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(fka Stamps.com Inc.), First Lien 12024-12-310001766037Auctane Inc. (fka Stamps.com Inc.), First Lien 22024-12-310001766037nmslf:AuctaneInc.FkaStamps.comInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037Oranje Holdco, Inc., First Lien 12024-12-310001766037Oranje Holdco, Inc., First Lien 22024-12-310001766037nmslf:OranjeHoldcoInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037Ocala Bidco, Inc., First Lien 12024-12-310001766037Ocala Bidco, Inc., First Lien 22024-12-310001766037nmslf:OcalaBidcoInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037Foreside Financial Group, LLC, First Lien 12024-12-310001766037Foreside Financial Group, LLC, First Lien 22024-12-310001766037nmslf:ForesideFinancialGroupLLCMembernmslf:FundedDebtSecuritiesMember2024-12-310001766037MAI Capital Management Intermediate LLC, First Lien2024-12-310001766037MAI Capital Management Intermediate LLC, First Lien - Drawn 12024-12-310001766037MAI Capital Management Intermediate LLC, First Lien - Drawn 22024-12-310001766037nmslf:MAICapitalManagementIntermediateLLCMembernmslf:FundedDebtSecuritiesMember2024-12-310001766037Project Essential Bidco, Inc., First Lien2024-12-310001766037FS WhiteWater Borrower, LLC, First Lien 12024-12-310001766037FS WhiteWater Borrower, LLC, First Lien 22024-12-310001766037FS WhiteWater Borrower, LLC, First Lien 32024-12-310001766037FS WhiteWater Borrower, LLC, First Lien 42024-12-310001766037nmslf:FSWhiteWaterBorrowerLLCMembernmslf:FundedDebtSecuritiesMember2024-12-310001766037Vessco Midco Holdings, LLC, First Lien2024-12-310001766037Vessco Midco Holdings, LLC, First Lien - Drawn2024-12-310001766037nmslf:VesscoMidcoHoldingsLLCMembernmslf:FundedDebtSecuritiesMember2024-12-310001766037KWOR Acquisition, Inc., First Lien 12024-12-310001766037KWOR Acquisition, Inc., First Lien 22024-12-310001766037nmslf:KWORAcquisitionInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037PPV Intermediate Holdings, LLC, First Lien 12024-12-310001766037PPV Intermediate Holdings, LLC, First Lien 22024-12-310001766037nmslf:PPVIntermediateHoldingsLLCMembernmslf:FundedDebtSecuritiesMember2024-12-310001766037Foundational Education Group, Inc., First Lien2024-12-310001766037Foundational Education Group, Inc., Second Lien2024-12-310001766037nmslf:FoundationalEducationGroupInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037CentralSquare Technologies, LLC, First Lien2024-12-310001766037Enverus Holdings, Inc., First Lien2024-12-310001766037Enverus Holdings, Inc., First Lien - Drawn2024-12-310001766037nmslf:EnverusHoldingsInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037Businessolver.com, Inc., First Lien2024-12-310001766037Businessolver.com, Inc., First Lien - Drawn2024-12-310001766037nmslf:Businessolver.comInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037Coupa Holdings, LLC, First Lien2024-12-310001766037Eisner Advisory Group LLC, First Lien2024-12-310001766037Alegeus Technologies Holdings Corp., First Lien2024-12-310001766037Superman Holdings, LLC, First Lien2024-12-310001766037Bullhorn, Inc., First Lien 12024-12-310001766037Bullhorn, Inc., First Lien 22024-12-310001766037nmslf:BullhornInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037Brave Parent Holdings, Inc., First Lien2024-12-310001766037Brave Parent Holdings, Inc., First Lien - Drawn2024-12-310001766037nmslf:BraveParentHoldingsInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037YLG Holdings, Inc., First Lien 12024-12-310001766037YLG Holdings, Inc., First Lien 22024-12-310001766037nmslf:YLGHoldingsInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037Runway Bidco, LLC, First Lien2024-12-310001766037USRP Holdings, Inc., First Lien 12024-12-310001766037USRP Holdings, Inc., First Lien - Drawn2024-12-310001766037USRP Holdings, Inc., First Lien 22024-12-310001766037nmslf:USRPHoldingsInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien 12024-12-310001766037Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien 22024-12-310001766037nmslf:LegalSpendHoldingsLLCFkaBottomlineTechnologiesInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037Nielsen Consumer Inc., First Lien2024-12-310001766037CFS Management, LLC, First Lien 12024-12-310001766037CFS Management, LLC, First Lien 22024-12-310001766037nmslf:CFSManagementLLCMembernmslf:FundedDebtSecuritiesMember2024-12-310001766037DOCS, MSO, LLC., First Lien2024-12-310001766037Daxko Acquisition Corporation, First Lien 12024-12-310001766037Daxko Acquisition Corporation, First Lien 22024-12-310001766037Daxko Acquisition Corporation, First Lien - Drawn2024-12-310001766037Daxko Acquisition Corporation, First Lien 32024-12-310001766037nmslf:DaxkoAcquisitionCorporationMembernmslf:FundedDebtSecuritiesMember2024-12-310001766037GC Waves Holdings, Inc. 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First Lien2024-12-310001766037eResearchTechnology, Inc. First Lien2024-12-310001766037KENE Acquisition, Inc., First Lien2024-12-310001766037KENE Acquisition, Inc., First Lien - Drawn2024-12-310001766037nmslf:KENEAcquisitionInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037Next Holdco, LLC, Inc. First Lien2024-12-310001766037More cowbell II LLC, First Lien2024-12-310001766037More cowbell II LLC, First Lien- Drawn2024-12-310001766037nmslf:MoreCowbellIILLCMembernmslf:FundedDebtSecuritiesMember2024-12-310001766037CB Buyer, Inc. First Lien2024-12-310001766037Galway Borrower LLC, First Lien 12024-12-310001766037Galway Borrower LLC, First Lien 22024-12-310001766037nmslf:GalwayBorrowerLLCMembernmslf:FundedDebtSecuritiesMember2024-12-310001766037TMK Hawk Parent, Corp., First Lien 12024-12-310001766037TMK Hawk Parent, Corp., First Lien 22024-12-310001766037TMK Hawk Parent, Corp., Subordinated2024-12-310001766037nmslf:TMKHawkParentCorp.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037KENG Acquisition, Inc., First Lien2024-12-310001766037KENG Acquisition, Inc., First Lien - Drawn2024-12-310001766037nmslf:KENGAcquisitionInc.Membernmslf:FundedDebtSecuritiesMember2024-12-310001766037Accession Risk Management Group, Inc.. First Lien2024-12-310001766037country:USnmslf:FundedDebtSecuritiesMember2024-12-310001766037Atlas AU Bidco Pty Ltd, First Lien 12024-12-310001766037Atlas AU Bidco Pty Ltd, First Lien 22024-12-310001766037nmslf:AtlasAUBidcoPtyLtdMembernmslf:FundedDebtSecuritiesMember2024-12-310001766037country:AUnmslf:FundedDebtSecuritiesMember2024-12-310001766037nmslf:FundedDebtSecuritiesMember2024-12-310001766037Eclipse Topco, Inc., Preferred Shares2024-12-310001766037Ambrosia Holdco Corp...Ordinary Shares2024-12-310001766037Pioneer Topco I, L.P..Ordinary Shares2024-12-310001766037country:USus-gaap:EquitySecuritiesMember2024-12-310001766037us-gaap:EquitySecuritiesMember2024-12-310001766037nmslf:FundedSecuritiesMember2024-12-310001766037Accession Risk Management Group, Inc., First Lien - Undrawn 12024-12-310001766037Accession Risk Management Group, Inc., First Lien - Undrawn 22024-12-310001766037nmslf:AccessionRiskManagementGroupInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Coupa Holdings, LLC, First Lien - Undrawn 12024-12-310001766037Coupa Holdings, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:CoupaHoldingsLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037PDQ.com Corporation, First Lien - Undrawn 12024-12-310001766037PDQ.com Corporation, First Lien - Undrawn 22024-12-310001766037nmslf:PDQ.comCorporationMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Riskonnect Parent, LLC, First Lien - Undrawn2024-12-310001766037Businessolver.com, Inc., First Lien - Undrawn2024-12-310001766037Power Grid Holdings, Inc., First Lien - Undrawn2024-12-310001766037YLG Holdings, Inc. First Lien- Undrawn2024-12-310001766037Wealth Enhancement Group, LLC, First Lien- Undrawn2024-12-310001766037TMK Hawk Parent, Corp., First Lien - Undrawn2024-12-310001766037FS WhiteWater Borrower, LLC, First Lien - Undrawn2024-12-310001766037Kele Holdco, Inc., First Lien - Undrawn2024-12-310001766037Safety Borrower Holdings LLC, First Lien - Undrawn2024-12-310001766037IG Investments Holdings, LLC, First Lien - Undrawn2024-12-310001766037Bullhorn, Inc., First Lien - Undrawn 12024-12-310001766037Bullhorn, Inc., First Lien - Undrawn 22024-12-310001766037nmslf:BullhornInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC), First Lien - Undrawn2024-12-310001766037MRI Software LLC, First Lien - Undrawn 12024-12-310001766037MRI Software LLC, First Lien- Undrawn 22024-12-310001766037nmslf:MRISoftwareLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Trinity Air Consultants Holdings Corporation, First Lien - Undrawn 12024-12-310001766037Trinity Air Consultants Holdings Corporation, First Lien - Undrawn 22024-12-310001766037nmslf:TrinityAirConsultantsHoldingsCorporationMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Radwell Parent, LLC, First Lien - Undrawn2024-12-310001766037TigerConnect, Inc., First Lien - Undrawn2024-12-310001766037TigerConnect, Inc., First Lien- Undrawn2024-12-310001766037nmslf:TigerConnectIncMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Beacon Pointe Harmony, LLC, First Lien- Undrawn 12024-12-310001766037Beacon Pointe Harmony, LLC, First Lien- Undrawn 22024-12-310001766037nmslf:BeaconPointeHarmonyLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Infogain Corporation, First Lien - Undrawn2024-12-310001766037Daxko Acquisition Corporation, First Lien - Undrawn 12024-12-310001766037Daxko Acquisition Corporation, First Lien - Undrawn 22024-12-310001766037nmslf:DaxkoAcquisitionCorporationMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037PetVet Care Centers, LLC, First Lien - Undrawn 12024-12-310001766037PetVet Care Centers, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:PetVetCareCentersLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Kaseya Inc., First Lien - Undrawn 12024-12-310001766037Kaseya Inc., First Lien - Undrawn 22024-12-310001766037nmslf:KaseyaIncMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037CoreTrust Purchasing Group LLC, First Lien - Undrawn 12024-12-310001766037CoreTrust Purchasing Group LLC, First Lien - Undrawn 22024-12-310001766037nmslf:CoreTrustPurchasingGroupLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Fortis Solutions Group, LLC, First Lien - Undrawn 12024-12-310001766037Fortis Solutions Group, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:FortisSolutionsGroupLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Foreside Financial Group, LLC, First Lien - Undrawn 12024-12-310001766037Foreside Financial Group, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:ForesideFinancialGroupLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Allworth Financial Group, L.P., First Lien - Undrawn2024-12-310001766037Oranje Holdco, Inc., First Lien - Undrawn2024-12-310001766037Avalara, Inc., First Lien - Undrawn2024-12-310001766037USRP Holdings, Inc., First Lien - Undrawn 12024-12-310001766037USRP Holdings, Inc., First Lien - Undrawn 22024-12-310001766037USRP Holdings, Inc., First Lien - Undrawn 32024-12-310001766037nmslf:USRPHoldingsInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037PPV Intermediate Holdings, LLC, First Lien - Undrawn2024-12-310001766037OA Buyer, Inc., First Lien - Undrawn2024-12-310001766037AAH Topco, LLC, First Lien - Undrawn 12024-12-310001766037AAH Topco, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:AAHTopcoLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Next Holdco, LLC, First Lien - Undrawn 12024-12-310001766037Next Holdco, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:NextHoldcoLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037PDI TA Holdings, Inc., First Lien - Undrawn 12024-12-310001766037PDI TA Holdings, Inc., First Lien - Undrawn 22024-12-310001766037nmslf:PDITAHoldingsInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Bluefin Holding, LLC, First Lien - Undrawn2024-12-310001766037Project Accelerate Parent, LLC, First Lien - Undrawn2024-12-310001766037KENE Acquisition, Inc., First Lien - Undrawn 12024-12-310001766037KENE Acquisition, Inc., First Lien - Undrawn 22024-12-310001766037nmslf:KENEAcquisitionInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien - Undrawn2024-12-310001766037Calabrio, Inc., First Lien - Undrawn2024-12-310001766037GS Acquisitionco, Inc., First Lien - Undrawn2024-12-310001766037Icefall Parent, Inc.., First Lien - Undrawn2024-12-310001766037Healthspan Buyer, LLC First Lien - Undrawn2024-12-310001766037OB Hospitalist Group, Inc.., First Lien - Undrawn2024-12-310001766037KENG Acquisition, Inc., First Lien- Undrawn 12024-12-310001766037KENG Acquisition, Inc., First Lien - Undrawn 22024-12-310001766037KENG Acquisition, Inc., First Lien - Undrawn 32024-12-310001766037nmslf:KENGAcquisitionInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Enverus Holdings, Inc., First Lien - Undrawn 12024-12-310001766037Enverus Holdings, Inc., First Lien - Undrawn 22024-12-310001766037nmslf:EnverusHoldingsInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Ciklum Inc., First Lien - Undrawn 12024-12-310001766037Ciklum Inc., First Lien - Undrawn 22024-12-310001766037nmslf:CiklumInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037LogRhythm, Inc.., First Lien - Undrawn2024-12-310001766037Pioneer Buyer I, LLC.., First Lien - Undrawn2024-12-310001766037Diligent Corporation, First Lien - Undrawn 12024-12-310001766037Diligent Corporation, First Lien - Undrawn 22024-12-310001766037nmslf:DiligentCorporationMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037DOXA Insurance Holdings LLC., First Lien - Undrawn2024-12-310001766037Al Altius US Bidco, Inc.., First Lien - Undrawn2024-12-310001766037Adelaide Borrower, LLC, First Lien - Undrawn 12024-12-310001766037Adelaide Borrower, LLC First Lien - Undrawn 22024-12-310001766037nmslf:AdelaideBorrowerLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037OEConnection LLC, First Lien - Undrawn 12024-12-310001766037OEConnection LLC, First Lien - Undrawn 22024-12-310001766037nmslf:OEConnectionLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037CentralSquare Technologies, LLC., First Lien - Undrawn2024-12-310001766037More cowbell II LLC, First Lien - Undrawn 12024-12-310001766037More cowbell II LLC, First Lien - Undrawn 22024-12-310001766037nmslf:MoreCowbellIILLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Brave Parent Holdings, Inc., First Lien - Undrawn 12024-12-310001766037Brave Parent Holdings, Inc., First Lien - Undrawn 22024-12-310001766037nmslf:BraveParentHoldingsInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Associations, Inc., First Lien - Undrawn 12024-12-310001766037Associations, Inc., First Lien - Undrawn 22024-12-310001766037nmslf:AssociationsInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037CG Group Holdings, LLC., First Lien - Undrawn2024-12-310001766037Specialtycare, Inc.., First Lien - Undrawn2024-12-310001766037Park Place Technologies, LLC, First Lien - Undrawn 12024-12-310001766037Park Place Technologies, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:ParkPlaceTechnologiesLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037ComPsych Investments Corp.., First Lien - Undrawn2024-12-310001766037CB Buyer, Inc., First Lien - Undrawn 12024-12-310001766037CB Buyer, Inc., First Lien - Undrawn 22024-12-310001766037nmslf:CBBuyerInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037DOCS, MSO, LLC., First Lien - Undrawn2024-12-310001766037Xactly Corporation., First Lien - Undrawn2024-12-310001766037Relativity ODA LLC., First Lien - Undrawn2024-12-310001766037CRCI Longhorn Holdings, Inc., First Lien - Undrawn 12024-12-310001766037CRCI Longhorn Holdings, Inc., First Lien - Undrawn 22024-12-310001766037nmslf:CRCILonghornHoldingsInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037GraphPAD Software, LLC, First Lien - Undrawn 12024-12-310001766037GraphPAD Software, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:GraphPADSoftwareLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Runway Bidco, LLC, First Lien - Undrawn 12024-12-310001766037Runway Bidco, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:RunwayBidcoLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037iCIMS, Inc.., First Lien - Undrawn2024-12-310001766037Legends Hospitality Holding Company, LLC, First Lien - Undrawn 12024-12-310001766037Legends Hospitality Holding Company, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:LegendsHospitalityHoldingCompanyLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Baker Tilly Advisory Group, LP, First Lien - Undrawn 12024-12-310001766037Baker Tilly Advisory Group, LP, First Lien - Undrawn 22024-12-310001766037nmslf:BakerTillyAdvisoryGroupLPMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Superman Holdings, LLC, First Lien - Undrawn 12024-12-310001766037Superman Holdings, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:SupermanHoldingsLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Eclipse Buyer, Inc.., First Lien - Undrawn2024-12-310001766037ACI Group Holdings, Inc.., First Lien - Undrawn2024-12-310001766037Vessco Midco Holdings, LLC, First Lien - Undrawn 12024-12-310001766037Vessco Midco Holdings, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:VesscoMidcoHoldingsLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Model N, Inc., First Lien - Undrawn 12024-12-310001766037Model N, Inc., First Lien - Undrawn 22024-12-310001766037nmslf:ModelNInc.Membernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037KPSKY Acquisition Inc.., First Lien - Undrawn2024-12-310001766037NC Topco, LLC, First Lien - Undrawn 12024-12-310001766037NC Topco, LLC, First Lien - Undrawn 22024-12-310001766037nmslf:NCTopcoLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037MAI Capital Management Intermediate LLC, First Lien - Undrawn 12024-12-310001766037MAI Capital Management Intermediate LLC, First Lien - Undrawn 22024-12-310001766037nmslf:MAICapitalManagementIntermediateLLCMembernmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Zone Climate Services, Inc.., First Lien - Undrawn2024-12-310001766037Project Essential Bidco, Inc.., First Lien - Undrawn2024-12-310001766037Notorious Topco, LLC.., First Lien - Undrawn2024-12-310001766037country:USnmslf:UnfundedDebtSecuritiesMember2024-12-310001766037Atlas AU Bidco Pty Ltd., First Lien - Undrawn2024-12-310001766037country:AUnmslf:UnfundedDebtSecuritiesMember2024-12-310001766037nmslf:UnfundedDebtSecuritiesMember2024-12-310001766037us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001766037nmslf:DebtSecuritiesFirstLienMembernmslf:InvestmentTypeConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037nmslf:DebtSecuritiesSecondLienMembernmslf:InvestmentTypeConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037us-gaap:SubordinatedDebtMembernmslf:InvestmentTypeConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037us-gaap:OtherAggregatedInvestmentsMembernmslf:InvestmentTypeConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037nmslf:SoftwareSectorMembernmslf:IndustryConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037nmslf:BusinessServicesSectorMembernmslf:IndustryConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037us-gaap:HealthcareSectorMembernmslf:IndustryConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037us-gaap:FinancialServicesSectorMembernmslf:IndustryConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037nmslf:ConsumerServicesSectorMembernmslf:IndustryConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037nmslf:EducationSectorMembernmslf:IndustryConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037us-gaap:FoodAndBeverageSectorMembernmslf:IndustryConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037nmslf:ConsumerProductsSectorMembernmslf:IndustryConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037us-gaap:ContainerAndPackagingSectorMembernmslf:IndustryConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037us-gaap:TransportationSectorMembernmslf:IndustryConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037nmslf:BusinessProductsSectorMembernmslf:IndustryConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037us-gaap:ChemicalsSectorMembernmslf:IndustryConcentrationRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037nmslf:DebtSecuritiesFloatingInterestRateMembernmslf:InterestRateTypeRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037nmslf:DebtSecuritiesFixedInterestRateMembernmslf:InterestRateTypeRiskMembernmslf:InvestmentsAtFairValueMember2024-01-012024-12-310001766037Wealth Enhancement Group, LLC, First Lien 12023-12-310001766037Wealth Enhancement Group, LLC, First Lien 22023-12-310001766037Wealth Enhancement Group, LLC, First Lien 32023-12-310001766037Wealth Enhancement Group, LLC, First Lien - Drawn 2023-12-310001766037nmslf:WealthEnhancementGroupLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Affinipay Midco, LLC, First Lien 12023-12-310001766037Affinipay Midco, LLC, First Lien 22023-12-310001766037Affinipay Midco, LLC, First Lien 32023-12-310001766037Affinipay Midco, LLC, First Lien 42023-12-310001766037Affinipay Midco, LLC, First Lien 52023-12-310001766037nmslf:AffinipayMidcoLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037GS Acquisitionco, Inc., First Lien 12023-12-310001766037GS Acquisitionco, Inc., First Lien 22023-12-310001766037nmslf:GSAcquisitioncoInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Pye-Barker Fire & Safety, LLC., First Lien 12023-12-310001766037Pye-Barker Fire & Safety, LLC., First Lien 22023-12-310001766037nmslf:PyeBarkerFireSafetyLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Associations, Inc., First Lien 12023-12-310001766037Associations, Inc., First Lien 22023-12-310001766037Associations, Inc., First Lien 32023-12-310001766037Associations, Inc., First Lien 42023-12-310001766037Associations, Inc., First Lien 52023-12-310001766037Associations, Inc., First Lien 62023-12-310001766037Associations, Inc., First Lien - Drawn 2023-12-310001766037nmslf:AssociationsInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Higginbotham Insurance Agency, Inc., First Lien 12023-12-310001766037Higginbotham Insurance Agency, Inc.., First Lien 22023-12-310001766037nmslf:HigginbothamInsuranceAgencyInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Zone Climate Services, Inc., First Lien 12023-12-310001766037Zone Climate Services, Inc., First Lien 22023-12-310001766037nmslf:ZoneClimateServicesInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Syndigo LLC., First Lien 2023-12-310001766037Syndigo LLC., Second Lien 2023-12-310001766037nmslf:SyndigoLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037iCIMS, Inc., First Lien 12023-12-310001766037iCIMS, Inc., First Lien 22023-12-310001766037iCIMS, Inc., First Lien - Drawn 2023-12-310001766037nmslf:ICIMSInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Allworth Financial Group, L.P., First Lien 12023-12-310001766037Allworth Financial Group, L.P., First Lien 22023-12-310001766037Allworth Financial Group, L.P., First Lien 32023-12-310001766037nmslf:AllworthFinancialGroupL.P.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037OA Buyer, Inc., First Lien 12023-12-310001766037OA Buyer, Inc., First Lien 22023-12-310001766037nmslf:OABuyerInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Diamondback Acquisition, Inc. First Lien 2023-12-310001766037AAH Topco, LLC, First Lien 12023-12-310001766037AAH Topco, LLC, First Lien 22023-12-310001766037nmslf:AAHTopcoLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Kaseya Inc., First Lien 2023-12-310001766037Kaseya Inc., First Lien - Drawn 12023-12-310001766037Kaseya Inc., First Lien - Drawn 22023-12-310001766037nmslf:KaseyaInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037PDQ.com Corporation, First Lien 12023-12-310001766037PDQ.com Corporation, First Lien 22023-12-310001766037PDQ.com Corporation First Lien 32023-12-310001766037nmslf:PDQ.comCorporationMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Diligent Corporation, First Lien 12023-12-310001766037Diligent Corporation, First Lien 22023-12-310001766037Diligent Corporation, First Lien - Drawn 2023-12-310001766037Diligent Corporation, First Lien 32023-12-310001766037Diligent Corporation, First Lien 42023-12-310001766037Diligent Corporation, First Lien 52023-12-310001766037nmslf:DiligentCorporationMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Anaplan, Inc., First Lien 2023-12-310001766037IG Investments Holdings, LLC First Lien 2023-12-310001766037Thermostat Purchaser III, Inc., First Lien 12023-12-310001766037Thermostat Purchaser III, Inc., First Lien 22023-12-310001766037nmslf:ThermostatPurchaserIIIInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037CCBlue Bidco, Inc., First Lien 12023-12-310001766037CCBlue Bidco, Inc. First Lien 22023-12-310001766037nmslf:CCBlueBidcoInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Eisner Advisory Group LLC, First Lien 12023-12-310001766037Eisner Advisory Group LLC, First Lien 22023-12-310001766037nmslf:EisnerAdvisoryGroupLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Notorious Topco, LLC, First Lien 12023-12-310001766037Notorious Topco, LLC, First Lien 22023-12-310001766037Notorious Topco, LLC, First Lien - Drawn 2023-12-310001766037nmslf:NotoriousTopcoLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Avalara, Inc., First Lien 2023-12-310001766037Recorded Future, Inc. First Lien 12023-12-310001766037Recorded Future, Inc., First Lien 22023-12-310001766037Recorded Future, Inc., First Lien 32023-12-310001766037Recorded Future, Inc., First Lien 42023-12-310001766037nmslf:RecordedFutureInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037GraphPAD Software, LLC, First Lien 12023-12-310001766037GraphPAD Software, LLC, First Lien 22023-12-310001766037GraphPAD Software, LLC, First Lien 32023-12-310001766037GraphPAD Software, LLC, First Lien 42023-12-310001766037GraphPAD Software, LLC, First Lien - Drawn 2023-12-310001766037nmslf:GraphPADSoftwareLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037DECA Dental Holdings LLC, First Lien 12023-12-310001766037DECA Dental Holdings LLC, First Lien 22023-12-310001766037DECA Dental Holdings LLC, First Lien - Drawn 2023-12-310001766037nmslf:DECADentalHoldingsLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037KWOR Acquisition, Inc., First Lien 2023-12-310001766037KWOR Acquisition, Inc., First Lien - Drawn 2023-12-310001766037nmslf:KWORAcquisitionInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Auctane Inc. (fka Stamps.com Inc.), First Lien 12023-12-310001766037Auctane Inc. (fka Stamps.com Inc.), First Lien 22023-12-310001766037nmslf:AuctaneInc.FkaStamps.comInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Fortis Solutions Group, LLC, First Lien 12023-12-310001766037Fortis Solutions Group, LLC, First Lien 22023-12-310001766037Fortis Solutions Group, LLC, First Lien -Drawn 12023-12-310001766037Fortis Solutions Group, LLC, First Lien -Drawn 22023-12-310001766037Fortis Solutions Group, LLC, First Lien 32023-12-310001766037nmslf:FortisSolutionsGroupLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037MRI Software LLC, First Lien 12023-12-310001766037MRI Software LLC, First Lien 22023-12-310001766037MRI Software LLC, First Lien 32023-12-310001766037MRI Software LLC, First Lien 42023-12-310001766037nmslf:MRISoftwareLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037FS WhiteWater Borrower, LLC, First Lien 12023-12-310001766037FS WhiteWater Borrower, LLC, First Lien 22023-12-310001766037FS WhiteWater Borrower, LLC, First Lien 32023-12-310001766037FS WhiteWater Borrower, LLC, First Lien - Drawn 12023-12-310001766037FS WhiteWater Borrower, LLC, First Lien - Drawn 22023-12-310001766037nmslf:FSWhiteWaterBorrowerLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Foreside Financial Group, LLC, First Lien 12023-12-310001766037Foreside Financial Group, LLC, First Lien 22023-12-310001766037Foreside Financial Group, LLC, First Lien - Drawn 2023-12-310001766037nmslf:ForesideFinancialGroupLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Granicus, Inc., First Lien 12023-12-310001766037Granicus, Inc., First Lien 22023-12-310001766037Granicus, Inc., First Lien 32023-12-310001766037Granicus, Inc., First Lien - Drawn 2023-12-310001766037nmslf:GranicusInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Project Essential Bidco, Inc., First Lien 2023-12-310001766037Ocala Bidco, Inc., First Lien 2023-12-310001766037Pioneer Buyer I, LLC, First Lien 12023-12-310001766037Pioneer Buyer I, LLC, First Lien 22023-12-310001766037nmslf:PioneerBuyerILLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Foundational Education Group, Inc., First Lien 2023-12-310001766037Foundational Education Group, Inc., Second Lien 2023-12-310001766037nmslf:FoundationalEducationGroupInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Enverus Holdings, Inc., First Lien 2023-12-310001766037Businessolver.com, Inc., First Lien 2023-12-310001766037Businessolver.com, Inc., First Lien - Drawn 2023-12-310001766037nmslf:Businessolver.comInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Oranje Holdco, Inc., First Lien 2023-12-310001766037Sierra Enterprises, LLC, First Lien 2023-12-310001766037RealPage, Inc., Second Lien 2023-12-310001766037Coupa Holdings, LLC, First Lien 2023-12-310001766037Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien 12023-12-310001766037Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien 22023-12-310001766037nmslf:LegalSpendHoldingsLLCFkaBottomlineTechnologiesInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037CentralSquare Technologies, LLC, First Lien 2023-12-310001766037Relativity ODA LLC, First Lien 2023-12-310001766037Geo Parent Corporation, First Lien 2023-12-310001766037Nielsen Consumer Inc, First Lien 2023-12-310001766037OB Hospitalist Group, Inc., First Lien 2023-12-310001766037OB Hospitalist Group, Inc., First Lien - Drawn 2023-12-310001766037nmslf:OBHospitalistGroupInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Daxko Acquisition Corporation, First Lien 12023-12-310001766037Daxko Acquisition Corporation, First Lien 22023-12-310001766037Daxko Acquisition Corporation, First Lien - Drawn 12023-12-310001766037Daxko Acquisition Corporation, First Lien - Drawn 22023-12-310001766037nmslf:DaxkoAcquisitionCorporationMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037DOCS, MSO, LLC, First Lien 2023-12-310001766037Bullhorn, Inc., First Lien 12023-12-310001766037Bullhorn, Inc., First Lien 22023-12-310001766037nmslf:BullhornInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Snap One Holdings Corp., First Lien 2023-12-310001766037CFS Management, LLC, First Lien 12023-12-310001766037CFS Management, LLC First Lien 22023-12-310001766037nmslf:CFSManagementLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037GC Waves Holdings, Inc., First Lien 12023-12-310001766037GC Waves Holdings, Inc., First Lien 22023-12-310001766037GC Waves Holdings, Inc., First Lien -Drawn 2023-12-310001766037GC Waves Holdings, Inc., First Lien 32023-12-310001766037nmslf:GCWavesHoldingsInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037TRC Companies L.L.C. (fka Energize Holdco LLC), Second Lien 2023-12-310001766037RXB Holdings, Inc., First Lien 12023-12-310001766037RXB Holdings, Inc., First Lien 22023-12-310001766037nmslf:RXBHoldingsInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Infogain Corporation, First Lien 12023-12-310001766037Infogain Corporation, First Lien 22023-12-310001766037Infogain Corporation, Subordinated 2023-12-310001766037nmslf:InfogainCorporationMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Xactly Corporation, First Lien 2023-12-310001766037CoreTrust Purchasing Group LLC, First Lien 2023-12-310001766037ACI Group Holdings, Inc., First Lien 12023-12-310001766037ACI Group Holdings, Inc., First Lien 22023-12-310001766037ACI Group Holdings, Inc. First Lien - Drawn 12023-12-310001766037ACI Group Holdings, Inc. First Lien - Drawn 22023-12-310001766037nmslf:ACIGroupHoldingsMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037NMC Crimson Holdings, Inc. First Lien 2023-12-310001766037NMC Crimson Holdings, Inc., First Lien - Drawn 2023-12-310001766037nmslf:NMCCrimsonHoldingsInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Al Altius US Bidco, Inc., First Lien 12023-12-310001766037Al Altius US Bidco, Inc., First Lien 22023-12-310001766037Al Altius US Bidco, Inc., First Lien 32023-12-310001766037Al Altius US Bidco, Inc., First Lien 42023-12-310001766037nmslf:AlAltiusUSBidcoInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Brave Parent Holdings, Inc., First Lien 2023-12-310001766037PetVet Care Centers, LLC, First Lien 2023-12-310001766037OEConnection LLC, First Lien 2023-12-310001766037DCA Investment Holding, LLC, First Lien 12023-12-310001766037DCA Investment Holding, LLC, First Lien 22023-12-310001766037DCA Investment Holding, LLC, First Lien 32023-12-310001766037DCA Investment Holding, LLC, First Lien 42023-12-310001766037nmslf:DCAInvestmentHoldingLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Maverick Bidco Inc., Second Lien 2023-12-310001766037Project Alpha Intermediate Holding, Inc., First Lien 2023-12-310001766037Power Grid Holdings, Inc., First Lien 2023-12-310001766037Power Grid Holdings, Inc., First Lien - Drawn2023-12-310001766037nmslf:PowerGridHoldingsInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Trinity Air Consultants Holdings Corporation, First Lien 2023-12-310001766037Trinity Air Consultants Holdings Corporation, First Lien - Drawn2023-12-310001766037nmslf:TrinityAirConsultantsHoldingsCorporationMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Coyote Buyer, LLC, First Lien 2023-12-310001766037Coyote Buyer, LLC, First Lie 22023-12-310001766037nmslf:CoyoteBuyerLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037CommerceHub, Inc., First Lien 2023-12-310001766037CG Group Holdings, LLC, First Lien 2023-12-310001766037CG Group Holdings, LLC, First Lien - Drawn2023-12-310001766037nmslf:CGGroupHoldingsLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Kele Holdco, Inc., First Lien 2023-12-310001766037Therapy Brands Holdings LLC, Second Lien 2023-12-310001766037KPSKY Acquisition Inc., First Lien 12023-12-310001766037KPSKY Acquisition Inc., First Lien 22023-12-310001766037KPSKY Acquisition Inc., First Lien 32023-12-310001766037KPSKY Acquisition Inc., First Lien - Drawn 2023-12-310001766037nmslf:KPSKYAcquisitionInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Aretec Group, Inc., First Lien 2023-12-310001766037Ncontracts, LLC, First Lien 2023-12-310001766037Beacon Pointe Harmony, LLC, First Lien 12023-12-310001766037Beacon Pointe Harmony, LLC, First Lien 22023-12-310001766037Beacon Pointe Harmony, LLC, First Lien - Drawn 2023-12-310001766037nmslf:BeaconPointeHarmonyLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037DS Admiral Bidco, LLC, First Lien 2023-12-310001766037Safety Borrower Holdings LLC, First Lien 12023-12-310001766037Safety Borrower Holdings LLC, First Lien 22023-12-310001766037Safety Borrower Holdings LLC, First Lien - Drawn 2023-12-310001766037nmslf:SafetyBorrowerHoldingsLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037USRP Holdings, Inc., First Lien 12023-12-310001766037USRP Holdings, Inc., First Lien 22023-12-310001766037USRP Holdings, Inc., First Lien - Drawn 2023-12-310001766037nmslf:USRPHoldingsInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Community Brands ParentCo, LLC, First Lien 2023-12-310001766037TigerConnect, Inc., First Lien 2023-12-310001766037TigerConnect, Inc., First Lien - Drawn 2023-12-310001766037nmslf:TigerConnectIncMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Sun Acquirer Corp., First Lien 12023-12-310001766037Sun Acquirer Corp., First Lien 22023-12-310001766037Sun Acquirer Corp., First Lien - Drawn 2023-12-310001766037nmslf:SunAcquirerCorp.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Houghton Mifflin Harcourt Company, First Lien 2023-12-310001766037Calabrio, Inc., First Lien 2023-12-310001766037Calabrio, Inc., First Lien - Drawn 2023-12-310001766037nmslf:CalabrioInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Bluefin Holding, LLC, First Lien 2023-12-310001766037Greenway Health, LLC, First Lien 2023-12-310001766037Appriss Health, LLC, First Lien 2023-12-310001766037YLG Holdings, Inc., First Lien 2023-12-310001766037YLG Holdings, Inc., First Lien - Drawn 2023-12-310001766037nmslf:YLGHoldingsInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Convey Health Solutions, Inc., First Lien 2023-12-310001766037STATS Intermediate Holdings, LLC, First Lien 2023-12-310001766037Radwell Parent, LLC, First Lien 2023-12-310001766037Radwell Parent, LLC, First Lien - Drawn 2023-12-310001766037nmslf:RadwellParentLLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037Healthspan Buyer, LLC, First Lien 2023-12-310001766037IMO Investor Holdings, Inc., First Lien2023-12-310001766037IMO Investor Holdings, Inc., First Lien - Drawn 12023-12-310001766037IMO Investor Holdings, Inc., First Lien - Drawn 22023-12-310001766037nmslf:IMOInvestorHoldingsInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Quartz Holding Company, Second Lien 2023-12-310001766037Specialtycare, Inc., First Lien 12023-12-310001766037Specialtycare, Inc., First Lien - Drawn 12023-12-310001766037Specialtycare, Inc., First Lien 22023-12-310001766037nmslf:SpecialtycareInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037eResearchTechnology, Inc., First Lien 2023-12-310001766037Cloudera, Inc., Second Lien 2023-12-310001766037Project Power Buyer, LLC, First Lien 2023-12-310001766037Next Holdco, LLC, First Lien 2023-12-310001766037More cowbell II LLC, First Lien 2023-12-310001766037More cowbell II LLC, First Lien - Drawn 2023-12-310001766037nmslf:MoreCowbellIILLCMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037TMK Hawk Parent, Corp., First Lien 12023-12-310001766037TMK Hawk Parent, Corp., First Lien 22023-12-310001766037nmslf:TMKHawkParentCorp.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037KENG Acquisition, Inc. First Lien2023-12-310001766037KENG Acquisition, Inc., First Lien - Drawn 12023-12-310001766037KENG Acquisition, Inc., First Lien - Drawn 22023-12-310001766037nmslf:KENGAcquisitionInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037AWP Group Holdings, Inc., First Lien2023-12-310001766037AWP Group Holdings, Inc., First Lien - Drawn 12023-12-310001766037AWP Group Holdings, Inc. First Lien - Drawn 22023-12-310001766037nmslf:AWPGroupHoldingsInc.Membernmslf:FundedDebtSecuritiesMember2023-12-310001766037Virtusa Corporation, Subordinated 2023-12-310001766037country:USnmslf:FundedDebtSecuritiesMember2023-12-310001766037Atlas AU Bidco Pty Ltd, First Lien 12023-12-310001766037Atlas AU Bidco Pty Ltd, First Lien 22023-12-310001766037nmslf:AtlasAUBidcoPtyLtdMembernmslf:FundedDebtSecuritiesMember2023-12-310001766037country:AUnmslf:FundedDebtSecuritiesMember2023-12-310001766037nmslf:FundedDebtSecuritiesMember2023-12-310001766037Pioneer Topco I, L.P. Ordinary Shares2023-12-310001766037country:USus-gaap:EquitySecuritiesMember2023-12-310001766037us-gaap:EquitySecuritiesMember2023-12-310001766037nmslf:FundedSecuritiesMember2023-12-310001766037Coupa Holdings, LLC, First Lien -Undrawn 12023-12-310001766037Coupa Holdings, LLC, First Lien -Undrawn 22023-12-310001766037nmslf:CoupaHoldingsLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037PetVet Care Centers, LLC, First Lien -Undrawn 12023-12-310001766037PetVet Care Centers, LLC, First Lien -Undrawn 22023-12-310001766037nmslf:PetVetCareCentersLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037Businessolver.com, Inc., First Lien2023-12-310001766037Ocala Bidco, Inc. First Lien - Undrawn2023-12-310001766037PPV Intermediate Holdings, LLC First Lien - Undrawn2023-12-310001766037YLG Holdings, Inc. First Lien - Undrawn2023-12-310001766037Safety Borrower Holdings LLC First Lien- Undrawn2023-12-310001766037Coyote Buyer, LLC First Lien- Undrawn2023-12-310001766037Wealth Enhancement Group, LLC, First Lien -Undrawn 12023-12-310001766037Wealth Enhancement Group, LLC, First Lien -Undrawn 22023-12-310001766037nmslf:WealthEnhancementGroupLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037Project Power Buyer, LLC First Lien- Undrawn2023-12-310001766037Kele Holdco, Inc. First Lien- Undrawn2023-12-310001766037Appriss Health, LLC First Lien- Undrawn2023-12-310001766037Affinipay Midco, LLC First Lien- Undrawn2023-12-310001766037Bullhorn, Inc. First Lien- Undrawn2023-12-310001766037GraphPAD Software, LLC First Lien- Undrawn2023-12-310001766037Trinity Air Consultants Holdings Corporation - First Lien Undrawn 12023-12-310001766037Trinity Air Consultants Holdings Corporation - First Lien Undrawn 22023-12-310001766037nmslf:TrinityAirConsultantsHoldingsCorporationMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037Radwell Parent, LLC First Lien- Undrawn2023-12-310001766037Associations, Inc. First Lien- Undrawn2023-12-310001766037Infogain Corporation First Lien- Undrawn2023-12-310001766037Recorded Future, Inc. First Lien- Undrawn2023-12-310001766037GS Acquisitionco, Inc. First Lien- Undrawn2023-12-310001766037Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)2023-12-310001766037Granicus, Inc. First Lien- Undrawn2023-12-310001766037Daxko Acquisition Corporation - First Lien Undrawn 12023-12-310001766037Daxko Acquisition Corporation - First Lien Undrawn 22023-12-310001766037nmslf:DaxkoAcquisitionCorporationMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037Relativity ODA LLC First Lien- Undrawn2023-12-310001766037Xactly Corporation First Lien- Undrawn2023-12-310001766037PDQ.com Corporation - First Lien Undrawn 12023-12-310001766037PDQ.com Corporation - First Lien Undrawn 22023-12-310001766037nmslf:PDQ.comCorporationMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037AAH Topco, LLC - First Lien Undrawn 12023-12-310001766037AAH Topco, LLC - First Lien Undrawn 22023-12-310001766037nmslf:AAHTopcoLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037IG Investments Holdings, LLC First Lien- Undrawn2023-12-310001766037Foreside Financial Group, LLC - First Lien Undrawn 12023-12-310001766037Foreside Financial Group, LLC - First Lien Undrawn 22023-12-310001766037nmslf:ForesideFinancialGroupLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037KWOR Acquisition, Inc. First Lien- Undrawn2023-12-310001766037Pioneer Buyer I, LLC First Lien- Undrawn2023-12-310001766037iCIMS, Inc. - First Lien Undrawn 12023-12-310001766037iCIMS, Inc. - First Lien Undrawn 22023-12-310001766037nmslf:ICIMSInc.Membernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037CoreTrust Purchasing Group LLC - First Lien Undrawn 12023-12-310001766037CoreTrust Purchasing Group LLC - First Lien Undrawn 22023-12-310001766037nmslf:CoreTrustPurchasingGroupLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037Kaseya Inc. - First Lien Undrawn 12023-12-310001766037Kaseya Inc. - First Lien Undrawn 22023-12-310001766037nmslf:KaseyaInc.Membernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037Allworth Financial Group, L.P. First Lien- Undrawn2023-12-310001766037Oranje Holdco, Inc. First Lien- Undrawn2023-12-310001766037Avalara, Inc. First Lien- Undrawn2023-12-310001766037USRP Holdings, Inc. - First Lien Undrawn 12023-12-310001766037USRP Holdings, Inc. - First Lien Undrawn 22023-12-310001766037nmslf:USRPHoldingsInc.Membernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037OA Buyer, Inc. First Lien- Undrawn2023-12-310001766037Pye-Barker Fire & Safety, LLC First Lien- Undrawn2023-12-310001766037Zone Climate Services, Inc. First Lien- Undrawn2023-12-310001766037GC Waves Holdings, Inc. First Lien- Undrawn2023-12-310001766037Next Holdco, LLC. - First Lien Undrawn 12023-12-310001766037Next Holdco, LLC - First Lien Undrawn 22023-12-310001766037nmslf:NextHoldcoLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037More cowbell II LLC - First Lien Undrawn 12023-12-310001766037More cowbell II LLC - First Lien Undrawn 22023-12-310001766037nmslf:MoreCowbellIILLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037Calabrio, Inc. First Lien- Undrawn2023-12-310001766037Brave Parent Holdings, Inc. - First Lien Undrawn 12023-12-310001766037Brave Parent Holdings, Inc. - First Lien Undrawn 22023-12-310001766037nmslf:BraveParentHoldingsInc.Membernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037MRI Software LLC - First Lien Undrawn 12023-12-310001766037MRI Software LLC - First Lien Undrawn 22023-12-310001766037nmslf:MRISoftwareLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037DECA Dental Holdings LLC First Lien- Undrawn2023-12-310001766037Sun Acquirer Corp. First Lien- Undrawn2023-12-310001766037Bluefin Holding, LLC First Lien- Undrawn2023-12-310001766037IMO Investor Holdings, Inc. - First Lien Undrawn 12023-12-310001766037IMO Investor Holdings, Inc. - First Lien Undrawn 22023-12-310001766037nmslf:IMOInvestorHoldingsInc.Membernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037TigerConnect, Inc.. - First Lien Undrawn 12023-12-310001766037TigerConnect, Inc. - First Lien Undrawn 22023-12-310001766037nmslf:TigerConnectIncMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037Ncontracts, LLC - First Lien Undrawn 12023-12-310001766037Ncontracts, LLC - First Lien Undrawn 22023-12-310001766037nmslf:NcontractsLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037CG Group Holdings, LLC First Lien- Undrawn2023-12-310001766037Specialtycare, Inc. First Lien- Undrawn2023-12-310001766037Beacon Pointe Harmony, LLC - First Lien Undrawn 12023-12-310001766037Beacon Pointe Harmony, LLC - First Lien Undrawn 22023-12-310001766037nmslf:BeaconPointeHarmonyLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037Healthspan Buyer, LLC2023-12-310001766037Enverus Holdings, Inc. - First Lien Undrawn 12023-12-310001766037Enverus Holdings, Inc. - First Lien Undrawn 22023-12-310001766037nmslf:EnverusHoldingsInc.Membernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037AWP Group Holdings, Inc. - First Lien Undrawn 12023-12-310001766037AWP Group Holdings, Inc. - First Lien Undrawn 22023-12-310001766037nmslf:AWPGroupHoldingsInc.Membernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037KPSKY Acquisition Inc. First Lien- Undrawn2023-12-310001766037KENG Acquisition, Inc. - First Lien Undrawn 12023-12-310001766037KENG Acquisition, Inc. - First Lien Undrawn 22023-12-310001766037nmslf:KENGAcquisitionInc.Membernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037Power Grid Holdings, Inc. First Lien- Undrawn2023-12-310001766037FS WhiteWater Borrower, LLC - First Lien Undrawn 12023-12-310001766037FS WhiteWater Borrower, LLC - First Lien Undrawn 22023-12-310001766037nmslf:FSWhiteWaterBorrowerLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037DOCS, MSO, LLC First Lien- Undrawn2023-12-310001766037Diligent Corporation First Lien- Undrawn2023-12-310001766037Community Brands ParentCo, LLC - First Lien Undrawn 12023-12-310001766037Community Brands ParentCo, LLC - First Lien Undrawn 22023-12-310001766037nmslf:CommunityBrandsParentCoLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037OB Hospitalist Group, Inc. First Lien- Undrawn2023-12-310001766037Fortis Solutions Group, LLC - First Lien Undrawn 12023-12-310001766037Fortis Solutions Group, LLC - First Lien Undrawn 22023-12-310001766037nmslf:FortisSolutionsGroupLLCMembernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037ACI Group Holdings, Inc. - First Lien Undrawn 12023-12-310001766037ACI Group Holdings, Inc. - First Lien Undrawn 22023-12-310001766037nmslf:ACIGroupHoldingsInc.Membernmslf:UnfundedDebtSecuritiesMember2023-12-310001766037Notorious Topco, LLC First Lien- Undrawn2023-12-310001766037Project Essential Bidco, Inc. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________________________

