10-Q 1 nmfc-033122x10q.htm 10-Q Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended March 31, 2022
o         Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission
File Number
 Exact name of registrant as specified in its charter, address of principal executive
offices, telephone numbers and states or other jurisdictions of incorporation or organization
 I.R.S. Employer
Identification Number
814-00832 New Mountain Finance Corporation 27-2978010
  1633 Broadway, 48th Floor
New York, New York 10019
Telephone: (212) 720-0300
State of Incorporation: Delaware
  
Securities registered pursuant to Section 12(b) of the Act:
Title of each 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 o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer ý
 
Accelerated filer o
 
Non-accelerated filer o
 
Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Description Shares as of May 9, 2022
Common stock, par value $0.01 per share 100,716,928


FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022
TABLE OF CONTENTS
 PAGE
  
 
   
  
 
 
 
 
 
 
 
 
  
 
 
 
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)
 March 31, 2022December 31, 2021
Assets  
Investments at fair value  
Non-controlled/non-affiliated investments (cost of $2,423,505 and $2,323,224, respectively)$2,378,853 $2,283,779 
Non-controlled/affiliated investments (cost of $82,039 and $80,801, respectively)146,772 134,775 
Controlled investments (cost of $714,165 and $722,467, respectively)731,340 755,810 
Total investments at fair value (cost of $3,219,709 and $3,126,492, respectively)3,256,965 3,174,364 
Securities purchased under collateralized agreements to resell (cost of $30,000 and $30,000, respectively)19,401 21,422 
Cash and cash equivalents35,376 58,077 
Interest and dividend receivable34,760 30,868 
Other assets15,341 11,081 
Total assets$3,361,843 $3,295,812 
Liabilities  
Borrowings
     Holdings Credit Facility$576,263 $545,263 
     Unsecured Notes511,500 511,500 
     SBA-guaranteed debentures300,000 300,000 
     DB Credit Facility224,300 226,300 
     Convertible Notes201,391 201,417 
     NMFC Credit Facility131,860 127,192 
        NMNLC Credit Facility II15,200 15,200 
     Deferred financing costs (net of accumulated amortization of $42,405 and $40,713, respectively)(17,996)(19,684)
Net borrowings1,942,518 1,907,188 
Management fee payable20,625 10,164 
Incentive fee payable14,980 7,503 
Interest payable10,201 17,388 
Payable for unsettled securities purchased2,000 7,910 
Payable to affiliates1,234 556 
Deferred tax liability14 13 
Other liabilities2,431 2,478 
Total liabilities1,994,003 1,953,200 
Commitments and contingencies (See Note 9)  
Net assets  
Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued
— — 
Common stock, par value $0.01 per share, 200,000,000 shares authorized, and 99,498,562 and 97,907,441 shares issued and outstanding, respectively995 979 
Paid in capital in excess of par1,294,300 1,272,796 
Accumulated undistributed earnings54,073 47,470 
Total net assets of New Mountain Finance Corporation$1,349,368 $1,321,245 
Non-controlling interest in New Mountain Net Lease Corporation18,472 21,367 
Total net assets$1,367,840 $1,342,612 
Total liabilities and net assets$3,361,843 $3,295,812 
Number of shares outstanding99,498,562 97,907,441 
Net asset value per share of New Mountain Finance Corporation$13.56 $13.49 
The accompanying notes are an integral part of these consolidated financial statements.
3

