# EDGAR Filing Document

**Accession Number:** 0001766037
**File Stem:** 0001766037-25-000018
**Filing Date:** 2025-11
**Character Count:** 402113
**Document Hash:** 1b382f0039eba89e705df4ee57428b78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001766037-25-000018.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001766037-25-000018

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NMF SLF I, Inc.
- **CENTRAL INDEX KEY:** 0001766037

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01330
- **FILM NUMBER:** 251477355

**BUSINESS ADDRESS:**
- **STREET 1:** 787 SEVENTH AVENUE
- **STREET 2:** 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** (212) 720-0300

**MAIL ADDRESS:**
- **STREET 1:** 787 SEVENTH AVENUE
- **STREET 2:** 48TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NMF Senior Loan Fund I, Inc.
- **DATE OF NAME CHANGE:** 20190125

?xml version='1.0' encoding='ASCII'? nmslf-20250930

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_________________________________________________________________________________

**FORM 10-Q**

_________________________________________________________________________________

---

| | |
|:---|:---|
| 🗷 | **Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |

---

**For the Quarterly Period Ended September 30, 2025** 

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

_________________________________________________________________________________

---

| | | |
|:---|:---|:---|
| **Commission File Number** | **Exact name of registrant as specified in its charter, address of principal executive offices, telephone number and states or other jurisdictions of incorporation or organization** | **I.R.S. Employer<br>Identification Number** |
| **000-56123** | **NMF SLF I, Inc.**<br>**1633 Broadway, 48th Floor**<br>**New York, New York 10019**<br>**Telephone: (212) 720-0300**<br>**State of Incorporation: Maryland** | **83-3291673** |

---

_________________________________________________________________________________

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| None | N/A | N/A |

---

_________________________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 🗷 No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes 🗷&nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer 🗷 | Smaller reporting company ☐ |
| Emerging growth company ☒ | |

---

&nbsp;&nbsp;&nbsp;&nbsp;If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes □&nbsp;&nbsp;&nbsp;&nbsp;No 🗷

_________________________________________________________________________________

The number of the registrant's common stock shares outstanding as of November 13, 2025 was 94,989,279. As of September 30, 2025, there was no established public market for the registrant's common stock.