FORM 10-K

_________________________________________________________________________________


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

For the Fiscal Year Ended December 31, 2024


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

_________________________________________________________________________________

Commission File Number

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

I.R.S. Employer
Identification Number

000-56123

NMF SLF I, Inc.

1633 Broadway, 48th Floor

New York, New York 10019

Telephone: (212) 720-0300

State of Incorporation: Maryland

83-3291673

_________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

N/A

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


			Title of each class
Common Stock, par value $0.001

_________________________________________________________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No ý

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No ý

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 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 the 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 o			Accelerated filer o
			Non-accelerated filer ý			Smaller reporting company ☐
			Emerging growth company ☒

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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes o No ý

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). 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

_________________________________________________________________________________

The number of the registrant's common stock shares outstanding as of March 6, 2025 was 94,236,672. As of June 30, 2024, there was no established public market for the registrant's common stock.

Table of Contents

FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2024

TABLE OF CONTENTS


		PAGE
PART I
Item 1.	Business	3
Item 1A.	Risk Factors	27
Item 1B.	Unresolved Staff Comments	53
Item 1C.	Cybersecurity	53
Item 2.	Properties	54
Item 3.	Legal Proceedings	54
Item 4.	Mine Safety Disclosures	54
PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	55
Item 6.	Reserved	56
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	57
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	68
Item 8.	Financial Statements and Supplementary Data	69
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	132
Item 9A.	Controls and Procedures	132
Item 9B.	Other Information	132
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	132
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	133
Item 11.	Executive Compensation	138
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	140
Item 13.	Certain Relationships and Related Transactions, and Director Independence	141
Item 14.	Principal Accountant Fees and Services	147
PART IV
Item 15.	Exhibits and Financial Statement Schedules	148
Item 16.	Form 10-K Summary	150
	Signatures	151

Table of Contents

PART I

Item 1. Business.

NMF SLF I, Inc. (the "Company","we", "us" or "our") was formed on January 23, 2019 as a corporation under the laws of the State of Maryland under our former name NMF Senior Loan Fund I, Inc. In January 2020, we changed our name to NMF SLF I, Inc. We are a non-diversified management investment company that, in January 2020, elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). With the filing of our tax return for the year ended December 31, 2020, we have elected to be treated, and intend to comply with the requirements to continue to qualify annually, as a regulated investment company ("RIC") for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

NMF SLF I SPV, L.L.C. ("SLF I SPV"), our wholly-owned direct subsidiary, was formed on December 9, 2020 in Delaware as a limited liability company whose assets are used to secure SLF I SPV's credit facility. NMF SLF I Opportunistic SPV, L.L.C., our wholly-owned direct subsidiary, was formed on October 6, 2022 in Delaware as a limited liability company.

During any time that our underlying assets are considered for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") and Section 4975 of the Code, to be assets of employee benefit plans and other plans that purchase our shares, our investments and the activities of our investment adviser will be subject to and, in certain cases, limited by, such laws. Accordingly, all investors should carefully read "— ERISA Considerations" in this Annual Report on Form 10-K.

New Mountain Finance Advisers, L.L.C.

New Mountain Finance Advisers, L.L.C. (the "Investment Adviser"), formerly known as New Mountain Finance Advisers BDC, L.L.C., is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with over $55 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. In particular, the Investment Adviser is responsible for identifying attractive investment opportunities, conducting research and due diligence on prospective investments, structuring our investments and monitoring and servicing our investments. The Investment Adviser is managed by a six member investment committee (the "Investment Committee"), which is responsible for approving purchases and sales of our investments above $6.5 million in the aggregate by a single issuer. For additional information on the Investment Committee, see "Investment Committee".

New Mountain Finance Administration, L.L.C.

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. The Administrator also maintains, or oversees the maintenance of, our consolidated financial records, our reports to stockholders and reports filed with the U.S. Securities and Exchange Commission ("SEC"). The Administrator performs the calculation and publication of the value of our net assets, the payment of our expenses and oversees the performance of various third-party service providers and the preparation and filing of our tax returns. The Administrator may also provide, on our behalf, significant managerial assistance to our portfolio companies.

Because (i) "benefit plan investors", as defined in Section 3(42) of ERISA, and any regulations promulgated thereunder ("Benefit Plan Investors"), hold 25% or more of our outstanding shares, and (ii) our shares are not listed on a national securities exchange, an unaffiliated third-party (the "Sub-Administrator") has been engaged to independently value our investments, in consultation with the Investment Adviser. In accordance with the 1940 Act, the fair value of our investments is ultimately determined by the board of directors (the "Board"). In addition, our Administrator is not entitled to reimbursement for our allocable portion of the compensation of, or other expenses pertaining to, any personnel employed by the Administrator or any of its affiliates that may perform services for us, including our chief financial officer, chief compliance officer and their respective staffs. The Administrator is also not entitled to reimbursement for our allocable portion of its overhead expenses. In the event (i) Benefit Plan Investors do not hold 25% or more of our outstanding shares, or (ii) our shares are listed on a national securities exchange, we will reimburse the Administrator for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us, including the compensation of our chief financial officer and chief compliance officer, and their respective staffs.

Competition

We compete for investments with a number of BDCs and investment funds (including private equity and hedge funds), as well as traditional financial services companies such as commercial banks and other sources of financing. Many of these entities have greater financial and managerial resources than we do. We believe we are able to compete with these entities

Table of Contents

primarily on the basis of the experience and contacts of our management team, our responsive and efficient investment analysis and decision-making processes, the investment terms we offer, the model that we employ to perform our due diligence with the broader New Mountain Capital team and our model of investing in companies and industries we know well.

We believe that some of our competitors may make investments with interest rates and returns that are comparable to or lower than the rates and returns that we target. Therefore, we do not seek to compete solely on the interest rates and returns that we offer to potential portfolio companies. For additional information concerning the competitive risks we face, see Item 1A.—Risk Factors in this Annual Report on Form 10-K.

Investment Objective and Portfolio

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

We primarily invest in senior secured debt of U.S. sponsor-backed, middle market companies. We define middle market companies as those businesses with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") between $10.0 million and $200.0 million. We focus on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

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

As of December 31, 2024, our top five industry concentrations were software, business services, healthcare, financial services and consumer services. At December 31, 2024, our portfolio consisted of 121 portfolio companies and was invested 97.2% in first lien loans, 2.1% in second lien loans, 0.3% in subordinated debt, and 0.4% in equity and other, as measured at fair value versus 110 portfolio companies invested 95.4% in first lien loans, 4.5% in second lien loans, 0.1% in subordinated debt, and less than 0.1% in equity and other, as measured at fair value at December 31, 2023.

The fair value of our investments, as determined in good faith by our Board, was approximately $1,445.7 million at December 31, 2024 and approximately $1,320.4 million at December 31, 2023. See Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Portfolio and Investment Activity in this Annual Report on Form 10-K for details.

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The following summarizes our ten largest portfolio company investments and the top ten industries in which we were invested as of December 31, 2024, calculated as a percentage of fair value as of December 31, 2024:


	December 31, 2024
Portfolio Company	Percent of Total Investments at Fair Value
Wealth Enhancement Group, LLC	2.2	%
Syndigo LLC	2.1	%
GS Acquisitionco, Inc.	2.0	%
Zone Climate Services, Inc.	2.0	%
Higginbotham Insurance Agency, Inc.	1.9	%
Eclipse Topco, Inc.	1.9	%
Associations Finance, Inc.	1.9	%
Sierra Enterprises, LLC	1.8	%
iCIMS, Inc.	1.8	%
AAH Topco, LLC	1.7	%
Total	19.3	%


	December 31, 2024
Industry Type	Percent of Total Investments at Fair Value
Software	41.3	%
Business Services	22.4	%
Healthcare	14.9	%
Financial Services	7.6	%
Consumer Services	4.5	%
Education	3.0	%
Food & Beverage	1.8	%
Consumer Products	1.4	%
Packaging	1.3	%
Distribution & Logistics	0.8	%
Business Products	0.6	%
Specialty Chemicals & Materials	0.4	%

Total	100.0	%

Certain Limitations on Investments

Our underlying assets are considered for purposes of ERISA and Section 4975 of the Code to be assets of certain employee benefit plans and other plans that purchase shares ("ERISA Plans"). Under such circumstances, our investments and the activities of the Investment Adviser are subject to and, in certain cases, limited by, such laws. Accordingly, all investors should carefully read "— ERISA Considerations" in this Annual Report on Form 10-K.

Investment Criteria

The Investment Adviser has identified the following investment criteria and guidelines for use in evaluating prospective portfolio companies. However, not all of these criteria and guidelines were, or will be, met in connection with each of our investments.

•Defensive growth industries. We seek to invest in industries that can succeed in both robust and weak economic environments, but which are also sufficiently large and growing to achieve high valuations providing enterprise value cushion for our targeted debt securities.

•High barriers to competitive entry. We target industries and companies that have well defined industries and well established, understandable barriers to competitive entry.

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•Recurring revenue. Where possible, we focus on companies that have a high degree of predictability in future revenue.

•Flexible cost structure. We seek to invest in businesses that have limited fixed costs and therefore modest operating leverage.

•Strong free cash flow and high return on assets. We focus on businesses with a demonstrated ability to produce meaningful free cash flow from operations. We typically target companies that are not asset intensive and that have minimal capital expenditure and minimal working capital growth needs.

•Sustainable business and niche market dominance. We seek to invest in businesses that exert niche market dominance in their industry and that have a demonstrated history of sustaining market leadership over time.

•Established companies. We seek to invest in established companies. We do not intend to invest in start‑up companies or companies with speculative business plans.

Investment Selection and Process

The Investment Adviser believes it has developed a proven, consistent and replicable investment process to execute our investment strategy. The Investment Adviser seeks to identify the most attractive investment sectors from the top down and then works to become the most advantaged investor in these sectors. The steps in the Investment Adviser's process include:

•Identifying attractive investment sectors from the top down;

•Creating competitive advantages in the selected industry sectors; and

•Targeting companies with leading market share and attractive business models in its chosen sectors.

Investment Committee

The Investment Adviser is managed by a six member investment committee (the "Investment Committee"), which is responsible for approving purchases and sales of our investments above $6.5 million in the aggregate by a single issuer. The Investment Committee currently consists of Steven B. Klinsky, Robert A. Hamwee, Adam B. Weinstein, Laura C. Holson and John R. Kline. The sixth and final member of the Investment Committee will consist of a New Mountain Capital Managing Director who will hold the position on the Investment Committee on an annual rotating basis. Andre V. Moura served on the Investment Committee from August 2023 to July 2024. Beginning in August 2024, Robert Mulcare was appointed to the Investment Committee for a one year term. In addition, our executive officers and certain investment professionals of the Investment Adviser are invited to all Investment Committee meetings. Purchases and dispositions below $6.5 million may be approved by our chief executive officer. These approval thresholds are subject to change over time. We expect to benefit from the extensive and varied relevant experience of the investment professionals serving on the Investment Committee, which includes expertise in private equity, primary and secondary leveraged credit, private mezzanine finance and distressed debt.

The purpose of the Investment Committee is to evaluate and approve, as deemed appropriate, all investments by the Investment Adviser, subject to certain thresholds. The Investment Committee's process is intended to bring the diverse experience and perspectives of the Investment Committee's members to the analysis and consideration of every investment. The Investment Committee also serves to provide investment consistency and adherence to the Investment Adviser's investment philosophies and policies. The Investment Committee also determines appropriate investment sizing and suggests ongoing monitoring requirements.

In addition to reviewing investments, the Investment Committee meetings serve as a forum to discuss credit views and outlooks. Potential transactions and investment opportunities are also reviewed on a regular basis. The members of our investment team are encouraged to share information and views on credit with the Investment Committee early in their analysis. This process improves the quality of the analysis and allows the deal team members to work more efficiently.

Investment Structure

We target debt investments that will yield current income that can support distributions to our common stockholders. Our debt investments are typically structured with the maximum seniority and collateral that we can reasonably obtain while seeking to achieve our total return target.

The terms of our debt investments are tailored to the facts and circumstances of the transaction and prospective portfolio company and are structured to protect our rights and manage our risk while creating incentives for the portfolio company to achieve its business plan. A substantial source of return is the cash interest that we collect on our debt investments.

First lien loans, second lien loans, and bonds generally have terms of four to seven years, provide for a variable or fixed interest rate, and may contain prepayment penalties. First lien loans are secured by a first priority security interest in all existing and future assets of the borrower. Second lien loans are secured by a second priority security interest. Our loans and

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bonds may include payment-in-kind ("PIK") interest, which represents contractual interest accrued and added to the principal that generally becomes due at maturity. Our first lien loans may include traditional first lien senior secured loans or unitranche loans. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt according to the combination of loan characteristics of the unitranche loan. Unitranche loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term and there is a heightened risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity.

In addition, from time to time we may also enter into revolving credit facilities, bridge financing commitments, delayed draw commitments or other commitments which can result in providing future financing to a portfolio company. When we make a debt investment, we may be granted equity in the portfolio company in the same class of security as the sponsor receives upon funding.

We may make investments through wholly owned subsidiaries. Such subsidiaries are expected to be organized as corporations or limited liability companies and will not be registered under the 1940 Act. These subsidiaries may be formed to obtain favorable tax benefits or to obtain financing on favorable terms due to their bankruptcy‑remote characteristics. Our Board has oversight responsibility for our investment activities, including our investment in any subsidiary, and our role as sole shareholder of any subsidiary. To the extent applicable to the investment activities of a subsidiary, the subsidiary will follow the same compliance policies and procedures as we do. We would "look through" any such subsidiary to determine compliance with our investment policies.

Portfolio Company Monitoring

We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy. Our portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating. See Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations -Monitoring of Portfolio Investments in this Annual Report on Form 10-K for details.

Exit Strategies/Refinancing

We expect to exit our investments typically through one of four scenarios: (i) the sale of the portfolio company itself, resulting in repayment of all outstanding debt, (ii) the recapitalization of the portfolio company in which our loan is replaced with debt or equity from a third party or parties (in some cases, we may choose to participate in the newly issued loan(s)), (iii) the repayment of the initial or remaining principal amount of our loan then outstanding at maturity, or (iv) our sale of the debt investment. In some investments, there may be scheduled amortization of some portion of our loan which would result in a partial exit of our investment prior to the maturity of the loan.

Valuation of Portfolio Securities

At all times consistent with accounting principles generally accepted in the United States ("GAAP"), the 1940 Act and ERISA, if applicable, we conduct a valuation of our assets, pursuant to which our net asset value is determined.