New Mountain Finance Corporation
 
Consolidated Statements of Operations
(in thousands, except shares and per share data)
(unaudited)
Three Months Ended
March 31, 2022March 31, 2021
Investment income
From non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind ("PIK") interest income)$37,444 $39,560 
PIK interest income3,302 2,534 
Dividend income48 — 
Non-cash dividend income3,085 2,401 
Other income1,631 2,824 
From non-controlled/affiliated investments:
Interest income (excluding PIK interest income)255 463 
PIK interest income251 — 
Non-cash dividend income982 1,505 
Other income63 102 
From controlled investments:
Interest income (excluding PIK interest income)1,656 1,148 
PIK interest income4,970 3,304 
Dividend income11,645 10,475 
Non-cash dividend income1,012 1,281 
Other income2,619 2,111 
Total investment income68,963 67,708 
Expenses
Incentive fee7,477 7,248 
Management fee11,553 13,420 
Interest and other financing expenses18,637 19,385 
Administrative expenses1,209 1,129 
Professional fees937 726 
Other general and administrative expenses477 442 
Total expenses40,290 42,350 
Less: management fee waived (See Note 5) (1,092)(3,637)
Less: expenses waived and reimbursed (See Note 5)(238)— 
Net expenses38,960 38,713 
Net investment income before income taxes30,003 28,995 
Income tax expense95 
Net investment income29,908 28,994 
Net realized gains (losses):
Non-controlled/non-affiliated investments(70)181 
Non-controlled/affiliated investments— (12,212)
Controlled investments19,242 1,535 
Foreign currency345— 
Net change in unrealized (depreciation) appreciation:
Non-controlled/non-affiliated investments(4,524)8,271 
Non-controlled/affiliated investments10,759 29,042 
Controlled investments(16,168)(3,841)
Securities purchased under collateralized agreements to resell(2,021)— 
Foreign currency(422)— 
Provision for taxes (2)(115)
Net realized and unrealized gains7,139 22,861 
Net increase in net assets resulting from operations37,047 51,855 
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation(855)(365)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation$36,192 $51,490 
Basic earnings per share$0.37 $0.53 
Weighted average shares of common stock outstanding - basic (See Note 11)
98,413,476 96,827,342 
Diluted earnings per share$0.34 $0.49 
Weighted average shares of common stock outstanding - diluted (See Note 11)
111,671,062 110,084,927 
Distributions declared and paid per share$0.30 $0.30 
The accompanying notes are an integral part of these consolidated financial statements.
4

New Mountain Finance Corporation
 
Consolidated Statements of Changes in Net Assets
(in thousands, except shares and per share data)
(unaudited)
Three Months Ended
March 31, 2022March 31, 2021
Increase (decrease) in net assets resulting from operations:
Net investment income$29,908 $28,994 
Net realized gains (losses) on investments and foreign currency19,517 (10,496)
Net change in unrealized (depreciation) appreciation of investments and foreign currency(10,355)33,472 
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell(2,021)— 
Provision for taxes(2)(115)
Net increase in net assets resulting from operations37,047 51,855 
Less: Net increase in net assets resulting from operations related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")(855)(365)
Net increase in net assets resulting from operations related to New Mountain Finance Corporation36,192 51,490 
Capital transactions
Net proceeds from shares sold20,474 — 
Offering costs(52)— 
Distributions declared to stockholders from net investment income(29,589)(29,048)
Reinvestment of distributions1,098 — 
Total net decrease in net assets resulting from capital transactions(8,069)(29,048)
Net increase in net assets28,123 22,442 
New Mountain Finance Corporation net assets at the beginning of the period1,321,245 1,221,875 
New Mountain Finance Corporation net assets at the end of the period 1,349,368 1,244,317 
Non-controlling interest in NMNLC18,472 18,481 
Net assets at the end of the period$1,367,840 $1,262,798 
Capital share activity
Shares sold1,511,836 — 
Shares issued from the reinvestment of distributions79,285 — 
Net increase in shares outstanding1,591,121 — 


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)
Three Months Ended
March 31, 2022March 31, 2021
Cash flows from operating activities
Net increase in net assets resulting from operations$37,047 $51,855 
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net realized (gains) losses on investments(19,172)10,496 
Net realized gains on translation of assets and liabilities in foreign currencies(345)— 
Net change in unrealized depreciation (appreciation) of investments 9,933 (33,472)
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies422 — 
Net change in unrealized depreciation of securities purchased under collateralized agreements to resell2,021 — 
Amortization of purchase discount
(1,393)(1,978)
Amortization of deferred financing costs
1,692 2,315 
Amortization of premium on Convertible Notes
(26)(26)
Non-cash investment income
(12,122)(11,091)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities
(153,863)(222,985)
Proceeds from sales and paydowns of investments
93,302 197,671 
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities
83 36 
Cash paid for purchase of drawn portion of revolving credit facilities
(32)(483)
Cash paid on drawn revolvers
(8,438)(13,806)
Cash repayments on drawn revolvers
8,419 10,502 
Deferred tax asset— 101 
Interest and dividend receivable
(3,892)(4,516)
Receivable from unsettled securities sold
— 9,019 
Receivable from affiliates
— 117 
Other assets
(4,268)(2,094)
Increase (decrease) in operating liabilities:
Management fee payable10,461 9,783 
Incentive fee payable7,477 7,248 
Payable for unsettled securities purchased(5,910)36,021 
Payable to affiliates678 671 
Interest payable(7,187)(5,761)
Deferred tax liability14 
Other liabilities(58)1,550 
Contributions related to non-controlling interest in New Mountain Net Lease Corporation ("NMNLC")— 3,102 
Net cash flows (used in) provided by operating activities(45,170)44,289 
Cash flows from financing activities
Net proceeds from shares sold20,474 — 
Offering costs paid(21)— 
Distributions paid(28,491)(29,048)
Proceeds from Holdings Credit Facility55,000 — 
Repayment of Holdings Credit Facility(24,000)— 
Proceeds from Unsecured Notes— 200,000 
Repayment of Unsecured Notes— (141,750)
Proceeds from NMFC Credit Facility61,349 157,000 
Repayment of NMFC Credit Facility(56,000)(215,500)
Proceeds from DB Credit Facility20,000 40,000 
Repayment of DB Credit Facility(22,000)(83,000)
Distributions related to non-controlling interest in NMNLC(3,750)— 
Deferred financing costs paid(14)(3,658)
Net cash flows provided by (used in) by financing activities22,547 (75,956)
Net decrease in cash and cash equivalents(22,623)(31,667)
Effect of foreign exchange rate changes on cash and cash equivalents(78)— 
Cash and cash equivalents at the beginning of the period58,077 78,966 
Cash and cash equivalents at the end of the period$35,376 $47,299 
Supplemental disclosure of cash flow information
Cash interest paid$23,703 $22,245 
Income taxes paid
Non-cash financing activities:
Value of shares reissued from repurchase program in connection with the distribution reinvestment plan$1,098 $— 
Accrual for offering costs42 — 
Accrual for deferred financing costs88 

