Investments

9 Months Ended

Sep. 30, 2023

Schedule of Investments [Abstract]

Investments

Investments

At September 30, 2023, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	1,759,410	$	1,691,480
Second lien	567,583		529,613
Subordinated	95,993		86,238
Equity and other	745,733		804,572
Total investments	$	3,168,719	$	3,111,903

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Software	$	831,652	$	820,492
Business Services	606,262		540,834
Healthcare	560,096		535,665
Investment Funds (includes investments in joint ventures)	252,400		252,400
Education	221,749		249,225
Consumer Services	163,407		161,335
Net Lease	95,782		118,081
Distribution & Logistics	110,807		104,712
Financial Services	102,058		102,875
Energy	59,872		63,935
Information Technology	58,688		59,189
Packaging	42,964		38,814
Specialty Chemicals & Materials	26,046		27,804
Consumer Products	20,622		19,014
Business Products	10,772		10,788
Food & Beverage	5,542		6,740
Total investments	$	3,168,719	$	3,111,903

At December 31, 2022, the Company’s investments consisted of the following:

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	1,816,091	$	1,753,967
Second lien	632,990		561,207
Subordinated	85,774		76,659
Equity and other	725,112		829,414
Total investments	$	3,259,967	$	3,221,247

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Software	$	916,259	$	897,008
Business Services	661,079		592,868
Healthcare	586,311		548,383
Investment Funds (includes investments in joint ventures)	252,400		252,400
Education	200,117		239,301
Consumer Services	126,392		123,880
Net Lease	96,041		120,986
Distribution & Logistics	111,096		102,410
Financial Services	96,021		95,839
Energy	55,507		61,564
Specialty Chemicals & Materials	25,363		60,268
Information Technology	58,638		58,165
Packaging	43,124		40,547
Consumer Products	20,850		20,624
Business Products	10,769		7,004
Total investments	$	3,259,967	$	3,221,247

During the third quarter of 2022, the Company placed its first lien term loan and first lien delayed draw term loan positions in Ansira Holdings, Inc. ("Ansira") on non-accrual status. As of September 30, 2023, the Company's positions in Ansira on non-accrual status had an aggregate cost basis of $41,152, an aggregate fair value of $1,993 and total unearned interest income of $94 and $3,904, respectively, for the three and nine months then ended.

As of September 30, 2023, the Company's aggregate principal amount of its second lien term loan in Integro Parent Inc. ("Integro") was $13,074. During the second quarter of 2022, the Company placed an aggregate principal amount of $4,576 of its second lien position on non-accrual status, that was subsequently taken off non-accrual status in the third quarter of 2023. As of September 30, 2023, the Company's position in Integro had total unearned interest income of $0 and $352, respectively, for the three and nine months then ended.

During the second quarter of 2022, the Company placed its second lien positions in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2023, the Company's second lien position in National HME had an aggregate cost basis of $7,872, an aggregate fair value of $3,000 and total unearned interest income of $463 and $1,315, respectively, for the three and nine months then ended. During the fourth quarter of 2022, the Company reversed $11,236 of previously recorded PIK interest in National HME and $1,500 of previously recorded other income in NHME Holdings Corp. as the Company believes this PIK interest and other income will ultimately not be collectible.

As of September 30, 2023, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $31,406, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its

first lien term loans on non-accrual status. As of September 30, 2023, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $31,369, an aggregate fair value of $20,586 and total unearned interest income of $1,103 and $2,199, respectively, for the three and nine months then ended.

During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of September 30, 2023, the Company's junior preferred shares in UniTek had an aggregate cost basis of $34,393, an aggregate fair value of $0 and total unearned dividend income of $1,945 and $5,646, for the three and nine months then ended. During the third quarter of 2021, the Company placed an aggregate principal amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status. As of September 30, 2023, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $5,927 and total unearned dividend income of approximately $1,432 and $4,105, respectively, for the three and nine months then ended.

During the first quarter of 2018, the Company placed its first lien positions in Education Management II LLC ("EDMC") on non-accrual status as EDMC announced its intention to wind down and liquidate the business. As of September 30, 2023, the Company's investment in EDMC, which was placed on non-accrual status, represented an aggregate cost basis of $953, an aggregate fair value of $0 and total unearned interest income of $22 and $62, respectively, for the three and nine months then ended.

    As of September 30, 2023, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $108,985 and $0, respectively. As of September 30, 2023, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $63,799. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2023.

As of December 31, 2022, the Company had unfunded commitments on revolving credit facilities and bridge facilities of $100,315 and $0, respectively. As of December 31, 2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $123,748. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company’s Consolidated Schedule of Investments as of December 31, 2022.

PPVA Black Elk (Equity) LLC

On May 3, 2013, the Company entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, the Company purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20,000 with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20,000 plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, the Company received a payment of $20,540, the full amount due under the SPP Agreement.

In August 2017, a trustee (the “Trustee”) for Black Elk informed the Company that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against the Company and one of its affiliates seeking the return of the $20,540 repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to the Company under the SPP Agreement. The Company was unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands.

On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of September 30, 2023 and December 31, 2022, the SPP Agreement has a cost basis of $14,500 and $14,500, respectively and a fair value of $7,975 and $7,995, respectively, which is reflective of the higher inherent risk in this transaction.

NMFC Senior Loan Program III LLC

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

Company and SkyKnight II. SLP III has a five year investment period and will continue in existence until April 25, 2025. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement.

SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 2023, the Company and SkyKnight II have committed and contributed $140,000 and $35,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2023 and December 31, 2022.

On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A., which matures on January 8, 2026. Effective July 8, 2021, the reinvestment period was extended to July 8, 2024. As of the most recent amendment on June 23, 2023, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.80%, and after the reinvestment period it will bear interest at a rate of SOFR plus 2.10%. Prior to the amendment on June 23, 2023, the facility bore interest at a rate of London Interbank Offered Rate ("LIBOR") plus 1.60% per annum during the reinvestment period and LIBOR plus 1.90% per annum after the reinvestment period. Effective November 23, 2020, SLP III's revolving credit facility has a maximum borrowing capacity of $525,000. As of September 30, 2023 and December 31, 2022, SLP III had total investments with an aggregate fair value of approximately $656,828 and $639,327, respectively, and debt outstanding under its credit facility of $480,000 and $512,100, respectively. As of September 30, 2023 and December 31, 2022, none of SLP III's investments were on non-accrual. Additionally, as of September 30, 2023 and December 31, 2022, SLP III had unfunded commitments in the form of delayed draws of $720 and $2,948, respectively.

Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of September 30, 2023 and December 31, 2022:

	September 30, 2023			December 31, 2022
First lien investments (1)	$	681,088		$	690,017
Weighted average interest rate on first lien investments (2)	9.75		%	8.51		%
Number of portfolio companies in SLP III	86			83
Largest portfolio company investment (1)	$	26,178		$	18,197
Total of five largest portfolio company investments (1)	$	93,443		$	85,948

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

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

The following table is a listing of the individual investments in SLP III's portfolio as of September 30, 2023:

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	9.18%	12/2027	$	2,382	$	2,374	$	2,227
AG Parent Holdings, LLC	Healthcare	SOFR(Q)	5.00%	10.68%	07/2026	9,675		9,653		9,504
Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(M)	4.50%	9.92%	08/2030	4,924		4,826		4,898
Artera Services, LLC	Distribution & Logistics	SOFR(Q)	3.50%	8.99%	03/2025	5,286		5,270		4,976
Ascensus Group Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.93%	08/2028	4,033		4,017		4,006
AssuredPartners, Inc.	Insurance Services	SOFR(M)	4.25%	9.57%	02/2027	1,980		1,922		1,982
Aston FinCo S.a.r.l. / Aston US Finco, LLC	Software	SOFR(M)	4.25%	9.68%	10/2026	5,790		5,762		5,057
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	8.57%	02/2029	6,860		6,620		6,746
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.75%	10.07%	12/2028	7,477		7,406		7,486
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	9.17%	05/2028	2,221		2,205		2,212
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	5.00%	10.49%	05/2028	14,289		13,887		14,303
Brave Parent Holdings, Inc.	Software	SOFR(Q)	4.00%	9.52%	04/2025	4,232		4,228		4,230
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	9.12%	07/2029	3,999		3,912		4,001
Cardinal Parent, Inc.	Software	SOFR(Q)	4.50%	10.04%	11/2027	9,847		9,662		8,960
CE Intermediate I, LLC	Software	SOFR(Q)	3.50%	9.02%	11/2028	10,838		10,779		10,740
CentralSquare Technologies, LLC	Software	SOFR(Q)	3.75%	9.29%	08/2025	14,287		14,276		13,585
CHA Holdings, Inc.	Business Services	SOFR(Q)	4.50%	10.15%	04/2025	949		949		949
CommerceHub, Inc.	Software	SOFR(Q)	6.25%	11.77%	12/2027	3,980		3,552		3,980
CommerceHub, Inc.	Software	SOFR(Q)	4.00%	9.52%	12/2027	5,673		5,654		5,476
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	9.43%	11/2028	11,772		11,724		11,242
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	9.14%	02/2029	6,895		6,867		6,826
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	10.74%	09/2026	12,870		12,568		11,355
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	9.18%	10/2028	4,477		4,460		4,270
Covenant Surgical Partners, Inc.	Healthcare	SOFR(Q)	4.00%	9.37%	07/2026	2,000		1,988		1,630
Covenant Surgical Partners, Inc.	Healthcare	SOFR(Q)	4.00%	9.37%	07/2026	9,607		9,565		7,830
CRCI Longhorn Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.93%	08/2025	14,250		14,229		14,241
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	10.39%	10/2029	6,930		6,555		6,878
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	9.82%	12/2027	9,652		9,640		9,682
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	9.18%	03/2028	7,331		7,311		7,233
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	9.77%	10/2029	7,047		6,539		6,809
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.79%	03/2028	15,487		15,127		14,384
EAB Global, Inc.	Education	L(S)	3.50%	9.13%	08/2028	1,107		1,104		1,101
Eagle Parent Corp.	Business Services	SOFR(M)	4.25%	9.64%	04/2029	4,987		4,900		4,863
Eisner Advisory Group LLC	Financial Services	SOFR(M)	5.25%	10.68%	07/2028	2,195		2,115		2,194
Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.)	Business Services	SOFR(M)	4.25%	9.67%	07/2025	18,054		18,027		17,496
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.50%	9.93%	02/2027	7,215		7,195		7,086
EyeCare Partners, LLC	Healthcare	SOFR(M)	3.75%	9.18%	02/2027	12,241		12,233		8,798
Foundational Education Group, Inc.	Education	SOFR(Q)	4.25%	9.88%	08/2028	9,625		9,528		9,144
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC)	Healthcare	SOFR(M)	3.75%	9.18%	02/2024	14,106		14,107		12,837
Groundworks, LLC	Consumer Services	SOFR(Q)	6.50%	11.81%	03/2030	1,337		1,300		1,317
Heartland Dental, LLC	Healthcare	SOFR(M)	5.00%	10.33%	04/2028	14,214		13,679		14,080
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	9.47%	11/2026	17,929		17,834		17,240
Higginbotham Insurance Agency, Inc.	Business Services	SOFR(M)	5.50%	10.92%	11/2028	9,010		8,959		9,010

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
HighTower Holding, LLC	Financial Services	SOFR(Q)	4.00%	9.61%	04/2028	$	4,742	$	4,708	$	4,730
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	10.67%	04/2029	6,672		6,452		6,288
Hub International Limited	Insurance Services	SOFR(Q)	4.25%	9.58%	06/2030	6,442		6,377		6,469
Idera, Inc.	Software	SOFR(Q)	3.75%	9.27%	03/2028	15,682		15,673		15,571
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	4.25%	9.74%	06/2026	11,842		11,805		11,840
LI Group Holdings, Inc.	Software	SOFR(M)	3.75%	9.18%	03/2028	3,761		3,754		3,768
LSCS Holdings, Inc.	Healthcare	SOFR(M)	4.61%	9.93%	12/2028	7,510		7,480		7,411
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	10.47%	05/2028	1,990		1,906		1,942
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	9.12%	05/2028	3,931		3,916		3,835
Maverick Bidco Inc.	Software	SOFR(Q)	4.25%	9.88%	05/2028	2,494		2,378		2,447
Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	9.43%	05/2028	4,142		4,127		4,140
MED ParentCo, LP	Healthcare	SOFR(M)	4.25%	9.68%	08/2026	12,491		12,436		11,966
MH Sub I, LLC (Micro Holding Corp.)	Software	SOFR(M)	4.25%	9.57%	05/2028	3,567		3,484		3,457
Netsmart, Inc.	Healthcare	SOFR(M)	4.00%	9.43%	10/2027	3,910		3,910		3,916
Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.57%	03/2028	14,963		13,369		14,742
OMNIA Partners, LLC	Business Services	SOFR(Q)	4.25%	9.60%	07/2030	5,919		5,861		5,930
Optiv Parent Inc.	Software	SOFR(S)	5.25%	10.34%	07/2026	6,602		6,397		6,387
Osaic Holdings, Inc.	Financial Services	SOFR(M)	4.50%	9.82%	08/2028	9,650		9,555		9,666
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	9.12%	02/2029	1,715		1,711		1,710
Peraton Corp.	Federal Services	SOFR(M)	3.75%	9.17%	02/2028	7,158		7,133		7,148
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	SOFR(M)	3.50%	8.92%	02/2025	4,537		4,536		4,521
Physician Partners, LLC	Healthcare	SOFR(M)	4.00%	9.42%	12/2028	4,242		4,207		4,034
Planview Parent, Inc.	Software	SOFR(Q)	4.00%	9.65%	12/2027	10,749		10,545		10,637
Premise Health Holding Corp.	Healthcare	SOFR(S)	3.75%	9.34%	07/2025	7,347		7,337		7,200
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	3.25%	8.68%	03/2028	4,319		4,304		4,271
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	5.75%	11.18%	03/2028	4,950		4,824		4,985
RealPage, Inc.	Software	SOFR(M)	3.00%	8.43%	04/2028	8,108		8,095		8,026
Renaissance Holding Corp.	Education	SOFR(M)	4.75%	10.07%	04/2030	6,629		6,439		6,586
RLG Holdings, LLC	Packaging	SOFR(M)	4.25%	9.68%	07/2028	5,741		5,720		5,423
RxB Holdings, Inc.	Healthcare	SOFR(M)	4.50%	9.95%	12/2027	2,985		2,905		2,985
RxB Holdings, Inc.	Healthcare	SOFR(M)	5.25%	10.57%	12/2027	3,679		3,591		3,679
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	2.50% + 4.25% PIK	12.12%	05/2027	2,463		2,463		2,283
Snap One Holdings Corp.	Distribution & Logistics	SOFR(Q)	4.50%	10.04%	12/2028	6,572		6,520		6,386
Spring Education Group, Inc.	Education	SOFR(M)	4.00%	9.43%	07/2025	13,829		13,785		13,857
Spring Education Group, Inc.	Education	SOFR(M)	4.50%	9.91%	10/2030	12,349		12,194		12,194
Storable, Inc.	Software	SOFR(M)	3.50%	8.82%	04/2028	3,794		3,788		3,774
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.97%	12/2027	15,600		15,505		14,008
Syndigo LLC	Software	SOFR(M)	4.50%	9.93%	12/2027	14,625		14,553		13,711
Therapy Brands Holdings LLC	Software	SOFR(M)	4.00%	9.43%	05/2028	4,068		4,053		3,905
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.50%	10.07%	08/2028	6,577		6,551		6,514
TMF Sapphire Bidco B.V.	Business Services	SOFR(Q)	5.00%	10.37%	05/2028	2,667		2,614		2,677
TRC Companies LLC	Business Services	SOFR(M)	3.75%	9.18%	12/2028	12,393		12,344		12,254
UKG Inc.	Software	SOFR(Q)	4.50%	10.02%	05/2026	4,988		4,883		5,010
USI, Inc.	Financial Services	SOFR(Q)	3.75%	9.14%	11/2029	2,453		2,408		2,454
Valcour Packaging, LLC	Packaging	L(S)	3.75%	9.40%	10/2028	4,470		4,460		3,647
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	10.57%	07/2029	5,250		4,947		4,958
Waystar Technologies, Inc.	Healthcare	SOFR(M)	4.00%	9.43%	10/2026	3,994		3,988		4,003
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	9.65%	04/2026	7,763		7,751		7,758
Wrench Group LLC	Consumer Services	SOFR(Q)	4.50%	9.99%	04/2026	5,486		5,392		5,486