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025** 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| **<u>[PART I. FINANCIAL INFORMATION](#ieb4fd08c360e46f7a2df3e72844713af_13)</u>** | **<u>[PART I. FINANCIAL INFORMATION](#ieb4fd08c360e46f7a2df3e72844713af_13)</u>** | |
| <u>[Item 1.](#ieb4fd08c360e46f7a2df3e72844713af_16)</u> | <u>[Financial Statements](#ieb4fd08c360e46f7a2df3e72844713af_16)</u> |  |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#ieb4fd08c360e46f7a2df3e72844713af_19)[S](#ieb4fd08c360e46f7a2df3e72844713af_19)[eptem](#ieb4fd08c360e46f7a2df3e72844713af_19)[ber](#ieb4fd08c360e46f7a2df3e72844713af_19)[30, 2025 (unaudited) and December 31, 2024](#ieb4fd08c360e46f7a2df3e72844713af_19)</u> | <u>[3](#ieb4fd08c360e46f7a2df3e72844713af_19)</u> |
|  | <u>[Consolidated Statements of Operations for the three and](#ieb4fd08c360e46f7a2df3e72844713af_22)[nine](#ieb4fd08c360e46f7a2df3e72844713af_22)[months ended](#ieb4fd08c360e46f7a2df3e72844713af_22)[September](#ieb4fd08c360e46f7a2df3e72844713af_19)[30, 2025](#ieb4fd08c360e46f7a2df3e72844713af_19)[(unaudited) and](#ieb4fd08c360e46f7a2df3e72844713af_22)[September](#ieb4fd08c360e46f7a2df3e72844713af_19)[30, 2024](#ieb4fd08c360e46f7a2df3e72844713af_19)[(unaudited)](#ieb4fd08c360e46f7a2df3e72844713af_22)</u> | <u>[4](#ieb4fd08c360e46f7a2df3e72844713af_22)</u> |
|  | <u>[Consolidated Statements of Changes in Net Assets for the three](#ieb4fd08c360e46f7a2df3e72844713af_25)[and](#ieb4fd08c360e46f7a2df3e72844713af_22)[nine](#ieb4fd08c360e46f7a2df3e72844713af_22)[months ended](#ieb4fd08c360e46f7a2df3e72844713af_22)[September](#ieb4fd08c360e46f7a2df3e72844713af_19)[30, 2025](#ieb4fd08c360e46f7a2df3e72844713af_19)[(unaudited) and](#ieb4fd08c360e46f7a2df3e72844713af_22)[September](#ieb4fd08c360e46f7a2df3e72844713af_19)[30, 2024](#ieb4fd08c360e46f7a2df3e72844713af_19)[(unaudited)](#ieb4fd08c360e46f7a2df3e72844713af_22)</u> | <u>[5](#ieb4fd08c360e46f7a2df3e72844713af_25)</u> |
|  | <u>[Consolidated Statements of Cash Flows for](#ieb4fd08c360e46f7a2df3e72844713af_28)[the](#ieb4fd08c360e46f7a2df3e72844713af_25)[nine](#ieb4fd08c360e46f7a2df3e72844713af_22)[months ended](#ieb4fd08c360e46f7a2df3e72844713af_25)[September](#ieb4fd08c360e46f7a2df3e72844713af_19)[30, 2025](#ieb4fd08c360e46f7a2df3e72844713af_19)[(unaudited) and](#ieb4fd08c360e46f7a2df3e72844713af_25)</u> <u>[September](#ieb4fd08c360e46f7a2df3e72844713af_19)[30, 2024](#ieb4fd08c360e46f7a2df3e72844713af_19)[(unaudited)](#ieb4fd08c360e46f7a2df3e72844713af_25)</u> | <u>[6](#ieb4fd08c360e46f7a2df3e72844713af_28)</u> |
|  | <u>[Consolidated Schedule of Investments as of](#ieb4fd08c360e46f7a2df3e72844713af_31)[September](#ieb4fd08c360e46f7a2df3e72844713af_19)[30, 2025](#ieb4fd08c360e46f7a2df3e72844713af_19)[(unaudited)](#ieb4fd08c360e46f7a2df3e72844713af_25)</u> | <u>[7](#ieb4fd08c360e46f7a2df3e72844713af_31)</u> |
|  | <u>[Consolidated Schedule of Investments as of December 31, 2024](#ieb4fd08c360e46f7a2df3e72844713af_37)</u> | <u>[30](#ieb4fd08c360e46f7a2df3e72844713af_37)</u> |
|  | <u>[Notes to the Consolidated Financial Statements of NMF SLF I, Inc. (unaudited)](#ieb4fd08c360e46f7a2df3e72844713af_43)</u> | <u>[50](#ieb4fd08c360e46f7a2df3e72844713af_43)</u> |
|  | <u>[Report of Independent Registered Public Accounting Firm](#ieb4fd08c360e46f7a2df3e72844713af_91)</u> | <u>[68](#ieb4fd08c360e46f7a2df3e72844713af_91)</u> |
| <u>[Item 2.](#ieb4fd08c360e46f7a2df3e72844713af_94)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ieb4fd08c360e46f7a2df3e72844713af_94)</u> | <u>[69](#ieb4fd08c360e46f7a2df3e72844713af_94)</u> |
| <u>[Item 3.](#ieb4fd08c360e46f7a2df3e72844713af_127)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#ieb4fd08c360e46f7a2df3e72844713af_127)</u> | <u>[81](#ieb4fd08c360e46f7a2df3e72844713af_127)</u> |
| <u>[Item 4.](#ieb4fd08c360e46f7a2df3e72844713af_130)</u> | <u>[Controls and Procedures](#ieb4fd08c360e46f7a2df3e72844713af_130)</u> | <u>[82](#ieb4fd08c360e46f7a2df3e72844713af_130)</u> |
| **<u>[PART II. OTHER INFORMATION](#ieb4fd08c360e46f7a2df3e72844713af_133)</u>** | **<u>[PART II. OTHER INFORMATION](#ieb4fd08c360e46f7a2df3e72844713af_133)</u>** |  |
| <u>[Item 1.](#ieb4fd08c360e46f7a2df3e72844713af_136)</u> | <u>[Legal Proceedings](#ieb4fd08c360e46f7a2df3e72844713af_136)</u> | <u>[83](#ieb4fd08c360e46f7a2df3e72844713af_136)</u> |
| <u>[Item 1A.](#ieb4fd08c360e46f7a2df3e72844713af_139)</u> | <u>[Risk Factors](#ieb4fd08c360e46f7a2df3e72844713af_139)</u> | <u>[83](#ieb4fd08c360e46f7a2df3e72844713af_139)</u> |
| <u>[Item 2.](#ieb4fd08c360e46f7a2df3e72844713af_142)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#ieb4fd08c360e46f7a2df3e72844713af_142)</u> | <u>[83](#ieb4fd08c360e46f7a2df3e72844713af_142)</u> |
| <u>[Item 3.](#ieb4fd08c360e46f7a2df3e72844713af_145)</u> | <u>[Defaults Upon Senior Securities](#ieb4fd08c360e46f7a2df3e72844713af_145)</u> | <u>[83](#ieb4fd08c360e46f7a2df3e72844713af_145)</u> |
| <u>[Item 4.](#ieb4fd08c360e46f7a2df3e72844713af_148)</u> | <u>[Mine Safety Disclosures](#ieb4fd08c360e46f7a2df3e72844713af_148)</u> | <u>[83](#ieb4fd08c360e46f7a2df3e72844713af_148)</u> |
| <u>[Item 5.](#ieb4fd08c360e46f7a2df3e72844713af_151)</u> | <u>[Other Information](#ieb4fd08c360e46f7a2df3e72844713af_151)</u> | <u>[83](#ieb4fd08c360e46f7a2df3e72844713af_151)</u> |
| <u>[Item 6.](#ieb4fd08c360e46f7a2df3e72844713af_154)</u> | <u>[Exhibits](#ieb4fd08c360e46f7a2df3e72844713af_154)</u> | <u>[84](#ieb4fd08c360e46f7a2df3e72844713af_154)</u> |
|  | <u>[Signatures](#ieb4fd08c360e46f7a2df3e72844713af_157)</u> | <u>[85](#ieb4fd08c360e46f7a2df3e72844713af_157)</u> |

---

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**PART I. FINANCIAL INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

**NMF SLF I, Inc.**

**Consolidated Statements of Assets and Liabilities**

**(in thousands, except shares and per share data)**

(unaudited)

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments at fair value (cost of $1,422,609 and $1,451,005, respectively) | $1402593 | $1445655 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 24913 | 20399 |
| &nbsp;&nbsp;&nbsp;Interest and dividend receivable | 10858 | 10030 |
| &nbsp;&nbsp;&nbsp;Receivable from unsettled securities sold |  | 10303 |
| &nbsp;&nbsp;&nbsp;Other assets | 7253 | 485 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $1445617 | $1486872 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Credit Facility | $436800 | $504400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs (net of accumulated amortization of $6,895 and $5,050, respectively) | (5622) | (7467) |
| &nbsp;&nbsp;&nbsp;Net borrowings | 431178 | 496933 |
| &nbsp;&nbsp;&nbsp;Distribution payable | 26502 |  |
| &nbsp;&nbsp;&nbsp;Payable for unsettled securities purchased | 7821 |  |
| &nbsp;&nbsp;&nbsp;Interest payable | 2459 | 2908 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 2264 | 2360 |
| &nbsp;&nbsp;&nbsp;Payable to affiliates | 187 | 122 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 998 | 819 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 471409 | 503142 |
| **Commitments and contingencies (See Note 8)** |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;Common stock, par value 0.001, 500,000,000 shares authorized, 94,989,279 and 94,236,672 shares issued and outstanding, respectively | 95 | 94 |
| &nbsp;&nbsp;&nbsp;Paid in capital in excess of par | 991454 | 983610 |
| &nbsp;&nbsp;&nbsp;Accumulated (overdistributed) undistributed earnings | (17341) | 26 |
| &nbsp;&nbsp;&nbsp;**Total net assets** | $974208 | $983730 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $1445617 | $1486872 |
| &nbsp;&nbsp;&nbsp;**Net asset value per share** | $10.26 | $10.44 |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Statements of Operations**