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

New Mountain Finance Corporation
 
Consolidated Schedule of Investments
March 31, 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)7.25% (L + 5.75%/S)8/7/20195/22/2026$67,793 $67,552 $67,793 
First lien (5)(15)7.25% (L + 5.75%/S)8/7/20195/22/202621,912 21,839 21,912 
First lien (3)(15)(18) - Drawn7.25% (L + 5.75%/S)8/7/20195/22/20265,029 4,998 5,029 
94,389 94,734 6.93 %
PhyNet Dermatology LLC
Healthcare ServicesFirst lien (2)(15)7.00% (L + 5.50% + 0.50% PIK/Q)*9/17/20188/16/202449,551 49,331 49,551 
First lien (3)(15)7.00% (L + 5.50% + 0.50% PIK/Q)*9/17/20188/16/202418,919 18,812 18,919 
68,143 68,470 5.01 %
Associations, Inc.
Consumer ServicesFirst lien (2)(15)7.50% (L + 4.00% + 2.50% PIK/Q)*7/2/20217/2/202735,113 34,967 34,937 
First lien (8)(15)7.50% (L + 4.00% + 2.50% PIK/Q)*7/2/20217/2/20278,644 8,604 8,601 
First lien (3)(15)7.50% (L + 4.00% + 2.50% PIK/Q)*7/2/20217/2/20278,644 8,602 8,600 
First lien (8)(15)7.50% (L + 4.00% + 2.50% PIK/Q)*7/2/20217/2/20275,221 5,197 5,195 
First lien (8)(15)7.50% (L + 4.00% + 2.50% PIK/Q)*7/2/20217/2/20274,153 4,134 4,133 
61,504 61,466 4.49 %
iCIMS, Inc.
SoftwareFirst lien (8)(15)7.50% (L + 6.50%/S)9/12/20189/12/202441,635 41,431 41,635 
First lien (8)(15)7.50% (L + 6.50%/S)6/14/20199/12/20248,667 8,622 8,667 
First lien (3)(15)(18) - Drawn7.50% (L + 6.50%/S)9/12/20189/12/20242,915 2,886 2,915 
52,939 53,217 3.89 %
Frontline Technologies Group Holdings, LLC
SoftwareFirst lien (4)(15)6.25% (L + 5.25%/Q)9/18/20179/18/202321,662 21,616 21,662 
First lien (2)(15)6.25% (L + 5.25%/Q)9/18/20179/18/202318,256 18,232 18,256 
First lien (2)(15)6.25% (L + 5.25%/Q)9/18/20179/18/20237,536 7,514 7,536 
First lien (2)(15)6.25% (L + 5.25%/Q)6/15/20219/18/20235,019 5,019 5,019 
52,381 52,473 3.84 %
CentralSquare Technologies, LLC
SoftwareSecond lien (3)8.51% (L + 7.50%/Q)8/15/20188/31/202647,838 47,450 44,370 
Second lien (8)8.51% (L + 7.50%/Q)8/15/20188/31/20267,500 7,439 6,956 
54,889 51,326 3.75 %
The accompanying notes are an integral part of these consolidated financial statements.
7

