UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________________________

FORM 10-Q

_________________________________________________________________________________

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

For the Quarterly Period Ended June 30, 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	N/A

_________________________________________________________________________________

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 ☐	Accelerated filer ☐
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 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 August 14, 2024 was 93,399,479. As of June 30, 2024, there was no established public market for the registrant's common stock.

1

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2024

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of June 30, 2024 (unaudited) and December 31, 2023	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited)	6
	Consolidated Schedule of Investments as of June 30, 2024 (unaudited)	7
	Consolidated Schedule of Investments as of December 31, 2023	26
	Notes to the Consolidated Financial Statements of NMF SLF I, Inc. (unaudited)	44
	Report of Independent Registered Public Accounting Firm	62
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	63
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	75
Item 4.	Controls and Procedures	76
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	77
Item 1A.	Risk Factors	77
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	77
Item 3.	Defaults Upon Senior Securities	77
Item 4.	Mine Safety Disclosures	77
Item 5.	Other Information	77
Item 6.	Exhibits	78
	Signatures	79

2

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

NMF SLF I, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

(unaudited)

	June 30, 2024		December 31, 2023
Assets
Non-controlled/non-affiliated investments at fair value (cost of $1,385,574 and $1,321,455, respectively)	$	1,385,068	$	1,320,435
Cash and cash equivalents	61,337		22,158
Interest receivable	11,558		9,716
Receivable from unsettled securities sold	—		2,992
Other assets	916		148
Total assets	$	1,458,879	$	1,355,449
Liabilities
Borrowings
Wells Credit Facility	$	441,400	$	433,800
Deferred financing costs (net of accumulated amortization of $3,961 and $2,959, respectively)	(6,264)		(7,243)
Net borrowings	435,136		426,557
Distribution payable	58,747		56,514
Payable for unsettled securities purchased	37,552		1,344
Interest payable	2,703		2,936
Management fee payable	2,164		2,069
Payable to affiliates	77		147
Other liabilities	866		828
Total liabilities	537,245		490,395
Commitments and contingencies (See Note 8)
Net Assets
Common stock, par value 0.001, 500,000,000 shares authorized, 87,812,771 and 82,381,922 shares issued and outstanding, respectively	88		82
Paid in capital in excess of par	917,369		860,861
Accumulated undistributed earnings	4,177		4,111
Total net assets	$	921,634	$	865,054
Total liabilities and net assets	$	1,458,879	$	1,355,449
Net asset value per share	$	10.50	$	10.50

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

3

NMF SLF I, Inc.

Consolidated Statements of Operations

(in thousands, except shares and per share data)

(unaudited)

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Investment income
Interest income (excluding Payment-in-kind ("PIK") interest income)	$	38,571	$	32,851	$	75,388	$	63,721
PIK interest income	2,089		1,376		4,398		2,703
Fee income	1,503		308		2,475		1,313
Total investment income	42,163		34,535		82,261		67,737
Expenses
Interest and other financing expenses	8,897		7,144		17,741		13,989
Management fee	2,164		1,913		4,295		3,842
Administrative expenses	326		284		638		582
Professional fees	254		220		559		514
Other general and administrative expenses	90		81		156		198
Total expenses	11,731		9,642		23,389		19,125
Net investment income	30,432		24,893		58,872		48,612
Net realized and unrealized (losses) gains
Net realized gains (losses) on investments	19		—		(573)		119
Net change in unrealized (depreciation) appreciation of investments	(3,268)		4,434		514		5,733
Net realized and unrealized (losses) gains	(3,249)		4,434		(59)		5,852
Net increase in net assets resulting from operations	$	27,183	$	29,327	$	58,813	$	54,464
Earnings per share (basic & diluted)	$	0.31	$	0.38	$	0.67	$	0.71
Weighted average shares of common stock outstanding - basic & diluted (See Note 10)	87,812,771		77,633,532		87,275,654		77,225,872

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

4

NMF SLF I, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except shares)

(unaudited)

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Increase (decrease) in net assets resulting from operations:
Net investment income	$	30,432	$	24,893	$	58,872	$	48,612
Net realized gains (losses) on investments	19		—		(573)		119
Net change in unrealized (depreciation) appreciation of investments	(3,268)		4,434		514		5,733
Net increase in net assets resulting from operations	27,183		29,327		58,813		54,464
Capital transactions
Distributions declared to stockholders from net investment income	(30,296)		(24,843)		(58,747)		(48,909)
Reinvestment of distributions	—		—		56,514		40,489
Total net decrease in net assets resulting from capital transactions	(30,296)		(24,843)		(2,233)		(8,420)
Net (decrease) increase in net assets	(3,113)		4,484		56,580		46,044
Net assets at the beginning of the period	924,747		800,635		865,054		759,075
Net assets at the end of the period	$	921,634	$	805,119	$	921,634	$	805,119
Capital share activity
Shares issued from the reinvestment of distributions	—		—		5,430,849		3,883,500

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

5

NMF SLF I, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Six Months Ended
	June 30, 2024		June 30, 2023
Cash flows from operating activities
Net increase in net assets resulting from operations	$	58,813	$	54,464
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized losses (gains) on investments	573		(119)
Net change in unrealized appreciation of investments	(514)		(5,733)
Amortization of purchase discount	(3,029)		(1,317)
Amortization of deferred financing costs	1,002		441
Non-cash investment income	(4,450)		(2,696)
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities	(278,286)		(53,294)
Proceeds from sales and paydowns of investments	219,577		24,194
Cash paid on drawn revolving credit facilities	(16,570)		(17,233)
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	1,514		73
Cash repayments on drawn revolvers	16,552		15,523
Interest receivable	(1,842)		(121)
Receivable from unsettled securities sold	2,992		—
Other assets	(768)		(42)
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	36,208		5,677
Interest payable	(233)		112
Management fee payable	95		34
Accrued organizational and offering expenses	—		(61)
Payable to affiliates	(70)		(62)
Other liabilities	42		(106)
Net cash flows provided by operating activities	31,606		19,734
Cash flows from financing activities
Proceeds from Wells Credit Facility	143,600		18,500
Repayment of Wells Credit Facility	(136,000)		(36,000)
Deferred financing costs paid	(27)		—
Net cash flows provided by (used in) financing activities	7,573		(17,500)
Net increase in cash and cash equivalents	39,179		2,234
Cash and cash equivalents at the beginning of the period	22,158		16,012
Cash and cash equivalents at the end of the period	$	61,337	$	18,246
Supplemental disclosure of cash flow information
Cash interest paid	$	16,503	$	13,267
Non-cash operating activities:
Non-cash activity on investments	$	1,567	$	—
Non-cash financing activities:
Distribution declared and payable	$	58,747	$	48,909
Value of shares issued in connection with reinvestment of distributions	56,514		40,489
Accrual for deferred financing costs	—		10

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

6

NMF SLF I, Inc.

Consolidated Schedule of Investments

June 30, 2024

(in thousands, except shares)

(unaudited)

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(3)	SOFR(Q)	5.50%	10.85%	12/2020	10/2027	$	18,210	$	18,136	$	18,210
	First Lien(3)	SOFR(Q)	5.50%	10.83%	08/2021	10/2027	5,805		5,797		5,805
	First Lien(3)	SOFR(Q)	5.50%	10.83%	06/2021	10/2027	4,885		4,871		4,885
	First Lien(3)	SOFR(Q)	5.50%	10.82%	05/2022	10/2027	2,671		2,667		2,671
							31,571		31,471		31,571		3.43	%
Affinipay Midco, LLC
Software	First Lien(2)(3)	SOFR(Q)	5.50%	10.83%	10/2023	06/2028	17,765		17,765		17,765
	First Lien(2)(3)	SOFR(Q)	5.50%	10.81%	07/2022	06/2028	7,182		7,153		7,182
	First Lien(2)(3)	SOFR(Q)	5.50%	10.83%	10/2023	06/2028	2,721		2,721		2,721
	First Lien(2)(3)	SOFR(Q)	5.50%	10.83%	10/2023	06/2028	1,775		1,775		1,775
	First Lien(3)	SOFR(M)	5.50%	10.84%	07/2022	06/2028	1,021		1,012		1,021
							30,464		30,426		30,464		3.31	%
GS Acquisitionco, Inc.
Software	First Lien(2)(3)	SOFR(Q)	5.25%	10.58%	02/2020	05/2028	23,978		23,925		23,978
	First Lien(3)	SOFR(Q)	5.25%	10.58%	02/2020	05/2028	5,673		5,652		5,673
	First Lien(3)(4) - Drawn	SOFR(Q)	5.25%	10.58%	02/2020	05/2028	256		262		256
							29,907		29,839		29,907		3.24	%
Syndigo LLC
Software	First Lien(2)	SOFR(M)	4.50%	9.96%	12/2020	12/2027	25,689		25,409		25,529
	Second Lien(3)	SOFR(M)	8.00%	13.45%	12/2020	12/2028	4,000		3,980		4,000
							29,689		29,389		29,529		3.20	%
Higginbotham Insurance Agency, Inc.
Business Services	First Lien(2)(3)	SOFR(M)	5.50%	10.94%	11/2020	11/2028	23,309		23,228		23,309
	First Lien(3)	SOFR(M)	5.50%	10.94%	11/2020	11/2028	4,596		4,573		4,596
							27,905		27,801		27,905		3.03	%
Zone Climate Services, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	5.25%	10.73%	03/2022	03/2028	27,541		27,352		27,175
	First Lien(3)(4) - Drawn	P(Q)	4.50%	13.00%	03/2022	03/2028	440		451		436
							27,981		27,803		27,611		3.00	%
iCIMS, Inc.
Software	First Lien(2)(3)	SOFR(Q)*	3.38% +3.88%/PIK	12.58%	08/2022	08/2028	20,832		20,710		20,832
	First Lien(3)	SOFR(Q)	7.25%	12.58%	10/2022	08/2028	5,126		5,091		5,126
	First Lien(3)(4) - Drawn	SOFR(Q)	6.75%	12.08%	08/2022	08/2028	187		190		187
							26,145		25,991		26,145		2.84	%
Associations Finance, Inc.
Associations, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	6.50%	12.09%	05/2024	07/2028	21,315		21,304		21,304
	Subordinated(3)	Fixed(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	3,177		3,169		3,169
	Subordinated(3)	Fixed(Q)*	14.25%/PIK	14.25%	05/2024	05/2030	1,213		1,210		1,210
							25,705		25,683		25,683		2.79	%

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

7

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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)	SOFR(M)	5.00%	10.34%	12/2020	12/2027	$	17,477	$	17,393	$	17,477
	First Lien(3)	SOFR(M)	5.00%	10.34%	12/2020	12/2027	5,290		5,263		5,290
	First Lien(3)	SOFR(M)	5.00%	10.34%	01/2022	12/2027	2,576		2,562		2,576
							25,343		25,218		25,343		2.75	%
OA Buyer, Inc.
Healthcare	First Lien(2)(3)	SOFR(M)	5.25%	10.59%	12/2021	12/2028	23,281		23,117		23,281
	First Lien(2)(3)	SOFR(M)	5.25%	10.59%	05/2022	12/2028	1,474		1,463		1,474
	First Lien(3)(4) - Drawn	SOFR(M)	5.25%	10.58%	12/2021	12/2028	253		262		253
							25,008		24,842		25,008		2.71	%
Diamondback Acquisition, Inc.
Software	First Lien(2)(3)	SOFR(M)	5.50%	10.94%	09/2021	09/2028	24,694		24,529		24,694		2.68	%
AAH Topco, LLC
Consumer Services	First Lien(3)	SOFR(M)	5.50%	10.94%	12/2021	12/2027	11,689		11,623		11,689
	First Lien(2)(3)	SOFR(M)	5.50%	10.94%	12/2021	12/2027	11,576		11,502		11,576
	First Lien(3)(4) - Drawn	SOFR(M)	6.00%	11.44%	11/2023	12/2027	1,316		1,304		1,316
							24,581		24,429		24,581		2.67	%
Nielsen Consumer Inc.**
Business Services	First Lien(2)	SOFR(M)	6.25%	11.59%	02/2023	03/2028	12,077		11,418		12,138
	First Lien(2)	SOFR(M)	4.75%	10.08%	06/2024	03/2028	12,029		11,999		11,999
							24,106		23,417		24,137		2.62	%
Kaseya Inc.
Software	First Lien(2)(3)	SOFR(Q)	5.50%	10.83%	06/2022	06/2029	23,002		22,850		23,002
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.83%	06/2022	06/2029	346		345		346
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.82%	06/2022	06/2029	138		133		138
	First Lien(3)	SOFR(Q)	5.50%	10.83%	06/2022	06/2029	85		85		85
							23,571		23,413		23,571		2.56	%
Sierra Enterprises, LLC
Food & Beverage	First Lien(3)	SOFR(Q)*	2.50% +4.25%/PIK	12.08%	07/2023	05/2027	24,253		21,880		23,348		2.53	%
IG Investments Holdings, LLC
Business Services	First Lien(2)(3)	SOFR(Q)	6.00%	11.43%	09/2021	09/2028	22,790		22,636		22,790
	First Lien(2)(3)	SOFR(Q)	6.00%	11.33%	04/2024	09/2028	445		442		445
							23,235		23,078		23,235		2.52	%
Anaplan, Inc.
Software	First Lien(2)(3)	SOFR(Q)	5.75%	11.08%	06/2022	06/2029	22,941		22,762		22,941		2.49	%
PDQ.com Corporation
Software	First Lien(3)	SOFR(M)	4.75%	10.09%	09/2021	08/2027	13,157		13,119		13,157
	First Lien(3)	SOFR(M)	4.75%	10.09%	09/2021	08/2027	9,013		8,987		9,013
	First Lien(2)(3)	SOFR(Q)	4.75%	10.05%	10/2023	08/2027	701		695		701
							22,871		22,801		22,871		2.48	%
Thermostat Purchaser III, Inc.
Business Services	First Lien(2)	SOFR(Q)	4.25%	9.59%	08/2021	08/2028	18,618		18,587		18,525
	First Lien	SOFR(Q)	4.25%	9.59%	08/2021	08/2028	3,349		3,340		3,332
							21,967		21,927		21,857		2.37	%

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

8

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
CCBlue Bidco, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)*	6.50%/PIK	11.93%	12/2021	12/2028	$	22,652	$	22,511	$	20,450
	First Lien(3)	SOFR(Q)*	6.50%/PIK	11.94%	12/2021	12/2028	1,177		1,175		1,063
							23,829		23,686		21,513		2.33	%
Notorious Topco, LLC
Consumer Products	First Lien(2)(3)	SOFR(Q)*	4.75% +2.50%/PIK	12.73%	11/2021	11/2027	20,864		20,709		19,406
	First Lien(3)	SOFR(Q)*	4.75% +2.50%/PIK	12.73%	11/2021	11/2027	1,818		1,810		1,691
							22,682		22,519		21,097		2.29	%
Pioneer Topco I, L.P. (6)
Pioneer Buyer I, LLC
Software	First Lien(3)	SOFR(Q)	6.50%	11.83%	11/2021	11/2028	18,231		18,152		18,231
	First Lien(3)	SOFR(Q)	6.50%	11.83%	03/2022	11/2028	1,985		1,974		1,985
							20,216		20,126		20,216		2.19	%
OEConnection LLC
Software	First Lien(2)(3)	SOFR(M)	5.25%	10.59%	04/2024	04/2031	20,021		19,921		20,021		2.17	%
Avalara, Inc.
Software	First Lien(3)	SOFR(Q)	6.75%	12.08%	10/2022	10/2028	20,012		19,816		20,012		2.17	%
DECA Dental Holdings LLC
Healthcare	First Lien(2)(3)	SOFR(Q)	5.50%	10.93%	08/2021	08/2028	16,606		16,496		16,307
	First Lien(3)	SOFR(Q)	5.50%	10.93%	08/2021	08/2028	1,748		1,745		1,717
	First Lien(3)	SOFR(Q)	5.50%	10.94%	08/2021	08/2027	1,348		1,341		1,324
							19,702		19,582		19,348		2.10	%
KWOR Acquisition, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	5.25%	10.75%	12/2021	12/2028	17,416		17,324		17,141
	First Lien(3)(4) - Drawn	P(Q)	4.25%	12.75%	12/2021	12/2027	2,221		2,213		2,185
							19,637		19,537		19,326		2.10	%
Model N, Inc.
Software	First Lien(2)	SOFR(Q)	5.00%	10.34%	06/2024	06/2031	18,856		18,762		18,762		2.03	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First Lien(2)(3)	SOFR(Q)	5.75%	11.18%	10/2021	10/2028	11,457		11,379		11,187
	First Lien(2)(3)	SOFR(Q)	5.75%	11.18%	12/2021	10/2028	7,201		7,151		7,031
							18,658		18,530		18,218		1.98	%
Fortis Solutions Group, LLC
Packaging	First Lien(2)(3)	SOFR(Q)	5.50%	10.93%	10/2021	10/2028	12,092		12,010		12,092
	First Lien(3)	SOFR(Q)	5.50%	10.93%	10/2021	10/2028	5,055		5,026		5,055
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.92%	06/2022	10/2028	523		520		523
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.93%	10/2021	10/2027	344		349		344
	First Lien(3)	SOFR(Q)	5.50%	10.93%	10/2021	10/2028	48		44		48
							18,062		17,949		18,062		1.96	%
Oranje Holdco, Inc.
Education	First Lien(3)	SOFR(Q)	7.50%	12.83%	01/2023	02/2029	14,453		14,304		14,453
	First Lien	SOFR(M)	7.25%	12.59%	06/2024	02/2029	3,545		3,510		3,510
							17,998		17,814		17,963		1.95	%