**(in thousands, except shares and per share data)**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Investment income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income (excluding Payment-in-kind ("PIK") interest income) | $34963 | $39054 | $106945 | $114442 |
| &nbsp;&nbsp;&nbsp;PIK interest income | 1362 | 2027 | 4121 | 6425 |
| &nbsp;&nbsp;&nbsp;Dividend income | 264 | 49 | 714 | 49 |
| &nbsp;&nbsp;&nbsp;Fee income | 931 | 1652 | 2026 | 4127 |
| &nbsp;&nbsp;&nbsp;Total investment income | 37520 | 42782 | 113806 | 125043 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and other financing expenses | 8356 | 9773 | 24875 | 27514 |
| &nbsp;&nbsp;&nbsp;Management fee | 2264 | 2342 | 6768 | 6637 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | 316 | 345 | 959 | 983 |
| &nbsp;&nbsp;&nbsp;Professional fees | 273 | 292 | 933 | 851 |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | 116 | 76 | 302 | 232 |
| &nbsp;&nbsp;&nbsp;Total expenses | 11325 | 12828 | 33837 | 36217 |
| &nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 26195 | 29954 | 79969 | 88826 |
| &nbsp;&nbsp;&nbsp;**Net realized and unrealized gains (losses)** |  |  |  |  |
| &nbsp;&nbsp;Net realized (losses) gains on investments | (43) |  | (3867) | (573) |
| &nbsp;&nbsp;Net change in unrealized (depreciation) appreciation of investments | (4627) | (4430) | (14666) | (3916) |
| **Net realized and unrealized (losses) gains** | (4670) | (4430) | (18533) | (4489) |
| **Net increase (decrease) in net assets resulting from operations** | $21525 | $25524 | $61436 | $84337 |
| Earnings per share (basic & diluted) | $0.23 | $0.28 | $0.65 | $0.95 |
| Weighted average shares of common stock outstanding - basic & diluted (See Note 10) | 94795190 | 92306427 | 94424890 | 88964819 |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Statements of Changes in Net Assets**

**(in thousands, except shares)**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Increase (decrease) in net assets resulting from operations:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $26195 | $29954 | $79969 | $88826 |
| &nbsp;&nbsp;&nbsp;Net realized (losses) gains on investments | (43) |  | (3867) | (573) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation of investments | (4627) | (4430) | (14666) | (3916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 21525 | 25524 | 61436 | 84337 |
| **Capital transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions declared to stockholders from net investment income | (26502) | (30168) | (78803) | (88915) |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 7845 | 58747 | 7845 | 115261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net (decrease) increase in net assets resulting from capital transactions** | (18657) | 28579 | (70958) | 26346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets** | 2868 | 54103 | (9522) | 110683 |
| **Net assets at the beginning of the period** | 971340 | 921634 | 983730 | 865054 |
| **Net assets at the end of the period** | $974208 | $975737 | $974208 | $975737 |
| **Capital share activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued from the reinvestment of distributions | 752607 | 5586708 | 752607 | 11017557 |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Statements of Cash Flows**

**(in thousands)**

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| **Cash flows from operating activities** | | |
| Net increase (decrease) in net assets resulting from operations | $61436 | $84337 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net realized losses (gains) on investments | 3867 | 573 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation (appreciation) of investments | 14666 | 3916 |
| &nbsp;&nbsp;&nbsp;Amortization of purchase discount | (5899) | (3819) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1845 | 1508 |
| &nbsp;&nbsp;&nbsp;Non-cash investment income | (4864) | (6761) |
| **(Increase) decrease in operating assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of investments and delayed draw facilities | (236020) | (426795) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 274508 | 266060 |
| &nbsp;&nbsp;&nbsp;Cash paid for purchase of drawn portion of revolving credit facilities | (171) | (577) |
| &nbsp;&nbsp;&nbsp;Cash paid on drawn revolving credit facilities | (17506) | (23563) |
| &nbsp;&nbsp;&nbsp;Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 102 | 9476 |
| &nbsp;&nbsp;&nbsp;Cash repayments on drawn revolvers | 14379 | 22947 |
| &nbsp;&nbsp;&nbsp;Interest and dividend receivable | (828) | (2314) |
| &nbsp;&nbsp;&nbsp;Receivable from unsettled securities sold | 10303 | 2992 |
| &nbsp;&nbsp;&nbsp;Other assets | (6768) | (419) |
| **Increase (decrease) in operating liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for unsettled securities purchased | 7821 | (1344) |
| &nbsp;&nbsp;&nbsp;Interest payable | (449) | 380 |
| &nbsp;&nbsp;&nbsp;Management fee payable | (96) | 273 |
| &nbsp;&nbsp;&nbsp;Payable to affiliates | 65 | 41 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 179 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash flows provided (used in) by operating activities** | 116570 | (72903) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid | (44456) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Wells Credit Facility | 159000 | 278600 |
| &nbsp;&nbsp;&nbsp;Repayment of Wells Credit Facility | (226600) | (211500) |
| &nbsp;&nbsp;&nbsp;Deferred financing costs paid |  | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash flows (used in) provided by financing activities** | (112056) | 67073 |
| **Net increase (decrease) in cash and cash equivalents** | 4514 | (5830) |
| **Cash and cash equivalents at the beginning of the period** | 20399 | 22158 |
| **Cash and cash equivalents at the end of the period** | $24913 | $16328 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;Cash interest paid | $22527 | $24927 |
| **Non-cash operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Non-cash activity on investments | $16388 | $1567 |
| **Non-cash financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Distribution declared and payable | $26502 | $30168 |
| &nbsp;&nbsp;&nbsp;Value of shares issued in connection with reinvestment of distributions | 7845 | 115261 |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments** 

