|                                    |
|------------------------------------|
|                                    |  |  |
|                               | PAGE |
| SUPPLEMENTAL FINANCIAL INFORMATION | 2 |
|                               |   |   |
|                               | 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 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) | 3 |
|                               |   |   |
|                               | INTERIM FINANCIAL STATEMENTS FOR THE QUARTER ENDED SEPTEMBER 30, 2013 |   |
|                               |   |   |
|                               | New Mountain Finance Holdings, L.L.C. |   |
|                               | Consolidated Statements of Assets, Liabilities and Members’ Capital as of September 30, 2013 (unaudited) and December 31, 2012 (unaudited) | 4 |
|                               | Consolidated Statements of Operations for the three months and nine months ended September 30, 2013 (unaudited) and September 30, 2012 (unaudited) | 5 |
|                               | Consolidated Statements of Changes in Members’ Capital for the nine months ended September 30, 2013 (unaudited) and September 30, 2012 (unaudited) | 6 |
|                               | Consolidated Statements of Cash Flows for the nine months ended September 30, 2013 (unaudited) and September 30, 2012 (unaudited) | 7 |
|                               | Consolidated Schedule of Investments as of September 30, 2013 (unaudited) | 8 |
|                               | Consolidated Schedule of Investments as of December 31, 2012 | 15 |
|                               | New Mountain Finance Corporation |   |
|                               | Statements of Assets and Liabilities as of September 30, 2013 (unaudited) and December 31, 2012 | 22 |
|                               | Statements of Operations for the three months and nine months ended September 30, 2013 (unaudited) and September 30, 2012 (unaudited) | 23 |
|                               | Statements of Changes in Net Assets for the nine months ended September 30, 2013 (unaudited) and September 30, 2012 (unaudited) | 24 |
|                               | Statements of Cash Flows for the nine months ended September 30, 2013 (unaudited) and September 30, 2012 (unaudited) | 25 |
|                               | New Mountain Finance AIV Holdings Corporation |   |
|                               | Statements of Assets and Liabilities as of September 30, 2013 (unaudited) and December 31, 2012 | 26 |
|                               | Statements of Operations for the three months and nine months ended September 30, 2013 (unaudited) and September 30, 2012 (unaudited) | 27 |
|                               | Statements of Changes in Net Assets for the nine months ended September 30, 2013 (unaudited) and September 30, 2012 (unaudited) | 28 |
|                               | Statements of Cash Flows for the nine months ended September 30, 2013 (unaudited) and September 30, 2012 (unaudited) | 29 |
|                               |   |   |
|                               | 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 | 30 |

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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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|                                                                                                          |
|----------------------------------------------------------------------------------------------------------|
|                                                                                                          |  |  |  |  |  |  |  |
|                                                                                                     | September 30, 2013 |   | December 31, 2012 |
|                                                                                                     | (unaudited) |   |   |
| Assets                                                                                                   |   |  |   |   |  |
| Investments at fair value (cost of $1,025,337 and $976,243, respectively)                                | $ | 1,041,432 |  |   | $ | 989,820 |  |
| Cash and cash equivalents                                                                                | 17,629 |  |   | 12,752 |  |
| Interest and dividend receivable                                                                         | 11,097 |  |   | 6,340 |  |
| Deferred credit facility costs (net of accumulated amortization of $3,147 and $2,016, respectively) | 4,838 |  |   | 5,490 |  |
| Receivable from affiliate                                                                                | 317 |  |   | 534 |  |
| Receivable from unsettled securities sold                                                                | — |  |   | 9,962 |  |
| Other assets                                                                                             | 1,981 |  |   | 666 |  |
| Total assets                                                                                             | $ | 1,077,294 |  |   | $ | 1,025,564 |  |
| Liabilities                                                                                              |   |  |   |   |  |
| SLF Credit Facility                                                                                      | 215,000 |  |   | 214,262 |  |
| Holdings Credit Facility                                                                                 | 159,091 |  |   | 206,938 |  |
| Payable for unsettled securities purchased                                                               | 43,400 |  |   | 9,700 |  |
| Capital gains incentive fee payable                                                                      | 6,974 |  |   | 4,407 |  |
| Incentive fee payable                                                                                    | 3,534 |  |   | 3,390 |  |
| Management fee payable                                                                                   | 3,754 |  |   | 3,222 |  |
| Interest payable                                                                                         | 755 |  |   | 712 |  |
| Payable to affiliate                                                                                     | 3 |  |   | — |  |
| Dividends payable                                                                                        | — |  |   | 11,192 |  |
| Other liabilities                                                                                        | 2,978 |  |   | 1,802 |  |
| Total liabilities                                                                                        | 435,489 |  |   | 455,625 |  |
| Members’ Capital                                                                                   | 641,805 |  |   | 569,939 |  |
| Total liabilities and members’ capital                                                             | $ | 1,077,294 |  |   | $ | 1,025,564 |  |
| Outstanding common membership units                                                                      | 44,831,859 |  |   | 40,548,189 |  |
| Capital per unit                                                                                         | $ | 14.32 |  |   | $ | 14.06 |  |

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|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                     | Three months ended |   | Nine months ended |
|                                                                     | September 30, 2013 |   | September 30, 2012 |   | September 30, 2013 |   | September 30, 2012 |
| Investment income                                                        |   |  |   |   |  |   |   |  |   |   |  |
| Interest income                                                          | $ | 27,175 |  |   | $ | 21,362 |  |   | $ | 79,539 |  |   | $ | 60,087 |  |
| Dividend income                                                          | (1,631 | ) |   | 215 |  |   | 4,802 |  |   | 215 |  |
| Other income                                                             | 249 |  |   | 175 |  |   | 1,926 |  |   | 771 |  |
| Total investment income                                                  | 25,793 |  |   | 21,752 |  |   | 86,267 |  |   | 61,073 |  |
| Expenses                                                                 |   |  |   |   |  |   |   |  |   |   |  |
| Incentive fee                                                            | 3,533 |  |   | 2,978 |  |   | 12,398 |  |   | 8,147 |  |
| Capital gains incentive fee                                              | 1,587 |  |   | 2,583 |  |   | 2,568 |  |   | 3,547 |  |
| Total incentive fee                                                      | 5,120 |  |   | 5,561 |  |   | 14,966 |  |   | 11,694 |  |
| Management fee                                                           | 3,754 |  |   | 2,768 |  |   | 11,049 |  |   | 7,887 |  |
| Interest and other credit facility expenses                              | 3,190 |  |   | 2,402 |  |   | 9,379 |  |   | 7,286 |  |
| Administrative expenses                                                  | 743 |  |   | 544 |  |   | 2,441 |  |   | 1,604 |  |
| Professional fees                                                        | 549 |  |   | 405 |  |   | 1,684 |  |   | 1,279 |  |
| Other general and administrative expenses                                | 378 |  |   | 375 |  |   | 1,184 |  |   | 1,015 |  |
| Total expenses                                                           | 13,734 |  |   | 12,055 |  |   | 40,703 |  |   | 30,765 |  |
| Less: expenses waived and reimbursed (See Note 5)                        | (600 | ) |   | (439 | ) |   | (2,265 | ) |   | (1,387 | ) |
| Net expenses                                                             | 13,134 |  |   | 11,616 |  |   | 38,438 |  |   | 29,378 |  |
| Net investment income                                                    | 12,659 |  |   | 10,136 |  |   | 47,829 |  |   | 31,695 |  |
| Net realized gains on investments                                        | 5,160 |  |   | 1,615 |  |   | 9,516 |  |   | 14,591 |  |
| Net change in unrealized appreciation (depreciation) of investments | 2,659 |  |   | 10,494 |  |   | 2,518 |  |   | 10,710 |  |
| Net increase in members’ capital resulting from operations    | $ | 20,478 |  |   | $ | 22,245 |  |   | $ | 59,863 |  |   | $ | 56,996 |  |

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|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |
|                                                                | Nine months ended |
|                                                                | September 30, 2013 |   | September 30, 2012 |
| Increase in members’ capital resulting from operations:       |   |  |   |   |  |
| Net investment income                                               | $ | 47,829 |  |   | $ | 31,695 |  |
| Net realized gains on investments                                   | 9,516 |  |   | 14,591 |  |
| Net change in unrealized appreciation (depreciation) of investments | 2,518 |  |   | 10,710 |  |
| Net increase in members’ capital resulting from operations    | 59,863 |  |   | 56,996 |  |
| Net contributions                                                   | 57,020 |  |   | 82,300 |  |
| Dividends declared                                                  | (48,877 | ) |   | (40,046 | ) |
| Offering costs                                                      | (249 | ) |   | (377 | ) |
| Reinvestment of dividends                                           | 4,109 |  |   | 980 |  |
| Net increase in members’ capital                              | 71,866 |  |   | 99,853 |  |
| Members’ capital at beginning of period                       | 569,939 |  |   | 420,502 |  |
| Members’ capital at end of period                             | $ | 641,805 |  |   | $ | 520,355 |  |