We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our Board 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. Because (i) Benefit Plan Investors hold 25% or more of our outstanding shares, and (ii) our shares are not listed on a national securities exchange, a Sub-Administrator has been engaged to independently value our investments, in consultation with the Investment Adviser. Our quarterly valuation procedures, which are the procedures that will be followed by such Sub-Administrator, 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 personnel of the Sub-Administrator, in consultation with 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 Sub-Administrator is unable to sufficiently validate the quote(s) internally and if the investment's par value

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exceeds a certain 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 personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, 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. If an IHS Markit Ltd. quote differs from the Refinitiv (formerly known as Thomson Reuters) quote by +/- 5% or if the spread between the bid and ask for a quote is greater than 10%, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, 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 by the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser. The personnel of the Sub-Administrator, in consultation with 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. For assets where a supporting analysis is prepared, the Sub-Administrator will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which detail the qualitative and quantitative performance of the portfolio company will also be included. If the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser, is unable to sufficiently validate the quote internally and if the investment's par value exceeds a certain 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 Sub-Administrator, in consultation with the investment professionals of the Investment Adviser responsible for the credit monitoring; and

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

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.

In the event Benefit Plan Investors do not hold 25% or more of our outstanding shares, or our shares are listed on a national securities exchange, then (i) personnel of the Investment Adviser will undertake the roles to be performed by the personnel of the Sub-Administrator, as described above and (ii) if an investment falls into category (3) above for four consecutive quarters and the investment's par value or its fair value exceeds a certain materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our Board.

For all valuations, the valuation committee of our Board (the "Valuation Committee"), which consists solely of directors who are not "interested persons" of the Company, as such term is defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"), will review these preliminary valuations and our Board, a majority of whom are Independent Directors, will discuss the valuations and determine the fair value of each investment in the portfolio in good faith; provided, however, because our assets are treated as "plan assets" for purposes of ERISA, the Sub-Administrator will determine valuations using only those valuation methodologies reviewed and approved by the Valuation Committee and our Board, and our Board will accept such valuations prepared by the Sub-Administrator in accordance therewith.

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Operating and Regulatory Environment

As with other companies regulated by the 1940 Act, a BDC must adhere to certain regulatory requirements. The 1940 Act contains prohibitions and restrictions relating to investments by a BDC in another investment company, as well as transactions between BDCs and their affiliates, principal underwriters and affiliates of those affiliates or underwriters. A BDC must be organized and have its principal place of business in the United States, it must be operated for the purpose of investing in or lending to primarily private or thinly traded companies and it must make significant managerial assistance available to those companies whose securities are considered Qualifying Assets (as defined below) for the BDC.

We have a Board. A majority of our Board must be Independent Directors. Since January 2020, when we elected to be regulated as a BDC, we have been prohibited from indemnifying any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office. In addition, because our assets are treated as "plan assets" for purposes of ERISA, we are prohibited from indemnifying any person from any liability to the extent that such liability arose in connection with the breach by such person of his or her fiduciary duties under ERISA and expenses may only be advanced to the extent permitted under ERISA. Additionally, to provide additional shareholder protection, we are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the BDC. Furthermore, the Investment Adviser has purchased a fidelity bond satisfying the requirements of Section 412 of ERISA with respect to our assets owned by ERISA Plans. We bear the cost of such fidelity bond.

Since January 2020, when we elected to be regulated as a BDC, we have been required to meet a coverage ratio of the value of total assets to total senior securities, which include all of our borrowings, and any preferred stock we may issue in the future (if at all). Under the 1940 Act, as amended by the Small Business Credit Availability Act, a BDC may increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. With the approval of our Board and sole initial stockholder pursuant to Section 61(a)(2) under the 1940 Act, we have elected to be subject to the lower asset coverage ratio of 150% available thereunder in order to maintain maximum flexibility, reflecting a 2:1 debt to equity ratio.

We may, to the extent permitted under the 1940 Act, issue additional equity or debt capital. We will generally not be able to issue and sell our common stock at a price below net asset value per share without stockholder approval. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value of our common stock if our Board determines that such sale is in our best interests and the best interests of our stockholders, and our stockholders approve such sale. In addition, we may generally issue new shares of our common stock at a price below net asset value in rights offerings to existing stockholders, in payment of dividends and in certain other limited circumstances.

Since January 2020, when we elected to be regulated as a BDC, we have not generally been permitted to invest in any portfolio company in which the Investment Adviser or any of its affiliates currently have an investment or to make any co-investments with the Investment Adviser or its affiliates without an exemptive order from the SEC. On October 8, 2019, the SEC issued an exemptive order (the "Exemptive Order") to the Investment Adviser and certain of its affiliates which superseded a prior order issued on December 18, 2017, which permits us to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, we are permitted to co-invest with our affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of our Independent Directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of our stockholders and is consistent with our then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit us to complete follow-on investments in existing portfolio companies with certain affiliates that are private funds if such private funds do not have an investment in such existing portfolio company, subject to certain conditions. As our assets are treated as "plan assets" under ERISA, we will only co-invest in the same issuer with certain funds or entities managed by the Investment Adviser or its affiliates, so long as their and our respective investments are at the same level of such issuer's capital structure; provided, that in no event will we co-invest with any other fund or entity in contravention of the 1940 Act.

We may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC unless authorized by vote of a majority of the outstanding voting securities, as required by the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67.0% or more of such company's voting securities present at a meeting if more than 50.0% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50.0% of the outstanding voting securities of such company. We do not anticipate any substantial change in the nature of our business.

In addition, as a BDC, we are not permitted to issue stock in consideration for services.

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Taxation as a Regulated Investment Company

We have elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code, and intend to comply with the requirements to qualify and maintain our status as a RIC annually. As a RIC, we generally will not pay U.S. federal income taxes on any net ordinary income or capital gains that we timely distribute to our stockholders as dividends. Rather, dividends distributed by us generally are taxable to our stockholders, and any net operating losses, foreign tax credits and other tax attributes of ours generally do not pass through to our stockholders, subject to certain exceptions and special rules for certain items such as net capital gains and qualified dividend income recognized by us.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, to be eligible to be taxed as a RIC, we must timely distribute to our stockholders, for each taxable year, at least 90.0% of our "investment company taxable income", which is generally our net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses (the "Annual Distribution Requirement").

If we qualify as a RIC and satisfy the Annual Distribution Requirement, we will not be subject to U.S. federal income tax on the portion of our income that is timely distributed (or is deemed to be timely distributed) to our stockholders. If we fail to qualify as a RIC, we will be subject to U.S. federal income tax at the regular corporate rates on our income and capital gains.

We will be subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (1) 98.0% of our net ordinary income for each calendar year, (2) 98.2% of our capital gain net income for the one-year period ending October 31 in that calendar year and (3) any ordinary income and capital gain net income that we recognized in preceding years, but were not distributed during such years, and on which we did not pay U.S. federal income tax, in preceding years (the "Excise Tax Avoidance Requirement"). While we intend to make distributions to our stockholders in each taxable year that will be sufficient to avoid any U.S. federal excise tax on our earnings, there can be no assurance that we will be successful in entirely avoiding this tax.

In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things:

•continue to qualify as a BDC under the 1940 Act at all times during each taxable year;

•derive in each taxable year at least 90.0% of our gross income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities or foreign currencies, net income from certain "qualified publicly traded partnerships", or other income derived with respect to our business of investing in such stock or securities (the "90% Income Test"); and

•diversify our holdings so that at the end of each quarter of the taxable year:

◦at least 50.0% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5.0% of the value of our assets or more than 10.0% of the outstanding voting securities of the issuer; and

◦no more than 25.0% of the value of our assets is invested in (1) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (2) the securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades, or (3) the securities of certain "qualified publicly traded partnerships" (the "Diversification Tests").

A RIC is limited in its ability to deduct expenses in excess of its "investment company taxable income" (which is, generally, ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses). If our expenses in a given year exceed our investment company taxable income, we would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years and such net operating losses do not pass through to its stockholders. In addition, expenses can be used only to offset investment company taxable income, not net capital gains. A RIC may not use any net capital losses (that is, realized capital losses in excess of realized capital gains) to offset the RIC's investment company taxable income, but may carry forward such losses, and use them to offset capital gains, indefinitely. Due to these limits on the deductibility of expenses and net capital losses, we may for tax purposes have aggregate taxable income for several years that we are required to distribute and that is taxable to its stockholders even if such income is greater than the aggregate net income we actually earned during those years.

For U.S. federal income tax purposes, we may be required to include in our taxable income certain amounts that we have not yet received in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with warrants), we must include in our taxable income in each year the portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also

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have to include in our taxable income other amounts that we have not yet received in cash, such as accruals on a contingent payment debt instrument or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Because original issue discount or other amounts accrued will be included in our investment company taxable income for the year of accrual and before we receive any corresponding cash payments, we may be required to make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we would not have received any corresponding cash payment.

Accordingly, to enable us to satisfy the Annual Distribution Requirement, we may need to sell some of our assets at times and/or at prices that we would not consider advantageous, we may need to raise additional equity or debt capital or we may need to forego new investment opportunities or otherwise take actions that are disadvantageous to our business (or be unable to take actions that are advantageous to our business). If we are unable to obtain cash from other sources to enable us to satisfy the Annual Distribution Requirement, we may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate level U.S. federal income tax (and any applicable state and local taxes).

We may be prevented by financial covenants contained in our debt financing agreements, if any, from making distributions to our stockholders. In addition, under the 1940 Act, we are generally not permitted to make distributions to our stockholders while our debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. See "—Senior Securities", below. Limits on distributions to our stockholders may prevent us from satisfying the Annual Distribution Requirement and, therefore, may jeopardize our qualification for taxation as a RIC or subject us to the 4.0% U.S. federal excise tax.

Although we do not presently expect to do so, we may borrow funds and sell assets in order to make distributions to our stockholders that are sufficient for us to satisfy the Annual Distribution Requirement. However, our ability to dispose of assets may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous.

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things: (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert long-term capital gain into short-term capital gain or ordinary income; (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (iv) cause us to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of securities is deemed to occur; (vi) adversely alter the characterization of certain complex financial transactions; and (vii) produce income that will not be qualifying income for purposes of the 90% Income Test described above. We will monitor our transactions and may make certain tax decisions in order to mitigate the potential adverse effect of these provisions.

Foreign exchange gains and losses realized by us in connection with certain transactions involving non-dollar debt securities, certain foreign currency futures contracts, foreign currency option contracts, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Code provisions that generally treat such gains and losses as ordinary income and losses and may affect the amount, timing and character of distributions to our stockholders. Any such transactions that are not directly related to our investment in securities (possibly including speculative currency positions or currency derivatives not used for hedging purposes) could, under future Treasury Regulations, produce income not among the types of "qualifying income" from which a RIC must derive at least 90% of its annual gross income.

Failure to Qualify for Tax Treatment as a Regulated Investment Company

If we fail to satisfy the 90% Annual Distribution Requirement or the Diversification Tests for any taxable year or quarter of such taxable year, we may nevertheless continue to qualify as a RIC for such year if certain relief provisions of the Code apply (which may, among other things, require us to pay certain U.S. federal income tax at corporate rates or to dispose of certain assets). If we fail to qualify for treatment as a RIC and such relief provisions do not apply to us, we will be subject to U.S. federal income tax on all of our taxable income at regular corporate rates (and also will be subject to any applicable state and local taxes), regardless of whether we make any distributions to our stockholders. Distributions would not be required. However, if distributions were made, any such distributions would be taxable to our stockholders as ordinary dividend income to the extent of our current and accumulated earnings and profits and, subject to certain limitations under the Code, may qualify as "qualified dividends" that are subject to U.S. federal income tax at a rate of 20%. Subject to certain limitations under the Code, corporate distributees may be eligible for the dividends-received deduction. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder's adjusted tax basis, and any remaining distributions would be treated as a capital gain.

Subject to a limited exception applicable to RICs that qualified as such under Subchapter M of the Code for at least one year prior to disqualification and that requalify as a RIC no later than the second year following the non-qualifying year, we

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could be subject to tax on any unrealized net built-in gains in the assets held by us during the period in which we failed to qualify as a RIC that are recognized during the five-year period after our requalification as a RIC, unless we made a special election to pay U.S. federal income tax at corporate rates on such built-in gain at the time of our requalification as a RIC. We may decide to be taxed as a regular corporation even if we would otherwise qualify as a RIC if we determine that treatment as a corporation for a particular year would be in our best interests.

ERISA Considerations

The following summary of certain aspects of ERISA is based upon ERISA, judicial decisions, and U.S. Department of Labor ("DOL") regulations and rulings in existence on the date hereof. This summary is general in nature and does not address every ERISA issue that may be applicable to us or a particular investor.

The Investment Adviser does not currently intend to restrict ownership of shares by Benefit Plan Investors and, therefore, it is anticipated that Benefit Plan Investors will own (and do currently own), in the aggregate, in excess of 25% of the total value of shares. Accordingly, during such time that Benefit Plan Investors own 25% or more of the total value shares, our underlying assets will be considered "plan assets," as described below.

Benefit Plan Investor Fiduciary Requirements

Persons who are fiduciaries with respect to a U.S. employee benefit plan or trust within the meaning of and subject to the provisions of ERISA (an "ERISA Plan"), an individual retirement account or a Keogh plan subject solely to the provisions of the Code (an "Individual Retirement Fund") should consider, among other things, the matters described below before determining whether to invest in us. References hereinafter made to ERISA include parallel references to the Code.

ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, avoidance of prohibited transactions and compliance with other standards. In determining whether a particular investment is appropriate for an ERISA Plan, DOL regulations provide that a fiduciary of an ERISA Plan must give appropriate consideration to, among other things, the role that the investment plays in the ERISA Plan's portfolio, taking into consideration whether the investment is designed reasonably to further the ERISA Plan's purposes, the risk and return factors of the potential investment, including the fact that the returns may be subject to U.S. federal tax as unrelated business taxable income, the portfolio's composition with regard to diversification, the liquidity and current return of the total portfolio relative to the anticipated cash flow needs of the ERISA Plan, the projected return of the total portfolio relative to the ERISA Plan's funding objectives, and the limitation on the rights of investors to redeem their shares. Before investing the assets of an ERISA Plan in us, a fiduciary should determine whether such an investment is consistent with its fiduciary responsibilities and the foregoing regulations. For example, a fiduciary should consider whether an investment in us may be too illiquid or too speculative for a particular ERISA Plan and whether the assets of the ERISA Plan would be sufficiently diversified. If a fiduciary with respect to any such ERISA Plan breaches its responsibilities with regard to selecting an investment or an investment course of action for such ERISA Plan, the fiduciary may be held personally liable for losses incurred by the ERISA Plan as a result of such breach.

Plan Assets Defined

ERISA and applicable DOL regulations describe when the underlying assets of an entity in which Benefit Plan Investors invest are treated as "plan assets" for purposes of ERISA. Under ERISA, the term Benefit Plan Investors is defined to include an "employee benefit plan" that is subject to the provisions of Title I of ERISA, a "plan" that is subject to the prohibited transaction provisions of Section 4975 of the Code, and entities the assets of which are treated as "plan assets" by reason of investment therein by Benefit Plan Investors.

Under ERISA, as a general rule, when an ERISA Plan invests assets in another entity, the ERISA Plan's assets include its investment, but do not, solely by reason of such investment, include any of the underlying assets of the entity. However, when an ERISA Plan acquires an "equity interest" in an entity that is neither: (a) a "publicly offered security"; nor (b) a security issued by an investment fund registered under the 1940 Act, then the ERISA Plan's assets include both the equity interest and an undivided interest in each of the underlying assets of the entity, unless it is established that: (i) the entity is an "operating company"; or (ii) the equity participation in the entity by Benefit Plan Investors is limited.

Under ERISA, the assets of an entity will not be treated as "plan assets" if Benefit Plan Investors hold less than 25% (or such greater percentage as may be specified in regulations promulgated by the DOL) of the value of each class of equity interests in the entity. Equity interests held by a person with discretionary authority or control with respect to the assets of the entity and equity interests held by a person who provides investment advice for a fee (direct or indirect) with respect to such assets or any affiliate of any such person (other than a Benefit Plan Investor) are not considered for purposes of determining whether the assets of an entity will be treated as "plan assets" for purposes of ERISA. The Benefit Plan Investor percentage of ownership test applies at the time of an acquisition by any person of the equity interests. In addition, an advisory opinion of the DOL takes the position that a withdrawal of an equity interest by an investor constitutes the acquisition of an equity interest by

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the remaining investors (through an increase in their percentage ownership of the remaining equity interests), thus triggering an application of the Benefit Plan Investor percentage of ownership test at the time of the withdrawal.

Plan Asset Consequences

The Investment Adviser anticipates that the aggregate investment in us by Benefit Plan Investors may, from time to time (and currently does), equal or exceed 25% (or such greater percentage as may be specified in regulations promulgated by the DOL) of the value of any class of equity interests in us. In such circumstances, our assets would be treated as "plan assets" for purposes of ERISA. If investments in us by Benefit Plan Investors does not equal or exceed the 25% threshold as set forth above, neither we nor the Investment Adviser would be subject to the provisions of ERISA. As a general rule, during periods when our assets are treated as "plan assets" for purposes of ERISA, the Investment Adviser will be deemed a "fiduciary" (as defined in ERISA and the Code) with respect to each ERISA Plan and Individual Retirement Fund investing in us. In addition, during periods when our assets are treated as "plan assets" for purposes of ERISA, the Investment Adviser will be subject to the general prudence and fiduciary responsibility provisions of ERISA with respect to each ERISA Plan and Individual Retirement Fund investing in us. Generally, the fiduciary provisions of ERISA require fiduciaries to act for the exclusive benefit of participants and beneficiaries of the ERISA Plan, to employ the care, skill, prudence and diligence that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, to diversify investments so as to minimize the risks of large losses, and to comply with the ERISA Plan and trust documents of the ERISA Plan. In such circumstances, an investment by an ERISA Plan in us would constitute the appointment, in accordance with the written instruments governing the underlying ERISA Plan, of the Investment Adviser as an "investment manager" as defined in Section 3(38) of ERISA, with respect to each such investing ERISA Plan. The acceptance of the subscription constitutes acknowledgment by the Investment Adviser of its status as a fiduciary with respect to such investing ERISA Plan during any such period.

During periods when our assets are treated as "plan assets" for purposes of ERISA, we will be subject to various other requirements of ERISA and the Code. In particular, we would be subject to rules restricting transactions with "parties in interest" and prohibiting transactions involving conflicts of interest on the part of fiduciaries which might result in a violation of ERISA and the Code unless the transaction was subject to a statutory or administrative exemption that would allow us to conduct our operations as described herein.

During periods when our underlying assets are "plan assets," the Investment Adviser, as the party with fiduciary authority, will be prohibited from entering into any transaction prohibited by Section 406(a) of ERISA or Section 4975(c)(1)(A)-(D) of the Code and will also be prohibited by Section 406(b) of ERISA and Section 4975(c)(1)(E) and (F) of the Code from receiving consideration for its personal account in connection with a transaction involving our assets, from acting in any transaction on behalf of a party whose interests are adverse to our interests, and from dealing with our assets in its own interest or for its own account. Unless covered by an exemption, the Investment Adviser will be prohibited from entering into any transaction or engaging in any activity if such transaction or activity is prohibited by Section 406 of ERISA or Section 4975 of the Code. In this regard, the Investment Adviser anticipates that where an exemption is necessary to be able to enable us to enter into certain transactions with parties in interest or disqualified persons, the Investment Adviser may rely on the following statutory, individual or class exemptions issued by the DOL:

(a)Section 408(b)(17) of ERISA (and Section 4975(d)(20) of the Code). Section 408(b)(17) of ERISA (and Section 4975(d)(20) of the Code) permits us to engage in transactions with various service providers to the Benefit Plan Investors as long as the conditions set forth in Section 408(b)(17) of ERISA (and Section 4975(d)(20) of the Code) are satisfied.

(b)Qualified Professional Asset Manager Exemption. Prohibited Transaction Class Exemption 84-14 generally permits ERISA Plans and Individual Retirement Funds to enter into transactions with parties in interest and disqualified persons if such transactions are entered into on behalf of such plans by a "Qualified Professional Asset Manager" (a "QPAM"). The Investment Adviser currently qualifies as a QPAM and during all periods when our assets are treated as "plan assets" for purposes of ERISA, the Investment Adviser may rely on PTE 84-14 with regard to transactions covered thereunder. A QPAM is defined to include an investment adviser registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act") which has in excess of $85 million of client assets under management and control, as of the last day of its most recent fiscal year, and in excess of $1 million of stockholders’ or partners’ equity as shown on its most recent balance sheet prepared within the preceding two years. By virtue of qualifying as a QPAM, the transactions entered into by the Investment Adviser generally will be exempt from the prohibited transaction rules of Section 406(a) of ERISA. The "QPAM Exemption", however, does not exempt certain transactions, such as those between a QPAM and itself or an affiliate of the QPAM and those between a QPAM and the party who has the authority to hire, fire or negotiate the terms of the agreement with the QPAM. Nor does the QPAM Exemption permit the purchase or holding of employer securities that are not "qualifying employer securities" as provided in Section 407 of ERISA or the purchase or holding of "qualifying employer securities" in excess of the limits described in Section 407 of

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ERISA. In addition, the QPAM Exemption will not apply with respect to transactions involving an ERISA Plan if the assets of such ERISA Plan, when combined with the assets of other Plans maintained by the same employer or an affiliate of such employer, represent more than 20% of the total client assets managed by the QPAM.

In order for the Investment Adviser to avoid engaging in any actions that are not exempt by the QPAM Exemption, each ERISA Plan investor will identify to the Investment Adviser (i) the ERISA Plan fiduciaries with authority to invest ERISA Plan assets in the shares as well as such fiduciaries’ affiliates and (ii) the employer sponsor of such ERISA Plan, each other employer participating in such ERISA Plan and each such employer’s affiliates. Each ERISA Plan investor will be obligated to notify us of any changes in such information. Although fiduciaries of ERISA Plans which own less than 10% of the shares will not be treated as having the authority to hire, fire or negotiate the terms of the agreement with the Investment Adviser, such ERISA Plan fiduciaries and their affiliates must be identified because the ownership by such ERISA Plans may reach or exceed the 10% threshold due to fluctuations in ownership of the shares by other investors.

During periods when our assets are treated as "plan assets" and consistent with the QPAM Exemption, the Investment Adviser will acknowledge in writing that it is a fiduciary to each such Benefit Plan Investor and a named fiduciary of each ERISA Plan will properly appoint the Investment Adviser as an investment manager with respect to the ERISA Plan as provided in the subscription documents. If the Investment Adviser is so appointed and acknowledges in writing that it is a fiduciary with respect to the ERISA Plan, the ERISA Plan fiduciaries with discretion to invest in the shares will only be liable with respect to the decision to appoint and retain the Investment Adviser as a fiduciary with authority to manage the assets of the company and other ERISA Plan fiduciaries generally will not be liable for the acts and omissions of the Investment Adviser. However, ERISA Plan fiduciaries will be liable for a breach of fiduciary duties of the Investment Adviser if they knowingly participate in or conceal a fiduciary breach by the Investment Adviser, enable the Investment Adviser to commit a breach by breaching their own fiduciary duty, or fail to make reasonable efforts to remedy such a breach.

(c)Individual Exemptions. During all periods in which our assets are treated as "plan assets" for purposes of ERISA, the Investment Adviser may apply to the DOL for an individual exemption to permit us to enter into transactions for which no class or statutory exemption is available, if it believes that the transaction is in our best interest, or may so apply if any transaction entered into by us is deemed by the DOL or the Internal Revenue Service (the "IRS") to violate the prohibited transaction provisions to ERISA or the Code.

If a prohibited transaction occurs for which no exemption is available, the Investment Adviser and any other party in interest that has engaged in the prohibited transaction could be required (i) to restore to the Individual Retirement Fund or ERISA Plan any profit realized on the transaction and (ii) to reimburse the Individual Retirement Fund or ERISA Plan for any losses suffered by the Individual Retirement Fund or ERISA Plan as a result of the investment. Each party in interest involved could be subject to an excise tax equal to 15% of the amount involved in the prohibited transaction for each year the transaction continues and, unless the transaction is corrected within statutorily required periods, to an additional tax of 100%. Individual Retirement Fund and ERISA Plan fiduciaries that decide to invest in us could, under certain circumstances, be liable for prohibited transactions or other violations as a result of their investment in us or as co-fiduciaries for actions taken by or on behalf of us.

Section 408(a)(5) of the Code, provides that the assets of an individual retirement account (an "IRA") may not be commingled with other property except in a common trust or investment fund. A prohibited commingling of the assets of an IRA in other than a common trust fund or common investment fund could result in the disqualification of the IRA and a deemed distribution of the IRA's assets to the beneficiary of the IRA.

Although we are not a common trust fund or common investment fund, for the reasons discussed below, we have been advised by legal counsel that, if our assets were treated as "plan assets" for purposes of ERISA, an investment in us by an IRA should not be deemed to involve a prohibited commingling of IRA assets. While our assets, under certain circumstances discussed above, may be treated as "plan assets" for purposes of ERISA, that term applies solely for purposes of Title I of ERISA and Section 4975 of the Code, but not to Section 408(a)(5) of the Code. Accordingly, although there is no direct authority on this matter, for purposes of the prohibition against the commingling of IRA assets, no such commingling should occur because the sole interest of an investing IRA would be its shares, and not our underlying assets.

If our assets are treated as "plan assets" for purposes of ERISA, the Investment Adviser will purchase a fidelity bond satisfying the requirements of Section 412 of ERISA with respect to our assets owned by ERISA Plans. We will bear the cost of such fidelity bond. Finally, ERISA imposes a requirement that all assets of an ERISA Plan be held in trust. This requirement should be fulfilled by each ERISA Plan’s trustee holding its confirmation of ownership of the shares in trust. ERISA does not require that our assets be held in trust.

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Representations by Plans

An ERISA Plan proposing to invest in us will be required to represent that it is, and any fiduciaries responsible for the ERISA Plan's investments are, aware of and understand our investment objectives, policies and strategies, and that the decision to invest plan assets in us was made with appropriate consideration of relevant investment factors with regard to the ERISA Plan and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA.

Whether or not our assets are treated as "plan assets" for purposes of ERISA, an investment in us by an ERISA Plan is subject to ERISA. Accordingly, fiduciaries of ERISA Plans should consult with their own counsel as to the consequences under ERISA of an investment in us.

ERISA Plans and Individual Retirement Funds Having Prior Relationships with the Investment Adviser or its Affiliates

Certain prospective ERISA Plan and Individual Retirement Fund investors may currently maintain relationships with the Investment Adviser or other entities that are affiliated with the Investment Adviser. Each of such entities may be deemed to be a party in interest to, and/or a fiduciary of, any ERISA Plan or Individual Retirement Fund to which any of the Investment Adviser or its affiliates provides investment management, investment advisory or other services. ERISA prohibits ERISA Plan assets to be used for the benefit of a party in interest and also prohibits an ERISA Plan fiduciary from using its position to cause the ERISA Plan to make an investment from which it or certain third parties in which such fiduciary has an interest would receive a fee or other consideration. Similar provisions are imposed by the Code with respect to Individual Retirement Funds. ERISA Plan and Individual Retirement Fund investors should consult with counsel to determine if investment in us is a transaction that is prohibited by ERISA or the Code.

Eligible Indirect Compensation and Disclosure Requirements Under Section 408(b)(2) of ERISA

During any time that our assets are deemed for purposes of ERISA to be "plan assets," the ERISA Plan’s share of the fair market value of the assets held by the Fund will need to be reflected on the Plan’s annual returns/reports. The disclosures set forth herein constitute the Investment Adviser's good faith efforts to comply with the disclosure requirements of Form 5500, Schedule C and allow for the treatment of its compensation as eligible indirect compensation.

In addition, the disclosures set forth herein, in conjunction with disclosures made in the Investment Adviser's Form ADV and registration statements, constitute the Investment Adviser's good faith efforts to comply with the disclosure requirements under Section 408(b)(2) of ERISA and the regulations promulgated thereunder, if applicable.

Future Regulations and Rulings

The provisions of ERISA are subject to extensive and continuing administrative and judicial interpretation and review. This section is based on the provisions of the Code and ERISA as currently in effect, and the existing administrative and judicial interpretations thereunder. No assurance can be given that administrative, judicial or legislative changes will not occur that may make the foregoing statements incorrect or incomplete. The discussion of ERISA contained herein is, of necessity, general and may be affected by future publication of regulations and rulings. Potential investors should consult with their legal advisers regarding the consequences under ERISA of the acquisition and ownership of shares.

ACCEPTANCE OF SUBSCRIPTIONS FOR SHARES ON BEHALF OF AN ERISA PLAN IS IN NO RESPECT A REPRESENTATION BY US OR ANY OTHER PARTY RELATED TO US THAT THIS INVESTMENT MEETS THE RELEVANT LEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY ANY PARTICULAR ERISA PLAN OR THAT THIS INVESTMENT IS APPROPRIATE FOR ANY PARTICULAR ERISA PLAN. THE PERSON WITH INVESTMENT DISCRETION SHOULD CONSULT WITH HIS OR HER ATTORNEY AND FINANCIAL ADVISERS AS TO THE PROPRIETY OF AN INVESTMENT IN THE SHARES IN LIGHT OF THE CIRCUMSTANCES OF THE PARTICULAR ERISA PLAN SUBSCRIPTION PROCEDURE.

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Summary Risk Factors

The risk factors described below are a summary of the principal risk factors associated with an investment in us. These are not the only risks we face. You should carefully consider these risk factors, together with the risk factors set forth in
Item— 1A. Risk Factors in this Annual Report on Form 10-K and the other reports and documents filed by us with the SEC.

Risks Relating to Our Business and Structure

•Events outside of our control, including public health crises, could negatively affect our portfolio companies and our results of our operations.

•We are currently operating in a period of capital markets disruption and economic uncertainty.

•U.S. and worldwide economic, political, regulatory and financial market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

•There is uncertainty as to the value of our portfolio investments because most of our investments are, and may continue to be in private companies and recorded at fair value. In addition, the fair values of our investments are determined by our Board in accordance with our valuation policy.

•Our ability to achieve our investment objective depends on key investment personnel of the Investment Adviser. If the Investment Adviser were to lose any of its key investment personnel, our ability to achieve our investment objective could be significantly harmed.

•The 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs, which could adversely affect our business.

•We operate in a highly competitive market for investment opportunities and may not be able to compete effectively.

•We may borrow money, which could magnify the potential for gain or loss on amounts invested in us and increase the risk of investing in us.

•If we are unable to comply with the covenants or restrictions in our borrowings, our business could be materially adversely affected.

Risks Relating to Our Operations

•Because we intend to distribute substantially all of our income to our stockholders to maintain our status as a RIC, we will continue to need additional capital to finance our growth. If additional funds are unavailable or not available on favorable terms, our ability to grow may be impaired.

•Our ability to enter into transactions with our affiliates is restricted.

•The Investment Adviser has significant potential conflicts of interest with us and, consequently, your interests as stockholders which could adversely impact our investment returns.

•The Investment Management Agreement (as defined below), as amended and restated from time to time, with the Investment Adviser and the Administration Agreement with the Administrator (the "Administration Agreement") were not negotiated on an arm’s length basis.