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| **Non-Controlled/Non-Affiliated Investments** | | | | | | | | | | |
| **Funded Debt Investments - United States** | | | | | | | | | | |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.79% | 12/2020 | 10/2028 | $17975 | $17885 | $17975 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.79% | 08/2021 | 10/2028 | 5731 | 5720 | 5731 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.79% | 06/2021 | 10/2028 | 4823 | 4811 | 4823 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.79% | 05/2022 | 10/2028 | 2638 | 2635 | 2638 |  |
|  |  |  |  |  |  |  | 31167 | 31051 | 31167 | 3.20% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.70% | 06/2022 | 06/2029 | 29663 | 29524 | 29663 | 3.04% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.98% | 03/2022 | 03/2028 | 27120 | 26990 | 27120 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.75% | 10.13% | 03/2022 | 03/2028 | 2088 | 2091 | 2088 |  |
|  |  |  |  |  |  |  | 29208 | 29081 | 29208 | 3.00% |
| &nbsp;&nbsp;Higginbotham Insurance Agency, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.67% | 11/2020 | 11/2028 | 23017 | 22958 | 23017 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.67% | 11/2020 | 11/2028 | 4538 | 4521 | 4538 |  |
|  |  |  |  |  |  |  | 27555 | 27479 | 27555 | 2.83% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 6.50% | 11.08% | 05/2024 | 07/2028 | 21048 | 21040 | 21048 |  |
|  | Subordinated(3) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 3797 | 3791 | 3873 |  |
|  | Subordinated(3) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 1450 | 1448 | 1508 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 6.50% | 11.08% | 05/2024 | 07/2028 | 622 | 622 | 622 |  |
|  |  |  |  |  |  |  | 26917 | 26901 | 27051 | 2.78% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3) | SOFR(M) | 5.25% | 9.51% | 12/2021 | 12/2027 | 11541 | 11497 | 11541 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.51% | 12/2021 | 12/2027 | 11428 | 11379 | 11428 |  |
|  | First Lien(3) | SOFR(M) | 5.25% | 9.51% | 11/2023 | 12/2027 | 3071 | 3053 | 3071 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 9.26% | 03/2025 | 12/2027 | 224 | 223 | 224 |  |
|  |  |  |  |  |  |  | 26264 | 26152 | 26264 | 2.70% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 10.07% | 08/2022 | 08/2028 | 21127 | 21011 | 20598 |  |
|  | First Lien(3) | SOFR(Q) | 6.25% | 10.57% | 10/2022 | 08/2028 | 5126 | 5100 | 5062 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.75% | 10.07% | 08/2022 | 08/2028 | 524 | 527 | 511 |  |
|  |  |  |  |  |  |  | 26777 | 26638 | 26171 | 2.69% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.25% | 02/2020 | 05/2028 | 24608 | 24585 | 24608 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 9.25% | 02/2020 | 05/2028 | 639 | 643 | 639 |  |
|  |  |  |  |  |  |  | 25247 | 25228 | 25247 | 2.59% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.91% | 12/2020 | 12/2027 | $17251 | $17192 | $17251 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.91% | 12/2020 | 12/2027 | 5222 | 5206 | 5222 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.91% | 01/2022 | 12/2027 | 2544 | 2533 | 2544 |  |
|  |  |  |  |  |  |  | 25017 | 24931 | 25017 | 2.57% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(M) | 5.25% | 9.41% | 04/2024 | 04/2031 | 19770 | 19689 | 19837 |  |
|  | First Lien | SOFR(M) | 5.25% | 9.41% | 04/2024 | 04/2031 | 3450 | 3435 | 3461 |  |
|  |  |  |  |  |  |  | 23220 | 23124 | 23298 | 2.39% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 9.31% | 09/2021 | 09/2028 | 23001 | 22886 | 23001 | 2.36% |
| &nbsp;&nbsp;PDQ.com Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.50% | 09/2021 | 08/2027 | 12988 | 12964 | 12988 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.50% | 09/2021 | 08/2027 | 8897 | 8881 | 8897 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.69% | 10/2023 | 08/2027 | 690 | 686 | 690 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.50% | 8.73% | 10/2023 | 08/2027 | 112 | 111 | 112 |  |
|  |  |  |  |  |  |  | 22687 | 22642 | 22687 | 2.33% |
| &nbsp;&nbsp;Thermostat Purchaser III, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 4.25% | 8.25% | 08/2021 | 08/2028 | 18385 | 18363 | 18470 |  |
|  | First Lien | SOFR(Q) | 4.25% | 8.25% | 08/2021 | 08/2028 | 3307 | 3301 | 3322 |  |
|  |  |  |  |  |  |  | 21692 | 21664 | 21792 | 2.24% |
| &nbsp;&nbsp;CCBlue Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q)\* | 2.50% + 4.00%/PIK | 10.61% | 12/2021 | 12/2028 | 24768 | 24663 | 20496 |  |
|  | First Lien(3) | SOFR(Q)\* | 2.50% + 4.00%/PIK | 10.61% | 12/2021 | 12/2028 | 1287 | 1286 | 1065 |  |
|  |  |  |  |  |  |  | 26055 | 25949 | 21561 | 2.21% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (9) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.68% | 09/2024 | 09/2031 | 21349 | 21255 | 21349 | 2.19% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.75% | 01/2020 | 02/2027 | 10608 | 10595 | 10608 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.75% | 01/2020 | 02/2027 | 3032 | 3025 | 3032 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.75% | 03/2021 | 02/2027 | 3009 | 3008 | 3009 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.75% | 03/2021 | 02/2027 | 2815 | 2813 | 2815 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.75% | 08/2024 | 02/2027 | 1701 | 1695 | 1701 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.75% | 01/2020 | 02/2027 | 142 | 146 | 142 |  |