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

9

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(2)(3)	SOFR(Q)	5.75%	11.23%	12/2021	12/2027	$	8,894	$	8,836	$	8,894
	First Lien(3)	SOFR(Q)	5.75%	11.23%	12/2021	12/2027	2,985		2,967		2,985
	First Lien(3)	SOFR(Q)	5.75%	11.23%	12/2021	12/2027	2,967		2,948		2,967
	First Lien(3)	SOFR(Q)	6.00%	11.49%	07/2022	12/2027	1,936		1,923		1,936
	First Lien(3)(4) - Drawn	SOFR(M)	5.75%	11.24%	12/2021	12/2027	1,019		1,013		1,019
							17,801		17,687		17,801		1.93	%
Recorded Future, Inc.
Software	First Lien(2)	SOFR(Q)	5.75%	11.08%	06/2024	06/2030	17,733		17,644		17,644		1.91	%
Ocala Bidco, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)*	3.50% +2.75%/PIK	11.84%	12/2021	11/2028	16,264		16,130		16,264
	First Lien(3)	SOFR(Q)*	3.50% +2.75%/PIK	11.84%	12/2021	11/2028	1,242		1,235		1,242
							17,506		17,365		17,506		1.90	%
MRI Software LLC
Software	First Lien(2)(3)	SOFR(Q)	5.50%	10.93%	01/2020	02/2027	10,749		10,724		10,749
	First Lien(2)(3)	SOFR(Q)	5.50%	10.93%	03/2021	02/2027	3,049		3,046		3,049
	First Lien(3)	SOFR(Q)	5.50%	10.93%	03/2021	02/2027	2,852		2,848		2,852
	First Lien(3)(4) - Drawn	SOFR(Q)	5.75%	11.08%	12/2023	02/2027	407		405		407
	First Lien(3)	SOFR(Q)	5.50%	10.93%	01/2020	02/2027	311		310		311
							17,368		17,333		17,368		1.88	%
RealPage, Inc.
Software	Second Lien	SOFR(M)	6.50%	11.96%	02/2021	04/2029	17,357		17,273		16,966		1.84	%
Foreside Financial Group, LLC
Business Services	First Lien(2)(3)	SOFR(Q)	5.25%	10.75%	05/2022	09/2027	14,677		14,580		14,677
	First Lien(3)	SOFR(Q)	5.25%	10.75%	05/2022	09/2027	2,197		2,193		2,197
							16,874		16,773		16,874		1.83	%
Project Essential Bidco, Inc.
Software	First Lien(2)(3)	SOFR(Q)*	3.00% +3.25%/PIK	11.74%	04/2021	04/2028	17,687		17,594		16,371		1.78	%
Foundational Education Group, Inc.
Education	First Lien(2)	SOFR(Q)	3.75%	9.34%	08/2021	08/2028	9,238		9,208		9,076
	Second Lien(2)(3)	SOFR(Q)	6.50%	12.09%	08/2021	08/2029	6,488		6,464		6,488
							15,726		15,672		15,564		1.69	%
Bullhorn, Inc.
Software	First Lien(2)(3)	SOFR(M)	5.00%	10.34%	09/2020	10/2029	9,531		9,500		9,531
	First Lien(3)	SOFR(M)	5.00%	10.34%	09/2020	10/2029	1,215		1,214		1,215
	First Lien(3)(4) - Drawn	SOFR(M)	5.00%	10.33%	05/2024	10/2029	4,386		4,375		4,386
							15,132		15,089		15,132		1.64	%
CentralSquare Technologies, LLC
Software	First Lien(2)(3)	SOFR(M)*	3.00% +3.50%/PIK	11.83%	04/2024	04/2030	15,119		14,931		15,119		1.64	%

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

10

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
Businessolver.com, Inc.
Software	First Lien(2)(3)	SOFR(Q)	5.50%	10.93%	12/2021	12/2027	$	14,525	$	14,486	$	14,525
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.93%	12/2021	12/2027	535		535		535
							15,060		15,021		15,060		1.63	%
Enverus Holdings, Inc.
Business Services	First Lien(2)(3)	SOFR(M)	5.50%	10.84%	12/2023	12/2029	15,059		14,953		15,059		1.63	%
Geo Parent Corporation
Business Services	First Lien(2)(3)	SOFR(S)	5.25%	10.50%	05/2020	12/2028	14,066		13,881		14,066		1.53	%
Brave Parent Holdings, Inc.
Software	First Lien(2)(3)	SOFR(Q)	5.00%	10.33%	11/2023	11/2030	12,678		12,642		12,615
	First Lien(3)(4) - Drawn	SOFR(Q)	5.00%	10.33%	11/2023	11/2030	836		832		831
							13,514		13,474		13,446		1.46	%
Coupa Holdings, LLC
Software	First Lien(2)(3)	SOFR(Q)	5.50%	10.83%	02/2023	02/2030	13,366		13,222		13,366		1.45	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Software	First Lien(2)(3)	SOFR(M)	5.25%	10.59%	05/2022	05/2029	9,950		9,874		9,950
	First Lien(2)(3)	SOFR(M)	5.75%	11.09%	10/2023	05/2029	3,008		2,980		3,008
							12,958		12,854		12,958		1.41	%
YLG Holdings, Inc.
Business Services	First Lien(3)	SOFR(Q)	5.00%	10.99%	10/2021	10/2026	3,709		3,698		3,709
	First Lien(2)(3)	SOFR(Q)	5.00%	10.43%	06/2024	10/2026	3,600		3,600		3,600
	First Lien(3)(4) - Drawn	SOFR(Q)	5.00%	10.43%	10/2021	10/2026	2,212		2,206		2,212
	First Lien(2)(3)	SOFR(Q)	5.00%	10.99%	10/2021	10/2026	1,508		1,508		1,508
	First Lien(2)(3)(4) - Drawn	SOFR(Q)	5.00%	10.43%	10/2021	10/2026	899		899		899
	First Lien(2)(3)	SOFR(Q)	5.00%	10.43%	06/2024	10/2026	567		567		567
	First Lien(2)(3)	SOFR(Q)	5.00%	10.43%	06/2024	10/2026	363		363		363
	First Lien(3)(4) - Drawn	P(S)	4.00%	12.50%	06/2024	10/2026	38		38		38
							12,896		12,879		12,896		1.40	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(2)(3)	SOFR(Q)	5.75%	11.10%	06/2024	08/2029	9,905		9,905		9,905
	First Lien(3)(4) - Drawn	SOFR(Q)	6.00%	11.35%	09/2023	08/2029	2,982		2,967		2,982
							12,887		12,872		12,887		1.40	%
Eisner Advisory Group LLC
Financial Services	First Lien(2)	SOFR(M)	4.00%	9.34%	02/2024	02/2031	12,295		12,176		12,425		1.35	%
Relativity ODA LLC
Software	First Lien(3)	SOFR(M)	6.00%	11.44%	05/2021	05/2027	12,414		12,342		12,414		1.35	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)	5.50%	10.98%	09/2021	09/2027	11,163		11,095		11,163
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.96%	09/2021	09/2027	673		673		673
							11,836		11,768		11,836		1.28	%

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

11

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
Daxko Acquisition Corporation
Software	First Lien(2)(3)	SOFR(M)	5.50%	10.94%	10/2021	10/2028	$	10,282	$	10,212	$	10,282
	First Lien(3)	SOFR(M)	5.50%	10.94%	10/2021	10/2028	866		862		866
	First Lien(3)(4) - Drawn	P(Q)	4.50%	13.00%	10/2021	10/2027	117		120		117
	First Lien(3)	SOFR(M)	5.50%	10.94%	10/2021	10/2028	52		52		52
							11,317		11,246		11,317		1.23	%
DOCS, MSO, LLC
Healthcare	First Lien(2)(3)	SOFR(M)	5.75%	11.18%	06/2022	06/2028	11,390		11,390		11,262		1.22	%
GC Waves Holdings, Inc.
Financial Services	First Lien(2)(3)	SOFR(M)	5.25%	10.69%	04/2022	08/2029	7,086		7,047		7,086
	First Lien(3)	SOFR(M)	5.25%	10.69%	04/2022	08/2029	2,476		2,460		2,476
	First Lien(3)(4) - Drawn	SOFR(M)	6.00%	11.44%	07/2023	08/2029	1,606		1,606		1,606
	First Lien(3)	SOFR(M)	5.25%	10.69%	08/2021	08/2029	67		66		67
							11,235		11,179		11,235		1.22	%
CFS Management, LLC
Healthcare	First Lien(2)(3)	SOFR(Q)*	6.25% +2.75%/PIK	14.60%	09/2021	07/2024	8,681		8,680		7,755
	First Lien(3)	SOFR(Q)*	6.25% +2.75%/PIK	14.60%	09/2021	07/2024	3,321		3,321		2,967
							12,002		12,001		10,722		1.16	%
GraphPAD Software, LLC
Healthcare	First Lien(2)	SOFR(Q)	4.75%	10.08%	06/2024	06/2031	10,178		10,153		10,153		1.10	%
Diligent Corporation
Software	First Lien(2)(3)	SOFR(M)	5.00%	10.34%	04/2024	08/2030	8,504		8,472		8,473
	First Lien(3)	SOFR(M)	5.00%	10.34%	04/2024	08/2030	1,458		1,452		1,452
							9,962		9,924		9,925		1.08	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(3)	SOFR(M)	5.25%	10.59%	09/2022	10/2029	9,059		8,948		9,059
	First Lien(2)(3)	SOFR(M)	5.25%	10.59%	09/2022	10/2029	686		682		686
							9,745		9,630		9,745		1.06	%
RXB Holdings, Inc.
Healthcare	First Lien(2)(3)	SOFR(M)	4.50%	9.96%	07/2021	12/2027	6,253		6,244		6,253
	First Lien(2)(3)	SOFR(M)	5.25%	10.59%	06/2023	12/2027	3,390		3,320		3,390
							9,643		9,564		9,643		1.04	%
Al Altius US Bidco, Inc.
Business Services	First Lien(2)(3)	SOFR(S)	4.75%	10.03%	10/2023	12/2028	8,490		8,451		8,490
	First Lien(3)	SOFR(S)	4.75%	10.03%	10/2023	12/2028	1,134		1,124		1,134
							9,624		9,575		9,624		1.04	%
IG IntermediateCo LLC
Infogain Corporation
Business Services	First Lien(2)(3)	SOFR(M)	5.75%	11.19%	07/2021	07/2028	5,931		5,902		5,931
	First Lien(2)(3)	SOFR(M)	5.75%	11.19%	07/2022	07/2028	3,530		3,504		3,530
	Subordinated(3)	SOFR(Q)	8.25%	13.68%	07/2022	07/2029	1		1		1
							9,462		9,407		9,462		1.03	%
Xactly Corporation
Software	First Lien(3)	SOFR(Q)	7.25%	12.70%	06/2020	07/2025	9,449		9,323		9,449		1.02	%

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

12

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
ACI Group Holdings, Inc.
Healthcare	First Lien(2)(3)	SOFR(M)	5.50%	10.94%	08/2021	08/2028	$	7,330	$	7,282	$	7,154
	First Lien(3)	SOFR(M)	5.50%	10.94%	08/2021	08/2028	1,299		1,295		1,268
	First Lien(3)(4) - Drawn	SOFR(M)	5.50%	10.94%	08/2021	08/2028	777		766		758
	First Lien(3)(4) - Drawn	SOFR(M)	5.50%	10.94%	08/2021	08/2027	197		199		192
							9,603		9,542		9,372		1.02	%
Houghton Mifflin Harcourt Company
Education	First Lien(2)	SOFR(Q)	5.25%	10.70%	10/2023	04/2029	9,463		9,192		9,028		0.98	%
NMC Crimson Holdings, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)	6.09%	11.54%	03/2021	03/2028	7,401		7,334		7,401
	First Lien(3)	SOFR(Q)	6.09%	11.58%	03/2021	03/2028	1,534		1,530		1,534
							8,935		8,864		8,935		0.97	%
Ciklum Inc.**
Business Services	First Lien(2)(3)	SOFR(Q)	7.00%	12.43%	02/2024	02/2030	7,549		7,459		7,549		0.82	%
PetVet Care Centers, LLC
Consumer Services	First Lien(2)(3)	SOFR(M)	6.00%	11.34%	10/2023	11/2030	7,336		7,267		7,336		0.80	%
DCA Investment Holding, LLC
Healthcare	First Lien(2)(3)	SOFR(Q)	6.41%	11.74%	03/2021	04/2028	6,241		6,213		6,116
	First Lien(3)	SOFR(Q)	6.41%	11.74%	03/2021	04/2028	517		514		507
	First Lien(3)	SOFR(Q)	6.41%	11.74%	03/2021	04/2028	356		354		348
	First Lien(3)	SOFR(Q)	6.50%	11.83%	12/2022	04/2028	242		239		238
							7,356		7,320		7,209		0.78	%
Maverick Bidco Inc.
Software	Second Lien(3)	SOFR(Q)	6.75%	12.23%	04/2021	05/2029	6,800		6,787		6,800		0.74	%
Project Alpha Intermediate Holding, Inc.
Software	First Lien(2)	SOFR(Q)	3.75%	9.07%	10/2023	10/2030	6,484		6,363		6,513		0.71	%
Bayou Intermediate II, LLC
Healthcare	First Lien	SOFR(Q)	4.50%	10.09%	03/2024	08/2028	6,467		6,435		6,402		0.69	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(2)(3)	SOFR(S)	5.25%	10.66%	06/2021	06/2028	4,966		4,938		4,966
	First Lien(3)(4) - Drawn	SOFR(S)	5.25%	10.59%	06/2021	06/2028	1,386		1,378		1,386
							6,352		6,316		6,352		0.69	%
Power Grid Holdings, Inc.
Business Products	First Lien(2)(3)	SOFR(M)	4.75%	10.09%	11/2023	12/2030	6,391		6,331		6,327		0.68	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First Lien(2)(3)	SOFR(Q)*	6.75% +2.00%/PIK	14.08%	07/2021	07/2027	5,490		5,457		5,438
	First Lien(3)(4) - Drawn	SOFR(M)*	6.75% +2.00%/PIK	14.09%	07/2021	07/2026	614		612		608
							6,104		6,069		6,046		0.65	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(2)(3)	SOFR(M)	5.25%	10.69%	02/2020	02/2026	5,732		5,723		5,732
	First Lien(3)(4) - Drawn	SOFR(M)	5.25%	10.69%	02/2020	02/2026	300		301		300
							6,032		6,024		6,032		0.65	%

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

13

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
CommerceHub, Inc.
Software	First Lien(3)	SOFR(Q)	6.25%	11.58%	06/2023	12/2027	$	6,023	$	5,711	$	6,023	0.65	%
Safety Borrower Holdings LLC
Software	First Lien(2)(3)	SOFR(Q)	5.25%	10.81%	09/2021	09/2027	5,057		5,045		5,057
	First Lien(3)	SOFR(Q)	5.25%	10.81%	09/2021	09/2027	817		815		817
	First Lien(3)(4) - Drawn	P(Q)	4.25%	12.75%	09/2021	09/2027	116		117		116
							5,990		5,977		5,990		0.65	%
Planview Parent, Inc.
Software	Second Lien(2)	SOFR(Q)	6.00%	11.33%	06/2024	12/2028	6,000		5,985		5,985		0.65	%
Icefall Parent, Inc.
Software	First Lien(2)(3)	SOFR(Q)	6.50%	11.83%	01/2024	01/2030	5,652		5,599		5,652		0.61	%
Ncontracts, LLC
Software	First Lien(2)(3)	SOFR(S)	6.50%	11.77%	12/2023	12/2029	5,442		5,377		5,442
	First Lien(3)(4) - Drawn	SOFR(Q)	6.50%	11.83%	12/2023	12/2029	167		166		167
							5,609		5,543		5,609		0.61	%
Baker Tilly Advisory Group, LP
Financial Services	First Lien(2)(3)	SOFR(M)	5.00%	10.34%	05/2024	06/2031	5,644		5,602		5,602		0.61	%
KPSKY Acquisition Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	5.50%	10.93%	10/2021	10/2028	4,316		4,286		4,316
	First Lien(3)	SOFR(Q)	5.50%	10.93%	06/2022	10/2028	740		735		740
	First Lien(3)	SOFR(Q)	5.50%	10.90%	10/2021	10/2028	495		491		495
	First Lien(3)(4) - Drawn	SOFR(Q)	5.75%	11.19%	11/2023	10/2028	12		12		12
							5,563		5,524		5,563		0.60	%
Aretec Group, Inc.
Financial Services	First Lien(2)	SOFR(M)	4.00%	9.34%	10/2023	08/2030	5,422		5,269		5,451		0.59	%
Therapy Brands Holdings LLC
Healthcare	Second Lien(2)(3)	SOFR(M)	6.75%	12.21%	05/2021	05/2029	6,000		5,972		5,377		0.58	%
Beacon Pointe Harmony, LLC
Financial Services	First Lien(2)(3)	SOFR(M)	5.50%	10.84%	12/2021	12/2028	3,549		3,524		3,549
	First Lien(3)	SOFR(M)	5.50%	10.84%	12/2021	12/2028	1,392		1,384		1,392
	First Lien(3)(4) - Drawn	SOFR(M)	5.50%	10.84%	12/2021	12/2028	397		394		397
							5,338		5,302		5,338		0.58	%
Perforce Software, Inc.
Software	First Lien(2)	SOFR(M)	4.75%	10.09%	03/2024	03/2031	5,129		5,103		5,130		0.56	%
PDI TA Holdings, Inc.
Software	First Lien(2)(3)	SOFR(Q)	5.25%	10.58%	01/2024	02/2031	4,372		4,350		4,372
	First Lien(3)(4) - Drawn	SOFR(Q)	5.25%	10.59%	01/2024	02/2031	523		521		523
							4,895		4,871		4,895		0.53	%
USRP Holdings, Inc.
Business Services	First Lien(2)(3)	SOFR(M)	5.75%	11.20%	07/2021	07/2027	3,606		3,585		3,606
	First Lien(3)	SOFR(M)	5.75%	11.20%	07/2021	07/2027	469		467		469
	First Lien(3)(4) - Drawn	SOFR(M)	5.75%	11.20%	07/2023	07/2027	643		633		643
							4,718		4,685		4,718		0.51	%

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

14

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
Calabrio, Inc.
Software	First Lien(3)	SOFR(Q)	7.13%	12.47%	04/2021	04/2027	$	3,986	$	3,970	$	3,986
	First Lien(3)	SOFR(Q)	7.13%	12.47%	01/2024	04/2027	606		601		606
							4,592		4,571		4,592		0.50	%
Community Brands ParentCo, LLC
Software	First Lien(2)	SOFR(M)	5.50%	10.94%	02/2022	02/2028	4,586		4,555		4,586		0.50	%
Alegeus Technologies Holdings Corp.
Healthcare	First Lien(2)(3)	SOFR(Q)	8.25%	13.67%	02/2024	09/2026	4,510		4,510		4,510		0.49	%
TigerConnect, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)*	3.38% +3.38%/PIK	12.23%	02/2022	02/2028	4,223		4,195		4,223
	First Lien(2)(3)(4) - Drawn	SOFR(Q)*	3.38% +3.38%/PIK	12.23%	02/2022	02/2028	267		267		267
							4,490		4,462		4,490		0.49	%
Sun Acquirer Corp.
Consumer Services	First Lien(2)(3)	SOFR(M)	5.75%	11.21%	09/2021	09/2028	2,551		2,536		2,551
	First Lien(3)	SOFR(M)	5.75%	11.21%	09/2021	09/2028	1,803		1,787		1,803
							4,354		4,323		4,354		0.47	%
Bluefin Holding, LLC
Software	First Lien(2)(3)	SOFR(Q)	7.25%	12.59%	09/2023	09/2029	4,128		4,081		4,128		0.45	%
Greenway Health, LLC
Healthcare	First Lien(2)(3)	SOFR(S)	6.75%	12.01%	12/2023	04/2029	4,117		4,060		4,117		0.45	%
Project Accelerate Parent, LLC
Software	First Lien(2)(3)	SOFR(S)	5.25%	10.54%	02/2024	02/2031	4,050		4,031		4,050		0.44	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First Lien(3)	SOFR(Q)	7.00%	12.48%	05/2021	05/2027	4,001		3,979		4,001
	First Lien(3)(4) - Drawn	SOFR(Q)	7.00%	12.48%	05/2021	05/2027	41		42		41
							4,042		4,021		4,042		0.44	%
Convey Health Solutions, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)	5.25%	10.68%	02/2022	09/2026	4,465		4,430		3,847		0.42	%
STATS Intermediate Holdings, LLC**
Business Services	First Lien(2)	SOFR(Q)	5.25%	10.84%	08/2021	07/2026	3,871		3,871		3,793		0.41	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(3)	SOFR(Q)	5.50%	10.83%	11/2022	04/2029	3,699		3,653		3,699
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.83%	11/2022	04/2029	66		66		66
							3,765		3,719		3,765		0.41	%
Healthspan Buyer, LLC
Healthcare	First Lien(2)(3)	SOFR(Q)	5.50%	10.83%	10/2023	10/2030	3,312		3,281		3,312		0.36	%
Michael Baker International, LLC
Business Services	First Lien(2)	SOFR(M)	4.75%	10.09%	05/2024	12/2028	3,195		3,180		3,211		0.35	%
IMO Investor Holdings, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)	5.50%	10.82%	05/2022	05/2029	2,836		2,814		2,836
	First Lien(3)	SOFR(Q)	5.50%	10.82%	05/2022	05/2029	362		361		362
							3,198		3,175		3,198		0.35	%