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|                                                                                                                                               |
|-----------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                               |  |  |  |  |  |  |  |
|                                                                                                                                          | Nine months ended |
|                                                                                                                                          | September 30, 2013 |   | September 30, 2012 |
| Cash flows from operating activities                                                                                                          |   |  |   |   |  |
| Net increase in members’ capital resulting from operations                                                                              | $ | 59,863 |  |   | $ | 56,996 |  |
| Adjustments to reconcile net (increase) decrease in capital resulting from operations to net cash (used in) provided by operating activities: |   |  |   |   |  |
| Net realized gains on investments                                                                                                             | (9,516 | ) |   | (14,591 | ) |
| Net change in unrealized (appreciation) depreciation of investments                                                                           | (2,518 | ) |   | (10,710 | ) |
| Amortization of purchase discount                                                                                                             | (2,671 | ) |   | (4,549 | ) |
| Amortization of deferred credit facility costs                                                                                                | 1,131 |  |   | 825 |  |
| Non-cash interest income                                                                                                                      | (2,697 | ) |   | (888 | ) |
| (Increase) decrease in operating assets:                                                                                                      |   |  |   |   |  |
| Purchase of investments                                                                                                                       | (349,349 | ) |   | (392,162 | ) |
| Proceeds from sales and paydowns of investments                                                                                               | 315,139 |  |   | 268,369 |  |
| Cash paid for drawn revolvers                                                                                                                 | — |  |   | (10,710 | ) |
| Cash repayments on drawn revolvers                                                                                                            | — |  |   | 9,870 |  |
| Interest and dividend receivable                                                                                                              | (4,757 | ) |   | (1,272 | ) |
| Receivable from affiliate                                                                                                                     | 217 |  |   | 198 |  |
| Receivable from unsettled securities sold                                                                                                     | 9,962 |  |   | — |  |
| Other assets                                                                                                                                  | (302 | ) |   | (642 | ) |
| Increase (decrease) in operating liabilities:                                                                                                 |   |  |   |   |  |
| Payable for unsettled securities purchased                                                                                                    | 33,700 |  |   | 12,195 |  |
| Capital gains incentive fee payable                                                                                                           | 2,567 |  |   | 3,547 |  |
| Incentive fee payable                                                                                                                         | 144 |  |   | 661 |  |
| Management fee payable                                                                                                                        | 532 |  |   | 567 |  |
| Interest payable                                                                                                                              | 43 |  |   | (1,166 | ) |
| Payable to affiliate                                                                                                                          | 3 |  |   | 23 |  |
| Other liabilities                                                                                                                             | 590 |  |   | (322 | ) |
| Net cash flows provided by (used in) operating activities                                                                                     | 52,081 |  |   | (83,761 | ) |
| Cash flows from financing activities                                                                                                          |   |  |   |   |  |
| Net contributions                                                                                                                             | 57,020 |  |   | 82,300 |  |
| Dividends paid                                                                                                                                | (55,961 | ) |   | (39,066 | ) |
| Offering costs paid                                                                                                                           | (656 | ) |   | (259 | ) |
| Proceeds from Holdings Credit Facility                                                                                                        | 246,923 |  |   | 311,326 |  |
| Repayment of Holdings Credit Facility                                                                                                         | (294,770 | ) |   | (304,699 | ) |
| Proceeds from SLF Credit Facility                                                                                                             | 11,138 |  |   | 89,031 |  |
| Repayment of SLF Credit Facility                                                                                                              | (10,400 | ) |   | (54,959 | ) |
| Deferred credit facility costs paid                                                                                                           | (498 | ) |   | (2,561 | ) |
| Net cash flows (used in) provided by financing activities                                                                                     | (47,204 | ) |   | 81,113 |  |
| Net increase (decrease) in cash and cash equivalents                                                                                          | 4,877 |  |   | (2,648 | ) |
| Cash and cash equivalents at the beginning of the period                                                                                      | 12,752 |  |   | 15,319 |  |
| Cash and cash equivalents at the end of the period                                                                                            | $ | 17,629 |  |   | $ | 12,671 |  |
| Supplemental disclosure of cash flow information                                                                                              |   |  |   |   |  |
| Interest paid                                                                                                                                 | $ | 7,938 |  |   | $ | 7,185 |  |
| Non-cash operating activities:                                                                                                                |   |  |   |   |  |
| Non-cash activity on investments                                                                                                              | $ | 1,986 |  |   | $ | — |  |
| Non-cash financing activities:                                                                                                                |   |  |   |   |  |
| Value of members’ capital issued in connection with dividend reinvestment plan                                                          | $ | 4,109 |  |   | $ | 980 |  |
| Accrual for offering costs                                                                                                                    | 1,162 |  |   | 326 |  |
| Accrual for deferred credit facility costs                                                                                                    | 25 |  |   | 59 |  |

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|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)        |   | Type ofInvestment |   | Interest Rate |   | MaturityDate |   | PrincipalAmount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent ofMembers’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 |  |   | $ | 6,305 |  |   | $ | 6,513 |  |   | 1.01 | % |
| Total Funded Debt Investments - Bermuda                                |   |   |   |   |   |   |   | $ | 6,497 |  |   | $ | 6,305 |  |   | $ | 6,513 |  |   | 1.01 | % |
| 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 |  |   | $ | 29,458 |  |   | $ | 30,394 |  |   | 4.74 | % |
| Total Funded Debt Investments - Cayman Islands                         |   |   |   |   |   |   |   | $ | 30,000 |  |   | $ | 29,458 |  |   | $ | 30,394 |  |   | 4.74 | % |
| Funded Debt Investments - United States                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| McGraw-Hill Global Education Holdings, LLC                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                              |   | First lien (2) |   | 9.75% |   | 4/1/2021 |   | $ | 24,500 |  |   | $ | 24,345 |  |   | $ | 26,093 |  |   |   |  |
|                                                                   |   | First lien (3) |   | 9.00% (Base Rate + 7.75%) |   | 3/22/2019 |   | 19,900 |  |   | 19,342 |  |   | 20,174 |  |   |   |  |
|                                                                   |   |   |   |   |   |   |   | 44,400 |  |   | 43,687 |  |   | 46,267 |  |   | 7.21 | % |
| UniTek Global Services, Inc.                                      |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                      |   | First lien (2) |   | 15.00% (Base Rate + 9.50% + 4.00% PIK)* |   | 4/15/2018 |   | 26,176 |  |   | 25,265 |  |   | 25,543 |  |   |   |  |
|                                                                   |   | First lien (2) |   | 15.00% (Base Rate + 9.50% + 4.00% PIK)* |   | 4/15/2018 |   | 6,337 |  |   | 6,117 |  |   | 6,184 |  |   |   |  |
|                                                                   |   | First lien (2) |   | 15.00% (Base Rate + 9.50% + 4.00% PIK)* |   | 4/15/2018 |   | 5,268 |  |   | 5,084 |  |   | 5,140 |  |   |   |  |
|                                                                   |   |   |   |   |   |   |   | 37,781 |  |   | 36,466 |  |   | 36,867 |  |   | 5.74 | % |
| Edmentum, Inc.(fka Plato, Inc.)                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                              |   | First lien (3) |   | 6.00% (Base Rate + 4.75%) |   | 5/17/2018 |   | 6,449 |  |   | 6,291 |  |   | 6,486 |  |   |   |  |
|                                                                   |   | Second lien (2) |   | 11.25% (Base Rate + 9.75%) |   | 5/17/2019 |   | 29,150 |  |   | 28,649 |  |   | 29,405 |  |   |   |  |
|                                                                   |   |   |   |   |   |   |   | 35,599 |  |   | 34,940 |  |   | 35,891 |  |   | 5.59 | % |
| SRA International, Inc.                                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                       |   | First lien (2) |   | 6.50% (Base Rate + 5.25%) |   | 7/20/2018 |   | 34,750 |  |   | 33,739 |  |   | 34,533 |  |   | 5.38 | % |
| Rocket Software, Inc.                                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                               |   | Second lien (2) |   | 10.25% (Base Rate + 8.75%) |   | 2/8/2019 |   | 30,875 |  |   | 30,726 |  |   | 30,921 |  |   | 4.82 | % |
| Global Knowledge Training LLC                                          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                              |   | First lien (3) |   | 6.51% (Base Rate + 4.99%) |   | 4/21/2017 |   | 4,624 |  |   | 4,575 |  |   | 4,624 |  |   |   |  |
|                                                                   |   | First lien (3) |   | 6.51% (Base Rate + 4.99%) |   | 4/21/2017 |   | 1,159 |  |   | 1,147 |  |   | 1,159 |  |   |   |  |
|                                                                   |   | Second lien (2) |   | 11.50% (Base Rate + 9.75%) |   | 10/21/2018 |   | 24,250 |  |   | 23,855 |  |   | 24,643 |  |   |   |  |
|                                                                   |   |   |   |   |   |   |   | 30,033 |  |   | 29,577 |  |   | 30,426 |  |   | 4.74 | % |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)   |   | Type ofInvestment |   | Interest Rate |   | MaturityDate |   | PrincipalAmount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent ofMembers’Capital |
| Novell, Inc. (fka Attachmate Corporation, NetIQ Corporation) |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                          |   | First lien (3) |   | 7.25% (Base Rate + 5.75%) |   | 11/22/2017 |   | $ | 7,158 |  |   | $ | 7,044 |  |   | $ | 7,195 |  |   |   |  |
|                                                              |   | Second lien (2) |   | 11.00% (Base Rate + 9.50%) |   | 11/22/2018 |   | 23,353 |  |   | 22,758 |  |   | 23,090 |  |   |   |  |
|                                                              |   |   |   |   |   |   |   | 30,511 |  |   | 29,802 |  |   | 30,285 |  |   | 4.72 | % |
| Deltek, Inc.                                                 |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                          |   | Second lien (2) |   | 10.00% (Base Rate + 8.75%) |   | 10/10/2019 |   | 30,000 |  |   | 29,709 |  |   | 30,275 |  |   | 4.72 | % |
| JHCI Acquisition, Inc.                                       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Distribution & Logistics                                 |   | First lien (3) |   | 7.00% (Base Rate + 5.75%) |   | 7/11/2019 |   | 19,950 |  |   | 19,658 |  |   | 20,000 |  |   |   |  |
|                                                              |   | Second lien (2) |   | 11.00% (Base Rate + 9.75%) |   | 7/11/2020 |   | 10,000 |  |   | 9,707 |  |   | 9,700 |  |   |   |  |
|                                                              |   |   |   |   |   |   |   | 29,950 |  |   | 29,365 |  |   | 29,700 |  |   | 4.63 | % |
| Transtar Holding Company                                          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Distribution & Logistics                                 |   | Second lien (2) |   | 9.75% (Base Rate + 8.50%) |   | 10/9/2019 |   | 28,300 |  |   | 27,828 |  |   | 28,866 |  |   | 4.50 | % |
| KeyPoint Government Solutions, Inc.                          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                  |   | First lien (3) |   | 7.25% (Base Rate + 6.00%) |   | 11/13/2017 |   | 17,392 |  |   | 17,023 |  |   | 17,218 |  |   |   |  |
|                                                              |   | First lien (2) |   | 7.25% ( Base Rate + 6.00%) |   | 11/13/2017 |   | 10,483 |  |   | 10,303 |  |   | 10,378 |  |   |   |  |
|                                                              |   |   |   |   |   |   |   | 27,875 |  |   | 27,326 |  |   | 27,596 |  |   | 4.30 | % |
| YP Holdings LLC (8)                                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| YP LLC                                                            |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Media                                                             |   | First lien (2) |   | 8.06% (Base Rate + 6.69%) |   | 6/4/2018 |   | 27,120 |  |   | 26,476 |  |   | 26,984 |  |   | 4.20 | % |
| Meritas Schools Holdings, LLC                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                         |   | First lien (3) |   | 7.00% (Base Rate + 5.75%) |   | 6/25/2019 |   | 18,953 |  |   | 18,769 |  |   | 18,988 |  |   |   |  |
|                                                              |   | First lien (2) |   | 7.00% ( Base Rate + 5.75%) |   | 6/25/2019 |   | 6,983 |  |   | 6,915 |  |   | 6,996 |  |   |   |  |
|                                                              |   |   |   |   |   |   |   | 25,936 |  |   | 25,684 |  |   | 25,984 |  |   | 4.05 | % |
| Kronos Incorporated                                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                          |   | Second lien (2) |   | 9.75% (Base Rate + 8.50%) |   | 4/30/2020 |   | 25,000 |  |   | 24,771 |  |   | 25,953 |  |   | 4.04 | % |
| Permian Tank & Manufacturing, Inc.                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Energy                                                            |   | First lien (2) |   | 10.50% |   | 1/15/2018 |   | 24,500 |  |   | 24,770 |  |   | 24,010 |  |   | 3.74 | % |
| Aderant North America, Inc.                                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                          |   | Second lien (2) |   | 10.00% (Base Rate + 8.75%) |   | 6/20/2019 |   | 22,500 |  |   | 22,191 |  |   | 23,119 |  |   | 3.60 | % |
| 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 |  |   | 19,724 |  |   | 20,333 |  |   | 3.17 | % |
| Merrill Communications LLC                                        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                 |   | First lien (3) |   | 7.31% (Base Rate + 6.20%) |   | 3/8/2018 |   | 19,900 |  |   | 19,708 |  |   | 20,033 |  |   | 3.12 | % |
| First American Payment Systems, L.P.                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                 |   | Second lien (3) |   | 10.75% (Base Rate + 9.50%) |   | 4/12/2019 |   | 20,000 |  |   | 19,642 |  |   | 19,988 |  |   | 3.11 | % |
| Six3 Systems, Inc.                                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                  |   | First lien (3) |   | 7.00% (Base Rate + 5.75%) |   | 10/4/2019 |   | 19,850 |  |   | 19,674 |  |   | 19,974 |  |   | 3.11 | % |
| eResearchTechnology, Inc.                                    |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                               |   | First lien (3) |   | 6.00% (Base Rate + 4.75%) |   | 5/2/2018 |   | 19,800 |  |   | 19,061 |  |   | 19,899 |  |   | 3.10 | % |
| Distribution International, Inc.                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Distribution & Logistics                                 |   | First lien (2) |   | 7.50% (Base Rate + 6.50%) |   | 7/16/2019 |   | 19,950 |  |   | 19,562 |  |   | 19,862 |  |   | 3.09 | % |
| ARSloane Acquisition, LLC                                         |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                 |   | First lien (2) |   | 7.50% (Base Rate + 6.25%) |   | 10/1/2019 |   | 20,000 |  |   | 19,800 |  |   | 19,800 |  |   | 3.09 | % |
| Envision Acquisition Company, LLC                                 |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                               |   | Second lien (2) |   | 9.75% (Base Rate + 8.75%) |   | 11/4/2021 |   | 20,000 |  |   | 19,600 |  |   | 19,600 |  |   | 3.05 | % |