|  |  |  |  |  |  |  | 21307 | 21282 | 21307 | 2.19% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 9.06% | 07/2025 | 07/2032 | 21024 | 21024 | 21024 | 2.16% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(M) | 4.50% | 8.66% | 09/2025 | 09/2032 | $20433 | $20382 | $20382 |  |
|  | First Lien(4) - Drawn | SOFR(M) | 4.50% | 8.66% | 09/2025 | 09/2032 | 529 | 528 | 528 |  |
|  |  |  |  |  |  |  | 20962 | 20910 | 20910 | 2.15% |
| &nbsp;&nbsp;Pioneer Topco I, L.P. (7) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3) | SOFR(Q) | 6.00% | 10.00% | 11/2021 | 11/2028 | 18231 | 18172 | 18231 |  |
|  | First Lien(3) | SOFR(Q) | 6.00% | 10.00% | 03/2022 | 11/2028 | 1985 | 1977 | 1985 |  |
|  |  |  |  |  |  |  | 20216 | 20149 | 20216 | 2.08% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.66% | 08/2024 | 09/2031 | 19817 | 19733 | 19817 | 2.03% |
| &nbsp;&nbsp;DECA Dental Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 9.85% | 08/2021 | 08/2028 | 16393 | 16312 | 15960 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 9.85% | 08/2021 | 08/2028 | 1726 | 1723 | 1680 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 9.85% | 08/2021 | 08/2027 | 1348 | 1343 | 1313 |  |
|  |  |  |  |  |  |  | 19467 | 19378 | 18953 | 1.95% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.75% | 08/2024 | 08/2031 | 13914 | 13853 | 13914 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.75% | 08/2024 | 08/2031 | 4288 | 4270 | 4288 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.75% | 08/2024 | 08/2031 | 549 | 549 | 549 |  |
|  |  |  |  |  |  |  | 18751 | 18672 | 18751 | 1.92% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.60% | 10/2021 | 10/2028 | 11937 | 11877 | 11937 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.60% | 10/2021 | 10/2028 | 5711 | 5689 | 5711 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.60% | 06/2022 | 10/2028 | 587 | 586 | 587 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.60% | 10/2021 | 10/2027 | 431 | 437 | 431 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.60% | 10/2021 | 10/2028 | 48 | 45 | 48 |  |
|  |  |  |  |  |  |  | 18714 | 18634 | 18714 | 1.92% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.75% | 06/2024 | 06/2031 | 18668 | 18588 | 18668 | 1.92% |
| &nbsp;&nbsp;Relativity ODA LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.66% | 05/2021 | 05/2029 | 18592 | 18513 | 18592 | 1.91% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.93% | 07/2024 | 07/2031 | 15402 | 15336 | 15402 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.75% | 8.89% | 07/2024 | 07/2031 | 2789 | 2778 | 2789 |  |
|  |  |  |  |  |  |  | 18191 | 18114 | 18191 | 1.87% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Auctane Inc. (fka Stamps.com Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(S) | 5.75% | 10.14% | 10/2021 | 10/2028 | $11369 | $11311 | $11171 |  |
|  | First Lien(2)(3)(6) | SOFR(S) | 5.75% | 10.14% | 12/2021 | 10/2028 | 7146 | 7109 | 7021 |  |
|  |  |  |  |  |  |  | 18515 | 18420 | 18192 | 1.87% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 9.95% | 06/2024 | 08/2029 | 9781 | 9781 | 9781 |  |
|  | First Lien(3) | SOFR(Q) | 6.00% | 10.20% | 09/2023 | 08/2029 | 5902 | 5881 | 5902 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 9.45% | 08/2024 | 08/2029 | 2368 | 2359 | 2368 |  |
|  |  |  |  |  |  |  | 18051 | 18021 | 18051 | 1.85% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.60% | 05/2022 | 09/2027 | 14491 | 14428 | 14491 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.60% | 05/2022 | 09/2027 | 2854 | 2847 | 2854 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 9.40% | 03/2024 | 09/2027 | 251 | 249 | 251 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 9.46% | 05/2022 | 09/2027 | 117 | 122 | 117 |  |
|  |  |  |  |  |  |  | 17713 | 17646 | 17713 | 1.82% |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First Lien(2)(3)(6) | SOFR(Q)<br>(11)\* | 4.75% + 2.50%/PIK | 11.60% | 11/2021 | 11/2027 | 21228 | 21163 | 13291 |  |
|  | First Lien(3) | SOFR(Q)<br>(11)\* | 4.75% + 2.50%/PIK | 11.60% | 11/2021 | 11/2027 | 1850 | 1845 | 1158 |  |
|  | First Lien(3) | SOFR(Q)<br>(11) | 6.75% | 11.01% | 11/2021 | 05/2027 | 1844 | 1839 | 1155 |  |
|  |  |  |  |  |  |  | 24922 | 24847 | 15604 | 1.60% |
| &nbsp;&nbsp;Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(6) | SOFR(M) | 4.25% | 8.53% | 08/2021 | 08/2028 | 12035 | 11785 | 10742 |  |
|  | Second Lien(2)(3)(6) | SOFR(M) | 6.50% | 10.78% | 08/2021 | 08/2029 | 6488 | 6469 | 6488 |  |
|  |  |  |  |  |  |  | 18523 | 18254 | 17230 | 1.77% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.50% | 08/2024 | 08/2031 | 13842 | 13812 | 13842 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.50% | 8.50% | 08/2024 | 08/2031 | 2884 | 2878 | 2884 |  |
|  |  |  |  |  |  |  | 16726 | 16690 | 16726 | 1.72% |
| &nbsp;&nbsp;Eisner Advisory Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(6) | SOFR(M) | 4.00% | 8.16% | 02/2024 | 02/2031 | 16355 | 16240 | 16474 | 1.69% |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.60% | 12/2021 | 12/2027 | 14339 | 14314 | 14339 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.60% | 12/2021 | 12/2027 | 1819 | 1818 | 1819 |  |