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
YI, LLC	Healthcare	SOFR(M)	4.00%	9.42%	11/2024	$	9,415	$	9,413	$	9,368
Zest Acquisition Corp.	Healthcare	SOFR(M)	5.50%	10.82%	02/2028	4,083		3,929		4,008
Total Funded Investments						$	680,368	$	670,984	$	656,829
Unfunded Investments - First lien
Groundworks, LLC	Consumer Services	—	—	—	09/2024	$	164	$	(2)	$	(2)
OMNIA Partners, LLC	Business Services	—	—	—	01/2024	556		(3)		1
Total Unfunded Investments						$	720	$	(5)	$	(1)
Total Investments						$	681,088	$	670,979	$	656,828

(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P), SOFR, and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2023.

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

The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2022:

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADMI Corp. (aka Aspen Dental)	Healthcare	L(M)	3.75%	8.13%	12/2027	$	2,400	$	2,391	$	2,194
Advisor Group Holdings, Inc.	Financial Services	L(M)	4.50%	8.88%	07/2026	9,700		9,672		9,512
AG Parent Holdings, LLC	Healthcare	L(M)	5.00%	9.38%	07/2026	12,125		12,092		11,769
Artera Services, LLC	Distribution & Logistics	L(Q)	3.50%	8.23%	03/2025	6,838		6,806		5,624
AssuredPartners, Inc.	Insurance Services	SOFR(M)	4.25%	8.57%	02/2027	1,995		1,926		1,985
Aston FinCo S.a.r.l. / Aston US Finco, LLC	Software	L(M)	4.25%	8.63%	10/2026	5,835		5,801		4,989
athenahealth Group Inc.	Healthcare	SOFR(M)	3.50%	7.82%	02/2029	6,912		6,644		6,258
BCPE Empire Holdings, Inc.	Distribution & Logistics	L(M)	4.00%	8.38%	06/2026	4,258		4,235		4,141
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.63%	9.05%	06/2026	3,257		3,156		3,205
Bella Holding Company, LLC	Healthcare	L(M)	3.75%	8.13%	05/2028	2,238		2,220		2,123
Bluefin Holding, LLC	Software	L(Q)	5.75%	10.48%	09/2026	9,700		9,617		9,418
Bluefin Holding, LLC	Software	L(Q)	5.75%	10.48%	09/2026	2,562		2,530		2,488
Bracket Intermediate Holding Corp.	Healthcare	L(Q)	4.25%	7.99%	09/2025	14,362		14,333		13,689
Brave Parent Holdings, Inc.	Software	L(M)	4.00%	8.38%	04/2025	4,266		4,260		4,145
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	7.91%	07/2029	7,045		6,875		7,033
Cano Health, LLC	Healthcare	SOFR(M)	4.00%	8.42%	11/2027	9,508		9,476		7,642
Cardinal Parent, Inc.	Software	L(Q)	4.50%	9.23%	11/2027	9,922		9,709		9,522
CE Intermediate I, LLC	Software	L(Q)	4.00%	8.59%	11/2028	10,920		10,854		10,388
CentralSquare Technologies, LLC	Software	L(Q)	3.75%	8.48%	08/2025	14,400		14,385		12,488
CHA Holdings, Inc.	Business Services	L(Q)	4.50%	9.23%	04/2025	957		957		945
CommerceHub, Inc.	Software	SOFR(S)	4.00%	8.78%	12/2027	5,717		5,695		5,274
Confluent Health, LLC	Healthcare	L(M)	4.00%	8.38%	11/2028	11,962		11,909		10,212
Confluent Health, LLC	Healthcare	L(M)	4.00%	8.38%	11/2028	1,499		1,492		1,280
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	8.33%	02/2029	6,947		6,916		6,617
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	9.93%	09/2026	12,967		12,598		12,578
Cornerstone OnDemand, Inc.	Software	L(M)	3.75%	8.13%	10/2028	4,511		4,492		4,049
Covenant Surgical Partners, Inc.	Healthcare	L(Q)	4.00%	8.41%	07/2026	2,000		1,984		1,710
Covenant Surgical Partners, Inc.	Healthcare	L(Q)	4.00%	8.41%	07/2026	9,680		9,628		8,276
CRCI Longhorn Holdings, Inc.	Business Services	L(M)	3.50%	7.77%	08/2025	14,363		14,333		13,597
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	9.58%	10/2029	6,965		6,556		6,539
DG Investment Intermediate Holdings 2, Inc.	Business Services	SOFR(M)	3.75%	8.13%	03/2028	7,388		7,364		7,088
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	8.82%	12/2027	9,725		9,690		9,628
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	7.97%	10/2029	7,100		6,543		6,499
Dispatch Acquisition Holdings, LLC	Industrial Services	L(Q)	4.25%	8.98%	03/2028	15,606		15,196		13,265
Drilling Info Holdings, Inc.	Business Services	L(M)	4.25%	8.63%	07/2025	18,197		18,159		17,560
EAB Global, Inc.	Education	L(M)	3.50%	7.88%	08/2028	3,212		3,199		3,098
Energize Holdco LLC	Business Services	L(M)	3.75%	8.13%	12/2028	12,488		12,433		11,863
eResearchTechnology, Inc.	Healthcare	L(M)	4.50%	8.88%	02/2027	7,271		7,247		6,459
EyeCare Partners, LLC	Healthcare	L(Q)	3.75%	8.48%	02/2027	14,611		14,599		12,431
Foundational Education Group, Inc.	Education	SOFR(Q)	3.75%	8.59%	08/2028	9,405		9,326		8,840
Greenway Health, LLC	Healthcare	L(Q)	3.75%	8.48%	02/2024	14,219		14,221		9,971
Heartland Dental, LLC	Healthcare	L(M)	3.75%	8.13%	04/2025	18,160		18,126		16,847
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	8.19%	11/2026	18,068		17,953		16,335
Higginbotham Insurance Agency, Inc.	Business Services	L(M)	5.25%	9.63%	11/2026	9,079		9,018		8,972
HighTower Holding, LLC	Financial Services	L(Q)	4.00%	8.28%	04/2028	4,778		4,739		4,402
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	9.67%	04/2029	5,652		5,493		5,394
Idera, Inc.	Software	L(Q)	3.75%	7.50%	03/2028	15,803		15,792		14,944