----

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                               |   | Type ofInvestment |   | Interest Rate |   | MaturityDate |   | PrincipalAmount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent ofMembers’Capital |
| Insight Pharmaceuticals LLC                                                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Products                                                                           |   | Second lien (3) |   | 13.25% (Base Rate + 11.75%) |   | 8/25/2017 |   | $ | 19,310 |  |   | $ | 18,738 |  |   | $ | 19,214 |  |   | 2.99 | % |
| St. George’s University Scholastic Services LLC                                         |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                                                     |   | First lien (3) |   | 8.50% (Base Rate + 7.00%) |   | 12/20/2017 |   | 11,947 |  |   | 11,733 |  |   | 12,052 |  |   |   |  |
|                                                                                          |   | First lien (2) |   | 8.50% (Base Rate + 7.00%) |   | 12/20/2017 |   | 6,391 |  |   | 6,280 |  |   | 6,447 |  |   |   |  |
|                                                                                          |   |   |   |   |   |   |   | 18,338 |  |   | 18,013 |  |   | 18,499 |  |   | 2.88 | % |
| PODS, Inc. (6)                                                                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Consumer Services                                                                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| PODS Funding Corp. II                                                                         |   | First lien (3) |   | 7.25% (Base Rate + 6.00%) |   | 11/29/2016 |   | 12,575 |  |   | 12,323 |  |   | 12,606 |  |   |   |  |
| Storapod Holding Company, Inc.                                                           |   | Subordinated (2) |   | 21.00% PIK* |   | 11/29/2017 |   | 5,460 |  |   | 5,334 |  |   | 5,460 |  |   |   |  |
|                                                                                          |   |   |   |   |   |   |   | 18,035 |  |   | 17,657 |  |   | 18,066 |  |   | 2.82 | % |
| Ascensus, Inc.                                                                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | First lien (3) |   | 8.00% (Base Rate + 6.75%) |   | 12/21/2018 |   | 16,873 |  |   | 16,568 |  |   | 17,125 |  |   | 2.67 | % |
| Sotera Defense Solutions, Inc. (Global Defense Technology & Systems, Inc.) |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                                              |   | First lien (3) |   | 7.50% (Base Rate + 6.00%) |   | 4/21/2017 |   | 18,527 |  |   | 18,323 |  |   | 16,674 |  |   | 2.60 | % |
| IG Investments Holdings, LLC                                                                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | Second lien (3) |   | 10.25% (Base Rate + 9.00%) |   | 10/31/2020 |   | 15,000 |  |   | 14,861 |  |   | 15,075 |  |   | 2.35 | % |
| Confie Seguros Holding II Co.                                                                 |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Consumer Services                                                                             |   | Second lien (3) |   | 10.25% (Base Rate + 9.00%) |   | 5/8/2019 |   | 8,906 |  |   | 8,769 |  |   | 8,970 |  |   |   |  |
|                                                                                          |   | Second lien (2) |   | 10.25% (Base Rate + 9.00%) |   | 5/8/2019 |   | 5,979 |  |   | 5,988 |  |   | 6,021 |  |   |   |  |
|                                                                                          |   |   |   |   |   |   |   | 14,885 |  |   | 14,757 |  |   | 14,991 |  |   | 2.34 | % |
| OpenLink International, Inc.                                                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | First lien (3) |   | 7.75% (Base Rate + 6.25%) |   | 10/30/2017 |   | 14,738 |  |   | 14,522 |  |   | 14,793 |  |   | 2.31 | % |
| KPLT Holdings, Inc. (Centerplate, Inc., et al.)                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Consumer Services                                                                             |   | Subordinated (2) |   | 11.75% (10.25% + 1.50% PIK)* |   | 4/16/2019 |   | 14,802 |  |   | 14,539 |  |   | 14,576 |  |   | 2.27 | % |
| Smile Brands Group Inc.                                                                       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                                                           |   | First lien (2) |   | 7.50% (Base Rate + 6.25%) |   | 8/16/2019 |   | 14,500 |  |   | 14,297 |  |   | 14,337 |  |   | 2.23 | % |
| Aspen Dental Management, Inc.                                                            |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                                                           |   | First lien (3) |   | 7.00% (Base Rate + 5.50%) |   | 10/6/2016 |   | 14,757 |  |   | 14,500 |  |   | 14,241 |  |   | 2.22 | % |
| Brock Holdings III, Inc.                                                                 |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Industrial Services                                                                           |   | Second lien (2) |   | 10.00% (Base Rate + 8.25%) |   | 3/16/2018 |   | 14,000 |  |   | 13,850 |  |   | 14,222 |  |   | 2.22 | % |
| Packaging Coordinators, Inc. (10)                                                        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Products                                                                           |   | Second lien (2) |   | 9.50% (Base Rate + 8.25%) |   | 11/10/2020 |   | 14,000 |  |   | 13,865 |  |   | 14,000 |  |   | 2.18 | % |
| Lonestar Intermediate Super Holdings, LLC                                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | Subordinated (2) |   | 11.00% (Base Rate + 9.50%) |   | 9/2/2019 |   | 12,000 |  |   | 11,692 |  |   | 12,570 |  |   | 1.96 | % |
| Van Wagner Communications, LLC                                                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Media                                                                                         |   | First lien (2) |   | 6.25% (Base Rate + 5.00%) |   | 8/3/2018 |   | 11,821 |  |   | 11,633 |  |   | 12,087 |  |   | 1.88 | % |
| Vision Solutions, Inc.                                                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | Second lien (2) |   | 9.50% (Base Rate + 8.00%) |   | 7/23/2017 |   | 12,000 |  |   | 11,927 |  |   | 11,850 |  |   | 1.85 | % |
| Vertafore, Inc.                                                                          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                                                      |   | Second lien (2) |   | 9.75% (Base Rate + 8.25%) |   | 10/29/2017 |   | 10,000 |  |   | 9,933 |  |   | 10,215 |  |   | 1.59 | % |
| TransFirst Holdings, Inc.                                                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                                             |   | Second lien (3) |   | 11.00% (Base Rate + 9.75%) |   | 6/27/2018 |   | 10,000 |  |   | 9,731 |  |   | 10,163 |  |   | 1.58 | % |
| Mailsouth, Inc.                                                                          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Media                                                                                         |   | First lien (3) |   | 6.75% (Base Rate + 5.00%) |   | 12/14/2016 |   | 9,792 |  |   | 9,705 |  |   | 9,450 |  |   | 1.47 | % |
| Virtual Radiologic Corporation                                                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Information Technology                                                             |   | First lien (3) |   | 7.25% (Base Rate + 5.50%) |   | 12/22/2016 |   | 13,598 |  |   | 13,481 |  |   | 8,838 |  |   | 1.38 | % |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)   |   | Type ofInvestment |   | Interest Rate |   | MaturityDate |   | PrincipalAmount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent ofMembers’Capital |
| Consona Holdings, Inc.                                       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                          |   | First lien (3) |   | 7.25% (Base Rate + 6.00%) |   | 8/6/2018 |   | $ | 8,415 |  |   | $ | 8,345 |  |   | $ | 8,436 |  |   | 1.32 | % |
| Physio-Control International, Inc.                           |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Products                                               |   | First lien (2) |   | 9.88% |   | 1/15/2019 |   | 6,651 |  |   | 6,651 |  |   | 7,482 |  |   | 1.17 | % |
| Alion Science and Technology Corporation                          |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                  |   | First lien (2)(7) |   | 12.00% (10.00% + 2.00% PIK)* |   | 11/1/2014 |   | 6,383 |  |   | 6,271 |  |   | 6,426 |  |   | 1.00 | % |
| Immucor, Inc.                                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Services                                               |   | Subordinated (2)(7) |   | 11.13% |   | 8/15/2019 |   | 5,000 |  |   | 4,948 |  |   | 5,525 |  |   | 0.86 | % |
| GCA Services Group, Inc.                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                 |   | Second lien (2) |   | 9.25% (Base Rate + 8.00%) |   | 11/1/2020 |   | 5,000 |  |   | 4,954 |  |   | 5,096 |  |   | 0.79 | % |
| Education Management LLC**                                        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                         |   | First lien (3) |   | 8.25% (Base Rate + 7.00%) |   | 3/30/2018 |   | 5,017 |  |   | 4,896 |  |   | 4,930 |  |   | 0.77 | % |
| Learning Care Group (US), Inc.                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                         |   | Subordinated (2) |   | 15.00% PIK* |   | 5/8/2020 |   | 4,066 |  |   | 3,944 |  |   | 4,066 |  |   |   |  |
|                                                              |   | Subordinated (2) |   | 15.00% PIK* |   | 5/8/2020 |   | 744 |  |   | 689 |  |   | 744 |  |   |   |  |
|                                                              |   |   |   |   |   |   |   | 4,810 |  |   | 4,633 |  |   | 4,810 |  |   | 0.75 | % |
| Brickman Group Holdings, Inc.                                |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                                 |   | Subordinated (2) |   | 9.13% |   | 11/1/2018 |   | 3,650 |  |   | 3,371 |  |   | 3,924 |  |   | 0.61 | % |
| ATI Acquisition Company (fka Ability Acquisition, Inc.) (11) |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| 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 |  |   | 1,434 |  |   | 233 |  |   |   |  |
|                                                              |   | First lien (2) |   | 17.25% (Base Rate + 10.00% + 4.00% PIK) (5)* |   | 6/30/2012 - Past Due |   | 103 |  |   | 94 |  |   | 103 |  |   |   |  |
|                                                              |   |   |   |   |   |   |   | 6,200 |  |   | 5,834 |  |   | 336 |  |   | 0.05 | % |
| Total Funded Debt Investments - United States                     |   |   |   |   |   |   |   | $ | 982,732 |  |   | $ | 966,323 |  |   | $ | 975,117 |  |   | 151.93 | % |
| Total Funded Debt Investments                                     |   |   |   |   |   |   |   | $ | 1,019,229 |  |   | $ | 1,002,086 |  |   | $ | 1,012,024 |  |   | 157.68 | % |
| Equity - Bermuda                                                  |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Stratus Technologies Bermuda Holdings Ltd.(4)**                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Information Technology                                            |   | Ordinary shares (2) |   | — |   | — |   | 156,247 |  |   | $ | 65 |  |   | $ | 25 |  |   |   |  |
|                                                              |   | Preferred shares (2) |   | — |   | — |   | 35,558 |  |   | 15 |  |   | 6 |  |   |   |  |
|                                                              |   |   |   |   |   |   |   |   |  |   | 80 |  |   | 31 |  |   | 0.01 | % |
| Total Shares - Bermuda                                            |   |   |   |   |   |   |   |   |  |   | $ | 80 |  |   | $ | 31 |  |   | 0.01 | % |
| Equity - United States                                            |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Black Elk Energy Offshore Operations, LLC                         |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Energy                                                            |   | Preferred shares (2) |   | 17.00% |   | — |   | 20,000,000 |  |   | $ | 20,000 |  |   | $ | 20,000 |  |   | 3.11 | % |
| Global Knowledge Training LLC                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                         |   | Ordinary shares (2) |   | — |   | — |   | 2 |  |   | 2 |  |   | 3 |  |   |   |  |
|                                                              |   | Preferred shares (2) |   | — |   | — |   | 2,423 |  |   | 1,193 |  |   | 3,039 |  |   |   |  |
|                                                              |   |   |   |   |   |   |   |   |  |   | 1,195 |  |   | 3,042 |  |   | 0.48 | % |
| Packaging Coordinators, Inc. (10)                            |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Packaging Coordinators Holdings, LLC                              |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Healthcare Products                                               |   | Ordinary shares (2) |   | — |   | — |   | 19,427 |  |   | 1,000 |  |   | 1,000 |  |   | 0.16 | % |