|  |  |  |  |  |  |  | 16158 | 16132 | 16158 | 1.66% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M)\* | 2.88% + 3.38%/PIK | 10.41% | 04/2024 | 04/2030 | 15649 | 15497 | 15649 | 1.61% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 9.04% | 06/2024 | 12/2030 | $9032 | $9022 | $9032 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 9.04% | 06/2024 | 12/2030 | 6322 | 6292 | 6322 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.97% | 04/2025 | 12/2030 | 181 | 180 | 181 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.75% | 06/2024 | 12/2030 | 46 | 46 | 46 |  |
|  |  |  |  |  |  |  | 15581 | 15540 | 15581 | 1.60% |
| &nbsp;&nbsp;Enverus Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.50% | 9.66% | 12/2023 | 12/2029 | 14871 | 14787 | 14871 |  |
|  | First Lien(3) | SOFR(M) | 5.50% | 9.66% | 12/2023 | 12/2029 | 551 | 549 | 551 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.50% | 9.64% | 12/2023 | 12/2029 | 49 | 51 | 49 |  |
|  |  |  |  |  |  |  | 15471 | 15387 | 15471 | 1.59% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 9.16% | 07/2021 | 12/2029 | 11215 | 11203 | 11215 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 9.16% | 08/2024 | 12/2029 | 1703 | 1696 | 1703 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 9.16% | 07/2023 | 12/2029 | 1494 | 1474 | 1494 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 9.16% | 07/2021 | 12/2029 | 462 | 460 | 462 |  |
|  |  |  |  |  |  |  | 14874 | 14833 | 14874 | 1.53% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.66% | 05/2025 | 06/2031 | 7720 | 7672 | 7682 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.91% | 05/2024 | 06/2031 | 5588 | 5552 | 5588 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.91% | 05/2024 | 06/2031 | 1123 | 1117 | 1123 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.66% | 05/2025 | 06/2031 | 363 | 362 | 361 |  |
|  |  |  |  |  |  |  | 14794 | 14703 | 14754 | 1.51% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 9.16% | 09/2020 | 10/2029 | 9093 | 9080 | 9093 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 9.16% | 05/2024 | 10/2029 | 4602 | 4602 | 4602 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 9.16% | 05/2024 | 10/2029 | 531 | 530 | 531 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 9.16% | 09/2020 | 10/2029 | 86 | 90 | 86 |  |
|  |  |  |  |  |  |  | 14312 | 14302 | 14312 | 1.47% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.56% | 02/2023 | 02/2030 | 14311 | 14188 | 14311 | 1.47% |
| &nbsp;&nbsp;Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 6.75% | 11.06% | 10/2024 | 11/2029 | 14342 | 14189 | 14163 | 1.45% |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 9.15% | 12/2021 | 12/2029 | 7362 | 7330 | 7362 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 9.15% | 12/2021 | 12/2029 | 2472 | 2459 | 2472 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 9.15% | 12/2021 | 12/2029 | 2456 | 2443 | 2456 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 9.15% | 07/2022 | 12/2029 | 1603 | 1595 | 1603 |  |
|  |  |  |  |  |  |  | 13893 | 13827 | 13893 | 1.43% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 9.16% | 11/2023 | 11/2030 | $12519 | $12491 | $12519 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 9.16% | 11/2023 | 11/2030 | 825 | 824 | 825 |  |
|  |  |  |  |  |  |  | 13344 | 13315 | 13344 | 1.37% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 9.00% | 12/2024 | 12/2031 | 13386 | 13325 | 13319 | 1.37% |
| &nbsp;&nbsp;KWOR Intermediate I, LLC (10) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KWOR Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q)\* | 1.00% + 5.25%/PIK | 10.45% | 02/2025 | 02/2030 | 9497 | 9497 | 9497 |  |
|  | Subordinated(3) | SOFR(Q)\* | 8.00%/PIK | 12.20% | 02/2025 | 02/2030 | 3278 | 3278 | 3278 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.45% | 02/2025 | 02/2030 | 77 | 77 | 77 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.45% | 02/2025 | 02/2030 | 51 | 51 | 51 |  |
|  |  |  |  |  |  |  | 12903 | 12903 | 12903 | 1.32% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 10.10% | 06/2022 | 06/2028 | 11216 | 11216 | 11216 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 10.01% | 02/2025 | 06/2028 | 1508 | 1498 | 1508 |  |
|  |  |  |  |  |  |  | 12724 | 12714 | 12724 | 1.31% |
| &nbsp;&nbsp;Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.50% | 05/2022 | 05/2029 | 12794 | 12715 | 12667 | 1.30% |
| &nbsp;&nbsp;Cronos Crimson Holdings, Inc. (f/k/a NMC Crimson Holdings, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 6.09% | 10.54% | 03/2021 | 03/2028 | 7401 | 7354 | 7401 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 6.24% | 10.71% | 04/2025 | 03/2028 | 3059 | 3044 | 3059 |  |
|  | First Lien(3) | SOFR(Q) | 6.09% | 10.37% | 03/2021 | 03/2028 | 1535 | 1532 | 1535 |  |
|  |  |  |  |  |  |  | 11995 | 11930 | 11995 | 1.23% |
| &nbsp;&nbsp;CFS Management, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q)\* | 6.25% + 2.25%/PIK | 12.76% | 09/2021 | 09/2026 | 9263 | 9250 | 8105 |  |
|  | First Lien(3) | SOFR(Q)\* | 6.25% + 2.25%/PIK | 12.76% | 09/2021 | 09/2026 | 3554 | 3549 | 3110 |  |
|  |  |  |  |  |  |  | 12817 | 12799 | 11215 | 1.15% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.91% | 10/2021 | 10/2028 | 10150 | 10099 | 10150 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.91% | 10/2021 | 10/2028 | 855 | 852 | 855 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.75% | 8.91% | 07/2024 | 10/2028 | 76 | 76 | 76 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.91% | 10/2021 | 10/2028 | 51 | 51 | 51 |  |
