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|                                                                                                                                                                                                                                         | PAGE |
| SUPPLEMENTAL FINANCIAL INFORMATION                                                                                                                                                                                                           |   |
| New Mountain Finance Holdings, L.L.C.                                                                                                                                                                                                        |   |
| Consolidated Statements of Operations from April 1, 2014 to May 7, 2014 and from January 1, 2014 to May 7, 2014 (unaudited) and for the three months and six months ended June 30, 2013 (unaudited)                 | 2 |
| Consolidated Statements of Cash Flows from January 1, 2014 to May 7, 2014 (unaudited) and for the six months ended June 30, 2013 (unaudited)                                                                                  | 3 |
|                                                                                                                                                                                                                                         |   |
| AUDITED FINANCIAL STATEMENTS                                                                                                                                                                                                                 |   |
|                                                                                                                                                                                                                                         |   |
| Report of Independent Registered Public Accounting Firm                                                                                                                                                                                      | 4 |
| New Mountain Finance Holdings, L.L.C.                                                                                                                                                                                                        |   |
| Consolidated Statements of Assets, Liabilities and Members' Capital as of December 31, 2013 and December 31, 2012                                                                                                                  | 5 |
| Consolidated Statements of Operations for the years ended December 31, 2013, December 31, 2012 and December 31, 2011                                                                                                          | 6 |
| Consolidated Statements of Changes in Members' Capital for the years ended December 31, 2013, December 31, 2012 and December 31, 2011                                                                                         | 7 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2013, December 31, 2012 and December 31, 2011                                                                                                          | 8 |
| Consolidated Schedule of Investments as of December 31, 2013                                                                                                                                                                            | 9 |
| Consolidated Schedule of Investments as of December 31, 2012                                                                                                                                                                            | 16 |
| New Mountain Finance Corporation                                                                                                                                                                                                             |   |
| Statements of Assets and Liabilities as of December 31, 2013 and December 31, 2012                                                                                                                                                 | 21 |
| Statements of Operations for the years ended December 31, 2013, December 31, 2012 and from May 19, 2011 (commencement of operations) to December 31, 2011                                                                | 22 |
| Statements of Changes in Net Assets for the years ended December 31, 2013, December 31, 2012 and from May 19, 2011 (commencement of operations) to December 31, 2011                                                     | 23 |
| Statements of Cash Flows for the years ended December 31, 2013, December 31, 2012 and from May 19, 2011 (commencement of operations) to December 31, 2011                                                                | 24 |
| New Mountain Finance AIV Holdings Corporation                                                                                                                                                                                                |   |
| Statements of Assets and Liabilities as of December 31, 2013 and December 31, 2012                                                                                                                                                 | 25 |
| Statements of Operations for the years ended December 31, 2013, December 31, 2012 and from May 19, 2011 (commencement of operations) to December 31, 2011                                                                | 26 |
| Statements of Changes in Net Assets for the years ended December 31, 2013, December 31, 2012 and from May 19, 2011 (commencement of operations) to December 31, 2011                                                     | 27 |
| Statements of Cash Flows for the years ended December 31, 2013, December 31, 2012 and from May 19, 2011 (commencement of operations) to December 31, 2011                                                                | 28 |
| Combined Notes to the Consolidated Financial Statements of New Mountain Finance Holdings, L.L.C., the Financial Statements of New Mountain Finance Corporation and the Financial Statements of New Mountain Finance AIV Holdings Corporation | 29 |

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|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | From April 1, 2014 to May 7, 2014 |   | Three months ended June 30, 2013 |   | From January 1, 2014 to May 7, 2014 |   | Six months ended June 30, 2013 |
| Investment income                                                   |   |  |   |   |  |   |   |  |   |   |  |
| Interest income                                                     | $ | 12,847 |  |   | $ | 27,321 |  |   | $ | 40,986 |  |   | $ | 52,364 |  |
| Dividend income                                                     | 279 |  |   | 6,436 |  |   | 2,374 |  |   | 6,433 |  |
| Other income                                                        | 113 |  |   | 1,399 |  |   | 797 |  |   | 1,677 |  |
| Total investment income                                             | 13,239 |  |   | 35,156 |  |   | 44,157 |  |   | 60,474 |  |
| Expenses                                                            |   |  |   |   |  |   |   |  |   |   |  |
| Incentive fee                                                       | 1,882 |  |   | 5,407 |  |   | 6,325 |  |   | 8,865 |  |
| Capital gains incentive fee                                         | 523 |  |   | (1,701 | ) |   | 2,050 |  |   | 981 |  |
| Total incentive fees                                                | 2,405 |  |   | 3,706 |  |   | 8,375 |  |   | 9,846 |  |
| Management fee                                                      | 1,879 |  |   | 3,727 |  |   | 6,055 |  |   | 7,295 |  |
| Interest and other financing expenses                               | 1,408 |  |   | 3,118 |  |   | 4,821 |  |   | 6,189 |  |
| Professional fees                                                   | 393 |  |   | 563 |  |   | 1,255 |  |   | 1,135 |  |
| Administrative expenses                                             | 176 |  |   | 939 |  |   | 772 |  |   | 1,698 |  |
| Other general and administrative expenses                           | 166 |  |   | 396 |  |   | 556 |  |   | 806 |  |
| Total expenses                                                      | 6,427 |  |   | 12,449 |  |   | 21,834 |  |   | 26,969 |  |
| Less: expenses waived and reimbursed (see Note 5)              | — |  |   | (836 | ) |   | (774 | ) |   | (1,665 | ) |
| Net expenses                                                        | 6,427 |  |   | 11,613 |  |   | 21,060 |  |   | 25,304 |  |
| Net investment income                                               | 6,812 |  |   | 23,543 |  |   | 23,097 |  |   | 35,170 |  |
| Net realized gains on investments                                   | 5,860 |  |   | 3,312 |  |   | 8,640 |  |   | 4,356 |  |
| Net change in unrealized (depreciation) appreciation of investments | (3,742 | ) |   | (12,031 | ) |   | 1,072 |  |   | (141 | ) |
| Net increase in members' capital resulting from operations          | $ | 8,930 |  |   | $ | 14,824 |  |   | $ | 32,809 |  |   | $ | 39,385 |  |

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|                                                                                                                                                        |  |  |  |  |  |  |  |
|                                                                                                                                                   | From January 1, 2014 to May 7, 2014 |   | Six months ended June 30, 2013 |
| Cash flows from operating activities                                                                                                                   |   |  |   |   |  |
| Net increase in members' capital resulting from operations                                                                                             | $ | 32,809 |  |   | $ | 39,385 |  |
| Adjustments to reconcile net (increase) decrease in members' capital resulting from operations to net cash (used in) provided by operating activities: |   |  |   |   |  |
| Net realized gains on investments                                                                                                                      | (8,640 | ) |   | (4,356 | ) |
| Net change in unrealized (appreciation) depreciation of investments                                                                                    | (1,072 | ) |   | 141 |  |
| Amortization of purchase discount                                                                                                                      | (997 | ) |   | (1,923 | ) |
| Amortization of deferred financing costs                                                                                                               | 591 |  |   | 735 |  |
| Non-cash investment income                                                                                                                             | (1,264 | ) |   | (2,177 | ) |
| (Increase) decrease in operating assets:                                                                                                               |   |  |   |   |  |
| Purchase of investments                                                                                                                                | (188,042 | ) |   | (262,254 | ) |
| Proceeds from sales and paydowns of investments                                                                                                        | 122,821 |  |   | 201,388 |  |
| Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities                                                           | 126 |  |   | — |  |
| Cash paid for purchase of drawn portion of revolving credit or delayed draw facilities                                                                 | (516 | ) |   | — |  |
| Cash paid on drawn revolvers                                                                                                                           | (380 | ) |   | — |  |
| Cash repayments on drawn revolvers                                                                                                                     | 570 |  |   | — |  |
| Interest and dividend receivable                                                                                                                       | (1,006 | ) |   | (4,862 | ) |
| Receivable from unsettled securities sold                                                                                                              | — |  |   | 9,962 |  |
| Receivable from affiliate                                                                                                                              | 75 |  |   | (114 | ) |
| Other assets                                                                                                                                           | (660 | ) |   | (715 | ) |
| Increase (decrease) in operating liabilities:                                                                                                          |   |  |   |   |  |
| Capital gains incentive fee payable                                                                                                                    | 937 |  |   | 981 |  |
| Incentive fee payable                                                                                                                                  | 2,221 |  |   | 2,017 |  |
| Management fee payable                                                                                                                                 | 2,199 |  |   | 505 |  |
| Payable for unsettled securities purchased                                                                                                             | 5,716 |  |   | 9,900 |  |
| Interest payable                                                                                                                                       | (721 | ) |   | 45 |  |
| Payable to affiliate                                                                                                                                   | 153 |  |   | 46 |  |
| Other liabilities                                                                                                                                      | 113 |  |   | 166 |  |
| Net cash flows used in operating activities                                                                                                            | (34,967 | ) |   | (11,130 | ) |
| Cash flows from financing activities                                                                                                                   |   |  |   |   |  |
| Net proceeds from shares sold                                                                                                                          | 58,644 |  |   | 57,020 |  |
| Dividends paid                                                                                                                                         | (15,247 | ) |   | (36,992 | ) |
| Offering costs paid                                                                                                                                    | (150 | ) |   | (542 | ) |
| Proceeds from Holdings Credit Facility                                                                                                                 | 114,482 |  |   | 171,818 |  |
| Repayment of Holdings Credit Facility                                                                                                                  | (137,100 | ) |   | (169,320 | ) |
| Proceeds from SLF Credit Facility                                                                                                                      | 332 |  |   | 3,238 |  |
| Repayment of SLF Credit Facility                                                                                                                       | — |  |   | (10,400 | ) |
| Deferred financing costs paid                                                                                                                          | (18 | ) |   | (498 | ) |
| Net cash flows provided by financing activities                                                                                                        | 20,943 |  |   | 14,324 |  |
| Net (decrease) increase in cash and cash equivalents                                                                                                   | (14,024 | ) |   | 3,194 |  |
| Cash and cash equivalents at the beginning of the period                                                                                               | 14,981 |  |   | 12,752 |  |
| Cash and cash equivalents at the end of the period                                                                                                     | $ | 957 |  |   | $ | 15,946 |  |
| Supplemental disclosure of cash flow information                                                                                                       |   |  |   |   |  |
| Cash interest paid                                                                                                                                     | $ | 4,749 |  |   | $ | 5,256 |  |
| Non-cash financing activities:                                                                                                                         |   |  |   |   |  |
| Value of members' capital issued in connection with dividend reinvestment plan                                                                         | $ | 1,038 |  |   | $ | 2,496 |  |
| Accrual for offering costs                                                                                                                             | 617 |  |   | 1,276 |  |
| Accrual for deferred financing costs                                                                                                                   | 125 |  |   | 25 |  |

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|                                                                                                     |  |  |  |  |  |  |  |
|                                                                                                | December 31, 2013 |   | December 31, 2012 |
| Assets                                                                                              |   |  |   |   |  |
| Investments at fair value (cost of $1,094,080 and $976,243, respectively)                           | $ | 1,115,651 |  |   | $ | 989,820 |  |
| Cash and cash equivalents                                                                           | 14,981 |  |   | 12,752 |  |
| Interest and dividend receivable                                                                    | 10,531 |  |   | 6,340 |  |
| Deferred credit facility costs (net of accumulated amortization of $3,562 and $2,016, respectively) | 4,727 |  |   | 5,490 |  |
| Receivable from affiliate                                                                           | 459 |  |   | 534 |  |
| Receivable from unsettled securities sold                                                           | — |  |   | 9,962 |  |
| Other assets                                                                                        | 1,492 |  |   | 666 |  |
| Total assets                                                                                        | $ | 1,147,841 |  |   | $ | 1,025,564 |  |
| Liabilities                                                                                         |   |  |   |   |  |
| Holdings Credit Facility                                                                            | 221,849 |  |   | 206,938 |  |
| SLF Credit Facility                                                                                 | 214,668 |  |   | 214,262 |  |
| Capital gains incentive fee payable                                                                 | 7,636 |  |   | 4,407 |  |
| Incentive fee payable                                                                               | 4,104 |  |   | 3,390 |  |
| Management fee payable                                                                              | 3,856 |  |   | 3,222 |  |
| Payable for unsettled securities purchased                                                          | 3,690 |  |   | 9,700 |  |
| Interest payable                                                                                    | 814 |  |   | 712 |  |
| Payable to affiliate                                                                                | 80 |  |   | — |  |
| Dividends payable                                                                                   | — |  |   | 11,192 |  |
| Other liabilities                                                                                   | 2,628 |  |   | 1,802 |  |
| Total liabilities                                                                                   | 459,325 |  |   | 455,625 |  |
| Members' Capital                                                                                    | 688,516 |  |   | 569,939 |  |
| Total liabilities and members' capital                                                              | $ | 1,147,841 |  |   | $ | 1,025,564 |  |
| Outstanding common membership units                                                                 | 47,896,693 |  |   | 40,548,189 |  |
| Capital per unit                                                                                    | $ | 14.38 |  |   | $ | 14.06 |  |

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|                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                | Years ended December 31, |
|                                                                                                                | 2013 |   | 2012 |   | 2011 |
| Investment income                                                                                                   |   |  |   |   |  |   |   |  |
| Interest income                                                                                                     | $ | 107,027 |  |   | $ | 83,646 |  |   | $ | 55,809 |  |
| Dividend income                                                                                                     | 5,049 |  |   | 812 |  |   | — |  |
| Other income                                                                                                        | 2,836 |  |   | 1,328 |  |   | 714 |  |
| Total investment income                                                                                             | 114,912 |  |   | 85,786 |  |   | 56,523 |  |
| Expenses                                                                                                            |   |  |   |   |  |   |   |  |
| Incentive fee                                                                                                       | 16,502 |  |   | 11,537 |  |   | 3,522 |  |
| Capital gains incentive fee                                                                                         | 3,229 |  |   | 4,407 |  |   | — |  |
| Total incentive fees                                                                                                | 19,731 |  |   | 15,944 |  |   | 3,522 |  |
| Management fee                                                                                                      | 14,905 |  |   | 11,109 |  |   | 4,938 |  |
| Interest and other credit facility expenses                                                                         | 12,470 |  |   | 10,085 |  |   | 7,086 |  |
| Administrative expenses                                                                                             | 3,429 |  |   | 2,426 |  |   | 1,615 |  |
| Professional fees                                                                                                   | 2,349 |  |   | 2,091 |  |   | 2,037 |  |
| Other general and administrative expenses                                                                           | 1,584 |  |   | 1,374 |  |   | 986 |  |
| Total expenses                                                                                                      | 54,468 |  |   | 43,029 |  |   | 20,184 |  |
| Less: expenses waived and reimbursed (see Note 5)                                                              | (3,233 | ) |   | (2,460 | ) |   | (2,186 | ) |
| Net expenses                                                                                                        | 51,235 |  |   | 40,569 |  |   | 17,998 |  |
| Net investment income                                                                                               | 63,677 |  |   | 45,217 |  |   | 38,525 |  |
| Net realized gains on investments                                                                                   | 7,253 |  |   | 18,851 |  |   | 16,252 |  |
| Net change in unrealized appreciation (depreciation) of investments         | 7,994 |  |   | 9,928 |  |   | (23,100 | ) |
| Net increase in members' capital resulting from operations                                                          | $ | 78,924 |  |   | $ | 73,996 |  |   | $ | 31,677 |  |

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|                                                                     |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | Year ended December 31, |
|                                                                | 2013 |   | 2012 |   | 2011 |
| Increase (decrease) in members' capital resulting from operations:  |   |  |   |   |  |   |   |  |
| Net investment income                                               | $ | 63,677 |  |   | $ | 45,217 |  |   | $ | 38,525 |  |
| Net realized gains on investments                                   | 7,253 |  |   | 18,851 |  |   | 16,252 |  |
| Net change in unrealized appreciation (depreciation) of investments | 7,994 |  |   | 9,928 |  |   | (23,100 | ) |
| Net increase in members' capital resulting from operations          | 78,924 |  |   | 73,996 |  |   | 31,677 |  |
| Contributions                                                       | 100,040 |  |   | 133,428 |  |   | 195,295 |  |
| Distributions                                                       | — |  |   | — |  |   | (10,249 | ) |
| Dividends declared                                                  | (65,140 | ) |   | (59,378 | ) |   | (26,591 | ) |
| Offering costs                                                      | (331 | ) |   | (564 | ) |   | (11,557 | ) |
| Reinvestment of dividends                                           | 5,084 |  |   | 1,955 |  |   | — |  |
| Net increase in members' capital                                    | 118,577 |  |   | 149,437 |  |   | 178,575 |  |
| Members' capital at the beginning of the period                     | 569,939 |  |   | 420,502 |  |   | 241,927 |  |
| Members' capital at the end of the period                           | $ | 688,516 |  |   | $ | 569,939 |  |   | $ | 420,502 |  |