•The Investment Adviser's liability is limited under the Investment Management Agreement, and we have agreed to indemnify the Investment Adviser against certain liabilities, which may lead the Investment Adviser to act in a riskier manner than it would when acting for its own account.

•If we fail to maintain our status as a BDC, our business and operating flexibility could be significantly reduced.

•If we do not invest a sufficient portion of our assets in qualifying assets, we could be precluded from investing in certain assets or could be required to dispose of certain assets, which could have a material adverse effect on our business, financial condition and results of operations.

•We will be subject to U.S. federal income tax at corporate rates on all of our income if we are unable to maintain tax treatment as a RIC under Subchapter M of the Code, which would have a material adverse effect on our financial performance.

•We may not be able to pay you distributions on our common stock, our distributions to you may not grow over time and a portion of our distributions to you may be a return of capital for U.S. federal income tax purposes.

•We are obligated to maintain proper and effective internal control over financial reporting. Failure to achieve and maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley

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Act of 2002 ("Sarbanes-Oxley Act") could have a material adverse effect on our business and the value of our common stock.

Risks Relating to Our Investments

•Our investments in portfolio companies may be risky, and we could lose all or part of any of our investments.

•Our investment strategy, which is focused primarily on privately held companies, presents certain challenges, including the lack of available information about these companies.

•Our investments in securities rated below investment grade are speculative in nature and are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates.

•Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.

•The lack of liquidity in our investments may adversely affect our business.

•There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

•Our performance may differ from our Investment Adviser's historical performance as our current investment strategy includes significantly more primary originations in addition to secondary market purchases.

•Covenant-lite loans may offer us fewer protections than traditional investments.

Risks Relating to Our Securities

•Investing in our common stock may involve an above average degree of risk.

•Our charter and our bylaws, as well as certain statutory and regulatory requirements, could deter takeover attempts.

•You may not receive distributions or our distributions may decline or may not grow over time.

•Because we are not currently a "publicly offered regulated investment company," as defined in the Code, certain U.S. stockholders will be treated as having received a dividend from us in the amount of such U.S. stockholder's allocable share of certain of our expenses, including a portion of its management fees, and such expenses will be treated as miscellaneous itemized deductions of such U.S. stockholders that are not currently deductible.

•We do not currently intend for our shares to be listed on any national securities exchange.

The Private Offering

On January 27, 2020, we entered into separate subscription agreements with investors providing for the private placement of shares of our common stock in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act") and may enter into additional subscription agreements from time to time. Each investor in the private offering of our common stock (the "Private Offering") has made, or will make, a capital commitment (each, a "Capital Commitment") to purchase shares of our common stock pursuant to a subscription agreement entered into with us (a "Subscription Agreement"). As of December 31, 2024, we had aggregate Capital Commitments from investors of $690.0 million. Our Capital Commitments were fully drawn as of December 31, 2024.

Investors are required to make capital contributions to purchase shares of our common stock each time we deliver a drawdown notice, which will be issued based on our anticipated investment activities and capital needs, in an aggregate amount not to exceed each investor's respective Capital Commitment. We will deliver drawdown requests at least ten business days prior to the required funding date. All purchases of our common stock will generally be made pro rata in accordance with remaining Capital Commitments of all investors, at a per-share price equal to the net asset value per share of our common stock subject to any adjustments. Any adjustments would take into account a determination of changes to net asset value within 48 hours of the sale to assure compliance with Section 23(b) of the 1940 Act. At the end of the Investment Period (as defined below), stockholders will be released from any further obligation to fund drawdowns and purchase additional shares of our common stock, subject to certain conditions as described in more detail below and in the Subscription Agreement.

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Investment Management Agreement

We are a closed-end, non-diversified management investment company that elected in January 2020 to be regulated as a BDC under the 1940 Act. Pursuant to an investment advisory and management agreement entered into in January 2020, which was amended and restated on December 13, 2020 (the "First A&R Investment Management Agreement") and on September 26, 2022 (the "Second A&R Investment Management Agreement", or the "Investment Management Agreement"), we are externally managed by our Investment Adviser and pay our Investment Adviser a fee for its services (except that, because our assets are treated as "plan assets" for purposes of ERISA, we will not pay our Investment Adviser any fees related to services it may provide in its capacity as the Administrator, as set forth below). The following summarizes our arrangements with the Investment Adviser pursuant to the Investment Management Agreement.

Pursuant to the Investment Management Agreement, the Investment Adviser:

•determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;

•determines the securities and other assets that we will purchase, retain or sell;

•identifies, evaluates and negotiates the structure of our investments that we make;

•executes, monitors and services the investments that we make;

•performs due diligence on prospective portfolio companies;

•votes, exercises consents and exercises all other rights appertaining to such securities and other assets on our behalf; and

•provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require.

The Investment Adviser's services under the Investment Management Agreement are not exclusive, and the Investment Adviser (so long as its services to us are not impaired) and/or other entities affiliated with New Mountain Capital are permitted to furnish similar services to other entities. Under the Investment Management Agreement, the Investment Adviser will receive a fee for investment advisory and management services consisting of a base management fee. The cost of the base management fee payable to the Investment Adviser is borne by us and, as a result, is indirectly borne by our common stockholders.

The Investment Management Agreement was approved by our Board at the Board's initial board meeting on June 18, 2019 and was executed by us and the Investment Adviser on January 22, 2020. On November 19, 2020 and August 10, 2022, our Board approved the First A&R Investment Management Agreement and the Second A&R Investment Management Agreement, respectively, and we received the written consent of stockholders approving, among other things, the First A&R Investment Management Agreement and the Second A&R Investment Management Agreement. The First A&R Investment Management Agreement and the Second A&R Investment Management Agreement were executed and became effective on December 13, 2020 and September 26, 2022, respectively.

The Board re-approved the Investment Management Agreement on January 24, 2023, by virtual means in reliance on relief provided by the SEC in response to the COVID-19 pandemic, for a period of 12 months commencing on March 1, 2023. As a condition of the SEC's COVID-19 relief, our Board ratified its re-approval of the Investment Management Agreement at an in-person meeting held on July 27, 2023. The Investment Management Agreement was most recently re-approved by the Board on January 29, 2025, at an in-person meeting, for a period of 12 months commencing on March 1, 2025. Unless earlier terminated as described below, the Investment Management Agreement will remain in effect from year to year if approved annually by (i) the vote of our Board, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of our Independent Directors. The Investment Management Agreement will automatically terminate in the event of an assignment by the Investment Adviser. The Investment Management Agreement may be terminated by either party, or by a vote of the majority of our outstanding voting shares or, if less, such lower percentage as required by the 1940 Act, without penalty upon not less than 60 days' prior written notice to the applicable party. If the Investment Management Agreement is terminated according to this paragraph, we will pay the Investment Adviser a pro-rated portion of the Management Fee (as defined below). See Item 1A. Risk Factors—RISKS RELATING TO OUR OPERATIONS.

The Investment Management Agreement provides that the Investment Adviser and its officers, managers, agents, employees, controlling persons, members (or their owners) and any other person or entity affiliated with it, are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Investment Adviser's services under the Investment Management Agreement or otherwise as the Investment Adviser, absent willful misfeasance, bad faith, gross negligence or breach by the Investment Adviser of its fiduciary duties under ERISA, if applicable, in the performance of their respective duties or by reason of the reckless disregard of their respective duties and obligations. However, the Investment Adviser and its

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officers, managers, agents, employees, controlling persons, members (or their owners) and any other person or entity affiliated with it, will not be entitled to such indemnification, if such damages, costs and expenses arose from their willful misfeasance, bad faith, gross negligence or breach by the Investment Adviser of its fiduciary duties under ERISA, if applicable, in the performance of their respective duties or by reason of the reckless disregard of their respective duties and obligations.

Indemnification

Under our charter, we will fully indemnify any person who was or is involved in any actual or threatened action, suit or proceeding by reason of the fact that such person is or was one of our directors or officers, but only to the extent permitted by ERISA, if applicable. So long as we are regulated under the 1940 Act, the above indemnification and limitation of liability is limited by the 1940 Act or by any valid rule, regulation or order of the SEC thereunder. The 1940 Act provides, among other things, that a company may not indemnify any director or officer against liability to it or its security holders to which he or she might otherwise be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office unless a determination is made by final decision of a court, by vote of a majority of a quorum of directors who are disinterested, non-party directors or by independent legal counsel that the liability for which indemnification is sought did not arise out of the foregoing conduct. Furthermore, because our assets are treated as "plan assets" for purposes of ERISA, the above indemnification and limitation of liability is limited by ERISA. ERISA provides, among other things, that a company whose assets are treated as "plan assets" may not indemnify its investment adviser or any other person that would be deemed such company's fiduciary for purposes of ERISA, for a breach of their fiduciary duties under ERISA.

We have obtained liability insurance for our Independent Directors, which will be paid for by us.

Management Fees

We pay the Investment Adviser a fee for its services under the Investment Management Agreement consisting of an annual base management fee (the "Management Fee"). The cost of the Management Fee payable to the Investment Adviser is borne by us and, as a result, is indirectly borne by our stockholders. The Management Fee will be payable quarterly in arrears.

Pursuant to the Investment Management Agreement, as amended, for the period from January 22, 2020 through September 30, 2020 (the "Initial Fee Period"), the base management fee was calculated at an annual rate of 0.70% (the "Initial Fee Rate") of the aggregate Capital Commitments received at the initial acceptance of Capital Commitments, subject, to the adjustments described below. Specifically, the Initial Fee Rate was subject to reduction during all periods through September 30, 2020. Commencing with the quarterly period ending December 31, 2020 initially continued until September 30, 2023, subject to automatic extensions thereafter, each for an additional one year period, unless the holders of a majority of the Company's outstanding common stock elect to forego any such extension upon not less than ninety days prior written notice. Effective September 30, 2024, the Investment Period was automatically extended for an additional one year period to September 30, 2025. The base management fee was initially calculated at an annual blended rate with respect to the Assets Invested (defined below) at the end of each quarterly period by reference to (i) 0.70% in the case of Assets Invested equal to or less than $500.0 million, and (ii) 0.60% in the case of Assets Invested of greater than $500.0 million, subject, in each case, to the adjustments in the manner set forth in the Investment Management Agreement, as amended. Specifically, the quarterly fee percentage will be subject to reduction throughout the Investment Period with respect to target Assets Invested in the manner set forth in the Investment Management Agreement, as amended. "Assets Invested" was initially defined as, as of the end of each quarterly period, the sum of our (i) drawn Capital Commitments, and (ii) outstanding principal on borrowings.

Pursuant to the Second A&R Investment Management Agreement, effective September 26, 2022, the Management Fee shall be calculated at the blended rate until such time that we have $1.0 billion of Assets Invested (as modified by the Second A&R Investment Management Agreement). Upon such time, the Management Fee shall be calculated at the Blended Rate, as defined in the Second A&R Investment Management Agreement, and for the avoidance of doubt, based on the greater of the actual Assets Invested as of the end of any quarter and target Assets Invested for the quarter. The Second A&R Investment Management Agreement modified the definition of "Assets Invested" to mean that as of the end of each quarterly period, the sum of our (i) drawn capital commitments, (ii) the aggregate dollar amount of distributions declared to stockholders from net investment income as of the latest declaration date of any such distribution, less any amounts of such distribution received in cash by stockholders, and (iii) outstanding principal on borrowings.

In addition, during the Investment Period the Management Fee payable each quarter will be reduced by an amount equal to the then applicable fee rate multiplied by our cumulative realized losses since inception (calculated net of any subsequently reversed realized losses) (the "Cumulative Losses") on the portfolio of investments (collectively, the "Withheld Amounts"). Any portion of such Withheld Amounts that is attributable to a subsequently reversed realized loss shall be payable to our Investment Adviser in the quarter in which such reversal occurs. In addition, upon expiration of the Investment Period, our Investment Adviser shall be entitled to an amount equal to the portion of such Withheld Amounts that would have been payable if Cumulative Losses had been calculated net of cumulative realized capital gains on the applicable portfolios of investments.

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After the Investment Period, the Management Fee shall be calculated at a rate equal to the Applicable Ratio (as defined below) per annum on the basis of our Assets Invested as of the end of the most recently completed calendar quarter, and shall be payable quarterly in arrears. The "Applicable Ratio" shall mean a percentage calculated by (i) taking the sum of (A) the Assets Invested equal to or less than $500.0 million multiplied by 0.70%, plus (B) the Assets Invested greater than $500.0 million multiplied by 0.60%, and dividing such total by (ii) the total Assets Invested.

Expenses

All investment professionals of the Investment Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services under the Investment Management Agreement (as opposed to the accounting, compliance and other administrative services set forth in clause (m) below), and the compensation and routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the Investment Adviser and not by us.

We will bear our own legal and other expenses incurred in connection with our formation and organization and the offering of our shares, including external legal and accounting expenses, printing costs, travel and out-of-pocket expenses related to marketing efforts (other than any placement fees, which will be borne by the Investment Adviser directly or pursuant to waivers of the Management Fee), up to a maximum aggregate amount of $1.0 million.

In addition to Management Fees, except as noted above, we are permitted to bear all other expenses directly and specifically related to our operations, which expenses may include without limitation:

(a)all costs and expenses with respect to the actual or proposed acquisition, financing, holding, monitoring or disposition of our investments, whether such investments are ultimately consummated or not, including, origination fees, syndication fees, due diligence costs, broken deal expenses, bank service fees, fees and expenses of custodians, transfer agents, consultants, experts, travel expenses incurred for investment-related purposes, outside legal counsel, consultants and accountants, administrator's fees of third party administrators (subject to clause (m) below) and financing costs (including interest expenses);

(b)expenses for liability insurance, including officers and independent directors liability insurance, cyber insurance and other insurance (but excluding the cost of liability insurance covering the Investment Adviser and its officers as our assets are treated as "plan assets" for purposes of ERISA);

(c)extraordinary expenses incurred by us (including litigation);

(d)indemnification and contribution expenses provided, that we will not bear such fees, costs or expenses to the extent that the relevant conduct is not indemnifiable under applicable law, including ERISA, if applicable;

(e)taxes and other governmental fees and charges;

(f)administering and servicing and special servicing fees paid to third parties for our benefit;

(g)the cost of company-related operational and accounting software and related expenses;

(h)cost of software (including the fees of third-party software developers) used by the Investment Adviser and its affiliates to track and monitor our investments (specifically, cost of software related to data warehousing, portfolio administration/reconciliation, loan pricing and trade settlement attributable to us);

(i)expenses related to the valuation or appraisal of our investments;

(j)risk, research and market data-related expenses (including software) incurred for our investments;

(k)fees, costs and expenses (including legal fees and expenses) incurred to comply with any applicable law, rule or regulation (including regulatory filings such as financial statement filings, ownership filings (Section 16 or Section 13 filings), blue sky filings and registration statement filings, as applicable) to which we are subject or incurred in connection with any governmental inquiry, investigation or proceeding involving us; provided, that we will not bear such fees, costs or expenses to the extent that the relevant conduct is not indemnifiable under applicable law, including ERISA, if applicable;

(l)costs associated with our wind-up, liquidation, dissolution and termination;

(m)other legal, operating, accounting, tax return preparation and consulting, auditing and administrative expenses in accordance with the Investment Management Agreement and the Administration Agreement and fees for outside services provided to us or on our behalf; provided that our assets are treated as "plan assets" for purposes of

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ERISA, we will not incur such expenses or fees, if such expenses and fees arise in connection with such services, to the extent that they are performed by the Administrator;

(n)expenses of the Board (including the reasonable costs of legal counsel, accountants, financial advisors and/or such other advisors and consultants engaged by the Board, as well as travel and out-of-pocket expenses related to the attendance by directors at Board meetings), to the extent permitted under applicable law, including ERISA, if applicable;

(o)annual or special meetings of the stockholders;

(p)the costs and expenses associated with preparing, filing and delivering to stockholders periodic and other reports and filings required under federal securities laws as a result of our status as a BDC;

(q)ongoing offering expenses;

(r)federal and state registration fees pertaining to us;

(s)costs of company-related proxy statements, stockholders' reports and notices;

(t)costs associated with obtaining fidelity bonds as required by the 1940 Act and Section 412 of ERISA;

(u)printing, mailing and all other similar direct expenses relating to us;

(v)expenses incurred in preparation for or in connection with (or otherwise relating to) any initial public offering or other debt or equity offering conducted by us, including but not limited to external legal and accounting expenses, printing costs, travel and out-of-pocket expenses related to marketing efforts; and

(w)only to the extent (i) Benefit Plan Investors hold less than 25% of our shares, or (ii) our shares are listed on a national securities exchange, our allocable portion of overhead, including office equipment and supplies, rent and our allocable portion of the compensation paid to accounting, compliance and administrative staff employed by the Investment Adviser or its affiliates who provide services to us necessary for its operation, including related taxes, health insurance and other benefits.

Investment-related expenses with respect to investments in which we invest together with one or more parallel funds (or co-investment vehicles) will generally be allocated among all such entities on the basis of capital invested by each such entity into the relevant investment; provided, that if the Investment Adviser reasonably believes that such allocation method would produce an inequitable result to any such entity, the Investment Adviser may allocate such expenses among such entities in any other manner that the Investment Adviser believes in good faith to be fair and equitable.

Qualifying Assets

Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as "qualifying assets", unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC's total assets. The principal categories of qualifying assets relevant to our business are any of the following:

1) Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:

a) is organized under the laws of, and has its principal place of business in, the United States;

b) is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

c) satisfies any of the following:

i) does not have any class of securities that is traded on a national securities exchange;

ii) has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non‑voting common equity of less than $250.0 million;

iii) is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a director of the eligible portfolio company; or

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iv) is a small and solvent company having total assets of not more than $4.0 million and capital and surplus of not less than $2.0 million.

2) Securities of any eligible portfolio company that the BDC controls.

3) Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities, was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

4) Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and the BDC already owns 60.0% of the outstanding equity of the eligible portfolio company.

5) Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.

6) Cash, cash equivalents, U.S. government securities or high‑quality debt securities maturing in one year or less from the time of investment.

In addition, a BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above.

As of December 31, 2024, 2.40% of our total assets were non-qualifying assets.

Significant Managerial Assistance to Portfolio Companies

BDCs generally must offer to make available to the issuer of its qualifying assets significant managerial assistance, except in circumstances where either (i) the BDC controls such issuer of securities or (ii) the BDC purchases such securities in conjunction with one or more other persons acting together and one of the other persons in the group makes available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company. The Administrator or its affiliate will provide such managerial assistance on our behalf to portfolio companies that accept our offer of managerial assistance.

Temporary Investments

Pending investments in other types of qualifying assets, our investments may consist of cash, cash equivalents, U.S. government securities or high‑quality debt securities maturing in one year or less from the time of investment (collectively, as "temporary investments"), so that 70.0% of our assets are qualifying assets. We will invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. We had no temporary investments as of December 31, 2024.

Repurchase Agreements

A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed‑upon future date and at a price that is greater than the purchase price by an amount that reflects an agreed‑upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25.0% of our total assets constitute repurchase agreements from a single counterparty, we would not meet the Diversification Tests in order to qualify as a RIC for U.S. federal income tax purposes. Thus, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The Investment Adviser will monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions. We had no repurchase agreements as of December 31, 2024.

Indebtedness and Senior Securities

We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our shares if our asset coverage, as defined in the 1940 Act, is at least equal to 150.0% immediately after each such issuance (which means we can borrow $2 for every $1 of our equity). In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of our shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5.0% of the value of our total assets for temporary purposes without regard to asset coverage. For a discussion of the risks associated with leverage, see Part I—Item 1A. Risk Factors in this Annual Report on Form 10-K.

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Code of Ethics

We have adopted a code of ethics pursuant to Rule 17j‑1 under the 1940 Act (the "Code of Ethics") and the Investment Adviser has adopted a code of ethics (the "Adviser's Code of Ethics") pursuant to Rule 204A‑1 under the Advisers Act, each of which establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the Code of Ethics and/or the Adviser's Code of Ethics may invest in securities for their personal investment accounts, including securities that may be purchased or held by us so long as such investments are made in accordance with either the Code of Ethics' or the Adviser's Code of Ethics' requirements, as applicable. The Code of Ethics is available on the SEC's website at www.sec.gov.

Compliance Policies and Procedures

We and the Investment Adviser have adopted and implemented written policies and procedures reasonably designed to prevent violation of the federal securities laws and we are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation. Our chief compliance officer is responsible for administering these policies and procedures.

Proxy Voting Policies and Procedures

We have delegated our proxy voting responsibility to the Investment Adviser. The Proxy Voting Policies and Procedures of the Investment Adviser are set forth below. The guidelines will be reviewed periodically by the Investment Adviser and our Independent Directors, and, accordingly, are subject to change.

Introduction

As an investment adviser registered under the Advisers Act, the Investment Adviser has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, and if applicable, its fiduciary duties under ERISA, the Investment Adviser recognizes that it must vote our securities in a timely manner free of conflicts of interest and in our best interests.

The policies and procedures for voting proxies for the investment advisory clients of the Investment Adviser are intended to comply with Section 206 of, and Rule 206(4)‑6 under, the Advisers Act and, if applicable, ERISA.

Proxy Policies

The Investment Adviser will vote proxies relating to our securities in our best interest. It will review on a case‑by‑case basis each proposal submitted for a stockholder vote to determine its impact on the portfolio securities held by us. Although the Investment Adviser will generally vote against proposals that may have a negative impact on its clients' portfolio securities, it may vote for such a proposal if there exists compelling long‑term reasons to do so.

The proxy voting decisions of the Investment Adviser are made by the senior officers who are responsible for monitoring each of its clients' investments. To ensure that its vote is not the product of a conflict of interest, it will require that: (a) anyone involved in the decision making process disclose to its chief compliance officer any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (b) employees involved in the decision making process or vote administration are prohibited from revealing how the Investment Adviser intends to vote on a proposal in order to reduce any attempted influence from interested parties.

Proxy Voting Records

You may obtain, without charge, information regarding how we voted proxies with respect to our portfolio securities by making a written request for proxy voting information to: Chief Compliance Officer, 1633 Broadway, 48th Floor, New York, New York 10019.

Staffing

We do not have any employees. Our day‑to‑day investment operations are managed by the Investment Adviser and the Administrator. See "—Investment Management Agreement" in this Annual Report on Form 10-K. Because (i) Benefit Plan Investors hold 25% or more of our shares, and (ii) our shares are not listed on a national securities exchange, our Administrator will not be entitled to reimbursement for the allocable portion of overhead and other expenses incurred by it in performing its obligations to us under the Administration Agreement, including the compensation of our chief financial officer and chief compliance officer, and their respective staffs. Each of our executive officers described in Part III—Item 10. Directors, Executive Officers and Corporate Governance is an employee of the Investment Adviser.

Emerging Growth Company

We are an emerging growth company as defined in the Jumpstart Our Business Startups Act (the "JOBS Act") and we are eligible to take advantage of certain specified reduced disclosure and other requirements that are otherwise generally applicable to public reporting companies that are not "emerging growth companies" including, but not limited to:

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•Permission for an "emerging growth company" to defer compliance with any new or revised financial accounting standards until the date that companies that are not "issuers" as defined in Section 2(a) of the Sarbanes-Oxley Act are required to comply; and

•Exemption for an "emerging growth company" from the Sarbanes-Oxley Act Section 404(b) auditor attestation on management's assessment of its internal controls.

We expect to remain an emerging growth company until the earliest of (i) the last day of the first fiscal year in which our annual gross revenues exceed $1.235 billion, (ii) the end of the fiscal year in which the fifth anniversary of any initial public offering by us has occurred, (iii) December 31 of the fiscal year that we become a "large accelerated filer" as defined in Rule 12b‑2 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") which would occur if the market value of our shares that are held by non‑affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least 12 calendar months or (iv) the date on which we have issued more than $1.0 billion in non‑convertible debt securities during the preceding three‑year period. There is currently no public market for our shares of common stock and one is not expected to develop.

Investment Period

Our Investment Period commenced on the date of the Initial Closing, which occurred on February 18, 2020, and shall continue until the 48-month anniversary of the Initial Closing date, subject to automatic extensions thereafter, each for an additional one year period, unless the holders of a majority of our outstanding shares elect to forego any such extension, upon not less than ninety days prior written notice to the Investment Adviser. Holders of a majority of our outstanding shares may also terminate the Investment Period as of any earlier anniversary of the date of the Initial Closing date, upon not less than ninety (90) days prior written notice to the Investment Adviser. The Investment Adviser may also terminate the Investment Period as of an earlier date in its discretion. The Investment Period initially continued until September 30, 2023. Effective September 30, 2024, the Investment Period was automatically extended for an additional one year period to September 30, 2025.

During the Investment Period, any amounts we receive as a return of capital (as opposed to a return on capital) with respect to our investments may, in the sole discretion of the Investment Adviser, be retained by us, without reducing the stockholders' unfunded Capital Commitments, for the purpose of making investments and/or for such other permissible purposes as set out in our operating documents. While we expect to distribute approximately our entire net investment income on a semi-annual basis and substantially all of our taxable income on an annual basis, we may retain certain net capital gains for reinvestment.

After the end of the Investment Period, the stockholders will be released from any further obligation with respect to their then current unfunded Capital Commitments, except to the extent necessary to: (x) fund the Management Fee and other liabilities and expenses throughout the term (including to repay our outstanding financings); (y) complete investments that are in process or that have been committed to as of the end of the Investment Period; and (z) make follow-on investments in an aggregate amount up to 10% of our gross assets.

Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act imposes a variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example:

•pursuant to Rule 13a-14 of the Exchange Act, our chief executive officer and chief financial officer are required to certify the accuracy of the financial statements contained in our periodic reports;

•pursuant to Item 307 of Regulation S-K, our periodic reports are required to disclose our conclusions about the effectiveness of our disclosure controls and procedures;

•pursuant to Rule 13a-15 of the Exchange Act, our management is required to prepare a report regarding their assessment of their respective internal control over financial reporting;

•pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, our periodic reports are required to disclose whether there were significant changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We intend to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.

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Reporting Obligations

In order to be regulated as a BDC under the 1940 Act, we are required to register a class of equity securities under the Exchange Act. As a result, we have filed a registration statement on Form 10 to register our common stock under the Exchange Act. We are required to file annual reports, quarterly reports and current reports with the SEC. This information is available on the SEC's website at www.sec.gov.

In addition to the above regulatory filings, we shall provide each stockholder with such additional information as it may reasonably request from time to time in connection with such stockholder's ongoing financial and operational due diligence.

Available Information

We file or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information as required by the Exchange Act and the 1940 Act. The SEC maintains a website that contains reports, proxy and information statements and other information filed electronically by us with the SEC at www.sec.gov.

We make available our reports, proxies and information statements and other information free of charge as soon as reasonably practicable after we electronically file such materials with, or furnish to, the SEC. Information contained on the SEC's website about us is not incorporated into this Annual Report and should not be considered to be a part of this Annual Report on Form 10-K.

Privacy Notice

Your privacy is very important to us. This Privacy Notice sets forth our policies with respect to non-public personal information about our stockholders and prospective and former stockholders. These policies apply to our stockholders and may be changed at any time, provided a notice of such change is given to you. This notice supersedes any other privacy notice you may have received from us.

Certain disclosures of a stockholder's personal information are permitted (for example, disclosures to accountants and attorneys for the fund) and individual investors are allowed to elect to "opt out" of any other disclosures to unaffiliated third parties. We believe that all of our existing and future anticipated disclosures are permissible and will therefore not be affected by an "opt out" election. In the unlikely event we deem it necessary to disclose information to unaffiliated third parties in a manner that is not otherwise permitted, we have provided you with an election to "opt out" of such disclosure.

In the European Economic Area ("EEA"), investors subject to EU Regulation 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (the "GDPR") who control and/or process personal data, including any personal data furnished in a subscription agreement provided to us (such as authorized signatories, directors, beneficial owners, etc.) or personal data provided in the course of communicating with us (such as email addresses, business cards, telephone numbers, etc.), are required to ensure, inter alia, that any such data is processed and provided lawfully, fairly and in a transparent manner. The addendum to this Privacy Notice is intended to provide specific information about how we use and process personal data received from investors established in the EEA.

In connection with the formation and ongoing activities of our private investment funds, we collect and maintain nonpublic personal information about our individual investors from the following sources:

a.Information we receive from you on subscription agreements, investor questionnaires or other forms that you submit to us or contracts that you enter into with us;

b.Information related to your transactions with us, our affiliates or others; and

c.Information you provide us directly about your personal finances or personal circumstances, including information obtained from meetings, telephone conversations and electronic communication with you.

We may disclose any of the information we collect, as described above, in connection with the activities of our investment funds to third parties and to our affiliates, including:

a.Providers of services and products, such as broker-dealers, custodians, banks and others used to finance or facilitate transactions by or operations of our private funds; and

b.Actual and potential portfolio companies, purchasers thereof and potential co-investors, and each of their respective advisors if requested in connection with an investment or disposition.

We may also disclose nonpublic personal information about you to non-affiliated third parties as permitted or required by law and in accordance with the agreements governing your investment in our private funds, including:

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a.Other service providers to our investment funds, such as those who provide accounting, legal or tax preparation services;

b.Other partners and potential investors in our investment funds; and

c.transfer agents, portfolio companies, brokerage firms and the like, in connection with distributions to our limited partners.

We have procedures in place that limit access to personal information to those employees who have a reasonable need to know such information in order to perform business services. We maintain physical, electronic and procedural safeguards to guard the non-public personal information that we have obtained from you.

If you have any questions regarding this policy or the treatment of your non-public personal information, please contact our Chief Compliance Officer at (212) 655-0291.

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Item 1A. Risk Factors

An investment in our securities involves certain risks relating to our structure and investment objective. The risks set forth below are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, our structure, our financial condition, our investments and/or operating results. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, the net asset value of our common stock could decline. There can be no assurance that we will achieve our investment objective and you may lose all or part of your investment.

RISKS RELATING TO OUR BUSINESS AND STRUCTURE

We are currently operating in a period of capital markets disruption and economic uncertainty

Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. These and future market disruptions and/or illiquidity would be expected to have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events have limited and could continue to limit, our investment originations, and/or our ability to grow, and they could have a material negative impact on our operating results and the fair values of our debt and equity investments.

Further, current market conditions may make it difficult for us to obtain debt capital on favorable terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we would otherwise expect, including being at a higher cost in rising rate environments. If we are unable to raise debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make or fund commitments to portfolio companies. An inability to obtain indebtedness could have a material adverse effect on our business, financial condition or results of operations.

Adverse developments in the credit markets may impair our ability to secure debt financing.

In past economic downturns, such as the financial crisis in the United States that began in mid-2007 and during other times of extreme market volatility, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited routine refinancing and loan modification transactions and even reviewed the terms of existing facilities to identify bases for accelerating the maturity of existing lending facilities. If these conditions recur, for example as a result of continued elevated interest rates or global conflict, it may be difficult for us to obtain desired financing to finance the growth of our investments on acceptable economic terms, or at all.