|  |  |  |  |  |  |  | 11132 | 11078 | 11132 | 1.14% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 9.01% | 07/2023 | 10/2030 | 6997 | 6966 | 6997 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 9.01% | 07/2023 | 10/2030 | 4097 | 4083 | 4097 |  |
|  |  |  |  |  |  |  | 11094 | 11049 | 11094 | 1.14% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.51% | 09/2021 | 09/2027 | $11020 | $10976 | $11020 | 1.13% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(S) | 4.25% | 8.48% | 06/2021 | 06/2028 | 7430 | 7413 | 7430 |  |
|  | First Lien(3) | SOFR(S) | 4.25% | 8.43% | 06/2021 | 06/2028 | 3245 | 3237 | 3245 |  |
|  |  |  |  |  |  |  | 10675 | 10650 | 10675 | 1.10% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 9.20% | 04/2024 | 08/2030 | 8504 | 8478 | 8504 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 9.20% | 04/2024 | 08/2030 | 1458 | 1453 | 1458 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.00% | 9.20% | 04/2024 | 08/2030 | 107 | 107 | 107 |  |
|  |  |  |  |  |  |  | 10069 | 10038 | 10069 | 1.03% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q)\* | 2.75% + 2.75%/PIK | 9.71% | 08/2024 | 08/2031 | 9429 | 9350 | 9429 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.00% | 9.19% | 08/2024 | 08/2031 | 336 | 333 | 336 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 9.16% | 08/2024 | 08/2030 | 109 | 109 | 109 |  |
|  |  |  |  |  |  |  | 9874 | 9792 | 9874 | 1.01% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(2)(3)(6) | SOFR(Q) | 6.00% | 10.00% | 05/2025 | 05/2030 | 9805 | 9737 | 9732 | 1.00% |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M)\* | 2.75% + 3.25%/PIK | 10.26% | 08/2021 | 08/2028 | 7511 | 7477 | 6760 |  |
|  | First Lien(3) | SOFR(M)\* | 2.75% + 3.25%/PIK | 10.26% | 08/2021 | 08/2028 | 1442 | 1431 | 1298 |  |
|  | First Lien(3) | SOFR(M)\* | 2.75% + 3.25%/PIK | 10.26% | 08/2021 | 08/2028 | 1331 | 1329 | 1198 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.50% | 9.76% | 08/2021 | 08/2027 | 409 | 411 | 368 |  |
|  |  |  |  |  |  |  | 10693 | 10648 | 9624 | 0.99% |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(S) | 4.75% | 8.99% | 10/2023 | 12/2028 | 8490 | 8460 | 8490 |  |
|  | First Lien(3) | SOFR(S) | 4.75% | 8.99% | 10/2023 | 12/2028 | 1134 | 1126 | 1134 |  |
|  |  |  |  |  |  |  | 9624 | 9586 | 9624 | 0.99% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.41% | 09/2022 | 10/2029 | 9622 | 9531 | 9622 | 0.99% |
| &nbsp;&nbsp;IG IntermediateCo LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 10.01% | 07/2021 | 07/2028 | 5931 | 5913 | 5931 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 10.01% | 07/2022 | 07/2028 | 3485 | 3467 | 3485 |  |
|  | Subordinated(3) | SOFR(Q) | 7.50% | 11.60% | 07/2022 | 07/2029 | 1 | 1 | 1 |  |
|  |  |  |  |  |  |  | 9417 | 9381 | 9417 | 0.97% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 6.25% | 10.55% | 06/2020 | 07/2027 | 9449 | 9119 | 9341 | 0.96% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Power Grid Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.75% | 11/2023 | 12/2030 | $8432 | $8380 | $8432 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.75% | 9.67% | 11/2023 | 12/2030 | 181 | 183 | 181 |  |
|  |  |  |  |  |  |  | 8613 | 8563 | 8613 | 0.88% |
| &nbsp;&nbsp;RXB Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.78% | 07/2021 | 12/2027 | 6173 | 6167 | 6173 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.53% | 06/2023 | 12/2027 | 2432 | 2397 | 2432 |  |
|  |  |  |  |  |  |  | 8605 | 8564 | 8605 | 0.88% |
| &nbsp;&nbsp;Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(6) | SOFR(M) | 5.25% | 9.51% | 10/2023 | 04/2029 | 9342 | 9136 | 8396 | 0.86% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.75% | 07/2025 | 10/2030 | 5020 | 5008 | 5020 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.75% | 10/2023 | 10/2030 | 3270 | 3246 | 3270 |  |
|  |  |  |  |  |  |  | 8290 | 8254 | 8290 | 0.85% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 9.08% | 07/2024 | 07/2031 | 8055 | 8022 | 8055 | 0.83% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.75% | 04/2025 | 04/2032 | 7628 | 7600 | 7599 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.75% | 04/2025 | 04/2032 | 113 | 113 | 112 |  |
|  |  |  |  |  |  |  | 7741 | 7713 | 7711 | 0.79% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.75% | 07/2025 | 07/2032 | 7481 | 7445 | 7442 | 0.76% |
| &nbsp;&nbsp;DigiCert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 9.91% | 07/2025 | 07/2030 | 7099 | 7047 | 7045 | 0.72% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.66% | 02/2020 | 02/2028 | 6535 | 6532 | 6535 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.50% | 8.66% | 02/2020 | 02/2028 | 441 | 442 | 441 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.66% | 07/2025 | 02/2028 | 50 | 50 | 50 |  |
|  |  |  |  |  |  |  | 7026 | 7024 | 7026 | 0.72% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(M) | 6.00% | 10.16% | 10/2023 | 11/2030 | 7244 | 7186 | 6929 | 0.71% |
| &nbsp;&nbsp;MedX Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.91% | 07/2025 | 07/2032 | 6869 | 6836 | 6835 | 0.70% |
