine the SBIC's compliance with the relevant SBA regulations and an annual financial audit of its financial statements that are prepared on a basis of accounting other than GAAP (such as ASC 820) by an independent auditor. As of September 30, 2022 and December 31, 2021, SBIC I and SBIC II were in compliance with SBA regulatory requirements.
See Item 1.—Financial Statements and Supplementary Data—Note 7. Borrowings in this Quarterly Report on Form 10-Q for additional information on our SBA-guaranteed debentures as of September 30, 2022 and costs incurred on the SBA-guaranteed debentures for the three and nine months ended September 30, 2022 and September 30, 2021.

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Contractual Obligations
A summary of our significant contractual payment obligations as of September 30, 2022 is as follows:
 Contractual Obligations Payments Due by Period
(in millions)TotalLess than
1 Year		1 - 3 Years3 - 5 YearsMore than
5 Years
Holdings Credit Facility(1)$630.7 $— $— $630.7 $— 
Unsecured Notes(2)531.5 140.0 116.5 275.0 — 
SBA-guaranteed debentures(3)300.0 — 103.8 30.9 165.3 
Convertible Notes(4)201.2 201.2 — — — 
DB Credit Facility(5)186.4 — — 186.4 — 
NMFC Credit Facility(6)127.2 — — 127.2 — 
NMNLC Credit Facility II(7)2.9 2.9 — — — 
Total Contractual Obligations$1,979.9 $344.1 $220.3 $1,250.2 $165.3 
(1)Under the terms of the $730.0 million Holdings Credit Facility, all outstanding borrowings under that facility ($630.7 million as of September 30, 2022) must be repaid on or before April 20, 2026. As of September 30, 2022, there was approximately $99.3 million of possible capacity remaining under the Holdings Credit Facility.
(2)$90.0 million of the 2018A Unsecured Notes will mature on January 30, 2023 unless earlier repurchased, $50.0 million of the 2018B Unsecured Notes will mature on June 28, 2023 unless earlier repurchased, $116.5 million of the 2019A Unsecured Notes will mature on April 30, 2024 unless earlier repurchased, $200.0 million of the 2021A Unsecured Notes will mature on January 29, 2026 unless earlier repurchased and $75.0 million of the 2022A Unsecured Notes will mature on June 15, 2027 unless earlier repurchased.
(3)Our SBA-guaranteed debentures will begin to mature on March 1, 2025.
(4)The 2018 Convertible Notes will mature on August 15, 2023 unless earlier converted or repurchased at the holder's option or redeemed by us.
(5)Under the terms of the $280.0 million DB Credit Facility, all outstanding borrowings under that facility ($189.3 million as of September 30, 2022) must be repaid on or before March 25, 2026. As of September 30, 2022, there was approximately $93.6 million of possible capacity remaining under the DB Credit Facility.
(6)Under the terms of the $198.5 million NMFC Credit Facility, all outstanding borrowings under that facility ($127.2 million, which included £22.9 million denominated in GBP and €0.7 million denominated in EUR that have been converted to U.S. dollars as of September 30, 2022) must be repaid on or before June 4, 2026. As of September 30, 2022, there was approximately $71.3 million of available capacity remaining under the NMFC Credit Facility.
(7)Under the terms of the NMNLC Credit Facility II, all outstanding borrowings under that facility ($2.9 million as of September 30, 2022) must be repaid on or before February 25, 2023. As of September 30, 2022, there was approximately $7.1 million of available capacity remaining under the NMNLC Credit Facility II.