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

15

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
Adelaide Borrower, LLC**
Software	First Lien(2)(3)	SOFR(Q)*	3.38% +3.38%/PIK	12.08%	05/2024	05/2030	$	3,027	$	2,997	$	3,027	0.33	%
Specialtycare, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)	5.75%	11.31%	06/2021	06/2028	2,817		2,790		2,728
	First Lien(3)(4) - Drawn	SOFR(M)	4.00%	9.88%	06/2021	06/2026	85		86		82
	First Lien(3)	SOFR(Q)	5.75%	11.33%	06/2021	06/2028	22		22		21
							2,924		2,898		2,831		0.31	%
Cloudera, Inc.
Software	Second Lien	SOFR(M)	6.00%	11.44%	10/2022	10/2029	2,500		2,133		2,486		0.27	%
eResearchTechnology, Inc.
Healthcare	First Lien(2)	SOFR(M)	4.00%	9.34%	01/2021	02/2027	2,441		2,441		2,454		0.27	%
Project Power Buyer, LLC
Software	First Lien(3)	SOFR(Q)	7.00%	12.33%	01/2023	05/2026	2,298		2,277		2,298		0.25	%
KENE Acquisition, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	5.25%	10.58%	02/2024	02/2031	2,292		2,270		2,292		0.25	%
Next Holdco, LLC
Healthcare	First Lien(2)(3)	SOFR(Q)	6.00%	11.32%	11/2023	11/2030	2,282		2,267		2,282		0.25	%
More cowbell II LLC
Business Services	First Lien(2)(3)	SOFR(A)	6.00%	11.09%	08/2023	09/2030	2,126		2,112		2,110
	First Lien(3)(4) - Drawn	SOFR(S)	6.00%	11.30%	08/2023	09/2029	130		129		129
							2,256		2,241		2,239		0.24	%
AWP Group Holdings, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	5.50%	10.93%	08/2023	12/2029	1,291		1,279		1,291
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.93%	08/2023	12/2029	347		343		347
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.94%	08/2023	12/2029	125		124		125
							1,763		1,746		1,763		0.19	%
Ambrosia Holdco Corp. (7)
TMK Hawk Parent, Corp.
Distribution & Logistics	First Lien(3)	SOFR(M)*	5.25%/PIK	10.59%	01/2024	06/2029	1,628		1,574		1,404
	First Lien(3)	SOFR(M)*	1.00% +2.00%/PIK	8.34%	03/2024	06/2029	217		173		183
	Subordinated(3)	Fixed(Q)*	11.00%/PIK	11.00%	01/2024	12/2031	43		43		43
							1,888		1,790		1,630		0.18	%
KENG Acquisition, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	6.00%	11.33%	08/2023	08/2029	1,201		1,188		1,201
	First Lien(3)(4) - Drawn	SOFR(Q)	6.00%	11.33%	08/2023	08/2029	216		215		216
							1,417		1,403		1,417		0.15	%
Virtusa Corporation
Business Services	Subordinated	Fixed(S)	7.13%	7.13%	09/2022	12/2028	1,370		1,105		1,262		0.14	%
Galway Borrower LLC
Business Services	First Lien(2)(3)	SOFR(Q)	5.75%	11.18%	04/2024	09/2028	792		786		792		0.09	%
Total Funded Debt Investments - United States							$	1,395,051	$	1,382,872	$	1,382,236	149.98	%

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

16

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(3)	SOFR(Q)	5.75%	11.08%	12/2022	12/2029	$	2,245	$	2,217	$	2,245
	First Lien(3)	SOFR(Q)	5.75%	11.08%	12/2023	12/2029	874		866		874
							3,119		3,083		3,119		0.34	%
Funded Debt Investments - Australia							$	3,119	$	3,083	$	3,119	0.34	%
Total Funded Debt Investments							$	1,398,170	$	1,385,955	$	1,385,355	150.32	%
Equity - United States
Ambrosia Holdco Corp.
Distribution & Logistics	Ordinary Shares(3)(7)	—	—	—	01/2024	—	19,197		$	205	$	205	0.02	%
Pioneer Topco I, L.P.
Software	Ordinary Shares(3)(6)	—	—	—	11/2021	—	10		—		—		—	%
Total Shares - United States									$	205	$	205	0.02	%
Total Shares									$	205	$	205	0.02	%
Total Funded Investments									$	1,386,160	$	1,385,560	150.34	%
Unfunded Debt Investments - United States
Coupa Holdings, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	02/2023	08/2024	$	1,193	$	—	$	—
	First Lien(3)(4) - Undrawn	—	—	—	02/2023	02/2029	914		(9)		—
							2,107		(9)		—		—	%
PDQ.com Corporation
Software	First Lien(3)(4) - Undrawn	—	—	—	10/2023	10/2025	458		—		—
	First Lien(3)(4) - Undrawn	—	—	—	09/2021	08/2027	2,458		(8)		—
							2,916		(8)		—		—	%
Riskonnect Parent, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	03/2024	03/2026	4,127		—		—		—	%
Businessolver.com, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2024	1,698		—		—		—	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(3)(4) - Undrawn	—	—	—	09/2023	09/2025	2,982		—		—		—	%
YLG Holdings, Inc.
Business Services	First Lien(2)(3)(4) - Undrawn	—	—	—	10/2021	12/2024	189		—		—
	First Lien(3)(4) - Undrawn	—	—	—	06/2024	10/2026	591		—		—
	First Lien(3)(4) - Undrawn	—	—	—	10/2021	12/2024	464		—		—
							1,244		—		—		—	%
KPSKY Acquisition Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	11/2023	11/2025	1,019		—		—		—	%

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

17

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
Wealth Enhancement Group, LLC
Financial Services	First Lien(3)(4) - Undrawn	—	—	—	08/2021	10/2027	$	516	$	(1)	$	—	—	%
Project Power Buyer, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	01/2023	05/2025	120		(1)		—		—	%
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2027	198		(2)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(3)(4) - Undrawn	—	—	—	02/2020	02/2026	401		(2)		—		—	%
Safety Borrower Holdings LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	09/2021	09/2027	216		(1)		—		—	%
Sun Acquirer Corp.
Consumer Services	First Lien(3)(4) - Undrawn	—	—	—	09/2021	09/2027	363		(2)		—		—	%
Affinipay Midco, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	07/2022	06/2028	273		(2)		—		—	%
Bullhorn, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	05/2024	05/2026	1,174		—		—
	First Lien(3)(4) - Undrawn	—	—	—	09/2020	10/2029	1,001		(3)		—
							2,175		(3)		—		—	%
Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC)
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	05/2021	05/2027	230		(2)		—		—	%
MRI Software LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	12/2023	12/2025	1,792		—		—
	First Lien(3)(4) - Undrawn	—	—	—	01/2020	02/2027	1,000		(2)		—
							2,792		(2)		—		—	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(3)(4) - Undrawn	—	—	—	06/2021	12/2024	309		—		—
	First Lien(3)(4) - Undrawn	—	—	—	06/2021	06/2028	484		(2)		—
							793		(2)		—		—	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(3)(4) - Undrawn	—	—	—	11/2022	04/2029	216		(3)		—		—	%
TigerConnect, Inc.
Healthcare	First Lien(2)(3)(4) - Undrawn	—	—	—	02/2022	02/2025	49		—		—
	First Lien(3)(4) - Undrawn	—	—	—	02/2022	02/2028	603		(4)		—
							652		(4)		—		—	%

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

18

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
Beacon Pointe Harmony, LLC
Financial Services	First Lien(3)(4) - Undrawn	—	—	—	06/2024	12/2025	$	1,400	$	—	$	—
	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2025	63		(1)		—
	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2027	376		(2)		—
							1,839		(3)		—		—	%
Infogain Corporation
Business Services	First Lien(3)(4) - Undrawn	—	—	—	07/2021	07/2026	1,236		(4)		—		—	%
Relativity ODA LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	05/2021	05/2027	1,061		(6)		—		—	%
Daxko Acquisition Corporation
Software	First Lien(3)(4) - Undrawn	—	—	—	10/2021	10/2027	666		(7)		—		—	%
Xactly Corporation
Software	First Lien(3)(4) - Undrawn	—	—	—	06/2020	07/2025	551		(6)		—		—	%
PetVet Care Centers, LLC
Consumer Services	First Lien(3)(4) - Undrawn	—	—	—	10/2023	11/2025	962		—		—
	First Lien(3)(4) - Undrawn	—	—	—	10/2023	11/2029	962		(9)		—
							1,924		(9)		—		—	%
IG Investments Holdings, LLC
Business Services	First Lien(3)(4) - Undrawn	—	—	—	09/2021	09/2027	2,862		(20)		—		—	%
Kaseya Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	06/2022	06/2029	1,028		(8)		—
	First Lien(3)(4) - Undrawn	—	—	—	06/2022	06/2025	2,455		—		—
							3,483		(8)		—		—	%
iCIMS, Inc.
Software	First Lien(2)(3)(4) - Undrawn	—	—	—	08/2022	08/2024	3,775		—		—
	First Lien(3)(4) - Undrawn	—	—	—	08/2022	08/2028	1,683		(15)		—
							5,458		(15)		—		—	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(3)(4) - Undrawn	—	—	—	09/2022	05/2026	1,715		(15)		—
	First Lien(3)(4) - Undrawn	—	—	—	09/2022	10/2029	1,339		(15)		—
							3,054		(30)		—		—	%
Fortis Solutions Group, LLC
Packaging	First Lien(3)(4) - Undrawn	—	—	—	10/2021	10/2027	1,378		(14)		—
	First Lien(3)(4) - Undrawn	—	—	—	06/2022	06/2025	2,229		—		—
							3,607		(14)		—		—	%

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

19

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
Foreside Financial Group, LLC
Business Services	First Lien(3)(4) - Undrawn	—	—	—	05/2022	09/2027	$	977	$	(6)	$	—
	First Lien(3)(4) - Undrawn	—	—	—	05/2022	11/2024	1,034		(9)		—
	First Lien(3)(4) - Undrawn	—	—	—	03/2024	03/2026	2,258		—		—
							4,269		(15)		—		—	%
Allworth Financial Group, L.P.
Financial Services	First Lien(3)(4) - Undrawn	—	—	—	12/2020	12/2027	3,507		(15)		—		—	%
Oranje Holdco, Inc.
Education	First Lien(3)(4) - Undrawn	—	—	—	01/2023	02/2029	1,807		(17)		—		—	%
Avalara, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	10/2022	10/2028	2,001		(18)		—		—	%
USRP Holdings, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	07/2021	07/2027	288		(1)		—
	First Lien(3)(4) - Undrawn	—	—	—	07/2023	07/2025	867		—		—
							1,155		(1)		—		—	%
OA Buyer, Inc.
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2028	2,787		(28)		—		—	%
AAH Topco, LLC
Consumer Services	First Lien(3)(4) - Undrawn	—	—	—	11/2023	11/2025	1,782		—		—
	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2027	1,413		(8)		—
							3,195		(8)		—		—	%
GC Waves Holdings, Inc.
Financial Services	First Lien(3)(4) - Undrawn	—	—	—	07/2023	12/2024	3,387		—		—		—	%
Next Holdco, LLC
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	11/2023	11/2025	587		—		—
	First Lien(3)(4) - Undrawn	—	—	—	11/2023	11/2029	220		(1)		—
							807		(1)		—		—	%
PDI TA Holdings, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	01/2024	02/2026	1,133		—		—
	First Lien(3)(4) - Undrawn	—	—	—	01/2024	02/2031	491		(2)		—
							1,624		(2)		—		—	%
Bluefin Holding, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	09/2023	09/2029	407		(4)		—		—	%
Project Accelerate Parent, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	02/2024	02/2031	579		(3)		—		—	%

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

20

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
KENE Acquisition, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	02/2024	02/2026	$	1,014	$	—	$	—
	First Lien(3)(4) - Undrawn	—	—	—	02/2024	02/2031	304		(3)		—
							1,318		(3)		—		—	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Software	First Lien(3)(4) - Undrawn	—	—	—	05/2022	05/2028	844		(5)		—		—	%
Calabrio, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	04/2021	04/2027	480		(2)		—		—	%
Community Brands ParentCo, LLC
Software	First Lien(4) - Undrawn	—	—	—	02/2022	02/2028	276		(2)		—		—	%
GS Acquisitionco, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	02/2020	05/2028	1,663		(10)		—		—	%
Icefall Parent, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	01/2024	01/2030	538		(5)		—		—	%
IMO Investor Holdings, Inc.
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	05/2022	05/2028	344		(2)		—		—	%
Healthspan Buyer, LLC
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	10/2023	10/2030	799		(7)		—		—	%
AWP Group Holdings, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	08/2023	12/2029	141		(1)		—
	First Lien(3)(4) - Undrawn	—	—	—	08/2023	08/2025	353		—		—
							494		(1)		—		—	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	09/2021	09/2027	811		(8)		—		—	%
Ncontracts, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	12/2023	12/2029	335		(4)		—
	First Lien(3)(4) - Undrawn	—	—	—	12/2023	12/2025	502		—		—
							837		(4)		—		—	%
KENG Acquisition, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	08/2023	08/2029	329		(4)		—
	First Lien(3)(4) - Undrawn	—	—	—	08/2023	08/2025	698		(2)		—
							1,027		(6)		—		—	%
Enverus Holdings, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	12/2023	12/2025	755		—		—
	First Lien(3)(4) - Undrawn	—	—	—	12/2023	12/2029	1,149		(8)		—
							1,904		(8)		—		—	%

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

21

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
Ciklum Inc.**
Business Services	First Lien(3)(4) - Undrawn	—	—	—	02/2024	08/2025	$	9,453	$	—	$	—
	First Lien(3)(4) - Undrawn	—	—	—	02/2024	02/2030	2,363		(28)		—
							11,816		(28)		—		—	%
DOXA Insurance Holdings LLC
Business Services	First Lien(3)(4) - Undrawn	—	—	—	05/2024	05/2026	1,980		—		—		—	%
Al Altius US Bidco, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	05/2024	05/2026	2,000		—		—		—	%
Adelaide Borrower, LLC**
Software	First Lien(3)(4) - Undrawn	—	—	—	05/2024	05/2026	681		—		—
	First Lien(3)(4) - Undrawn	—	—	—	05/2024	05/2030	433		(4)		—
							1,114		(4)		—		—	%
Galway Borrower LLC
Business Services	First Lien(3)(4) - Undrawn	—	—	—	04/2024	10/2025	1,200		(9)		—		—	%
OEConnection LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	04/2024	04/2026	3,476		—		—
	First Lien(3)(4) - Undrawn	—	—	—	04/2024	04/2031	2,172		(11)		—
							5,648		(11)		—		—	%
CentralSquare Technologies, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	04/2024	04/2030	1,708		(21)		—		—	%
More cowbell II LLC
Business Services	First Lien(3)(4) - Undrawn	—	—	—	08/2023	09/2025	232		—		—
	First Lien(3)(4) - Undrawn	—	—	—	08/2023	09/2029	172		(1)		(1)
							404		(1)		(1)		(0.00)	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First Lien(3)(4) - Undrawn	—	—	—	07/2021	07/2026	147		(2)		(1)		(0.00)	%
Associations, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	05/2024	07/2028	1,320		(1)		(1)
	First Lien(3)(4) - Undrawn	—	—	—	05/2024	07/2028	1,648		(1)		(1)
							2,968		(2)		(2)		(0.00)	%
Specialtycare, Inc.
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	06/2021	06/2026	139		(2)		(4)		(0.00)	%
Brave Parent Holdings, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	11/2023	05/2025	607		—		(3)
	First Lien(3)(4) - Undrawn	—	—	—	11/2023	11/2030	722		(2)		(4)
							1,329		(2)		(7)		(0.00)	%

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

22

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
GraphPAD Software, LLC
Healthcare	First Lien(4) - Undrawn	—	—	—	06/2024	06/2031	$	954	$	(2)	$	(2)
	First Lien(4) - Undrawn	—	—	—	06/2024	06/2026	2,544		(6)		(6)
							3,498		(8)		(8)		(0.00)	%
Diligent Corporation
Software	First Lien(3)(4) - Undrawn	—	—	—	04/2024	08/2030	972		(4)		(4)
	First Lien(3)(4) - Undrawn	—	—	—	04/2024	04/2026	1,458		(5)		(5)
							2,430		(9)		(9)		(0.00)	%
Baker Tilly Advisory Group, LP
Financial Services	First Lien(3)(4) - Undrawn	—	—	—	05/2024	06/2026	1,129		—		—
	First Lien(3)(4) - Undrawn	—	—	—	05/2024	06/2030	1,242		(9)		(9)
							2,371		(9)		(9)		(0.00)	%
Model N, Inc.
Software	First Lien(4) - Undrawn	—	—	—	06/2024	06/2026	3,848		—		—
	First Lien(4) - Undrawn	—	—	—	06/2024	06/2031	2,052		(10)		(10)
							5,900		(10)		(10)		(0.00)	%
Pioneer Buyer I, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	11/2021	11/2027	2,590		(12)		(10)		(0.00)	%
KWOR Acquisition, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2027	663		(5)		(10)		(0.00)	%
DOCS, MSO, LLC
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	06/2022	06/2028	1,078		—		(12)		(0.00)	%
Power Grid Holdings, Inc.
Business Products	First Lien(3)(4) - Undrawn	—	—	—	11/2023	12/2030	1,511		(14)		(15)		(0.00)	%
ACI Group Holdings, Inc.
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	08/2021	08/2027	591		(6)		(14)
	First Lien(3)(4) - Undrawn	—	—	—	08/2021	08/2024	660		—		(16)
							1,251		(6)		(30)		(0.01)	%
Recorded Future, Inc.
Software	First Lien(4) - Undrawn	—	—	—	06/2024	06/2030	1,928		(10)		(10)
	First Lien(4) - Undrawn	—	—	—	06/2024	06/2026	4,112		(21)		(21)
							6,040		(31)		(31)		(0.01)	%
Zone Climate Services, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	03/2022	03/2028	3,957		(40)		(37)		(0.01)	%
Notorious Topco, LLC
Consumer Products	First Lien(3)(4) - Undrawn	—	—	—	11/2021	05/2027	1,844		(8)		(129)		(0.01)	%

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

23

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

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
Project Essential Bidco, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	04/2021	04/2027	$	2,241	$	(9)	$	(167)	(0.02)	%
Total Unfunded Debt Investments - United States							$	153,466	$	(584)	$	(492)	(0.06)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(3)(4) - Undrawn	—	—	—	12/2022	12/2028	$	208	$	(2)	$	—	—	%
Total Unfunded Debt Investments - Australia							$	208	$	(2)	$	—	—	%
Total Unfunded Debt Investments							$	153,674	$	(586)	$	(492)	(0.06)	%
Total Non-Controlled/Non-Affiliated Investments									$	1,385,574	$	1,385,068	150.28	%
Total Investments									$	1,385,574	$	1,385,068	150.28	%

(1)NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(2)Investment is pledged as collateral for the Wells Credit Facility, a revolving credit facility among New Mountain Finance Advisers BDC, L.L.C. (the "Adviser") as collateral manager, NMF SLF I SPV, L.L.C. ("SLF I SPV") as the borrower, the Company as equityholder and seller, Wells Fargo Bank, National Association as the administrative agent and collateral custodian, and each of the lenders from time to time party thereto. See Note 6. Borrowings, for details.