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Kestra Advisor Services Holdings A, Inc.	Financial Services	L(Q)	4.25%	8.98%	06/2026	$	11,935	$	11,889	$	11,572
LI Group Holdings, Inc.	Software	L(M)	3.75%	8.13%	03/2028	4,573		4,565		4,493
LSCS Holdings, Inc.	Healthcare	L(M)	4.50%	8.88%	12/2028	7,567		7,534		7,236
Mamba Purchaser, Inc.	Healthcare	L(M)	3.50%	7.89%	10/2028	5,730		5,706		5,486
Maverick Bidco Inc.	Software	L(Q)	3.75%	8.16%	05/2028	3,960		3,945		3,763
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	9.28%	05/2028	2,000		1,905		1,901
Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	8.50%	05/2028	4,174		4,157		3,993
MED ParentCo, LP	Healthcare	L(M)	4.25%	8.63%	08/2026	12,588		12,520		10,800
Mercury Borrower, Inc.	Business Services	L(Q)	3.50%	8.25%	08/2028	4,179		4,160		3,996
MH Sub I, LLC (Micro Holding Corp.)	Software	L(M)	3.75%	8.13%	09/2024	10,695		10,677		10,406
Mitnick Corporate Purchaser, Inc.	Software	SOFR(Q)	4.75%	8.94%	05/2029	4,655		4,633		4,373
National Intergovernmental Purchasing Alliance Company	Business Services	SOFR(Q)	3.50%	8.08%	05/2025	8,485		8,483		8,416
Navex Topco, Inc.	Software	L(M)	3.25%	7.64%	09/2025	10,887		10,841		10,811
Netsmart, Inc.	Healthcare	L(M)	4.00%	8.38%	10/2027	3,940		3,940		3,805
Outcomes Group Holdings, Inc.	Healthcare	L(Q)	3.25%	7.98%	10/2025	3,331		3,327		3,237
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	7.84%	02/2029	1,728		1,724		1,682
Peraton Corp.	Federal Services	L(M)	3.75%	8.13%	02/2028	7,235		7,206		7,082
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	L(M)	3.50%	7.88%	02/2025	4,573		4,570		4,321
Physician Partners, LLC	Healthcare	SOFR(M)	4.00%	8.42%	12/2028	5,627		5,575		5,383
Planview Parent, Inc.	Software	L(Q)	4.00%	8.73%	12/2027	10,832		10,598		10,109
Premise Health Holding Corp.	Healthcare	L(S)	3.75%	7.92%	07/2025	7,405		7,390		7,183
Project Ruby Ultimate Parent Corp.	Healthcare	L(M)	3.25%	7.63%	03/2028	4,352		4,335		4,124
Project Ruby Ultimate Parent Corp.	Healthcare	SOFR(M)	5.75%	10.07%	03/2028	4,988		4,844		4,838
RealPage, Inc.	Software	L(M)	3.00%	7.38%	04/2028	10,159		10,139		9,687
RLG Holdings, LLC	Packaging	L(M)	4.00%	8.38%	07/2028	5,785		5,761		5,462
Sierra Enterprises, LLC	Food & Beverage	L(Q)	4.00%	8.41%	11/2024	2,381		2,380		1,661
Snap One Holdings Corp.	Distribution & Logistics	L(M)	4.50%	8.88%	12/2028	6,622		6,564		6,093
Sovos Brands Intermediate, Inc.	Food & Beverage	L(Q)	3.50%	7.91%	06/2028	9,429		9,410		9,225
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)	Education	L(Q)	4.00%	8.73%	07/2025	11,933		11,921		11,692
Storable, Inc.	Software	SOFR(M)	3.50%	7.98%	04/2028	3,823		3,816		3,657
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	8.69%	12/2027	15,720		15,610		13,205
Syndigo LLC	Software	L(M)	4.50%	8.84%	12/2027	14,738		14,655		14,340
Therapy Brands Holdings LLC	Software	L(M)	4.00%	8.35%	05/2028	4,099		4,082		3,853
Thermostat Purchaser III, Inc.	Business Services	L(Q)	4.50%	9.23%	08/2028	6,003		5,978		5,800
USI, Inc. (fka Compass Investors Inc.)	Insurance Services	SOFR(Q)	3.75%	8.33%	11/2029	5,486		5,377		5,441
Valcour Packaging, LLC	Packaging	L(S)	3.75%	7.98%	10/2028	4,504		4,492		3,772
VT Topco, Inc.	Business Services	L(M)	3.75%	8.13%	08/2025	31		31		30
VT Topco, Inc.	Business Services	L(M)	3.50%	7.88%	08/2025	2,729		2,729		2,647
VT Topco, Inc.	Business Services	L(M)	3.75%	8.13%	08/2025	838		835		815
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	9.57%	07/2029	5,290		4,957		5,075
Waystar Technologies, Inc.	Healthcare	L(M)	4.00%	8.38%	10/2026	4,025		4,018		3,972
WP CityMD Bidco LLC	Healthcare	L(M)	3.25%	7.63%	12/2028	4,148		4,123		4,145
Wrench Group LLC	Consumer Services	L(Q)	4.00%	8.73%	04/2026	7,824		7,809		7,565
YI, LLC	Healthcare	L(M)	4.00%	8.38%	11/2024	9,490		9,487		9,174
Total Funded Investments						$	687,069	$	681,338	$	639,607

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare	—	—	—	01/2024	$	847	$	(44)	$	(80)
Confluent Health, LLC	Healthcare	—	—	—	11/2023	1,139		(6)		(167)
Thermostat Purchaser III, Inc.	Business Services	—	—	—	08/2023	937		—		(32)
VT Topco, Inc.	Business Services	—	—	—	08/2023	25		—		(1)
Total Unfunded Investments						$	2,948	$	(50)	$	(280)
Total Investments						$	690,017	$	681,288	$	639,327

(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P), Secured Overnight Financing Rate (SOFR) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2022.