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1) |   | Type ofInvestment |   | Interest Rate |   | MaturityDate |   | PrincipalAmount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent ofMembers’Capital |
| Ancora Acquisition LLC (11)                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                       |   | Preferred shares (2) |   | — |   | — |   | 372 |  |   | $ | 83 |  |   | $ | 83 |  |   | 0.01 |  % |
| Total Shares - United States                                    |   |   |   |   |   |   |   |   |  |   | $ | 22,278 |  |   | $ | 24,125 |  |   | 3.76 |  % |
| Total Shares                                                    |   |   |   |   |   |   |   |   |  |   | $ | 22,358 |  |   | $ | 24,156 |  |   | 3.77 |  % |
| Warrants - United States                                        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Learning Care Group (US), Inc.                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                       |   | Warrants (2) |   | — |   | — |   | 844 |  |   | $ | 194 |  |   | $ | 522 |  |   |   |  |
|                                                            |   | Warrants (2) |   | — |   | — |   | 3,589 |  |   | 61 |  |   | 2,218 |  |   |   |  |
|                                                            |   |   |   |   |   |   |   |   |  |   | 255 |  |   | 2,740 |  |   | 0.43 |  % |
| YP Holdings LLC (8)                                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| YP Equity Investors LLC                                         |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Media                                                           |   | Warrants (2) |   | — |   | — |   | 5 |  |   | — |  |   | 1,634 |  |   | 0.25 |  % |
| Unitek Global Services, Inc.                               |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                               |   | Warrants (2) |   | — |   | — |   | 1,014,451 |  |   | 1,449 |  |   | 1,009 |  |   | 0.16 |  % |
| PODS, Inc. (6)                                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Storapod Holding Company, Inc.                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Consumer Services                                               |   | Warrants (2) |   | — |   | — |   | 360,129 |  |   | 156 |  |   | 467 |  |   | 0.07 |  % |
| Alion Science and Technology Corporation                        |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Federal Services                                                |   | Warrants (2) |   | — |   | — |   | 6,000 |  |   | 293 |  |   | 189 |  |   | 0.03 |  % |
| Ancora Acquisition LLC (11)                                     |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                       |   | Warrants (2) |   | — |   | — |   | 20 |  |   | — |  |   | — |  |   | — |  % |
| Total Warrants - United States                                  |   |   |   |   |   |   |   |   |  |   | $ | 2,153 |  |   | $ | 6,039 |  |   | 0.94 |  % |
| Total Funded Investments                                        |   |   |   |   |   |   |   |   |  |   | $ | 1,026,597 |  |   | $ | 1,042,219 |  |   | 162.39 |  % |
| Unfunded Debt Investments - United States                       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Advantage Sales & Marketing Inc.                       |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Business Services                                               |   | First lien (2)(9) - Undrawn |   | — |   | 12/17/2015 |   | $ | 10,500 |  |   | $ | (1,260 | ) |   | $ | (787 | ) |   | (0.12 | )% |
| Total Unfunded Debt Investments                                 |   |   |   |   |   |   |   | $ | 10,500 |  |   | $ | (1,260 | ) |   | $ | (787 | ) |   | (0.12 | )% |
| Total Investments                                               |   |   |   |   |   |   |   |   |  |   | $ | 1,025,337 |  |   | $ | 1,041,432 |  |   | 162.27 |  % |

----

----

|                      |
|----------------------|
|                      |  |  |  |
|                 |   | September 30, 2013 |
| Investment Type |   | Percent of TotalInvestments at Fair Value |
| First lien           |   | 51.20 | % |
| Second lien          |   | 41.40 | % |
| Subordinated         |   | 4.50 | % |
| Equity and other     |   | 2.90 | % |
| Total investments    |   | 100.00 | % |

|                                   |
|-----------------------------------|
|                                   |  |  |  |
|                              |   | September 30, 2013 |
| Industry Type                |   | Percent of TotalInvestments at Fair Value |
| Software                          |   | 20.76 | % |
| Business Services                 |   | 17.40 | % |
| Education                         |   | 16.61 | % |
| Federal Services                  |   | 10.12 | % |
| Distribution & Logistics |   | 7.53 | % |
| Healthcare Services               |   | 7.07 | % |
| Media                             |   | 4.82 | % |
| Consumer Services                 |   | 4.62 | % |
| Energy                            |   | 4.22 | % |
| Healthcare Products               |   | 4.00 | % |
| Industrial Services               |   | 1.37 | % |
| Healthcare Information Technology |   | 0.85 | % |
| Information Technology            |   | 0.63 | % |
| Total investments                 |   | 100.00 | % |

|                              |
|------------------------------|
|                              |  |  |  |
|                         |   | September 30, 2013 |
| Interest Rate Type |   | Percent of TotalInvestments at Fair Value |
| Floating rates               |   | 88.01 | % |
| Fixed rates                  |   | 11.99 | % |
| Total investments            |   | 100.00 | % |

----

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)          |   | Type ofInvestment |   | Interest Rate |   | MaturityDate |   | PrincipalAmount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent ofMembers’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 | % |

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1) |   | Type ofInvestment |   | Interest Rate |   | MaturityDate |   | PrincipalAmount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent ofMembers’Capital |
| Global Knowledge Training LLC                                   |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Education                                                       |   | First lien(3) |   | 6.50% (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                                             |   |   |   |   |   |   |   |   |  |   |   |  |   |   |  |   |   |  |
| Software                                                        |   | Second lien(2) |   | 9.75% (Base Rate + 8.50%) |   | 4/30/2020 |   | 25,000 |  |   | 24,753 |  |   | 25,125 |  |   | 4.41 | % |
| 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 | % |

----

|                                                                                               |
|-----------------------------------------------------------------------------------------------|
|                                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)                               |   | Type ofInvestment |   | Interest Rate |   | MaturityDate |   | PrincipalAmount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent ofMembers’Capital |
| 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 | % |
| 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 | % |

----

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Portfolio Company, Location and Industry(1)       |   | Type ofInvestment |   | Interest Rate |   | MaturityDate |   | PrincipalAmount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent ofMembers’Capital |
| 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 ofInvestment |   | Interest Rate |   | MaturityDate |   | PrincipalAmount, Par Value or Shares |   | Cost |   | Fair Value |   | Percent ofMembers’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 |  % |

----

----

|                      |
|----------------------|
|                      |  |  |  |
|                 |   | December 31, 2012 |
| Investment Type |   | Percent of TotalInvestments 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 TotalInvestments 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 | % |