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

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

(5)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 Prime Rate (P), Secured Overnight Financing Rate (SOFR) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), or semi-annually (S). For each investment, the current interest rate provided reflects the rate in effect as of June 30, 2024.

(6)The Company holds investments in Pioneer Topco I, L.P. and a wholly-owned subsidiary of Pioneer Topco I, L.P. The Company holds two first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, and common equity in Pioneer Topco I, L.P.

(7)The Company holds ordinary shares in Ambrosia Holdco Corp. and two first lien term loans and a subordinated loan in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Holdco Corp.

*    All or a portion of interest contains payment-in kind ("PIK") interest. See Note 2. Summary of Significant Accounting Policies—Revenue Recognition for details.

**    Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended. Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of June 30, 2024, 2.85% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

24

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

June 30, 2024

(in thousands, except shares)

(unaudited)

	June 30, 2024
Investment Type	Percent of Total Investments at Fair Value
First lien	96.10	%
Second lien	3.47	%
Subordinated	0.41	%
Equity and other	0.02	%
Total investments	100.00	%

	June 30, 2024
Industry Type	Percent of Total Investments at Fair Value
Software	41.98	%
Business Services	21.77	%
Healthcare	15.11	%
Financial Services	7.00	%
Consumer Services	4.83	%
Education	3.07	%
Food & Beverage	1.69	%
Consumer Products	1.51	%
Packaging	1.30	%
Distribution & Logistics	0.84	%
Business Products	0.46	%
Specialty Chemicals & Materials	0.44	%
Total investments	100.00	%

	June 30, 2024
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	99.59	%
Fixed rates	0.41	%
Total investments	100.00	%

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

25

NMF SLF I, Inc.

Consolidated Schedule of Investments

December 31, 2023

(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(3)	SOFR(Q)	5.75%	11.23%	12/2020	10/2027	$	18,304	$	18,220	$	18,304
	First Lien(3)	SOFR(Q)	5.75%	11.11%	08/2021	10/2027	5,835		5,825		5,835
	First Lien(3)	SOFR(Q)	5.75%	11.23%	06/2021	10/2027	4,910		4,894		4,910
	First Lien(3)(4) - Drawn	SOFR(Q)	5.75%	11.20%	05/2022	10/2027	2,274		2,269		2,273
							31,323		31,208		31,322		3.62	%
Affinipay Midco, LLC
Software	First Lien(2)(3)	SOFR(Q)	5.50%	10.88%	10/2023	06/2028	17,858		17,858		17,858
	First Lien(2)(3)	SOFR(M)	5.50%	10.86%	07/2022	06/2028	7,219		7,186		7,219
	First Lien(2)(3)	SOFR(Q)	5.50%	10.88%	10/2023	06/2028	2,735		2,735		2,735
	First Lien(2)(3)	SOFR(Q)	5.50%	10.88%	10/2023	06/2028	1,785		1,785		1,785
	First Lien(3)	SOFR(Q)	5.50%	10.88%	07/2022	06/2028	1,023		1,013		1,023
							30,620		30,577		30,620		3.54	%
GS Acquisitionco, Inc.
Software	First Lien(2)(3)	SOFR(Q)	5.50%	11.00%	02/2020	05/2026	24,103		24,038		24,103
	First Lien(3)	SOFR(Q)	5.50%	11.00%	02/2020	05/2026	5,702		5,684		5,702
							29,805		29,722		29,805		3.45	%
Pye-Barker Fire & Safety, LLC
Business Services	First Lien(3)	SOFR(Q)	5.50%	11.00%	10/2020	11/2027	19,435		19,254		19,435
	First Lien(3)	SOFR(Q)	5.50%	11.00%	11/2021	11/2027	10,345		10,265		10,345
							29,780		29,519		29,780		3.44	%
Associations, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)*	4.00%+2.50%/PIK	12.17%	07/2021	07/2027	15,303		15,260		15,303
	First Lien(3)	SOFR(Q)*	4.00%+2.50%/PIK	12.13%	07/2021	07/2027	3,765		3,754		3,765
	First Lien(3)	SOFR(Q)*	4.00% +2.50%/PIK	12.15%	07/2021	07/2027	3,765		3,753		3,765
	First Lien(3)	SOFR(Q)*	4.00%+2.50%/PIK	12.13%	07/2021	07/2027	2,274		2,267		2,274
	First Lien(3)	SOFR(Q)*	4.00% +2.50%/PIK	12.17%	07/2021	07/2027	1,809		1,803		1,809
	First Lien(2)(3)	SOFR(Q)*	4.00%+2.50%/PIK	12.16%	10/2023	07/2027	1,549		1,542		1,549
	First Lien(3)(4) - Drawn	SOFR(Q)	6.50%	12.14%	07/2021	07/2027	522		522		522
							28,987		28,901		28,987		3.35	%
Higginbotham Insurance Agency, Inc.
Business Services	First Lien(2)(3)	SOFR(M)	5.50%	10.96%	11/2020	11/2028	23,428		23,333		23,428
	First Lien(3)	SOFR(M)	5.50%	10.96%	11/2020	11/2028	4,619		4,594		4,619
							28,047		27,927		28,047		3.24	%
Zone Climate Services, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	5.25%	10.80%	03/2022	03/2028	27,682		27,463		27,610
	First Lien(3)(4) - Drawn	P(M)	4.50%	13.00%	03/2022	03/2028	385		396		385
							28,067		27,859		27,995		3.24	%

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

26

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Syndigo LLC
Software	First Lien(2)(3)	SOFR(M)	4.50%	9.97%	12/2020	12/2027	$	23,502	$	23,188	$	23,502
	Second Lien(3)	SOFR(M)	8.00%	13.48%	12/2020	12/2028	4,000		3,978		4,000
							27,502		27,166		27,502		3.18	%
iCIMS, Inc.
Software	First Lien(2)(3)	SOFR(Q)*	3.38% +3.88%/PIK	12.62%	08/2022	08/2028	20,430		20,293		20,579
	First Lien(3)	SOFR(Q)	7.25%	12.62%	10/2022	08/2028	5,126		5,088		5,177
	First Lien(3)(4) - Drawn	SOFR(Q)	6.75%	12.10%	08/2022	08/2028	312		313		312
							25,868		25,694		26,068		3.01	%
Allworth Financial Group, L.P.
Financial Services	First Lien(2)(3)	SOFR(M)	5.50%	10.96%	12/2020	12/2026	17,567		17,468		17,567
	First Lien(3)	SOFR(M)	5.50%	10.96%	12/2020	12/2026	5,318		5,286		5,318
	First Lien(3)	SOFR(M)	5.50%	10.96%	01/2022	12/2026	2,589		2,573		2,589
							25,474		25,327		25,474		2.94	%
OA Buyer, Inc.
Healthcare	First Lien(2)(3)	SOFR(M)	5.50%	10.86%	12/2021	12/2028	23,401		23,221		23,401
	First Lien(2)(3)	SOFR(M)	5.50%	10.86%	05/2022	12/2028	1,481		1,470		1,481
							24,882		24,691		24,882		2.88	%
Diamondback Acquisition, Inc.
Software	First Lien(2)(3)	SOFR(M)	5.50%	10.96%	09/2021	09/2028	24,821		24,640		24,474		2.83	%
AAH Topco, LLC
Consumer Services	First Lien(3)	SOFR(M)	5.50%	10.96%	12/2021	12/2027	11,748		11,674		11,749
	First Lien(2)(3)	SOFR(M)	5.50%	10.96%	12/2021	12/2027	11,636		11,552		11,636
							23,384		23,226		23,385		2.70	%
Kaseya Inc.
Software	First Lien(2)(3)	SOFR(Q)*	3.50%+2.50%/PIK	11.38%	06/2022	06/2029	22,714		22,550		22,714
	First Lien(3)(4) - Drawn	SOFR(M)	5.50%	10.86%	06/2022	06/2029	346		344		346
	First Lien(3)(4) - Drawn	SOFR(Q)*	3.50% +2.50%/PIK	11.38%	06/2022	06/2029	84		89		84
							23,144		22,983		23,144		2.68	%
PDQ.com Corporation
Software	First Lien(3)	SOFR(Q)	5.21%	10.66%	09/2021	08/2027	13,225		13,181		13,225
	First Lien(3)	SOFR(Q)	5.21%	10.66%	09/2021	08/2027	9,060		9,029		9,060
	First Lien(2)(3)	SOFR(Q)	5.75%	11.18%	10/2023	08/2027	704		698		704
							22,989		22,908		22,989		2.66	%
Diligent Corporation
Software	First Lien(2)(3)	SOFR(Q)	6.25%	11.78%	08/2020	08/2025	14,596		14,530		14,310
	First Lien(2)(3)	SOFR(Q)	5.75%	11.28%	03/2021	08/2025	5,525		5,514		5,396
	First Lien(3)(4) - Drawn	SOFR(Q)	6.25%	11.76%	08/2020	08/2025	1,279		1,286		1,254
	First Lien(3)	SOFR(Q)	6.25%	11.78%	08/2020	08/2025	1,221		1,216		1,197
	First Lien(3)	SOFR(Q)	6.25%	11.78%	08/2020	08/2025	770		766		755
	First Lien(2)(3)	SOFR(Q)	5.75%	11.28%	03/2021	08/2025	41		40		40
							23,432		23,352		22,952		2.65	%
Anaplan, Inc.
Software	First Lien(2)(3)	SOFR(Q)	6.50%	11.85%	06/2022	06/2029	22,941		22,749		22,941		2.65	%
IG Investments Holdings, LLC
Business Services	First Lien(2)(3)	SOFR(Q)	6.00%	11.48%	09/2021	09/2028	22,907		22,738		22,907		2.65	%

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

27

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Thermostat Purchaser III, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	4.50%	10.04%	08/2021	08/2028	$	18,665	$	18,632	$	18,423
	First Lien(3)	SOFR(Q)	4.50%	10.04%	08/2021	08/2028	3,357		3,348		3,314
							22,022		21,980		21,737		2.51	%
CCBlue Bidco, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)*	3.50%+2.75%/PIK	11.70%	12/2021	12/2028	21,361		21,208		20,271
	First Lien(3)	SOFR(Q)*	3.50% +2.75%/PIK	11.70%	12/2021	12/2028	1,110		1,108		1,054
							22,471		22,316		21,325		2.47	%
Eisner Advisory Group LLC
Financial Services	First Lien(2)	SOFR(M)	5.25%	10.72%	08/2021	07/2028	19,455		19,360		19,504
	First Lien	SOFR(M)	5.25%	10.72%	08/2021	07/2028	1,646		1,640		1,650
							21,101		21,000		21,154		2.45	%
Notorious Topco, LLC
Consumer Products	First Lien(2)(3)	SOFR(Q)	6.75%	12.28%	11/2021	11/2027	20,840		20,729		19,302
	First Lien(3)	SOFR(Q)	6.75%	12.28%	11/2021	11/2027	1,816		1,807		1,682
	First Lien(3)(4) - Drawn	SOFR(Q)	6.75%	12.28%	11/2021	05/2027	123		127		114
							22,779		22,663		21,098		2.44	%
Avalara, Inc.
Software	First Lien(3)	SOFR(Q)	7.25%	12.60%	10/2022	10/2028	20,012		19,799		20,012		2.31	%
Recorded Future, Inc.
Software	First Lien(2)(3)	SOFR(M)	5.25%	10.71%	12/2021	07/2025	7,350		7,333		7,350
	First Lien(2)(3)	SOFR(M)	5.25%	10.71%	08/2020	07/2025	5,700		5,680		5,700
	First Lien(3)	SOFR(M)	5.25%	10.71%	08/2020	07/2025	4,063		4,038		4,063
	First Lien(2)(3)	SOFR(M)	5.25%	10.71%	01/2022	07/2025	2,467		2,458		2,467
							19,580		19,509		19,580		2.26	%
GraphPAD Software, LLC
Healthcare	First Lien(2)(3)	SOFR(S)	5.50%	11.22%	12/2021	04/2027	9,105		9,074		9,105
	First Lien(2)(3)	SOFR(S)	5.50%	11.19%	04/2021	04/2027	6,825		6,804		6,825
	First Lien(3)	SOFR(S)	5.50%	11.13%	12/2021	04/2027	2,068		2,061		2,068
	First Lien(2)(3)	SOFR(S)	5.50%	11.22%	10/2021	04/2027	1,049		1,046		1,049
	First Lien(3)(4) - Drawn	P(Q)	5.00%	13.50%	04/2021	04/2027	500		500		500
							19,547		19,485		19,547		2.26	%
DECA Dental Holdings LLC
Healthcare	First Lien(2)(3)	SOFR(Q)	5.75%	11.20%	08/2021	08/2028	16,692		16,570		16,386
	First Lien(3)	SOFR(Q)	5.75%	11.20%	08/2021	08/2028	1,757		1,753		1,725
	First Lien(3)(4) - Drawn	SOFR(Q)	5.75%	11.20%	08/2021	08/2027	1,168		1,162		1,147
							19,617		19,485		19,258		2.23	%
KWOR Acquisition, Inc.
Business Services	First Lien(2)(3)	SOFR(M)	5.25%	10.71%	12/2021	12/2028	17,513		17,412		17,513
	First Lien(3)(4) - Drawn	P(Q)	4.25%	12.75%	12/2021	12/2027	1,240		1,238		1,240
							18,753		18,650		18,753		2.17	%
Auctane Inc. (fka Stamps.com Inc.)
Software	First Lien(2)(3)	SOFR(Q)	5.75%	11.23%	10/2021	10/2028	11,516		11,430		11,319
	First Lien(2)(3)	SOFR(Q)	5.75%	11.23%	12/2021	10/2028	7,238		7,183		7,114
							18,754		18,613		18,433		2.13	%

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

28

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Fortis Solutions Group, LLC
Packaging	First Lien(2)(3)	SOFR(Q)	5.50%	10.95%	10/2021	10/2028	$	12,154	$	12,064	$	12,077
	First Lien(3)	SOFR(Q)	5.50%	10.95%	10/2021	10/2028	5,081		5,049		5,048
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.95%	10/2021	10/2027	86		91		86
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.98%	06/2022	10/2028	83		82		83
	First Lien(3)	SOFR(Q)	5.50%	10.95%	10/2021	10/2028	48		44		48
							17,452		17,330		17,342		2.00	%
MRI Software LLC
Software	First Lien(2)(3)	SOFR(Q)	5.50%	10.95%	01/2020	02/2027	10,805		10,782		10,777
	First Lien(2)(3)	SOFR(Q)	5.50%	10.95%	03/2021	02/2027	3,064		3,061		3,056
	First Lien(3)	SOFR(Q)	5.50%	10.95%	03/2021	02/2027	2,867		2,862		2,859
	First Lien(3)	SOFR(Q)	5.50%	10.95%	01/2020	02/2027	312		312		311
							17,048		17,017		17,003		1.97	%
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(2)(3)	SOFR(Q)	5.75%	11.25%	12/2021	12/2027	8,939		8,875		8,795
	First Lien(3)	SOFR(Q)	5.75%	11.28%	12/2021	12/2027	3,001		2,979		2,952
	First Lien(3)	SOFR(Q)	5.75%	11.25%	12/2021	12/2027	2,982		2,960		2,934
	First Lien(3)(4) - Drawn	SOFR(Q)	6.00%	11.52%	07/2022	12/2027	1,528		1,516		1,515
	First Lien(3)(4) - Drawn	SOFR(M)	5.75%	11.26%	12/2021	12/2027	274		275		269
							16,724		16,605		16,465		1.90	%
Foreside Financial Group, LLC
Business Services	First Lien(2)(3)	SOFR(Q)	5.50%	11.04%	05/2022	09/2027	14,752		14,642		14,752
	First Lien(3)	SOFR(Q)	5.50%	11.04%	05/2022	09/2027	1,118		1,117		1,118
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	11.02%	05/2022	09/2027	469		467		469
							16,339		16,226		16,339		1.89	%
Granicus, Inc.
Software	First Lien(2)(3)	SOFR(Q)*	5.50%+1.50%/PIK	12.48%	01/2021	01/2027	10,681		10,635		10,681
	First Lien(3)	SOFR(Q)*	5.50%+1.50%/PIK	12.48%	01/2021	01/2027	2,991		2,978		2,991
	First Lien(3)	SOFR(Q)	6.00%	11.48%	04/2021	01/2027	2,271		2,258		2,271
	First Lien(3)(4) - Drawn	SOFR(M)	6.50%	11.96%	01/2021	01/2027	252		254		252
							16,195		16,125		16,195		1.87	%
Project Essential Bidco, Inc.
Software	First Lien(2)(3)	SOFR(Q)*	3.00% +3.25%/PIK	11.78%	04/2021	04/2028	17,393		17,291		16,089		1.86	%
Ocala Bidco, Inc.
Healthcare	First Lien(2)(3)	SOFR(M)*	3.50%+2.75%/PIK	11.72%	12/2021	11/2028	16,114		15,969		16,114		1.86	%
Pioneer Topco I, L.P. (6)
Pioneer Buyer I, LLC
Software	First Lien(3)	SOFR(Q)*	7.00%/PIK	12.35%	11/2021	11/2028	14,048		13,965		14,048
	First Lien(3)	SOFR(Q)*	7.00%/PIK	12.35%	03/2022	11/2028	1,925		1,914		1,925
							15,973		15,879		15,973		1.85	%