We have entered into an investment management and advisory agreement (the "Investment Management Agreement") with the Investment Adviser in accordance with the 1940 Act. Under the Investment Management Agreement, the Investment Adviser has agreed to provide us with investment advisory and management services. We have agreed to pay for these services (1) a management fee and (2) an incentive fee based on our performance.
We have also entered into the administration agreement, as amended and restated (the "Administration Agreement") with the Administrator. Under the Administration Agreement, the Administrator has agreed to arrange office space for us and provide office equipment and clerical, bookkeeping and record keeping services and other administrative services necessary to conduct our respective day-to-day operations. The Administrator has also agreed to maintain, or oversee the maintenance of, our financial records, our reports to stockholders and reports filed with the SEC.
If any of the contractual obligations discussed above are terminated, our costs under any new agreements that are entered into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under the Investment Management Agreement and the Administration Agreement.
Distributions and Dividends
Distributions declared and paid to stockholders for the nine months ended September 30, 2022 totaled approximately $90.1 million.
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The following table reflects cash distributions, including dividends and returns of capital, if any, per share that have been declared by our board of directors for the two most recent fiscal years and the current fiscal year to date:
Fiscal Year EndedDate DeclaredRecord DatePayment DatePer Share
Amount (1)
December 31, 2022
Third QuarterAugust 3, 2022September 16, 2022September 30, 2022$0.30 
Second QuarterMay 3, 2022June 16, 2022June 30, 20220.30 
First QuarterFebruary 23, 2022March 17, 2022March 31, 20220.30 
$0.90 
December 31, 2021
Fourth QuarterOctober 27, 2021December 16, 2021December 30, 2021$0.30 
Third QuarterJuly 29, 2021September 16, 2021September 30, 20210.30 
Second QuarterApril 30, 2021June 16, 2021June 30, 20210.30 
First QuarterFebruary 17, 2021March 17, 2021March 31, 20210.30 
$1.20 
December 31, 2020
Fourth QuarterOctober 28, 2020December 16, 2020December 30, 2020$0.30 
Third QuarterJuly 29, 2020September 16, 2020September 30, 20200.30 
Second QuarterApril 29, 2020June 16, 2020June 30, 20200.30 
First QuarterFebruary 19, 2020March 13, 2020March 27, 20200.34 
$1.24 
(1)Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. For the years ended December 31, 2021 and December 31, 2020, total distributions were $116.5 million and $120.1 million, respectively, of which the distributions were comprised of approximately 90.99% and 84.58%, respectively, of ordinary income, 0.00% and 0.00%, respectively, of long-term capital gains and approximately 9.01% and 15.42%, respectively, of a return of capital. Future quarterly distributions, if any, will be determined by our board of directors.
We intend to pay quarterly distributions to our stockholders in amounts sufficient to maintain our status as a RIC. We intend to distribute approximately all of our net investment income on a quarterly basis and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment.
We maintain an "opt out" dividend reinvestment plan on behalf of our common stockholders, pursuant to which each of our stockholders' cash distributions will be automatically reinvested in additional shares of common stock, unless the stockholder elects to receive cash. See Item 1— Financial Statements—Note 2. Summary of Significant Accounting Policies for additional details regarding our dividend reinvestment plan.
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Related Parties
We have entered into a number of business relationships with affiliated or related parties, including the following:
•We have entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.
•We have entered into a fee waiver agreement (the "Fee Waiver Agreement") with the Investment Adviser, pursuant to which the Investment Adviser agreed to voluntarily reduce the base management fees payable to the Investment Adviser by us under the Investment Management Agreement beginning with the quarter ended March 31, 2021 through the quarter ending December 31, 2023. See Item 1— Financial Statements—Note 5. Agreements for details.
•We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our respective day-to-day operations pursuant to the Administration Agreement. We reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, which includes the fees and expenses associated with performing administrative, finance, and compliance functions, and the compensation of our chief financial officer and chief compliance officer and their respective staffs. Pursuant to the Administration Agreement and further restricted by us, the Administrator may, in its own discretion, submit to us for reimbursement some or all of the expenses that the Administrator has incurred on our behalf during any quarterly period. As a result, the amount of expenses for which we will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to us for reimbursement in the future. However, it is expected that the Administrator will continue to support part of our expense burden in the near future and may decide to not calculate and charge through certain overhead related amounts as well as continue to cover some of the indirect costs. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and nine months ended September 30, 2022 approximately $0.5 million and $1.9 million, respectively, of indirect administrative expenses were included in administrative expenses, of which approximately $0 and $0.2 million, respectively, were waived by the Administrator. As of September 30, 2022, approximately $0.5 million of indirect administrative expenses were included in payable to affiliates. For the three and nine months ended September 30, 2022, the reimbursement to the Administrator represented approximately 0.01% and 0.05%, respectively, of our gross assets.