New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
March 31, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)
 Cost Fair
 Value
Percent 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$38,609 $38,542 $38,609 
First lien (2)(15)8.50% (L + 6.00% + 1.50% PIK/M)*2/9/20182/9/202410,731 10,711 10,731 
49,253 49,340 3.61 %
Paw Midco, Inc.
AAH Topco, LLC
Consumer ServicesFirst lien (8)(15)6.25% (L + 5.50%/M)12/22/202112/22/202720,791 20,591 20,583 
First lien (4)(15)6.25% (L + 5.50%/M)1/13/202212/22/20279,871 9,776 9,773 
Subordinated (3)(15)11.50% PIK/Q*12/22/202112/22/203111,461 11,298 11,290 
Subordinated (4)(15)11.50% PIK/Q*1/13/202212/22/20314,495 4,430 4,427 
46,095 46,073 3.37 %
Affinity Dental Management, Inc.
Healthcare ServicesFirst lien (2)(15)7.03% (L + 6.00%/S)9/15/20179/15/202333,194 33,173 33,194 
First lien (4)(15)7.03% (L + 6.00%/S)9/17/20199/15/202310,454 10,454 10,454 
First lien (3)(15)(18) - Drawn7.00% (L + 6.00%/S)9/15/20173/15/20231,738 1,720 1,738 
45,347 45,386 3.32 %
Brave Parent Holdings, Inc.
SoftwareSecond lien (5)(15)7.96% (L + 7.50%/M)4/17/20184/17/202622,500 22,433 22,500 
Second lien (2)(15)7.96% (L + 7.50%/M)4/17/20184/17/202616,624 16,524 16,624 
Second lien (8)(15)7.96% (L + 7.50%/M)4/17/20184/17/20266,000 5,964 6,000 
44,921 45,124 3.30 %
Integro Parent Inc.
Insurance ServicesFirst lien (2)(15)6.75% (L + 5.75%/S)10/9/201510/31/202233,986 33,958 31,349 
First lien (3)(15)(18) - Drawn2.80% (L + 2.50%/S)6/8/20184/30/20226,743 6,709 6,219 
Second lien (8)(15)10.25% (L + 9.25%/S)10/9/201510/30/202310,000 9,973 6,500 
50,640 44,068 3.22 %
Kaseya Inc.
SoftwareFirst lien (8)(15)7.50% (L + 5.50% + 1.00% PIK/Q)*5/9/20195/2/202529,170 29,014 29,170 
First lien (8)(15)7.50% (L + 5.50% + 1.00% PIK/Q)*9/8/20215/2/20257,816 7,757 7,816 
First lien (3)(15)7.50% (L + 5.50% + 1.00% PIK/Q)*5/9/20195/2/20253,414 3,391 3,414 
First lien (3)(15)(18) - Drawn7.50% (L + 5.50% + 1.00% PIK/Q)*9/8/20215/2/20251,908 1,893 1,908 
42,055 42,308 3.09 %
The accompanying notes are an integral part of these consolidated financial statements.
8