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

29

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Foundational Education Group, Inc.
Education	First Lien(2)(3)	SOFR(Q)	4.25%	9.89%	08/2021	08/2028	$	9,285	$	9,252	$	9,285
	Second Lien(2)(3)	SOFR(Q)	6.50%	12.14%	08/2021	08/2029	6,488		6,463		6,372
							15,773		15,715		15,657		1.81	%
Enverus Holdings, Inc.
Business Services	First Lien(2)	SOFR(M)	5.50%	10.86%	12/2023	12/2029	15,097		14,983		14,983		1.73	%
Businessolver.com, Inc.
Software	First Lien(2)(3)	SOFR(M)	5.50%	10.96%	12/2021	12/2027	14,599		14,555		14,599
	First Lien(3)(4) - Drawn	SOFR(M)	5.50%	10.96%	12/2021	12/2027	349		349		349
							14,948		14,904		14,948		1.73	%
Oranje Holdco, Inc.
Education	First Lien(3)	SOFR(Q)	7.50%	12.88%	01/2023	02/2029	14,453		14,293		14,454		1.67	%
Sierra Enterprises, LLC
Food & Beverage	First Lien	SOFR(Q)*	2.50% +4.25%/PIK	12.13%	07/2023	05/2027	15,531		13,425		14,405		1.67	%
RealPage, Inc.
Software	Second Lien	SOFR(M)	6.50%	11.97%	02/2021	04/2029	13,612		13,536		13,646		1.58	%
Coupa Holdings, LLC
Software	First Lien(2)(3)	SOFR(M)	7.50%	12.86%	02/2023	02/2030	13,366		13,213		13,502		1.56	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Software	First Lien(2)(3)	SOFR(M)	5.25%	10.61%	05/2022	05/2029	10,000		9,918		10,000
	First Lien(2)(3)	SOFR(M)	5.75%	11.11%	10/2023	05/2029	3,015		2,986		3,015
							13,015		12,904		13,015		1.50	%
CentralSquare Technologies, LLC
Software	First Lien(2)	SOFR(Q)	3.75%	9.25%	04/2020	08/2025	13,233		12,397		12,832		1.48	%
Relativity ODA LLC
Software	First Lien(3)	SOFR(M)	6.50%	11.96%	05/2021	05/2027	12,414		12,332		12,414		1.44	%
Geo Parent Corporation
Business Services	First Lien(2)(3)	SOFR(S)	5.25%	10.80%	05/2020	12/2028	11,952		11,823		11,952		1.38	%
Nielsen Consumer Inc.**
Business Services	First Lien(2)	SOFR(M)	6.25%	11.61%	02/2023	03/2028	12,138		11,406		11,906		1.38	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)	5.50%	11.00%	09/2021	09/2027	11,220		11,144		10,934
	First Lien(3)(4) - Drawn	SOFR(M)	5.50%	10.96%	09/2021	09/2027	574		574		559
							11,794		11,718		11,493		1.33	%
Daxko Acquisition Corporation
Software	First Lien(2)(3)	SOFR(M)	5.50%	10.96%	10/2021	10/2028	10,335		10,258		10,335
	First Lien(3)	SOFR(M)	5.50%	10.96%	10/2021	10/2028	871		866		871
	First Lien(3)(4) - Drawn	P(Q)	4.50%	13.00%	10/2021	10/2027	52		55		52
	First Lien(3)(4) - Drawn	SOFR(M)	5.50%	10.96%	10/2021	10/2028	52		50		52
							11,310		11,229		11,310		1.31	%
DOCS, MSO, LLC
Healthcare	First Lien(2)(3)	SOFR(M)	5.75%	11.20%	06/2022	06/2028	11,448		11,448		11,242		1.30	%

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

30

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Bullhorn, Inc.
Software	First Lien(2)(3)	SOFR(M)	5.50%	10.96%	09/2020	09/2026	$	9,555	$	9,519	$	9,555
	First Lien(3)	SOFR(M)	5.50%	10.96%	09/2020	09/2026	1,218		1,217		1,218
							10,773		10,736		10,773		1.25	%
Snap One Holdings Corp.**
Distribution & Logistics	First Lien(2)	SOFR(Q)	4.50%	10.00%	11/2021	12/2028	10,983		10,943		10,763		1.24	%
CFS Management, LLC
Healthcare	First Lien(2)(3)	SOFR(Q)*	6.25% +0.75%/PIK	12.61%	09/2021	07/2024	8,638		8,628		7,547
	First Lien(3)	SOFR(Q)*	6.25%+0.75%/PIK	12.61%	09/2021	07/2024	3,300		3,296		2,883
							11,938		11,924		10,430		1.21	%
GC Waves Holdings, Inc.
Financial Services	First Lien(2)(3)	SOFR(M)	6.00%	11.46%	04/2022	08/2028	7,122		7,078		7,122
	First Lien(3)	SOFR(M)	6.00%	11.46%	04/2022	08/2028	2,488		2,472		2,488
	First Lien(3)(4) - Drawn	SOFR(M)	6.00%	11.46%	07/2023	08/2028	456		512		456
	First Lien(3)	SOFR(M)	6.00%	11.46%	08/2021	08/2028	67		66		67
							10,133		10,128		10,133		1.17	%
TRC Companies L.L.C. (fka Energize Holdco LLC)
Business Services	Second Lien(2)(3)	SOFR(M)	6.75%	12.22%	11/2021	12/2029	10,000		9,960		9,698		1.12	%
RXB Holdings, Inc.
Healthcare	First Lien(2)	SOFR(M)	4.50%	9.97%	07/2021	12/2027	6,286		6,275		6,274
	First Lien(2)(3)	SOFR(M)	5.25%	10.61%	06/2023	12/2027	3,407		3,330		3,407
							9,693		9,605		9,681		1.12	%
Infogain Corporation
Business Services	First Lien(2)(3)	SOFR(M)	5.50%	10.96%	07/2021	07/2028	6,039		6,007		6,039
	First Lien(2)(3)	SOFR(M)	5.50%	10.96%	07/2022	07/2028	3,549		3,520		3,549
	Subordinated(3)	SOFR(Q)	8.25%	13.70%	07/2022	07/2029	1		1		1
							9,589		9,528		9,589		1.11	%
Xactly Corporation
Software	First Lien(3)	SOFR(Q)	7.25%	12.74%	06/2020	07/2025	9,449		9,269		9,449		1.09	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(3)	SOFR(M)	6.75%	12.11%	09/2022	10/2029	9,104		8,986		9,104		1.05	%
ACI Group Holdings, Inc.
Healthcare	First Lien(2)(3)	SOFR(M)	5.50%	10.96%	08/2021	08/2028	7,367		7,315		7,191
	First Lien(3)	SOFR(M)	5.50%	10.96%	08/2021	08/2028	1,306		1,302		1,275
	First Lien(3)(4) - Drawn	SOFR(M)	5.50%	10.96%	08/2021	08/2028	467		458		456
	First Lien(3)(4) - Drawn	SOFR(M)	5.50%	10.96%	08/2021	08/2027	118		120		115
							9,258		9,195		9,037		1.04	%
NMC Crimson Holdings, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)	6.09%	11.64%	03/2021	03/2028	7,401		7,327		7,353
	First Lien(3)(4) - Drawn	SOFR(Q)	6.09%	11.62%	03/2021	03/2028	1,535		1,530		1,525
							8,936		8,857		8,878		1.03	%

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

31

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Al Altius US Bidco, Inc.
Business Services	First Lien(2)(3)	SOFR(S)	5.08%	10.43%	10/2023	12/2028	$	2,876	$	2,862	$	2,876
	First Lien(2)(3)	SOFR(S)	5.08%	10.43%	10/2023	12/2028	2,599		2,586		2,599
	First Lien(2)(3)	SOFR(S)	5.08%	10.43%	07/2023	12/2028	1,025		1,020		1,025
	First Lien(3)	SOFR(S)	5.08%	10.43%	07/2023	12/2028	1,134		1,123		1,134
							7,634		7,591		7,634		0.88	%
Brave Parent Holdings, Inc.
Software	First Lien(2)(3)	SOFR(M)	5.00%	10.36%	11/2023	11/2030	7,584		7,546		7,546		0.87	%
PetVet Care Centers, LLC
Consumer Services	First Lien(2)	SOFR(M)	6.00%	11.36%	10/2023	11/2030	7,373		7,300		7,375		0.85	%
OEConnection LLC
Software	Second Lien(2)(3)	SOFR(M)	7.00%	12.46%	12/2021	09/2027	7,360		7,308		7,360		0.85	%
DCA Investment Holding, LLC
Healthcare	First Lien(2)(3)	SOFR(Q)	6.41%	11.75%	03/2021	04/2028	6,276		6,245		6,088
	First Lien(3)	SOFR(Q)	6.41%	11.75%	03/2021	04/2028	520		516		504
	First Lien(3)	SOFR(Q)	6.41%	11.75%	03/2021	04/2028	357		356		347
	First Lien(3)	SOFR(Q)	6.50%	11.85%	12/2022	04/2028	243		240		236
							7,396		7,357		7,175		0.83	%
Maverick Bidco Inc.
Software	Second Lien(3)	SOFR(Q)	6.75%	12.28%	04/2021	05/2029	6,800		6,786		6,693		0.77	%
Project Alpha Intermediate Holding, Inc.
Software	First Lien(2)	SOFR(M)	4.75%	10.11%	10/2023	10/2030	6,500		6,372		6,554		0.76	%
Power Grid Holdings, Inc.
Business Products	First Lien(2)(3)	SOFR(Q)	4.75%	10.14%	11/2023	12/2030	6,407		6,342		6,343
	First Lien(3)(4) - Drawn	SOFR(Q)	4.75%	10.12%	11/2023	12/2030	76		75		75
							6,483		6,417		6,418		0.74	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(2)(3)	SOFR(S)	5.75%	11.29%	06/2021	06/2027	4,966		4,934		4,966
	First Lien(3)(4) - Drawn	SOFR(S)	5.75%	11.19%	06/2021	06/2027	1,314		1,305		1,314
							6,280		6,239		6,280		0.73	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First Lien(2)	SOFR(Q)	6.00%	11.53%	03/2020	02/2026	5,319		5,308		5,319
	First Lien(2)	SOFR(Q)	8.00%	13.54%	10/2020	08/2026	957		952		957
							6,276		6,260		6,276		0.73	%
CommerceHub, Inc.
Software	First Lien(3)	SOFR(Q)	6.25%	11.79%	06/2023	12/2027	6,053		5,704		6,054		0.70	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First Lien(2)(3)	SOFR(Q)*	6.75% +2.00%/PIK	14.10%	07/2021	07/2027	5,462		5,423		5,224
	First Lien(3)(4) - Drawn	SOFR(M)*	6.75%+2.00%/PIK	14.11%	07/2021	07/2026	608		605		581
							6,070		6,028		5,805		0.67	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(2)(3)	SOFR(M)	5.25%	10.71%	02/2020	02/2026	5,764		5,752		5,764		0.67	%

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

32

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Therapy Brands Holdings LLC
Healthcare	Second Lien(2)(3)	SOFR(M)	6.75%	12.22%	05/2021	05/2029	$	6,000	$	5,971	$	5,693	0.66	%
KPSKY Acquisition Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	5.25%	10.73%	10/2021	10/2028	4,338		4,306		4,253
	First Lien(3)	SOFR(Q)	5.25%	10.73%	06/2022	10/2028	744		738		729
	First Lien(3)	SOFR(Q)	5.25%	10.76%	10/2021	10/2028	497		493		487
	First Lien(3)(4) - Drawn	SOFR(Q)	5.75%	11.23%	11/2023	10/2028	12		12		12
							5,591		5,549		5,481		0.63	%
Aretec Group, Inc.
Financial Services	First Lien(2)	SOFR(M)	4.50%	9.96%	10/2023	08/2030	5,449		5,286		5,454		0.63	%
Ncontracts, LLC
Software	First Lien(2)	SOFR(S)	6.50%	11.80%	12/2023	12/2029	5,442		5,374		5,374		0.62	%
Beacon Pointe Harmony, LLC
Financial Services	First Lien(2)(3)	SOFR(M)	5.50%	10.86%	12/2021	12/2028	3,567		3,540		3,531
	First Lien(3)	SOFR(M)	5.50%	10.86%	12/2021	12/2028	1,399		1,391		1,385
	First Lien(3)(4) - Drawn	SOFR(M)	5.50%	10.86%	12/2021	12/2028	113		116		112
							5,079		5,047		5,028		0.58	%
DS Admiral Bidco, LLC
Software	First Lien(3)	SOFR(Q)	7.00%	12.35%	12/2022	03/2028	4,857		4,791		4,917		0.57	%
Safety Borrower Holdings LLC
Software	First Lien(2)(3)	SOFR(M)	5.25%	10.75%	09/2021	09/2027	3,669		3,656		3,669
	First Lien(3)	SOFR(M)	5.25%	10.75%	09/2021	09/2027	819		817		819
	First Lien(3)(4) - Drawn	P(Q)	4.25%	12.75%	09/2021	09/2027	249		249		249
							4,737		4,722		4,737		0.55	%
USRP Holdings, Inc.
Business Services	First Lien(2)(3)	SOFR(S)	5.75%	11.18%	07/2021	07/2027	3,624		3,600		3,624
	First Lien(3)	SOFR(S)	5.75%	11.18%	07/2021	07/2027	472		469		472
	First Lien(3)(4) - Drawn	SOFR(S)	5.75%	11.18%	07/2023	07/2027	393		406		393
							4,489		4,475		4,489		0.52	%
Community Brands ParentCo, LLC
Software	First Lien(2)(3)	SOFR(M)	5.50%	10.96%	02/2022	02/2028	4,609		4,575		4,485		0.52	%
TigerConnect, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)*	3.38% +3.38%/PIK	12.28%	02/2022	02/2028	4,223		4,192		4,187
	First Lien(2)(3)(4) - Drawn	SOFR(Q)*	3.38% +3.38%/PIK	12.28%	02/2022	02/2028	191		191		190
							4,414		4,383		4,377		0.51	%
Sun Acquirer Corp.
Consumer Services	First Lien(2)(3)	SOFR(M)	5.75%	11.22%	09/2021	09/2028	2,564		2,548		2,521
	First Lien(3)	SOFR(M)	5.75%	11.22%	09/2021	09/2028	1,812		1,794		1,782
	First Lien(3)(4) - Drawn	SOFR(M)	5.75%	11.22%	09/2021	09/2027	73		74		71
							4,449		4,416		4,374		0.51	%
Houghton Mifflin Harcourt Company
Education	First Lien(2)	SOFR(M)	5.25%	10.71%	10/2023	04/2029	4,434		4,179		4,357		0.50	%

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

33

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Calabrio, Inc.
Software	First Lien	SOFR(M)	7.13%	12.48%	04/2021	04/2027	$	3,986	$	3,968	$	3,946
	First Lien(4) - Drawn	SOFR(M)	7.13%	12.48%	04/2021	04/2027	274		274		272
							4,260		4,242		4,218		0.49	%
Bluefin Holding, LLC
Software	First Lien(2)(3)	SOFR(S)	7.25%	12.72%	09/2023	09/2029	4,128		4,078		4,076		0.47	%
Greenway Health, LLC
Healthcare	First Lien(2)	SOFR(S)	6.75%	11.93%	12/2023	04/2029	4,127		4,065		4,065		0.47	%
Appriss Health, LLC
Healthcare	First Lien(3)	SOFR(Q)	6.75%	12.32%	05/2021	05/2027	4,022		3,997		4,022		0.46	%
YLG Holdings, Inc.
Business Services	First Lien(3)	SOFR(Q)	5.00%	10.48%	10/2021	10/2025	3,727		3,713		3,727
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.99%	10/2021	10/2025	248		240		248
							3,975		3,953		3,975		0.46	%
Convey Health Solutions, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)	5.25%	10.70%	02/2022	09/2026	4,488		4,445		3,956		0.46	%
STATS Intermediate Holdings, LLC**
Business Services	First Lien(2)	SOFR(Q)	5.25%	10.88%	08/2021	07/2026	3,891		3,891		3,799		0.44	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(3)	SOFR(Q)	6.75%	12.10%	11/2022	04/2029	3,717		3,668		3,717
	First Lien(3)(4) - Drawn	SOFR(Q)	6.75%	12.10%	11/2022	04/2028	56		56		56
							3,773		3,724		3,773		0.44	%
Healthspan Buyer, LLC
Healthcare	First Lien(2)(3)	SOFR(Q)	5.75%	11.10%	10/2023	10/2030	3,328		3,296		3,295		0.38	%
IMO Investor Holdings, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)	6.00%	11.40%	05/2022	05/2029	2,850		2,827		2,827
	First Lien(3)(4) - Drawn	SOFR(S)	6.00%	11.39%	05/2022	05/2029	253		255		251
	First Lien(3)(4) - Drawn	SOFR(S)	6.00%	11.42%	05/2022	05/2028	14		15		14
							3,117		3,097		3,092		0.36	%
Quartz Holding Company
Software	Second Lien(2)(3)	SOFR(M)	8.00%	13.46%	10/2020	04/2027	3,000		2,991		3,000		0.35	%
Specialtycare, Inc.
Healthcare	First Lien(2)(3)	SOFR(Q)	5.75%	11.41%	06/2021	06/2028	2,832		2,802		2,718
	First Lien(3)(4) - Drawn	SOFR(M)	4.00%	9.46%	06/2021	06/2026	31		32		30
	First Lien(3)	SOFR(Q)	5.75%	11.41%	06/2021	06/2028	22		22		21
							2,885		2,856		2,769		0.32	%
eResearchTechnology, Inc.
Healthcare	First Lien(2)	SOFR(M)	4.50%	9.97%	01/2021	02/2027	2,453		2,453		2,454		0.28	%
Cloudera, Inc.
Software	Second Lien	SOFR(M)	6.00%	11.46%	10/2022	10/2029	2,500		2,110		2,408		0.28	%
Project Power Buyer, LLC
Software	First Lien(3)	SOFR(Q)	7.00%	12.35%	01/2023	05/2026	2,309		2,284		2,309		0.27	%