•We, the Investment Adviser and the Administrator have entered into a royalty-free Trademark License Agreement, as amended, with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant us, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the name "New Mountain" and "New Mountain Finance", as well as the NMF logo.
In addition, we have adopted a formal code of ethics that governs the conduct of our officers and directors, which is available on our website at http://www.newmountainfinance.com. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Delaware General Corporation Law.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the “Exemptive Order”), which superseded a prior order issued on December 18, 2017, which permits us to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of our stockholders and is consistent with our then-current investment
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objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit us to co-invest in its existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company, subject to certain conditions.
On March 30, 2020, an affiliate of the Investment Adviser purchased directly from NMNLC 105,030 shares of NMNLC’s common stock at a price of $107.73 per share, which represented the net asset value per share of NMNLC at the date of purchase, for an aggregate purchase price of approximately $11.3 million. Immediately thereafter, NMNLC redeemed 105,030 shares of its common stock held by NMFC in exchange for a promissory note with a principal amount of $11.3 million and a 7.0% interest rate, which was repaid by NMNLC to NMFC on March 31, 2020.
On March 30, 2020, we entered into the Unsecured Management Company Revolver with NMF Investments III, L.L.C., an affiliate of the Investment Adviser, with a $30.0 million maximum amount of revolver borrowings available and a maturity date of December 31, 2022. On May 4, 2020, we entered into an Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which increased the maximum amounts of revolving borrowings available thereunder from $30.0 million to $50.0 million. On December 17, 2021, we entered into Amendment No. 1 to the Amended and Restated Uncommitted Revolving Loan Agreement with NMF Investments III, L.L.C., which lowered the interest rate and extended the maturity date from December 31, 2022 to December 31, 2024. Refer to Borrowings for discussion of the Unsecured Management Company Revolver.
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Item 3.     Quantitative and Qualitative Disclosures About Market Risk
We are subject to certain financial market risks, such as interest rate fluctuations. In addition, U.S. and global capital markets and credit markets have experienced a higher level of stress due to the global COVID-19 pandemic, which has resulted in an increase in the level of volatility across such markets and a general decline in value of the securities that we hold. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In connection with the COVID-19 pandemic, the U.S. Federal Reserve and other central banks had reduced certain interest rates and LIBOR has decreased. In addition, in a prolonged low interest rate environment, including a reduction of LIBOR to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. However, in March 2022, the Federal Reserve raised interest rates by 0.25%, the first increase since December 2018. Since then, the Federal Reserve has raise rates by an additional 3.50%, most recently by 0.75% in November 2022, and indicated that it would consider future rate hikes if inflation does not slow. During the nine months ended September 30, 2022, certain of the loans held in our portfolio had floating LIBOR, SONIA or SOFR interest rates. As of September 30, 2022, approximately 85.60% of investments at fair value (excluding investments on non-accrual, unfunded debt investments and non-interest bearing equity investments) represent floating-rate investments with a LIBOR, SONIA or SOFR floor (includes investments bearing prime interest rate contracts) and approximately 14.40% of investments at fair value represent fixed-rate investments. Additionally, our senior secured revolving credit facilities are also subject to floating interest rates and are currently paid based on floating LIBOR, SONIA or SOFR rates.
The following table estimates the potential changes in net cash flow generated from interest income and expenses, should interest rates increase by 100, 200 or 300 basis points, or decrease by 25 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on September 30, 2022. Interest expense is calculated based on the terms of our outstanding revolving credit facilities, convertible notes and unsecured notes. For our floating rate credit facilities, we use the outstanding balance as of September 30, 2022. Interest expense on our floating rate credit facilities is calculated using the interest rate as of September 30, 2022, adjusted for the hypothetical changes in rates, as shown below. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of September 30, 2022. These hypothetical calculations are based on a model of the investments in our portfolio, held as of September 30, 2022, and are only adjusted for assumed changes in the underlying base interest rates.
Actual results could differ significantly from those estimated in the table.
Change in Interest RatesEstimated
Percentage
Change in Interest
Income Net of
Interest Expense (unaudited)
-25 Basis Points(1.58)%
Base Interest Rate— %
+100 Basis Points6.31 %
+200 Basis Points12.68 %
+300 Basis Points19.04 %