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

Below is certain summarized financial information for SLP III as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and September 30, 2022:

Selected Balance Sheet Information:	September 30, 2023		December 31, 2022
Investments at fair value (cost of $670,979 and $681,288)	$	656,828	$	639,327
Cash and other assets	21,716		17,149
Receivable from unsettled securities sold	3,645		—
Total assets	$	682,189	$	656,476
Credit facility	$	480,000	$	512,100
Deferred financing costs (net of accumulated amortization of $5,532 and $4,840, respectively)	(1,060)		(1,695)
Payable for unsettled securities purchased	27,023		—
Distribution payable	6,125		5,688
Other liabilities	7,829		6,492
Total liabilities	519,917		522,585
Members' capital	$	162,272	$	133,891
Total liabilities and members' capital	$	682,189	$	656,476

Selected Statement of Operations Information:	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Interest income	$	16,848	$	11,113	$	48,083	$	27,767
Other income	295		110		452		463
Total investment income	17,143		11,223		48,535		28,230
Interest and other financing expenses	9,061		5,468		26,336		11,875
Other expenses	317		205		853		641
Total expenses	9,378		5,673		27,189		12,516
Net investment income	7,765		5,550		21,346		15,714
Net realized losses on investments	(545)		(128)		(2,400)		(145)
Net change in unrealized appreciation (depreciation) of investments	11,856		(1,566)		27,810		(37,004)
Net increase (decrease) in members' capital	$	19,076	$	3,856	$	46,756	$	(21,435)

For the three and nine months ended September 30, 2023, the Company earned approximately $4,900 and $14,700, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and nine months ended September 30, 2022, the Company earned approximately $3,938 and $12,935, respectively, of dividend income related to SLP III, which is included in dividend income. As of September 30, 2023 and December 31, 2022, approximately $4,900 and $4,550, respectively, of dividend income related to SLP III was included in interest and dividend receivable.

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

NMFC Senior Loan Program IV LLC

NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV has a five year investment period and will continue in existence until May 5, 2028. The investment period may be extended for up to one year pursuant to certain terms of the SLP IV Agreement.

SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of September 30, 2023, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2023 and December 31, 2022.

On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on May 5, 2026. As of the most recent amendment on April 28, 2023, the facility bears interest at a rate of SOFR plus 1.70%. Prior to the amendment on April 28, 2023, the facility bore interest at a rate of LIBOR plus 1.60% per annum. As of September 30, 2023 and December 31, 2022, SLP IV had total investments with an aggregate fair value of approximately $494,851 and $473,762, respectively, and debt outstanding under its credit facility of $352,637 and $365,537, respectively. As of September 30, 2023 and December 31, 2022, none of SLP IV’s investments were on non-accrual. Additionally, as of September 30, 2023 and December 31, 2022, SLP IV had unfunded commitments in the form of delayed draws of $429 and $1,973, respectively.

Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2023 and December 31, 2022:

	September 30, 2023			December 31, 2022
First lien investments (1)	$	511,889		$	510,372
Weighted average interest rate on first lien investments (2)	9.71		%	8.54		%
Number of portfolio companies in SLP IV	77			74
Largest portfolio company investment (1)	$	21,808		$	21,982
Total of five largest portfolio company investments (1)	$	94,058		$	93,734

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

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

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2023:

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADG, LLC	Healthcare	SOFR(Q)	1.15% + 3.00% PIK	9.54%	09/2026	$	17,269	$	17,123	$	15,841
ADMI Corp. (aka Aspen Dental)	Healthcare	SOFR(M)	3.75%	9.18%	12/2027	1,838		1,831		1,718
Aretec Group, Inc. (fka RCS Capital Corporation)	Financial Services	SOFR(M)	4.50%	9.92%	08/2030	3,799		3,723		3,779
Artera Services, LLC	Distribution & Logistics	SOFR(Q)	3.50%	8.99%	03/2025	4,078		4,065		3,838
Ascensus Group Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.93%	08/2028	5,972		5,950		5,931
athenahealth Group Inc.	Healthcare	SOFR(M)	3.25%	8.57%	02/2029	2,379		2,370		2,340
Barracuda Parent, LLC	Software	SOFR(Q)	4.50%	9.87%	08/2029	4,963		4,831		4,913
Bayou Intermediate II, LLC	Healthcare	SOFR(Q)	4.50%	9.97%	08/2028	8,963		8,920		8,739
BCPE Empire Holdings, Inc.	Distribution & Logistics	SOFR(M)	4.75%	10.07%	12/2028	4,364		4,322		4,368
Bella Holding Company, LLC	Healthcare	SOFR(M)	3.75%	9.17%	05/2028	1,738		1,733		1,731
Bleriot US Bidco Inc.	Federal Services	SOFR(Q)	4.00%	9.65%	10/2028	3,910		3,891		3,919
Bracket Intermediate Holding Corp.	Healthcare	SOFR(Q)	5.00%	10.49%	05/2028	4,405		4,281		4,409
Brave Parent Holdings, Inc.	Software	SOFR(Q)	4.00%	9.52%	04/2025	2,326		2,324		2,325
Brown Group Holding, LLC	Distribution & Logistics	SOFR(Q)	3.75%	9.12%	07/2029	5,383		5,265		5,386
CE Intermediate I, LLC	Software	SOFR(Q)	3.50%	9.02%	11/2028	8,115		8,071		8,042
CentralSquare Technologies, LLC	Software	SOFR(Q)	3.75%	9.29%	08/2025	14,287		14,276		13,585
CHA Holdings, Inc.	Business Services	SOFR(Q)	4.50%	10.15%	04/2025	1,968		1,965		1,968
CHA Holdings, Inc.	Business Services	SOFR(Q)	4.50%	10.15%	04/2025	10,721		10,709		10,721
Confluent Health, LLC	Healthcare	SOFR(M)	4.00%	9.43%	11/2028	7,880		7,848		7,525
Confluent Medical Technologies, Inc.	Healthcare	SOFR(Q)	3.75%	9.14%	02/2029	6,895		6,867		6,826
Convey Health Solutions, Inc.	Healthcare	SOFR(Q)	5.25%	10.74%	09/2026	4,950		4,834		4,367
Cornerstone OnDemand, Inc.	Software	SOFR(M)	3.75%	9.18%	10/2028	3,198		3,186		3,050
CVET Midco 2, L.P.	Software	SOFR(Q)	5.00%	10.39%	10/2029	2,673		2,528		2,653
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR(M)	4.50%	9.82%	12/2027	10,586		10,563		10,618
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR(Q)	4.38%	9.77%	10/2029	5,359		4,973		5,179
Dispatch Acquisition Holdings, LLC	Industrial Services	SOFR(Q)	4.25%	9.79%	03/2028	9,799		9,706		9,101
EAB Global, Inc.	Education	L(S)	3.50%	9.13%	08/2028	2,214		2,207		2,202
Eisner Advisory Group LLC	Financial Services	SOFR(M)	5.25%	10.68%	07/2028	1,694		1,632		1,693
Emerald 2 Limited	Business Services	SOFR(Q)	3.75%	9.40%	07/2028	437		437		437
Enverus Holdings, Inc. (fka Drilling Info Holdings, Inc.)	Business Services	SOFR(M)	4.25%	9.67%	07/2025	20,129		20,102		19,507
eResearchTechnology, Inc.	Healthcare	SOFR(M)	4.50%	9.93%	02/2027	4,351		4,328		4,273
EyeCare Partners, LLC	Healthcare	SOFR(M)	3.75%	9.18%	11/2028	9,850		9,831		6,944
Foundational Education Group, Inc.	Education	SOFR(Q)	4.25%	9.88%	08/2028	6,386		6,338		6,067
Geo Parent Corporation	Business Services	SOFR(S)	5.25%	10.80%	12/2025	9,634		9,472		9,634
Greenway Health, LLC (fka Vitera Healthcare Solutions, LLC)	Healthcare	SOFR(M)	3.75%	9.18%	02/2024	20,565		20,557		18,714
Heartland Dental, LLC	Healthcare	SOFR(M)	5.00%	10.33%	04/2028	7,624		7,338		7,553
Help/Systems Holdings, Inc.	Software	SOFR(Q)	4.00%	9.47%	11/2026	9,733		9,711		9,358
Houghton Mifflin Harcourt Company	Education	SOFR(M)	5.25%	10.67%	04/2029	4,826		4,667		4,549
Hub International Limited	Insurance Services	SOFR(Q)	4.25%	9.58%	06/2030	2,761		2,733		2,773
Hunter Holdco 3 Limited	Healthcare	SOFR(Q)	4.25%	9.74%	08/2028	3,949		3,920		3,946
Idera, Inc.	Software	SOFR(Q)	3.75%	9.27%	03/2028	9,154		9,100		9,089
Kestra Advisor Services Holdings A, Inc.	Financial Services	SOFR(Q)	4.25%	9.74%	06/2026	5,388		5,355		5,387
LSCS Holdings, Inc.	Healthcare	SOFR(M)	4.61%	9.93%	12/2028	8,604		8,572		8,491
Mandolin Technology Intermediate Holdings, Inc.	Software	SOFR(Q)	3.75%	9.29%	07/2028	9,825		9,790		9,014
Maverick Bidco Inc.	Software	SOFR(Q)	5.00%	10.47%	05/2028	1,990		1,906		1,942