----

|                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                  |  |  |  |  |  |  |  |
|                                                                                                                                                             | September 30, 2013 |   | December 31, 2012 |
|                                                                                                                                                             | (unaudited) |   |   |
| Assets                                                                                                                                                           |   |  |   |   |  |
| Investment in New Mountain Finance Holdings, L.L.C., at fair value (cost of $534,040 and $335,730, respectively)                                       | $ | 547,722 |  |   | $ | 341,926 |  |
| Distribution receivable from New Mountain Finance Holdings, L.L.C.                                                                                               | — |  |   | 3,405 |  |
| Total assets                                                                                                                                                     | $ | 547,722 |  |   | $ | 345,331 |  |
| Liabilities                                                                                                                                                      |   |  |   |   |  |
| Dividends payable                                                                                                                                                | — |  |   | 3,405 |  |
| Total liabilities                                                                                                                                                | — |  |   | 3,405 |  |
| Net assets                                                                                                                                                       |   |  |   |   |  |
| Preferred stock, par value $0.01 per share, 2,000,000 authorized, none issued                                                                                    | — |  |   | — |  |
| Common stock, par value $0.01 per share, 100,000,000 shares authorized, and 38,259,921 and 24,326,251 shares issued and outstanding, respectively | 383 |  |   | 243 |  |
| Paid in capital in excess of par                                                                                                                                 | 533,657 |  |   | 335,487 |  |
| Accumulated undistributed net realized gains                                                                                                                     | 7,725 |  |   | 952 |  |
| Net unrealized appreciation (depreciation)                                                                                                                       | 5,957 |  |   | 5,244 |  |
| Total net assets                                                                                                                                                 | $ | 547,722 |  |   | $ | 341,926 |  |
| Total liabilities and net assets                                                                                                                                 | $ | 547,722 |  |   | $ | 345,331 |  |
| Number of shares outstanding                                                                                                                                     | 38,259,921 |  |   | 24,326,251 |  |
| Net asset value per share                                                                                                                                        | $ | 14.32 |  |   | $ | 14.06 |  |

----

|                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                | Three months ended |   | Nine months ended |
|                                                                                                                                | September 30, 2013 |   | September 30, 2012 |   | September 30, 2013 |   | September 30, 2012 |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                                          |   |  |   |   |  |   |   |  |   |   |  |
| Interest income                                                                                                                     | $ | 23,190 |  |   | $ | 9,563 |  |   | $ | 59,220 |  |   | $ | 22,961 |  |
| Dividend income                                                                                                                     | (1,391 | ) |   | 96 |  |   | 3,334 |  |   | 96 |  |
| Other income                                                                                                                        | 213 |  |   | 83 |  |   | 1,539 |  |   | 289 |  |
| Total expenses                                                                                                                      | (11,209 | ) |   | (5,169 | ) |   | (28,398 | ) |   | (11,314 | ) |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                                     | 10,803 |  |   | 4,573 |  |   | 35,695 |  |   | 12,032 |  |
| Net realized and unrealized gains allocated from New Mountain Finance Holdings, L.L.C.                                         |   |  |   |   |  |   |   |  |   |   |  |
| Net realized gains on investments                                                                                                   | 4,403 |  |   | 700 |  |   | 7,567 |  |   | 5,189 |  |
| Net change in unrealized appreciation (depreciation) of investments                                                            | 2,269 |  |   | 4,725 |  |   | 753 |  |   | 4,800 |  |
| Net realized and unrealized gains allocated from New Mountain Finance Holdings, L.L.C.                               | 6,672 |  |   | 5,425 |  |   | 8,320 |  |   | 9,989 |  |
| Total net increase in net assets resulting from operations allocated from New Mountain Finance Holdings, L.L.C. | 17,475 |  |   | 9,998 |  |   | 44,015 |  |   | 22,021 |  |
| Net change in unrealized (depreciation) appreciation of investment in New Mountain Finance Holdings, L.L.C.                    | (8 | ) |   | (43 | ) |   | (40 | ) |   | (43 | ) |
| Net increase in net assets resulting from operations                                                                                | $ | 17,467 |  |   | $ | 9,955 |  |   | $ | 43,975 |  |   | $ | 21,978 |  |
| Basic earnings per share                                                                                                            | $ | 0.46 |  |   | $ | 0.62 |  |   | $ | 1.38 |  |   | $ | 1.75 |  |
| Weighted average shares of common stock outstanding—basic (See Note 11)                                                  | 38,159,320 |  |   | 16,177,442 |  |   | 31,952,623 |  |   | 12,537,607 |  |
| Diluted earnings per share                                                                                                          | $ | 0.46 |  |   | $ | 0.62 |  |   | $ | 1.40 |  |   | $ | 1.74 |  |
| Weighted average shares of common stock outstanding—diluted (See Note 11)                                                | 44,731,258 |  |   | 36,138,511 |  |   | 42,847,638 |  |   | 32,671,954 |  |

----

|                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |
|                                                                                                                          | Nine months ended |
|                                                                                                                          | September 30, 2013 |   | September 30, 2012 |
| Increase (decrease) in net assets resulting from operations:                                                                  |   |  |   |   |  |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                                    | $ | 35,695 |  |   | $ | 12,032 |  |
| Net realized gains on investments allocated from New Mountain Finance Holdings, L.L.C.                                   | 7,567 |  |   | 5,189 |  |
| Net change in unrealized appreciation (depreciation) of investments allocated from New Mountain Finance Holdings, L.L.C. | 753 |  |   | 4,800 |  |
| Net change in unrealized (depreciation) appreciation of investment in New Mountain Finance Holdings, L.L.C.              | (40 | ) |   | (43 | ) |
| Total net increase in net assets resulting from operations                                                                    | 43,975 |  |   | 21,978 |  |
| Capital transactions                                                                                                          |   |  |   |   |  |
| Net proceeds from shares sold                                                                                                 | 57,020 |  |   | 82,300 |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.                                                  | (203 | ) |   | (211 | ) |
| Value of shares issued for exchanged units                                                                                    | 137,384 |  |   | 56,314 |  |
| Dividends declared                                                                                                            | (36,489 | ) |   | (15,173 | ) |
| Reinvestment of dividends                                                                                                     | 4,109 |  |   | 980 |  |
| Total net increase in net assets resulting from capital transactions                                                          | 161,821 |  |   | 124,210 |  |
| Net increase in net assets                                                                                                    | 205,796 |  |   | 146,188 |  |
| Net assets at beginning of period                                                                                             | 341,926 |  |   | 145,487 |  |
| Net assets at end of period                                                                                                   | $ | 547,722 |  |   | $ | 291,675 |  |

----

|                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                       |  |  |  |  |  |  |  |
|                                                                                                                                                  | Nine months ended |
|                                                                                                                                                  | September 30, 2013 |   | September 30, 2012 |
| Cash flows from operating activities                                                                                                                  |   |  |   |   |  |
| Net increase in net assets resulting from operations                                                                                                  | $ | 43,975 |  |   | $ | 21,978 |  |
| 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.                                                                            | (35,695 | ) |   | (12,032 | ) |
| Net realized and unrealized gains allocated from New Mountain Finance Holdings, L.L.C.                                                           | (8,320 | ) |   | (9,989 | ) |
| Net change in unrealized depreciation (appreciation) of investment in New Mountain Finance Holdings, L.L.C.                                 | 40 |  |   | 43 |  |
| (Increase) decrease in operating assets:                                                                                                              |   |  |   |   |  |
| Purchase of investment                                                                                                                                | (57,020 | ) |   | (82,300 | ) |
| Distributions from New Mountain Finance Holdings, L.L.C.                                                                                              | 35,785 |  |   | 15,173 |  |
| Net cash flows used in operating activities                                                                                                           | (21,235 | ) |   | (67,127 | ) |
| Cash flows from financing activities                                                                                                                  |   |  |   |   |  |
| Net proceeds from shares sold                                                                                                                         | 57,020 |  |   | 82,300 |  |
| Dividends paid                                                                                                                                        | (35,785 | ) |   | (15,173 | ) |
| Net cash flows provided by financing activities                                                                                                       | 21,235 |  |   | 67,127 |  |
| 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 financing activities:                                                                                                                        |   |  |   |   |  |
| New Mountain Finance AIV Holdings Corporation exchange of New Mountain Finance Holdings, L.L.C. units for shares                                 | $ | 137,384 |  |   | $ | 56,314 |  |
| Value of shares issued in connection with dividend reinvestment plan                                                                                  | 4,109 |  |   | 980 |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.                                                                          | (203 | ) |   | (211 | ) |

----

|                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------|
|                                                                                                                 |  |  |  |  |  |  |  |  |
|                                                                                                            | September 30, 2013 |   | December 31, 2012 |   |
|                                                                                                            | (unaudited) |   |   |   |
| Assets                                                                                                          |   |  |   |   |  |   |
| Investment in New Mountain Finance Holdings, L.L.C., at fair value (cost of $98,820 and $244,015, respectively) | $ | 94,083 |  |   | $ | 228,013 |  |   |
| Distributions receivable from New Mountain Finance Holdings, L.L.C.                                             | — |  |   | 7,786 |  |   |
| Total assets                                                                                                    | $ | 94,083 |  |   | $ | 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                                       | — |  | (1) | — |  | (1) |
| Paid in capital in excess of par                                                                                | 98,820 |  |   | 244,015 |  |   |
| Distributions in excess of net realized gains                                                              | (4,982 | ) |   | (6,676 | ) |   |
| Net unrealized appreciation (depreciation)                                                                      | 245 |  |   | (9,326 | ) |   |
| Total net assets                                                                                                | 94,083 |  |   | 228,013 |  |   |
| Total liabilities and net assets                                                                                | $ | 94,083 |  |   | $ | 235,799 |  |   |