132
Item 4.     Controls and Procedures
(a)Evaluation of Disclosure Controls and Procedures 
As of September 30, 2022 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.
(b)Changes in Internal Controls Over Financial Reporting
Management has not identified any change in our internal control over financial reporting that occurred during the quarter ended September 30, 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

133
PART II. OTHER INFORMATION
The terms “we”, “us”, “our” and the “Company” refers to New Mountain Finance Corporation and its consolidated subsidiaries.
Item 1.    Legal Proceedings
We, and our consolidated subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material pending legal proceedings as of September 30, 2022. From time to time, we or our consolidated subsidiaries may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "Small Business Credit Availability Act allows us to incur additional leverage, which could increase the risk of investing in our securities". The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the nine months ended September 30, 2022 to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021.
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Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
We did not engage in unregistered sales of equity securities during the three months ended September 30, 2022.
Issuer Purchases of Equity Securities
Dividend Reinvestment Plan
During the nine months ended September 30, 2022, as part of our dividend reinvestment plan for our common stockholders, our dividend reinvestment plan administrator purchased 97,086 shares of our common stock for approximately $1.2 million in the open market in order to satisfy the reinvestment portion of our distribution. The following table outlines purchases by our dividend reinvestment plan administrator of our common stock for this purpose during the nine months ended September 30, 2022.
(in thousands, except shares and per share data)Total Number ofWeighted Average PriceTotal Number of Shares Purchased as Part of Publicly Announced PlansMaximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the
PeriodShares PurchasedPaid Per Shareor ProgramsPlans or Programs
January 2022— $— — $— 
February 2022— — — — 
March 2022— — — — 
April 2022— — — — 
May 2022— — — — 
June 2022— — — — 
July 202297,086 12.20 — — 
August 2022— — — — 
September 2022— — — — 
Total97,086 $12.20 — $— 
Stock Repurchase Program
On February 4, 2016, our board of directors authorized a program for the purpose of repurchasing up to $50.0 million worth of our common stock (the "Repurchase Program"). Under the Repurchase Program, we were permitted, but were not obligated to, repurchase our outstanding common stock in the open market from time to time, provided that we complied with our code of ethics and the guidelines specified in Rule 10b-18 of the Exchange Act, including certain price, market volume and timing constraints. In addition, any repurchases were conducted in accordance with the 1940 Act. On December 22, 2021, our board of directors extended our Repurchase Program and we expect the Repurchase Program to be in place until the earlier of December 31, 2022 or until $50.0 million of outstanding shares of common stock have been repurchased. To date, approximately $2.9 million of common stock has been repurchased by us under the Repurchase Program. We did not repurchase any shares of our common stock under the Repurchase Program during the nine months ended September 30, 2022.
Item 3.     Defaults Upon Senior Securities
None.
Item 4.    Mine Safety Disclosures
Not applicable.
Item 5.    Other Information
None.


135
Table of Contents
Item 6.     Exhibits
(a)Exhibits
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the U.S. Securities and Exchange Commission:
Exhibit
Number		Description
3.1(a)
3.1(b)
3.2
3.3
4.1
4.2
10.1
31.1
31.2
32.1
32.2
(1)Previously filed in connection with New Mountain Finance Holdings, L.L.C.’s registration statement on Form N-2 Pre-Effective Amendment No. 3 (File Nos. 333-168280 and 333-172503) filed on May 9, 2011.
(2)Previously filed in connection with New Mountain Finance Corporation’s Quarterly Report on Form 10-Q filed on August 11, 2011.
(3)Previously filed in connection with New Mountain Finance Corporation and New Mountain Finance AIV Holdings Corporation report on Form 8-K filed on August 25, 2011.
(4)Previously filed in connection with New Mountain Finance Corporation's report on Form 8-K filed on April 3, 2019.
(5)Previously filed in connection with New Mountain Finance Corporation's report on Form 8-K filed on October 28, 2022.
(6)Previously filed in connection with New Mountain Finance Corporation's report on Form 8-K filed on November 2, 2022.
*Filed herewith.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on November 8, 2022.
 NEW MOUNTAIN FINANCE CORPORATION
  
 By:/s/ ROBERT A. HAMWEE
  Robert A. Hamwee
  Chief Executive Officer
  (Principal Executive Officer), and Director
  
 By:/s/ SHIRAZ Y. KAJEE
  Shiraz Y. Kajee
  Chief Financial Officer
  (Principal Financial and Accounting Officer)
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