If we are unable to consummate credit facilities on commercially reasonable terms, our liquidity may be reduced significantly. If we are unable to repay amounts outstanding under our credit facilities or any facility we may enter into and are declared in default or are unable to renew or refinance any such facility, it would limit our ability to initiate significant originations or to operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as inaccessibility of the credit markets, a severe decline in the value of the U.S. dollar, a further economic downturn or an operational problem that affects third parties or us, and could materially damage our business. Moreover, we are unable to predict when economic and market conditions may become more favorable. Even if such conditions improve broadly and significantly over the long term, adverse conditions in particular sectors of the financial markets could adversely impact our business.

Further downgrades of the U.S. credit rating, impending automatic spending cuts or another government shutdown could negatively impact our liquidity, financial condition and earnings.

The U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. U.S. lawmakers have passed legislation to raise the federal debt ceiling on multiple occasions, including, most recently, in June 2023, which suspended the debt ceiling through early January 1, 2025. On January 2, 2025, U.S. lawmakers reinstated the debt ceiling to the level of obligations accrued during the suspension or $36.1 trillion. As of January 22, 2025, the US government has hit the debt ceiling and exceeded its borrowing limit. Despite taking action to suspend the debt ceiling, ratings agencies have threatened to lower the long-term sovereign credit rating on the United States, including Fitch downgrading the U.S. government’s long-term rating from AAA to AA+ in August 2023 and Moody’s lowering the U.S. government’s credit rating outlook from “stable” to “negative” in November 2023. Although, in August 2024, Moody’s affirmed the U.S. government’s credit rating at AA+, with a stable outlook, there is no guarantee that there will not be a further downgrade in the future.

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The impact of any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. These developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time, and may lead to additional shutdowns in the future. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations.

U.S. and worldwide economic, political, regulatory and financial market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability.

We and our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, could change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations and interpretations could also come into effect. Any such new or changed laws or regulations could have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term.

The effects of legislative and regulatory proposals directed at the financial services industry or affecting taxation, could negatively impact the operations, cash flows or financial condition of us and our portfolio companies, impose additional costs on us or our portfolio companies, intensify the regulatory supervision of us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. In addition, if we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the conduct of business and could be subject to civil fines and criminal penalties.

Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulation. While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of non-bank credit extension could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business, financial condition and results of operations.

Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition, operating results and cash flows. Until we know what policy changes are made and how those changes impact business and the business of our competitors over the long term, we will not know if, overall, it will benefit from them or be negatively affected by them.

In 2010, a financial crisis emerged in Europe, triggered by high budget deficits and rising direct and contingent sovereign debt, which created concerns about the ability of certain nations to continue to service their sovereign debt obligations. Risks resulting from such debt crisis, including any austerity measures taken in exchange for bailout of certain nations, and any future debt crisis in Europe or any similar crisis elsewhere could have a detrimental impact on the global economic recovery, sovereign and non-sovereign debt in certain countries and the financial condition of financial institutions generally. On January 31, 2020, the United Kingdom (the “UK”) ended its membership in the European Union (“Brexit”). Under the terms of the withdrawal agreement negotiated and agreed between the UK and the European Union, the UK’s departure from the European Union was followed by a transition period (the “Transition Period”), which ran until December 31, 2020 and during which the UK continued to apply European Union law and was treated for all material purposes as if it were still a member of the European Union. On December 24, 2020, the European Union and UK governments signed a trade deal that became provisionally effective on January 1, 2021 and that now governs the relationship between the UK and European Union (the “Trade Agreement”). The Trade Agreement implements significant regulation around trade, transport of goods and travel restrictions between the UK and the European Union. Notwithstanding the foregoing, the longer term economic, legal, political and social implications of Brexit are unclear at this stage and are likely to continue to lead to ongoing political and economic uncertainty and periods of increased volatility in both the UK and in wider European markets for some time. In particular, Brexit could lead to calls for similar referendums in other European jurisdictions, which could cause increased economic volatility in the European and global markets. This mid- to long-term uncertainty could have adverse effects on the economy generally and on our ability to earn attractive returns. In particular, currency volatility could mean that our returns are adversely affected by market movements and could make it more difficult, or more expensive, for us to execute prudent currency hedging policies. Potential decline in the value of the British Pound and/or the Euro against other currencies, along with the potential further downgrading of the UK’s sovereign credit rating, could also have an impact on the performance of certain investments made in the UK or Europe.

Increased geopolitical unrest, terrorist attacks, or acts of war may affect any market for our common stock, impact the businesses in which we invest, and harm our business, operating results, and financial conditions.

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our financial results. Our portfolio investments may involve significant strategic assets having a national or regional profile. The nature of these assets could expose them to a greater risk of being the subject of a terrorist attack than other assets or businesses. Any terrorist attacks that occur at or near such assets would likely cause significant harm to employees, property and, potentially, the surrounding community, and may result in losses far in excess of available insurance coverage. As a result of global events and continued terrorism concerns, insurers significantly reduced the amount of insurance coverage available for liability to persons other than employees for claims resulting from acts of terrorism, war or similar events. As a result of a terrorist attack or terrorist activities in general, we may not be able to obtain insurance coverage and other endorsements at commercially reasonable prices or at all.

In addition, various social and political circumstances in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties. Such events, including rising trade tensions between the United States and China; other uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies with other countries; the ongoing conflict between Russia and Ukraine; and ongoing conflict in the Middle East. In response to the conflict between Russia and Ukraine, the United States and other countries have imposed sanctions or other restrictive actions against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the fair value of our common stock to decline.

Changes to U.S. tariff and trade policies may have a negative impact on our portfolio companies, which may in turn negatively impact us.

Potential significant changes in U.S. trade policies and potential tariffs may create uncertainty regarding the relationship between the United States and certain other countries with respect to trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. These factors could restrict our portfolio companies’ access to suppliers or customers or increase the cost of such goods, which may have a material adverse effect on their business, financial condition and results of operations, which in turn could negatively impact us.

Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us.

The financial markets previously have encountered volatility associated with concerns about the balance sheets of banks, especially small and regional banks that may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government has announced measures to assist these banks and protect depositors in the past, there is no guarantee that the federal government will do so again in the future and other banks may be materially and adversely impacted. Our business is dependent on bank relationships. Continued strain on the financial health of banks with which we (or our portfolio companies) do or may in the future do business may adversely impact our business, financial condition and results of operations.

There is potential for enhanced scrutiny and additional regulation of the private investment industry

Our ability to achieve our investment objectives, as well as our ability to conduct operations, is based on laws and regulations, as well as interpretations thereof, which are subject to change through legislative, judicial or administrative action. Future legislative, judicial or administrative action could adversely affect our ability to achieve our investment objectives, as well as our ability to conduct operations. Furthermore, if regulatory capital requirements from the Dodd‑Frank Act, Basel III, or other regulatory action are imposed on private lenders that provide us with financing (as defined below), the lenders may be required to limit, or increase the cost of, financing they provide to us. Among other things, this could potentially increase our financing costs and reduce our liquidity or require us to sell assets at an inopportune time or price.

There continues to be significant discussion regarding enhancing governmental scrutiny and/or increasing the regulation of the financial industry. On July 21, 2010, then‑President Obama signed into law the U.S. Dodd‑Frank Wall Street Reform and Consumer Protection Act (the "Dodd‑Frank Act"). A key feature of the Dodd‑Frank Act is the potential extension of prudential regulation by the Board of Governors of the Federal Reserve System (the "Federal Reserve") to nonbank financial companies that are not currently subject to such regulation but that are determined to pose risk to the U.S. financial system. The Dodd‑Frank Act defines a "nonbank financial company" as a company that is predominantly engaged in activities that are financial in nature. The Financial Stability Oversight Council (the "FSOC"), an interagency body created to monitor and address systemic risk, has the authority to subject such a company to supervision and regulation by the Federal Reserve (including capital, leverage and liquidity requirements) if it determines that such company is systemically important, in that it poses a risk to the U.S. financial system. The Dodd‑Frank Act does not contain any minimum size requirements for such a determination by the FSOC, and it is possible that it could be applied to private funds, particularly large, highly‑leveraged funds, although no such funds have been designated as systemically important by the FSOC to date.

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The Dodd‑Frank Act also imposes a number of restrictions on the relationship and activities of banking organizations with private investment funds and other provisions that have affected the private investment fund industry, either directly or indirectly. Included in the Dodd‑Frank Act is the so‑called "Volcker Rule," which contains restrictions on certain investors that are (or that have affiliates or certain interest in any entity that is) a bank or a bank‑related entity and/or have a connection to the United States. in that regard from making and holding certain interests in private investment funds.

The Dodd‑Frank Act, as well as future related legislation, may have an adverse effect on the private investment fund industry generally and/or on New Mountain Capital or us, specifically. Therefore, there can be no assurance that any continued regulatory scrutiny or initiatives will not have an adverse impact on New Mountain Capital or otherwise impede our activities.

These reforms and/or other similar legislation could increase our compliance costs and have an adverse effect on the private fund industry generally and/or on New Mountain Capital and us.

The current regulatory environment in the United States may be impacted by future legislative developments, such as amendments to key provisions of the Dodd‑Frank Act. On June 12, 2017, the U.S. Department of the Treasury issued recommendations for streamlining banking regulation and changing key features of the Dodd‑Frank Act and other measures taken by regulators following the most recent financial crisis.

As a registered investment adviser under the Advisers Act, the Investment Adviser is required to comply with a variety of periodic reporting and compliance‑related obligations under applicable federal and state securities laws (including, without limitation, the obligation of the Investment Adviser and its affiliates to make regulatory filings with respect to us and our activities under the Advisers Act (including, without limitation, Form PF and Form ADV)). In addition, the Investment Adviser is required to comply with a variety of regulatory reporting and compliance‑related obligations under applicable federal, state and foreign securities laws (including, without limitation, reports or notices in connection with the Directive (as defined below) and/or CFTC as well as other international jurisdiction‑specific obligations). In light of the heightened regulatory environment in which we and the Investment Adviser operate and the ever‑increasing regulations applicable to private investment funds and their investment advisors, it has become increasingly expensive and time‑consuming for us, the Investment Adviser and their affiliates to comply with such regulatory reporting and compliance‑related obligations. Additionally, we may in the future engage additional third‑party service providers to perform some or a significant portion of the reporting and compliance‑related matters and functions under our supervision (including draft preparation and the filing of Form PF), which could result in increased compliance costs and expenses. Any further increases in the regulations applicable to private investment funds generally or us and/or the Investment Adviser in particular may result in increased expenses associated with our activities and additional resources of the Investment Adviser being devoted to such regulatory reporting and compliance‑related obligations, which may reduce overall returns for the stockholders and/or have an adverse effect our ability to effectively achieve our investment objective.

Finally, increased reporting, registration and compliance requirements may divert the attention of personnel and the management teams of New Mountain Capital and/or portfolio companies, and may furthermore place us at a competitive disadvantage to the extent that New Mountain Capital or portfolio companies are required to disclose sensitive business information.

Inflation and rising commodity prices may adversely impact our portfolio companies.

Inflation may affect our investments adversely in a number of ways. During periods of rising inflation, interest and distribution rates of any instruments we or entities related to portfolio investments may have issued could increase. Inflationary expectations or periods of rising inflation could also be accompanied by the rising prices of commodities which are critical to the operation of portfolio companies. Portfolio companies may have fixed income streams and, therefore, be unable to pay the interest amounts and other payments on our portfolio investments. The fair value of such investments may decline in value in times of higher inflation rates. Some of our portfolio investments may have income linked to inflation through contractual rights or other means. However, as inflation may affect both income and expenses, any increase in income may not be sufficient to cover increases in expenses.

There is uncertainty surrounding potential legal, regulatory and policy changes by new presidential administrations in the United States that may directly affect financial institutions and the global economy.

Following the November 2024 elections in the United States, the Republican Party controls the Presidency, the Senate, and the House of Representatives. Despite political tensions and uncertainty, changes in federal policy, including tax policies, and positions of regulatory agencies are expected to occur over time through policy and personnel changes, which may lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic and political effects of potential changes to the current legal and regulatory framework affecting financial institutions remain highly uncertain.

In addition, in June 2024, the U.S. Supreme Court in Loper Bright Enterprises v. Raimondo reversed its longstanding approach under the Chevron doctrine, which provided for judicial deference to regulatory agencies. As a result of this decision,

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we cannot be sure whether there will be increased challenges to existing agency regulations or how lower courts will apply the Loper decision in the context of other regulatory schemes without more specific guidance from the U.S. Supreme Court. For example, the U.S. Supreme Court's decision in Loper could significantly impact how federal agencies will regulate consumer protection, advertising, cybersecurity, privacy, anti-corruption and anti-money laundering practices and other regulatory regimes with which we are required to comply. Any such regulatory developments could result in uncertainty about and changes in the ways such regulations apply to us, and may require additional resources to ensure our continued compliance. Uncertainty surrounding future changes may adversely affect our operating environment and therefore our business, financial condition, results of operations and growth prospects.

There is uncertainty as to the value of our portfolio investments because most of our investments are, and may continue to be, in private companies and are recorded at fair value. In addition, the fair values of our investments are determined by our Board in accordance with our valuation policy.

Some of our investments are and may be in the form of securities or loans that are not publicly traded or actively traded on a secondary market, and these investments may not have a readily available market quotation. Under the 1940 Act, we are required to carry our portfolio investments at fair value or, if there is no readily available market quotation, at fair value as determined in good faith by our board of directors, including reflection of significant events affecting the value of our securities. We (x) through an unaffiliated third-party firm in consultation with the Investment Adviser, to the extent that our assets are treated as "plan assets" for purposes of ERISA, or (y) through our Investment Adviser and/or Administrator, to the extent that our assets are not treated as "plan assets" for purposes of ERISA value our investments for which we do not have readily available market quotations quarterly, or more frequently as circumstances require, at fair value as determined in good faith by our board of directors in accordance with our valuation policy, which is at all times consistent with GAAP and the 1940 Act.

We will utilize independent third-party GAAP and unaffiliated valuation firms for the purposes of valuing our portfolio investments to the extent that such assets are treated as "plan assets" for purposes of ERISA. See Item 1. Business—The Administrator. Under such circumstances, the valuations of such third-party and unaffiliated valuations firms must be used without adjustment.

However, to the extent that our assets are not treated as "plan assets" for purposes of ERISA, our board of directors utilizes the services of one or more independent third-party valuation firms to aid it in determining the fair value with respect to our material unquoted assets in accordance with our valuation policy. Under such circumstances, the inputs into the determination of fair value of these investments may require significant management judgment or estimation. Even if observable market data is available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information.

The types of factors that our Board takes into account in determining the fair value of our investments generally include, as appropriate: available market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows and the markets in which it does business, comparisons of financial ratios of peer companies that are public, comparable merger and acquisition transactions and the principal market and enterprise values. Since these valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed.

Due to this uncertainty, our fair value determinations may cause our net asset value, on any given date, to be materially understated or overstated. In addition, investors purchasing our common stock based on an overstated net asset value would pay a higher price than the realizable value that our investments might warrant.

To the extent that our assets are not treated as "plan assets" for purposes of ERISA, we may adjust quarterly the valuation of our portfolio to reflect our board of directors' determination of the fair value of each investment in our portfolio. Any changes in fair value are recorded in our statement of operations as net change in unrealized appreciation or depreciation.

Our ability to achieve our investment objective depends on key investment personnel of the Investment Adviser. If the Investment Adviser were to lose any of its key investment personnel, our ability to achieve our investment objective could be significantly harmed.

We depend on the investment judgment, skill and relationships of the investment professionals of the Investment Adviser, particularly Steven B. Klinsky, Robert A. Hamwee, John R. Kline and Laura C. Holson, as well as other key personnel to identify, evaluate, negotiate, structure, execute, monitor and service our investments. The Investment Adviser, as an affiliate of New Mountain Capital, is supported by New Mountain Capital's team, which as of December 31, 2024 consisted of

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approximately 270 employees and senior advisors of New Mountain Capital, and its affiliates to fulfill its obligations to us under the Investment Management Agreement. The Investment Adviser may also depend upon New Mountain Capital to obtain access to investment opportunities originated by the professionals of New Mountain Capital and its affiliates. Our future success depends to a significant extent on the continued service and coordination of the key investment personnel of the Investment Adviser. The departure of any of these individuals could have a material adverse effect on our ability to achieve our investment objective.

The Investment Committee, which oversees our investment activities, is provided by the Investment Adviser. The Investment Committee currently consists of six members. The loss of any member of the Investment Committee or of other senior professionals of the Investment Adviser and its affiliates without suitable replacement could limit our ability to achieve our investment objective and operate as we anticipate. This could have a material adverse effect on our financial condition, results of operations and cash flows. To achieve our investment objective, the Investment Adviser may hire, train, supervise and manage new investment professionals to participate in its investment selection and monitoring process. If the Investment Adviser is unable to find investment professionals or do so in a timely manner, our business, financial condition and results of operations could be adversely affected.

The 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs.

The 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs that do not apply to the other investment vehicles previously managed by the investment professionals of the Investment Adviser. For example, under the 1940 Act, BDCs are required to invest at least 70.0% of their total assets primarily in securities of "qualifying" assets such as U.S. private or thinly traded companies, cash, cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less. Moreover, qualification for taxation as a RIC under Subchapter M of the Code requires satisfaction of source-of-income, asset diversification and annual distribution requirements. The failure to comply with these provisions in a timely manner could prevent us from qualifying as a BDC or as a RIC and could force us to pay unexpected taxes and penalties, which would have a material adverse effect on our performance. If we fail to maintain our status as a BDC or tax treatment as a RIC, our operating flexibility could be significantly reduced.

We may face risks due to shared employees between our Investment Adviser and its affiliates and other activities of the personnel of our Investment Adviser.

Our Investment Adviser expects to rely heavily on the extensive expertise and industry relationships developed by the employees and certain senior advisors of certain of its affiliates to identify and evaluate potential investment opportunities for us. Research from the Investment Adviser's private equity strategy on our behalf will be used to benefit other strategies and clients of our Investment Adviser, its affiliates and affiliated funds.

By reason of their responsibilities in connection with their other activities, certain personnel of our Investment Adviser (or employees and affiliates thereof) may acquire confidential or material non-public information or be restricted from initiating transactions in certain securities. In those instances, we will not be free to act upon any such information. Due to these restrictions, we may not be able to initiate a transaction that we otherwise might have initiated and may not be able to sell a portfolio investment that we otherwise might have sold. Conversely, we may not have access to material non-public information in the possession of our Investment Adviser and its affiliates which might be relevant to an investment decision to be made by us, and we may initiate a transaction or sell a portfolio investment which, if such information had been known to us, may not have been undertaken. See also "—The Investment Committee, the Investment Adviser or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion."

We operate in a highly competitive market for investment opportunities and may not be able to compete effectively.

We compete for investments with other BDCs and investment funds (including private equity and hedge funds), as well as traditional financial services companies such as commercial banks and other sources of funding. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than us. Furthermore, many of our competitors have greater experience operating under, or are not subject to, the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source-of-income, asset diversification and distribution requirements that we must satisfy to maintain our tax treatment as a RIC. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we are able to do.

We may lose investment opportunities if our pricing, terms and structure do not match those of our competitors. With respect to the investments that we make, we do not seek to compete based primarily on the interest rates we may offer, and we believe that some of our competitors may make loans with interest rates that may be lower than the rates we offer. In the secondary market for acquiring existing loans, we expect to compete generally on the basis of pricing terms. If we match our competitors' pricing, terms and structure, we may experience decreased net interest income, lower yields and increased risk of

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credit loss. If we are forced to match our competitors' pricing, terms and structure, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. Part of our competitive advantage stems from the fact that we believe the market for middle market lending is underserved by traditional bank lenders and other financial sources. A significant increase in the number and/or the size of our competitors in this target market could force us to accept less attractive investment terms. We may also compete for investment opportunities with accounts managed by the Investment Adviser or its affiliates. Although the Investment Adviser allocates opportunities in accordance with its policies and procedures, allocations to such other accounts reduces the amount and frequency of opportunities available to us and may not be in our best interests and, consequently, our stockholders. Moreover, the performance of investment opportunities is not known at the time of allocation. If we are not able to compete effectively, our business, financial condition and results of operations may be adversely affected. Because of this competition, there can be no assurance that we will be able to identify and take advantage of attractive investment opportunities that we identify or that we will be able to fully invest our available capital.

Our business, results of operations and financial condition depend on our ability to manage future growth effectively.

Our ability to achieve our investment objective and to grow depends on the Investment Adviser's ability to identify, invest in and monitor companies that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of the Investment Adviser's structuring of the investment process, its ability to provide competent, attentive and efficient services to us and its ability to access financing on acceptable terms. The Investment Adviser has substantial responsibilities under the Investment Management Agreement and may also be called upon to provide significant managerial assistance to our eligible portfolio companies. These demands on the time of the Investment Adviser and its investment professionals may distract them or slow our rate of investment. In order to grow, we and the Investment Adviser may need to retain, train, supervise and manage new investment professionals. However, these investment professionals may not be able to contribute effectively to the work of the Investment Adviser. If we are unable to manage our future growth effectively, our business, results of operations and financial condition could be materially adversely affected.

We may borrow money, which could magnify the potential for gain or loss on amounts invested in us and increase the risk of investing in us.

We may guarantee loans made to or in respect of us or our investments or enter into repurchase agreements in respect of investments ("Leverage Arrangements").

The 1940 Act, generally, prohibits BDCs from incurring additional leverage to the extent it would cause them to have less than a 200% asset coverage ratio, reflecting approximately a 1:1 debt to equity ratio, taking into account the then current fair value of their investments. However, under changes implemented in accordance with the Small Business Credit Availability Act and with the approval of our Board and sole initial stockholder pursuant to Section 61(a)(2) under the 1940 Act, we have elected to be subject to the lower leverage ratio of 150% available thereunder in order to maintain maximum flexibility, reflecting a 2:1 debt to equity ratio.

Our ability to service any debt that we incur depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. In addition, holders of our common stock will, indirectly, bear the burden of any increase in our expenses as a result of leverage.

If we are unable to comply with the covenants or restrictions in our borrowings, our business could be materially adversely affected.

Leverage Arrangements into which we may enter may include covenants that, subject to exceptions, restrict our ability to pay distributions, create liens on assets, make investments, make acquisitions and engage in mergers or consolidations. Such arrangements may also include a change of control provision that accelerates the indebtedness under the facility in the event of certain change of control events. Complying with these restrictions may prevent us from taking actions that we believe would help us grow our business or are otherwise consistent with our investment objective. These restrictions could also limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate activities. In addition, the restrictions contained in a credit facility could limit our ability to make distributions to our stockholders in certain circumstances, which could result in us failing to qualify as a RIC and thus becoming subject to U.S. federal income tax imposed at corporate rates (and any applicable state and local taxes).

We may need to raise additional capital to grow.

We may need additional capital to fund new investments and grow. We may also issue debt securities or borrow from financial institutions in order to obtain such additional capital. Unfavorable economic conditions could increase our funding costs and limit our access to the capital markets or result in a decision by lenders not to extend credit to us. A reduction in the availability of new capital could limit our ability to grow. In addition, we are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our stockholders to maintain our RIC tax treatment. As a result, these earnings will not be available to fund new investments. If we are unable to

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borrow from financial institutions, we may be unable to grow our business and execute our business strategy fully, and our earnings, if any, could decrease, which could have an adverse effect on the value of our securities.

Changes in interest rates may affect our cost of capital and net investment income.

To the extent we borrow money to make investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, a significant change in market interest rates may have a material adverse effect on our net investment income in the event we use debt to finance our investments. In periods of elevated interest rates, our cost of funds would increase, which could reduce our net investment income. Conversely, in periods of declining interest rates, we may earn less interest from our investments and our cost of funds will also decrease to a lesser extent, resulting in lower net investment income. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act.

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RISKS RELATING TO OUR OPERATIONS

Because we intend to distribute substantially all of our income to our stockholders to maintain our status as a RIC, we will continue to need additional capital to finance our growth. If additional funds are unavailable or not available on favorable terms, our ability to grow may be impaired.

In order for us to qualify for the tax benefits available to RICs and to avoid payment of excise taxes, we intend to distribute to our stockholders substantially all of our annual taxable income. As a result of these requirements, we may need to raise capital from other sources to grow our business.

We will accept investments from ERISA Plans

We have and intend to continue to accept investments from Benefit Plan Investors that are subject to oversight under ERISA. As a result, we expect that our assets will likely be deemed to be "plan assets" under the plan asset regulations promulgated by the DOL, unless (i) Benefit Plan Investors hold less than 25% of our shares, or (ii) our shares are listed on a national securities exchange, neither of which is permanently the case. As a result, we will be required to comply with additional fiduciary and regulatory burdens, including among other things, a requirement that we retain unaffiliated third-party firms to value our portfolio investments, rather than having initial valuations performed by our Investment Adviser. Such regulatory burdens will slow our investment process and potentially cause us to incur additional administrative expenses which could materially and adversely impact our net income and results of operations. Accordingly, all investors should carefully read Item 1. Business — ERISA Considerations in this Annual Report on Form 10-K.

Our ability to enter into transactions with our affiliates is restricted.

As a BDC, we are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of the independent directors of our Board and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act and generally we will be prohibited from buying or selling any securities from or to such affiliate, absent the prior approval of our Board. The 1940 Act also prohibits us from participating in certain "joint" transactions with certain of our affiliates, including New Mountain Finance Corporation, New Mountain Private Credit Fund (including its predecessor, New Mountain Guardian III BDC, L.L.C.), New Mountain Guardian IV BDC, L.L.C., New Mountain Guardian IV Income Fund, L.L.C. and other funds and accounts that the Investment Adviser manages, which could include investments in the same portfolio company (whether at the same or closely related times), without prior approval of our Board and, in some cases, the SEC. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions (including certain co‑investments) with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers, trustees, investment advisers, sub‑advisers or their affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security (other than any security of which we are the issuer) from or to any fund or any portfolio company of a fund managed by the Investment Adviser, or entering into joint arrangements such as certain co‑investments with these companies or funds without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to us.

We rely on exemptive relief granted to the Investment Adviser and certain of its affiliates by the SEC that allows us to engage in co‑investment transactions with other affiliated funds of the Investment Adviser, subject to certain terms and conditions. However, while the terms of the exemptive relief require that the Investment Adviser will be given the opportunity to cause us to participate in certain transactions originated by affiliates of the Investment Adviser, the Investment Adviser may determine that we will not participate in those transactions and for certain other transactions (as set forth in guidelines approved by our Board) the Investment Adviser may not have the opportunity to cause us to participate.

Because that our assets are treated as "plan assets" for purposes of ERISA, we will also be prohibited under ERISA from entering into transactions with our affiliates, although we may make co-investments with such entities if appropriate and to the extent permitted under the 1940 Act. See Item 1. Business — ERISA Considerations in this Annual Report on Form
10-K.

The Investment Adviser has significant potential conflicts of interest with us and, consequently, your interests as stockholders which could adversely impact our investment returns.

Our executive officers and directors, as well as the current or future investment professionals of the Investment Adviser, serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by our affiliates. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in your interests as stockholders. The investment professionals of the Investment Adviser and/or New Mountain Capital employees that provide services pursuant to the Investment Management Agreement may manage other funds which may from time to time have overlapping investment objectives with our own and, accordingly, may invest in, whether principally or secondarily, asset classes similar to those targeted by us. If this occurs, the Investment Adviser may face conflicts of interest in allocating investment opportunities to us and such other funds. Although the investment

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professionals endeavor to allocate investment opportunities in a fair and equitable manner, it is possible that we may not be given the opportunity to participate in certain investments made by the Investment Adviser or persons affiliated with the Investment Adviser or that certain of these investment funds may be favored over us. When these investment professionals identify an investment, they may be forced to choose which investment fund should make the investment.

While we may co-invest with investment entities managed by the Investment Adviser or its affiliates to the extent permitted by the 1940 Act and the rules and regulations thereunder and ERISA, if applicable, the 1940 Act imposes significant limits on co-investment. On October 8, 2019, the SEC issued the Exemptive Order, as amended by a subsequent order on August 30, 2022, 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 does not involve overreaching by 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 objectives and strategies. In addition, to the extent that our assets are treated as "plan assets" under ERISA, we will only co-invest in the same issuer with certain funds or entities managed by the Investment Adviser or its affiliates, so long as their and our respective investments are at the same level of such issuer's capital structure; provided, that in no event will we co-invest with any other fund or entity in contravention of the 1940 Act.

If the Investment Adviser manages certain other affiliates in the future, we may co-invest on a concurrent basis with such other affiliates, subject to compliance with ERISA, applicable regulations and regulatory guidance or an exemptive order from the SEC and our allocation procedures. In addition, we pay management fees to the Investment Adviser and reimburse the Investment Adviser for certain expenses it incurs. As a result, investors in our common stock invest in us on a "gross" basis and receive distributions on a "net" basis after our expenses. Any potential conflict of interest arising as a result of the arrangements with the Investment Adviser could have a material adverse effect on our business, results of operations and financial condition.

The Investment Committee, the Investment Adviser or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion.

The Investment Adviser's investment professionals, Investment Committee or their respective affiliates may serve as directors of, or in a similar capacity with, companies in which we invest, to the extent that such service will not give rise to a prohibited transaction under ERISA, if applicable. In the event that material non-public information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations (including ERISA, if applicable), we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us and our stockholders. See also "—We may face risks due to shared employees between our Investment Adviser and its affiliates and other activities of the personnel of our Investment Adviser."

To the extent (i) Benefit Plan Investors hold less than 25% of our shares, or (ii) our shares are listed on a national securities exchange, the valuation process for certain of our portfolio holdings may create a conflict of interest.

Some of our portfolio investments are made in the form of securities that are not publicly traded. As a result, our Board determines the fair value of these securities in good faith, which will be based on valuations provided by unaffiliated third-party valuation firms in consultation with the Investment Adviser if our assets are treated as "plan assets" for purposes of ERISA. In connection with this determination, to the extent (i) Benefit Plan Investors hold less than 25% of our shares, or (ii) our shares are listed on a national securities exchange, investment professionals from the Investment Adviser may provide our Board with portfolio company valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. In addition, John R. Kline, a member of our Board, is an employee of our Investment Adviser. The participation of the Investment Adviser's investment professionals in our valuation process, and the employment relationship between a member of our Board and our Investment Adviser, could result in a conflict of interest.

Conflicts of interest may exist related to other arrangements with the Investment Adviser or its affiliates.

We have entered into a royalty-free license agreement with New Mountain Capital under which New Mountain Capital has agreed to grant us a non-exclusive, royalty-free license to use the name "NMF". In addition, to the extent (i) Benefit Plan Investors hold less than 25% of our shares, or (ii) our shares are listed on a national securities exchange, we will reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us under the Administration Agreement, such as, but not limited to, the allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs. This could create conflicts of interest that our Board must monitor.

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The Investment Management Agreement with the Investment Adviser and the Administration Agreement with the Administrator were not negotiated on an arm’s length basis.

The Investment Management Agreement and the Administration Agreement were negotiated between related parties. In addition, we may choose not to enforce, waive, or to enforce less vigorously, our respective rights and remedies under these agreements because of our desire to maintain our ongoing relationship with the Investment Adviser, the Administrator and their respective affiliates. Any such decision, however, could cause us to breach our fiduciary obligations to our stockholders.