----

|                                                                                                                                     |
|-------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                | Three months ended |   | Nine months ended |
|                                                                                                                                | September 30, 2013 |   | September 30, 2012 |   | September 30, 2013 |   | September 30, 2012 |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                                          |   |  |   |   |  |   |   |  |   |   |  |
| Interest income                                                                                                                     | $ | 3,983 |  |   | $ | 11,799 |  |   | $ | 20,318 |  |   | $ | 37,126 |  |
| Dividend income                                                                                                                     | (239 | ) |   | 119 |  |   | 1,468 |  |   | 119 |  |
| Other income                                                                                                                        | 36 |  |   | 91 |  |   | 387 |  |   | 480 |  |
| Total expenses                                                                                                                      | (1,925 | ) |   | (6,448 | ) |   | (10,040 | ) |   | (18,064 | ) |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                                     | 1,855 |  |   | 5,561 |  |   | 12,133 |  |   | 19,661 |  |
| Net realized and unrealized gains allocated from New Mountain Finance Holdings, L.L.C.                                         |   |  |   |   |  |   |   |  |   |   |  |
| Net realized gains on investments                                                                                                   | 757 |  |   | 916 |  |   | 1,949 |  |   | 9,402 |  |
| Net change in unrealized appreciation (depreciation) of investments                                                            | 390 |  |   | 5,769 |  |   | 1,765 |  |   | 5,911 |  |
| Net realized and unrealized gains allocated from New Mountain Finance Holdings, L.L.C.                               | 1,147 |  |   | 6,685 |  |   | 3,714 |  |   | 15,313 |  |
| Total net increase in net assets resulting from operations allocated from New Mountain Finance Holdings, L.L.C. | 3,002 |  |   | 12,246 |  |   | 15,847 |  |   | 34,974 |  |
| Net realized gains (losses) on investment in New Mountain Finance Holdings, L.L.C.                                             | — |  |   | 382 |  |   | (10,451 | ) |   | 382 |  |
| Net change in unrealized appreciation (depreciation) of investment in New Mountain Finance Holdings, L.L.C.                         | 9 |  |   | 1,564 |  |   | 7,806 |  |   | 1,564 |  |
| Net increase in net assets resulting from operations                                                                                | $ | 3,011 |  |   | $ | 14,192 |  |   | $ | 13,202 |  |   | $ | 36,920 |  |

----

|                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                               |  |  |  |  |  |  |  |
|                                                                                                                          | Nine months ended |
|                                                                                                                          | September 30, 2013 |   | September 30, 2012 |
| Increase (decrease) in net assets resulting from operations:                                                                  |   |  |   |   |  |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                                    | $ | 12,133 |  |   | $ | 19,661 |  |
| Net realized gains on investments allocated from New Mountain Finance Holdings, L.L.C.                                   | 1,949 |  |   | 9,402 |  |
| Net change in unrealized appreciation (depreciation) of investments allocated from New Mountain Finance Holdings, L.L.C. | 1,765 |  |   | 5,911 |  |
| Net realized (losses) gains on investment in New Mountain Finance Holdings, L.L.C.                                            | (10,451 | ) |   | 382 |  |
| Net change in unrealized appreciation (depreciation) of investment in New Mountain Finance Holdings, L.L.C.              | 7,806 |  |   | 1,564 |  |
| Total net increase in net assets resulting from operations                                                                    | 13,202 |  |   | 36,920 |  |
| Capital transactions                                                                                                          |   |  |   |   |  |
| Distribution to New Mountain Guardian AIV, L.P.                                                                               | (134,699 | ) |   | (58,216 | ) |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.                                                  | (45 | ) |   | (166 | ) |
| Dividends declared                                                                                                            | (12,388 | ) |   | (24,873 | ) |
| Total net decrease in net assets resulting from capital transactions                                                          | (147,132 | ) |   | (83,255 | ) |
| Net decrease in net assets                                                                                                    | (133,930 | ) |   | (46,335 | ) |
| Net assets at beginning of period                                                                                             | 228,013 |  |   | 275,015 |  |
| Net assets at end of period                                                                                                   | $ | 94,083 |  |   | $ | 228,680 |  |

----

|                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                       |  |  |  |  |  |  |  |
|                                                                                                                                                  | Nine months ended |
|                                                                                                                                                  | September 30, 2013 |   | September 30, 2012 |
| Cash flows from operating activities                                                                                                                  |   |  |   |   |  |
| Net increase in net assets resulting from operations                                                                                                  | $ | 13,202 |  |   | $ | 36,920 |  |
| 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.                                                                            | (12,133 | ) |   | (19,661 | ) |
| Net realized and unrealized gains allocated from New Mountain Finance Holdings, L.L.C.                                                           | (3,714 | ) |   | (15,313 | ) |
| Net realized losses (gains) on investment in New Mountain Finance Holdings, L.L.C.                                                                    | 10,451 |  |   | (382 | ) |
| Net change in unrealized (appreciation) depreciation in New Mountain Finance Holdings, L.L.C.                                                    | (7,806 | ) |   | (1,564 | ) |
| (Increase) decrease in operating activities                                                                                                           |   |  |   |   |  |
| Distributions from New Mountain Finance Holdings, L.L.C.                                                                                              | 20,174 |  |   | 24,873 |  |
| Net cash flows provided by operating activities                                                                                                       | 20,174 |  |   | 24,873 |  |
| Cash flows from financing activities                                                                                                                  |   |  |   |   |  |
| Proceeds from shares sold                                                                                                                             | 134,699 |  |   | 58,216 |  |
| Distribution to New Mountain Guardian AIV, L.P.                                                                                                       | (134,699 | ) |   | (58,216 | ) |
| Dividends paid                                                                                                                                        | (20,174 | ) |   | (24,873 | ) |
| Net cash flows used in financing activities                                                                                                           | (20,174 | ) |   | (24,873 | ) |
| 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 financing activities:                                                                                                                        |   |  |   |   |  |
| Deferred offering costs allocated from New Mountain Finance Holdings, L.L.C.                                                                          | $ | (45 | ) |   | $ | (166 | ) |

----

----

----

|     |                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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 fair value in accordance with GAAP and if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) 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); and |

|    |                                                                                                                                     |
|----|-------------------------------------------------------------------------------------------------------------------------------------|
| 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        | $ | 535,075 |  |   | $ | 533,259 |  |
| Second lien       | 421,234 |  |   | 431,113 |  |
| Subordinated      | 44,517 |  |   | 46,865 |  |
| Equity and other  | 24,511 |  |   | 30,195 |  |
| Total investments | $ | 1,025,337 |  |   | $ | 1,041,432 |  |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | Cost |   | Fair Value |
| Software                          | $ | 211,384 |  |   | $ | 216,241 |  |
| Business Services                 | 176,706 |  |   | 181,196 |  |
| Education                         | 168,797 |  |   | 173,008 |  |
| Federal Services                  | 105,626 |  |   | 105,392 |  |
| Distribution & Logistics | 76,755 |  |   | 78,428 |  |
| Healthcare Services               | 72,406 |  |   | 73,602 |  |
| Media                             | 47,814 |  |   | 50,155 |  |
| Consumer Services                 | 47,109 |  |   | 48,100 |  |
| Energy                            | 44,770 |  |   | 44,010 |  |
| Healthcare Products               | 40,254 |  |   | 41,696 |  |
| Industrial Services               | 13,850 |  |   | 14,222 |  |
| Healthcare Information Technology | 13,481 |  |   | 8,838 |  |
| Information Technology            | 6,385 |  |   | 6,544 |  |
| Total investments                 | $ | 1,025,337 |  |   | $ | 1,041,432 |  |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |
|              | 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 |  |

----

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | 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        | $ | 533,259 |  |   | $ | — |  |   | $ | 519,089 |  |   | $ | 14,170 |  |
| Second lien       | 431,113 |  |   | — |  |   | 392,470 |  |   | 38,643 |  |
| Subordinated      | 46,865 |  |   | — |  |   | 22,019 |  |   | 24,846 |  |
| Equity and other  | 30,195 |  |   | — |  |   | — |  |   | 30,195 |  |
| Total investments | $ | 1,041,432 |  |   | $ | — |  |   | $ | 933,578 |  |   | $ | 107,854 |  |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|              | 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 |
| Fair value, June 30, 2013                                                                                                                                                                                     | $ | 113,201 |  |   | $ | 21,312 |  |   | $ | 38,527 |  |   | $ | 24,681 |  |   | $ | 28,681 |  |
| Total gains or losses included in earnings:                                                                                                                                                                        |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Net realized gains (losses) on investments                                                                                                                                                                         | 1,398 |  |   | 66 |  |   | — |  |   | — |  |   | 1,332 |  |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                          | 633 |  |   | (41 | ) |   | 116 |  |   | 110 |  |   | 448 |  |
| Purchases, including capitalized PIK and revolver fundings                                                                                                                                                         | 1,503 |  |   | (84 | ) |   | — |  |   | 55 |  |   | 1,532 |  |
| Proceeds from sales and paydowns of investments                                                                                                                                                               | (8,881 | ) |   | (7,083 | ) |   | — |  |   | — |  |   | (1,798 | ) |
| Fair value, September 30, 2013                                                                                                                                                                                | $ | 107,854 |  |   | $ | 14,170 |  |   | $ | 38,643 |  |   | $ | 24,846 |  |   | $ | 30,195 |  |
| 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: | $ | 697 |  |   | $ | 23 |  |   | $ | 116 |  |   | $ | 110 |  |   | $ | 448 |  |

----

|                                                                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                            | Total |   | First Lien |   | Second Lien |   | Subordinated |   | Equity andother |   |
| Fair value, June 30, 2012                                                                                                                                                  | $ | 106,374 |  |   | $ | 42,748 |  |   | $ | 53,275 |  |   | $ | 7,539 |  |   | $ | 2,812 |  |   |
| Total gains or losses included in earnings:                                                                                                                                     |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |
| Net realized gains (losses) on investments                                                                                                                                      | 106 |  |   | 106 |  |   | — |  |   | — |  |   | — |  |   |
| Net change in unrealized appreciation (depreciation)                                                                                                                            | 3,161 |  |   | 51 |  |   | — |  |   | — |  |   | 3,110 |  |   |
| Purchases, including capitalized PIK and revolver fundings                                                                                                                      | 11,460 |  |   | 11,460 |  |   | — |  |   | — |  |   | — |  |   |
| Proceeds from sales and paydowns of investments                                                                                                                                 | (10,385 | ) |   | (10,385 | ) |   | — |  |   | — |  |   | — |  |   |
| Transfers into Level III (1)                                                                                                                                                    | 7,047 |  |   | 6,581 |  |   | — |  |   | — |  |   | 466 |  | (2) |
| Transfers out of Level III (1)                                                                                                                                                  | (10,020 | ) |   | — |  |   | (10,020 | ) |   | — |  |   | — |  |   |
| Fair value, September 30, 2012                                                                                                                                             | $ | 107,743 |  |   | $ | 50,561 |  |   | $ | 43,255 |  |   | $ | 7,539 |  |   | $ | 6,388 |  |   |
| 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: | $ | 3,161 |  |   | $ | 51 |  |   | $ | — |  |   | $ | — |  |   | $ | 3,110 |  |   |

|                                                                                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                               | Total |   | First Lien |   | Second Lien |   | Subordinated |   | Equity andother (2) |
| Fair value, December 31, 2012                                                                                                                                                                                 | $ | 119,128 |  |   | $ | 42,885 |  |   | $ | 43,255 |  |   | $ | 22,891 |  |   | $ | 10,097 |  |
| Total gains or losses included in earnings:                                                                                                                                                                        |   |  |   |   |  |   |   |  |   |   |  |   |   |  |
| Net realized gains (losses) on investments                                                                                                                                                                         | 1,975 |  |   | 263 |  |   | 380 |  |   | — |  |   | 1,332 |  |
| Net change in unrealized (depreciation) appreciation                                                                                                                                                          | (150 | ) |   | 70 |  |   | 1,148 |  |   | 658 |  |   | (2,026 | ) |
| Purchases, including capitalized PIK and revolver fundings                                                                                                                                                         | 37,761 |  |   | 11 |  |   | 13,860 |  |   | 1,297 |  |   | 22,593 |  |
| Proceeds from sales and paydowns of investments                                                                                                                                                               | (57,434 | ) |   | (35,633 | ) |   | (20,000 | ) |   | — |  |   | (1,801 | ) |
| Transfers into Level III (1)                                                                                                                                                                                       | 6,574 |  |   | 6,574 |  |   | — |  |   | — |  |   | — |  |
| Fair value, September 30, 2013                                                                                                                                                                                | $ | 107,854 |  |   | $ | 14,170 |  |   | $ | 38,643 |  |   | $ | 24,846 |  |   | $ | 30,195 |  |
| Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Operating Company at the end of the period: | $ | (945 | ) |   | $ | (605 | ) |   | $ | 1,027 |  |   | $ | 658 |  |   | $ | (2,025 | ) |