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|                                                                                                                                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                   | Year ended December 31, |
|                                                                                                                                                   | 2013 |   | 2012 |   | 2011 |
| Cash flows from operating activities                                                                                                                   |   |  |   |   |  |   |   |  |
| Net increase in members' capital resulting from operations                                                                                             | $ | 78,924 |  |   | $ | 73,996 |  |   | $ | 31,677 |  |
| Adjustments to reconcile net (increase) decrease in members' capital resulting from operations to net cash (used in) provided by operating activities: |   |  |   |   |  |   |   |  |
| Net realized gains on investments                                                                                                                      | (7,253 | ) |   | (18,851 | ) |   | (16,252 | ) |
| Net change in unrealized (appreciation) depreciation of investments                                                                                    | (7,994 | ) |   | (9,928 | ) |   | 23,100 |  |
| Amortization of purchase discount                                                                                                                      | (3,365 | ) |   | (5,996 | ) |   | (5,862 | ) |
| Amortization of deferred credit facility costs                                                                                                         | 1,546 |  |   | 1,160 |  |   | 786 |  |
| Non-cash investment income                                                                                                                             | (4,473 | ) |   | (2,187 | ) |   | (1,538 | ) |
| (Increase) decrease in operating assets:                                                                                                               |   |  |   |   |  |   |   |  |
| Purchase of investments                                                                                                                                | (529,695 | ) |   | (673,355 | ) |   | (494,694 | ) |
| Proceeds from sales and paydowns of investments                                                                                                        | 426,561 |  |   | 423,874 |  |   | 231,962 |  |
| Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities                                                           | 388 |  |   | 137 |  |   | 1,363 |  |
| Cash paid for drawn revolver                                                                                                                           | — |  |   | (12,705 | ) |   | (535 | ) |
| Cash repayments on drawn revolvers                                                                                                                     | — |  |   | 12,705 |  |   | — |  |
| Interest and dividend receivable                                                                                                                       | (4,191 | ) |   | 967 |  |   | (4,299 | ) |
| Receivable from affiliate                                                                                                                              | 75 |  |   | (165 | ) |   | (369 | ) |
| Receivable from unsettled securities sold                                                                                                              | 9,962 |  |   | (9,962 | ) |   | — |  |
| Other assets                                                                                                                                           | (225 | ) |   | (50 | ) |   | (351 | ) |
| Increase (decrease) in operating liabilities:                                                                                                          |   |  |   |   |  |   |   |  |
| Capital gains incentive fee payable                                                                                                                    | 3,229 |  |   | 4,407 |  |   | — |  |
| Incentive fee payable                                                                                                                                  | 714 |  |   | 1,073 |  |   | 2,317 |  |
| Management fee payable                                                                                                                                 | 634 |  |   | 1,021 |  |   | 2,200 |  |
| Payable for unsettled securities purchased                                                                                                             | (6,010 | ) |   | 2,095 |  |   | (86,857 | ) |
| Interest payable                                                                                                                                       | 102 |  |   | (1,035 | ) |   | 934 |  |
| Payable to affiliate                                                                                                                                   | 80 |  |   | — |  |   | (394 | ) |
| Other liabilities                                                                                                                                      | 639 |  |   | 151 |  |   | 534 |  |
| Net cash flows used in operating activities                                                                                                            | (40,352 | ) |   | (212,648 | ) |   | (316,278 | ) |
| Cash flows from financing activities                                                                                                                   |   |  |   |   |  |   |   |  |
| Contributions                                                                                                                                          | 100,040 |  |   | 133,428 |  |   | 195,295 |  |
| Distributions                                                                                                                                          | — |  |   | — |  |   | (10,249 | ) |
| Dividends paid                                                                                                                                         | (71,248 | ) |   | (46,231 | ) |   | (26,591 | ) |
| Offering costs paid                                                                                                                                    | (720 | ) |   | (268 | ) |   | (11,557 | ) |
| Proceeds from Holdings Credit Facility                                                                                                                 | 457,978 |  |   | 523,099 |  |   | 336,508 |  |
| Repayment of Holdings Credit Facility                                                                                                                  | (443,067 | ) |   | (445,199 | ) |   | (267,168 | ) |
| Proceeds from SLF Credit Facility                                                                                                                      | 23,306 |  |   | 112,993 |  |   | 172,060 |  |
| Repayment of SLF Credit Facility                                                                                                                       | (22,900 | ) |   | (64,659 | ) |   | (63,068 | ) |
| Deferred credit facility costs paid                                                                                                                    | (808 | ) |   | (3,082 | ) |   | (4,377 | ) |
| Net cash flows provided by financing activities                                                                                                        | 42,581 |  |   | 210,081 |  |   | 320,853 |  |
| Net increase (decrease) in cash and cash equivalents                                                                                                   | 2,229 |  |   | (2,567 | ) |   | 4,575 |  |
| Cash and cash equivalents at the beginning of the period                                                                                               | 12,752 |  |   | 15,319 |  |   | 10,744 |  |
| Cash and cash equivalents at the end of the period                                                                                                     | $ | 14,981 |  |   | $ | 12,752 |  |   | $ | 15,319 |  |
| Supplemental disclosure of cash flow information                                                                                                       |   |  |   |   |  |   |   |  |
| Cash interest paid                                                                                                                                     | $ | 10,323 |  |   | $ | 9,433 |  |   | $ | 4,358 |  |
| Non-cash operating activities:                                                                                                                         |   |  |   |   |  |   |   |  |
| Non-cash activity on investments                                                                                                                       | $ | 1,986 |  |   | $ | — |  |   | $ | — |  |
| Non-cash financing activities:                                                                                                                         |   |  |   |   |  |   |   |  |
| Dividends declared and payable                                                                                                                         | $ | — |  |   | $ | 11,192 |  |   | $ | — |  |
| Value of members' capital issued in connection with dividend reinvestment plan                                                                         | 5,084 |  |   | 1,955 |  |   | — |  |
| Accrual for offering costs                                                                                                                             | 768 |  |   | 556 |  |   | — |  |
| Accrual for deferred credit facility costs                                                                                                             | 21 |  |   | 46 |  |   | 192 |  |

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|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                              |   | Type of Investment |   | Interest Rate |   | Maturity Date |   | Principal Amount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent of Members' Capital |
| Funded Debt Investments—Bermuda                                    |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Stratus Technologies Bermuda Holdings Ltd.(4)**                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Stratus Technologies Bermuda Ltd. / Stratus Technologies, Inc. |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Information Technology                                                   |   | First lien(2)(7) |   | 12.00% |   | 3/29/2015 |   | $ | 6,497 |  |   | $ | 6,335 |  |   | $ | 6,529 |  |   | 0.95 | % |
| Total Funded Debt Investments—Bermuda                              |   |   |   |   |   |   |   | $ | 6,497 |  |   | $ | 6,335 |  |   | $ | 6,529 |  |   | 0.95 | % |
| Funded Debt Investments—Cayman Islands                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Pinnacle Holdco S.à r.l. / Pinnacle (US) Acquisition Co Limited**   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                 |   | Second lien(2) |   | 10.50% (Base Rate + 9.25%) |   | 7/30/2020 |   | $ | 30,000 |  |   | $ | 29,472 |  |   | $ | 30,362 |  |   | 4.41 | % |
| Total Funded Debt Investments—Cayman Islands                       |   |   |   |   |   |   |   | $ | 30,000 |  |   | $ | 29,472 |  |   | $ | 30,362 |  |   | 4.41 | % |
| Funded Debt Investments—United States                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| McGraw-Hill Global Education Holdings, LLC                          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                                |   | First lien(2) |   | 9.75% |   | 4/1/2021 |   | $ | 24,500 |  |   | $ | 24,348 |  |   | $ | 27,195 |  |   |   |  |
|                                                                     |   | First lien(3) |   | 9.00% (Base Rate + 7.75%) |   | 3/22/2019 |   | 17,850 |  |   | 17,367 |  |   | 18,225 |  |   |   |  |
|                                                                     |   |   |   |   |   |   |   | 42,350 |  |   | 41,715 |  |   | 45,420 |  |   | 6.60 | % |
| Deltek, Inc.                                                        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                 |   | Second lien(2) |   | 10.00% (Base Rate + 8.75%) |   | 10/10/2019 |   | 41,000 |  |   | 40,977 |  |   | 41,820 |  |   | 6.07 | % |
| Global Knowledge Training LLC                                       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                                |   | Second lien(2) |   | 11.00% (Base Rate + 9.75%) |   | 10/21/2018 |   | 41,450 |  |   | 41,070 |  |   | 41,450 |  |   | 6.02 | % |
| UniTek Global Services, Inc.                                        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                        |   | First lien(2) |   | 15.00% (Base Rate + 9.50% + 4.00% PIK)* |   | 4/15/2018 |   | 26,382 |  |   | 25,508 |  |   | 26,382 |  |   |   |  |
|                                                                     |   | First lien(2) |   | 15.00% (Base Rate + 9.50% + 4.00% PIK)* |   | 4/15/2018 |   | 6,387 |  |   | 6,176 |  |   | 6,387 |  |   |   |  |
|                                                                     |   | First lien(2) |   | 15.00% (Base Rate + 9.50% + 4.00% PIK)* |   | 4/15/2018 |   | 5,309 |  |   | 5,133 |  |   | 5,309 |  |   |   |  |
|                                                                     |   |   |   |   |   |   |   | 38,078 |  |   | 36,817 |  |   | 38,078 |  |   | 5.53 | % |
| Edmentum, Inc.(fka Plato, Inc.)                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                                |   | First lien(3) |   | 5.50% (Base Rate + 4.50%) |   | 5/17/2018 |   | 6,433 |  |   | 6,240 |  |   | 6,465 |  |   |   |  |
|                                                                     |   | Second lien(2) |   | 11.25% (Base Rate + 9.75%) |   | 5/17/2019 |   | 31,150 |  |   | 30,685 |  |   | 31,578 |  |   |   |  |
|                                                                     |   |   |   |   |   |   |   | 37,583 |  |   | 36,925 |  |   | 38,043 |  |   | 5.52 | % |
| SRA International, Inc.                                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                         |   | First lien(2) |   | 6.50% (Base Rate + 5.25%) |   | 7/20/2018 |   | 34,750 |  |   | 33,784 |  |   | 34,475 |  |   | 5.01 | % |
| Kronos Incorporated                                                      |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                 |   | Second lien(2) |   | 9.75% (Base Rate + 8.50%) |   | 4/30/2020 |   | 31,341 |  |   | 31,055 |  |   | 32,542 |  |   | 4.73 | % |
| Rocket Software, Inc.                                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                 |   | Second lien(2) |   | 10.25% (Base Rate + 8.75%) |   | 2/8/2019 |   | 30,875 |  |   | 30,731 |  |   | 31,029 |  |   | 4.51 | % |
| Novell, Inc. (fka Attachmate Corporation, NetIQ Corporation)        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                 |   | First lien(3) |   | 7.25% (Base Rate + 5.75%) |   | 11/22/2017 |   | 6,951 |  |   | 6,847 |  |   | 7,080 |  |   |   |  |
|                                                                     |   | Second lien(2) |   | 11.00% (Base Rate + 9.50%) |   | 11/22/2018 |   | 23,353 |  |   | 22,780 |  |   | 22,876 |  |   |   |  |
|                                                                     |   |   |   |   |   |   |   | 30,304 |  |   | 29,627 |  |   | 29,956 |  |   | 4.35 | % |

----

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                      |   | Type of Investment |   | Interest Rate |   | Maturity Date |   | Principal Amount, Par Value or Shares |   | Cost |   | Fair value |   | Percent of Members' Capital |
| JHCI Acquisition, Inc.                                      |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Distribution & Logistics                                |   | First lien(3) |   | 7.00% (Base Rate + 5.75%) |   | 7/11/2019 |   | $ | 19,536 |  |   | $ | 19,262 |  |   | $ | 19,548 |  |   |   |  |
|                                                             |   | Second lien(3) |   | 11.00% (Base Rate + 9.75%) |   | 7/11/2020 |   | 10,000 |  |   | 9,705 |  |   | 9,898 |  |   |   |  |
|                                                             |   |   |   |   |   |   |   | 29,536 |  |   | 28,967 |  |   | 29,446 |  |   | 4.28 | % |
| CompassLearning, Inc.(12)                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                        |   | First lien(2) |   | 8.00% (Base Rate + 6.75%) |   | 11/26/2018 |   | 30,000 |  |   | 29,261 |  |   | 29,250 |  |   | 4.25 | % |
| Transtar Holding Company                                         |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Distribution & Logistics                                |   | Second lien(2) |   | 9.75% (Base Rate + 8.50%) |   | 10/9/2019 |   | 28,300 |  |   | 27,842 |  |   | 27,168 |  |   | 3.95 | % |
| KeyPoint Government Solutions, Inc.                         |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                 |   | First lien(3) |   | 7.25% (Base Rate + 6.00%) |   | 11/13/2017 |   | 16,784 |  |   | 16,448 |  |   | 16,616 |  |   |   |  |
|                                                             |   | First lien(2) |   | 7.25% (Base Rate + 6.00%) |   | 11/13/2017 |   | 10,116 |  |   | 9,953 |  |   | 10,015 |  |   |   |  |
|                                                             |   |   |   |   |   |   |   | 26,900 |  |   | 26,401 |  |   | 26,631 |  |   | 3.87 | % |
| Meritas Schools Holdings, LLC                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                        |   | First lien(3) |   | 7.00% (Base Rate + 5.75%) |   | 6/25/2019 |   | 19,950 |  |   | 19,763 |  |   | 20,087 |  |   |   |  |
|                                                             |   | First lien(2) |   | 7.00% (Base Rate + 5.75%) |   | 6/25/2019 |   | 5,920 |  |   | 5,865 |  |   | 5,961 |  |   |   |  |
|                                                             |   |   |   |   |   |   |   | 25,870 |  |   | 25,628 |  |   | 26,048 |  |   | 3.78 | % |
| Sierra Hamilton LLC / Sierra Hamilton Finance, Inc.    |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Energy                                                           |   | First lien(2) |   | 12.25% |   | 12/15/2018 |   | 25,000 |  |   | 25,000 |  |   | 25,000 |  |   | 3.63 | % |
| Permian Tank & Manufacturing, Inc.                 |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Energy                                                           |   | First lien(2) |   | 10.50% |   | 1/15/2018 |   | 24,500 |  |   | 24,757 |  |   | 24,255 |  |   | 3.52 | % |
| Aderant North America, Inc.                                 |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                         |   | Second lien(2) |   | 10.00% (Base Rate + 8.75%) |   | 6/20/2019 |   | 22,500 |  |   | 22,201 |  |   | 23,203 |  |   | 3.37 | % |
| YP Holdings LLC(8)                                          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| YP LLC                                                      |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Media                                                            |   | First lien(2) |   | 8.04% (Base Rate + 6.71%) |   | 6/4/2018 |   | 22,400 |  |   | 21,892 |  |   | 22,722 |  |   | 3.30 | % |
| McGraw-Hill School Education Holdings, LLC                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                        |   | First lien(3) |   | 6.25% (Base Rate + 5.00%) |   | 12/18/2019 |   | 13,000 |  |   | 12,870 |  |   | 12,870 |  |   |   |  |
|                                                             |   | First lien(2) |   | 6.25% (Base Rate + 5.00%) |   | 12/18/2019 |   | 9,000 |  |   | 8,910 |  |   | 8,910 |  |   |   |  |
|                                                             |   |   |   |   |   |   |   | 22,000 |  |   | 21,780 |  |   | 21,780 |  |   | 3.16 | % |
| Aspen Dental Management, Inc.                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                              |   | First lien(3) |   | 7.00% (Base Rate + 5.50%) |   | 10/6/2016 |   | 21,077 |  |   | 20,820 |  |   | 20,813 |  |   | 3.02 | % |
| LM U.S. Member LLC (and LM U.S. Corp Acquisition Inc.) |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                |   | Second lien(3) |   | 9.50% (Base Rate + 8.25%) |   | 10/26/2020 |   | 20,000 |  |   | 19,731 |  |   | 20,308 |  |   | 2.95 | % |
| Envision Acquisition Company, LLC                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                              |   | Second lien(2) |   | 9.75% (Base Rate + 8.75%) |   | 11/4/2021 |   | 20,000 |  |   | 19,605 |  |   | 20,075 |  |   | 2.91 | % |
| ARSloane Acquisition, LLC                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                |   | First lien(3) |   | 7.50% (Base Rate + 6.25%) |   | 10/1/2019 |   | 19,950 |  |   | 19,754 |  |   | 19,992 |  |   | 2.90 | % |
| eResearchTechnology, Inc.                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                              |   | First lien(3) |   | 6.00% (Base Rate + 4.75%) |   | 5/2/2018 |   | 19,750 |  |   | 19,047 |  |   | 19,874 |  |   | 2.89 | % |
| Distribution International, Inc.                            |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Distribution & Logistics                                |   | First lien(2) |   | 7.50% (Base Rate + 6.50%) |   | 7/16/2019 |   | 19,900 |  |   | 19,527 |  |   | 19,813 |  |   | 2.88 | % |