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

34

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Next Holdco, LLC
Healthcare	First Lien(2)(3)	SOFR(M)	6.00%	11.37%	11/2023	11/2030	$	2,288	$	2,271	$	2,271	0.26	%
More cowbell II LLC
Business Services	First Lien(2)(3)	SOFR(S)	6.00%	11.48%	08/2023	09/2030	2,131		2,116		2,115
	First Lien(3)(4) - Drawn	SOFR(Q)	6.00%	11.37%	08/2023	09/2029	56		55		55
							2,187		2,171		2,170		0.25	%
TMK Hawk Parent, Corp.
Distribution & Logistics	First Lien(3)	SOFR(Q)	3.50%	9.14%	09/2022	08/2024	2,468		2,054		1,481
	First Lien	SOFR(M)	9.50%	14.98%	12/2023	05/2024	157		157		157
							2,625		2,211		1,638		0.19	%
KENG Acquisition, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	6.25%	11.60%	08/2023	08/2029	1,207		1,193		1,192
	First Lien(3)(4) - Drawn	SOFR(Q)	6.25%	11.60%	08/2023	08/2029	150		150		148
	First Lien(3)(4) - Drawn	SOFR(Q)	6.25%	11.60%	08/2023	08/2029	37		36		36
							1,394		1,379		1,376		0.16	%
AWP Group Holdings, Inc.
Business Services	First Lien(2)(3)	SOFR(Q)	5.50%	10.95%	08/2023	12/2029	1,297		1,285		1,284
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.95%	08/2023	12/2029	57		57		57
	First Lien(3)(4) - Drawn	SOFR(Q)	5.50%	10.95%	08/2023	12/2029	33		33		33
							1,387		1,375		1,374		0.16	%
Virtusa Corporation
Business Services	Subordinated	FIXED(S)	7.13%	7.13%	09/2022	12/2028	1,370		1,083		1,177		0.14	%
Total Funded Debt Investments - United States							$	1,332,417	$	1,318,986	$	1,317,902	152.35	%
Funded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(3)	SOFR(M)	7.25%	12.61%	12/2022	12/2029	$	2,245	$	2,215	$	2,245
	First Lien	SOFR(M)	6.75%	12.11%	12/2023	12/2029	874		866		866
							3,119		3,081		3,111		0.36	%
Funded Debt Investments - Australia							$	3,119	$	3,081	$	3,111	0.36	%
Total Funded Debt Investments							$	1,335,536	$	1,322,067	$	1,321,013	152.71	%
Equity - United States
Pioneer Topco I, L.P.
Software	Ordinary Shares(3)(6)	—	—	—	11/2021	—	10		$	—	$	—	—	%
Total Shares - United States									—		—		—	%
Total Shares									—		—		—	%
Total Funded Investments									$	1,322,067	$	1,321,013	152.71	%

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

35

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Unfunded Debt Investments - United States
Coupa Holdings, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	02/2023	08/2024	$	1,193	$	—	$	12
	First Lien(3)(4) - Undrawn	—	—	—	02/2023	02/2029	914		(10)		—
							2,107		(10)		12		—	%
PetVet Care Centers, LLC
Consumer Services	First Lien(4) - Undrawn	—	—	—	10/2023	11/2025	962		—		—
	First Lien(4) - Undrawn	—	—	—	10/2023	11/2029	962		(9)		—
							1,924		(9)		—		—	%
Businessolver.com, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2024	1,886		—		—		—	%
Ocala Bidco, Inc.
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	12/2021	05/2024	1,630		—		—		—	%
PPV Intermediate Holdings, LLC
Consumer Services	First Lien(3)(4) - Undrawn	—	—	—	09/2023	09/2025	5,964		—		—		—	%
YLG Holdings, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	10/2021	12/2024	2,430		—		—		—	%
Safety Borrower Holdings LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	09/2021	09/2027	83		—		—		—	%
Coyote Buyer, LLC
Specialty Chemicals & Materials	First Lien(4) - Undrawn	—	—	—	03/2020	02/2025	395		—		—		—	%
Wealth Enhancement Group, LLC
Financial Services	First Lien(3)(4) - Undrawn	—	—	—	05/2022	05/2024	408		—		—
	First Lien(3)(4) - Undrawn	—	—	—	08/2021	10/2027	516		(1)		—
							924		(1)		—		—	%
Project Power Buyer, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	01/2023	05/2025	120		(1)		—		—	%
Kele Holdco, Inc.
Distribution & Logistics	First Lien(3)(4) - Undrawn	—	—	—	02/2020	02/2026	701		(1)		—		—	%
Appriss Health, LLC
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	05/2021	05/2027	271		(2)		—		—	%
Affinipay Midco, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	07/2022	06/2028	273		(2)		—		—	%
Bullhorn, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	09/2020	09/2026	693		(2)		—		—	%

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

36

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
GraphPAD Software, LLC
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	04/2021	04/2027	$	500	$	(3)	$	—	—	%
Trinity Air Consultants Holdings Corporation
Business Services	First Lien(3)(4) - Undrawn	—	—	—	06/2021	06/2024	382		—		—
	First Lien(3)(4) - Undrawn	—	—	—	06/2021	06/2027	484		(3)		—
							866		(3)		—		—	%
Radwell Parent, LLC
Distribution & Logistics	First Lien(3)(4) - Undrawn	—	—	—	11/2022	04/2028	225		(3)		—		—	%
Associations, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	07/2021	07/2027	955		(5)		—		—	%
Infogain Corporation
Business Services	First Lien(3)(4) - Undrawn	—	—	—	07/2021	07/2026	1,236		(5)		—		—	%
Recorded Future, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	08/2020	07/2025	1,202		(5)		—		—	%
GS Acquisitionco, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	02/2020	05/2026	1,918		(5)		—		—	%
Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.)
Software	First Lien(3)(4) - Undrawn	—	—	—	05/2022	05/2028	844		(6)		—		—	%
Granicus, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	01/2021	01/2027	955		(7)		—		—	%
Daxko Acquisition Corporation
Software	First Lien(3)(4) - Undrawn	—	—	—	10/2021	04/2024	364		—		—
	First Lien(3)(4) - Undrawn	—	—	—	10/2021	10/2027	731		(7)		—
							1,095		(7)		—		—	%
Relativity ODA LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	05/2021	05/2027	1,061		(7)		—		—	%
Xactly Corporation
Software	First Lien(3)(4) - Undrawn	—	—	—	06/2020	07/2025	551		(9)		—		—	%
PDQ.com Corporation
Software	First Lien(3)(4) - Undrawn	—	—	—	10/2023	10/2025	458		—		—
	First Lien(3)(4) - Undrawn	—	—	—	09/2021	08/2027	2,458		(9)		—
							2,916		(9)		—		—	%
AAH Topco, LLC
Consumer Services	First Lien(3)(4) - Undrawn	—	—	—	11/2023	11/2025	3,099		—		—
	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2027	1,413		(9)		—
							4,512		(9)		—		—	%

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

37

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
IG Investments Holdings, LLC
Business Services	First Lien(3)(4) - Undrawn	—	—	—	09/2021	09/2027	$	1,825	$	(12)	$	—	—	%
Foreside Financial Group, LLC
Business Services	First Lien(3)(4) - Undrawn	—	—	—	05/2022	09/2027	508		(5)		—
	First Lien(3)(4) - Undrawn	—	—	—	05/2022	05/2024	2,124		(7)		—
							2,632		(12)		—		—	%
KWOR Acquisition, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2027	1,644		(12)		—		—	%
Pioneer Buyer I, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	11/2021	11/2027	2,045		(13)		—		—	%
iCIMS, Inc.
Software	First Lien(2)(3)(4) - Undrawn	—	—	—	08/2022	08/2024	4,177		—		—
	First Lien(3)(4) - Undrawn	—	—	—	08/2022	08/2028	1,558		(14)		—
							5,735		(14)		—		—	%
CoreTrust Purchasing Group LLC
Business Services	First Lien(3)(4) - Undrawn	—	—	—	09/2022	09/2024	1,339		—		—
	First Lien(3)(4) - Undrawn	—	—	—	09/2022	10/2029	1,339		(17)		—
							2,678		(17)		—		—	%
Kaseya Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	06/2022	06/2029	1,028		(8)		—
	First Lien(3)(4) - Undrawn	—	—	—	06/2022	06/2024	1,288		(10)		—
							2,316		(18)		—		—	%
Allworth Financial Group, L.P.
Financial Services	First Lien(3)(4) - Undrawn	—	—	—	12/2020	12/2026	3,507		(18)		—		—	%
Oranje Holdco, Inc.
Education	First Lien(3)(4) - Undrawn	—	—	—	01/2023	02/2029	1,807		(19)		—		—	%
Avalara, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	10/2022	10/2028	2,001		(20)		—		—	%
USRP Holdings, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	07/2021	07/2027	288		(2)		—
	First Lien(3)(4) - Undrawn	—	—	—	07/2023	07/2025	1,119		(20)		—
							1,407		(22)		—		—	%
OA Buyer, Inc.
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2028	3,041		(22)		—		—	%
Pye-Barker Fire & Safety, LLC
Business Services	First Lien(3)(4) - Undrawn	—	—	—	11/2021	11/2026	2,275		(33)		—		—	%

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

38

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Zone Climate Services, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	03/2022	03/2028	$	4,012	$	(40)	$	—	—	%
GC Waves Holdings, Inc.
	First Lien(3)(4) - Undrawn	—	—	—	07/2023	12/2024	4,543		(57)		—		—	%
Next Holdco, LLC
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	11/2023	11/2025	587		—		—
	First Lien(3)(4) - Undrawn	—	—	—	11/2023	11/2029	220		(2)		(2)
							807		(2)		(2)		(0.00)	%
More cowbell II LLC
Business Services	First Lien(3)(4) - Undrawn	—	—	—	08/2023	09/2025	232		—		—
	First Lien(3)(4) - Undrawn	—	—	—	08/2023	09/2029	246		(2)		(2)
							478		(2)		(2)		(0.00)	%
Calabrio, Inc.
Software	First Lien(4) - Undrawn	—	—	—	04/2021	04/2027	206		(2)		(2)		(0.00)	%
Brave Parent Holdings, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	11/2023	05/2025	862		—		—
	First Lien(3)(4) - Undrawn	—	—	—	11/2023	11/2030	431		(2)		(2)
							1,293		(2)		(2)		(0.00)	%
MRI Software LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	12/2023	12/2025	2,199		—		—
	First Lien(3)(4) - Undrawn	—	—	—	01/2020	02/2027	1,000		(3)		(3)
							3,199		(3)		(3)		(0.00)	%
DECA Dental Holdings LLC
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	08/2021	08/2027	180		(2)		(3)		(0.00)	%
Sun Acquirer Corp.
Consumer Services	First Lien(3)(4) - Undrawn	—	—	—	09/2021	09/2027	291		(3)		(5)		(0.00)	%
Bluefin Holding, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	09/2023	09/2029	407		(5)		(5)		(0.00)	%
IMO Investor Holdings, Inc.
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	05/2022	05/2028	330		(3)		(3)
	First Lien(3)(4) - Undrawn	—	—	—	05/2022	05/2024	433		(4)		(3)
							763		(7)		(6)		(0.00)	%
TigerConnect, Inc.
Healthcare	First Lien(2)(3)(4) - Undrawn	—	—	—	02/2022	02/2024	125		—		(1)
	First Lien(3)(4) - Undrawn	—	—	—	02/2022	02/2028	603		(4)		(5)
							728		(4)		(6)		(0.00)	%

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

39

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Ncontracts, LLC
Software	First Lien(4) - Undrawn	—	—	—	12/2023	12/2025	$	502	$	—	$	—
	First Lien(4) - Undrawn	—	—	—	12/2023	12/2029	502		(6)		(6)
							1,004		(6)		(6)		(0.00)	%
CG Group Holdings, LLC
Specialty Chemicals & Materials	First Lien(3)(4) - Undrawn	—	—	—	07/2021	07/2026	147		(2)		(6)		(0.00)	%
Specialtycare, Inc.
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	06/2021	06/2026	192		(3)		(7)		(0.00)	%
Beacon Pointe Harmony, LLC
Financial Services	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2027	376		(3)		(4)
	First Lien(3)(4) - Undrawn	—	—	—	12/2021	09/2024	348		(3)		(3)
							724		(6)		(7)		(0.00)	%
Healthspan Buyer, LLC
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	10/2023	10/2030	799		(8)		(8)		(0.00)	%
Enverus Holdings, Inc.
Business Services	First Lien(4) - Undrawn	—	—	—	12/2023	12/2025	755		—		—
	First Lien(4) - Undrawn	—	—	—	12/2023	12/2029	1,149		(9)		(9)
							1,904		(9)		(9)		(0.00)	%
AWP Group Holdings, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	08/2023	12/2029	209		(2)		(2)
	First Lien(3)(4) - Undrawn	—	—	—	08/2023	08/2025	667		—		(7)
							876		(2)		(9)		(0.00)	%
KPSKY Acquisition Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	11/2023	11/2025	1,019		—		(10)		(0.00)	%
KENG Acquisition, Inc.
Business Services	First Lien(3)(4) - Undrawn	—	—	—	08/2023	08/2029	293		(4)		(4)
	First Lien(3)(4) - Undrawn	—	—	—	08/2023	08/2025	764		(2)		(10)
							1,057		(6)		(14)		(0.00)	%
Power Grid Holdings, Inc.
Business Products	First Lien(3)(4) - Undrawn	—	—	—	11/2023	12/2030	1,435		(14)		(14)		(0.00)	%
FS WhiteWater Borrower, LLC
Consumer Services	First Lien(3)(4) - Undrawn	—	—	—	07/2022	07/2024	417		—		(3)
	First Lien(3)(4) - Undrawn	—	—	—	12/2021	12/2027	943		(9)		(15)
							1,360		(9)		(18)		(0.00)	%
DOCS, MSO, LLC
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	06/2022	06/2028	1,078		—		(19)		(0.00)	%
Diligent Corporation
Software	First Lien(3)(4) - Undrawn	—	—	—	08/2020	08/2025	1,090		(14)		(21)		(0.00)	%

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

40

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(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
Community Brands ParentCo, LLC
Software	First Lien(3)(4) - Undrawn	—	—	—	02/2022	02/2028	$	276	$	(2)	$	(7)
	First Lien(3)(4) - Undrawn	—	—	—	02/2022	02/2024	552		—		(15)
							828		(2)		(22)		(0.00)	%
OB Hospitalist Group, Inc.
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	09/2021	09/2027	910		(9)		(23)		(0.00)	%
Fortis Solutions Group, LLC
Packaging	First Lien(3)(4) - Undrawn	—	—	—	10/2021	10/2027	1,636		(16)		(10)
	First Lien(3)(4) - Undrawn	—	—	—	06/2022	06/2024	2,670		—		(17)
							4,306		(16)		(27)		(0.00)	%
ACI Group Holdings, Inc.
Healthcare	First Lien(3)(4) - Undrawn	—	—	—	08/2021	08/2027	669		(7)		(16)
	First Lien(3)(4) - Undrawn	—	—	—	08/2021	08/2024	973		—		(23)
							1,642		(7)		(39)		(0.00)	%
Notorious Topco, LLC
Consumer Products	First Lien(3)(4) - Undrawn	—	—	—	11/2021	05/2027	1,721		(13)		(127)		(0.01)	%
Project Essential Bidco, Inc.
Software	First Lien(3)(4) - Undrawn	—	—	—	04/2021	04/2027	2,241		(11)		(168)		(0.02)	%
Total Unfunded Debt Investments - United States							$	112,390	$	(609)	$	(578)	(0.07)	%
Unfunded Debt Investments - Australia
Atlas AU Bidco Pty Ltd**
Business Services	First Lien(3)(4) - Undrawn	—	—	—	12/2022	12/2028	$	208	$	(3)	$	—	—	%
Total Unfunded Debt Investments - Australia							$	208	$	(3)	$	—	—	%
Total Unfunded Debt Investments							$	112,598	$	(612)	$	(578)	(0.07)	%
Total Non-Controlled/Non-Affiliated Investments									$	1,321,455	$	1,320,435	152.64	%
Total Investments									$	1,321,455	$	1,320,435	152.64	%

(1)NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(2)Investment is pledged as collateral for the Wells Credit Facility, a revolving credit facility among the Investment Adviser as collateral manager, NMF SLF I SPV, L.L.C. ("SLF I SPV") as the borrower, the Company as equityholder and seller, Wells Fargo Bank, National Association as the administrative agent, and collateral custodian and each of the lenders from time to time thereto. See Note 6. Borrowings, for details.

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

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

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

41

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(in thousands, except shares)

(5)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 Prime Rate (P), Secured Overnight Financing Rate (SOFR) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of December 31, 2023.

(6)The Company holds investments in Pioneer Topco I, L.P. and a wholly-owned subsidiary of Pioneer Topco I, L.P. The Company holds a first lien term loan and a first lien revolver in Pioneer Buyer I, LLC, and common equity in Pioneer Topco I, L.P.

*    All or a portion of interest contains payment-in kind ("PIK") interest.

**    Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended. Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2023, 2.18% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

42

NMF SLF I, Inc.

Consolidated Schedule of Investments (Continued)

December 31, 2023

(in thousands, except shares)

	December 31, 2023
Investment Type	Percent of Total Investments at Fair Value
First lien	95.45	%
Second lien	4.46	%
Subordinated	0.09	%
Equity and other	—	%	(1)
Total investments	100.00	%

(1)As of December 31, 2023, equity and other investments made up less than 0.01% of total investments.

	December 31, 2023
Industry Type	Percent of Total Investments at Fair Value
Software	40.53	%
Business Services	22.92	%
Healthcare	15.52	%
Financial Services	7.46	%
Consumer Services	3.91	%
Education	2.61	%
Distribution & Logistics	1.66	%
Consumer Products	1.59	%
Packaging	1.31	%
Food & Beverage	1.09	%
Specialty Chemicals & Materials	0.91	%
Business Products	0.49	%
Total investments	100.00	%

	December 31, 2023
Interest Rate Type	Percent of Total Investments at Fair Value
Floating rates	99.91	%
Fixed rates	0.09	%
Total investments	100.00	%

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

43

Notes to the Consolidated Financial Statements of

NMF SLF I, Inc.

June 30, 2024

(in thousands, except share data)

(unaudited)

Note 1. Formation and Business Purpose

NMF SLF I, Inc. (the "Company") is a Maryland corporation formed on January 23, 2019. The Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

New Mountain Finance Advisers BDC, L.L.C. (the “Investment Adviser”) is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority owner. New Mountain Capital is a global investment firm with approximately $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 the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

The Company conducted a private offering (the "Private Offering") of its common stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). At the closing of any Private Offering, each investor will make a capital commitment (each, a "Capital Commitment") to purchase common stock pursuant to a subscription agreement entered into with the Company (each, a "Subscription Agreement"). Each investor will be required to make capital contributions to purchase the Company's common stock each time a drawdown notice is issued based on such investor's Capital Commitment. The Company commenced its loan origination and investment activities on the date it issued shares to persons not affiliated with the Investment Adviser, which occurred on February 18, 2020 (the "Initial Closing Date"). The Company may conduct subsequent closings at times during its 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 the Company's outstanding common stock elect to forego any such extension upon not less than ninety days prior written notice. Effective September 30, 2023, the Investment Period was automatically extended for an additional one year period to September 30, 2024. Pursuant to the Subscription Agreements entered into with each investor, the Company 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 the Company's then outstanding common stock.

On December 9, 2020, the Company 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 October 6, 2022, the Company established NMF SLF I Opportunistic SPV, L.L.C. ("SLF I Opportunistic SPV") as a wholly-owned direct subsidiary. As of June 30, 2024 and December 31, 2023, there were no assets held by SLF I Opportunistic SPV.

The Company is focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. The Company’s 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. The Company’s differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital.