The Investment Adviser's liability is limited under the Investment Management Agreement, and we have agreed to indemnify the Investment Adviser against certain liabilities, which may lead the Investment Adviser to act in a riskier manner than it would when acting for its own account.

Under the Investment Management Agreement, the Investment Adviser does not assume any responsibility other than to render the services called for under that agreement, and it is not responsible for any action of our Board in following or declining to follow the Investment Adviser's advice or recommendations. Under the terms of the Investment Management Agreement, the Investment Adviser, its officers, members, personnel, any person controlling or controlled by the Investment Adviser are not liable for acts or omissions performed in accordance with and pursuant to the Investment Management Agreement, except those resulting from acts constituting gross negligence, willful misconduct, bad faith, breach of its fiduciary duties under ERISA, if applicable, or reckless disregard of the Investment Adviser's duties under the Investment Management Agreement. In addition, we have agreed to indemnify the Investment Adviser and each of its officers, directors, members, managers and employees from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with our business and operations or any action taken or omitted pursuant to authority granted by the Investment Management Agreement, except where attributable to gross negligence, willful misconduct, bad faith, breach of its fiduciary duties under ERISA, if applicable, or reckless disregard of such person's duties under the Investment Management Agreement. These protections may lead the Investment Adviser to act in a riskier manner than it would when acting for its own account.

The Investment Adviser can resign upon 60 days' notice, and a suitable replacement may not be found within that time, resulting in disruptions in our operations that could adversely affect our business, results of operations and financial condition.

Under the Investment Management Agreement, the Investment Adviser has the right to resign at any time upon 60 days' written notice, whether a replacement has been found or not. If the Investment Adviser resigns, we may not be able to find a new Investment Adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If a replacement is not able to be found on a timely basis, our business, results of operations and financial condition and our ability to pay distributions are likely to be materially adversely affected. In addition, if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Investment Adviser and its affiliates, the coordination of its internal management and investment activities is likely to suffer. Even if we are able to retain comparable management, whether internal or external, their integration into our business and lack of familiarity with our investment objective may result in additional costs and time delays that may materially adversely affect our business, results of operations and financial condition.

The Administrator can resign upon 60 days' notice from its role as Administrator under the Administration Agreement, and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.

The Administrator has the right to resign under the Administration Agreement upon 60 days' written notice, whether a replacement has been found or not. If the Administrator resigns, it may be difficult to find a new administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms, or at all. If a replacement is not found quickly, our business, results of operations and financial condition, as well as our ability to pay distributions, are likely to be adversely affected. In addition, the coordination of our internal management and administrative activities is likely to suffer if we are unable to identify and reach an agreement with a service provider or individuals with the expertise possessed by the Administrator. Even if a comparable service provider or individuals to perform such services are retained, whether internal or external, their integration into our business and lack of familiarity with our investment objective may result in additional costs and time delays that may materially adversely affect our business, results of operations and financial condition.

If we fail to operate as a BDC, our business and operating flexibility could be significantly reduced.

We have elected to be regulated as a BDC under the 1940 Act. The 1940 Act imposes numerous constraints on the operations of BDCs. For example, BDCs are required to invest at least 70% of their total assets in qualifying assets such as U.S. private companies or thinly‑traded U.S. public companies, cash, cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less. Failure to comply with the requirements imposed on BDCs by the 1940

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Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. In addition, upon approval of a majority of our stockholders, we may elect to withdraw our election to be regulated as a BDC. If we decide to withdraw our election, or if we otherwise fail to operate as a BDC, we may be subject to substantially greater regulation under the 1940 Act as a registered closed‑end investment company. Compliance with these regulations would significantly decrease our operating flexibility and could significantly increase our cost of doing business.

If we do not invest a sufficient portion of our assets in qualifying assets, we could be precluded from investing in certain assets or could be required to dispose of certain assets, which could have a material adverse effect on our business, financial condition and results of operations.

As a BDC, we are prohibited from acquiring any assets other than "qualifying assets" unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. We may acquire in the future other investments that are not "qualifying assets" to the extent permitted by the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we would be prohibited from investing in additional assets, which could have a material adverse effect on our business, financial condition and results of operations. Similarly, these rules could prevent us from making follow‑on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inopportune times in order to come into compliance with the 1940 Act. If we need to dispose of these investments quickly, it may be difficult to dispose of such investments on favorable terms. For example, we may have difficulty in finding a buyer and, even if a buyer is found, we may have to sell the investments at a substantial loss.

Our ability to invest in public companies may be limited in certain circumstances.

To maintain our status as a BDC, we are not permitted to acquire any assets other than in "qualifying assets" specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow‑on investments and distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as qualifying assets only if such issuer has a common equity market capitalization that is less than $250.0 million at the time of such investment.

Regulations governing the operations of BDCs may affect our ability to raise additional equity capital as well as our ability to issue senior securities or borrow for investment purposes, any or all of which could have a negative effect on our investment objectives and strategies.

Our business requires a substantial amount of capital. We may acquire additional capital from the issuance of senior securities, including borrowing under a credit facility or other indebtedness. In addition, we may also issue additional equity capital, which would in turn increase the equity capital available to us. However, we may not be able to raise additional capital in the future on favorable terms or at all.

We may in the future seek to securitize other portfolio securities to generate cash for funding new investments. To securitize loans, we would likely create a wholly‑owned subsidiary and contribute a pool of loans to the subsidiary. We would then sell interests in the subsidiary on a non‑recourse basis to purchasers and we would retain all or a portion of the equity in the subsidiary. If we are unable to successfully securitize our loan portfolio our ability to grow our business or fully execute our business strategy could be impaired and our earnings, if any, could decrease. The securitization market is subject to changing market conditions, and we may not be able to access this market when it would be otherwise deemed appropriate. Moreover, the successful securitization of our portfolio might expose us to losses as the residual investments in which we do not sell interests will tend to be those that are riskier and more apt to generate losses. The 1940 Act also may impose restrictions on the structure of any securitization.

We may also obtain capital through the issuance of additional equity capital. As a BDC, we generally are not able to issue or sell our common stock at a price below then-current net asset value per share. If our common stock trades at a discount to our net asset value per share, this restriction could adversely affect our ability to raise equity capital. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below our net asset value per share if our Board and Independent Directors determine that such sale is in our best interests and the best interests of our stockholders, and our stockholders approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the fair value of such securities (less any underwriting commission or discount). If we raise additional funds by issuing more shares of our common stock, or if we issue senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our stockholders may decline and you may experience dilution.

We may experience fluctuations in our annual and quarterly results due to the nature of our business.

We could experience fluctuations in our annual and quarterly operating results due to a number of factors, some of which are beyond our control, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the debt securities acquired and the default rate on such securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter

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competition in the markets in which we operate and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

Our Board may change our investment objective, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse to your interests as stockholders.

Our Board has the authority, except as otherwise provided in the 1940 Act, to modify or waive certain of our operating policies and strategies without prior notice and without stockholder approval. As a result, our Board may be able to change our investment policies and objectives without any input from our stockholders. However, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election to be regulated as, a BDC. Under Maryland law, we also cannot be dissolved without prior stockholder approval. We cannot predict the effect any changes to our current operating policies and strategies would have on our business and operating results. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions to our stockholders.

We will be subject to U.S. federal income tax imposed at corporate rates on all of our income if we are unable to maintain tax treatment as a RIC under Subchapter M of the Code, which would have a material adverse effect on our financial performance.

The IRS may audit us and challenge any of the positions taken in regard to our formation, our investments or operations, and such audit may result in an audit of a stockholder's own tax returns and possibly adjustments to the tax liability reflected thereon.

Although we intend to qualify annually as a RIC under Subchapter M of the Code, no assurance can be given that we will be able to obtain or maintain our RIC tax treatment. To maintain RIC tax treatment and be relieved of U.S. federal income taxes on income and gains distributed to our stockholders, we must meet the annual distribution, source‑of‑income and asset diversification requirements described below.

•The annual distribution requirement generally is satisfied if we timely distribute dividends to our stockholders during the taxable year equal to at least 90.0% of our investment company taxable income (as that term is defined in the Code, but determined without regard to the deduction for dividends paid) plus 90% of our net interest income excludable under Section 103(a) of the Code. Because we use debt financing, we would be subject to an asset coverage ratio requirement under the 1940 Act, and we may be subject to certain financial covenants contained in debt financing agreements (as applicable). This asset coverage ratio requirement and these financial covenants could, under certain circumstances, restrict us from making distributions to our stockholders, which distributions are necessary for us to satisfy the annual distribution requirement. If we are unable to obtain cash from other sources and thus are unable to make sufficient distributions to our stockholders, we could fail to qualify for tax treatment as a RIC and thus become subject to U.S. federal income tax imposed at corporate rates (and any applicable state and local taxes).

•The source‑of‑income requirement will be satisfied if at least 90.0% of our allocable share of gross income for each taxable year is derived from dividends, interest payments with respect to loans of certain securities, gains from the sale of stock or other securities, net income from certain "qualified publicly traded partnerships" (as defined in the Code) or other income derived with respect to our business of investing in such stock or securities.

•The asset diversification requirement will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy this requirement, (i) at least 50.0% of the value of our assets must consist of cash, cash equivalents, U.S. government securities, securities of other RICs, and other such securities if such other securities of any one issuer do not represent more than 5.0% of the value of our assets or more than 10.0% of the outstanding voting securities of the issuer; and (ii) no more than 25.0% of the value of our assets can be invested in (a) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (b) the securities, other than securities of other RICs of two or more issuers that are controlled, as determined under applicable Code rules, by it and that are engaged in the same or similar or related trades or businesses or (c) the securities of one or more “qualified publicly traded partnerships”. Failure to meet these requirements may result in us having to dispose of certain investments quickly in order to prevent the loss of our RIC status. Because most of our investments are intended to be in private companies, and therefore may be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If we fail to maintain our tax treatment as a RIC for any reason, and we do not qualify for certain relief provisions under the Code, we would be subject to U.S. federal income tax imposed at corporate rates (and any applicable state and local taxes). In this event, the resulting tax liability could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions, which would have a material adverse effect on our financial performance.

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We may not be able to pay you distributions on our common stock, our distributions to you may not grow over time and a portion of our distributions to you may be a return of capital for U.S. federal income tax purposes.

We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. Such quarterly distributions will generally consist of cash or cash equivalents, except that we may make distributions of assets in kind with the prior consent of each receiving stockholder. We cannot assure you that we will continue to achieve investment results or maintain a tax status that will allow us to make a specified level of cash distributions or year‑to‑year increases in cash distributions. In addition, our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this Annual Report on Form 10-K. If we are unable to satisfy the asset coverage test applicable to us as a BDC, our ability to pay distributions to our stockholders could be limited. All distributions are paid at the discretion of our Board and depend on our earnings, financial condition, maintenance of our RIC tax treatment, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time. The distributions that we pay to our stockholders in a year may exceed our taxable income for that year and, accordingly, a portion of such distributions may constitute a return of capital or gain from the sale or exchange of property for U.S. federal income tax purposes.

We may have difficulty paying our required distributions if we recognize taxable income before or without receiving cash representing such income.

For U.S. federal income tax purposes, we include in our taxable income our allocable share of certain amounts that we have not yet received in cash, such as original issue discount ("OID") or accruals on a contingent payment debt instrument, which may occur if we receive warrants in connection with the origination of a loan (among other circumstances) or contracted PIK interest and dividends, which generally represents contractual interest added to the loan balance and due at the end of the loan term. Our allocable share of such OID and PIK interest is included in our taxable income before we receive any corresponding cash payments. We may also be required to include in our taxable income our allocable share of certain other amounts that we will not receive in cash.

Because in certain cases we may recognize taxable income before or without receiving cash representing such income, we may have difficulty making distributions to our stockholders that will be sufficient to enable us to meet the annual distribution requirement necessary for us to qualify for tax treatment as a RIC. Accordingly, we may need to sell some of our assets at times and/or at prices that we would not consider advantageous. We may need to raise additional equity or debt capital, or we may need to forego new investment opportunities or otherwise take actions that are disadvantageous to our business (or be unable to take actions that are advantageous to our business) to enable us to make distributions to our stockholders that will be sufficient to enable us to meet the annual distribution requirement. If we are unable to obtain cash from other sources to enable us to meet the annual distribution requirement, we may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a U.S. federal income tax imposed at corporate rates (and any applicable state and local taxes).

There are special tax issues associated with investments in instruments that would be rated below investment grade

We expect to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues for us. U.S. federal income tax rules are not entirely clear about issues such as when we may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by us, to the extent necessary, to preserve our status as a RIC and to distribute sufficient income to not become subject to U.S. federal income tax.

We could be required to restructure or liquidate our investment in a subsidiary if applicable provisions of the Code and the Treasury Regulations do not remain in effect.

Upon making an investment through a subsidiary, we intend to comply with the current requirements under the Code and Treasury Regulations for income derived from our investment in the subsidiary to be treated as "qualifying income" from which a RIC must derive at least 90% of its annual gross income. There is no assurance that the applicable provisions of the Code and the Treasury Regulations will remain in effect; these provisions (and interpretations thereof) are subject to change, potentially with retroactive effect. We could be required to restructure or liquidate our investment in a subsidiary accordingly. In the case of such liquidation, there is no guarantee that we would be able to reinvest such investments in securities with comparable returns.

Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.

Changes in the laws or regulations or the interpretations of the laws and regulations that govern BDCs, RICs or non‑depository commercial lenders could significantly affect our operations and our cost of doing business. Our portfolio companies are subject to U.S. federal, state and local laws and regulations. New legislation may be enacted or new

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interpretations, rulings or regulations could be adopted, any of which could materially adversely affect our business, including with respect to the types of investments we are permitted to make, and your interests as stockholders potentially with retroactive effect. In addition, any changes to the laws and regulations governing our operations relating to permitted investments may cause us to alter our investment strategy in order to make available to ourselves new or different opportunities. These changes could result in material changes to our strategies which may result in our investment focus shifting from the areas of expertise of the Investment Adviser to other types of investments in which the Investment Adviser may have less expertise or little or no experience. Any such changes, if they occur, could have a material adverse effect on our business, results of operations and financial condition and, consequently, the value of your investment in us.

Over the last several years, there has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non‑bank financial sector will be subject to new regulation. While it cannot be known at this time whether these regulations will be implemented or what form they will take, increased regulation of non‑bank credit extension could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business.

We cannot predict how tax reform legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.

Legislative or other actions relating to taxes could have a negative effect on us.The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. Similarly, there are a number of proposals in Congress that would also modify the Code. The likelihood of any such legislation being enacted is uncertain, but new legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could have adverse consequences, including significantly and negatively affect our ability to qualify for tax treatment as a RIC or otherwise impact the U.S. federal income tax consequences applicable to us and our stockholders of such qualification, or could have other adverse consequences. Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities.

Our business and operations could be negatively affected if we become subject to any securities litigation or stockholder activism, which could cause us to incur significant expense and hinder execution of investment strategy.

Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing in the recent years. While we are currently not subject to any securities litigation or stockholder activism, we may in the future become the target of securities litigation or stockholder activism. Securities litigation and stockholder activism, including potential proxy contests, could result in substantial costs and divert the attention of our management and Board and resources from our business. Additionally, such securities litigation and stockholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation or activist stockholder matters.

The effect of global climate change may impact the operations and valuation of our portfolio companies.

Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition through, for example, decreased revenues, which may, in turn, impact the valuation of such portfolio companies. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions.

In December 2015 the United Nations adopted a climate accord (the "Paris Agreement”)with the long-term goal of limiting global warming and the short-term goal of significantly reducing greenhouse gas emissions. Although the United States rejoined the Paris Agreement in 2021, the current administration has announced the United States would cease participation. Additionally, the Inflation Reduction Act of 2022 included several measures designed to combat climate change, including restrictions on methane emissions. As a result, some of our portfolio companies may become subject to new or strengthened regulations or legislation, which could increase their operating costs and/or decrease their revenues, which may, in turn, impact their ability to make payments on our investments.

We are subject to risks related to corporate social responsibility

Our business faces increasing public scrutiny related to environmental, social and governance ("ESG") activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship,

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corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect our business.

The continued threat of global terrorism and the impact of military and other action will likely continue to cause volatility in the economies of certain countries and various aspects thereof, including in prices of commodities, and could affect our financial results. Our portfolio investments may involve significant strategic assets having a national or regional profile. The nature of these assets could expose them to a greater risk of being the subject of a terrorist attack than other assets or businesses. Any terrorist attacks that occur at or near such assets would likely cause significant harm to employees, property and, potentially, the surrounding community, and may result in losses far in excess of available insurance coverage. As a result of global events and continued terrorism concerns, insurers significantly reduced the amount of insurance coverage available for liability to persons other than employees for claims resulting from acts of terrorism, war or similar events. As a result of a terrorist attack or terrorist activities in general, we may not be able to obtain insurance coverage and other endorsements at commercially reasonable prices or at all.

In addition, various social and political circumstances in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties. Such events, including rising trade tensions between the United States and China; other uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies with other countries; the ongoing conflict between Russia and Ukraine, and the ongoing conflict in the middle east could adversely affect our business, financial condition or results of operations. In response to the conflict between Russia and Ukraine, the United States and other countries have imposed sanctions or other restrictive actions against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows and results of operations.

We are obligated to maintain proper and effective internal control over financial reporting. Failure to achieve and maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and the value of our common stock.

We are obligated to maintain proper and effective internal control over financial reporting, including the internal control evaluation and certification requirements of Section 404 of the Sarbanes-Oxley Act. We will not be required to comply with all of the requirements under Section 404 of the Sarbanes-Oxley Act until the date (i) we are no longer an "emerging growth company" under the JOBS Act and (ii) we are a reporting company that does not meet the definition of an "accelerated filer" or a "large accelerated filer" under Rule 12b-2 under the Exchange Act. We expect to remain an emerging growth company for up to five years following the completion of our initial public offering of common equity securities or until the earliest of (i) the last day of the first fiscal year in which our annual gross revenues exceed $1.235 billion, (ii) December 31 of the fiscal year that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act (which would occur if the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of the last business day of our most recently completed second fiscal quarter, we have annual investment income of at least $100.0 million, and we have been publicly reporting for at least 12 months and we have filed at least one annual report on Form 10-K) or (iii) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the preceding three-year period. There is currently no public market for our shares of common stock and one is not expected to develop.

Accordingly, our internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 of the Sarbanes-Oxley Act that we will eventually be required to meet. Specifically, we are required to conduct annual management assessments of the effectiveness of our internal controls over financial reporting. However, our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until the date (i) we are no longer an "emerging growth company" under the JOBS Act and (ii) we are a reporting company that meets the definition of an "accelerated filer" or a "large accelerated filer" under Rule 12b-2 under the Exchange Act. If we are not able to implement the applicable requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner or with adequate compliance, our operations, financial reporting or financial results could be adversely affected. Matters impacting our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC, and result in a breach of the covenants under our credit facilities. Additionally, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal controls are effective. If we are unable to assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm were to report a material weakness

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in our internal controls over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports. This could materially adversely affect us.

Our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience difficulties in their implementation, our business and operating results could be harmed and we could fail to meet our financial reporting obligations.

We are an "Emerging Growth Company" Under the JOBS Act.

We are and will remain an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of any exchange listing, (ii) in which we have total annual gross revenue of at least $1.235 billion, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our shares that are held by non‑affiliates exceeds $700.0 million as of the date of our most recently completed second fiscal quarter, we have annual investment income of at least $100.0 million, we have been publicly reporting for at least 12 months and we have filed at least one annual report on Form 10-K) and (b) the date on which we have issued more than $1.0 billion in non‑convertible debt during the prior three‑year period. There is currently no public market for our shares of common stock and one is not expected to develop. For so long as we remain an "emerging growth company," we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes‑Oxley Act. We cannot predict if investors will find our shares less attractive because we may rely on some or all of these exemptions. If some investors find our shares less attractive as a result, there may be a less active trading market for the shares and the share price may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We currently are and may to continue taking advantage of such extended transition periods.

Our business is highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our ability to pay distributions.

Our business is highly dependent on the communications and information systems of the Investment Adviser and its affiliates. Any failure or interruption of such systems could cause delays or other problems in our activities. This, in turn, could have a material adverse effect on our operating results and, consequently, negatively affect our ability to pay distributions to our stockholders. In addition, because many of our portfolio companies operate and rely on network infrastructure and enterprise applications and internal technology systems for development, marketing, operational, support and other business activities, a disruption or failure of any or all of these systems in the event of a major telecommunications failure, cyber-attack, fire, earthquake, severe weather conditions or other catastrophic event could cause system interruptions, delays in product development and loss of critical data and could otherwise disrupt their business operations.

The failure of cybersecurity protection systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively.

We, and others in our industry, are the targets of malicious cyber activity, which we work hard to prevent. A successful cyber-attack, whether perpetrated by criminal or state-sponsored actors, against us or our service providers, or an accidental disclosure of non-public information, could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. If a significant number of our managers were unavailable in the vent of a disaster, our ability to effectively conduct our business could be severely compromised. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data.

The Investment Adviser and third-party service providers depend heavily upon computer systems to perform necessary business functions. Despite the implementation of a variety of security measures, computer systems could be subject to unauthorized access, acquisition, use, alteration, or destruction, such as from the insertion of malware (including ransomware), physical and electronic break-ins or unauthorized tampering. The Investment Adviser may experience threats to their data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, personal and other information processed and stored in, and transmitted through the Advisers’ computer systems and networks, or otherwise cause interruptions or malfunctions in operations, which could result in damage to our reputation, financial losses, litigation, increased costs, regulatory enforcement action and penalties and/or customer dissatisfaction or loss.

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Third parties with which we do business are sources of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. Cybersecurity failures or breaches to the Investment Adviser and other service providers (including, but not limited to, accountants, custodians, transfer agents and administrators) and issuers of securities in which we invest, also have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate its NAV, impediments to trading, the inability of our shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputation damages, reimbursement of other compensation costs, or additional compliance costs. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, acquisition, use, alteration, or destruction of data, or other cybersecurity incidents with increased costs and other consequences, including those described above. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. We may be required to expend significant additional resources to modify our protective measures or to investigate and remediate vulnerabilities or other exposures, and we may be subject to litigation and financial losses that are not fully insured.

We and our service providers may be impacted by operating restrictions, which may include requiring employees to continue to work from remote locations. Policies of extended periods of remote working, whether by us or by our service providers, could strain technology resources, introduce operational risks and otherwise heighten the risks described above. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit weaknesses in a remote work environment. Accordingly, the risks described above are heightened under current conditions, which may continue for an unknown duration.

Additionally, there continues to be significant evolution and developments in the use of artificial intelligence technologies including generative artificial intelligence such as ChatGPT. We cannot fully determine the impact of such evolving technology to our business at this time.

We, our Investment Adviser and our portfolio companies are subject to risks associated with "phishing" and other cyber-attacks.

Cybersecurity refers to the combination of technologies, processes, and procedures established to protect information technology systems and data from unauthorized access, attack, or damage. We, the Investment Adviser, and the Administrator are subject to cybersecurity risks. Information cybersecurity risks have significantly increased in recent years and, while we, the Investment Adviser and the Administrator have not experienced any material losses relating to cyber-attacks or other information security breaches, we could suffer such losses in the future. The Investment Adviser’s and the Administrator’s computer systems, software and networks may be vulnerable to unauthorized access, computer viruses or other malicious code, network failures, computer and technology failures, infiltration by unauthorized persons and other security breaches, usage errors by their respective professionals or service providers, or other events that could have a security impact. If one or more of such events occur, this potentially could jeopardize confidential and other information, including nonpublic personal information relating to unitholders (and their beneficial owners) and sensitive business data (including material nonpublic information of our portfolio companies), processed and stored in, and transmitted through, the Investment Adviser’s and the Administrator’s computer systems and networks, or otherwise cause interruptions or malfunctions in our operations or the operations of our customers or counterparties. Breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be identified even with sophisticated prevention and detection systems, potentially resulting in further harm and preventing them from being addressed appropriately. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations and the business, financial condition or results of operations of the Investment Adviser, the Administrator and their affiliates. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In the future, the Investment Adviser, the Administrator and our portfolio companies may be required to expend significant additional resources to modify their protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. In addition, we, the Investment Adviser and the Administrator may be subject to litigation and financial losses that are not fully insured.

Third parties with which we, the Investment Adviser, the Administrator, and our portfolio companies do business may also be sources of cybersecurity or other technological risks. We outsource certain functions, and these relationships allow for the storage and processing of our information, as well as customer, counterparty, employee and borrower information. While we, the Investment Adviser, the Administrator, and our portfolio companies engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other

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cybersecurity incidents, with increased costs and other consequences, including those described above. Further, the continued remote working conditions initially resulting from the COVID-19 pandemic have heightened ours and our portfolio companies' vulnerability to a cybersecurity risk or incident.

RISKS RELATING TO OUR INVESTMENTS

Our investments in portfolio companies may be risky, and we could lose all or part of any of our investments.

Companies in which we invest could deteriorate as a result of, among other factors, an adverse development in their business, a change in the competitive environment or an economic downturn. As a result, companies which we expect to be stable may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or to maintain their competitive position, or may otherwise have a weak financial condition or be experiencing financial distress. In some cases, the success of our investment strategy will depend, in part, on the ability to restructure and effect improvements in the operations of a portfolio company. The activity of identifying and implementing restructuring programs and operating improvements at portfolio companies entails a high degree of uncertainty. There can be no assurance that any person (including us) will be able to successfully identify and implement such restructuring programs and improvements.

Although the Investment Adviser’s investment strategy includes a focus on tight control of risk, there can be no assurance that the various risks of an investment will be successfully controlled or that losses can be avoided.

Investments in small and middle market businesses are highly speculative and involve a high degree of risk of credit loss. These risks are likely to increase during volatile economic periods, such as those the U.S. and many other economies have recently experienced. Among other things, these companies:

•may have limited financial resources and may be unable to meet their obligations under their debt instruments that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood that we realize any guarantees from subsidiaries or affiliates of our portfolio companies that we may have obtained in connection with our investment, as well as a corresponding decrease in the value of any equity components of our investments;

•may have shorter operating histories, narrower product lines, smaller market shares and/or more significant customer concentrations than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

•are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

•generally have less predictable operating results, may from time to time be parties to litigation and/or, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence;

•may be targets of cybersecurity or other technological risks;

•may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; and

•generally have less publicly available information about their businesses, operations and financial condition.

In addition, in the course of providing significant managerial assistance to certain of our eligible portfolio companies, certain of our officers and directors may serve as directors on the boards of such companies, to the extent permitted under applicable law, including ERISA. We will be entitled to any fees payable by any of our portfolio companies for the services of our officers or directors as directors thereof. To the extent that litigation arises out of our investments in these companies, our officers and directors may be named as defendants in such litigation, which could result in an expenditure of funds (through our indemnification of such officers and directors) and the diversion of management time and resources.

Our investment strategy, which is focused primarily on privately held companies, presents certain challenges, including the lack of available information about these companies.

We invest primarily in privately held companies. There is generally little public information about these companies, and, as a result, we must rely on the ability of the Investment Adviser to obtain adequate information to evaluate the potential returns from, and risks related to, investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Also, privately held companies frequently have less diverse product lines and smaller market presence than larger competitors. They are, thus, generally more vulnerable to economic downturns and may experience substantial variations in operating results. These factors could adversely affect our investment returns.

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Our investments in securities rated below investment grade are speculative in nature and are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates.

Our investments are almost entirely rated below investment grade or may be unrated, which are often referred to as "leveraged loans", "high yield" or "junk" securities, and may be considered "high risk" compared to debt instruments that are rated investment grade. High yield securities are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations and involve major risk exposure to adverse conditions. In addition, high yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. These securities are especially sensitive to adverse changes in general economic conditions, to changes in the financial condition of their issuers and to price fluctuation in response to changes in interest rates. During periods of economic downturn or rising interest rates, issuers of below investment grade instruments may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default.

We may suffer credit losses.

Investments in small and middle market businesses are highly speculative and involve a high degree of risk of credit loss. These risks are likely to increase during volatile economic periods, such as the U.S. and many other economies have recently been experiencing.

Covenant-lite loans may offer us fewer protections than traditional investments.

Some of our debt investments may have less restrictive covenant terms that provide us with fewer protections, called "covenant-lite" loans, that generally provide for fewer financial covenants on the borrower. In particular, borrowers under such covenant-lite loans may have greater flexibility in how they manage their financial condition. As a result, we may face challenges in recovering on such covenant-lite loans, to the extent they go into distress, and may lack options that would normally be available to us as a lender under more traditional debt structures.

Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.

Our portfolio may be concentrated in a limited number of industries. A downturn in any particular industry in which we are invested could significantly impact the portfolio companies operating in that industry, and accordingly, the aggregate returns that we realize from our investment in such portfolio companies.

Specifically, companies in the business services industry are subject to general economic downturns and business cycles, and will often suffer reduced revenues and rate pressures during periods of economic uncertainty. In addition, companies in the software industry often have narrow product lines and small market shares. Because of rapid technological change, the average selling prices of products and some services provided by software companies have historically decreased over their productive lives. As a result, the average selling prices of products and services offered by software companies in which we invest may decrease over time. If an industry in which we have significant investments suffers from adverse business or economic conditions, as these industries have to varying degrees, a material portion of our investment portfolio could be affected adversely, which, in turn, could adversely affect our financial position and results of operations.

If we make unsecured investments, those investments might not generate sufficient cash flow to service their debt obligations to us.

We may make unsecured investments. Unsecured investments may be subordinated to other obligations of the obligor. Unsecured investments often reflect a greater possibility that adverse changes in the financial condition of the obligor or general economic conditions (including, for example, a substantial period of rising interest rates or declining earnings) or both may impair the ability of the obligor to make payment of principal and interest. If we make an unsecured investment in a portfolio company, that portfolio company may be highly leveraged, and its relatively high debt-to-equity ratio may increase the risk that its operations might not generate sufficient cash to service its debt obligations.

Defaults by our portfolio companies may harm our operating results.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross‑defaults under other agreements and jeopardize a portfolio company's ability to meet its obligations under the debt or equity securities that we hold.

We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company. In addition, lenders in certain cases can be subject to lender liability claims for actions taken by them when they become too involved in the borrower's business or

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exercise control over a borrower. It is possible that we could become subject to a lender's liability claim, including as a result of actions taken if we render significant managerial assistance to the borrower. Furthermore, if one of our portfolio companies were to file for bankruptcy protection, even though we may have structured our investment as senior secured debt, depending on the facts and circumstances, including the extent to which we provided managerial assistance to that portfolio company, a bankruptcy court might re‑characterize our debt holding and subordinate all or a portion of our claim to claims of other creditors.

The lack of liquidity in our investments may adversely affect our business.

We invest, and will continue to invest, in companies whose securities are not publicly traded and whose securities will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. The illiquidity of these investments may make it difficult for us to sell these investments when desired. In addition, if we are required or otherwise choose to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. Our investments are usually subject to contractual or legal restrictions on resale or are otherwise illiquid because there is usually no established trading market for such investments. Because most of our investments are illiquid, we may be unable to dispose of them in which case we could fail to qualify as a RIC and/or a BDC, or we may be unable to do so at a favorable price, and, as a result, we may suffer losses.

Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation.