----

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                                                   |   | Type of Investment |   | Interest Rate |   | Maturity Date |   | Principal Amount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent of Members' Capital |
| First American Payment Systems, L.P.                                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | Second lien(3) |   | 10.75% (Base Rate + 9.50%) |   | 4/12/2019 |   | $ | 20,000 |  |   | $ | 19,654 |  |   | $ | 19,800 |  |   | 2.88 | % |
| Merrill Communications LLC                                                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | First lien(3) |   | 7.25% (Base Rate + 6.25%) |   | 3/8/2018 |   | 19,425 |  |   | 19,246 |  |   | 19,759 |  |   | 2.87 | % |
| Insight Pharmaceuticals LLC                                                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Products                                                                           |   | Second lien(3) |   | 13.25% (Base Rate + 11.75%) |   | 8/25/2017 |   | 19,310 |  |   | 18,766 |  |   | 19,021 |  |   | 2.76 | % |
| St. George's University Scholastic Services LLC                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                                                     |   | First lien(3) |   | 8.50% (Base Rate + 7.00%) |   | 12/20/2017 |   | 17,379 |  |   | 17,082 |  |   | 17,530 |  |   | 2.55 | % |
| Sotera Defense Solutions, Inc. (Global Defense Technology & Systems, Inc.) |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                                              |   | First lien(3) |   | 7.50% (Base Rate + 6.00%) |   | 4/21/2017 |   | 18,316 |  |   | 18,127 |  |   | 16,118 |  |   | 2.34 | % |
| Confie Seguros Holding II Co.                                                            |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Consumer Services                                                                             |   | Second lien(3) |   | 10.25% (Base Rate + 9.00%) |   | 5/8/2019 |   | 14,886 |  |   | 14,762 |  |   | 15,034 |  |   | 2.18 | % |
| OpenLink International, Inc.                                                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | First lien(3) |   | 7.75% (Base Rate + 6.25%) |   | 10/30/2017 |   | 14,700 |  |   | 14,496 |  |   | 14,774 |  |   | 2.15 | % |
| Smile Brands Group Inc.                                                                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                                                           |   | First lien(3) |   | 7.50% (Base Rate + 6.25%) |   | 8/16/2019 |   | 14,464 |  |   | 14,261 |  |   | 14,307 |  |   | 2.08 | % |
| Brock Holdings III, Inc.                                                                 |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Industrial Services                                                                           |   | Second lien(2) |   | 10.00% (Base Rate + 8.25%) |   | 3/16/2018 |   | 14,000 |  |   | 13,858 |  |   | 14,263 |  |   | 2.07 | % |
| Vision Solutions, Inc.                                                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | Second lien(2) |   | 9.50% (Base Rate + 8.00%) |   | 7/23/2017 |   | 14,000 |  |   | 13,957 |  |   | 14,140 |  |   | 2.05 | % |
| Packaging Coordinators, Inc.(10)                                                         |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Products                                                                           |   | Second lien(2) |   | 9.50% (Base Rate + 8.25%) |   | 11/10/2020 |   | 14,000 |  |   | 13,868 |  |   | 14,088 |  |   | 2.05 | % |
| Lonestar Intermediate Super Holdings, LLC                                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | Subordinated(2) |   | 11.00% (Base Rate + 9.50%) |   | 9/2/2019 |   | 12,000 |  |   | 11,701 |  |   | 12,419 |  |   | 1.80 | % |
| Van Wagner Communications, LLC                                                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Media                                                                                         |   | First lien(2) |   | 6.25% (Base Rate + 5.00%) |   | 8/3/2018 |   | 11,761 |  |   | 11,583 |  |   | 11,997 |  |   | 1.74 | % |
| Vertafore, Inc.                                                                          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | Second lien(2) |   | 9.75% (Base Rate + 8.25%) |   | 10/29/2017 |   | 10,000 |  |   | 9,937 |  |   | 10,198 |  |   | 1.48 | % |
| TransFirst Holdings, Inc.                                                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | Second lien(3) |   | 11.00% (Base Rate + 9.75%) |   | 6/27/2018 |   | 10,000 |  |   | 9,741 |  |   | 10,138 |  |   | 1.47 | % |
| MailSouth, Inc.                                                                          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Media                                                                                         |   | First lien(3) |   | 6.76% (Base Rate + 4.96%) |   | 12/14/2016 |   | 9,410 |  |   | 9,333 |  |   | 9,269 |  |   | 1.35 | % |
| Vitera Healthcare Solutions, LLC                                                         |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | First lien(3) |   | 6.00% (Base Rate + 5.00%) |   | 11/4/2020 |   | 2,000 |  |   | 1,980 |  |   | 2,000 |  |   |   |  |
|                                                                                          |   | Second lien(2) |   | 9.25% (Base Rate + 8.25%) |   | 11/4/2021 |   | 7,000 |  |   | 6,897 |  |   | 7,070 |  |   |   |  |
|                                                                                          |   |   |   |   |   |   |   | 9,000 |  |   | 8,877 |  |   | 9,070 |  |   | 1.32 | % |
| Harley Marine Services, Inc.                                                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Distribution & Logistics                                                             |   | Second lien(2) |   | 10.50% (Base Rate + 9.25%) |   | 12/20/2019 |   | 9,000 |  |   | 8,820 |  |   | 8,820 |  |   | 1.28 | % |
| Consona Holdings, Inc.                                                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | First lien(3) |   | 7.25% (Base Rate + 6.00%) |   | 8/6/2018 |   | 8,394 |  |   | 8,326 |  |   | 8,457 |  |   | 1.23 | % |
| Physio-Control International, Inc.                                                       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Products                                                                           |   | First lien(2) |   | 9.88% |   | 1/15/2019 |   | 6,651 |  |   | 6,651 |  |   | 7,482 |  |   | 1.09 | % |
| Virtual Radiologic Corporation                                                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Information Technology                                                             |   | First lien(3) |   | 7.25% (Base Rate + 5.50%) |   | 12/22/2016 |   | 13,563 |  |   | 13,454 |  |   | 7,324 |  |   | 1.06 | % |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                       |   | Type of Investment |   | Interest Rate |   | Maturity Date |   | Principal Amount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent of Members' Capital |
| Alion Science and Technology Corporation                          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                  |   | First lien(2)(7) |   | 12.00% (10.00% + 2.00% PIK)* |   | 11/1/2014 |   | $ | 6,447 |  |   | $ | 6,360 |  |   | $ | 6,570 |  |   | 0.95 | % |
| Immucor, Inc.                                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                               |   | Subordinated(2)(7) |   | 11.13% |   | 8/15/2019 |   | 5,000 |  |   | 4,950 |  |   | 5,650 |  |   | 0.82 | % |
| Learning Care Group (US), Inc.                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                         |   | Subordinated(2) |   | 15.00% PIK* |   | 5/8/2020 |   | 4,371 |  |   | 4,253 |  |   | 4,371 |  |   |   |  |
|                                                              |   | Subordinated(2) |   | 15.00% PIK* |   | 5/8/2020 |   | 800 |  |   | 746 |  |   | 800 |  |   |   |  |
|                                                              |   |   |   |   |   |   |   | 5,171 |  |   | 4,999 |  |   | 5,171 |  |   | 0.75 | % |
| Education Management LLC**                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                         |   | First lien(3) |   | 8.25% (Base Rate + 7.00%) |   | 3/30/2018 |   | 5,003 |  |   | 4,888 |  |   | 5,028 |  |   | 0.73 | % |
| GCA Services Group, Inc.                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                 |   | Second lien(2) |   | 9.25% (Base Rate + 8.00%) |   | 11/1/2020 |   | 4,000 |  |   | 3,964 |  |   | 4,064 |  |   | 0.59 | % |
| Sophia Holding Finance LP / Sophia Holding Finance Inc. |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                          |   | Subordinated(2) |   | 9.63% |   | 12/1/2018 |   | 3,500 |  |   | 3,502 |  |   | 3,623 |  |   | 0.53 | % |
| ATI Acquisition Company (fka Ability Acquisition, Inc.)(11)  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                         |   | First lien(2) |   | 17.25% (Base Rate + 10.00% + 4.00% PIK)(5)* |   | 6/30/2012—Past Due |   | 1,665 |  |   | 1,434 |  |   | 233 |  |   |   |  |
|                                                              |   | First lien(2) |   | 17.25% (Base Rate + 10.00% + 4.00% PIK)(5)* |   | 6/30/2012—Past Due |   | 103 |  |   | 94 |  |   | 103 |  |   |   |  |
|                                                              |   |   |   |   |   |   |   | 1,768 |  |   | 1,528 |  |   | 336 |  |   | 0.05 | % |
| Total Funded Debt Investments—United States                 |   |   |   |   |   |   |   | $ | 1,016,562 |  |   | $ | 1,001,605 |  |   | $ | 1,013,641 |  |   | 147.22 | % |
| Total Funded Debt Investments                                     |   |   |   |   |   |   |   | $ | 1,053,059 |  |   | $ | 1,037,412 |  |   | $ | 1,050,532 |  |   | 152.58 | % |
| Equity—Bermuda                                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Stratus Technologies Bermuda Holdings Ltd.(4)**              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Information Technology                                            |   | Ordinary shares(2) |   | — |   | — |   | 156,247 |  |   | $ | 65 |  |   | $ | 46 |  |   |   |  |
|                                                              |   | Preferred shares(2) |   | — |   | — |   | 35,558 |  |   | 15 |  |   | 10 |  |   |   |  |
|                                                              |   |   |   |   |   |   |   |   |  |   | 80 |  |   | 56 |  |   | 0.01 | % |
| Total Shares—Bermuda                                        |   |   |   |   |   |   |   |   |  |   | $ | 80 |  |   | $ | 56 |  |   | 0.01 | % |
| Equity—United States                                        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Crowley Holdings Preferred, LLC                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Distribution & Logistics                                 |   | Preferred shares(2) |   | 12.00% (10.00% + 2.00% PIK)* |   | — |   | 35,000 |  |   | $ | 35,000 |  |   | $ | 35,000 |  |   | 5.08 | % |
| Black Elk Energy Offshore Operations, LLC                    |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Energy                                                            |   | Preferred shares(2) |   | 17.00% |   | — |   | 20,000,000 |  |   | 20,000 |  |   | 20,000 |  |   | 2.91 | % |
| Global Knowledge Training LLC                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                         |   | Ordinary shares(2) |   | — |   | — |   | 2 |  |   | — |  |   | 3 |  |   |   |  |
|                                                              |   | Preferred shares(2) |   | — |   | — |   | 2,423 |  |   | — |  |   | 3,006 |  |   |   |  |
|                                                              |   |   |   |   |   |   |   |   |  |   | — |  |   | 3,009 |  |   | 0.44 | % |
| Packaging Coordinators, Inc.(10)                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Packaging Coordinators Holdings, LLC                         |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Products                                               |   | Ordinary shares(2) |   | — |   | — |   | 19,427 |  |   | 1,000 |  |   | 1,181 |  |   | 0.17 | % |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)    |   | Type of Investment |   | Interest Rate |   | Maturity Date |   | Principal Amount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent of Members' Capital |
| Ancora Acquisition LLC(11)                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                      |   | Preferred shares(2) |   | — |   | — |   | 372 |  |   | $ | 83 |  |   | $ | 83 |  |   | 0.01 |  % |
| Total Shares—United States               |   |   |   |   |   |   |   |   |  |   | $ | 56,083 |  |   | $ | 59,273 |  |   | 8.61 |  % |
| Total Shares                                   |   |   |   |   |   |   |   |   |  |   | $ | 56,163 |  |   | $ | 59,329 |  |   | 8.62 |  % |
| Warrants—United States                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Learning Care Group (US), Inc.            |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                      |   | Warrants(2) |   | — |   | — |   | 844 |  |   | $ | 194 |  |   | $ | 503 |  |   |   |  |
|                                           |   | Warrants(2) |   | — |   | — |   | 3,589 |  |   | 61 |  |   | 2,136 |  |   |   |  |
|                                           |   |   |   |   |   |   |   |   |  |   | 255 |  |   | 2,639 |  |   | 0.38 |  % |
| YP Holdings LLC(8)                        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| YP Equity Investors LLC                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Media                                          |   | Warrants(2) |   | — |   | — |   | 5 |  |   | — |  |   | 1,944 |  |   | 0.28 |  % |
| UniTek Global Services, Inc.              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                              |   | Warrants(2) |   | — |   | — |   | 1,014,451 |  |   | 1,449 |  |   | 1,694 |  |   | 0.25 |  % |
| Storapod Holding Company, Inc.            |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Consumer Services                              |   | Warrants(2) |   | — |   | — |   | 360,129 |  |   | 156 |  |   | 594 |  |   | 0.09 |  % |
| Alion Science and Technology Corporation       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                               |   | Warrants(2) |   | — |   | — |   | 6,000 |  |   | 293 |  |   | 94 |  |   | 0.01 |  % |
| Ancora Acquisition LLC(11)                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                      |   | Warrants(2) |   | — |   | — |   | 20 |  |   | — |  |   | — |  |   | — |  |
| Total Warrants—United States             |   |   |   |   |   |   |   |   |  |   | $ | 2,153 |  |   | $ | 6,965 |  |   | 1.01 |  % |
| Total Funded Investments                       |   |   |   |   |   |   |   |   |  |   | $ | 1,095,728 |  |   | $ | 1,116,826 |  |   | 162.21 |  % |
| Unfunded Debt Investments—United States  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Aspen Dental Management, Inc.             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                            |   | First lien(2)(9)—Undrawn |   | — |   | 4/6/2016 |   | $ | 5,000 |  |   | $ | (388 | ) |   | $ | (388 | ) |   | (0.06 | )% |
| Advantage Sales & Marketing Inc. |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                              |   | First lien(2)(9)—Undrawn |   | — |   | 12/17/2015 |   | 10,500 |  |   | (1,260 | ) |   | (787 | ) |   | (0.11 | )% |
| Total Unfunded Debt Investments                |   |   |   |   |   |   |   | $ | 15,500 |  |   | $ | (1,648 | ) |   | $ | (1,175 | ) |   | (0.17 | )% |
| Total Investments                              |   |   |   |   |   |   |   |   |  |   | $ | 1,094,080 |  |   | $ | 1,115,651 |  |   | 162.04 |  % |

|     |                                                                                                                                                                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | New Mountain Finance Holdings, L.L.C. (the "Operating Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. |

|     |                                                                                                                                                                                                                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Operating Company as the Borrower and Collateral Administrator, Wells Fargo Securities, L.L.C. as the Administrative Agent, and Wells Fargo Bank, National Association, as the Collateral Custodian. See Note 7, Borrowing Facilities, for details. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Investment is pledged as collateral for the SLF Credit Facility, a revolving credit facility among New Mountain Finance SPV Funding, L.L.C. as the Borrower, the Operating Company as the Collateral Administrator, Wells Fargo Securities, L.L.C. as the Administrative Agent, and Wells Fargo Bank, National Association, as the Collateral Custodian. See Note 7, Borrowing Facilities, for details. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The Operating Company holds investments in two related entities of Stratus Technologies Bermuda Holdings, Ltd. ("Stratus Holdings"). The Operating Company directly holds ordinary and preferred equity in Stratus Holdings and has a credit investment in the joint issuers of Stratus Technologies Bermuda Ltd. ("Stratus Bermuda") and Stratus Technologies, Inc. ("Stratus U.S."), collectively, the "Stratus Notes". Stratus U.S. is a wholly-owned subsidiary of Stratus Bermuda, which in turn is a wholly-owned subsidiary of Stratus Holdings. Stratus Holdings is the parent guarantor of the credit investment of the Stratus Notes. |

|     |                                      |
|-----|--------------------------------------|
| (5) | Investment is on non-accrual status. |

|     |                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | The Operating Company holds 1,014,451 warrants in UniTek Global Services, Inc., which represents a 4.46% equity ownership on a fully diluted basis. |

----

|     |                                                     |
|-----|-----------------------------------------------------|
| (7) | Securities are registered under the Securities Act. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | The Operating Company holds investments in two related entities of YP Holdings LLC. The Operating Company directly holds warrants to purchase a 4.96% membership interest of YP Equity Investors, LLC (which at closing represented an indirect 1.0% equity interest in YP Holdings LLC) and holds an investment in the Term Loan B loans issued by YP LLC, a subsidiary of YP Holdings LLC. |

|     |                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | Par Value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities. Cost amounts represent the cash received at settlement date net the impact of paydowns and cash paid for drawn revolvers. |

|      |                                                                                                                                                                                                                                                                                                                                                                    |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | The Operating Company holds investments in Packaging Coordinators, Inc. and one related entity of Packaging Coordinators, Inc. The Operating Company has a credit investment in Packaging Coordinators, Inc. and holds ordinary equity in Packaging Coordinators Holdings, LLC, a wholly-owned subsidiary of Packaging Coordinators, Inc. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | The Operating Company holds investments in ATI Acquisition Company and Ancora Acquisition LLC. The Operating Company has credit investments in ATI Acquisition Company and preferred equity and warrants to purchase units of common membership interests of Ancora Acquisition LLC. The Operating Company received its investments in Ancora Acquisition LLC as a result of its investments in ATI Acquisition Company. |

|      |                                                                                                                                |
|------|--------------------------------------------------------------------------------------------------------------------------------|
| (12) | The Operating Company holds an investment in CompassLearning, Inc. that is structured as a first lien last out term loan. |

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

|    |                                                                                                                                                                                                                                                                                                                          |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** | Indicates assets that the Operating 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 70.00% of the Operating Company's total assets at the time of acquisition of any additional non-qualifying assets. |

----

|                   |
|-------------------|
|                   |  |  |
|              | December 31, 2013 |
| Investment Type   | Percent of Total Investments at Fair Value |
| First lien        | 49.62 | % |
| Second lien       | 42.03 | % |
| Subordinated      | 2.41 | % |
| Equity and other  | 5.94 | % |
| Total investments | 100.00 | % |

|                                   |
|-----------------------------------|
|                                   |  |  |
|                              | December 31, 2013 |
| Industry Type                     | Percent of Total Investments at Fair Value |
| Software                          | 22.33 | % |
| Education                         | 21.13 | % |
| Business Services                 | 13.04 | % |
| Distribution & Logistics | 10.78 | % |
| Federal Services                  | 7.52 | % |
| Healthcare Services               | 7.20 | % |
| Energy                            | 6.21 | % |
| Media                             | 4.12 | % |
| Healthcare Products               | 3.74 | % |
| Consumer Services                 | 1.40 | % |
| Industrial Services               | 1.28 | % |
| Healthcare Information Technology | 0.66 | % |
| Information Technology            | 0.59 | % |
| Total investments                 | 100.00 | % |

|                    |
|--------------------|
|                    |  |  |
|               | December 31, 2013 |
| Interest Rate Type | Percent of Total Investments at Fair Value |
| Floating rates     | 85.08 | % |
| Fixed rates        | 14.92 | % |
| Total investments  | 100.00 | % |

----

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                              |   | Type of Investment |   | Interest Rate |   | Maturity Date |   | Principal Amount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent of Members' Capital |
| Funded Debt Investments—Bermuda                                    |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Stratus Technologies Bermuda Holdings Ltd.(4)**                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Stratus Technologies Bermuda Ltd. / Stratus Technologies, Inc. |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Information Technology                                                   |   | First lien(2)(7) |   | 12.00% |   | 3/29/2015 |   | $ | 6,664 |  |   | $ | 6,396 |  |   | $ | 6,631 |  |   | 1.16 | % |
| Total Funded Debt Investments—Bermuda                              |   |   |   |   |   |   |   | $ | 6,664 |  |   | $ | 6,396 |  |   | $ | 6,631 |  |   | 1.16 | % |
| Funded Debt Investments—Cayman Islands                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Pinnacle Holdco S.à r.l. / Pinnacle (US) Acquisition Co Limited**   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                 |   | First lien(3) |   | 6.50% (Base Rate + 5.25%) |   | 7/30/2019 |   | $ | 2,992 |  |   | $ | 2,971 |  |   | $ | 2,999 |  |   |   |  |
|                                                                     |   | Second lien(2) |   | 10.50% (Base Rate + 9.25%) |   | 7/30/2020 |   | 30,000 |  |   | 29,420 |  |   | 30,488 |  |   |   |  |
|                                                                     |   |   |   |   |   |   |   | 32,992 |  |   | 32,391 |  |   | 33,487 |  |   | 5.88 | % |
| Total Funded Debt Investments—Cayman Islands                       |   |   |   |   |   |   |   | $ | 32,992 |  |   | $ | 32,391 |  |   | $ | 33,487 |  |   | 5.88 | % |
| Funded Debt Investments—United Kingdom                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Magic Newco, LLC**                                                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                 |   | First lien(3) |   | 7.25% (Base Rate + 6.00%) |   | 12/12/2018 |   | $ | 14,963 |  |   | $ | 14,543 |  |   | $ | 15,105 |  |   | 2.65 | % |
| Total Funded Debt Investments—United Kingdom                       |   |   |   |   |   |   |   | $ | 14,963 |  |   | $ | 14,543 |  |   | $ | 15,105 |  |   | 2.65 | % |
| Funded Debt Investments—United States                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Edmentum, Inc.(fka Plato, Inc.)                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                                |   | First lien(3) |   | 7.50% (Base Rate + 6.00%) |   | 5/17/2018 |   | $ | 11,700 |  |   | $ | 11,378 |  |   | $ | 11,744 |  |   |   |  |
|                                                                     |   | Second lien(2) |   | 11.25% (Base Rate + 9.75%) |   | 5/17/2019 |   | 29,150 |  |   | 28,604 |  |   | 28,567 |  |   |   |  |
|                                                                     |   |   |   |   |   |   |   | 40,850 |  |   | 39,982 |  |  | 40,311 |  |   | 7.07 | % |
| Novell, Inc. (fka Attachmate Corporation, NetIQ Corporation)        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                 |   | First lien(3) |   | 7.25% (Base Rate + 5.75%) |   | 11/22/2017 |   | 7,700 |  |   | 7,560 |  |   | 7,785 |  |   |   |  |
|                                                                     |   | Second lien(2) |   | 11.00% (Base Rate + 9.50%) |   | 11/22/2018 |   | 24,000 |  |   | 23,326 |  |   | 23,560 |  |   |   |  |
|                                                                     |   |   |   |   |   |   |   | 31,700 |  |   | 30,886 |  |   | 31,345 |  |   | 5.50 | % |
| Rocket Software, Inc.                                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                 |   | Second lien(2) |   | 10.25% (Base Rate + 8.75%) |   | 2/8/2019 |   | 30,875 |  |   | 30,711 |  |   | 30,933 |  |   | 5.43 | % |
| Pharmaceutical Research Associates, Inc.                            |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                                      |   | Second lien(2) |   | 10.50% (Base Rate + 9.25%) |   | 6/10/2019 |   | 30,000 |  |   | 29,402 |  |   | 30,319 |  |   | 5.32 | % |
| UniTek Global Services, Inc.                                        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                        |   | First lien(2) |   | 9.00% (Base Rate + 7.50%) |   | 4/16/2018 |   | 19,650 |  |   | 19,202 |  |   | 19,331 |  |   |   |  |
|                                                                     |   | First lien(2) |   | 9.00% (Base Rate + 7.50%) |   | 4/16/2018 |   | 5,970 |  |   | 5,798 |  |   | 5,873 |  |   |   |  |
|                                                                     |   | First lien(2) |   | 9.00% (Base Rate + 7.50%) |   | 4/16/2018 |   | 4,963 |  |   | 4,781 |  |   | 4,882 |  |   |   |  |
|                                                                     |   |   |   |   |   |   |   | 30,583 |  |   | 29,781 |  |   | 30,086 |  |   | 5.28 | % |
| KeyPoint Government Solutions, Inc.                                 |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                         |   | First lien(3) |   | 7.25% (Base Rate + 6.00%) |   | 11/13/2017 |   | 20,000 |  |   | 19,608 |  |   | 19,900 |  |   |   |  |
|                                                                     |   | First lien(2) |   | 7.25% (Base Rate + 6.00%) |   | 11/13/2017 |   | 10,000 |  |   | 9,703 |  |   | 9,950 |  |   |   |  |
|                                                                     |   |   |   |   |   |   |   | 30,000 |  |   | 29,311 |  |   | 29,850 |  |   | 5.24 | % |
| Global Knowledge Training LLC                                       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
|                                                                     |   | First lien(3) |   | 6.5% (Base Rate +4.99%) |   | 4/21/2017 |   | 4,776 |  |   | 4,718 |  |   | 4,705 |  |   |   |
|                                                                     |   | First lien(3) |   | 7.25% (Base Rate + 4.00%) |   | 4/21/2017 |   | 1,174 |  |   | 1,159 |  |   | 1,156 |  |   |   |  |
|                                                                     |   | Second lien(2) |   | 11.50% (Base Rate + 9.75%) |   | 10/21/2018 |   | 24,250 |  |   | 23,814 |  |   | 23,755 |  |   |   |  |
|                                                                     |   |   |   |   |   |   |   | 30,200 |  |   | 29,691 |  |   | 29,616 |  |   | 5.20 | % |
| Managed Health Care Associates, Inc.                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                                      |   | First lien(2) |   | 3.47% (Base Rate + 3.25%) |   | 8/1/2014 |   | 14,756 |  |   | 13,240 |  |   | 14,276 |  |   |   |  |
|                                                                     |   | Second lien(2) |   | 6.72% (Base Rate + 6.50%) |   | 2/1/2015 |   | 15,000 |  |   | 12,790 |  |   | 14,475 |  |   |   |  |
|                                                                     |   |   |   |   |   |   |   | 29,756 |  |   | 26,030 |  |   | 28,751 |  |   | 5.05 | % |
| Transtar Holding Company                                                 |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Distribution & Logistics(10)                                    |   | Second lien(2) |   | 9.75% (Base Rate + 8.50%) |   | 10/9/2019 |   | 28,300 |  |   | 27,787 |  |   | 28,654 |  |   | 5.03 | % |
| Meritas Schools Holdings, LLC                                       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                                |   | First lien(3) |   | 7.50% (Base Rate + 6.00%) |   | 7/29/2017 |   | 8,150 |  |   | 8,084 |  |   | 8,171 |  |   |   |  |
|                                                                     |   | Second lien(2) |   | 11.50% (Base Rate + 10.00%) |   | 1/29/2018 |   | 20,000 |  |   | 19,747 |  |   | 20,000 |  |   |   |  |
|                                                                     |   |   |   |   |   |   |   | 28,150 |  |   | 27,831 |  |   | 28,171 |  |   | 4.94 | % |
| Kronos Incorporated                                                      |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
|                                                                     |   | Second lien(2) |   | 9.75% (Base Rate + 8.5%) |   | 4/30/2020 |   | 25,000 |  |   | 24,753 |  |   | 25,125 |  |   | 4.41 | % |