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Maverick Bidco Inc.	Software	SOFR(Q)	3.75%	9.12%	05/2028	$	7,861	$	7,833	$	7,671
Mavis Tire Express Services Topco Corp.	Retail	SOFR(M)	4.00%	9.43%	05/2028	8,284		8,255		8,281
MH Sub I, LLC (Micro Holding Corp.)	Software	SOFR(M)	4.25%	9.57%	05/2028	4,795		4,683		4,646
Netsmart, Inc.	Healthcare	SOFR(M)	4.00%	9.43%	10/2027	6,842		6,842		6,852
Nielsen Consumer Inc.	Business Services	SOFR(M)	6.25%	11.57%	03/2028	9,975		8,921		9,828
OEConnection LLC	Software	SOFR(M)	4.00%	9.42%	09/2026	4,050		4,029		4,042
OMNIA Partners, LLC	Business Services	SOFR(Q)	4.25%	9.60%	07/2030	4,566		4,521		4,574
Optiv Parent Inc.	Software	SOFR(S)	5.25%	10.34%	07/2026	5,093		4,934		4,927
Osaic Holdings, Inc.	Financial Services	SOFR(M)	4.50%	9.82%	08/2028	11,518		11,405		11,537
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR(Q)	3.75%	9.12%	02/2029	1,323		1,320		1,319
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	SOFR(M)	3.50%	8.92%	02/2025	7,914		7,905		7,885
Physician Partners, LLC	Healthcare	SOFR(M)	4.00%	9.42%	12/2028	3,205		3,180		3,049
Premise Health Holding Corp.	Healthcare	SOFR(S)	3.75%	9.34%	07/2025	1,931		1,928		1,892
RealPage, Inc.	Software	SOFR(M)	3.00%	8.43%	04/2028	2,580		2,577		2,556
Renaissance Holding Corp.	Education	SOFR(M)	4.75%	10.07%	04/2030	5,114		4,968		5,081
Sierra Enterprises, LLC	Food & Beverage	SOFR(Q)	2.50% + 4.25% PIK	12.12%	05/2027	4,316		4,309		4,000
Snap One Holdings Corp.	Distribution & Logistics	SOFR(Q)	4.50%	10.04%	12/2028	8,520		8,452		8,278
Sovos Brands Intermediate, Inc.	Food & Beverage	SOFR(Q)	3.50%	9.13%	06/2028	3,904		3,897		3,911
Spring Education Group, Inc.	Education	SOFR(M)	4.50%	9.91%	10/2030	9,526		9,407		9,407
STATS Intermediate Holdings, LLC	Business Services	SOFR(Q)	7.25%	12.89%	07/2026	2,277		2,203		2,188
Storable, Inc.	Software	SOFR(M)	3.50%	8.82%	04/2028	3,930		3,913		3,910
Symplr Software, Inc.	Healthcare	SOFR(Q)	4.50%	9.97%	12/2027	3,736		3,729		3,354
Syndigo LLC	Software	SOFR(M)	4.50%	9.93%	12/2027	9,685		9,672		9,080
Therapy Brands Holdings LLC	Software	SOFR(M)	4.00%	9.43%	05/2028	5,984		5,961		5,745
Thermostat Purchaser III, Inc.	Business Services	SOFR(Q)	4.50%	10.07%	08/2028	4,698		4,679		4,653
TRC Companies LLC	Business Services	SOFR(M)	3.75%	9.18%	12/2028	8,932		8,897		8,832
USIC Holdings, Inc.	Business Services	SOFR(M)	3.50%	8.93%	05/2028	2,979		2,972		2,938
Valcour Packaging, LLC	Packaging	L(S)	3.75%	9.40%	10/2028	3,252		3,244		2,653
VT Topco, Inc.	Business Services	SOFR(M)	4.25%	9.56%	08/2030	7,289		7,216		7,292
WatchGuard Technologies, Inc.	Software	SOFR(M)	5.25%	10.57%	07/2029	4,050		3,816		3,825
Wrench Group LLC	Consumer Services	SOFR(Q)	4.00%	9.65%	04/2026	9,395		9,358		9,389
YI, LLC	Healthcare	SOFR(M)	4.00%	9.42%	11/2024	21,808		21,803		21,699
Zest Acquisition Corp.	Healthcare	SOFR(M)	5.50%	10.82%	02/2028	3,150		3,038		3,092
Zone Climate Services, Inc.	Business Services	SOFR(M)	4.75%	10.23%	03/2028	9,875		9,720		9,853
Zone Climate Services, Inc.	Business Services	SOFR(M)	4.75%	10.23%	03/2028	2,171		2,137		2,166
Total Funded Investments						$	511,460	$	505,875	$	494,850
Unfunded Investments - First lien
OMNIA Partners, LLC	Business Services	—	—	—	01/2024	$	429	$	(2)	$	1
Total Unfunded Investments						$	429	$	(2)	$	1
Total Investments						$	511,889	$	505,873	$	494,851

(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P), SOFR, and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2023.