New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
March 31, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)
 Cost Fair
 Value
Percent of Net
Assets
Deca Dental Holdings LLC
Healthcare ServicesFirst lien (2)(15)6.76% (L + 5.75%/Q)8/26/20218/28/2028$38,148 $37,793 $37,766 
First lien (3)(15)(18) - Drawn6.76% (L + 5.75%/Q)8/26/20218/28/20284,016 3,977 3,975 
41,770 41,741 3.05 %
GC Waves Holdings, Inc.
Financial ServicesFirst lien (5)(15)6.25% (L + 5.50%/M)8/13/20218/13/202622,053 21,943 22,053 
First lien (2)(15)6.25% (L + 5.50%/M)8/13/20218/13/202613,311 13,220 13,311 
First lien (2)(15)(18) - Drawn6.28% (L + 5.50%/M)8/13/20218/13/20266,301 6,242 6,301 
41,405 41,665 3.05 %
Recorded Future, Inc.
SoftwareFirst lien (8)(15)6.26% (L + 5.25%/Q)8/26/20197/3/202524,655 24,504 24,532 
First lien (8)(15)6.26% (L + 5.25%/Q)3/26/20217/3/202512,748 12,667 12,685 
37,171 37,217 2.72 %
Stamps.com Inc.
SoftwareFirst lien (8)(15)6.50% (L + 5.75%/Q)10/5/202110/5/202837,273 36,922 36,900 2.70 %
OEC Holdco, LLC (22)
OEConnection LLC
Business ServicesSecond lien (2)(15)7.50% (L + 7.00%/M)12/17/20219/25/202723,406 23,181 23,171 
Second lien (2)(15)7.50% (L + 7.00%/M)9/25/20199/25/202712,044 11,953 11,924 
35,134 35,095 2.57 %
MRI Software LLC
SoftwareFirst lien (5)(15)6.51% (L + 5.50%/Q)1/31/20202/10/202622,048 21,972 22,048 
First lien (2)(15)6.51% (L + 5.50%/Q)3/24/20212/10/20267,785 7,766 7,785 
First lien (2)(15)6.51% (L + 5.50%/Q)1/31/20202/10/20263,197 3,186 3,197 
First lien (3)(15)6.51% (L + 5.50%/Q)1/31/20202/10/2026816 812 816 
33,736 33,846 2.47 %
IG Investments Holdings, LLC
Business ServicesFirst lien (2)(15)7.01% (L + 6.00%/Q)9/22/20219/22/202829,355 29,079 29,061 
First lien (2)(15)7.01% (L + 6.00%/Q)2/25/20229/22/20284,289 4,268 4,246 
First lien (3)(15)(18) - Drawn8.50% (P + 5.00%/Q)9/22/20219/22/2027460 455 455 
33,802 33,762 2.47 %
The accompanying notes are an integral part of these consolidated financial statements.
9

New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
March 31, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of 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 (2)(15)6.76% (L + 5.75%/Q)3/30/20218/4/2025$17,717 $17,647 $17,717 
First lien (2)(15)6.76% (L + 5.75%/Q)3/4/20218/4/20259,880 9,841 9,880 
First lien (3)(15)7.26% (L + 6.25%/Q)12/19/20188/4/20255,872 5,846 5,907 
33,334 33,504 2.45 %
EAB Global, Inc.
EducationSecond lien (2)(15)7.00% (L + 6.50%/S)8/16/20218/16/202933,452 32,981 32,951 2.41 %
KAMC Holdings, Inc
Business ServicesSecond lien (2)(15)8.47% (L + 8.00%/Q)8/14/20198/13/202718,750 18,646 16,279 
Second lien (8)(15)8.47% (L + 8.00%/Q)8/14/20198/13/202718,750 18,646 16,279 
37,292 32,558 2.38 %
Ansira Holdings, Inc.
Business ServicesFirst lien (8)(15)7.50% (L + 6.50% PIK/Q)*12/19/201612/20/202432,553 32,511 24,599 
First lien (3)(15)7.50% (L + 6.50% PIK/Q)*12/19/201612/20/20248,182 8,173 6,182 
40,684 30,781 2.25 %
DCA Investment Holding, LLC
Healthcare ServicesFirst lien (2)(15)6.75% (SOFR + 6.00%/S)3/12/20214/3/202819,823 19,696 19,823 
First lien (2)(15)6.75% (SOFR + 6.00%/S)2/25/20224/3/20287,099 7,064 7,099 
First lien (3)(15)6.75% (SOFR + 6.00%/S)3/12/20214/3/20283,298 3,273 3,298 
30,033 30,220 2.21 %
Granicus, Inc.
SoftwareFirst lien (4)(15)7.50% (L + 6.50%/Q)1/27/20211/29/202715,483 15,385 15,483 
First lien (8)(15)7.50% (L + 6.50%/Q)1/27/20211/29/20275,989 5,949 5,989 
First lien (2)(15)7.50% (L + 6.50%/Q)1/27/20211/29/20275,907 5,870 5,907 
First lien (3)(15)(18) - Drawn7.01% (L + 6.00%/Q)4/23/20211/29/20272,771 2,746 2,744 
29,950 30,123 2.20 %
TigerConnect, Inc.
Healthcare ServicesFirst lien (2)(15)7.75% (SOFR + 6.75%/Q)2/16/20222/16/202829,868 29,574 29,570 2.16 %
Foundational Education Group, Inc.
EducationSecond lien (5)7.00% (L + 6.50%/M)8/19/20218/31/202922,500 22,393 22,373 
Second lien (2)7.00% (L + 6.50%/M)8/19/20218/31/20297,009 6,985 6,969 
29,378 29,342 2.15 %
The accompanying notes are an integral part of these consolidated financial statements.
10