----

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                                                   |   | Type of Investment |   | Interest Rate |   | Maturity Date |   | Principal Amount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent of Members' Capital |
| St. George's University Scholastic Services LLC                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                                                     |   | First lien(2) |   | 8.50% (Base Rate + 7.00%) |   | 12/20/2017 |   | $ | 25,000 |  |   | $ | 24,501 |  |   | $ | 24,500 |  |   | 4.30 | % |
| SRA International, Inc.                                                                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                                              |   | First lien(3) |   | 6.50% (Base Rate + 5.25%) |   | 7/20/2018 |   | 20,436 |  |   | 19,741 |  |   | 19,542 |  |   |   |  |
|                                                                                          |   | First lien(2) |   | 6.50% (Base Rate + 5.25%) |   | 7/20/2018 |   | 4,315 |  |   | 4,225 |  |   | 4,126 |  |   |   |  |
|                                                                                          |   |   |   |   |   |   |   | 24,751 |  |   | 23,966 |  |   | 23,668 |  |   | 4.15 | % |
| Aderant North America, Inc.                                                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | Second lien(2) |   | 11.00% (Base Rate + 7.75%) |   | 6/20/2019 |   | 22,500 |  |   | 22,163 |  |   | 23,062 |  |   | 4.05 | % |
| LM U.S. Member LLC (and LM U.S. Corp Acquisition Inc.)                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | Second lien(2) |   | 9.50% (Base Rate + 8.25%) |   | 10/26/2020 |   | 20,000 |  |   | 19,704 |  |   | 20,150 |  |   | 3.54 | % |
| Learning Care Group (US), Inc.                                                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                                                     |   | First lien(2) |   | 12.00% |   | 4/27/2016 |   | 17,369 |  |   | 17,174 |  |   | 16,696 |  |   |   |  |
|                                                                                          |   | Subordinated(2) |   | 15.00% PIK* |   | 6/30/2016 |   | 3,782 |  |   | 3,639 |  |   | 3,434 |  |   |   |  |
|                                                                                          |   |   |   |   |   |   |   | 21,151 |  |   | 20,813 |  |   | 20,130 |  |   | 3.53 | % |
| Six3 Systems, Inc.                                                                       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                                              |   | First lien(2) |   | 7.00% (Base Rate + 5.75%) |   | 10/4/2019 |   | 20,000 |  |   | 19,805 |  |   | 20,025 |  |   | 3.51 | % |
| First American Payment Systems, L.P.                                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | Second lien(2) |   | 10.75% (Base Rate + 9.50%) |   | 4/12/2019 |   | 20,000 |  |   | 19,609 |  |   | 19,900 |  |   | 3.49 | % |
| eResearchTechnology, Inc.                                                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                                                           |   | First lien(3) |   | 8.00% (Base Rate + 6.50%) |   | 5/2/2018 |   | 19,950 |  |   | 19,202 |  |   | 19,850 |  |   | 3.48 | % |
| Insight Pharmaceuticals LLC                                                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Products                                                                           |   | Second lien(2) |   | 13.25% (Base Rate + 11.75%) |   | 8/25/2017 |   | 19,310 |  |   | 18,659 |  |   | 19,503 |  |   | 3.42 | % |
| Transplace Texas, L.P.                                                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Distribution & Logistics(10)                                                         |   | Second lien(2) |   | 11.00% (Base Rate + 9.00%) |   | 4/12/2017 |   | 20,000 |  |   | 19,586 |  |   | 19,500 |  |   | 3.42 | % |
| PODS, Inc.(6)                                                                            |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Consumer Services                                                                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| PODS Funding Corp. II                                                                         |   | First lien(3) |   | 7.25% (Base Rate + 6.00%) |   | 11/29/2016 |   | 14,007 |  |   | 13,668 |  |   | 13,972 |  |   |   |  |
| Storapod Holding Company, Inc.                                                      |   | Subordinated(2) |   | 21.00% PIK* |   | 11/29/2017 |   | 5,296 |  |   | 5,156 |  |   | 5,113 |  |   |   |  |
|                                                                                          |   |   |   |   |   |   |   | 19,303 |  |   | 18,824 |  |   | 19,085 |  |   | 3.35 | % |
| Smile Brands Group Inc.                                                                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                                                           |   | First lien(3) |   | 7.00% (Base Rate + 5.25%) |   | 12/21/2017 |   | 19,859 |  |   | 19,598 |  |   | 18,767 |  |   | 3.29 | % |
| Ascensus, Inc.                                                                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | First lien(2) |   | 8.00% (Base Rate + 6.75%) |   | 12/21/2018 |   | 8,500 |  |   | 8,330 |  |   | 8,330 |  |   |   |  |
|                                                                                          |   | First lien(3) |   | 8.00% (Base Rate + 6.75%) |   | 12/21/2018 |   | 8,500 |  |   | 8,330 |  |   | 8,330 |  |   |   |  |
|                                                                                          |   |   |   |   |   |   |   | 17,000 |  |   | 16,660 |  |   | 16,660 |  |   | 2.92 | % |
| Sotera Defense Solutions, Inc. (Global Defense Technology & Systems, Inc.) |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                                              |   | First lien(3) |   | 7.50% (Base Rate + 6.00%) |   | 4/21/2017 |   | 15,758 |  |   | 15,644 |  |   | 15,600 |  |   | 2.74 | % |
| IG Investments Holdings, LLC                                                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | Second lien(2) |   | 10.25% (Base Rate + 9.00%) |   | 10/31/2020 |   | 15,000 |  |   | 14,852 |  |   | 14,925 |  |   | 2.62 | % |
| OpenLink International, Inc.                                                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | First lien(3) |   | 7.75% (Base Rate + 6.25%) |   | 10/30/2017 |   | 14,850 |  |   | 14,600 |  |   | 14,850 |  |   | 2.61 | % |
| Landslide Holdings, Inc. (Crimson Acquisition Corp.)                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | First lien(3) |   | 7.00% (Base Rate + 5.75%) |   | 6/19/2018 |   | 14,625 |  |   | 14,353 |  |   | 14,671 |  |   | 2.57 | % |
| KPLT Holdings, Inc. (Centerplate, Inc., et al.)                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Consumer Services                                                                             |   | Subordinated(2) |   | 11.75% (10.25% + 1.50% PIK)* |   | 4/16/2019 |   | 14,637 |  |   | 14,351 |  |   | 14,344 |  |   | 2.52 | % |
| Sabre Inc.                                                                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | First lien(3) |   | 7.25% (Base Rate + 6.00%) |   | 12/29/2017 |   | 13,965 |  |   | 13,918 |  |   | 14,186 |  |   | 2.49 | % |
| Brock Holdings III, Inc.                                                                 |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Industrial Services                                                                           |   | Second lien(2) |   | 10.00% (Base Rate + 8.25%) |   | 3/16/2018 |   | 14,000 |  |   | 13,825 |  |   | 14,105 |  |   | 2.48 | % |
| Triple Point Technology, Inc.                                                            |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | First lien(3) |   | 6.25% (Base Rate + 5.00%) |   | 10/27/2017 |   | 12,968 |  |   | 12,549 |  |   | 13,021 |  |   | 2.28 | % |
| Lonestar Intermediate Super Holdings, LLC                                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | Subordinated(2) |   | 11.00% (Base Rate + 9.50%) |   | 9/2/2019 |   | 12,000 |  |   | 11,666 |  |   | 12,765 |  |   | 2.24 | % |
| Aspen Dental Management, Inc                                                                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                                                           |   | First lien(3) |   | 7.00% (Base Rate + 5.50%) |   | 10/6/2016 |   | 12,870 |  |   | 12,652 |  |   | 12,210 |  |   | 2.14 | % |

----

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                           |   | Type of Investment |   | Interest Rate |   | Maturity Date |   | Principal Amount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent of Members' Capital |
| Van Wagner Communications, LLC                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Media                                                                 |   | First lien(2) |   | 8.25% (Base Rate + 7.00%) |   | 8/3/2018 |   | $ | 12,000 |  |   | $ | 11,772 |  |   | $ | 12,160 |  |   | 2.13 | % |
| Supervalu Inc.**                                                 |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Retail                                                                |   | First lien(2) |   | 8.00% (Base Rate + 6.75%) |   | 8/30/2018 |   | 11,940 |  |   | 11,597 |  |   | 12,146 |  |   | 2.13 | % |
| Vision Solutions, Inc.                                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                              |   | Second lien(2) |   | 9.50% (Base Rate + 8.00%) |   | 7/23/2017 |   | 12,000 |  |   | 11,913 |  |   | 11,700 |  |   | 2.05 | % |
| Merrill Communications LLC                                       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                     |   | First lien(2) |   | 10.75% (Base Rate + 7.50%) |   | 3/10/2013 |   | 11,422 |  |   | 11,421 |  |   | 11,279 |  |   | 1.98 | % |
| MailSouth, Inc.                                                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Media                                                                 |   | First lien(3) |   | 6.75% (Base Rate + 5.00%) |   | 12/14/2016 |   | 11,136 |  |   | 11,018 |  |   | 11,025 |  |   | 1.94 | % |
| Immucor, Inc.                                                    |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                                   |   | First lien(3) |   | 5.75% (Base Rate + 4.50%) |   | 8/19/2018 |   | 4,938 |  |   | 4,772 |  |   | 5,006 |  |   |   |  |
|                                                                  |   | Subordinated(2)(7) |   | 11.13% |   | 8/15/2019 |   | 5,000 |  |   | 4,943 |  |   | 5,650 |  |   |   |  |
|                                                                  |   |   |   |   |   |   |   | 9,938 |  |   | 9,715 |  |   | 10,656 |  |   | 1.87 | % |
| Virtual Radiologic Corporation                                        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Information Technology                                     |   | First lien(3) |   | 7.75% (Base Rate + 4.50%) |   | 12/22/2016 |   | 14,702 |  |   | 14,550 |  |   | 10,291 |  |   | 1.81 | % |
| Permian Tank & Manufacturing, Inc.                      |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Energy                                                                |   | First lien(3) |   | 9.00% (Base Rate + 7.25%) |   | 3/15/2017 |   | 10,072 |  |   | 9,852 |  |   | 10,072 |  |   | 1.77 | % |
| Vertafore, Inc.                                                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                              |   | Second lien(2) |   | 9.75% (Base Rate + 8.25%) |   | 10/29/2017 |   | 10,000 |  |   | 9,924 |  |   | 10,050 |  |   | 1.76 | % |
| Merge Healthcare Inc.**                                          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                                   |   | First lien(2)(7) |   | 11.75% |   | 5/1/2015 |   | 9,000 |  |   | 8,916 |  |   | 9,709 |  |   | 1.70 | % |
| TransFirst Holdings, Inc.                                        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                     |   | Second lien(2) |   | 11.00% (Base Rate + 9.75%) |   | 6/27/2018 |   | 10,000 |  |   | 9,700 |  |   | 9,700 |  |   | 1.70 | % |
| Consona Holdings, Inc.                                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                              |   | First lien(3) |   | 7.25% (Base Rate + 6.00%) |   | 8/6/2018 |   | 8,479 |  |   | 8,398 |  |   | 8,511 |  |   | 1.49 | % |
| Confie Seguros Holding II Co.                                    |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Consumer Services                                                     |   | Second lien(2) |   | 10.25% (Base Rate + 9.00%) |   | 5/8/2019 |   | 8,000 |  |   | 7,842 |  |   | 8,040 |  |   | 1.41 | % |
| Physio-Control International, Inc.                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Products                                                   |   | First lien(2) |   | 9.88% |   | 1/15/2019 |   | 7,000 |  |   | 7,000 |  |   | 7,717 |  |   | 1.35 | % |
| Surgery Center Holdings, Inc.                                    |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                                   |   | First lien(3) |   | 6.50% (Base Rate + 5.00%) |   | 2/6/2017 |   | 6,834 |  |   | 6,809 |  |   | 6,800 |  |   | 1.19 | % |
| Research Pharmaceutical Services, Inc.                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                                   |   | First lien(3) |   | 6.75% (Base Rate + 5.25%) |   | 2/18/2017 |   | 7,125 |  |   | 7,046 |  |   | 6,662 |  |   | 1.17 | % |
| Alion Science and Technology Corporation                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                      |   | First lien(2)(7) |   | 12.00% (10.00% + 2.00% PIK)* |   | 11/1/2014 |   | 6,320 |  |   | 6,131 |  |   | 6,093 |  |   | 1.07 | % |
| GCA Services Group, Inc.                                         |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                     |   | Second lien(2) |   | 9.25% (Base Rate + 8.00%) |   | 11/1/2020 |   | 5,000 |  |   | 4,951 |  |   | 4,900 |  |   | 0.86 | % |
| Education Management LLC**                                       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                             |   | First lien(3) |   | 8.25% (Base Rate + 7.00%) |   | 3/30/2018 |   | 5,058 |  |   | 4,921 |  |   | 4,232 |  |   | 0.74 | % |
| Brickman Group Holdings, Inc.                                    |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                     |   | Subordinated(2) |   | 9.13% |   | 11/1/2018 |   | 3,650 |  |   | 3,342 |  |   | 3,842 |  |   | 0.68 | % |
| Ozburn-Hessey Holding Company LLC                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Distribution & Logistics(10)                                 |   | Second lien(2) |   | 11.50% (Base Rate + 9.50%) |   | 10/10/2016 |   | 4,000 |  |   | 3,947 |  |   | 3,680 |  |   | 0.65 | % |
| YP Holdings LLC(8)                                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| YP Intermediate Holdings Corp. / YP Intermediate Holdings II LLC |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Media                                                                 |   | Second lien(2) |   | 15.00% (12.00% + 3.00% PIK)* |   | 5/18/2017 |   | 3,559 |  |   | 3,326 |  |   | 3,586 |  |   | 0.63 | % |
| Mach Gen, LLC                                                    |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Power Generation                                                      |   | Second lien(2) |   | 7.82% PIK (Base Rate + 7.50%)* |   | 2/22/2015 |   | 3,676 |  |   | 3,474 |  |   | 2,396 |  |   | 0.42 | % |
| ATI Acquisition Company (fka Ability Acquisition, Inc.)          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                             |   | First lien(2) |   | 12.25% (Base Rate + 5.00% + 4.00% PIK)(5)* |   | 12/30/2014 |   | 4,432 |  |   | 4,306 |  |   | — |  |   |   |  |
|                                                                  |   | First lien(2) |   | 17.25% (Base Rate + 10.00% + 4.00% PIK)(5)* |   | 6/30/2012—Past Due |   | 1,665 |  |   | 1,517 |  |   | 649 |  |   |   |  |
|                                                                  |   | First lien(2) |   | 17.25% (Base Rate + 10.00% + 4.00% PIK)(5)* |   | 6/30/2012—Past Due |   | 103 |  |   | 94 |  |   | 103 |  |   |   |  |
|                                                                  |   |   |   |   |   |   |   | 6,200 |  |   | 5,917 |  |   | 752 |  |   | 0.13 | % |
| Airvana Network Solutions Inc.                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                              |   | First lien(2) |   | 10.00% (Base Rate + 8.00%) |   | 3/25/2015 |   | 648 |  |   | 640 |  |   | 650 |  |   | 0.11 | % |
| Total Funded Debt Investments—United States                     |   |   |   |   |   |   |   | $ | 942,670 |  |   | $ | 921,787 |  |   | $ | 925,287 |  |   | 162.35 | % |
| Total Funded Debt Investments                                         |   |   |   |   |   |   |   | $ | 997,289 |  |   | $ | 975,117 |  |   | $ | 980,510 |  |   | 172.04 | % |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)          |   | Type of Investment |   | Interest Rate |   | Maturity Date |   | Principal Amount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent of Members' Capital |
| Equity—Bermuda                                 |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Stratus Technologies Bermuda Holdings Ltd.(4)** |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Information Technology                               |   | Ordinary shares(2) |   | — |   | — |   | 144,270 |  |   | $ | 65 |  |   | $ | 65 |  |   |   |  |
|                                                 |   | Preferred shares(2) |   | — |   | — |   | 32,830 |  |   | 15 |  |   | 15 |  |   |   |  |
|                                                 |   |   |   |   |   |   |   |   |  |   | 80 |  |   | 80 |  |   | 0.01 |  % |
| Total Shares—Bermuda                           |   |   |   |   |   |   |   |   |  |   | $ | 80 |  |   | $ | 80 |  |   | 0.01 |  % |
| Equity—United States                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Global Knowledge Training LLC                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                            |   | Ordinary shares(2) |   | — |   | — |   | 2 |  |   | $ | 2 |  |   | $ | 2 |  |   |   |  |
|                                                 |   | Preferred shares(2) |   | — |   | — |   | 2,423 |  |   | 1,195 |  |   | 2,423 |  |   |   |  |
|                                                 |   |   |   |   |   |   |   |   |  |   | 1,197 |  |   | 2,425 |  |   | 0.43 |  % |
| Total Shares—United States                     |   |   |   |   |   |   |   |   |  |   | $ | 1,197 |  |   | $ | 2,425 |  |   | 0.43 |  % |
| Total Shares                                         |   |   |   |   |   |   |   |   |  |   | $ | 1,277 |  |   | $ | 2,505 |  |   | 0.44 |  % |
| Warrants—United States                         |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| YP Holdings LLC(8)                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| YP Equity Investors LLC                         |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Media                                                |   | Warrants(2) |   | — |   | — |   | 5 |  |   | $ | 466 |  |   | $ | 7,230 |  |   | 1.27 |  % |
| Alion Science and Technology Corporation             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                     |   | Warrants(2) |   | — |   | — |   | 6,000 |  |   | 293 |  |   | 192 |  |   | 0.03 |  % |
| PODS, Inc.(6)                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Storapod Holding Company, Inc.                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Consumer Services                                    |   | Warrants(2) |   | — |   | — |   | 360,129 |  |   | 156 |  |   | 156 |  |   | 0.03 |  % |
| Learning Care Group (US), Inc.                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                            |   | Warrants(2) |   | — |   | — |   | 844 |  |   | 194 |  |   | 14 |  |   | — |  % |
| Total Warrants—United States                   |   |   |   |   |   |   |   |   |  |   | $ | 1,109 |  |   | $ | 7,592 |  |   | 1.33 |  % |
| Total Funded Investments                             |   |   |   |   |   |   |   |   |  |   | $ | 977,503 |  |   | $ | 990,607 |  |   | 173.81 |  % |
| Unfunded Debt Investments—United States        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Advantage Sales & Marketing Inc.       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                    |   | First lien(2)(9)—Undrawn |   | — |   | 12/17/2015 |   | $ | 10,500 |  |   | $ | (1,260 | ) |   | $ | (787 | ) |   | (0.14 | )% |
| Total Unfunded Debt Investments                      |   |   |   |   |   |   |   | $ | 10,500 |  |   | $ | (1,260 | ) |   | $ | (787 | ) |   | (0.14 | )% |
| Total Investments                                    |   |   |   |   |   |   |   |   |  |   | $ | 976,243 |  |   | $ | 989,820 |  |   | 173.67 |  % |