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

The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2022:

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Funded Investments - First lien
ADG, LLC	Healthcare	L (M)	4.75% + 0.50%/PIK	9.69%	09/2023	$	16,335	$	16,315	$	15,674
ADMI Corp. (aka Aspen Dental)	Healthcare	L (M)	3.75%	8.13%	12/2027	1,852		1,844		1,693
Advisor Group Holdings, Inc.	Financial Services	L (M)	4.50%	8.88%	07/2026	11,577		11,513		11,353
Artera Services, LLC	Distribution & Logistics	L (Q)	3.50%	8.23%	03/2025	5,275		5,251		4,339
athenahealth Group Inc.	Healthcare	SOFR (M)	3.50%	7.82%	02/2029	2,397		2,387		2,171
Barracuda Parent, LLC	Software	SOFR (Q)	4.50%	8.59%	08/2029	5,000		4,856		4,822
Bayou Intermediate II, LLC	Healthcare	L (Q)	4.50%	8.96%	08/2028	8,607		8,571		8,305
Bella Holding Company, LLC	Healthcare	L (M)	3.75%	8.13%	05/2028	1,751		1,746		1,661
Bleriot US Bidco Inc.	Federal Services	L (Q)	4.00%	8.73%	10/2026	3,940		3,940		3,907
Bracket Intermediate Holding Corp.	Healthcare	L (Q)	4.25%	7.99%	09/2025	4,427		4,418		4,220
Brave Parent Holdings, Inc.	Software	L (M)	4.00%	8.38%	04/2025	2,345		2,342		2,278
Brown Group Holding, LLC	Distribution & Logistics	SOFR (Q)	3.75%	7.91%	07/2029	5,424		5,293		5,416
Cano Health, LLC	Healthcare	SOFR (M)	4.00%	8.42%	11/2027	7,478		7,473		6,011
CE Intermediate I, LLC	Software	L (Q)	4.00%	8.59%	11/2028	8,178		8,127		7,779
CentralSquare Technologies, LLC	Software	P (Q)	3.75%	8.48%	08/2025	14,400		14,385		12,488
Certara Holdco, Inc.	Healthcare	L (M)	3.50%	7.88%	08/2026	3,900		3,893		3,849
CHA Holdings, Inc.	Business Services	L (Q)	4.50%	9.23%	04/2025	1,984		1,979		1,960
CHA Holdings, Inc.	Business Services	L (Q)	4.50%	9.23%	04/2025	10,806		10,788		10,679
Confluent Health, LLC	Healthcare	L (M)	4.00%	8.68%	11/2028	999		991		853
Confluent Health, LLC	Healthcare	L (M)	4.00%	8.38%	11/2028	8,014		7,979		6,842
Confluent Medical Technologies, Inc.	Healthcare	SOFR (Q)	3.75%	8.33%	02/2029	6,948		6,916		6,617
Convey Health Solutions, Inc.	Healthcare	SOFR (Q)	5.25%	9.83%	09/2026	4,988		4,846		4,838
Cornerstone OnDemand, Inc.	Software	L (M)	3.75%	8.13%	10/2028	3,222		3,209		2,892
CVET Midco 2, L.P.	Software	SOFR (Q)	5.00%	9.58%	10/2029	2,687		2,529		2,522
Dealer Tire Financial, LLC	Distribution & Logistics	SOFR (M)	4.50%	8.82%	12/2027	10,666		10,640		10,559
Discovery Purchaser Corporation	Specialty Chemicals & Materials	SOFR (Q)	4.38%	7.97%	10/2029	5,400		4,976		4,943
Dispatch Acquisition Holdings, LLC	Industrial Services	L (Q)	4.25%	8.98%	03/2028	9,875		9,769		8,393
Drilling Info Holdings, Inc.	Business Services	L (M)	4.25%	8.63%	07/2025	20,288		20,251		19,578
EAB Global, Inc.	Education	L (M)	3.50%	7.88%	08/2028	6,422		6,395		6,193
Emerald 2 Limited	Business Services	L (Q)	3.25%	7.98%	07/2028	441		440		437
Energize Holdco LLC	Business Services	L (M)	3.75%	8.13%	12/2028	9,000		8,961		8,550
eResearchTechnology, Inc.	Healthcare	L (M)	4.50%	8.88%	02/2027	4,384		4,357		3,895
EyeCare Partners, LLC	Healthcare	L (Q)	3.75%	8.48%	11/2028	9,925		9,904		8,445
Foundational Education Group, Inc.	Education	SOFR (Q)	3.75%	8.59%	08/2028	6,435		6,381		6,048
Geo Parent Corporation	Business Services	SOFR (Q)	5.25%	9.44%	12/2025	9,709		9,499		9,470
Greenway Health, LLC	Healthcare	L (Q)	3.75%	8.48%	02/2024	20,729		20,710		14,536
Heartland Dental, LLC	Healthcare	L (M)	3.75%	8.13%	04/2025	3,535		3,529		3,280
Heartland Dental, LLC	Healthcare	L (M)	4.00%	8.39%	04/2025	6,206		6,186		5,785
Help/Systems Holdings, Inc.	Software	SOFR (Q)	4.00%	8.19%	11/2026	9,808		9,782		8,867
Houghton Mifflin Harcourt Company	Education	SOFR (M)	5.25%	9.67%	04/2029	4,037		3,926		3,854
Hunter Holdco 3 Limited	Healthcare	L (Q)	4.25%	8.98%	08/2028	3,949		3,916		3,886
Idera, Inc.	Software	L (Q)	3.75%	7.50%	03/2028	9,224		9,162		8,723
Kestra Advisor Services Holdings A, Inc.	Financial Services	L (Q)	4.25%	8.98%	06/2026	5,430		5,389		5,265
LSCS Holdings, Inc.	Healthcare	L (M)	4.50%	8.88%	12/2028	8,669		8,634		8,290
Mamba Purchaser, Inc.	Healthcare	L (M)	3.50%	7.89%	10/2028	4,092		4,075		3,919
Mandolin Technology Intermediate Holdings, Inc.	Software	L (Q)	3.75%	8.16%	07/2028	9,900		9,859		9,281
Maverick Bidco Inc.	Software	SOFR (Q)	5.00%	9.28%	05/2028	2,000		1,905		1,901
Maverick Bidco Inc.	Software	L (Q)	3.75%	8.16%	05/2028	7,921		7,889		7,527