The Company primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. The Company defines middle market companies as those businesses with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") between $10,000 and $200,000. The Company focuses 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. The Company invests 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

44

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 June 30, 2024, the Company's top five industry concentrations were software, business services, healthcare, financial services and consumer services.

Note 2. Summary of Significant Accounting Policies

Basis of accounting—The Company's consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services—Investment Companies ("ASC 946"). The Company consolidates its wholly-owned direct subsidiaries SLF I SPV and SLF I Opportunistic SPV.

The Company's consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. The Company's consolidated financial statements have eliminated all intercompany transactions. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements.

The Company's consolidated interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company's consolidated interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024.

Investments—The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company's Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Consolidated Statements of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Consolidated Statements of Operations as "Net realized gains (losses) on investments".

The Company's underlying assets are considered, for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and any regulations promulgated thereunder, and Section 4975 of the Code, to be assets of certain employee benefit plans and other plans that purchase shares. Under such circumstances, the Company's investments and the activities of the Investment Adviser are subject to and, in certain cases, limited by, such laws.

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the board of directors of the Company (the "Board") is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Because (i) "benefit plan investors", as defined in Section 3(42) of ERISA ("Benefit Plan Investors"), hold 25% or more of the Company's outstanding shares, and (ii) the Company's shares are not listed on a national securities exchange, an unaffiliated third-party ("Sub-Administrator") has been engaged to independently value the Company's investments, in consultation with the Investment Adviser. The Company's 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 exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

45

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; and

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 the Company's 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 the Company's 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 the Company's outstanding shares, or the Company's 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 the Board.

See Note 3. Investments, for further discussion relating to investments.

Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of June 30, 2024 and December 31, 2023.

Revenue recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

46

Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when redeemed by the issuer. For the three and six months ended June 30, 2024, the Company recognized PIK interest from investments of $2,089 and $4,398, respectively. For the three and six months ended June 30, 2023, the Company recognized PIK interest from investments of $1,376 and $2,703, respectively.

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. As of June 30, 2024 and December 31, 2023, no investments were on non-accrual status.

Fee income: Fee income represents delayed compensation, consent or amendment fees, revolver 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 the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income 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.

Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. See Note 6. Borrowings, for details.

Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 6. Borrowings, for details.

Organizational expenses—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company. All such amounts are expensed as incurred in the Consolidated Statements of Operations. Any organizational and offering expenses paid by the Company in excess of $1,000 will be borne by the Investment Adviser and cannot be recouped by the Investment Adviser.

Income taxes—The Company has elected to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code and intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its stockholders.

To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes.

Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes.

For U.S. federal income tax purposes, distributions paid to stockholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof.

The Company will be subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.

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Earnings per share—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares, and its related net impact to net assets accounted for, and the additional shares were dilutive.

Distributions—Distributions to the Company's stockholders are recorded on the record date as set by the Board. The Company intends to make timely distributions to its stockholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a semi-annual basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.

The Company has adopted a dividend reinvestment plan (as amended from time to time, the "DRIP"), that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash.

The Company applies the following in implementing the DRIP. The Company shall use only newly-issued shares of its common stock to implement the DRIP. The number of shares to be issued to a stockholder that has not elected to have its distributions in cash shall be determined by dividing the total dollar amount of the distribution payable to such participant by the net asset value per share as of the last day of the Company’s fiscal quarter immediately preceding the date such distribution was declared (the "Reference NAV"); provided that in the event a distribution is declared on the last day of a fiscal quarter, the Reference NAV shall be deemed to be the net asset value per share as of such day. On August 16, 2022, the 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. For the three and six months ended June 30, 2024, the Company issued 0 and 5,430,849 shares through the DRIP, respectively. For the three and six months ended June 30, 2023, the Company issued 0 and 3,883,500 shares through the DRIP, respectively.

Use of estimates—The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

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Note 3. Investments

At June 30, 2024, the Company's investments consisted of the following:

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	1,331,247	$	1,331,076
Second lien	48,594		48,102
Subordinated	5,528		5,685
Equity and other	205		205
Total investments	$	1,385,574	$	1,385,068

	Cost		Fair Value
Software	$	579,927	$	581,416
Business Services	299,836		301,500
Healthcare	213,961		209,315
Financial Services	96,189		96,956
Consumer Services	66,557		66,959
Education	42,661		42,555
Food & Beverage	21,880		23,348
Consumer Products	22,511		20,968
Packaging	17,935		18,062
Distribution & Logistics	11,733		11,632
Business Products	6,317		6,312
Specialty Chemicals & Materials	6,067		6,045
Total investments	$	1,385,574	$	1,385,068

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At December 31, 2023, the Company's investments consisted of the following:    

Investment Cost and Fair Value by Type

	Cost		Fair Value
First lien	$	1,261,268	$	1,260,387
Second lien	59,103		58,870
Subordinated	1,084		1,178
Equity and other(1)	—		—
Total investments	$	1,321,455	$	1,320,435

(1)As of December 31, 2023, total cost and fair value of equity and other investments were each less than $1 thousand.

Investment Cost and Fair Value by Industry

	Cost		Fair Value
Software	$	533,247	$	535,183
Business Services	301,090		302,599
Healthcare	208,815		204,943
Financial Services	97,914		98,558
Consumer Services	51,517		51,576
Education	34,168		34,468
Distribution & Logistics	22,626		21,938
Consumer Products	22,650		20,971
Packaging	17,314		17,315
Food & Beverage	13,425		14,405
Specialty Chemicals & Materials	12,286		12,075
Business Products	6,403		6,404
Total investments	$	1,321,455	$	1,320,435

For a discussion of the Company's unfunded commitments, see Note 8. Commitments and Contingencies.

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 securities. This illiquidity may make it more difficult to value the investments.

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.

Note 4. Fair Value

Pursuant to Rule 2a-5 under the 1940 Act, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements

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and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows:    

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of June 30, 2024:

	Total		Level I		Level II		Level III
First lien	$	1,331,076	$	—	$	88,863	$	1,242,213
Second lien	48,102		—		19,452		28,650
Subordinated	5,685		—		1,262		4,423
Equity and other	205		—		—		205
Total investments	$	1,385,068	$	—	$	109,577	$	1,275,491

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The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of December 31, 2023:

	Total		Level I		Level II		Level III
First lien	$	1,260,387	$	—	$	92,922	$	1,167,465
Second lien	58,870		—		16,054		42,816
Subordinated	1,178		—		1,177		1
Equity and other(1)	—		—		—		—
Total investments	$	1,320,435	$	—	$	110,153	$	1,210,282

(1)As of December 31, 2023, fair value of equity and other investments was less than $1 thousand.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2024:

	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, March 31, 2024	$	1,279,419	$	1,221,457	$	57,714	$	43	$	205
Total gains or losses included in earnings:
Net realized gains on investments	19		19		—		—		—
Net change in unrealized depreciation appreciation	(621)		(202)		(419)		—		—
Purchases, including capitalized PIK and revolver fundings	212,547		202,182		5,985		4,380		—
Proceeds from sales and paydowns of investments	(171,067)		(153,707)		(17,360)		—		—
Transfers into Level III (1)	9,709		9,709		—		—		—
Transfers out of Level III (1)	(54,515)		(37,245)		(17,270)		—		—
Fair value, June 30, 2024	$	1,275,491	$	1,242,213	$	28,650	$	4,423	$	205
Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	(860)	$	(362)	$	(498)	$	—	$	—

(1)As of June 30, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2023:

	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, March 31, 2023(1)	$	1,134,669	$	1,090,527	$	44,141	$	1	$	—
Total gains or losses included in earnings:
Net change in unrealized appreciation	3,599		3,200		399		—		—
Purchases, including capitalized PIK and revolver fundings	21,346		21,346		—		—		—
Proceeds from sales and paydowns of investments	(9,036)		(9,036)		—		—		—
Transfers into Level III (2)	21,398		19,172		2,226		—		—
Transfers out of Level III (2)	(19,014)		(19,014)		—		—		—
Fair value, June 30, 2023(1)	$	1,152,962	$	1,106,195	$	46,766	$	1	$	—
Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	3,599	$	3,200	$	399	$	—	$	—

(1)As of March 31, 2023 and June 30, 2023, fair value of equity and other investments was less than $1 thousand.

(2)As of June 30, 2023, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2024:

	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, December 31, 2023 (1)	$	1,210,282	$	1,167,465	$	42,816	$	1	$	—
Total gains or losses included in earnings:
Net realized losses on investments	(573)		(573)		—		—		—
Net change in unrealized appreciation	3,535		3,326		209		—		—
Purchases, including capitalized PIK and revolver fundings (2)	264,484		253,872		5,985		4,422		205
Proceeds from sales and paydowns of investments (2)	(205,216)		(184,856)		(20,360)		—		—
Transfers into Level III (3)	26,481		26,481		—		—		—
Transfers out of Level III (3)	(23,502)		(23,502)		—		—		—
Fair value, June 30, 2024	$	1,275,491	$	1,242,213	$	28,650	$	4,423	$	205
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	1,584	$	1,677	$	(93)	$	—	$	—

(1)As of December 31, 2023, fair value of equity and other investments was less than $1 thousand.

(2)Includes non-cash reorganizations and restructurings.

(3)As of June 30, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2023:

	Total		First Lien		Second Lien		Subordinated		Equity and other
Fair value, December 31, 2022(1)	$	1,111,043	$	1,067,062	$	43,980	$	1	$	—
Total gains or losses included in earnings:
Net realized losses on investments	(11)		(11)		—		—		—
Net change in unrealized appreciation	5,302		4,613		689		—		—
Purchases, including capitalized PIK and revolver fundings	67,362		67,362		—		—		—
Proceeds from sales and paydowns of investments	(24,015)		(24,015)		—		—		—
Transfers into Level III (2)	2,097		—		2,097		—		—
Transfers out of Level III (2)	(8,816)		(8,816)		—		—		—
Fair value, June 30, 2023(1)	$	1,152,962	$	1,106,195	$	46,766	$	1	$	—
Net change in unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$	5,302	$	4,613	$	689	$	—	$	—

(1)As of December 31, 2022 and June 30, 2023, fair value of equity and other investments was less than $1 thousand.

(2)As of June 30, 2023, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

Except as noted in the tables above, there were no transfers into or out of Levels I, II, or III during the three and six months ended June 30, 2024 and June 30, 2023. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date, and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs. Investments will be transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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The Company invests in revolving credit facilities. These investments are categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies.

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

Company Performance, Financial Review, and Analysis: Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus the prior year and budgeted results, including, but not limited to, factors affecting its revenue and EBITDA growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company within its customer or vendor base, or within the industry or the macroeconomic environment generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation.

For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company's debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company's debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment.

Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue 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. In applying the market based approach as of June 30, 2024 and December 31, 2023, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of June 30, 2024 and December 31, 2023, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of June 30, 2024 were as follows:

					Range
Type	Fair Value as of June 30, 2024		Approach	Unobservable Input	Low		High		Weighted Average (1)
First lien	$	1,141,443	Market & income approach	EBITDA multiple	6.0x		30.0x		16.7x
				Revenue multiple	4.5x		19.5x		8.9x
				Discount rate	7.9	%	21.4	%	10.7	%
	100,770		Other	N/A (2)	N/A		N/A		N/A
Second lien	22,665		Market & income approach	EBITDA multiple	14.0x		18.0x		16.3x
				Discount rate	10.8	%	11.7	%	11.2	%
	5,985		Other	N/A (2)	N/A		N/A		N/A
Subordinated	4,423		Market & income approach	EBITDA multiple	7.3x		24.5x		14.9x
				Discount rate	13.2	%	15.2	%	15.2	%
Equity and other	205		Market & income approach	EBITDA multiple	7.3x		8.3x		7.8x
				Revenue multiple	8.0x		10.0x		9.0x
	$	1,275,491

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2023 were as follows:    

					Range
Type	Fair Value as of December 31, 2023		Approach	Unobservable Input	Low		High		Weighted Average (1)
First lien	$	1,115,657	Market & income approach	EBITDA multiple	5.0x		44.0x		17.6x
				Revenue multiple	5.0x		20.5x		10.2x
				Discount rate	7.2	%	21.3	%	10.2	%
	51,808		Other	N/A (2)	N/A		N/A		N/A
Second lien	42,816		Market & income approach	EBITDA multiple	14.0x		18.0x		15.8x
				Discount rate	9.2	%	12.9	%	11.3	%
Subordinated	1		Market & income approach	EBITDA multiple	22.0x		22.0x		22.0x
				Discount Rate	12.9	%	12.9	%	12.9	%
Equity and other (3)	—		Market & income approach	Revenue multiple	9.0x		11.0x		10.0x
				Discount rate	15.0	%	15.0	%	15.0	%
	$	1,210,282

(1)Unobservable inputs were weighted by the relative fair value of the investments.

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

(3)As of December 31, 2023, fair value of equity and other investments was less than $1 thousand.

The Wells Credit Facility (as defined below) is considered a Level III investment. See Note 6. Borrowings for details.

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The following are the principal amount and fair value of the Company’s borrowings as of June 30, 2024 and December 31, 2023. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available.    

	June 30, 2024				December 31, 2023
	Principal Amount		Fair Value		Principal Amount		Fair Value
Wells Credit Facility	$	441,400	$	446,283	$	433,800	$	428,907

Fair value risk factors—The Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation. Certain events particular to each industry in which the Company's portfolio companies conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the operations and profitability of the Company's investments and/or on the fair value of the Company's investments. The Company's investments are subject to the risk of non-payment of scheduled interest or principal, resulting in a reduction in income to the Company and their corresponding fair valuations. Also, there may be risk associated with the concentration of investments in one geographic region or in certain industries. These events are beyond the control of the Company and cannot be predicted. Furthermore, the ability to liquidate investments and realize value is subject to uncertainties.

Note 5. Agreements and Related Parties

The Company entered into an investment advisory and management agreement, (as amended and restated on December 13, 2020 and on September 26, 2022, the "Second A&R Investment Management Agreement" or the "Investment Management Agreement"), with the Investment Adviser. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to the Company. For providing these services, the Investment Adviser receives an annual base management fee from the Company. The Board most recently re-approved the Investment Management Agreement on January 30, 2024, at an in-person meeting, for a period of 12 months commencing March 1, 2024.

Pursuant to the Investment Management Agreement, during the Investment Period, the base management fee is calculated at an annual blended rate with respect to the Company's 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 $500,000, and (ii) 0.60% in the case of Assets Invested of greater than $500,000, subject, in each case, to the adjustments in the manner set forth in the Investment Management Agreement, as amended.

Pursuant to the Investment Management Agreement, the management fee shall be calculated at the blended rate until such time that the Company has $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 the Company's (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.

During the Investment Period, the management fee payable each quarter shall be reduced by an amount equal to the sum of the quarterly fee percentage multiplied by the Company's cumulative realized losses since inception (calculated net of any subsequently reversed realized losses) (the "Cumulative Losses") on the Company’s 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 the Investment Adviser in the quarter in which such reversal occurs. In addition, upon expiration of the Investment Period, the 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.

The Company has entered into an administration agreement ("Administration Agreement") with the Administrator under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the Board on January 30, 2024 for a period of 12 months commencing on March 1, 2024. The Administrator maintains, or oversees the maintenance of, the Company's consolidated financial records, prepares reports filed with the U.S. Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement (the "Trademark License Agreement"), with New Mountain Capital, pursuant to which New Mountain Capital has agreed to

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grant the Company a non-exclusive, royalty-free license to use the "NMF" name. Under the Trademark License Agreement, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "NMF" name, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company will have no legal right to the "NMF" name.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company's investment mandate. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the "Exemptive Order") to the Investment Adviser and certain of its affiliates, which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's directors who are not "interested persons", as that term is defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"), make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies. The Exemptive Order was amended on August 30, 2022 to permit the Company to complete co-investments in its 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 the Company's assets are treated as "plan assets" under ERISA, the Company 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 the Company's respective future investments are at the same level of such issuer's capital structure; provided, that in no event will the Company co-invest with any other fund or entity in contravention of the 1940 Act.

In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs through December 31, 2020 (the "Temporary Relief"), the Company was permitted, subject to the satisfaction of certain conditions, to co-invest in the Company's existing portfolio companies with certain affiliates that are private funds if such private funds did not previously hold an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such co-investments with the Company unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with the Company. Although the Temporary Relief expired on December 31, 2020, the SEC's Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continued to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, on August 30, 2022, New Mountain Finance Corporation, an affiliate of the Company and the Investment Adviser, and certain other affiliated applicants, received an Order from the SEC that amended its existing Exemptive Order to permit the Company to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

Note 6. Borrowings

Wells Credit Facility—On December 23, 2020, the Company's wholly-owned subsidiary, SLF I SPV, entered into a Loan and Security Agreement among SLF I SPV as the borrower, the Investment Adviser as collateral manager, the Company as equityholder and seller, Wells Fargo Bank, National Association ("Wells Fargo") 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"). The Wells Credit Facility will mature on December 1, 2028 and has a maximum facility amount of $600,000. Under the Wells Credit Facility, SLF I SPV is permitted to borrow up to 25.0%, 50.0%, 60.0% or 65.0% of the purchase price of pledged assets, subject to approval by Wells Fargo. The Wells Credit Facility is non-recourse to the Company and is collateralized by all of the investments of SLF I SPV on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Wells Credit Facility are capitalized on the Company's Consolidated Statements of Assets and Liabilities and charged against income as other financing expenses over the life of the Wells Credit Facility. The Wells Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of SLF I SPV investments, but rather to the performance of the underlying portfolio companies.

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As of the amendment on December 1, 2023, the Wells Credit Facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 2.40% per annum. Prior to the amendment on December 1, 2023, from April 28, 2023 to November 30, 2023, the Wells Credit Facility bore interest at a rate of SOFR plus 1.70% per annum for Broadly Syndicated Loans (as defined in the Loan and Security Agreement) and SOFR plus 2.20% per annum for all other investments. From June 29, 2021 to April 27, 2023, the Wells Credit Facility bore interest at a rate of the London Interbank Offered Rate ("LIBOR") plus 1.60% per annum for Broadly Syndicated Loans (as defined in the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. The Wells Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Loan and Security Agreement).

The following table summarizes the interest expense, non-usage fee and amortization of financing costs incurred on the Wells Credit Facility for the three and six months ended June 30, 2024 and June 30, 2023:

	Three Months Ended						Six Months Ended
(in millions)	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Interest expense	$	8,159		$	6,826		$	16,263		$	13,373
Non-usage fee	$	227		$	87		$	457		$	156
Amortization of financing costs	$	502		$	222		$	1,002		$	441
Weighted average interest rate	7.7		%	7.1		%	7.7		%	6.9		%
Effective interest rate	8.5		%	7.5		%	8.6		%	7.3		%
Average debt outstanding	$	418,186		$	380,505		$	416,788		$	387,097

As of June 30, 2024 and December 31, 2023, the outstanding balance on the Wells Credit Facility was $441,400 and $433,800, respectively, and SLF I SPV was in compliance with the applicable covenants in the Loan and Security Agreement on such dates.