|     |                                                                                                                                                                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | New Mountain Finance Holdings, L.L.C. (the "Operating 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) | The Holdings Credit Facility is collateralized by the indicated investments. |

|     |                                                                         |
|-----|-------------------------------------------------------------------------|
| (3) | The SLF Credit Facility is collateralized by the indicated investments. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The Operating Company holds investments in two related entities of Stratus Technologies Bermuda Holdings, Ltd. ("Stratus Holdings"). The Operating Company directly holds ordinary and preferred equity in Stratus Holdings and has a credit investment in the joint issuers of Stratus Technologies Bermuda Ltd. ("Stratus Bermuda") and Stratus Technologies, Inc. ("Stratus U.S."), collectively, the "Stratus Notes". Stratus U.S. is a wholly-owned subsidiary of Stratus Bermuda, which in turn is a wholly-owned subsidiary of Stratus Holdings. Stratus Holdings is the parent guarantor of the credit investment of the Stratus Notes. |

|     |                                      |
|-----|--------------------------------------|
| (5) | Investment is on non-accrual status. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | The Operating Company holds investments in two related entities of PODS, Inc. The Operating Company directly holds warrants in Storapod Holding Company, Inc. ("Storapod") and has a credit investment in Storapod through Storapod WCF II Limited ("Storapod WCF II"). Storapod WCF II is a special purpose entity used to enter into a Shari'ah-compliant financing arrangement with Storapod. Additionally, the Operating Company has a credit investment in PODS Funding Corp. II ("PODS II"). PODS, Inc. is a wholly-owned subsidiary of PODS Holding, Inc., which in turn is a majority-owned subsidiary of Storapod. PODS II is a special purpose entity used to enter into a Shari'ah-compliant financing arrangement with PODS, Inc. and its subsidiary, PODS Enterprises, Inc. |

|     |                                                     |
|-----|-----------------------------------------------------|
| (7) | Securities are registered under the Securities Act. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | The Operating Company holds investments in two related entities of YP Holdings LLC. The Operating Company directly holds warrants to purchase a 4.96% membership interest of YP Equity Investors, LLC (which at closing represented an indirect 1.0% equity interest in YP Holdings LLC) and holds an investment in the Term Loan B loans issued by YP Intermediate Holdings Corp. and YP Intermediate Holdings II LLC (together "YP Intermediate"), a subsidiary of YP Holdings LLC. |

|     |                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | Par Value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities. Cost amounts represent the cash received at settlement date net the impact of paydowns and cash paid for drawn revolvers. |

|      |                                                                                 |
|------|---------------------------------------------------------------------------------|
| (10) | Industries were disclosed separately in previously issued financial statements. |

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

|    |                                                                                                                                                                                                                                                                                                                          |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** | Indicates assets that the Operating 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 70.00% of the Operating Company's total assets at the time of acquisition of any additional non-qualifying assets. |

----

|                   |
|-------------------|
|                   |  |  |
|              | December 31, 2012 |
| Investment Type   | Percent of Total Investments at Fair Value |
| First lien        | 49.86 | % |
| Second lien       | 44.56 | % |
| Subordinated      | 4.56 | % |
| Equity and other  | 1.02 | % |
| Total investments | 100.00 | % |

|                                      |
|--------------------------------------|
|                                      |  |  |
|                                 | December 31, 2012 |
| Industry Type                        | Percent of Total Investments at Fair Value |
| Software                             | 24.92 | % |
| Education                            | 15.17 | % |
| Healthcare Services                  | 14.52 | % |
| Business Services                    | 14.49 | % |
| Federal Services                     | 9.64 | % |
| Distribution & Logistics(1) | 5.23 | % |
| Consumer Services                    | 4.21 | % |
| Media                                | 3.44 | % |
| Healthcare Products                  | 2.75 | % |
| Industrial Services                  | 1.42 | % |
| Retail                               | 1.23 | % |
| Healthcare Information Technology    | 1.04 | % |
| Energy                               | 1.02 | % |
| Information Technology               | 0.68 | % |
| Power Generation                     | 0.24 | % |
| Total investments                    | 100.00 | % |

|     |                                                                                 |
|-----|---------------------------------------------------------------------------------|
| (1) | Industries were disclosed separately in previously issued financial statements. |

----

|                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                  |  |  |  |  |  |  |  |
|                                                                                                                                             | December 31, 2013 |   | December 31, 2012 |
| Assets                                                                                                                                           |   |  |   |   |  |
| Investment in New Mountain Finance Holdings, L.L.C., at fair value (cost of $633,835 and $335,730, respectively)                                 | $ | 650,107 |  |   | $ | 341,926 |  |
| Distribution receivable from New Mountain Finance Holdings, L.L.C.                                                                               | — |  |   | 3,405 |  |
| Total assets                                                                                                                                     | $ | 650,107 |  |   | $ | 345,331 |  |
| Liabilities                                                                                                                                      |   |  |   |   |  |
| Dividends payable                                                                                                                                | — |  |   | 3,405 |  |
| Total liabilities                                                                                                                                | — |  |   | 3,405 |  |
| Net assets                                                                                                                                       |   |  |   |   |  |
| Preferred stock, par value $0.01 per share, 2,000,000 shares authorized, none issued                                                             | — |  |   | — |  |
| Common stock, par value $0.01 per share 100,000,000 shares authorized, and 45,224,755 and 24,326,251 shares issued and outstanding, respectively | 452 |  |   | 243 |  |
| Paid in capital in excess of par                                                                                                                 | 633,383 |  |   | 335,487 |  |
| Accumulated undistributed net realized gains                                                                                                     | 5,056 |  |   | 952 |  |
| Net unrealized appreciation                                                                                                                      | 11,216 |  |   | 5,244 |  |
| Total net assets                                                                                                                                 | $ | 650,107 |  |   | $ | 341,926 |  |
| Total liabilities and net assets                                                                                                                 | $ | 650,107 |  |   | $ | 345,331 |  |
| Number of shares outstanding                                                                                                                     | 45,224,755 |  |   | 24,326,251 |  |
| Net asset value per share                                                                                                                        | $ | 14.38 |  |   | $ | 14.06 |  |

----

|                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                  | Years ended December 31, |   | From May 19, 2011 (commencement of operations) to December 31, 2011 |
|                                                                                                                  | 2013 |   | 2012 |   |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                            |   |  |   |   |  |   |   |  |
| Interest income                                                                                                       | $ | 84,925 |  |   | $ | 36,439 |  |   | $ | 13,437 |  |
| Dividend income                                                                                                       | 3,567 |  |   | 455 |  |   | — |  |
| Other income                                                                                                          | 2,384 |  |   | 617 |  |   | 232 |  |
| Total expenses                                                                                                        | (40,355 | ) |   | (17,719 | ) |   | (5,324 | ) |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                       | 50,521 |  |   | 19,792 |  |   | 8,345 |  |
| Net realized and unrealized gain (loss) allocated from New Mountain Finance Holdings, L.L.C.                          |   |  |   |   |  |   |   |  |
| Net realized gains on investment                                                                                      | 5,427 |  |   | 7,593 |  |   | 1,141 |  |
| Net change in unrealized appreciation (depreciation) of investments                                                   | 6,016 |  |   | 4,494 |  |   | (5,376 | ) |
| Net realized and unrealized gain (loss) allocated from New Mountain Finance Holdings, L.L.C.                     | 11,443 |  |   | 12,087 |  |   | (4,235 | ) |
| Total net increase in net assets resulting from operations allocated from New Mountain Finance Holdings, L.L.C.  | 61,964 |  |   | 31,879 |  |   | 4,110 |  |
| Net change in unrealized (depreciation) appreciation of investment in New Mountain Finance Holdings, L.L.C.      | (44 | ) |   | (95 | ) |   | 6,221 |  |
| Net increase in net assets resulting from operations                                                                  | $ | 61,920 |  |   | $ | 31,784 |  |   | $ | 10,331 |  |
| Basic earnings per share                                                                                              | $ | 1.76 |  |   | $ | 2.14 |  |   | $ | 0.97 |  |
| Weighted average shares of common stock outstanding—basic (See Note 12)                                    | 35,092,722 |  |   | 14,860,838 |  |   | 10,697,691 |  |
| Diluted earnings per share                                                                                            | $ | 1.79 |  |   | $ | 2.18 |  |   | $ | 0.38 |  |
| Weighted average shares of common stock outstanding—diluted (See Note 12)                                  | 44,021,920 |  |   | 34,011,738 |  |   | 30,919,629 |  |

----

|                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                           | Years ended December 31, |   | From May 19, 2011 (commencement of operations) to December 31, 2011 |
|                                                                                                                           | 2013 |   | 2012 |   |
| Increase (decrease) in net assets resulting from operations:                                                                   |   |  |   |   |  |   |   |  |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                                | $ | 50,521 |  |   | $ | 19,792 |  |   | $ | 8,345 |  |
| Net realized gains on investments allocated from New Mountain Finance Holdings, L.L.C.                                    | 5,427 |  |   | 7,593 |  |   | 1,141 |  |
| Net change in unrealized appreciation (depreciation) of investments allocated from New Mountain Finance Holdings, L.L.C.  | 6,016 |  |   | 4,494 |  |   | (5,376 | ) |
| Net change in unrealized (depreciation) appreciation of investment in New Mountain Finance Holdings, L.L.C.               | (44 | ) |   | (95 | ) |   | 6,221 |  |
| Net increase in net assets resulting from operations                                                                           | 61,920 |  |   | 31,784 |  |   | 10,331 |  |
| Capital transactions                                                                                                           |   |  |   |   |  |   |   |  |
| Net proceeds from shares sold                                                                                                  | 100,040 |  |   | 133,428 |  |   | 129,865 |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.                                              | (281 | ) |   | (323 | ) |   | (3,998 | ) |
| Value of shares issued for exchanged units                                                                                     | 193,262 |  |   | 56,314 |  |   | 18,489 |  |
| Dividends declared                                                                                                             | (51,844 | ) |   | (26,719 | ) |   | (9,200 | ) |
| Reinvestment of dividends                                                                                                      | 5,084 |  |   | 1,955 |  |   | — |  |
| Total net increase in net assets resulting from capital transactions                                                           | 246,261 |  |   | 164,655 |  |   | 135,156 |  |
| Net increase in net assets                                                                                                     | 308,181 |  |   | 196,439 |  |   | 145,487 |  |
| Net assets at the beginning of the period                                                                                      | 341,926 |  |   | 145,487 |  |   | — |  |
| Net assets at the end of the period                                                                                            | $ | 650,107 |  |   | $ | 341,926 |  |   | $ | 145,487 |  |

----

|                                                                                                                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                           |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                      | Years ended December 31, |   | From May 19, 2011 (commencement of operations) to December 31, 2011 |
|                                                                                                                                                      | 2013 |   | 2012 |   |
| Cash flows from operating activities:                                                                                                                     |   |  |   |   |  |   |   |  |
| Net increase in net assets resulting from operations                                                                                                      | $ | 61,920 |  |   | $ | 31,784 |  |   | $ | 10,331 |  |
| Adjustments to reconcile net (increase) decrease in net assets resulting from operations to net cash (used in) provided by operating activities:          |   |  |   |   |  |   |   |  |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                                                           | (50,521 | ) |   | (19,792 | ) |   | (8,345 | ) |
| Net realized and unrealized (gains) losses allocated from New Mountain Finance Holdings, L.L.C.                                                      | (11,443 | ) |   | (12,087 | ) |   | 4,235 |  |
| Net change in unrealized depreciation (appreciation) in New Mountain Finance Holdings, L.L.C.           | 44 |  |   | 95 |  |   | (6,221 | ) |
| (Increase) decrease in operating assets:                                                                                                                  |   |  |   |   |  |   |   |  |
| Purchase of investment                                                                                                                                    | (100,040 | ) |   | (133,428 | ) |   | (129,865 | ) |
| Distributions from New Mountain Finance Holdings, L.L.C.                                                                                             | 50,165 |  |   | 23,314 |  |   | 9,200 |  |
| Net cash flows used in by operating activities                                                                    | (49,875 | ) |   | (110,114 | ) |   | (120,665 | ) |
| Cash flows from financing activities:                                                                                                                     |   |  |   |   |  |   |   |  |
| Net proceeds from shares sold                                                                                                                             | 100,040 |  |   | 133,428 |  |   | 129,865 |  |
| Dividends declared                                                                                                                                        | (50,165 | ) |   | (23,314 | ) |   | (9,200 | ) |
| Net cash flows provided by financing activities                                                                   | 49,875 |  |   | 110,114 |  |   | 120,665 |  |
| Net increase (decrease) in cash and cash equivalents                                                                                                      | — |  |   | — |  |   | — |  |
| Cash and cash equivalents at the beginning of the period                                                                                                  | — |  |   | — |  |   | — |  |
| Cash and cash equivalents at the end of the period                                                                                                        | $ | — |  |   | $ | — |  |   | $ | — |  |
| Non-cash operating activities:                                                                                                                            |   |  |   |   |  |   |   |  |
| Distribution receivable from New Mountain Finance Holdings, L.L.C.                                                                                   | $ | — |  |   | $ | 3,405 |  |   | $ | — |  |
| Non-cash financing activities:                                                                                                                            |   |  |   |   |  |   |   |  |
| Dividends declared and payable                                                                                                                            | $ | — |  |   | $ | (3,405 | ) |   | $ | — |  |
| New Mountain Guardian Partners, L.P. exchange of New Mountain Finance Holdings, L.L.C. units for shares                                              | — |  |   | — |  |   | 18,489 |  |
| New Mountain Finance AIV Holdings Corporation exchange of New Mountain Finance Holdings, L.L.C. units for shares                                          | 193,262 |  |   | 56,314 |  |   | — |  |
| Value of shares issued in connection with dividend reinvestment plan                                                                                      | 5,084 |  |   | 1,955 |  |   | — |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.                                                                         | (281 | ) |   | (323 | ) |   | (3,998 | ) |

----

|                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------|
|                                                                                                                 |  |  |  |  |  |  |  |
|                                                                                                            | December 31, 2013 |   | December 31, 2012 |
| Assets                                                                                                          |   |  |   |   |  |
| Investment in New Mountain Finance Holdings, L.L.C., at fair value (cost of $61,993 and $244,015, respectively) | $ | 38,409 |  |   | $ | 228,013 |  |
| Distributions receivable from New Mountain Finance Holdings, L.L.C.                                        | — |  |   | 7,786 |  |
| Total assets                                                                                                    | $ | 38,409 |  |   | $ | 235,799 |  |
| Liabilities                                                                                                     |   |  |   |   |  |
| Dividends payable                                                                                               | — |  |   | 7,786 |  |
| Total liabilities                                                                                               | — |  |   | 7,786 |  |
| Net assets                                                                                                      |   |  |   |   |  |
| Common stock, par value $0.01 per share 100 shares issued and outstanding                                       | — |  |   | — |  |
| Paid in capital in excess of par                                                                                | 61,993 |  |   | 244,015 |  |
| Distributions in excess of net realized gains                                                                   | (26,812 | ) |   | (6,676 | ) |
| Net unrealized appreciation (depreciation)                                                                      | 3,228 |  |   | (9,326 | ) |
| Total net assets                                                                                                | 38,409 |  |   | 228,013 |  |
| Total liabilities and net assets                                                                                | $ | 38,409 |  |   | $ | 235,799 |  |

|     |                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------|
| (1) | As of December 31, 2013 and December 31, 2012, the par value of the total common stock was $1. |