----

|                                                                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                            | 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                                                                                                                                      | 4,275 |  |   | 4,252 |  |   | 23 |  |   | — |  |   | — |  |   |
| Net change in unrealized (depreciation) appreciation                                                                                                                            | (1,001 | ) |   | (3,851 | ) |   | (173 | ) |   | (22 | ) |   | 3,045 |  |   |
| Purchases, including capitalized PIK and revolver fundings                                                                                                                      | 57,089 |  |   | 46,052 |  |   | 10,020 |  |   | 990 |  |   | 27 |  |   |
| Proceeds from sales and paydowns of investments                                                                                                                                 | (29,502 | ) |   | (24,502 | ) |   | (5,000 | ) |   | — |  |   | — |  |   |
| Transfers into Level III (1)                                                                                                                                                    | 7,047 |  |   | 6,581 |  |   | — |  |   | — |  |   | 466 |  | (2) |
| Transfers out of Level III(1)                                                                                                                                              | (21,132 | ) |   | (11,112 | ) |   | (10,020 | ) |   | — |  |   | — |  |   |
| Fair value, September 30, 2012                                                                                                                                             | $ | 107,743 |  |   | $ | 50,561 |  |   | $ | 43,255 |  |   | $ | 7,539 |  |   | $ | 6,388 |  |   |
| 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: | $ | 2,612 |  |   | $ | (410 | ) |   | $ | (1 | ) |   | $ | (22 | ) |   | $ | 3,045 |  |   |

----

|              |
|--------------|
|              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|         |   |   |   |   |   | EBITDA Range |   | Discount Range |
| Type         |   | Fair Value |   | Approach |   | Low |   | High |   | WeightedAverage |   | Low |   | High |   | WeightedAverage |
| First lien   |   | $ | 14,170 |  |   | Market and Income |   | 4.0 |  | x | 6.5 |  | x | 5.3 |  | x | 5.5 | % |   | 22.8 | % |   | 16.0 | % |
| Second lien  |   | 38,643 |  |   | Market and Income |   | 4.0 |  | x | 7.5 |  | x | 5.8 |  | x | 10.1 | % |   | 11.7 | % |   | 11.0 | % |
| Subordinated |   | 24,846 |  |   | Market and Income |   | 6.0 |  | x | 9.5 |  | x | 7.9 |  | x | 12.2 | % |   | 21.8 | % |   | 15.1 | % |
| Equity       |   | 24,156 |  |   | Market and Income |   | 4.0 |  | x | 8.0 |  | x | 5.6 |  | x | 8.0 | % |   | 20.0 | % |   | 16.3 | % |

----

----

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

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                               | Three months ended |   | Nine months ended |
|                                                               | September 30, 2013 |   | September 30, 2012 |   | September 30, 2013 |   | September 30, 2012 |
| Management fee                                                     | $ | 3,754 |  |   | $ | 2,768 |  |   | $ | 11,049 |  |   | $ | 7,887 |  |
| Incentive fee, excluding accrued capital gains incentive fees | 3,533 |  |   | 2,978 |  |   | 12,398 |  |   | 8,147 |  |
| Accrued capital gains incentive fees(1)                       | 1,587 |  |   | 2,583 |  |   | 2,568 |  |   | 3,547 |  |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | Three months endedSeptember 30, 2013 |   | Adjustments |   | Adjustedthree months endedSeptember 30, 2013 |
| Investment income                                                   |   |  |   |   |  |   |   |  |
| Interest income (1)                                                 | $ | 27,175 |  |   | $ | (111 | ) |   | $ | 27,064 |  |
| Dividend income                                                     | (1,631 | ) |   | — |  |   | (1,631 | ) |
| Other income                                                        | 249 |  |   | — |  |   | 249 |  |
| Total investment income                                             | 25,793 |  |   | (111 | ) |   | 25,682 |  |
| Total net expenses pre-incentive fee (2)                            | 8,014 |  |   | — |  |   | 8,014 |  |
| Pre-Incentive Fee Net Investment Income                             | 17,779 |  |   | (111 | ) |   | 17,668 |  |
| Incentive fee (3)                                                   | 5,120 |  |   | — |  |   | 5,120 |  |
| Post-Incentive Fee Net Investment Income                            | 12,659 |  |   | (111 | ) |   | 12,548 |  |
| Net realized gains on investments (4)                               | 5,160 |  |   | (121 | ) |   | 5,039 |  |
| Net change in unrealized appreciation (depreciation) of investments | 2,659 |  |   | 232 |  |   | 2,891 |  |
| Net increase in members’ capital resulting from operations    | $ | 20,478 |  |   |   |  |   | $ | 20,478 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | Nine months endedSeptember 30, 2013 |   | Adjustments |   | Adjustednine months endedSeptember 30, 2013 |
| Investment income                                                   |   |  |   |   |  |   |   |  |
| Interest income (1)                                                 | $ | 79,539 |  |   | $ | (804 | ) |   | $ | 78,735 |  |
| Dividend income                                                     | 4,802 |  |   | — |  |   | 4,802 |  |
| Other income                                                        | 1,926 |  |   | — |  |   | 1,926 |  |
| Total investment income                                             | 86,267 |  |   | (804 | ) |   | 85,463 |  |
| Total net expenses pre-incentive fee (2)                            | 23,472 |  |   | — |  |   | 23,472 |  |
| Pre-Incentive Fee Net Investment Income                             | 62,795 |  |   | (804 | ) |   | 61,991 |  |
| Incentive fee (3)                                                   | 14,966 |  |   | — |  |   | 14,966 |  |
| Post-Incentive Fee Net Investment Income                            | 47,829 |  |   | (804 | ) |   | 47,025 |  |
| Net realized gains on investments (4)                               | 9,516 |  |   | (3,270 | ) |   | 6,246 |  |
| Net change in unrealized appreciation (depreciation) of investments | 2,518 |  |   | 4,074 |  |   | 6,592 |  |
| Net increase in members’ capital resulting from operations    | $ | 59,863 |  |   |   |  |   | $ | 59,863 |  |

----

|                                                                          |
|--------------------------------------------------------------------------|
|                                                                          |  |  |  |  |  |  |  |  |  |  |  |
|                                                                     | Three months endedSeptember 30, 2012 |   | Adjustments |   | Adjustedthree months endedSeptember 30, 2012 |
| Investment income                                                        |   |  |   |   |  |   |   |  |
| Interest income                                                          | $ | 21,362 |  |   | $ | (806 | ) |   | $ | 20,556 |  |
| Dividend income                                                          | 215 |  |   | — |  |   | 215 |  |
| Other income                                                             | 175 |  |   | — |  |   | 175 |  |
| Total investment income                                                  | 21,752 |  |   | (806 | ) |   | 20,946 |  |
| Total net expenses pre-incentive fee (1)                                 | 6,055 |  |   | — |  |   | 6,055 |  |
| Pre-Incentive Fee Net Investment Income                                  | 15,697 |  |   | (806 | ) |   | 14,891 |  |
| Incentive fee (2)                                                        | 5,561 |  |   | — |  |   | 5,561 |  |
| Post-Incentive Fee Net Investment Income                                 | 10,136 |  |   | (806 | ) |   | 9,330 |  |
| Net realized gains on investments                                        | 1,615 |  |   | (168 | ) |   | 1,447 |  |
| Net change in unrealized appreciation (depreciation) of investments | 10,494 |  |   | 974 |  |   | 11,468 |  |
| Net increase in members’ capital resulting from operations         | $ | 22,245 |  |   |   |  |   | $ | 22,245 |  |

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |
|                                                                | Nine months endedSeptember 30, 2012 |   | Adjustments |   | Adjustednine months endedSeptember 30, 2012 |
| Investment income                                                   |   |  |   |   |  |   |   |  |
| Interest income                                                     | $ | 60,087 |  |   | $ | (2,654 | ) |   | $ | 57,433 |  |
| Dividend income                                                     | 215 |  |   | — |  |   | 215 |  |
| Other income                                                        | 771 |  |   | — |  |   | 771 |  |
| Total investment income                                             | 61,073 |  |   | (2,654 | ) |   | 58,419 |  |
| Total net expenses pre-incentive fee (1)                            | 17,684 |  |   | — |  |   | 17,684 |  |
| Pre-Incentive Fee Net Investment Income                             | 43,389 |  |   | (2,654 | ) |   | 40,735 |  |
| Incentive fee (2)                                                   | 11,694 |  |   | — |  |   | 11,694 |  |
| Post-Incentive Fee Net Investment Income                            | 31,695 |  |   | (2,654 | ) |   | 29,041 |  |
| Net realized gains on investments                                   | 14,591 |  |   | (5,386 | ) |   | 9,205 |  |
| Net change in unrealized appreciation (depreciation) of investments | 10,710 |  |   | 8,040 |  |   | 18,750 |  |
| Net increase in members’ capital resulting from operations    | $ | 56,996 |  |   |   |  |   | $ | 56,996 |  |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                          | Three months ended |   | Nine months ended |
|                                          | September 30, 2013 |   | September 30, 2012 |   | September 30, 2013 |   | September 30, 2012 |
| Professional fees                             | $ | 317 |  |   | $ | 171 |  |   | $ | 1,345 |  |   | $ | 536 |  |
| Administrative expenses                       | 283 |  |   | 268 |  |   | 920 |  |   | 851 |  |
| Other general and administrative expenses     | — |  |   | — |  |   | — |  |   | — |  |
| Total expense waivers and reimbursements | $ | 600 |  |   | $ | 439 |  |   | $ | 2,265 |  |   | $ | 1,387 |  |