New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
March 31, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)
 Cost Fair
 Value
Percent of Net
Assets
Syndigo LLC
SoftwareSecond lien (4)(15)8.75% (L + 8.00%/S)12/14/202012/15/2028$22,500 $22,351 $22,500 
Second lien (2)(15)8.75% (L + 8.00%/S)2/16/202212/15/20285,697 5,711 5,697 
28,062 28,197 2.06 %
OA Topco, L.P. (40)
OA Buyer, Inc.
Healthcare Information TechnologyFirst lien (2)(15)6.75% (L + 6.00%/M)12/20/202112/20/202828,201 27,927 27,918 2.04 %
TMK Hawk Parent, Corp.
Distribution & LogisticsFirst lien (2)4.50% (L + 3.50%/M)6/24/20198/28/202416,521 15,206 14,125 
First lien (8)4.50% (L + 3.50%/M)10/23/20198/28/202415,934 14,332 13,624 
29,538 27,749 2.03 %
New Trojan Parent, Inc.
Healthcare ServicesSecond lien (2)(15)7.75% (L + 7.25%/M)1/22/20211/5/202926,762 26,643 26,762 1.96 %
HS Purchaser, LLC / Help/Systems Holdings, Inc.
SoftwareSecond lien (5)7.50% (L + 6.75%/M)11/14/201911/19/202722,500 22,407 22,317 
Second lien (2)7.50% (L + 6.75%/M)11/14/201911/19/20274,208 4,176 4,174 
26,583 26,491 1.94 %
VT Topco, Inc.
Business ServicesSecond lien (2)(15)7.76% (L + 6.75%/Q)7/30/20217/31/202616,183 16,129 16,183 
Second lien (4)(15)7.76% (L + 6.75%/Q)8/14/20187/31/202610,000 9,984 10,000 
26,113 26,183 1.91 %
CRCI Longhorn Holdings, Inc.
Business ServicesSecond lien (3)(15)7.70% (L + 7.25%/M)8/2/20188/10/202618,266 18,223 18,266 
Second lien (8)(15)7.70% (L + 7.25%/M)8/2/20188/10/20267,500 7,482 7,500 
25,705 25,766 1.88 %
Idera, Inc.
SoftwareSecond lien (4)(15)7.50% (L + 6.75%/S)6/27/20193/2/202922,500 22,220 22,500 
Second lien (3)(15)7.50% (L + 6.75%/S)4/29/20213/2/20293,000 2,986 3,000 
25,206 25,500 1.86 %
NMC Crimson Holdings, Inc.
Healthcare ServicesFirst lien (8)(15)6.75% (L + 6.00%/M)3/1/20213/1/202819,259 19,006 19,259 
First lien (2)(15)6.75% (L + 6.00%/M)3/2/20213/1/20284,913 4,848 4,913 
23,854 24,172 1.77 %
Convey Health Solutions, Inc.**
Healthcare ServicesFirst lien (4)(15)5.50% (L + 4.75%/M)9/9/20199/4/202619,263 19,116 19,263 
First lien (4)(15)5.50% (L + 4.75%/M)2/1/20229/4/20263,233 3,186 3,233 
22,302 22,496 1.64 %
The accompanying notes are an integral part of these consolidated financial statements.
11