----

|                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                  |   |   |   |   | From May 19, 2011 (commencement of operations) to December 31, 2011 |
|                                                                                                                  | Years ended December 31, |
|                                                                                                                  | 2013 |   | 2012 |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                            |   |  |   |   |  |   |   |  |
| Interest income                                                                                                       | $ | 22,102 |  |   | $ | 47,207 |  |   | $ | 25,399 |  |
| Dividend income                                                                                                       | 1,482 |  |   | 357 |  |   | — |  |
| Other income                                                                                                          | 452 |  |   | 712 |  |   | 439 |  |
| Total expenses                                                                                                        | (10,881 | ) |   | (22,850 | ) |   | (10,063 | ) |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                       | 13,155 |  |   | 25,426 |  |   | 15,775 |  |
| Net realized and unrealized gain (loss) allocated from New Mountain Finance Holdings, L.L.C.                          |   |  |   |   |  |   |   |  |
| Net realized gains on investments                                                                                     | 1,826 |  |   | 11,259 |  |   | 2,158 |  |
| Net change in unrealized appreciation (depreciation) of investments                                                   | 1,978 |  |   | 5,433 |  |   | (10,163 | ) |
| Net realized and unrealized gain (loss) allocated from New Mountain Finance Holdings, L.L.C.                     | 3,804 |  |   | 16,692 |  |   | (8,005 | ) |
| Total net increase in net assets resulting from operations allocated from New Mountain Finance Holdings, L.L.C.  | 16,959 |  |   | 42,118 |  |   | 7,770 |  |
| Net realized (losses) gains on investment in New Mountain Finance Holdings, L.L.C.                               | (14,925 | ) |   | 381 |  |   | — |  |
| Net change in unrealized appreciation (depreciation) on investment in New Mountain Finance Holdings, L.L.C.      | 10,576 |  |   | 1,616 |  |   | (6,212 | ) |
| Net increase in net assets resulting from operations                                                                  | $ | 12,610 |  |   | $ | 44,115 |  |   | $ | 1,558 |  |

----

|                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                           |   |   |   |   | From May 19, 2011 (commencement of operations) to December 31, 2011 |
|                                                                                                                           | Years ended December 31, |   |
|                                                                                                                           | 2013 |   | 2012 |   |
| Increase (decrease) in net assets resulting from operations:                                                                   |   |  |   |   |  |   |   |  |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                                | $ | 13,155 |  |   | $ | 25,426 |  |   | $ | 15,775 |  |
| Net realized gains on investments allocated from New Mountain Finance Holdings, L.L.C.                                    | 1,826 |  |   | 11,259 |  |   | 2,158 |  |
| Net change in unrealized appreciation (depreciation) of investments allocated from New Mountain Finance Holdings, L.L.C.  | 1,978 |  |   | 5,433 |  |   | (10,163 | ) |
| Net realized (losses) gains on investment in New Mountain Finance Holdings, L.L.C.                                        | (14,925 | ) |   | 381 |  |   | — |  |
| Net change in unrealized appreciation (depreciation) on investment in New Mountain Finance Holdings, L.L.C.               | 10,576 |  |   | 1,616 |  |   | (6,212 | ) |
| Net increase in net assets resulting from operations                                                                           | 12,610 |  |   | 44,115 |  |   | 1,558 |  |
| Capital transactions                                                                                                           |   |  |   |   |  |   |   |  |
| Distribution to New Mountain Guardian AIV, L.P.                                                                      | (188,868 | ) |   | (58,216 | ) |   | — |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.                                              | (50 | ) |   | (241 | ) |   | (7,559 | ) |
| Contributions from exchanged shares                                                                                            | — |  |   | — |  |   | 298,407 |  |
| Dividends declared                                                                                                             | (13,296 | ) |   | (32,660 | ) |   | (17,391 | ) |
| Total net (decrease) increase in net assets resulting from capital transactions                                                | (202,214 | ) |   | (91,117 | ) |   | 273,457 |  |
| Net (decrease) increase in net assets                                                                                          | (189,604 | ) |   | (47,002 | ) |   | 275,015 |  |
| Net assets at the beginning of the period                                                                                      | 228,013 |  |   | 275,015 |  |   | — |  |
| Net assets at the end of the period                                                                                            | $ | 38,409 |  |   | $ | 228,013 |  |   | $ | 275,015 |  |

----

|                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                               |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                          | Years ended December 31, |   | From May 19, 2011 (commencement of operations) to December 31, 2011 |
|                                                                                                                                                          | 2013 |   | 2012 |   |
| Cash flows from operating activities:                                                                                                                         |   |  |   |   |  |   |   |  |
| Net increase in net assets resulting from operations                                                                                                          | $ | 12,610 |  |   | $ | 44,115 |  |   | $ | 1,558 |  |
| Adjustments to reconcile net (increase) decrease in net assets resulting from operations to net cash (used in) provided by operating activities:              |   |  |   |   |  |   |   |  |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                                                               | (13,155 | ) |   | (25,426 | ) |   | (15,775 | ) |
| Net realized and unrealized (gains) losses allocated from New Mountain Finance Holdings, L.L.C.                                                          | (3,804 | ) |   | (16,692 | ) |   | 8,005 |  |
| Net realized losses (gains) on investment in New Mountain Finance Holdings, L.L.C.                                                                       | 14,925 |  |   | (381 | ) |   | — |  |
| Net change in unrealized (appreciation) depreciation in New Mountain Finance Holdings, L.L.C.                                                            | (10,576 | ) |   | (1,616 | ) |   | 6,212 |  |
| (Increase) decrease in operating assets:                                                                                                                      |   |  |   |   |  |   |   |  |
| Distributions from New Mountain Finance Holdings, L.L.C.                                                                                                 | 21,082 |  |   | 24,874 |  |   | 17,391 |  |
| Net cash flows provided by operating activities                                                                                                               | 21,082 |  |   | 24,874 |  |   | 17,391 |  |
| Cash flows from financing activities:                                                                                                                         |   |  |   |   |  |   |   |  |
| Net proceeds from shares sold                                                                                                                                 | 188,868 |  |   | 58,216 |  |   | — |  |
| Distribution to New Mountain Guardian AIV, L.P.                                                        | (188,868 | ) |   | (58,216 | ) |   | — |  |
| Dividends declared                                                                                                                                            | (21,082 | ) |   | (24,874 | ) |   | (17,391 | ) |
| Net cash flows used in financing activities                                                                                                                   | (21,082 | ) |   | (24,874 | ) |   | (17,391 | ) |
| Net increase (decrease) in cash and cash equivalents                                                                                                          | — |  |   | — |  |   | — |  |
| Cash and cash equivalents at the beginning of the period                                                                                                      | — |  |   | — |  |   | — |  |
| Cash and cash equivalents at the end of the period                                                                                                            | $ | — |  |   | $ | — |  |   | $ | — |  |
| Non-cash operating activities:                                                                                                                                |   |  |   |   |  |   |   |  |
| Distribution receivable from New Mountain Finance Holdings, L.L.C.                                                                                       | $ | — |  |   | $ | 7,786 |  |   | $ | — |  |
| Non-cash financing activities:                                                                                                                                |   |  |   |   |  |   |   |  |
| Dividends declared and payable                                                                                                                                | $ | — |  |   | $ | (7,786 | ) |   | $ | — |  |
| New Mountain Guardian AIV, L.P. contribution of New Mountain Finance Holdings, L.L.C units for shares of New Mountain Finance AIV Holdings, L.L.C.  | — |  |   | — |  |   | 298,407 |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.                                                                             | (50 | ) |   | (241 | ) |   | (7,559 | ) |

----

----

|   |                                                                |
|---|----------------------------------------------------------------|
| * | Includes partners of New Mountain Guardian Partners, L.P. |

|    |                                                                                                         |
|----|---------------------------------------------------------------------------------------------------------|
| ** | These common membership units are exchangeable into shares of NMFC common stock on a one-for-one basis. |

|     |                                                       |
|-----|-------------------------------------------------------|
| *** | New Mountain Finance SPV Funding, L.L.C. ("NMF SLF"). |

----

|     |                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services. |

|     |                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP. |

|    |                                                                                                                                                                                                                |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of |

----

|    |                                                                                                                                     |
|----|-------------------------------------------------------------------------------------------------------------------------------------|
| b. | For investments other than bonds, the Operating Company looks at the number of quotes readily available and performs the following: |

|    |                                                                                                                                                               |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ii. | Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below). |

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

|    |                                                                                                                                                           |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring; |

|    |                                                                                                                         |
|----|-------------------------------------------------------------------------------------------------------------------------|
| b. | Preliminary valuation conclusions will then be documented and discussed with the Operating Company's senior management; |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| c. | If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Operating Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Companies' board of directors; and |

|    |                                                                                                                                                                                                                                                                                                                                                        |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| d. | When deemed appropriate by the Operating Company's management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided. |

----

----

----

----

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |
|              | Cost |   | Fair Value |
| First lien        | $ | 550,534 |  |   | $ | 553,549 |  |
| Second lien       | 460,078 |  |   | 468,945 |  |
| Subordinated      | 25,152 |  |   | 26,863 |  |
| Equity and other  | 58,316 |  |   | 66,294 |  |
| Total investments | $ | 1,094,080 |  |   | $ | 1,115,651 |  |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Cost |   | Fair Value |
| Software                          | $ | 243,158 |  |   | $ | 249,174 |  |
| Education                         | 225,214 |  |   | 235,787 |  |
| Business Services                 | 140,797 |  |   | 145,465 |  |
| Distribution & Logistics | 120,156 |  |   | 120,247 |  |
| Federal Services                  | 84,965 |  |   | 83,888 |  |
| Healthcare Services               | 78,295 |  |   | 80,331 |  |
| Energy                            | 69,757 |  |   | 69,255 |  |
| Media                             | 42,808 |  |   | 45,932 |  |
| Healthcare Products               | 40,285 |  |   | 41,772 |  |
| Consumer Services                 | 14,918 |  |   | 15,628 |  |
| Industrial Services               | 13,858 |  |   | 14,263 |  |
| Healthcare Information Technology | 13,454 |  |   | 7,324 |  |
| Information Technology            | 6,415 |  |   | 6,585 |  |
| Total investments                 | $ | 1,094,080 |  |   | $ | 1,115,651 |  |

----

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |
|              | Cost |   | Fair Value |
| First lien        | $ | 496,931 |  |   | $ | 493,502 |  |
| Second lien       | 433,829 |  |   | 441,073 |  |
| Subordinated      | 43,097 |  |   | 45,148 |  |
| Equity and other  | 2,386 |  |   | 10,097 |  |
| Total investments | $ | 976,243 |  |   | $ | 989,820 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |
|                                 | Cost |   | Fair Value |
| Software                             | $ | 241,742 |  |   | $ | 246,696 |  |
| Education                            | 155,047 |  |   | 150,151 |  |
| Healthcare Services                  | 139,370 |  |   | 143,724 |  |
| Business Services                    | 140,426 |  |   | 143,420 |  |
| Federal Services                     | 95,150 |  |   | 95,428 |  |
| Distribution & Logistics(1) | 51,320 |  |   | 51,834 |  |
| Consumer Services                    | 41,173 |  |   | 41,625 |  |
| Media                                | 26,582 |  |   | 34,001 |  |
| Healthcare Products                  | 25,659 |  |   | 27,220 |  |
| Industrial Services                  | 13,825 |  |   | 14,105 |  |
| Retail                               | 11,597 |  |   | 12,146 |  |
| Healthcare Information Technology    | 14,550 |  |   | 10,291 |  |
| Energy                               | 9,852 |  |   | 10,072 |  |
| Information Technology               | 6,476 |  |   | 6,711 |  |
| Power Generation                     | 3,474 |  |   | 2,396 |  |
| Total investments                    | $ | 976,243 |  |   | $ | 989,820 |  |

|     |                                                                                 |
|-----|---------------------------------------------------------------------------------|
| (1) | Industries were disclosed separately in previously issued financial statements. |

----

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | 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. |

----

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | Total |   | Level I |   | Level II |   | Level III |
| First lien        | $ | 553,549 |  |   | $ | — |  |   | $ | 525,138 |  |   | $ | 28,411 |  |
| Second lien       | 468,945 |  |   | — |  |   | 413,407 |  |   | 55,538 |  |
| Subordinated      | 26,863 |  |   | — |  |   | 21,692 |  |   | 5,171 |  |
| Equity and other  | 66,294 |  |   | 1,694 |  |   | — |  |   | 64,600 |  |
| Total investments | $ | 1,115,651 |  |   | $ | 1,694 |  |   | $ | 960,237 |  |   | $ | 153,720 |  |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | Total |   | Level I |   | Level II |   | Level III |
| First lien        | $ | 493,502 |  |   | $ | — |  |   | $ | 450,617 |  |   | $ | 42,885 |  |
| Second lien       | 441,073 |  |   | — |  |   | 397,818 |  |   | 43,255 |  |
| Subordinated      | 45,148 |  |   | — |  |   | 22,257 |  |   | 22,891 |  |
| Equity and other  | 10,097 |  |   | — |  |   | — |  |   | 10,097 |  |
| Total investments | $ | 989,820 |  |   | $ | — |  |   | $ | 870,692 |  |   | $ | 119,128 |  |

----

|                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                  | Total |   | First Lien |   | Second Lien |   | Subordinated |   | Equity andother(3) |   |
| Fair value, December 31, 2012                                                                                                                                    | $ | 119,128 |  |   | $ | 42,885 |  |   | $ | 43,255 |  |   | $ | 22,891 |  |   | $ | 10,097 |  |   |
| Total gains or losses included in earnings:                                                                                                                           |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Net realized (losses) gains on investments                                                                                                                            | (1,623 | ) |   | (3,986 | ) |   | 380 |  |   | 380 |  |   | 1,603 |  |   |
| Net change in unrealized appreciation (depreciation)                                                                                                                  | 5,251 |  |   | 4,319 |  |   | 843 |  |   | 506 |  |   | (417 | ) |   |
| Purchases, including capitalized PIK and revolver fundings                                                                                                            | 120,147 |  |   | 28,874 |  |   | 31,060 |  |   | 2,620 |  |   | 57,593 |  |   |
| Proceeds from sales and paydowns of investments                                                                                                                       | (85,910 | ) |   | (41,417 | ) |   | (20,000 | ) |   | (21,226 | ) |   | (3,267 | ) |   |
| Transfers into Level III                                                                                                                                         | 6,574 |  |   | 6,574 |  | (1) | — |  |   | — |  |   | — |  |   |
| Transfers out of Level III                                                                                                                                       | (9,847 | ) |   | (8,838 | ) | (1) | — |  |   | — |  |   | (1,009 | ) | (2) |
| Fair value, December 31, 2013                                                                                                                                    | $ | 153,720 |  |   | $ | 28,411 |  |   | $ | 55,538 |  |   | $ | 5,171 |  |   | $ | 64,600 |  |   |
| Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Operating Company at the end of the period: | $ | 821 |  |   | $ | (333 | ) |   | $ | 722 |  |   | $ | 409 |  |   | $ | 23 |  |   |

|     |                                                                                                                                                                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of December 31, 2013, the 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 quarter in which the reclassifications occurred. |

|     |                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | As of December 31, 2013, the portfolio investments were transferred out of Level III into Level I at fair value as of the beginning of the quarter in which the reclassifications occurred. |

|     |                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | During the year ended December 31, 2013, the Operating Company received dividends of $5,049 from its equity and other investments, which were recorded as dividend income. Estimates related to the tax characterization of these distributions were provided as of December 31, 2013. |

----

|                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                  | Total |   | First Lien |   | Second Lien |   | Subordinated |   | Equity andother |   |
| Fair value, December 31, 2011                                                                                                                                    | $ | 90,967 |  |   | $ | 33,141 |  |   | $ | 48,405 |  |   | $ | 6,571 |  |   | $ | 2,850 |  |   |
| Total gains or losses included in earnings:                                                                                                                           |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Net realized gains (losses) on investments                                                                                                                            | 4,950 |  |   | 4,927 |  |   | 23 |  |   | — |  |   | — |  |   |
| Net change in unrealized (depreciation) appreciation                                                                                                                  | (185 | ) |   | (7,918 | ) |   | (173 | ) |   | (75 | ) |   | 7,981 |  |   |
| Purchases, including capitalized PIK and revolver fundings                                                                                                            | 75,647 |  |   | 49,205 |  |   | 10,020 |  |   | 16,395 |  |   | 27 |  |   |
| Proceeds from sales and paydowns of investments                                                                                                                       | (36,555 | ) |   | (30,328 | ) |   | (5,000 | ) |   | — |  |   | (1,227 | ) | ) |
| Transfers into Level III(1)                                                                                                                                      | 20,347 |  |   | 19,881 |  |   | — |  |   | — |  |   | 466 |  | (2 | ) |
| Transfers out of Level III(1)                                                                                                                                    | (36,043 | ) |   | (26,023 | ) |   | (10,020 | ) |   | — |  |   | — |  |   |
| Fair value, December 31, 2012                                                                                                                                    | $ | 119,128 |  |   | $ | 42,885 |  |   | $ | 43,255 |  |   | $ | 22,891 |  |   | $ | 10,097 |  |   |
| Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Operating Company at the end of the period: | $ | 3,689 |  |   | $ | (4,216 | ) |   | $ | (1 | ) |   | $ | (75 | ) |   | $ | 7,981 |  |   |

|     |                                                                                                                                                                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of December 31, 2012, the 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 quarter in which the reclassifications occurred. |

|     |                                                                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | This Level III transfer relates to the Operating Company's investment in warrants of YP Equity Investors LLC, which was valued with YP Holdings LLC's second lien debt as of June 30, 2012. |

----

|                  |
|------------------|
|                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|             |   |   |   |   |   |   | Range |
| Type             | Fair Value |   | Approach |   | Unobservable Input |   | Low |   | High |   | WeightedAverage |
| First lien       | $ | 28,411 |  |   | Market approach |   | EBITDA multiple |   | 7.0x |  |   | 10.0x |  |   | 8.5x |  |
|             |   |  |   | Income approach |   | Discount rate |   | 9.2 | % |   | 10.2 | % |   | 9.7 | % |
| Second lien      | 55,538 |  |   | Market approach |   | EBITDA multiple |   | 5.0x |  |   | 7.5x |  |   | 6.2x |  |
|             |   |  |   | Income approach |   | Discount rate |   | 10.1 | % |   | 11.7 | % |   | 11.1 | % |
| Subordinated     | 5,171 |  |   | Market approach |   | EBITDA multiple |   | 7.0x |  |   | 9.0x |  |   | 8.0x |  |
|             |   |  |   | Income approach |   | Discount rate |   | 13.0 | % |   | 15.0 | % |   | 14.0 | % |
| Equity and other | 64,600 |  |   | Market approach |   | EBITDA multiple |   | 1.3x |  |   | 7.5x |  |   | 4.7x |  |
|             |   |  |   | Income approach |   | Discount rate |   | 8.0 | % |   | 20.0 | % |   | 13.6 | % |
|             | $ | 153,720 |  |   | Black Scholes analysis |   | Expected life in years |   | 2.0 |  |   | 4.0 |  |   | 2.6 |  |
|             |   |  |   |   |   | Volatility |   | 21.0 | % |   | 36.6 | % |   | 27.9 | % |
|             |   |  |   |   |   | Discount rate |   | 0.3 | % |   | 3.0 | % |   | 0.8 | % |

----

----

|         |                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | No incentive fee is payable to the Investment Adviser in any calendar quarter in which the Operating Company's Pre-Incentive Fee Adjusted Net Investment Income does not exceed the hurdle rate of 2.0% (the "preferred return" or "hurdle"). |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 100.0% of the Operating Company's Pre-Incentive Fee Adjusted Net Investment Income with respect to that portion of such Pre-Incentive Fee Adjusted Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser. This portion of the Operating Company's Pre-Incentive Fee Adjusted Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) is referred to as the "catch-up". The catch-up provision is intended to provide the Investment Adviser with an incentive fee of 20.0% on all of the Operating Company's Pre-Incentive Fee Adjusted Net Investment Income as if a hurdle rate did not apply when the Operating Company's Pre-Incentive Fee Adjusted Net Investment Income exceeds 2.5% in any calendar quarter. |

|         |                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 20.0% of the amount of the Operating Company's Pre-Incentive Fee Adjusted Net Investment Income, if any, that exceeds 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser once the hurdle is reached and the catch-up is achieved. |