As a BDC, we are required to carry our investments at market value or, if no market quotation is readily available, at fair value as determined in good faith by our Board. As part of the valuation process, we ((x) through an unaffiliated third-party firm in consultation with the Investment Adviser, to the extent that our assets are treated as "plan assets" for purposes of ERISA, or (y) through our Investment Adviser and/or Administrator, to the extent that our assets are not treated as "plan assets" for purposes of ERISA) may take into account the following types of factors, if relevant, in determining the fair value of our investments:

•a comparison of the portfolio company's securities to publicly traded securities;

•the enterprise value of a portfolio company;

•the nature and realizable value of any collateral;

•the portfolio company's ability to make payments and its earnings and discounted cash flow;

•the markets in which the portfolio company does business; and

•changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made in the future and other relevant factors.

When an external event such as a purchase transaction, public offering or subsequent sale occurs, we will use the pricing indicated by the external event to corroborate our valuation. We will record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio may reduce our net asset value by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

If we are unable to make follow-on investments in our portfolio companies, the value of our investment portfolio could be adversely affected.

We may not have the funds or ability to make additional investments in our portfolio companies or to fund our unfunded debt commitments. We expect that certain of our investments will take the form of unfunded commitments that we will be contractually obligated to fund on the demand of a borrower or other counterparty. We will not be able to control when, or if, these unfunded debt commitments are funded.

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in order to, among other things, (i) increase or maintain in whole or in part our position as a creditor or equity ownership percentage in a portfolio company, (ii) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing or (iii) preserve or enhance the value of our initial and overall investment. We may elect not to make follow-on investments or may otherwise lack sufficient funds to make these investments. We have the discretion to make follow-on investments, subject to the availability of capital resources. and the limitations of the 1940 Act. If we fail to make follow-on investments, the continued viability of a portfolio company and our initial investment, or may, in some circumstances, result in a missed opportunity for us to increase our participation in a successful operation and our expected return on the investment may be reduced. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because of regulatory, tax, diversification or asset profiles or we may not

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want to increase our concentration of risk, either because we prefer other opportunities or because we are subject to BDC requirements that would prevent such follow-on investments or such follow-on investments would adversely impact our ability to qualify for or maintain our RIC status.

Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.

Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies. We invest in portfolio companies at all levels of the capital structure. Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, these debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. In addition, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying the senior creditors, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

The disposition of our investments may result in contingent liabilities.

Most of our investments will involve private securities. In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to certain potential liabilities. These arrangements may result in contingent liabilities that ultimately yield funding obligations that must be satisfied through our return of certain distributions previously made to us.

There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

Even though we may have structured certain of our investments as senior loans, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt investment and subordinate all or a portion of our claim to that of other creditors. We may also be subject to lender liability claims for actions taken by us with respect to a borrower's business or instances where we exercise control over the borrower. It is possible that we could become subject to a lender's liability claim, including as a result of actions taken in rendering significant managerial assistance.

We generally do not control our portfolio companies.

We generally do not control most of our portfolio companies, even though we may have board representation or board observation rights, and our debt agreements may contain certain restrictive covenants that limit the business and operations of our portfolio companies. As a result, we are subject to the risk that a portfolio company may make business decisions with which we disagree and the management of such company may take risks or otherwise act in ways that do not serve our interests as debt investors. Due to the lack of liquidity of the investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event that we disagree with the actions of a portfolio company as readily as we would otherwise like to or at favorable prices which could decrease the value of our investments.

We do not have influence over the day-to-day management of portfolio companies or their retention of effective personnel.

Each portfolio company's day‑to‑day operations are the responsibility of such portfolio company's management team. Although the Investment Adviser is responsible for monitoring the performance of each portfolio investment, there can be no assurance that the existing management team, or any successor thereto, will be able to successfully operate the portfolio company in accordance with our plans and objectives. The success of each portfolio company depends in substantial part upon the skill and expertise of each portfolio company's management team. Additionally, portfolio companies will need to attract, retain and develop executives and members of their management teams. The market for executive talent is, notwithstanding general unemployment levels or developments within a particular industry, extremely competitive. There can be no assurance that portfolio companies will be able to attract, develop, integrate and retain suitable members of its management team and, as a result, such investment and we may be adversely affected thereby.

Economic recessions, downturns or government spending cuts could impair our portfolio companies and harm our operating results.

Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our debt investments during these periods. Therefore, our non-performing assets are likely to increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions also may decrease the value of collateral

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securing some of our debt investments and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results.

Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.

We are subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity. When this occurs, subject to qualification for or maintenance of our RIC tax treatment, we will generally reinvest these proceeds in temporary investments, pending our future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting theses amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments could negatively impact our return on equity.

Our performance may differ from our Investment Adviser's historical performance as our current investment strategy includes significantly more primary originations in addition to secondary market purchases.

Historically, our Investment Adviser's investment strategy consisted of both primary originations and secondary market purchases of debt securities. While loans that we originate and loans we purchase in the secondary market face many of the same risks associated with the financing of leveraged companies, we may be exposed to different risks depending on specific business considerations for secondary market purchases or origination of loans. Primary originations require substantially more time and resources for sourcing, diligencing and monitoring investments, which may consume a significant portion of our resources. Further, the valuation process for primary originations may be more cumbersome and uncertain due to the lack of comparable market quotes for the investment and would likely require more frequent review by a third-party valuation firm (to the extent not already required in the event that our assets are treated as "plan assets" for purposes of ERISA). This may result in greater costs for us and fluctuations in the quarterly valuations of investments that are primary originations. As a result, primary originations may result in different returns than the types of returns experienced from secondary market purchases of debt securities and may result in the partial or complete loss of your investment.

We may be subject to additional risks if we invest in foreign securities and/or engage in hedging transactions.

The 1940 Act generally requires that 70.0% of our investments be in issuers each of whom is, among other organized

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

Engaging in hedging transactions would also, indirectly, entail additional risks to our stockholders. Although it is not currently anticipated that we would engage in hedging transactions as a principal investment strategy, if we determined to engage in hedging transactions, we generally would seek to hedge against fluctuations of the relative values of our portfolio positions from changes in market interest rates or currency exchange rates. Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of the positions declined. However, such hedging could establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions.

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

While we may enter into these types of transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates could result in poorer overall investment performance than if

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we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged could vary. Moreover, for a variety of reasons, we might not seek to establish a perfect correlation between the hedging instruments and the portfolio holdings being hedged. Any imperfect correlation could prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it might not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities would likely fluctuate as a result of factors not related to currency fluctuations.

We may pay additional consulting fees to New Mountain Capital’s Executive Advisory Council.

The Investment Adviser may consult New Mountain Capital's Executive Advisory Council from time to time concerning general industry trends, related matters and specific investment diligence. Members of the Executive Advisory Council may be paid by us for project‑related consulting fees and reimbursed by us for their reasonable and documented out‑of‑pocket expenses in connection with specific diligence for a potential portfolio company.

Inflation and rising commodity prices may adversely impact our portfolio companies.

Inflation may affect our investments adversely in a number of ways. During periods of rising inflation, interest and distribution rates of any instruments we or entities related to portfolio investments may have issued could increase. Inflationary expectations or periods of rising inflation could also be accompanied by the rising prices of commodities which are critical to the operation of portfolio companies. Portfolio companies may have fixed income streams and, therefore, be unable to pay the interest amounts and other payments on our portfolio investments. The market value of such investments may decline in value in times of higher inflation rates. Some of our portfolio investments may have income linked to inflation through contractual rights or other means. However, as inflation may affect both income and expenses, any increase in income may not be sufficient to cover increases in expenses.

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

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

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

There are risks associated with conducting due diligence of portfolio companies, including the risk of failing to predict certain conduct.

Before making portfolio investments, the Investment Adviser typically conducts due diligence that they deem reasonable and appropriate based on the facts and circumstances applicable to each portfolio investment. Due diligence may entail evaluation of, among other things, important and complex business, financial, tax, accounting, environmental, social, governance and legal issues. When conducting due diligence and making an assessment regarding an investment, the Investment Adviser relies on the resources available to it, including information provided by the target of the investment and, in some circumstances, third‑party investigations and reports. The due diligence investigation that the Investment Adviser carries out with respect to any investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity. Moreover, such an investigation will not necessarily result in the portfolio investment being successful. There can be no assurance that attempts to provide downside protection with respect to portfolio investments will achieve their desired effect and potential investors should regard an investment in us as being speculative and having a high degree of risk.

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There can be no assurance that we will be able to detect or prevent irregular accounting, employee misconduct or other fraudulent practices during the due diligence phase or during our efforts to monitor the portfolio investment on an ongoing basis or that any risk management procedures implemented by us will be adequate. In the event of fraud by any portfolio company or any of its affiliates, we may suffer a partial or total loss of capital invested in that portfolio company. An additional concern is the possibility of material misrepresentation or omission on the part of the portfolio company or the seller. Such inaccuracy or incompleteness may adversely affect the value of our securities and/or instruments in such portfolio company. We rely upon the accuracy and completeness of representations made by portfolio companies and/or their former owners in the due diligence process to the extent reasonable when it makes our investments, but cannot guarantee such accuracy or completeness. Under certain circumstances, payments to us may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance or a preferential payment.

Consultants, legal advisors, appraisers, accountants, investment banks and other third parties may be involved in the due diligence process and/or the ongoing operation of our portfolio companies to varying degrees depending on the type of investment. For example, certain asset management, finance, administrative and other similar functions may be outsourced to a third‑party service provider whose fees and expenses will be borne by such portfolio company or us and will not offset the management fee. Such involvement of third‑party advisors or consultants may present a number of risks primarily relating to the Investment Adviser's reduced control of the functions that are outsourced. In addition, if the Investment Adviser is unable to timely engage third‑party providers, their ability to evaluate and acquire more complex targets could be adversely affected.

RISKS RELATING TO OUR SECURITIES

Investing in our common stock may involve an above average degree of risk.

The investments we may make may result in a higher amount of risk, volatility or loss of principal than alternative investment options. These investments in portfolio companies may be highly speculative and aggressive, and therefore, an investment in our common stock may not be suitable for investors with lower risk tolerance.

Our charter and our bylaws, as well as certain statutory and regulatory requirements, could deter takeover attempts.

Our charter and bylaws, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to acquire us. Our Board may, without stockholder action, authorize the issuance of shares in one or more classes or series, including preferred shares; and a majority of our entire Board may, without stockholder action, amend our charter to increase the number of our shares of any class or series that we have authority to issue. These and other takeover defense provisions may inhibit a change of control in circumstances that could give the holders of our shares the opportunity to realize a premium over the value of our shares.

You may not receive distributions or our distributions may decline or may not grow over time.

None of us, the Investment Adviser or their respective affiliates can provide any assurance whatsoever that we will be successful in choosing, making and realizing investments in any particular portfolio company or portfolio companies. There is no assurance that we will be able to generate returns for our investors or that the returns will be commensurate with the risks of investing in the type of companies and transactions described herein. While we expect to make regular distributions of income, there can be no assurance that any stockholder will receive any distribution from us. Partial or complete sales, transfers or other dispositions of portfolio investments which may result in a return of capital or the realization of gains, if any, are generally not expected to occur for a number of years after an investment is made. Accordingly, an investment in us should only be considered by persons for whom a speculative, illiquid and long‑term investment is an appropriate component of a larger investment program and who can afford a loss of their entire investment.

Past performance of investment entities associated with New Mountain Capital and its affiliates is not necessarily indicative of future results. There can be no assurance that we will achieve comparable results or that our performance objectives will be achieved. In particular, we do not expect to replicate the historical performance of New Mountain Capital's investments, or those of certain affiliates that have also elected to regulated as a BDC, including New Mountain Finance Corporation, New Mountain Private Credit Fund, New Mountain Guardian IV BDC, L.L.C and New Mountain Guardian IV Income Fund, L.L.C. In addition, our investment strategies may differ from those of New Mountain Capital or its affiliates. We, as a BDC and as a RIC, are subject to certain regulatory restrictions that do not apply to New Mountain Capital or certain its affiliates

We are generally not permitted to invest in any portfolio company in which New Mountain Capital or any of its affiliates currently have an investment or to make any co‑investments with New Mountain Capital or its affiliates, except to the extent permitted by the 1940 Act, or pursuant to previously obtained exemptive orders. This may adversely affect the pace at which we make investments.

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We may be exposed to risks associated with Original Issue Discount instruments and PIK loans.

To the extent that we invest in OID instruments, such as zero coupon bonds and loans with contractual PIK interest, which represents contractual interest added to a loan balance and due at the end of such loan's term and to the extent OID or PIK interest constitutes a significant portion of our income, we will be exposed to risks associated with such income being required to be included in taxable income prior to receipt of cash, including the following:

•the higher interest rates of OID instruments and PIK loans reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans;

•OID and PIK instruments may have unreliable valuations because their continuing accruals require judgments about the collectability of the deferred payments and the value of the collateral;

•market prices of zero coupon or PIK instruments are affected to a greater extent by interest rate changes, and may be more volatile than instruments that pay interest periodically in cash. PIK instruments are usually less volatile than zero coupon debt instruments, but more volatile than cash pay securities;

•the deferral of PIK interest on an instrument increases the loan‑to‑value ratio, which is a measure of the riskiness of a loan, with respect to such instrument;

•for accounting purposes, any cash distributions to our stockholders representing OID and PIK income are not treated as coming from paid‑in capital, even if the cash to pay them comes from the offering proceeds. As a result, despite the fact that a distribution representing OID and PIK income could be paid out of amounts invested by our stockholders, the 1940 Act does not require that our stockholders be given notice of this fact by reporting it as a return of capital;

•the deferral of PIK interest increases the loan-to-value ratio, which is a measure of the riskiness of a loan; and

•even if the accounting conditions for income accrual are met, the borrower could still default when our actual payment is due at the maturity of the loan.

Although we do not intend to do so, if we issue preferred stock, the net asset value and fair value of our common stock will likely become more volatile.

At the present time, we do not intend to issue preferred stock. However, to the extent that we do issue preferred stock in the future, we cannot assure you that the issuance of preferred stock would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock would likely cause the net asset value and market price of the common stock to become more volatile. If the dividend rate on the preferred stock were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of the common stock would be reduced. If the dividend rate on the preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of common stock than if we had not issued preferred stock. Any decline in the net asset value of our investments would be borne entirely by the holders of common stock. Therefore, if the fair value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of the common stock than if we were not leveraged through the issuance of preferred stock.

We might be in danger of failing to maintain the required asset coverage of the preferred stock or of losing our ratings, if any, on the preferred stock or, in an extreme case, our current investment income might not be sufficient to meet the dividend requirements on the preferred stock. In order to counteract such an event, we might need to liquidate investments in order to fund a redemption of some or all of the preferred stock. In addition, we would pay (and the holders of common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, including higher advisory fees if our total return exceeds the dividend rate on the preferred stock. Holders of preferred stock may have different interests and rights than holders of common stock and may at times have disproportionate influence over our affairs.

Holders of any preferred stock we might issue would have the right to elect members of our Board and class voting rights on certain matters.

In accordance with the 1940 act, holders of any preferred stock we might issue, voting separately as a single class, would have the right to elect two members of our Board at all times and in the event dividends become two full years in arrears would have the right to elect a majority of the directors until such arrearage is completely eliminated. In addition, preferred stockholders have class voting rights on certain matters, including changes in fundamental investment restrictions and conversion to open‑end status, and accordingly can veto any such changes. Restrictions imposed on the declarations and payment of dividends or other dividends to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, if any, or the terms of our Leverage Arrangements, if any, might impair our ability to maintain our tax treatment as a RIC for U.S. federal income tax purposes. While we would intend to redeem our preferred stock

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to the extent necessary to enable us to distribute our income as required to qualify for tax treatment as a RIC, there can be no assurance that such actions could be effected in time to meet the tax requirements.

Shares are registered under the Exchange Act and therefore stockholders may be subject to certain filing requirements.

Because our common stock is registered under the Exchange Act, ownership information for any person who beneficially owns more than 5% of our common stock will have to be disclosed in a Schedule 13D or Schedule 13G, as applicable, or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. In some circumstances, our stockholders who choose to reinvest their dividends may see their percentage stake in us increased to more than 5%, thus triggering this filing requirement. Each stockholder is responsible for determining their filing obligations and preparing the filings. In addition, our stockholders who hold more than 10% of a class of our shares may be subject to Section 16(b) of the Exchange Act, which recaptures for our benefit profits from the purchase and sale of registered stock within a six-month period.

Because we are not currently a "publicly offered regulated investment company," as defined in the Code, certain U.S. Stockholders will be treated as having received a dividend from us in the amount of such U.S. stockholder's allocable share of certain of our expenses, including a portion of its management fees, and such expenses will be treated as miscellaneous itemized deductions of such U.S. stockholders that are not currently deductible.

We do not currently qualify as a "publicly offered regulated investment company", as defined in the Code. Accordingly, U.S. individual and other noncorporate stockholders will be taxed as though they received a distribution of some of our expenses. A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market, or (iii) held by at least 500 persons at all times during the taxable year. We anticipate that we will not qualify as a publicly offered RIC for the 2023 tax year, and we cannot determine when we will qualify as a publicly offered RIC. Since we are not a publicly offered RIC, a non-corporate stockholder's allocable portion of our affected expenses, including a portion of our management fees, will be treated as an additional distribution to the stockholders. A non-corporate stockholder's allocable portion of these expenses are treated as miscellaneous itemized deductions that are not currently deductible by such stockholder (and beginning in 2026, will be deductible to such stockholder only to the extent they exceed 2% of such stockholder's adjusted gross income), and are not deductible for alternative minimum tax purposes.

We do not currently intend for our shares to be listed on any national securities exchange.

There is currently no public market for our common stock, and a market for our common stock may never develop. Our common stock is not registered under the Securities Act of 1933, as amended, or any state securities law and is restricted as to transfer by law and the terms of our charter. Our stockholders generally may not sell, assign or transfer their shares without prior written consent of the Investment Adviser, which the Investment Adviser may grant or withhold in its sole discretion.

Except in limited circumstances for legal or regulatory purposes, our stockholders are not entitled to redeem their shares of our common stock. Our stockholders must be prepared to bear the economic risk of an investment in our common stock for an indefinite period of time. While we may in the future undertake to list our securities on a national securities exchange, there can be no assurance that such a listing will be successfully completed. Furthermore, an exchange listing does not ensure that an actual market will develop for a listed security.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Risk Management and Strategy

We rely on the cybersecurity policies and procedures implemented by New Mountain Capital. New Mountain Capital has processes in place for assessing, identifying, and managing material risks from potential unauthorized occurrences on or through our electronic information systems that could adversely affect the confidentiality, integrity, or availability of our information systems or the information residing on those systems. These include a wide variety of controls, processes, systems, and tools that are designed to prevent, detect, or mitigate data loss, theft, misuse, unauthorized access, or other security incidents or vulnerabilities affecting our data. Pursuant to New Mountain Capital’s Information Security Program, the New Mountain Capital Information Technology Steering Committee (“ITSC”) is responsible for the development, evolution, and implementation of policies and technical measures to reasonably prevent security incidents. At times New Mountain Capital may also engage assessors, consultants, auditors, or other third parties to assist with assessing, identifying, and managing cybersecurity risks.

New Mountain Capital uses processes to oversee and identify material risks from cybersecurity threats, including those associated with the use of third-party service providers. Additionally, New Mountain Capital uses systems and processes

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designed to reduce the impact of a security incident at a third-party service provider. As part of its risk management process, New Mountain Capital also maintains an incident response plan that is utilized when cybersecurity incidents impacting us, our Investment Adviser, or our Administrator are detected. New Mountain Capital also requires that all employees, including employees of the Investment Adviser and Administrator, complete interactive security awareness training on an annual basis.employees of the Investment Adviser and Administrator, complete interactive security awareness training on an annual basis.

Material Impact of Cybersecurity Risks

As of the date of this report, we are not aware of any material risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition. However, future incidents could have a material impact on our business. Additional information about cybersecurity risks we face is discussed in Item 1A of Part I, “Risk Factors,” under the heading “The failure of cybersecurity protection systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively,” which should be read in conjunction with the information above.

Governance

Our cybersecurity risks and associated mitigations are evaluated by our management and the ITSC as needed, but no less frequently than annually. Management and representatives of the ITSC periodically report to our board of directors on developments to the information security and cybersecurity risks we face. Reports include, among other things, an overview of New Mountain Capital’s controls and procedures related to assessing, identifying, and managing risks related to cybersecurity threats, oversight of third-party service providers and related cybersecurity threats, and management’s evaluation of cybersecurity risks material to us.

Item 2. Properties

We do not own any real estate or other physical properties materially important to our operations. Our principal executive offices are located at 1633 Broadway, 48th Floor, New York, New York 10019, where we occupy our office space pursuant to our Administration Agreement with the Administrator. The office space is shared with our Investment Adviser, our Administrator and New Mountain Capital. We believe that our current office facilities are suitable and adequate for our business as currently conducted.

Item 3. Legal Proceedings

We, the Investment Adviser and the Administrator are not currently subject to any material legal proceedings as of December 31, 2024. From time to time, we, or the Investment Adviser 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 4. Mine Safety Disclosures

Not applicable.

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PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities

Market Information

Our outstanding shares will be offered and sold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") under Section 4(a)(2) and Regulation D promulgated thereunder. See "—Sales of Unregistered Securities" in this Annual Report on Form 10-K for more information. There is currently no public market for the shares, and we do not expect one to develop.

Because shares of our common stock have been, and will be, acquired by investors in one or more transactions "not involving a public offering," they are "restricted securities" and may be required to be held indefinitely. Our shares may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) our consent is granted, which consent, with respect to an ERISA Plan, will not be withheld unreasonably in the case of a change of such ERISA Plan's fiduciaries or trustees, and (ii) the shares are registered under applicable securities laws or specifically exempted from registration (in which case the stockholder may, at our option, be required to provide us with a legal opinion, in form and substance satisfactory to us, that registration is not required). Accordingly, an investor must be willing to bear the economic risk of investment in the shares until we are liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of shares may be made except by registration of the transfer on our books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the shares and to execute such other instruments or certifications as are reasonably required by us. No transfer of shares will be permitted if such transfer may give rise to a prohibited transaction under Section 406(b) of ERISA, and the transferor and the transferee must so represent in any transfer documents.

Stockholders

As of March 6, 2025, there were 4 holders of record of our shares of common stock.

Valuation of Portfolio Securities

Please see Part I—Item 1. Business—Valuation of Portfolio Securities in this Annual Report on Form 10-K for disclosure regarding valuation of portfolio securities.

Distributions

Subject to the requirements of Section 852(a) of Subchapter M of the Code and the terms of any indebtedness or preferred shares, distributions of proceeds will be made to the stockholders pro rata based on the number of shares held by each stockholder. We intend to distribute approximately all of our net investment income on a semi-annual basis and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment.

On March 24, 2021, our Board adopted an "opt out" dividend reinvestment plan (the "Dividend Reinvestment Plan" or "DRIP") on behalf of our stockholders, pursuant to which each of our stockholders' cash distributions will be automatically reinvested in additional shares of our common stock. If a stockholder chooses to "opt out", then such stockholder will receive cash in lieu of shares of our common stock. On August 16, 2022, our Board amended and restated the DRIP, effective as of September 18, 2022 (the "Amendment"). The Amendment clarifies that by "opting out" a stockholder may elect to receive some or all of their dividends or distributions in cash. Additionally, the notice requirement for stockholders to withdraw or modify their elections under the DRIP was amended such that a stockholder must notify the Company's transfer agent and registrar of any changes to their election no later than the day before the start of the quarterly period for which the stockholder desires to receive some or all of the dividend or distribution in cash. We will only use newly-issued shares of common stock to implement the Dividend Reinvestment Plan. For the year ended December 31, 2024, we issued 11,854,750 shares through the Dividend Reinvestment Plan.

Retention of Proceeds

Subject to the requirements of Section 852(a) of Subchapter M of the Code and the terms of any indebtedness or preferred shares, during the Investment Period, we may retain, in whole or in part, any proceeds attributable to portfolio investments. Any retained proceeds that represent net investment income will be treated as a deemed distribution by us to the stockholders and a deemed re-contribution by the stockholders to us, and the aggregate undrawn commitments of all stockholders will be reduced accordingly. We may use the amounts so retained to make investments, pay our fees and expenses, repay our borrowings, or fund reasonable reserves for our future expenses or other obligations (including obligations to make indemnification advances and payments to the extent such advances and payments would be permitted under applicable law, including ERISA, if applicable); provided, however, that, after the expiration of the Investment Period, no part of such retained amounts will be used to make any investment for which we would not be permitted to draw down Commitments. We will treat

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any retained proceeds that represent net investment income as a deemed distribution to stockholders and a deemed re-contribution by the stockholders, and the aggregate undrawn commitments of all stockholders will be reduced accordingly. For the avoidance of doubt, even if the undrawn commitment of the shares becomes zero, we may continue to retain proceeds that represent net investment income as described above for the purpose of paying our operating costs (including expenses, the Management Fee, payments to the Administrator (because our assets are not treated as "plan assets" for purposes of ERISA—See Item 1. Business—The Administrator) and any indemnification obligations to the extent permitted under applicable law, including ERISA, if applicable) and debt service of any borrowings we have made.

Sales of Unregistered Securities

There were no shares of common stock issued and sold in reliance upon the available exemptions from the registration requirements of the Securities Act, including Section 4(a)(2) and Regulation D promulgated thereunder, and no capital drawdowns were delivered pursuant to Subscription Agreements for the year ended December 31, 2024.

Item 6. Reserved

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Item 7. 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 NMF SLF I, Inc., including its wholly-owned direct subsidiary (collectively, "we", "us", "our", 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 Annual Report on Form 10-K. Some of the statements in this Annual Report on Form 10-K (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:

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

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

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

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

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

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

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

•the risk factors set forth in Part I—Item 1A.—Risk Factors, contained in this Annual Report on Form 10-K.

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 Part I—Item 1A.—Risk Factors contained in this Annual Report on Form 10-K.

We have based the forward-looking statements included in this Annual Report on Form 10-K on information available to us on the date of this Annual Report on Form 10-K. 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 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

We are a Maryland corporation formed on January 23, 2019. 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 for U.S. federal income tax purposes as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

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

We conducted a private offering (the "Private Offering") of our common stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended. At the closing of any Private Offering, each investor in the Private Offering will make a capital commitment (each, a "Capital Commitment") to purchase common stock pursuant to a subscription agreement entered into with us (each, a "Subscription Agreement"). We commenced our loan origination and investment activities on the date we issued shares to persons not affiliated with the Investment Adviser (the

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"Initial Closing Date"), which occurred on February 18, 2020. We may conduct subsequent closings at times during our investment period (the "Investment Period"), which commenced on the Initial Closing Date and initially continued until September 30, 2023, subject to automatic extensions thereafter, each for an additional one year period, unless the holders of a majority of our outstanding common stock elect to forego any such extension upon not less than ninety days prior written notice. Effective September 30 2024, the Investment Period was automatically extended for an additional one year period to September 30, 2025. Each investor will be required to make capital contributions to purchase our common stock each time a drawdown notice is issued based on such investor's Capital Commitment. Pursuant to the Subscription Agreement entered into with each investor, we shall commence the wind up of operations two years following the expiration of the Investment Period, subject to additional extensions, each for an additional one year period, upon approval of the holders of a majority of our then outstanding common stock.

On December 9, 2020, we established NMF SLF I SPV, L.L.C. ("SLF I SPV") as a wholly-owned direct subsidiary, whose assets are used to secure SLF I SPV's credit facility. On December 23, 2020, SLF I SPV entered into a Loan and Security Agreement among SLF I SPV as the borrower, the Investment Adviser as collateral manager, us as equity holder and seller, Wells Fargo Bank, National Association as the administrative agent and the collateral custodian, and each of the lenders from time to time party thereto (as amended, from time to time, the "Loan and Security Agreement"), which is structured as a secured revolving credit facility (the "Wells Credit Facility"). On October 6, 2022, we established NMF SLF I Opportunistic SPV, L.L.C. ("SLF I Opportunistic SPV") as a wholly-owned direct subsidiary. As of December 31, 2024 and December 31, 2023, there were no assets held by SLF I Opportunistic SPV.

As of December 31, 2024, our top five industry concentrations were software, business services, healthcare, financial services and consumer services.

As of December 31, 2024, our net assets were approximately $983.7 million and our portfolio had a fair value, as determined in good faith by our board of directors (the "Board"), of approximately $1,445.7 million in 121 portfolio companies.

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 consolidated 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 estimates.

Basis of Accounting

We consolidate our wholly-owned direct subsidiaries SLF I SPV and SLF I Opportunistic SPV. 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 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. Because (i) "benefit plan investors", as defined in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and any regulations promulgated thereunder ("Benefit Plan Investors"), hold 25% or more of our outstanding shares, and (ii) our shares are not listed on a national securities exchange, an unaffiliated third-party (the "Sub-

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Administrator") has been engaged to independently value our investments, in consultation with the Investment Adviser. Our quarterly valuation procedures, which are the procedures that will be followed by such Sub-Administrator 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.

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

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

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consecutive quarters and the investment's par value or its fair value exceeds a certain materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our Board.

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 8.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Annual Report on Form 10-K for additional information on fair value hierarchy for the year ended December 31, 2024.

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

Company Performance, Financial Review, and Analysis: Prior to investment, as part of our due diligence process, we evaluate the overall performance and financial stability of the portfolio company. Post investment, we analyze each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting our revenue and EBITDA growth, margin trends, liquidity position, covenant compliance and changes to our 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,

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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 and 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 8.—Financial Statements and Supplementary Data—Note 4. Fair Value in this Annual Report on Form 10-K for additional information on unobservable inputs used in the fair value measurement of our Level III investments for the year ended December 31, 2024.

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 our 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 balance on the capitalization date and are generally due at maturity or when redeemed by the issuer. For the years ended December 31, 2024 and December 31, 2023, we recognized PIK interest from investments of approximately $8.7 million and $6.1 million, respectively, and PIK dividends from investments of $0.2 million million and $0.0 million, respectively.

Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amount 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 collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.

Fee income: Fee 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. Fee income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by us 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. Income

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received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned.

Monitoring of Portfolio Investments

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

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

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

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

•Tier 2 – Significant business underperformance and/or significant market headwind

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

•Business Characteristics assesses the health of the investment in context of the underlying portfolio company's business and credit quality, the underlying portfolio company's current balance sheet, and the level of support from the equity sponsor. The metric is expressed as on a qualitative scale of "A" to "C", with "A" being the best and "C" being the worst.

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

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

•Yellow – 3C, 2B, and 1A

•Orange – 2C and 1B

•Red – 1C

The following table shows the Risk Ratings of our portfolio companies as of December 31, 2024:


(in millions)	As of December 31, 2024
Risk Rating	Cost		Percent		Fair Value		Percent
Green	$	1,386.3	95.5	%	$	1,389.8	96.1	%
Yellow	31.9		2.2	%	28.1		2.0	%
Orange	32.8		2.3	%	27.8		1.9	%
Red	—		—	%	—		—	%
	$	1,451.0	100.0	%	$	1,445.7	100.0	%

As of December 31, 2024, all investments in our portfolio had a Green Risk Rating with the exception of three portfolio companies that had a Yellow Risk Rating and two portfolio companies that had an Orange Risk Rating.