New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
March 31, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of 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 (2)(15)6.30% (SOFR + 5.50%/Q)2/25/20222/25/2028$22,490 $22,379 $22,378 1.64 %
ACI Parent Inc. (36)
ACI Group Holdings, Inc.
Healthcare ServicesFirst lien (2)(15)6.51% (L + 5.50%/Q)8/2/20218/2/202822,250 22,045 22,028 
First lien (3)(15)(18) - Drawn6.51% (L + 5.50%/Q)8/2/20218/2/202859 58 58 
22,103 22,086 1.61 %
Cardinal Parent, Inc.
SoftwareFirst lien (4)5.25% (L + 4.50%/Q)10/30/202011/12/202712,066 11,990 12,052 
Second lien (4)(15)8.50% (L + 7.75%/Q)11/12/202011/13/20289,767 9,682 9,864 
21,672 21,916 1.60 %
Spring Education Group, Inc (fka SSH Group Holdings, Inc.)
EducationSecond lien (2)9.26% (L + 8.25%/Q)7/26/20187/30/202621,959 21,922 21,337 1.56 %
MED Parentco, LP
Healthcare ServicesSecond lien (8)8.71% (L + 8.25%/M)8/2/20198/30/202720,857 20,739 20,788 1.52 %
Bullhorn, Inc.
SoftwareFirst lien (2)(15)6.76% (L + 5.75%/Q)9/24/20199/30/202616,788 16,702 16,788 
First lien (3)(15)6.76% (L + 5.75%/Q)10/5/20219/30/20261,171 1,168 1,171 
First lien (2)(15)6.76% (L + 5.75%/Q)10/5/20219/30/20261,073 1,070 1,073 
First lien (3)(15)6.76% (L + 5.75%/Q)9/24/20199/30/2026777 771 777 
First lien (3)(15)6.76% (L + 5.75%/Q)9/24/20199/30/2026348 346 348 
First lien (3)(15)6.76% (L + 5.75%/Q)9/24/20199/30/2026277 276 277 
20,333 20,434 1.49 %
YLG Holdings, Inc.
Business ServicesFirst lien (5)(15)6.25% (L + 5.25%/S)11/1/201910/31/202517,999 17,941 17,999 
First lien (5)(15)6.25% (L + 5.25%/S)11/1/201910/31/20252,344 2,335 2,344 
20,276 20,343 1.49 %
Fortis Solutions Group, LLC
PackagingFirst lien (8)(15)6.51% (L + 5.50%/Q)10/15/202110/13/202810,273 10,175 10,170 
First lien (2)(15)6.51% (L + 5.50%/Q)10/15/202110/13/202810,273 10,175 10,170 
20,350 20,340 1.49 %
DG Investment Intermediate Holdings 2, Inc.
Business ServicesSecond lien (3)(15)7.50% (L + 6.75%/M)3/18/20213/30/202920,313 20,266 20,313 1.49 %
The accompanying notes are an integral part of these consolidated financial statements.
12

New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
March 31, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)
 Cost Fair
 Value
Percent of Net
Assets
Infogain Corporation
SoftwareFirst lien (2)(15)6.75% (L + 5.75%/S)7/30/20217/28/2028$19,042 $18,910 $18,899 
First lien (3)(15)(18) - Drawn6.75% (L + 5.75%/Q)7/30/20217/30/2026765 760 760 
19,670 19,659 1.44 %
Xactly Corporation
SoftwareFirst lien (4)(15)8.25% (L + 7.25%/S)7/31/20177/31/202319,047 19,011 19,047 1.39 %
Bluefin Holding, LLC
SoftwareSecond lien (8)(15)8.26% (L + 7.75%/Q)9/6/20199/3/202718,000 18,000 18,000 1.32 %
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)*9/30/20159/30/202627,876 27,829 17,554 
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 — — 
29,356 17,554 1.28 %
Trinity Air Consultants Holdings Corporation
Business ServicesFirst lien (2)(15)6.00% (L + 5.25%/S)6/30/20216/29/202715,382 15,244 15,326 
First lien (3)(15)(18) - Drawn6.15% (L + 5.25%/S)6/30/20216/29/20271,876 1,857 1,869 
17,101 17,195 1.26 %
The Kleinfelder Group, Inc.
Business ServicesFirst lien (4)(15)6.25% (L + 5.25%/Q)12/18/201811/29/202416,664 16,623 16,664 1.22 %
Kele Holdco, Inc.
Distribution & LogisticsFirst lien (5)(15)6.75% (L + 5.75%/M)2/20/20202/20/202615,909 15,853 15,909 
First lien (3)(15)(18) - Drawn6.75% (L + 5.75%/M)2/20/20202/20/2026630 627 630 
16,480 16,539 1.21 %
Coyote Buyer, LLC
Specialty Chemicals & MaterialsFirst lien (5)(15)7.00% (L + 6.00%/S)3/13/20202/6/202613,901 13,853 13,901 
First lien (5)(15)9.00% (L + 8.00%/S)10/15/20208/6/20262,502 2,482 2,502 
16,335 16,403 1.20 %
Pioneer Topco I, L.P. (39)
Pioneer Buyer I, LLC
SoftwareFirst lien (8)(15)7.75% (L + 7.00% PIK/Q)*11/1/202111/1/202813,892 13,764 13,753 
First lien (8)(15)7.75% (L + 7.00% PIK/Q)*3/11/202211/1/20281,904 1,885 1,885 
15,649 15,638 1.14 %
The accompanying notes are an integral part of these consolidated financial statements.
13