----

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | Three months ended |   | Nine months ended |
|                                | September 30, 2013 |   | September 30, 2012 |   | September 30, 2013 |   | September 30, 2012 |
| Interest expense                    | $ | 1,430 |  |   | $ | 807 |  |   | $ | 4,307 |  |   | $ | 2,920 |  |
| Non-usage fee                       | 75 |  |   | 178 |  |   | 144 |  |   | 251 |  |
| Weighted average interest rate | 2.9 | % |   | 3.0 | % |   | 2.9 | % |   | 3.1 | % |
| Average debt outstanding            | $ | 190,692 |  |   | $ | 105,795 |  |   | $ | 192,843 |  |   | $ | 122,887 |  |

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | Three months ended |   | Nine months ended |
|                                | September 30, 2013 |   | September 30, 2012 |   | September 30, 2013 |   | September 30, 2012 |
| Interest expense                    | $ | 1,243 |  |   | $ | 1,051 |  |   | $ | 3,663 |  |   | $ | 3,138 |  |
| Non-usage fee                       | — |  | (1) | 8 |  |   | 2 |  |   | 20 |  |
| Weighted average interest rate | 2.3 | % |   | 2.2 | % |   | 2.3 | % |   | 2.4 | % |
| Average debt outstanding            | $ | 214,828 |  |   | $ | 184,109 |  |   | $ | 214,547 |  |   | $ | 174,808 |  |

----

|                                                                                         |
|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                    |   |   |   |   | Paid in Capital |   | Undistributed |   | AccumulatedUndistributed Net |   | Net Unrealized |   | Total |
|                                                                                    | Common Stock |   | in Excess |   | Net Investment |   | Realized Gains |   | Appreciation |   | Stockholders' |
|                                                                                    | Shares |   | Par Amount |   | of Par |   | Income |   | (Losses) |   | (Depreciation) |   | Equity |
| Balance at December 31, 2012                                                       | 24,326,251 |  |   | $ | 243 |  |   | $ | 335,487 |  |   | $ | — |  |   | $ | 952 |  |   | $ | 5,244 |  |   | $ | 341,926 |  |
| Issuances of common stock                                                          | 13,933,670 |  |   | 140 |  |   | 198,373 |  |   | — |  |   | — |  |   | — |  |   | 198,513 |  |
| Deferred offering costs allocated from New Mountain Finance Holdings,  L.L.C. | — |  |   | — |  |   | (203 | ) |   | — |  |   | — |  |   | — |  |   | (203 | ) |
| Dividends declared                                                                      | — |  |   | — |  |   | — |  |   | (35,695 | ) |   | (794 | ) |   | — |  |   | (36,489 | ) |
| Net increase (decrease) in stockholders’ equity resulting from operations    | — |  |   | — |  |   | — |  |   | 35,695 |  |   | 7,567 |  |   | 713 |  |   | 43,975 |  |
| Balance at September 30, 2013                                                      | 38,259,921 |  |   | $ | 383 |  |   | $ | 533,657 |  |   | $ | — |  |   | $ | 7,725 |  |   | $ | 5,957 |  |   | $ | 547,722 |  |

|                                                                                           |
|-------------------------------------------------------------------------------------------|
|                                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                      |   |   |   |   | Paid in Capital |   | Undistributed |   | Distributions |   | Net Unrealized |   | Total |
|                                                                                      | Common Stock |   | in Excess |   | Net Investment |   | In Excess of Net |   | (Depreciation) |   | Stockholders' |
|                                                                                      | Shares |   | Par Amount |   | of Par |   | Income |   | Realized (Losses) Gains |   | Appreciation |   | Equity |
| 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.    | — |  |   | — |  |   | (45 | ) |   | — |  |   | — |  |   | — |  |   | (45 | ) |
| Dividends declared                                                                        | — |  |   | — |  |   | — |  |   | (12,133 | ) |   | (255 | ) |   | — |  |   | (12,388 | ) |
| Distribution to New Mountain Guardian AIV, L.P.                                      | — |  |   | — |  |   | (134,699 | ) |   | — |  |   | — |  |   | — |  |   | (134,699 | ) |
| Net increase (decrease) in stockholders’ equity resulting from operations | — |  |   | — |  |   | (10,451 | ) |   | 12,133 |  |   | 1,949 |  |   | 9,571 |  |   | 13,202 |  |
| Balance at September 30, 2013                                                        | 100 |  |   | $ | — |  | (1) | $ | 98,820 |  |   | $ | — |  |   | $ | (4,982 | ) |   | $ | 245 |  |   | $ | 94,083 |  |

----

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               |   | Three months ended |   | Nine months ended |
|                                               |   | September 30, 2013 |   | September 30, 2012 |   | September 30, 2013 |   | September 30, 2012 |
| Numerator for basic earnings per share:            |   | $ | 17,467 |  |   | $ | 9,955 |  |   | $ | 43,975 |  |   | $ | 21,978 |  |
| Denominator for basic weighted average share:      |   | 38,159,320 |  |   | 16,177,442 |  |   | 31,952,623 |  |   | 12,537,607 |  |
| Basic earnings per share:                          |   | $ | 0.46 |  |   | $ | 0.62 |  |   | $ | 1.38 |  |   | $ | 1.75 |  |
| Numerator for diluted earnings per share(a):       |   | $ | 20,478 |  |   | $ | 22,245 |  |   | $ | 59,863 |  |   | $ | 56,996 |  |
| Denominator for diluted weighted average share(b): |   | 44,731,258 |  |   | 36,138,511 |  |   | 42,847,638 |  |   | 32,671,954 |  |
| Diluted earnings per share:                        |   | $ | 0.46 |  |   | $ | 0.62 |  |   | $ | 1.40 |  |   | $ | 1.74 |  |

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |
|                                                    | Nine months ended |
|                                                    | September 30, 2013 |   | September 30, 2012 |
| Total return based on net asset value (a)               | 10.20 | % |   | 13.06 | % |
| Average net assets for the period                       | $ | 612,181 |  |   | $ | 450,716 |  |
| Ratio to average net assets (b):                        |   |  |   |   |  |
| Net investment income                                   | 10.45 | % |   | 9.39 | % |
| Total expenses, before waivers/reimbursements           | 8.89 | % |   | 9.12 | % |
| Total expenses, net of waivers/reimbursements           | 8.39 | % |   | 8.71 | % |
| Net assets, end of period                               | $ | 641,805 |  |   | $ | 520,355 |  |
| Average debt outstanding—SLF Credit Facility      | $ | 214,547 |  |   | $ | 174,808 |  |
| Average debt outstanding—Holdings Credit Facility | $ | 192,843 |  |   | $ | 122,887 |  |
| Weighted average common membership units outstanding    | 42,847,638 |  |   | 32,671,954 |  |
| Asset coverage ratio                                    | 271.56 | % |   | 255.02 | % |
| Portfolio turnover                                      | 30.46 | % |   | 34.77 | % |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |
|                                                                               | Nine months ended |
|                                                                               | September 30, 2013 |   | September 30, 2012 |
| Per unit data for the Operating Company (a):                                       |   |  |   |   |  |
| Net asset value, January 1, 2013 and January 1, 2012, respectively       | $ | 14.06 |  |   | $ | 13.60 |  |
| Net investment income                                                              | 1.12 |  |   | 0.97 |  |
| Net realized and unrealized gains (losses)                                         | 0.28 |  |   | 0.76 |  |
| Dividends from net investment income                                               | (1.14 | ) |   | (1.23 | ) |
| Net increase in net assets resulting from operations                               | 0.26 |  |   | 0.50 |  |
| Net asset value, September 30, 2013 and September 30, 2012, respectively | $ | 14.32 |  |   | $ | 14.10 |  |

|                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                            |  |  |  |  |  |  |  |
|                                                                                                                       | Nine months ended |
|                                                                                                                       | September 30, 2013 |   | September 30, 2012 |
| Per share data (a):                                                                                                        |   |  |   |   |  |
| Net asset value, January 1, 2013 and January 1, 2012, respectively                                               | $ | 14.06 |  |   | $ | 13.60 |  |
| Net increase (decrease) in net assets resulting from operations allocated from New Mountain Finance Holdings, L.L.C.: |   |  |   |   |  |
| Net investment income                                                                                                      | 1.12 |  |   | 0.97 |  |
| Net realized and unrealized gains (losses)                                                                                 | 0.28 |  |   | 0.76 |  |
| Total net increase                                                                                                         | 1.40 |  |   | 1.73 |  |
| Dividends declared                                                                                                         | (1.14 | ) |   | (1.23 | ) |
| Net asset value, September 30, 2013 and September 30, 2012, respectively                                         | $ | 14.32 |  |   | $ | 14.10 |  |
| Per share market value, September 30, 2013 and September 30, 2012, respectively                                  | $ | 14.41 |  |   | $ | 14.82 |  |
| Total return based on market value (b)                                                                                     | 4.58 | % |   | 20.27 | % |
| Total return based on net asset value (c)                                                                                  | 10.20 | % |   | 13.06 | % |
| Shares outstanding at end of period                                                                                        | 38,259,921 |  |   | 20,690,635 |  |
| Average weighted shares outstanding for the period                                                                         | 31,952,623 |  |   | 12,537,607 |  |
| Average net assets for the period                                                                                          | $ | 456,922 |  |   | $ | 167,815 |  |
| Ratio to average net assets (d):                                                                                           |   |  |   |   |  |
| Total expenses allocated from New Mountain Finance Holdings, L.L.C.                                                        | 8.39 | % |   | 8.71 | % |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C.                                            | 10.45 | % |   | 9.39 | % |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |
|                                                                            | Nine months ended |
|                                                                            | September 30, 2013 |   | September 30, 2012 |
| Total return based on net asset value (a)                                       | 8.38 | % |   | 14.45 | % |
| Average net assets for the period                                               | $ | 155,259 |  |   | $ | 279,835 |  |
| Ratio to average net assets (b):                                                |   |  |   |   |  |
| Total expenses allocated from New Mountain Finance Holdings, L.L.C.             | 8.39 | % |   | 8.71 | % |
| Net investment income allocated from New Mountain Finance Holdings, L.L.C. | 10.45 | % |   | 9.39 | % |