Leverage risk factors—The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's net assets. Similarly, leverage may cause a sharper decline in the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its stockholders. Leverage is generally considered a speculative investment technique. The Company's ability to service any debt incurred will depend largely on financial performance and will be subject to prevailing economic conditions and competitive pressures.

Note 7. Regulation

The Company has elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code, and intends to comply with the requirements to continue to qualify and maintain its status as a RIC annually. In order to continue to qualify and be subject to tax treatment as a RIC, among other things, the Company is required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite timely distributions to its stockholders, and as such, the Company will generally be relieved from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code).

Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.

Note 8. Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of June 30, 2024, the Company had unfunded commitments on revolving credit facilities of $76,223, no outstanding bridge financing commitments, and other future funding commitments of $77,451. As of December 31, 2023, the Company had unfunded commitments on revolving credit facilities of $66,127, no outstanding bridge financing commitments, and other future funding commitments of $46,471. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedules of Investments as of June 30, 2024 and December 31, 2023.

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The Company also had revolving borrowings available under the Wells Credit Facility as of June 30, 2024 and December 31, 2023. See Note 6. Borrowings, for details.

The Company may from time to time enter into financing commitment letters. As of June 30, 2024 and December 31, 2023, the Company had commitment letters to purchase investments in the aggregate par amount of $6,000 and $6,796, respectively, which could require funding in the future.

Note 9. Net Assets

In connection with its formation, the Company has the authority to issue 500,000,000 shares of common stock at par value of $0.001 per share.

The following table reflects the distributions declared on the Company's common stock for the six months ended June 30, 2024.

Date Declared	Record Date	Payment Date	Per Share Amount
March 20, 2024	March 27, 2024	July 19, 2024	$	0.3240
June 25, 2024	June 27, 2024	July 19, 2024	0.3450
			$	0.6690

The following table reflects the distributions declared on the Company's common stock for the six months ended June 30, 2023.

Date Declared	Record Date	Payment Date	Per Share Amount
March 30, 2023	March 31, 2023	July 20, 2023	$	0.3100
June 26, 2023	June 29, 2023	July 20, 2023	0.3200
			$	0.6300

Note 10. Earnings Per Share

The following information sets forth the computation of basic net increase in the Company's net assets per share resulting from operations for the three and six months ended June 30, 2024 and June 30, 2023:

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Earnings per share—basic & diluted
Numerator for basic & diluted earnings per share:	$	27,183	$	29,327	$	58,813	$	54,464
Denominator for basic & diluted weighted average share:	87,812,771		77,633,532		87,275,654		77,225,872
Basic & diluted earnings per share:	$	0.31	$	0.38	$	0.67	$	0.71

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Note 11. Financial Highlights

The following information sets forth the Company's financial highlights for the six months ended June 30, 2024 and June 30, 2023.

	Six Months Ended
	June 30, 2024			June 30, 2023
Per share data: (1)
Net asset value, December 31, 2023 and December 31, 2022, respectively	$	10.50		$	10.29
Net investment income	0.67			0.63
Net realized and unrealized gains (losses)	—			0.08
Net increase in net assets resulting from operations	0.67			0.71
Distributions declared to stockholders from net investment income	(0.67)			(0.63)
Net asset value, June 30, 2024 and June 30, 2023, respectively	$	10.50		$	10.37
Total return (2)	6.42		%	7.02		%
Shares outstanding at end of period	87,812,771			77,633,532
Average weighted shares outstanding for the period	87,275,654			77,225,872
Average net assets for the period	$	917,568		$	795,883
Ratio to average net assets:
Net investment income (3)	12.90		%	12.32		%
Total expenses (3)	5.13		%	4.85		%
Average debt outstanding — Wells Credit Facility	$	416,788		$	387,097
Asset coverage ratio	308.80		%	313.56		%
Portfolio turnover	16.40		%	2.04		%
Capital Commitments	$	690,000		$	690,000
Funded Capital Commitments	$	690,000		$	690,000
% of Capital Commitments funded	100.00		%	100.00		%

(1)Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which are based on actual rate per share).

(2)Total return is calculated assuming a purchase at net asset value per share on the opening of the first day of the year and a sale at net asset value per share on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at net asset value per share on the last day of the respective quarter. Total return calculation is not annualized.

(3)Annualized.

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Note 12. Recent Accounting Standards Updates

In March 2020, the Financial Accounting Standards Board (the "FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's consolidated financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the six months ended June 30, 2024. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In December 2020, the SEC adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”) provides the recordkeeping requirements associated with fair value determinations. While the Board has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Note 13. Subsequent Event

On July 19, 2024, the Company issued 5,586,708 shares of common stock through the DRIP.

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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.

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities of NMF SLF I, Inc. and subsidiaries (the "Company"), including the consolidated schedule of investments, as of June 30, 2024, and the related consolidated statements of operations and changes in net assets for the three-month and six-month periods ended June 30, 2024 and 2023, the consolidated statements of cash flows for the six-month periods ended June 30, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of December 31, 2023, and the related consolidated statements of operations, changes in net assets and cash flows for the year then ended (not presented herein); and in our report dated March 6, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities from which it has been derived.

Basis for Review Results

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

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

/s/ DELOITTE & TOUCHE

August 14, 2024

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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

The information in management's discussion and analysis of financial condition and results of operations relates to 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 report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:

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

•the general economy, including fluctuating interest and inflation rates;

•the impact of interest rate volatility, including the replacement of LIBOR with alternative rates and rising interest rates, on our business and our portfolio companies;

•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 BDC, L.L.C. (the "Investment Adviser") or its affiliates to attract and retain highly talented professionals;

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

•the risk factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and in this Quarterly Report on Form 10-Q.

Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in Item 1A.—Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and in this Quarterly Report on Form 10-Q.

We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form 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 approximately $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.

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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 "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, 2023, the Investment Period was automatically extended for an additional one year period to September 30, 2024. 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 June 30, 2024 and December 31, 2023, there were no assets held by SLF I Opportunistic SPV.

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 June 30, 2024, our top five industry concentrations were software, business services, healthcare, financial services and consumer services.

As of June 30, 2024, our net assets were approximately $921.6 million and our portfolio had a fair value of approximately $1,385.1 million in 119 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").

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Valuation and Leveling of Portfolio Investments

At all times, consistent with GAAP and the 1940 Act, we conduct a valuation of our assets, which impacts our net asset value.

We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of directors (the "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-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 or its fair value 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.

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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.

GAAP fair value measurement guidance classifies the inputs used in measuring fair value into three levels as follows:

Level I—Quoted prices (unadjusted) are available in active markets for identical investments and we have the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), we, to the extent that we hold such investments, do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price.

Level II—Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

•Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and

•Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability.

Level III—Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment.

The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs.

The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

See Item 1.—Financial Statements—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of June 30, 2024.

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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, 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 1.—Financial Statements—Note 4. Fair Value in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of June 30, 2024.

Revenue Recognition

Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method.

Interest 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 in our portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when redeemed by the issuer. For the three and six months ended June 30, 2024, we recognized PIK interest from investments of approximately $2.1 million and $4.4 million, respectively. For the three and six months ended June 30, 2023, we recognized PIK interest from investments of approximately $1.4 million and $2.7 million, respectively.

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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. As of June 30, 2024 and December 31, 2023, no investments were on non-accrual status.

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 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 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 (as defined below).

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

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

◦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

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The following table shows the Risk Ratings of our portfolio companies as of June 30, 2024:

(in millions)	As of June 30, 2024
Risk Rating	Cost		Percent		Fair Value		Percent
Green	$	1,346.7	97.2	%	$	1,349.6	97.4	%
Yellow	26.9		1.9	%	24.8		1.8	%
Orange	12.0		0.9	%	10.7		0.8	%
Red	—		—	%	—		—	%
	$	1,385.6	100.0	%	$	1,385.1	100.0	%

As of June 30, 2024, all investments in our portfolio had a Green Risk Rating, with the exception of two portfolio companies that had a Yellow Risk Rating and one portfolio company that had an Orange Risk Rating.

Portfolio and Investment Activity

The fair value of our investments, as determined in good faith by our Board, was approximately $1,385.1 million in 119 portfolio companies at June 30, 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 six months ended June 30, 2024 and June 30, 2023:

	Six Months Ended
(in millions)	June 30, 2024		June 30, 2023
New investments in 60 and 26 portfolio companies	$	276.8	$	53.2
Debt repayments in existing portfolio companies	(217.2)		(5.2)
Sales of securities in 1 and 4 companies	(2.4)		(19.0)
Change in unrealized appreciation on 60 and 65 portfolio companies	5.8		12.9
Change in unrealized depreciation on 62 and 35 portfolio companies	(5.3)		(7.2)

Recent Accounting Standards Updates

See Item 1.—Financial Information—Note 12. Recent Accounting Standards Updates in this Quarterly Report on Form 10-Q for details on recent accounting standards updates.

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Results of Operations for the Three Months Ended June 30, 2024 and June 30, 2023

Revenue

	Three Months Ended
(in thousands)	June 30, 2024		June 30, 2023
Total interest income	$	40,660	$	34,227
Fee income	1,503		308
Total investment income	$	42,163	$	34,535

Our total investment income increased by approximately $7.6 million, or 22%, for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023. For the three months ended June 30, 2024, total investment income of approximately $42.2 million consisted of approximately $36.6 million in cash interest from investments, approximately $2.1 million in PIK interest from investments, net amortization of purchase premiums and discounts of approximately $2.0 million, and approximately $1.5 million in fee income. The increase in total interest income of approximately $6.4 million during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 was primarily due to a higher total invested portfolio balance. Fee income during the three months ended June 30, 2024, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront, amendment and consent fees received from twenty-five different portfolio companies.

Operating Expenses

	Three Months Ended
(in thousands)	June 30, 2024		June 30, 2023
Management fee	$	2,164	$	1,913
Interest and other financing expenses	8,897		7,144
Administrative expenses	326		284
Professional fees	254		220
Other general and administrative expenses	90		81
Net expenses	$	11,731	$	9,642

Our total net operating expenses increased by approximately $2.1 million for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023. Our management fee increased by $0.3 million, which was attributable to larger managed and invested capital balances as a result of the shares issued through the DRIP.

Interest and other financing expenses increased by approximately $1.8 million during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023, primarily due to higher SOFR rates on higher average drawn balances on the Wells Credit Facility.

Professional fees, administrative expenses and other general and administrative expenses for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 remained relatively flat.

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

	Three Months Ended
(in thousands)	June 30, 2024		June 30, 2023
Net realized gains (losses) on investments	$	19	$	—
Net change in unrealized (depreciation) appreciation of investments	(3,268)		4,434
Net realized and unrealized (losses) gains	$	(3,249)	$	4,434

Our net realized gains and unrealized depreciation resulted in a net loss of approximately $(3.2) million for the three months ended June 30, 2024 as compared to the net realized gain and unrealized appreciation resulting in a net gain of approximately $4.4 million for the three months ended June 30, 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 three months ended June 30, 2024 was primarily driven by the overall decrease in fair value of our investments during the period. The net gain for the three months ended June 30, 2023 was primarily driven by the overall increase in fair value of our investments during the period.

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Results of Operations for the Six Months Ended June 30, 2024 and June 30, 2023

Revenue

	Six Months Ended
(in thousands)	June 30, 2024		June 30, 2023
Total interest income	$	79,786	$	66,424
Fee income	2,475		1,313
Total investment income	$	82,261	$	67,737

Our total investment income increased by approximately $14.5 million, or 21%, for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. For the six months ended June 30, 2024, total investment income of approximately $82.3 million consisted of approximately $72.4 million in cash interest from investments, approximately $4.4 million in PIK interest from investments, net amortization of purchase premiums and discounts of approximately $3.0 million, and approximately $2.5 million in fee income. The increase in total interest income of approximately $13.4 million during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 was primarily due to a higher total invested portfolio balance. Fee income during the six months ended June 30, 2024, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront, amendment and consent fees received from forty-one different portfolio companies.

Operating Expenses

	Six Months Ended
(in thousands)	June 30, 2024		June 30, 2023
Management fee	$	4,295	$	3,842
Interest and other financing expenses	17,741		13,989
Administrative expenses	638		582
Professional fees	559		514
Other general and administrative expenses	156		198
Net expenses	$	23,389	$	19,125

Our total net operating expenses increased by approximately $4.3 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. Our management fee increased by $0.5 million, which was attributable to larger managed and invested capital balances as a result of the shares issued through the DRIP.

Interest and other financing expenses increased by approximately $3.8 million during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, primarily due to higher SOFR rates on higher average drawn balances on the Wells Credit Facility.

Professional fees, administrative expenses and other general and administrative expenses for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 remained relatively flat.

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

	Six Months Ended
(in thousands)	June 30, 2024		June 30, 2023
Net realized (losses) gains on investments	$	(573)	$	119
Net change in unrealized appreciation of investments	514		5,733
Net realized and unrealized (losses) gains	$	(59)	$	5,852

Our net realized losses and unrealized appreciation resulted in a net loss of approximately $(0.1) million for the six months ended June 30, 2024 as compared to the net realized gain and unrealized appreciation resulting in a net gain of approximately $5.9 million for the six months ended June 30, 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 six months ended June 30, 2024 was primarily driven by a realized loss in TMK Hawk Parent, Corp. partially offset by the overall increase in fair value of our investments during the period. The net gain for the six months ended June 30, 2023 was primarily driven by the overall increase in fair value of our investments during the period.

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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 of the minimum asset coverage ratio applicable to us from 200.0% to 150.0%. In connection with their subscriptions of the 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 June 30, 2024, our asset coverage ratio was 308.80%.

On June 30, 2024 and December 31, 2023, we had aggregate capital commitments and undrawn capital commitments from investors as follows:

(in millions)	June 30, 2024			December 31, 2023
Capital Commitments	$	690.0		$	690.0
Unfunded Capital Commitments	—			—
% of Capital Commitments funded	100.0		%	100.0		%

At June 30, 2024 and December 31, 2023, we had cash and cash equivalents of approximately $61.3 million and $22.2 million, respectively. Our cash provided by operating activities for the six months ended June 30, 2024 and June 30, 2023, were approximately $31.6 million and $19.7 million, respectively. We expect that all current liquidity needs will be met with cash flows from operations.

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 June 30, 2024 and December 31, 2023, we had outstanding commitments to third parties to fund investments totaling $153.7 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 June 30, 2024 and December 31, 2023, we had commitment letters to purchase investments in the aggregate par amount of $6.0 million and $6.8 million, respectively, which could require funding in the future. As of June 30, 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 June 30, 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)	$	441.4	$	—		$	441.4	$	—

(1)Under the terms of the Wells Credit Facility, all outstanding borrowings under that facility ($441.4 million as of June 30, 2024) must be repaid on or before December 1, 2028. As of June 30, 2024, there was approximately $158.6 million of possible capacity remaining under the Wells Credit Facility. See Item 1.—Financial Statements—Note 6. Borrowings in this Quarterly Report on Form 10-Q, for material details on the Wells Credit Facility.

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We have entered into the 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.

Distributions and Dividends

Distributions declared for the six months ended June 30, 2024 and June 30, 2023 totaled approximately $58.7 million and $48.9 million, respectively.

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, 2023 and December 31, 2022, total distributions declared were $105.4 million and $72.6 million, respectively, of which the distributions were comprised of approximately 98.96% and 96.94% respectively, of ordinary income, 1.04% and 3.06%, respectively, of long-term capital gains and 0.00% and 0.00%, respectively, of a return of capital. Future distributions, if any, will be determined by our Board.

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 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 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 six months ended June 30, 2024 and June 30, 2023, we issued 5,430,849 and 3,883,500 shares through the DRIP, respectively. See Item 1— Financial Statements—Note 2. Summary of Significant Accounting Policies in this Quarterly Report on Form 10-Q for additional details regarding our dividend reinvestment plan.

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.

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The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the "Exemptive Order"), which superseded a prior order issued on December 18, 2017, which permits us to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, we are permitted to co-invest with our affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of our Independent Directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of our stockholders and is consistent with our then-current investment 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 hold 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 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.

See Item 1.—Financial Statements—Note 5. Agreements and Related Parties in this Quarterly Report on Form 10-Q for more information.

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Item 3.    Quantitative and Qualitative Disclosures About Market Risk

We are subject to certain financial market risks, such as interest rate fluctuations. 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. Since March 2022, the Federal Reserve has been raising interest rates. The Federal Reserve left its benchmark rates steady in the second quarter of 2024, and it has indicated that any cuts to benchmark rates in the future will depend on better inflation reports. 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. Alternatively, 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 six months ended June 30, 2024, certain of the loans held in our portfolio had SOFR interest rates. As of June 30, 2024, approximately 99.6% 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 approximately 0.4% 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 increase by 100, 200 or 300 basis points, or decrease by 25 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on June 30, 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 June 30, 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 June 30, 2024. These hypothetical calculations are based on a model of the investments in our portfolio, held as of June 30, 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)
–25 Basis Points	(1.92)	%
Base Interest Rate	—	%
+100 Basis Points	7.68	%
+200 Basis Points	15.36	%
+300 Basis Points	23.05	%

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Item 4.    Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

As of June 30, 2024 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

(b)Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

The terms "we", "us", "our" and the "Company" refers to NMF SLF I, Inc and its consolidated subsidiaries.

Item 1.    Legal Proceedings

We, our consolidated subsidiary, the Investment Adviser and the Administrator are not currently subject to any material legal proceedings as of June 30, 2024. From time to time, we or our consolidated subsidiary be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

Item 1A.    Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A.—Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "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". The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the six months ended June 30, 2024 to the risk factors discussed in Item 1A.—Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None, other than those already disclosed in certain current reports on Form 8-K filed with the SEC.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

a.None.

b.None.

c.For the period covered by this Quarterly Report on Form 10-Q, no director or officer has adopted or terminated (i) any contract, instruction or written plan for the purchase or sale of securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

We have adopted insider trading policies and procedures governing the purchase, sale, and disposition of our securities by our officers and directors that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

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Item 6.    Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the U.S. Securities and Exchange Commission:

Exhibit Number	Description
3.1	Form of Articles of Amendment and Restatement(1)
3.2	Amended and Restated Bylaws of NMF SLF I, Inc.(2)
4.1	Form of Subscription Agreement(1)
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
32.1	Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
32.2	Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104.0	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

(1)Previously filed in connection with NMF Senior Loan Fund I, Inc.'s (now known as NMF SLF I, Inc.) Registration Statement on Form 10 (File No. 000-56123) filed on November 22, 2019.

(2)Previously filed in connection with NMF SLF I, Inc.'s current report on Form 8-K filed on December 6, 2023.

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on August 14, 2024.

NMF SLF I, Inc.
By:	/s/ JOHN R. KLINE
	John R. Kline  President, Chief Executive Officer (Principal Executive Officer), and Chairman of the Board of Directors
By:	/s/ KRIS CORBETT
	Kris Corbett  Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

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