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |
|                                                          | Years ended December 31, |
|                                                          | 2013 |   | 2012 |   | 2011(1) |
| Management fee                                                | $ | 14,905 |  |   | $ | 11,109 |  |   | $ | 4,938 |  |
| Incentive fee, excluding accrued capital gains incentive fees | 16,502 |  |   | 11,537 |  |   | 3,522 |  |
| Accrued capital gains incentive fees(2)                       | 3,229 |  |   | 4,407 |  |   | — |  |

|     |                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------|
| (1) | For the period from May 19, 2011 (effective date of the Investment Management Agreement) to December 31, 2011. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | As of December 31, 2013, approximately $1,113 of capital gains incentive fees was owed under the Investment Management Agreement, as cumulative net Adjusted Realized Capital Gains exceeded cumulative Adjusted Unrealized Capital Depreciation. As of December 31, 2012 and December 31, 2011, no actual capital gains incentive fee was owed under the Investment Management Agreement, as cumulative net Adjusted Realized Capital Gains did not exceed cumulative Adjusted Unrealized Capital Depreciation. As of December 31, 2013, December 31, 2012 and December 31, 2011, no payments have been made relating to the capital gains incentive fee. |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       | Year endedDecember 31,2013 |   | Stepped-upCost BasisAdjustments |   | Adjustedyear endedDecember 31,2013 |
| Investment income                                          |   |  |   |   |  |   |   |  |
| Interest income(1)                                         | $ | 107,027 |  |   | $ | (896 | ) |   | $ | 106,131 |  |
| Dividend income                                            | 5,049 |  |   | — |  |   | 5,049 |  |
| Other income                                               | 2,836 |  |   | — |  |   | 2,836 |  |
| Total investment income                                    | 114,912 |  |   | (896 | ) |   | 114,016 |  |
| Total net expenses pre-incentive fee(2)                    | 31,504 |  |   | — |  |   | 31,504 |  |
| Pre-Incentive Fee Net Investment Income                    | 83,408 |  |   | (896 | ) |   | 82,512 |  |
| Incentive fee(3)                                           | 19,731 |  |   | — |  |   | 19,731 |  |
| Post-Incentive Fee Net Investment Income                   | 63,677 |  |   | (896 | ) |   | 62,781 |  |
| Net realized gains (losses) on investments                 | 7,253 |  | (4 | ) | (3,158 | ) |   | 4,095 |  |
| Net change in unrealized appreciation of investments       | 7,994 |  |   | 4,054 |  |   | 12,048 |  |
| Net increase in members' capital resulting from operations | $ | 78,924 |  |   |   |  |   | $ | 78,924 |  |

|     |                                                               |
|-----|---------------------------------------------------------------|
| (1) | Includes $3,428 in payment-in-kind interest from investments. |

|     |                                                        |
|-----|--------------------------------------------------------|
| (2) | Includes expense waivers and reimbursements of $3,233. |

----

|     |                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | For the year ended December 31, 2013, the Operating Company incurred total incentive fees of $19,731, of which $3,229 related to capital gains incentive fees on a hypothetical liquidation basis. |

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Includes $1,722 of realized gains on investments resulting from the modification of terms on one debt investment that was accounted for as an extinguishment. |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                                       | Year endedDecember 31,2012 |   | Stepped-upCost BasisAdjustments |   | Adjustedyear endedDecember 31,2012 |
| Investment income                                          |   |  |   |   |  |   |   |  |
| Interest income                                            | $ | 83,646 |  |   | $ | (3,476 | ) |   | $ | 80,170 |  |
| Dividend income                                            | 812 |  |   | — |  |   | 812 |  |
| Other income                                               | 1,328 |  |   | — |  |   | 1,328 |  |
| Total investment income                                    | 85,786 |  |   | (3,476 | ) |   | 82,310 |  |
| Total expenses pre-incentive fee(1)                        | 24,625 |  |   | — |  |   | 24,625 |  |
| Pre-Incentive Fee Net Investment Income                    | 61,161 |  |   | (3,476 | ) |   | 57,685 |  |
| Incentive fee(2)                                           | 15,944 |  |   | — |  |   | 15,944 |  |
| Post-Incentive Fee Net Investment Income                   | 45,217 |  |   | (3,476 | ) |   | 41,741 |  |
| Net realized gains (losses) on investments                 | 18,851 |  |   | (6,958 | ) |   | 11,893 |  |
| Net change in unrealized appreciation of investments       | 9,928 |  |   | 10,434 |  |   | 20,362 |  |
| Net increase in members' capital resulting from operations | $ | 73,996 |  |   |   |  |   | $ | 73,996 |  |

|     |                                                        |
|-----|--------------------------------------------------------|
| (1) | Includes expense waivers and reimbursements of $2,460. |

|     |                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | For the year ended December 31, 2012, the Operating Company incurred total incentive fees of $15,944, of which $4,407 related to capital gains incentive fees on a hypothetical liquidation basis. |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | Period fromMay 19, 2011to December 31,2011 |   | Stepped-upCost BasisAdjustments |   | Adjustedperiod fromMay 19, 2011to December 31,2011 |
| Investment income                                                   |   |  |   |   |  |   |   |  |
| Interest income                                                     | $ | 38,836 |  |   | $ | (2,019 | ) |   | $ | 36,817 |  |
| Other income                                                        | 670 |  |   | — |  |   | 670 |  |
| Total investment income                                             | 39,506 |  |   | (2,019 | ) |   | 37,487 |  |
| Total expenses pre-incentive fee(1)                                 | 11,863 |  |   | — |  |   | 11,863 |  |
| Pre-Incentive Fee Net Investment Income                             | 27,643 |  |   | (2,019 | ) |   | 25,624 |  |
| Incentive fee(2)                                                    | 3,522 |  |   | — |  |   | 3,522 |  |
| Post-Incentive Fee Net Investment Income                            | 24,121 |  |   | (2,019 | ) |   | 22,102 |  |
| Net realized gains (losses) on investments                          | 3,298 |  |   | (2,422 | ) |   | 876 |  |
| Net change in unrealized (depreciation) appreciation of investments | (15,538 | ) |   | 4,441 |  |   | (11,097 | ) |
| Net increase in members' capital resulting from operations          | $ | 11,881 |  |   |   |  |   | $ | 11,881 |  |

|     |                                                        |
|-----|--------------------------------------------------------|
| (1) | Includes expense waivers and reimbursements of $2,186. |

|     |                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | For the year ended December 31, 2011, the Operating Company had no incentive fees related to capital gains incentive fees on a hypothetical liquidation basis. |

----

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |
|                                      | Years ended December 31, |
|                                      | 2013 |   | 2012 |   | 2011 |
| Professional fees                         | $ | 1,773 |  |   | $ | 1,070 |  |   | $ | 1,315 |  |
| Administrative expenses                   | 1,460 |  |   | 1,390 |  |   | 871 |  |
| Other general and administrative expenses | — |  |   | — |  |   | — |  |
| Total expense waivers and reimbursements  | $ | 3,233 |  |   | $ | 2,460 |  |   | $ | 2,186 |  |

----

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |
|                           | Years ended December 31, |
|                           | 2013 |   | 2012 |   | 2011 |
| Interest expense               | $ | 5,487 |  |   | $ | 4,172 |  |   | $ | 2,043 |  |
| Non-usage fee                  | $ | 367 |  |   | $ | 281 |  |   | $ | 608 |  |
| Weighted average interest rate | 2.9 | % |   | 3.1 | % |   | 3.2 | % |
| Average debt outstanding       | $ | 184,124 |  |   | $ | 133,600 |  |   | $ | 61,561 |  |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |
|                           | Years ended December 31, |
|                           | 2013 |   | 2012 |   | 2011 |
| Interest expense               | $ | 4,891 |  |   | $ | 4,274 |  |   | $ | 3,369 |  |
| Non-usage fee                  | $ | 3 |  |   | $ | 22 |  |   | $ | 94 |  |
| Weighted average interest rate | 2.3 | % |   | 2.3 | % |   | 2.5 | % |
| Average debt outstanding       | $ | 214,317 |  |   | $ | 181,395 |  |   | $ | 133,825 |  |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          | December 31, 2013 |   | December 31, 2012 |   | December 31, 2011 |
|                                          | NMFC |   | AIVHoldings |   | NMFC |   | AIVHoldings |   | NMFC |   | AIVHoldings |
| Undistributed net investment income           | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Distributions in excess of net realized gains | — |  |   | (21,821 | ) |   | — |  |   | (9,707 | ) |   | — |  |   | (1,536 | ) |
| Additional paid-in-capital                    | — |  |   | 21,821 |  |   | — |  |   | 9,707 |  |   | — |  |   | 1,536 |  |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           | Years ended December 31, |
|                           | 2013 |   | 2012 |   | 2011 |
|                           | NMFC |   | AIV Holdings |   | NMFC |   | AIV Holdings |   | NMFC |   | AIV Holdings |
| Ordinary income(non-qualified) | $ | 44,778 |  |   | $ | 19,972 |  |   | $ | 26,218 |  |   | $ | 40,692 |  |   | $ | 8,944 |  |   | $ | 14,694 |  |
| Ordinary income (qualified)    | 2,742 |  |   | 716 |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Capital gains                  | 4,324 |  |   | — |  |   | 501 |  |   | 2,056 |  |   | 256 |  |   | 2,697 |  |
| Return of capital              | — |  |   | 181,476 |  |   | — |  |   | 48,128 |  |   | — |  |   | — |  |
| Total                          | $ | 51,844 |  |   | $ | 202,164 |  |   | $ | 26,719 |  |   | $ | 90,876 |  |   | $ | 9,200 |  |   | $ | 17,391 |  |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     | Years ended December 31, |
|                                     | 2013 |   | 2012 |   | 2011 |
|                                     | NMFC |   | AIV Holdings |   | NMFC |   | AIV Holdings |   | NMFC |   | AIV Holdings |
| Accumulated capital gains / (losses)     | $ | — |  |   | $ | (15,772 | ) |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Other temporary differences              | 10,070 |  |   | (4,982 | ) |   | 7,942 |  |   | (5,032 | ) |   | — |  |   | — |  |
| Undistributed ordinary income            | 3,856 |  |   | — |  |   | 528 |  |   | — |  |   | 66 |  |   | 1,778 |  |
| Unrealized (appreciation) / depreciation | 2,346 |  |   | (2,830 | ) |   | (2,274 | ) |   | (10,970 | ) |   | 823 |  |   | (886 | ) |
| Components of distributable earnings     | $ | 16,272 |  |   | $ | (23,584 | ) |   | $ | 6,196 |  |   | $ | (16,002 | ) |   | $ | 889 |  |   | $ | 892 |  |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                               | Common Stock |   | Paid in Capitalin Excessof Par |   | UndistributedNet InvestmentIncome |   | AccumulatedUndistributed NetRealized Gains |   | Net UnrealizedAppreciation(Depreciation) |   | TotalStockholders'Equity |
|                                                                               | Shares |   | Par Amount |   |   |   |   |   |
| Balance at December 31, 2010                                                  | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Issuances of common stock in the IPO(1)                                            | 7,272,727 |  |   | 73 |  |   | 99,927 |  |   | — |  |   | — |  |   | — |  |   | 100,000 |  |
| Issuances of common stock in private placement(2)                                  | 2,172,000 |  |   | 22 |  |   | 29,843 |  |   | — |  |   | — |  |   | — |  |   | 29,865 |  |
| Issuances of common stock to New Mountain Guardian(3)                              | 1,252,964 |  |   | 12 |  |   | 18,477 |  |   | — |  |   | — |  |   | — |  |   | 18,489 |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.  | — |  |   | — |  |   | (3,998 | ) |   | — |  |   | — |  |   | — |  |   | (3,998 | ) |
| Dividends declared                                                                 | — |  |   | — |  |   | — |  |   | (8,345 | ) |   | (855 | ) |   | — |  |   | (9,200 | ) |
| Net increase in stockholders' equity resulting from operations                     | — |  |   | — |  |   | — |  |   | 8,345 |  |   | 1,141 |  |   | 845 |  |   | 10,331 |  |
| Balance at December 31, 2011                                                  | 10,697,691 |  |   | $ | 107 |  |   | $ | 144,249 |  |   | $ | — |  |   | $ | 286 |  |   | $ | 845 |  |   | $ | 145,487 |  |
| Issuances of common stock                                                          | 13,628,560 |  |   | 136 |  |   | 191,561 |  |   | — |  |   | — |  |   | — |  |   | 191,697 |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.  | — |  |   | — |  |   | (323 | ) |   | — |  |   | — |  |   | — |  |   | (323 | ) |
| Dividends declared                                                                 | — |  |   | — |  |   | — |  |   | (19,792 | ) |   | (6,927 | ) |   | — |  |   | (26,719 | ) |
| Net increase in stockholders' equity resulting from operations                     | — |  |   | — |  |   | — |  |   | 19,792 |  |   | 7,593 |  |   | 4,399 |  |   | 31,784 |  |
| Balance at December 31, 2012                                                  | 24,326,251 |  |   | $ | 243 |  |   | $ | 335,487 |  |   | $ | — |  |   | $ | 952 |  |   | $ | 5,244 |  |   | $ | 341,926 |  |
| Issuances of common stock                                                          | 20,898,504 |  |   | 209 |  |   | 298,177 |  |   | — |  |   | — |  |   | — |  |   | 298,386 |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.  | — |  |   | — |  |   | (281 | ) |   | — |  |   | — |  |   | — |  |   | (281 | ) |
| Dividends declared                                                                 | — |  |   | — |  |   | — |  |   | (50,521 | ) |   | (1,323 | ) |   | — |  |   | (51,844 | ) |
| Net increase in stockholders' equity resulting from operations                     | — |  |   | — |  |   | — |  |   | 50,521 |  |   | 5,427 |  |   | 5,972 |  |   | 61,920 |  |
| Balance at December 31, 2013                                                  | 45,224,755 |  |   | $ | 452 |  |   | $ | 633,383 |  |   | $ | — |  |   | $ | 5,056 |  |   | $ | 11,216 |  |   | $ | 650,107 |  |

|     |                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------|
| (1) | On May 19, 2011, NMFC priced its IPO of 7,272,727 shares of common stock at a public offering price of $13.75 per share. |

|     |                                                                                                                                                                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Concurrently with the closing of the IPO and at the public offering price of $13.75 per share, NMFC sold an additional 2,172,000 shares of its common stock to certain executives and employees of, and other individuals affiliated with, New Mountain Capital in the Concurrent Private Placement. |

|     |                                                                                                                                                                           |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | On May 19, 2011, NMFC issued 1,252,964 share of common stock to New Mountain Guardian Partners, L.P. for their respective ownership interest in the Predecessor Entities. |

----

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                | Common Stock |   | Paid in Capitalin Excessof Par |   | UndistributedNet InvestmentIncome |   | DistributionsIn Excess of NetRealized Gains |   | Net Unrealized(Depreciation)Appreciation |   | TotalStockholder'sEquity |
|                                                                                | Shares |   | Par Amount |   |   |   |   |   |
| Balance at December 31, 2010                                                   | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| Issuance of common stock to New Mountain Guardian AIV, L.P.(2)                 | 100 |  |   | — |  | (1 | ) | 298,407 |  |   | — |  |   | — |  |   | — |  |   | 298,407 |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.   | — |  |   | — |  |   | (7,559 | ) |   | — |  |   | — |  |   | — |  |   | (7,559 | ) |
| Dividends declared                                                                  | — |  |   | — |  |   | — |  |   | (15,775 | ) |   | (1,616 | ) |   | — |  |   | (17,391 | ) |
| Net increase (decrease) in stockholder's equity resulting from operations           | — |  |   | — |  |   | — |  |   | 15,775 |  |   | 2,158 |  |   | (16,375 | ) |   | 1,558 |  |
| Tax reclassifications related to consent dividends (See Note 10)               | — |  |   | — |  |   | 1,536 |  |   | — |  |   | (1,536 | ) |   | — |  |   | — |  |
| Balance at December 31, 2011                                                   | 100 |  |   | $ | — |  | (1 | ) | $ | 292,384 |  |   | $ | — |  |   | $ | (994 | ) |   | $ | (16,375 | ) |   | $ | 275,015 |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.   | — |  |   | — |  |   | (241 | ) |   | — |  |   | — |  |   | — |  |   | (241 | ) |
| Dividends declared                                                                  | — |  |   | — |  |   | — |  |   | (25,426 | ) |   | (7,234 | ) |   | — |  |   | (32,660 | ) |
| Distribution to New Mountain Guardian AIV, L.P.                           | — |  |   | — |  |   | (57,835 | ) |   | — |  |   | (381 | ) |   | — |  |   | (58,216 | ) |
| Net increase in stockholder's equity resulting from operations                      | — |  |   | — |  |   | — |  |   | 25,426 |  |   | 11,640 |  |   | 7,049 |  |   | 44,115 |  |
| Tax reclassifications related to return of capital distributions (See Note 10) | — |  |   | — |  |   | 9,707 |  |   | — |  |   | (9,707 | ) |   | — |  |   | — |  |
| Balance at December 31, 2012                                                   | 100 |  |   | $ | — |  | (1 | ) | $ | 244,015 |  |   | $ | — |  |   | $ | (6,676 | ) |   | $ | (9,326 | ) |   | $ | 228,013 |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.   | — |  |   | — |  |   | (50 | ) |   | — |  |   | — |  |   | — |  |   | (50 | ) |
| Dividends declared                                                                  | — |  |   | — |  |   | — |  |   | (13,155 | ) |   | (141 | ) |   | — |  |   | (13,296 | ) |
| Distribution to New Mountain Guardian AIV, L.P.                           | — |  |   | — |  |   | (203,793 | ) |   | — |  |   | 14,925 |  |   | — |  |   | (188,868 | ) |
| Net increase (decrease) in stockholder's equity resulting from operations           | — |  |   | — |  |   | — |  |   | 13,155 |  |   | (13,099 | ) |   | 12,554 |  |   | 12,610 |  |
| Tax reclassifications related to return of capital distributions (See Note 10) | — |  |   | — |  |   | 21,821 |  |   | — |  |   | (21,821 | ) |   | — |  |   | — |  |
| Balance at December 31, 2013                                                   | 100 |  |   | $ | — |  | (1 | ) | $ | 61,993 |  |   | $ | — |  |   | $ | (26,812 | ) |   | $ | 3,228 |  |   | $ | 38,409 |  |

|     |                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of December 31, 2013, December 31, 2012 and December 31, 2011, the par amount of the total common stock was $1. |