New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
March 31, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)
 Cost Fair
 Value
Percent of Net
Assets
Hill International, Inc.
Business ServicesFirst lien (2)(15)6.76% (L + 5.75%/Q)6/21/201711/5/2023$15,050 $15,031 $15,050 1.10 %
CFS Management, LLC
Healthcare ServicesFirst lien (2)(15)7.25% (SOFR + 6.25%/Q)8/6/20197/1/202411,468 11,440 11,468 
First lien (3)(15)7.25% (SOFR + 6.25%/Q)8/6/20197/1/20243,416 3,406 3,416 
14,846 14,884 1.09 %
Wealth Enhancement Group, LLC
Financial ServicesFirst lien (3)(15)6.75% (L + 5.75%/S)1/10/202210/4/20271,263 1,251 1,263 
First lien (3)(15)6.75% (L + 5.75%/M)1/10/202210/4/2027847 839 847 
First lien (3)(15)(18) - Drawn6.75% (L + 5.75%/M)8/13/202110/4/202711,821 11,799 11,821 
First lien (3)(15)(18) - Drawn6.75% (L + 5.75%/M)8/13/202110/4/2027293 292 293 
14,181 14,224 1.04 %
FS WhiteWater Holdings, LLC (38)
FS WhiteWater Borrower, LLC
Consumer ServicesFirst lien (5)(15)6.76% (L + 5.75%/Q)12/20/202112/21/202710,474 10,373 10,369 
First lien (5)(15)6.71% (L + 5.75%/Q)12/20/202112/21/20273,493 3,460 3,459 
First lien (3)(15)(18) - Drawn6.50% (L + 5.75%/Q)12/20/202112/21/2027357 353 353 
14,186 14,181 1.04 %
Galway Borrower LLC
Insurance ServicesFirst lien (2)(15)6.26% (L + 5.25%/Q)9/30/20219/29/202813,652 13,523 13,515 
First lien (3)(15)(18) - Drawn6.26% (L + 5.25%/Q)9/30/20219/29/2028186 185 185 
13,708 13,700 1.00 %
Transcendia Holdings, Inc.
PackagingSecond lien (8)(15)9.00% (L + 8.00%/M)6/28/20175/30/202514,500 14,403 13,447 0.98 %
Alegeus Technologies Holding Corp.
Healthcare ServicesFirst lien (8)(15)9.25% (L + 8.25%/S)9/5/20189/5/202413,444 13,412 13,444 0.98 %
Castle Management Borrower LLC
Business ServicesFirst lien (2)(15)3.19% (L + 2.19%/Q)5/31/20182/15/202514,590 14,563 13,433 0.98 %
The accompanying notes are an integral part of these consolidated financial statements.
14

New Mountain Finance Corporation
 
Consolidated Schedule of Investments (Continued)
March 31, 2022
(in thousands, except shares)
(unaudited)

Portfolio Company, Location and Industry (1)Type of InvestmentInterest Rate (19)Acquisition DateMaturity / Expiration Date Principal
 Amount,
 Par Value
 or Shares (17)
 Cost Fair
 Value
Percent of Net
Assets
Daxko Acquisition Corporation
SoftwareFirst lien (8)(15)6.25% (L + 5.50%/Q)10/15/202110/16/2028$13,244 $13,118 $13,111 
First lien (3)(15)(18) - Drawn6.25% (L + 5.50%/S)10/15/202110/16/2028295 292 292 
13,410 13,403 0.98 %
FR Arsenal Holdings II Corp.
Business ServicesFirst lien (2)(15)8.50% (L + 7.50%/S)9/29/20169/8/202214,770 14,755 13,201 0.97 %
USRP Holdings, Inc.
Federal ServicesFirst lien (2)(15)6.50% (L + 5.50%/Q)7/22/20217/23/202711,397 11,294 11,283 
First lien (3)(15)6.50% (L + 5.50%/Q)7/22/20217/23/20271,484 1,469 1,469 
First lien (3)(15)(18) - Drawn6.51% (L + 5.50%/Q)7/22/20217/23/202715 15 15 
12,778 12,767 0.93 %
Calabrio, Inc.
SoftwareFirst lien (5)(15)8.01% (L + 7.00%/Q)4/16/20214/16/202712,347 12,267 12,267 0.90 %
Apptio, Inc.
SoftwareFirst lien (8)(15)8.25% (L + 7.25%/Q)1/10/20191/10/202511,203 11,084 11,203 
First lien (3)(15)(18) - Drawn8.25% (L + 7.25%/Q)1/10/20191/10/2025827 810 827 
11,894 12,030 0.88 %
CHA Holdings, Inc.
Business ServicesSecond lien (4)(15)9.76% (L + 8.75%/Q)4/3/20184/10/20267,012 6,969 7,012 
Second lien (3)(15)9.76% (L + 8.75%/Q)