Portfolio Company and Type of Investment	Industry	Reference	Spread	Interest Rate (1)	Maturity Date	Principal Amount or Par Value		Cost		Fair Value (2)
Mavis Tire Express Services Topco Corp.	Retail	SOFR (M)	4.00%	8.50%	05/2028	$	8,348	$	8,314	$	7,985
Mercury Borrower, Inc.	Business Services	L (Q)	3.50%	8.25%	08/2028	6,188		6,162		5,917
MH Sub I, LLC (Micro Holding Corp.)	Software	L (M)	3.75%	8.13%	09/2024	7,818		7,805		7,606
National Intergovernmental Purchasing Alliance Company	Business Services	SOFR (Q)	3.50%	8.08%	05/2025	1,319		1,320		1,308
Netsmart, Inc.	Healthcare	L (M)	4.00%	8.38%	10/2027	6,894		6,895		6,658
OEConnection LLC	Software	SOFR (M)	4.00%	8.42%	09/2026	4,081		4,056		3,899
Pearls (Netherlands) Bidco B.V.	Specialty Chemicals & Materials	SOFR (Q)	3.75%	7.84%	02/2029	1,333		1,330		1,298
PetVet Care Centers, LLC (fka Pearl Intermediate Parent LLC)	Consumer Services	L (M)	3.50%	7.88%	02/2025	7,975		7,962		7,537
Physician Partners, LLC	Healthcare	SOFR (M)	4.00%	8.42%	12/2028	4,252		4,214		4,068
Premise Health Holding Corp.	Healthcare	L (S)	3.75%	7.92%	07/2025	1,946		1,942		1,888
Project Boost Purchaser, LLC	Business Services	L (M)	3.50%	7.88%	05/2026	2,463		2,458		2,377
RealPage, Inc.	Software	L (M)	3.00%	7.38%	04/2028	3,628		3,617		3,460
RLG Holdings, LLC	Packaging	L (M)	4.00%	8.38%	07/2028	4,719		4,700		4,456
Sierra Enterprises, LLC	Food & Beverage	L (Q)	4.00%	8.41%	11/2024	4,172		4,164		2,910
Snap One Holdings Corp.	Distribution & Logistics	L (M)	4.50%	8.88%	12/2028	8,584		8,509		7,898
Sovos Brands Intermediate, Inc.	Food & Beverage	L (Q)	3.50%	7.91%	06/2028	8,290		8,273		8,110
STATS Intermediate Holdings, LLC	Business Services	SOFR (Q)	7.25%	11.52%	07/2026	2,294		2,204		2,202
Storable, Inc.	Software	SOFR (M)	3.50%	7.98%	04/2028	3,960		3,940		3,788
Symplr Software, Inc.	Healthcare	SOFR (Q)	4.50%	8.69%	12/2027	3,765		3,756		3,163
Syndigo LLC	Software	L (M)	4.50%	8.84%	12/2027	9,760		9,744		9,497
Therapy Brands Holdings LLC	Software	L (M)	4.00%	8.35%	05/2028	6,030		6,004		5,668
Thermostat Purchaser III, Inc.	Business Services	L (Q)	4.50%	9.23%	08/2028	4,288		4,270		4,143
USIC Holdings, Inc.	Business Services	L (M)	3.50%	7.88%	05/2028	3,801		3,788		3,638
Valcour Packaging, LLC	Packaging	L (S)	3.75%	7.98%	10/2028	3,276		3,268		2,744
Virtusa Corporation	Information Technology	SOFR (M)	3.75%	8.17%	02/2029	2,281		2,260		2,208
VT Topco, Inc.	Business Services	L (M)	3.75%	6.16%	08/2025	308		306		293
VT Topco, Inc.	Business Services	L (M)	3.75%	8.13%	08/2025	8,378		8,350		8,154
WatchGuard Technologies, Inc.	Software	SOFR (M)	5.25%	9.57%	07/2029	4,081		3,824		3,915
Wrench Group LLC	Consumer Services	L (Q)	4.00%	8.73%	04/2026	9,469		9,421		9,155
YI, LLC	Healthcare	L (M)	4.00%	8.38%	11/2024	21,982		21,975		21,251
Zone Climate Services, Inc.	Business Services	SOFR (S)	4.75%	8.62%	03/2028	9,950		9,773		9,791
Zone Climate Services, Inc.	Business Services	SOFR (S)	4.75%	8.64%	03/2028	2,187		2,149		2,152
Total Funded Investments						$	508,399	$	504,879	$	473,931
Unfunded Investments - First lien
athenahealth Group Inc.	Healthcare	—	—	—	01/2024	$	294	$	—	$	(28)
Confluent Health, LLC	Healthcare	—	—	—	11/2023	759		(4)		(111)
Thermostat Purchaser III, Inc.	Business Services	—	—	—	08/2023	669		—		(23)
VT Topco, Inc.	Business Services	—	—	—	08/2023	251		—		(7)
Total Unfunded Investments						$	1,973	$	(4)	$	(169)
Total Investments						$	510,372	$	504,875	$	473,762

(1)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the LIBOR (L), the Prime Rate (P), Secured Overnight Financing Rate (SOFR) and the alternative base rate (Base). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2022.

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

Below is certain summarized consolidated financial information for SLP IV as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and September 30, 2022:

Selected Consolidated Balance Sheet Information:	September 30, 2023		December 31, 2022
Investments at fair value (cost of $506,022 and $504,875, respectively)	$	494,851	$	473,762
Receivable from unsettled securities sold	5,275		—
Cash and other assets	16,139		12,853
Total assets	$	516,265	$	486,615
Credit facility	$	352,637	$	365,537
Deferred financing costs (net of accumulated amortization of $1,447 and $997, respectively)	(1,566)		(2,008)
Payable for unsettled securities purchased	20,346		—
Distribution payable	4,648		4,648
Other liabilities	6,641		5,410
Total liabilities	382,706		373,587
Members' capital	$	133,559	$	113,028
Total liabilities and members' capital	$	516,265	$	486,615

Selected Consolidated Statement of Operations Information:	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Interest income	$	12,476	$	8,333	$	35,669	20,749
Other income	100		102		258		257
Total investment income	12,576		8,435		35,927		21,006
Interest and other financing expenses	6,447		3,940		18,455		8,288
Other expenses	221		188		653		596
Total expenses	6,668		4,128		19,108		8,884
Net investment income	5,908		4,307		16,819		12,122
Net realized losses on investments	(97)		(85)		(1,751)		(77)
Net change in unrealized appreciation (depreciation) of investments	10,361		(1,013)		19,942		(25,142)
Net increase (decrease) in members' capital	$	16,172	$	3,209	$	35,010	(13,097)

For the three and nine months ended September 30, 2023, the Company earned approximately $3,653 and $11,381, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and nine months ended September 30, 2022, the Company earned approximately $3,161 and $9,520, respectively, of dividend income related to SLP IV, which is included in dividend income. As of September 30, 2023 and December 31, 2022, approximately $3,653 and $3,653, respectively, of dividend income related to SLP IV was included in interest and dividend receivable.

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

Unconsolidated Significant Subsidiaries

In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any are as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under this rule. As of September 30, 2023, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary."

Investment Risk Factors

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

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

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