During the fourth quarter of 2024, we placed our first lien positions in KWOR Acquisition, Inc. ("KWOR") on non-accrual status. As of December 31, 2024, our first lien position in KWOR had an aggregate cost basis of $20.2 million, an aggregate fair value of $16.4 million and total unearned interest income of $1.4 million for the year then ended. As of December 31, 2024, our investment in KWOR had an Orange Risk Rating.

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Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our Board, was approximately $1,445.7 million in 121 portfolio companies at December 31, 2024 and approximately $1,320.4 million in 110 portfolio companies at December 31, 2023.

The following table shows our portfolio and investment activity for the years ended December 31, 2024 and December 31, 2023:


	Year Ended December 31,
(in millions)	2024		2023
New investments in 78 and 58 portfolio companies, respectively	$	462.1	$	230.9
Debt repayments in existing portfolio companies	(330.5)		(62.3)
Sales of securities in 5 and 12 portfolio companies, respectively	(17.3)		(48.2)
Change in unrealized appreciation on 65 and 84 portfolio companies, respectively	6.7		23.3
Change in unrealized depreciation on 71 and 30 portfolio companies, respectively	(11.0)		(6.5)

Recent Accounting Standards Updates

See Part II—Financial Statements and Supplementary Data—Note 13. Recent Accounting Standards in this Annual Report on Form 10-K for details on recent accounting standards updates.

Results of Operations for the Years Ended December 31, 2024 and December 31, 2023

Results of Operations for the fiscal year ended December 31, 2022 can be found in Item 7.—Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K filed on March 13, 2023, which is incorporated by reference herein.

Revenue


	Year Ended December 31,
(in thousands)	2024		2023
Interest income	$	159,586	$	141,861
Dividend income	228		—
Fee income	5,100		3,029
Total investment income	$	164,914	$	144,890

Our total investment income increased by approximately $20.0 million, or 14%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. For the year ended December 31, 2024, total investment income of approximately $164.9 million consisted of approximately $146.0 million in cash interest from investments, approximately $8.7 million in PIK and non-cash interest from investments, net amortization of purchase premiums and discounts of approximately $4.8 million, $0.2 million in PIK dividends from investments, and approximately $5.1 million in fee income. The increase in interest income of approximately $17.7 million during the year ended December 31, 2024 as compared to the year ended December 31, 2023 was primarily due to a higher total invested portfolio balance. Fee income during the year ended December 31, 2024, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront, amendment and consent fees received from 65 different portfolio companies.

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Operating Expenses


	Year Ended December 31,
(in thousands)	2024		2023
Management fee	$	8,997	$	7,863


Interest and other financing expenses	36,962		29,312
Administrative expenses	1,321		1,160
Professional fees	1,084		1,038

Other general and administrative expenses	304		329


Net expenses	$	48,668	$	39,702

Our total net operating expenses increased by approximately $9.0 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023. Our management fee increased by approximately $1.1 million which was attributable to larger managed and invested capital balances.

Interest and other financing expenses increased by approximately $7.7 million during the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to higher SOFR rates on higher average drawn balances on the Wells Credit Facility.

Our total professional fees, administrative expenses and other general and administrative expenses increased by approximately $0.2 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023 primarily due to higher invested capital balances during the year ended December 31, 2024 as compared to the year ended December 31, 2023.

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


	Year Ended December 31,
(in thousands)	2024		2023
Net realized (losses) gains on investments	$	(56)	$	(11)
Net change in unrealized appreciation (depreciation) of investments	(4,330)		16,827

Net realized and unrealized gains (losses)	$	(4,386)	$	16,816

Our net realized losses and unrealized depreciation resulted in a net loss of approximately $4.4 million for the year ended December 31, 2024 as compared to the net realized losses and unrealized appreciation resulting in a net gain of $16.8 million for the year ended December 31, 2023. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the year ended December 31, 2024 was was primarily driven by the overall decrease in fair value of our investments during the period. The net gain for the year ended December 31, 2023 was primarily driven by the overall increase in fair value of our investments during the period.

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

Liquidity and Capital Resources

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

We expect to generate cash flows from investments and operations and borrowings from banks or other lenders. We will seek to enter into any bank debt, credit facility or other financing arrangements on at least customary market terms; however, we cannot assure you we will be able to do so. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

The Investment Adviser, as our initial stockholder, authorized us to adopt the application of the modified asset coverage ratio pursuant to the 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. In connection with their subscriptions of our shares, our stockholders were required to acknowledge our ability to operate with an asset coverage ratio that may be as low as 150.0%. 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 of December 31, 2024, our asset coverage ratio was 295.0%.

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At December 31, 2024 and December 31, 2023, we had aggregate capital commitments and undrawn capital commitments from investors as follows:


(in millions)	December 31, 2024			December 31, 2023
Capital Commitments	$	690.0		$	690.0
Unfunded Capital Commitments	—			—
% of Capital Commitments funded	100.0		%	100.0		%

At December 31, 2024 and December 31, 2023, our credit facilities consisted of the Wells Credit Facility. See Item 8—Financial Statements and Supplementary Data—Note 6. Borrowings in this Annual Report on Form 10-K for additional information.

At December 31, 2024 and December 31, 2023, we had cash and cash equivalents of approximately $20.4 million and $22.2 million, respectively. Our cash used in operating activities for the years ended December 31, 2024 and December 31, 2023, was approximately $20.3 million and $27.6 million, respectively. We expect that all current liquidity needs will be met with cash flows from operations and other activities.

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. We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of December 31, 2024 and December 31, 2023, we had outstanding commitments to third parties to fund investments totaling $186.0 million and $112.6 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 December 31, 2024 and December 31, 2023, we had commitment letters to purchase investments in the aggregate par amount of $0.0 million and $6.8 million, respectively, which could require funding in the future. As of December 31, 2024 and December 31, 2023, we had not entered into any bridge financing commitments which could require funding in the future.

Contractual Obligations

A summary of our significant contractual payment obligations as of December 31, 2024 is as follows:


	Contractual Obligations Payments Due by Period
(in millions)	Total		Less than 1 Year		1 - 3 Years		3 - 5 Years		More than 5 Years

Wells Credit Facility (1)	$	504.4	$	—	$	—	$	504.4	$	—

(1) Under the terms of the Wells Credit Facility, all outstanding borrowings under that facility ($504.4 million as of December 31, 2024) must be repaid on or before November 1, 2029. As of December 31, 2024, there was approximately $195.6 million of possible capacity remaining under the Wells Credit Facility. See Item 8.—Financial Statements and Supplementary Data—Note 6. Borrowings in this Annual Report on Form 10-K, for material details on the Wells Credit Facility.

We have entered into an investment management agreement, as amended and restated from time to time (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 a management fee for these services.

We have also entered into an administration agreement (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. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

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.

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Distributions and Dividends

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, 2024 and December 31, 2023, total distributions declared were $117.2 million and $105.4 million, respectively, of which the distributions were comprised of approximately 97.30% and 98.96%, respectively, of ordinary income, 2.55% and 1.04%, respectively, of long-term capital gains and 0.15% and 0.00%, respectively, of a return of capital. Future distributions, if any, will be determined by our board of directors.

We intend to pay semi-annual distributions to our stockholders in amounts sufficient to qualify as and maintain our status as a RIC. We intend to distribute approximately all of our net investment income on a semi-annual 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, as amended from time to time (the "DRIP"), on behalf of our common stockholders, pursuant to which each of our stockholders' cash distributions will be automatically reinvested in additional shares of our common stock, unless the stockholder elects to receive cash. We will only use newly-issued shares of common stock to implement the DRIP. On August 16, 2022, our board of directors amended and restated the DRIP, effective as of September 18, 2022 (the "Amendment"). The Amendment clarifies that by "opting out" a stockholder may elect to receive some or all of their dividends or distributions in cash. Additionally, the notice requirement for stockholders to withdraw or modify their elections under the DRIP was amended such that a stockholder must notify the Company's transfer agent and registrar of any changes to their election no later than the day before the start of the quarterly period for which the stockholder desires to receive some or all of the dividend or distribution in cash. For the years ended December 31, 2024, December 31, 2023 and December 31, 2022, we issued 11,854,750, 8,631,890 and 6,010,548 shares through the DRIP, respectively. See Part II — Item 8— Financial Statements—Note 2. Summary of Significant Accounting Policies for additional details regarding our DRIP.

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, as amended, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

•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, the Investment Adviser and the Administrator have entered into a Trademark License Agreement with New Mountain Capital, pursuant to which New Mountain Capital has granted us, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "NMF" name.

In addition, we have adopted a formal Code of Ethics that governs the conduct of our officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Maryland 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 mandate. 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") to the Investment Adviser and certain of its affiliates, which superseded a prior order issued on December 18, 2017, which permits us to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, we are permitted to co-invest with our affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of our stockholders and is consistent with our then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit us to complete follow-on investments in existing portfolio companies with certain affiliates that are private funds if such private funds do not have an investment in such existing portfolio company, subject to certain conditions. As our assets are treated as "plan assets" under ERISA, we will only co-invest in the same issuer with certain funds or entities managed

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by the Investment Adviser or its affiliates, so long as their and our respective future investments are at the same level of such issuer's capital structure; provided, that in no event will we co-invest with any other fund or entity in contravention of the 1940 Act.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. From March 2022 to July 2023, the Federal Reserve was periodically raising interest rates to combat inflation and maintained the same rate benchmark from July 2023 to September 2024. In September 2024, the Federal Reserve decreased interest rates by 0.50%. In December 2024, the Federal Reserve decreased interest rates by an additional 0.25% and held rates unchanged in January 2025. The Federal Reserve has indicated that it will consider additional rate reductions in the near term; however, future reductions to benchmark rates are not certain. While the Federal Reserve cut its benchmark rate three times in 2024 for the first time since March 2020 and indicated that there may be additional rate cuts in 2025, future reductions to benchmark rates are not certain. In a high interest rate environment, our net investment income would increase due to an increase in interest income generated by our investment portfolio. However, our cost of funds would also increase, which could also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. In addition, in a prolonged low interest rate environment, including a reduction of base rates, such as SOFR, to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. During the twelve months ended December 31, 2024, certain of the loans held in our portfolio had SOFR interest rates. As of December 31, 2024, approximately 99.3% of our investments at fair value (excluding unfunded debt investments) represent floating-rate investments with a SOFR floor (includes investments bearing prime interest rate contracts) and 0.7% of our investments at fair value represent fixed-rate investments. Additionally, our Wells Credit Facility is also subject to floating interest rates and is currently paid based on floating SOFR rates.

The following table estimates the potential changes in interest income net of interest expense, should interest rates decrease by 200, 150, 100 or 50 basis points, or increase by 50, 100, 150 or 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on December 31, 2024. Interest expense is calculated based on the terms of our Wells Credit Facility. For our credit facility, we use the outstanding balance as of December 31, 2024. This analysis does not take into account the impact of other expenses. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of December 31, 2024. These hypothetical calculations are based on a model of the investments in our portfolio, held as of December 31, 2024, and are only adjusted for assumed changes in the underlying base interest rates.

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


Change in Interest Rates	Estimated Percentage Change in Interest Income Net of Interest Expense (unaudited)
-200 Basis Points	(17.50)	%
-150 Basis Points	(13.13)	%
-100 Basis Points	(8.75)	%
-50 Basis Points	(4.38)	%
+50 Basis Points	4.38	%
+100 Basis Points	8.75	%
+150 Basis Points	13.13	%
+200 Basis Points	17.50	%

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Item 8. Financial Statements and Supplementary Data

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			PAGE
AUDITED FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)			70
Consolidated Statements of Assets and Liabilities as of December 31, 202 4 and December 31, 202 3			71
Consolidated Statements of Operations for the years ended December 31, 202 4 , December 31, 202 3 and December 31, 202 2			72
Consolidated Statements of Changes in Net Assets for the years ended December 31, 202 4 , December 31, 202 3 and December 31, 202 2			73
Consolidated Statements of Cash Flows for the years ended December 31, 202 4 , December 31, 202 3 and December 31, 202 2			74
Consolidated Schedule of Investments as of December 31, 202 4			75
Consolidated Schedule of Investments as of December 31, 20 2 3			95
Notes to the Consolidated Financial Statements of NMF SLF I, Inc.			113

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			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 stockholders and the Board of Directors of NMF SLF I, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statements of assets and liabilities of NMF SLF I, Inc. and subsidiaries (the "Company"), including the consolidated schedules of investments, as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations, changes in net assets, and cash flows for each of the three years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (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 audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2024, and 2023, by correspondence with the loan agents, and borrowers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

March 6, 2025

We have served as the Company’s auditor since 2019.

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NMF SLF I, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)


	December 31, 2024		December 31, 2023
Assets
Non-controlled/non-affiliated investments at fair value (cost of $1,451,005 and $1,321,455, respectively)	$	1,445,655	$	1,320,435
Cash and cash equivalents	20,399		22,158
Receivable from unsettled securities sold	10,303		2,992
Interest and dividend receivable	10,030		9,716

Other assets	485		148
Total assets	$	1,486,872	$	1,355,449
Liabilities
Borrowings
Wells Credit Facility	$	504,400	$	433,800

Deferred financing costs (net of accumulated amortization of $5,050 and $2,959, respectively)	(7,467)		(7,243)
Net borrowings	496,933		426,557
Interest payable	2,908		2,936
Management fee payable	2,360		2,069
Payable to affiliates	122		147
Distribution payable	—		56,514
Payable for unsettled securities purchased	—		1,344


Other liabilities	819		828
Total liabilities	503,142		490,395
Commitments and contingencies (See Note 8)
Net Assets
Common stock, par value $0.001, 500,000,000 shares authorized, 94,236,672 and 82,381,922 shares issued and outstanding, respectively	94		82
Paid in capital in excess of par	983,610		860,861
Accumulated undistributed earnings	26		4,111
Total net assets	$	983,730	$	865,054
Total liabilities and net assets	$	1,486,872	$	1,355,449

Net asset value per share	$	10.44	$	10.50

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

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NMF SLF I, Inc.

Consolidated Statements of Operations

(in thousands, except shares and per share data)


	Year Ended December 31,
	2024		2023		2022
Investment income
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	150,849	$	135,768	$	90,508
PIK interest income	8,737		6,093		4,089
Dividend income	228		—		—
Fee income	5,100		3,029		4,663
Total investment income	164,914		144,890		99,260
Expenses
Interest and other financing expenses	36,962		29,312		16,724
Management fee	8,997		7,863		7,015
Administrative expenses	1,321		1,160		1,031
Professional fees	1,084		1,038		1,014

Other general and administrative expenses	304		329		304
Total expenses	48,668		39,702		26,088





Net investment income	116,246		105,188		73,172

Net realized (losses) gains on investments	(56)		(11)		1,260
Net change in unrealized (depreciation) appreciation of investments	(4,330)		16,827		(26,988)

Net realized and unrealized (losses) gains	(4,386)		16,816		(25,728)
Net increase in net assets resulting from operations	$	111,860	$	122,004	$	47,444
Earnings per share (basic & diluted)	$	1.24	$	1.53	$	0.66
Weighted average shares of common stock outstanding - basic & diluted (See Note 11)	90,094,782		79,577,910		71,995,717

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

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NMF SLF I, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share data)


	Year Ended December 31,
	2024		2023		2022
Increase (decrease) in net assets resulting from operations
Net investment income	$	116,246	$	105,188	$	73,172
Net realized (losses) gains on investments	(56)		(11)		1,260
Net change in unrealized (depreciation) appreciation of investments	(4,330)		16,827		(26,988)
Net increase in net assets resulting from operations	111,860		122,004		47,444
Capital transactions


Distributions declared to stockholders from net investment income	(114,050)		(104,327)		(69,549)
Distributions declared to stockholders from realized gains	(2,993)		(1,096)		(3,036)
Return of capital distributions declared to stockholders	(172)		—		—
Reinvestment of distributions	124,031		89,398		64,117

Total net increase (decrease) in net assets resulting from capital transactions	6,816		(16,025)		(8,468)
Net increase in net assets	118,676		105,979		38,976
Net assets at the beginning of the period	865,054		759,075		720,099
Net assets at the end of the period	$	983,730	$	865,054	$	759,075

Capital share activity

Shares issued from the reinvestment of distributions	11,854,750		8,631,890		6,010,548
Net increase in shares of common stock outstanding	11,854,750		8,631,890		6,010,548

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

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NMF SLF I, Inc.

Consolidated Statements of Cash Flows

(in thousands)


	Year Ended December 31,
	2024		2023		2022
Cash flows from operating activities
Net increase in net assets resulting from operations	$	111,860	$	122,004	$	47,444
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in by operating activities:
Net realized losses (gains) on investments	56		11		(1,260)
Net change in unrealized depreciation (appreciation) of investments	4,330		(16,827)		26,988
Amortization of purchase discount	(4,754)		(3,890)		(4,994)
Amortization of deferred financing costs	2,091		984		887
Non-cash investment income	(9,468)		(5,824)		(3,963)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	(461,813)		(230,547)		(310,543)
Proceeds from sales and paydowns of investments	347,760		110,507		194,923
Cash paid for purchase of drawn portion of revolving credit facilities	(578)		(466)		(34)
Cash paid on drawn revolving credit facilities	(27,796)		(30,915)		(30,464)
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	258		134		174
Cash repayments on drawn revolvers	26,785		30,781		25,863
Interest and dividend receivable	(314)		(2,883)		(1,596)
Receivable from unsettled securities sold	(7,311)		(2,992)		—

Other assets	(337)		180		9
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	(1,344)		1,344		(27,781)
Management fee payable	291		191		418
Interest payable	(28)		755		1,535
Accrued organizational and offering expenses	—		(61)		61

Payable to affiliates	(25)		(13)		46

Other liabilities	(5)		(48)		379
Net cash flows used in operating activities	(20,342)		(27,575)		(81,908)
Cash flows from financing activities
Distributions paid	(49,698)		—		—



Proceeds from Wells Credit Facility	313,100		149,000		247,000
Repayment of Wells Credit Facility	(242,500)		(109,700)		(170,500)

Deferred financing costs paid	(2,319)		(5,579)		(6)
Net cash flows provided by financing activities	18,583		33,721		76,494
Net (decrease) increase in cash and cash equivalents	(1,759)		6,146		(5,414)
Cash and cash equivalents at the beginning of the period	22,158		16,012		21,426
Cash and cash equivalents at the end of the period	$	20,399	$	22,158	$	16,012
Supplemental disclosure of cash flow information
Cash interest paid	$	34,022	$	27,189	$	13,922


Non-cash operating activities:
Non-cash activity on investments	$	1,567	$	—	$	—
Non-cash financing activities:
Distributions declared and payable	$	—	$	56,514	$	40,489
Value of shares issued in connection with reinvestment of distributions	124,031		89,398		64,117

Accrual for deferred financing costs	—		4		—

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

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NMF SLF I, Inc.

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Non-Controlled/Non-Affiliated Investments
Funded Debt Investments - United States
Wealth Enhancement Group, LLC
Financial Services	First Lien(2)(3)	SOFR(Q)	5.00%	9.50%	12/2020	10/2028	$	18,116	$	18,006	$	18,116
	First Lien(2)(3)	SOFR(Q)	5.00%	9.55%	08/2021	10/2028	5,776		5,762		5,776
	First Lien(3)	SOFR(Q)	5.00%	9.56%	06/2021	10/2028	4,860		4,847		4,860
	First Lien(3)	SOFR(Q)	5.00%	9.55%	05/2022	10/2028	2,658		2,655		2,658
							31,410		31,270		31,410		3.19	%
Syndigo LLC
Software	First Lien(2)(6)	SOFR(Q)	4.50%	9.28%	12/2020	12/2027	25,557		25,313		25,636
	Second Lien(3)	SOFR(Q)	8.00%	12.89%	12/2020	12/2028	4,000		3,981		4,000
							29,557		29,294		29,636		3.01	%
GS Acquisitionco, Inc.
Software	First Lien(2)(3)(6)	SOFR(Q)	5.25%	9.58%	02/2020	05/2028	29,495		29,440		29,496		3.00	%
Zone Climate Services, Inc.
Business Services	First Lien(2)(3)(6)	SOFR(Q)	5.50%	10.27%	03/2022	03/2028	27,331		27,165		26,666
	First Lien(3)(4) - Drawn	SOFR(Q)	5.75%	10.42%	03/2022	03/2028	2,198		2,193		2,145
							29,529		29,358		28,811		2.93	%
Higginbotham Insurance Agency, Inc.
Business Services	First Lien(2)(3)(6)	SOFR(M)	4.50%	8.86%	11/2020	11/2028	23,192		23,121		23,192
	First Lien(3)	SOFR(M)	4.50%	8.86%	11/2020	11/2028	4,573		4,552		4,573
							27,765		27,673		27,765		2.82	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(2)(3)(6)	SOFR(Q)	6.50%	11.32%	05/2024	07/2028	21,208		21,199		21,208
	Subordinated(3)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	3,415		3,408		3,415
	Subordinated(3)	FIXED(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	1,304		1,301		1,304
	First Lien(3)(4) - Drawn	SOFR(Q)	6.50%	11.28%	05/2024	07/2028	660		660		660
	First Lien(3)(4) - Drawn	SOFR(Q)	6.50%	11.32%	05/2024	07/2028	274		274		274
							26,861		26,842		26,861		2.73	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(2)(3)	SOFR(Q)	6.75%	11.34%	07/2023	05/2027	26,649		24,488		26,649		2.71	%
iCIMS, Inc.
Software	First Lien(2)(3)(6)	SOFR(Q)	5.75%	10.38%	08/2022	08/2028	21,127		21,011		20,968
	First Lien(3)	SOFR(Q)	6.25%	10.88%	10/2022	08/2028	5,126		5,094		5,087
	First Lien(3)(4) - Drawn	SOFR(Q)	5.75%	10.34%	08/2022	08/2028	374		377		371
							26,627		26,482		26,426		2.69	%
AAH Topco, LLC
Consumer Services	First Lien(3)	SOFR(M)	5.25%	9.71%	12/2021	12/2027	11,630		11,572		11,630
	First Lien(2)(3)(6)	SOFR(M)	5.25%	9.71%	12/2021	12/2027	11,517		11,452		11,517
	First Lien(3)(4) - Drawn	SOFR(M)	5.25%	9.71%	11/2023	12/2027	2,084		2,068		2,084
							25,231		25,092		25,231		2.56	%

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

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NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Allworth Financial Group, L.P.
Financial Services	First Lien(2)(3)(6)	SOFR(M)	5.00%	9.36%	12/2020	12/2027	$	17,386	$	17,318	$	17,386
	First Lien(2)(3)	SOFR(M)	5.00%	9.36%	12/2020	12/2027	5,263		5,241		5,263
	First Lien(3)	SOFR(M)	5.00%	9.36%	01/2022	12/2027	2,563		2,551		2,563
							25,212		25,110		25,212		2.56	%
OA Buyer, Inc.
Healthcare	First Lien(2)(3)(6)	SOFR(M)	4.75%	9.11%	12/2021	12/2028	23,162		23,014		23,162
	First Lien(2)(3)(6)	SOFR(M)	4.75%	9.11%	05/2022	12/2028	1,466		1,456		1,466
							24,628		24,470		24,628		2.50	%
Diamondback Acquisition, Inc.
Software	First Lien(2)(3)(6)	SOFR(M)	5.50%	9.96%	09/2021	09/2028	24,567		24,420		24,567		2.50	%
Kaseya Inc.
Software	First Lien(2)(3)(6)	SOFR(Q)	5.50%	10.09%	06/2022	06/2029	22,890		22,750		22,890
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.09%	06/2022	06/2029	539		532		539
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	9.83%	06/2022	06/2029	346		346		346
	First Lien(3)	SOFR(Q)	5.50%	10.09%	06/2022	06/2029	85		85		85
							23,860		23,713		23,860		2.43	%
IG Investments Holdings, LLC
Business Services	First Lien(2)(3)	SOFR(Q)	5.00%	9.57%	09/2021	09/2028	23,175		23,034		23,175		2.36	%
CCBlue Bidco, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)*	6.50%/PIK	10.93%	12/2021	12/2028	24,020		23,892		21,918
	First Lien(3)	SOFR(Q)*	6.50%/PIK	10.93%	12/2021	12/2028	1,248		1,247		1,139
							25,268		25,139		23,057		2.34	%
Anaplan, Inc.
Software	First Lien(2)(3)(6)	SOFR(Q)	5.25%	9.58%	06/2022	06/2029	22,941		22,777		22,941		2.33	%
PDQ.com Corporation
Software	First Lien(2)(3)	SOFR(Q)	4.75%	9.34%	09/2021	08/2027	13,090		13,057		13,090
	First Lien(2)(3)	SOFR(Q)	4.75%	9.34%	09/2021	08/2027	8,967		8,945		8,967
	First Lien(2)(3)(6)	SOFR(Q)	4.75%	9.41%	10/2023	08/2027	695		690		695
							22,752		22,692		22,752		2.31	%
Thermostat Purchaser III, Inc.
Business Services	First Lien(2)(6)	SOFR(Q)	4.25%	8.58%	08/2021	08/2028	18,525		18,497		18,525
	First Lien	SOFR(Q)	4.25%	8.58%	08/2021	08/2028	3,332		3,324		3,332
							21,857		21,821		21,857		2.22	%
Eclipse Topco, Inc. (9)
Eclipse Buyer, Inc.
Software	First Lien(2)(3)(6)	SOFR(M)	4.75%	9.26%	09/2024	09/2031	21,349		21,247		21,243		2.16	%
Notorious Topco, LLC
Consumer Products	First Lien(2)(3)(6)	SOFR(Q)*	4.75% + 2.50%/PIK	11.91%	11/2021	11/2027	21,068		20,981		19,357
	First Lien(3)	SOFR(Q)*	4.75%+ 2.50%/PIK	11.91%	11/2021	11/2027	1,836		1,829		1,687
							22,904		22,810		21,044		2.14	%

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

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NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Pioneer Topco I, L.P. (7)
Pioneer Buyer I, LLC
Software	First Lien(3)	SOFR(Q)	6.50%	10.83%	11/2021	11/2028	$	18,231	$	18,160	$	18,231
	First Lien(3)	SOFR(Q)	6.50%	10.83%	03/2022	11/2028	1,985		1,975		1,985
							20,216		20,135		20,216		2.06	%
Avalara, Inc.
Software	First Lien(2)(3)	SOFR(Q)	6.25%	10.58%	10/2022	10/2028	20,012		19,834		20,012		2.03	%
OEConnection LLC
Software	First Lien(2)(3)(6)	SOFR(M)	5.00%	9.36%	04/2024	04/2031	19,921		19,830		19,921		2.03	%
MRI Software LLC
Software	First Lien(2)(3)(6)	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	10,692		10,673		10,692
	First Lien(3)	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	3,056		3,045		3,056
	First Lien(2)(3)(6)	SOFR(Q)	4.75%	9.08%	03/2021	02/2027	3,033		3,031		3,033
	First Lien(3)	SOFR(Q)	4.75%	9.08%	03/2021	02/2027	2,837		2,834		2,837
	First Lien(3)(4) - Drawn	SOFR(Q)	4.75%	9.08%	08/2024	02/2027	163		160		163
	First Lien(3)(4) - Drawn	SOFR(Q)	4.75%	9.08%	01/2020	02/2027	79		82		79
							19,860		19,825		19,860		2.02	%
NC Topco, LLC
Software	First Lien(2)(3)(6)	SOFR(M)*	2.50%+2.75%/PIK	9.61%	08/2024	09/2031	19,737		19,643		19,638		2.00	%
DECA Dental Holdings LLC
Healthcare	First Lien(2)(3)(6)	SOFR(Q)	5.75%	10.18%	08/2021	08/2028	16,521		16,422		16,303
	First Lien(3)	SOFR(Q)	5.75%	10.18%	08/2021	08/2028	1,739		1,736		1,716
	First Lien(3)	SOFR(Q)	5.75%	10.20%	08/2021	08/2027	1,348		1,341		1,330
							19,608		19,499		19,349		1.97	%
Model N, Inc.
Software	First Lien(2)(3)(6)	SOFR(Q)	5.00%	9.33%	06/2024	06/2031	18,809		18,721		18,715		1.90	%
Relativity ODA LLC
Software	First Lien(2)(3)(6)	SOFR(M)	4.50%	8.86%	05/2021	05/2029	18,592		18,500		18,516		1.88	%
Fortis Solutions Group, LLC
Packaging	First Lien(2)(3)(6)	SOFR(Q)	5.50%	9.93%	10/2021	10/2028	12,030		11,956		12,030
	First Lien(3)	SOFR(Q)	5.50%	9.93%	10/2021	10/2028	5,549		5,523		5,549
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.30%	10/2021	10/2027	603		606		603
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	9.90%	06/2022	10/2028	206		204		206
	First Lien(3)	SOFR(Q)	5.50%	9.93%	10/2021	10/2028	48		44		48
							18,436		18,333		18,436		1.87	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First Lien(2)(3)(6)	SOFR(S)	5.75%	10.94%	10/2021	10/2028	11,399		11,329		11,142
	First Lien(2)(3)(6)	SOFR(S)	5.75%	10.94%	12/2021	10/2028	7,164		7,119		7,003
							18,563		18,448		18,145		1.85	%

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

Table of Contents

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)


Portfolio Company, Location and Industry(1)	Type of Investment	Reference (5)	Spread (5)	Interest Rate (5)	Acquisition Date	Maturity/Expiration Date	Principal Amount, Par Value or Shares		Cost		Fair Value		Percent of Net Assets

Oranje Holdco, Inc.
Education	First Lien(3)	SOFR(Q)	7.75%	12.32%	01/2023	02/2029	$	14,453	$	14,317	$	14,453
	First Lien(3)	SOFR(Q)	7.25%	11.82%	06/2024	02/2029	3,545		3,513		3,545
							17,998		17,830		17,998		1.83	%
Ocala Bidco, Inc.
Healthcare	First Lien(2)(3)(6)	SOFR(Q)	5.75%	10.63%	12/2021	11/2028	16,494		16,374		16,494
	First Lien(3)	SOFR(Q)	5.75%	10.67%	12/2021	11/2028	1,257		1,250		1,257
							17,751		17,624		17,751		1.80	%
Foreside Financial Group, LLC
Business Services	First Lien(2)(3)(6)	SOFR(M)	5.25%	9.71%	05/2022	09/2027	14,603		14,519		14,603
	First Lien(3)	SOFR(M)	5.25%	9.71%	05/2022	09/2027	2,876		2,867		2,876
							17,479		17,386		17,479		1.78	%
MAI Capital Management Intermediate LLC
Financial Services	First Lien(2)(3)(6)	SOFR(Q)	4.75%	9.08%	08/2024	08/2031	13,914		13,848		13,844
	First Lien(3)(4) - Drawn	SOFR(Q)	4.75%	9.08%	08/2024	08/2031	2,591		2,578		2,578
	First Lien(3)(4) - Drawn	SOFR(Q)	4.75%	9.08%	08/2024	08/2031	407		405		405
							16,912		16,831		16,827		1.71	%
Project Essential Bidco, Inc.

NMF SLF I, Inc. 10-K