|     |                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | On May 19, 2011, AIV Holdings issued 100 shares of common stock to New Mountain Guardian AIV, L.P. for their respective ownership interest in the Predecessor Entities. |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |
|                                               | Years ended December 31, |   | May 19, 2011 (commencement of operations) to December 31, 2011 |
|                                               | 2013 |   | 2012 |   |
| Numerator for basic earnings per share:            | $ | 61,920 |  |   | $ | 31,784 |  |   | $ | 10,331 |  |
| Denominator for basic weighted average share:      | 35,092,722 |  |   | 14,860,838 |  |   | 10,697,691 |  |
| Basic earnings per share:                          | $ | 1.76 |  |   | $ | 2.14 |  |   | $ | 0.97 |  |
| Numerator for diluted earnings per share(a):       | $ | 78,924 |  |   | $ | 73,996 |  |   | $ | 11,881 |  |
| Denominator for diluted weighted average share(b): | 44,021,920 |  |   | 34,011,738 |  |   | 30,919,629 |  |
| Diluted earnings per share:                        | $ | 1.79 |  |   | $ | 2.18 |  |   | $ | 0.38 |  |

|     |                                                                                                                                                                                                                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Includes the full income at the Operating Company for the period. For the period May 19, 2011 (commencement of operations) to December 31, 2011, NMFC's unrealized appreciation in the Operating Company resulting from the IPO is netted against AIV Holdings' unrealized depreciation in the Operating Company resulting from the IPO. |

|     |                                                                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Assumes all AIV Holdings units in the Operating Company were exchanged for public shares of NMFC during the years ended December 31, 2013, December 31, 2012 and for the period from May 19, 2011 to December 31, 2011, respectively (see Note 1, Formation and Business Purpose). |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              | Years ended December 31, |
|                                                              | 2013 |   | 2012 |   | 2011 |   | 2010 |   | 2009 |
| Total return based on net asset value(a)                          | 13.27 | % |   | 16.61 | % |   | 10.09 | % |   | 26.54 | % |   | 76.38 | % |
| Average net assets for the period                                 | $ | 630,156 |  |   | $ | 474,561 |  |   | $ | 361,031 |  |   | $ | 245,951 |  |   | $ | 195,467 |  |
| Ratio to average net assets:                                      |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Net investment income                                             | 10.10 | % |   | 9.53 | % |   | 10.67 | % |   | 15.23 | % |   | 10.44 | % |
| Total expenses (gross)                                            | 8.64 | % |   | 9.07 | % |   | 5.59 | % |   | 1.59 | % |   | 0.72 | % |
| Total expenses (net of reimbursable expenses)                     | 8.13 | % |   | 8.55 | % |   | 4.99 | % |   | 1.59 | % |   | 0.72 | % |
| Net assets, end of year                                           | $ | 688,516 |  |   | $ | 569,939 |  |   | $ | 420,502 |  |   | $ | 241,927 |  |   | $ | 239,441 |  |
| Average debt outstanding—Holdings Credit Facility           | $ | 184,124 |  |   | $ | 133,600 |  |   | $ | 61,561 |  |   | $ | 68,343 |  |   | $ | 65,014 |  |
| Average debt outstanding—SLF Credit Facility                | $ | 214,317 |  |   | $ | 181,395 |  |   | $ | 133,825 |  |   | $ | 27,672 |  |   | N/A |  |
| Weighted average common membership units outstanding for the year | 44,021,920 |  |   | 34,011,738 |  |   | 30,919,629 |  | (b) | N/A |  |   | N/A |  |
| Asset coverage ratio                                              | 257.73 | % |   | 235.31 | % |   | 242.56 | % |   | 307.43 | % |   | 407.98 | % |
| Portfolio turnover                                                | 40.52 | % |   | 52.02 | % |   | 42.13 | % |   | 76.69 | % |   | 57.50 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | For the years ended December 31, 2013 and December 31, 2012, total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the respective year. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. For the year ended December 31, 2011, total return is calculated in two parts: (1) from the opening of the first day of the year to NMFC's IPO date, total return is calculated based on net income over weighted average net assets and (2) from NMFC's IPO date to the last day of the year, total return is calculated assuming a purchase at net asset value on NMFC's IPO date and a sale at net asset value on the last day of the year. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. For the years ended December 31, 2010 and December 31, 2009, total return is the ratio of net income compared to capital, adjusted for capital contributions and distributions. |

|     |                                                                                                                                                                                  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Weighted average common membership units outstanding presented from May 19, 2011 to December 31, 2011, as the fund became unitized on May 19, 2011, the IPO date. |

----

|                                                                                                          |
|----------------------------------------------------------------------------------------------------------|
|                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                     | Years ended December 31, |   | May 19, 2011 (commencement of operations) to December 31, 2011 |
|                                                                                                     | 2013 |   | 2012 |   |
| Per unit data for the Operating Company(a):                                                              |   |  |   |   |  |   |   |  |
| Net asset value, January 1, 2013, January 1, 2012 and May 19, 2011(b), respectively       | $ | 14.06 |  |   | $ | 13.60 |  |   | $ | 14.08 |  |
| Net investment income                                                                                    | 1.45 |  |   | 1.33 |  |   | 0.78 |  |
| Net realized and unrealized gains (losses)                       | 0.35 |  |   | 0.84 |  |   | (0.40 | ) |
| Dividends from net investment income                                                                     | (1.48 | ) |   | (1.71 | ) |   | (0.86 | ) |
| Net increase (decrease) in net assets resulting from operations                                          | 0.32 |  |   | 0.46 |  |   | (0.48 | ) |
| Net asset value, December 31, 2013, December 31, 2012 and December 31, 2011, respectively | $ | 14.38 |  |   | $ | 14.06 |  |   | $ | 13.60 |  |

|     |                                                                                 |
|-----|---------------------------------------------------------------------------------|
| (a) | Per unit data is based on weighted average common membership units outstanding. |

|     |                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------|
| (b) | Data presented from May 19, 2011 to December 31, 2011 as the fund became unitized on May 19, 2011, the IPO date. |

----

|                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                  | Years ended December 31, |   | May 19, 2011 (commencement of operations) to December 31, 2011 |
|                                                                                                                  | 2013 |   | 2012 |   |
| Per share data(a):                                                                                                    |   |  |   |   |  |   |   |  |
| Net asset value, January 1, 2013, January 1, 2012 and May 19, 2011(b), respectively                    | $ | 14.06 |  |   | $ | 13.60 |  |   | $ | 13.50 |  |
| Net increase (decrease) in net assets resulting from operations allocated from New Mountain Finance Holdings, L.L.C.: |   |  |   |   |  |   |   |  |
| Net investment income                                                                                                 | 1.45 |  |   | 1.33 |  |   | 0.78 |  |
| Net realized and unrealized gains (losses)                                                                            | 0.35 |  |   | 0.84 |  |   | (0.40 | ) |
| Total net increase                                                                                                    | 1.80 |  |   | 2.17 |  |   | 0.38 |  |
| Net change in unrealized appreciation (depreciation) of investment in New Mountain Finance Holdings, L.L.C.      | — |  |   | — |  |   | 0.58 |  |
| Dividends declared                                                                                                    | (1.48 | ) |   | (1.71 | ) |   | (0.86 | ) |
| Net asset value, December 31, 2013, December 31, 2012 and December 31, 2011, respectively              | $ | 14.38 |  |   | $ | 14.06 |  |   | $ | 13.60 |  |
| Per share market value, December 31, 2013, December 31, 2012 and December 31, 2011, respectively       | $ | 15.04 |  |   | $ | 14.90 |  |   | $ | 13.41 |  |
| Total return based on market value(c)                                                                                 | 11.62 | % |   | 24.84 | % |   | 4.16 | % |
| Total return based on net asset value(d)                                                                              | 13.27 | % |   | 16.61 | % |   | 2.82 | % |
| Shares outstanding at end of period                                                                                   | 45,224,755 |  |   | 24,326,251 |  |   | 10,697,691 |  |
| Average weighted shares outstanding for the period                                                                    | 35,092,722 |  |   | 14,860,838 |  |   | 10,697,691 |  |
| Average net assets for the period                                                                                     | $ | 502,822 |  |   | $ | 196,312 |  |   | $ | 147,766 |  |
| Ratio to average net assets(e):                                                                                       |   |  |   |   |  |   |   |  |
| Total expenses allocated from New Mountain Finance Holdings, L.L.C.                                              | 8.13 | % |   | 8.55 | % |   | 5.79 | % |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                       | 10.10 | % |   | 9.53 | % |   | 9.08 | % |

|     |                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Per share data is based on the summation of the per share results of operations items over the outstanding shares for the period in which the respective line items were realized or earned. |

|     |                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------|
| (b) | Data presented from May 19, 2011 to December 31, 2011 as the fund became unitized on May 19, 2011, the IPO date. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | For the years ended December 31, 2013, December 31, 2012 and for the period May 19, 2011 to December 31, 2011, total return is calculated assuming a purchase of common stock at the opening of the first day of the years ended 2013 and 2012, and assuming a purchase of common stock at IPO, respectively, and a sale on the closing of the last day of the respective year. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under NMFC's dividend reinvestment plan. |

|     |                                                                                                                                                                                                                                                                                                                                                    |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d) | Total return is calculated assuming a purchase at net asset value on the opening of the first day of the period and a sale at net asset value on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. |

|     |                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (e) | Ratio to average net assets for the years ended December 31, 2013 and December 31, 2012 is based on the summation of the results of operations items over the net assets for the period in which the respective line items were realized or earned. |

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|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                             | Years ended December 31, |   | May 19, 2011 (commencement of operations) to December 31, 2011 |
|                                                                             | 2013 |   | 2012 |   |
| Total return based on net asset value(a)                                         | 7.69 | % |   | 18.04 | % |   | (5.44 | )% |
| Average net assets for the period                                                | $ | 127,334 |  |   | $ | 270,081 |  |   | $ | 279,323 |  |
| Ratio to average net assets(b):                                                  |   |  |   |   |  |   |   |  |
| Total expenses allocated from New Mountain Finance Holdings, L.L.C.         | 8.13 | % |   | 8.55 | % |   | 5.79 |  % |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.  | 10.10 | % |   | 9.53 | % |   | 9.08 |  % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | For the years ended December 31, 2013, December 31, 2012 and for the period May 19, 2011 to December 31, 2011, total return is calculated assuming a purchase at net asset value on the opening of the first day of the period and a sale at net asset value on the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. |

|     |                                                                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Ratio to average net assets for the years ended December 31, 2013 and December 31, 2012 is based on the summation of the results of operations items over the net assets for the period in which the respective line items were realized or earned. |

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|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                    | Investment Income |   | Net Investment Income |   | Total Net Realized Gains and Net Changes in Unrealized Appreciation (Depreciation) of Investments |   | Net Increase (Decrease) in Capital Resulting from Operations |
| Quarter Ended           | Total |   | PerUnit |   | Total |   | PerUnit |   | Total |   | PerUnit |   | Total |   | PerUnit |
| December 31, 2013  | $ | 28,645 |  |   | $ | 0.60 |  |   | $ | 15,848 |  |   | $ | 0.33 |  |   | $ | 3,213 |  |   | $ | 0.07 |  |   | $ | 19,061 |  |   | $ | 0.40 |  |
| September 30, 2013 | 25,793 |  |   | 0.57 |  |   | 12,659 |  |   | 0.29 |  |   | 7,819 |  |   | 0.17 |  |   | 20,478 |  |   | 0.46 |  |
| June 30, 2013      | 35,156 |  |   | 0.82 |  |   | 23,543 |  |   | 0.55 |  |   | (8,719 | ) |   | (0.21 | ) |   | 14,824 |  |   | 0.34 |  |
| March 31, 2013     | 25,318 |  |   | 0.62 |  |   | 11,627 |  |   | 0.28 |  |   | 12,934 |  |   | 0.32 |  |   | 24,561 |  |   | 0.60 |  |
| December 31, 2012  | $ | 24,713 |  |   | $ | 0.65 |  |   | $ | 13,522 |  |   | $ | 0.36 |  |   | $ | 3,478 |  |   | $ | 0.09 |  |   | $ | 17,000 |  |   | $ | 0.45 |  |
| September 30, 2012 | 21,752 |  |   | 0.60 |  |   | 10,136 |  |   | 0.28 |  |   | 12,109 |  |   | 0.34 |  |   | 22,245 |  |   | 0.62 |  |
| June 30, 2012      | 20,299 |  |   | 0.66 |  |   | 11,646 |  |   | 0.38 |  |   | (561 | ) |   | (0.02 | ) |   | 11,085 |  |   | 0.36 |  |
| March 31, 2012     | 19,022 |  |   | 0.62 |  |   | 9,913 |  |   | 0.32 |  |   | 13,754 |  |   | 0.45 |  |   | 23,667 |  |   | 0.77 |  |
| December 31, 2011  | $ | 17,127 |  |   | $ | 0.55 |  |   | $ | 9,540 |  |   | $ | 0.31 |  |   | $ | 8,317 |  |   | $ | 0.27 |  |   | $ | 17,857 |  |   | $ | 0.58 |  |
| September 30, 2011 | 15,069 |  |   | 0.49 |  |   | 10,002 |  |   | 0.32 |  |   | (21,255 | ) |   | (0.68 | ) |   | (11,253 | ) |   | (0.36 | ) |
| June 30, 2011      | 13,116 |  |   | 0.42 |  |   | 9,554 |  |   | 0.31 |  |   | (899 | ) |   | (0.03 | ) |   | 8,655 |  |   | 0.28 |  |
| March 31, 2011     | 11,212 |  |   | N/A |  |   | 9,429 |  |   | N/A |  |   | 6,990 |  |   | N/A |  |   | 16,419 |  |   | N/A |  |
| December 31, 2010  | $ | 9,820 |  |   | N/A |  |   | $ | 8,335 |  |   | N/A |  |   | $ | 7,978 |  |   | N/A |  |   | $ | 16,313 |  |   | N/A |  |
| September 30, 2010 | 13,881 |  |   | N/A |  |   | 13,145 |  |   | N/A |  |   | 5,560 |  |   | N/A |  |   | 18,705 |  |   | N/A |  |
| June 30, 2010      | 8,597 |  |   | N/A |  |   | 7,777 |  |   | N/A |  |   | (5,349 | ) |   | N/A |  |   | 2,428 |  |   | N/A |  |
| March 31, 2010     | 9,077 |  |   | N/A |  |   | 8,208 |  |   | N/A |  |   | 18,138 |  |   | N/A |  |   | 26,346 |  |   | N/A |  |
| December 31, 2009  | $ | 7,617 |  |   | N/A |  |   | $ | 6,617 |  |   | N/A |  |   | $ | 1,617 |  |   | N/A |  |   | $ | 8,234 |  |   | N/A |  |
| September 30, 2009 | 6,148 |  |   | N/A |  |   | 6,030 |  |   | N/A |  |   | 33,709 |  |   | N/A |  |   | 39,739 |  |   | N/A |  |
| June 30, 2009      | 5,092 |  |   | N/A |  |   | 4,877 |  |   | N/A |  |   | 42,562 |  |   | N/A |  |   | 47,439 |  |   | N/A |  |
| March 31, 2009     | 2,910 |  |   | N/A |  |   | 2,883 |  |   | N/A |  |   | 27,385 |  |   | N/A |  |   | 30,268 |  |   | N/A |  |

----

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                    | Net Investment Income allocated from the Operating Company |   | Total Net Realized and Unrealized Gains (Losses) |   | Net Increase (Decrease) in Net Assets Resulting from Operations |
| Quarter Ended           | Total |   | Per Share |   | Total |   | Per Share |   | Total |   | Per Share |
| December 31, 2013  | $ | 14,826 |  |   | $ | 0.33 |  |   | $ | 3,119 |  |   | $ | 0.07 |  |   | $ | 17,945 |  |   | $ | 0.40 |  |
| September 30, 2013 | 10,803 |  |   | 0.29 |  |   | 6,664 |  |   | 0.17 |  |   | 17,467 |  |   | 0.46 |  |
| June 30, 2013      | 17,674 |  |   | 0.55 |  |   | (6,682 | ) |   | (0.21 | ) |   | 10,992 |  |   | 0.34 |  |
| March 31, 2013     | 7,218 |  |   | 0.28 |  |   | 8,298 |  |   | 0.33 |  |   | 15,516 |  |   | 0.61 |  |
| December 31, 2012  | $ | 7,759 |  |   | $ | 0.36 |  |   | $ | 2,047 |  |   | $ | 0.09 |  |   | $ | 9,806 |  |   | $ | 0.45 |  |
| September 30, 2012 | 4,574 |  |   | 0.28 |  |   | 5,381 |  |   | 0.34 |  |   | 9,955 |  |   | 0.62 |  |
| June 30, 2012      | 4,029 |  |   | 0.38 |  |   | (194 | ) |   | (0.02 | ) |   | 3,835 |  |   | 0.36 |  |
| March 31, 2012     | 3,430 |  |   | 0.32 |  |   | 4,758 |  |   | 0.45 |  |   | 8,188 |  |   | 0.77 |  |
| December 31, 2011  | $ | 3,301 |  |   | $ | 0.31 |  |   | $ | 2,877 |  |   | $ | 0.27 |  |   | $ | 6,178 |  |   | $ | 0.58 |  |
| September 30, 2011 | 3,460 |  |   | 0.32 |  |   | (7,353 | ) |   | (0.68 | ) |   | (3,893 | ) |   | (0.36 | ) |
| June 30, 2011      | 1,584 |  |   | 0.15 |  |   | 6,462 |  |   | 0.60 |  |   | 8,046 |  |   | 0.75 |  |
| March 31, 2011     | N/A |  |   | N/A |  |   | N/A |  |   | N/A |  |   | N/A |  |   | N/A |  |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |  |  |
| Quarter Ended           | Net Investment Income allocated from the Operating Company |   | Total Net Realized and Unrealized Gains (Losses) |   | Net Increase (Decrease) in Net Assets Resulting from Operations |
| December 31, 2013  | $ | 1,022 |  |   | $ | (1,614 | ) |   | $ | (592 | ) |
| September 30, 2013 | 1,855 |  |   | 1,156 |  |   | 3,011 |  |
| June 30, 2013      | 5,869 |  |   | (3,078 | ) |   | 2,791 |  |
| March 31, 2013     | 4,409 |  |   | 2,991 |  |   | 7,400 |  |
| December 31, 2012  | $ | 5,764 |  |   | $ | 1,431 |  |   | $ | 7,195 |  |
| September 30, 2012 | 5,562 |  |   | 8,630 |  |   | 14,192 |  |
| June 30, 2012      | 7,617 |  |   | (367 | ) |   | 7,250 |  |
| March 31, 2012     | 6,483 |  |   | 8,995 |  |   | 15,478 |  |
| December 31, 2011  | $ | 6,240 |  |   | $ | 5,439 |  |   | $ | 11,679 |  |
| September 30, 2011 | 6,542 |  |   | (13,902 | ) |   | (7,360 | ) |
| June 30, 2011      | 2,994 |  |   | (5,755 | ) |   | (2,761 | ) |
| March 31, 2011     | N/A |  |   | N/A |  |   | N/A |  |

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EXHIBIT 99.1

TABLE OF CONTENTS

New Mountain Finance Holdings, L.L.C Consolidated Statements of Operations (in thousands) (unaudited)

New Mountain Finance Holdings, L.L.C Consolidated Statements of Cash Flows (in thousands) (unaudited)