| &nbsp;&nbsp;Maverick Bidco Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(3) | SOFR(Q) | 6.75% | 11.21% | 04/2021 | 05/2029 | 6800 | 6789 | 6800 | 0.70% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 9.00% | 03/2025 | 03/2032 | 6637 | 6621 | 6620 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.00% | 8.99% | 03/2025 | 03/2032 | 108 | 108 | 108 |  |
|  |  |  |  |  |  |  | 6745 | 6729 | 6728 | 0.69% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;DCA Investment Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q)\* | 6.41%/PIK | 10.41% | 03/2021 | 04/2028 | $6322 | $6302 | $5572 |  |
|  | First Lien(3) | SOFR(Q)\* | 6.41%/PIK | 10.41% | 03/2021 | 04/2028 | 525 | 522 | 462 |  |
|  | First Lien(3) | SOFR(Q)\* | 6.41%/PIK | 10.41% | 03/2021 | 04/2028 | 361 | 360 | 318 |  |
|  | First Lien(3) | SOFR(Q)\* | 6.50%/PIK | 10.50% | 12/2022 | 04/2028 | 246 | 244 | 217 |  |
|  |  |  |  |  |  |  | 7454 | 7428 | 6569 | 0.67% |
| &nbsp;&nbsp;Pathway Vet Alliance LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(6) | SOFR(Q) | 5.00% | 9.31% | 04/2025 | 06/2028 | 6481 | 6465 | 6559 | 0.67% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.81% | 01/2024 | 02/2031 | 4542 | 4525 | 4542 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.81% | 01/2024 | 02/2031 | 1644 | 1637 | 1644 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.81% | 01/2024 | 02/2031 | 196 | 196 | 196 |  |
|  |  |  |  |  |  |  | 6382 | 6358 | 6382 | 0.66% |
| &nbsp;&nbsp;CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals & Materials | First Lien(2)(3)(6) | SOFR(Q)\* | 6.75% + 2.00%/PIK | 12.75% | 07/2021 | 07/2027 | 5564 | 5542 | 5564 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M)\* | 6.75% + 2.00%/PIK | 12.91% | 07/2021 | 07/2026 | 704 | 703 | 704 |  |
|  |  |  |  |  |  |  | 6268 | 6245 | 6268 | 0.64% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q)\* | 3.38% + 3.38%/PIK | 11.20% | 02/2022 | 08/2029 | 4223 | 4204 | 4223 |  |
|  | First Lien(2)(3)(6) | SOFR(Q)\* | 3.38% + 3.38%/PIK | 11.11% | 08/2025 | 08/2029 | 1399 | 1388 | 1399 |  |
|  | First Lien(2)(3)(4) - Drawn | SOFR(Q)\* | 3.38% + 3.38%/PIK | 11.20% | 02/2022 | 08/2029 | 463 | 463 | 463 |  |
|  |  |  |  |  |  |  | 6085 | 6055 | 6085 | 0.62% |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.91% | 03/2025 | 01/2032 | 5026 | 4978 | 4976 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.91% | 03/2025 | 01/2032 | 834 | 829 | 826 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.75% | 8.91% | 03/2025 | 01/2032 | 133 | 132 | 131 |  |
|  |  |  |  |  |  |  | 5993 | 5939 | 5933 | 0.61% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.91% | 09/2021 | 09/2027 | 4981 | 4973 | 4981 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.91% | 09/2021 | 09/2027 | 805 | 803 | 805 |  |
|  | First Lien(3)(4) - Drawn | P(Q) | 3.75% | 11.00% | 09/2021 | 09/2027 | 108 | 109 | 108 |  |
|  |  |  |  |  |  |  | 5894 | 5885 | 5894 | 0.61% |
| &nbsp;&nbsp;Denali Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.50% | 9.67% | 08/2025 | 08/2032 | 5909 | 5880 | 5880 | 0.60% |
| &nbsp;&nbsp;Asurion, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(M) | 4.25% | 8.41% | 06/2025 | 09/2030 | 5894 | 5726 | 5864 | 0.60% |
| &nbsp;&nbsp;Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(2)(3)(6) | SOFR(Q) | 5.75% | 9.75% | 06/2024 | 12/2028 | 6000 | 5989 | 5819 | 0.60% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.91% | 12/2021 | 12/2028 | $3504 | $3487 | $3504 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.91% | 12/2021 | 12/2028 | 1374 | 1368 | 1374 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.91% | 12/2021 | 12/2028 | 392 | 390 | 392 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.75% | 8.91% | 06/2024 | 12/2028 | 301 | 299 | 301 |  |
|  |  |  |  |  |  |  | 5571 | 5544 | 5571 | 0.57% |
| &nbsp;&nbsp;Park Place Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 5.25% | 9.56% | 07/2024 | 03/2031 | 4937 | 4927 | 4937 |  |
|  | First Lien | SOFR(Q) | 5.25% | 9.48% | 07/2024 | 03/2031 | 404 | 402 | 404 |  |
|  | First Lien(4) - Drawn | SOFR(Q) | 5.25% | 9.25% | 07/2024 | 03/2030 | 203 | 203 | 203 |  |
|  |  |  |  |  |  |  | 5544 | 5532 | 5544 | 0.57% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.81% | 01/2024 | 01/2030 | 5475 | 5432 | 5475 | 0.56% |
| &nbsp;&nbsp;Viper Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.75% | 11/2024 | 11/2031 | 5141 | 5118 | 5116 | 0.53% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.91% | 10/2021 | 10/2028 | 4260 | 4238 | 3951 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.84% | 06/2022 | 10/2028 | 731 | 727 | 678 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.93% | 10/2021 | 10/2028 | 488 | 486 | 453 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.75% | 10.05% | 11/2023 | 10/2028 | 12 | 12 | 11 |  |
|  |  |  |  |  |  |  | 5491 | 5463 | 5093 | 0.52% |
| &nbsp;&nbsp;Rithum Holdings, Inc. (fka CommerceHub, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(Q) | 4.75% | 8.75% | 07/2025 | 07/2032 | 5059 | 4966 | 5064 | 0.52% |
| &nbsp;&nbsp;Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien | SOFR(Q) | 5.50% | 9.70% | 04/2021 | 04/2027 | 3936 | 3927 | 3936 |  |
|  | First Lien | SOFR(Q) | 5.50% | 9.70% | 01/2024 | 04/2027 | 598 | 595 | 598 |  |
|  | First Lien(4) - Drawn | SOFR(Q) | 5.50% | 9.70% | 04/2021 | 04/2027 | 206 | 207 | 206 |  |
|  |  |  |  |  |  |  | 4740 | 4729 | 4740 | 0.49% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.91% | 08/2024 | 08/2031 | 4204 | 4185 | 4204 | 0.43% |
| &nbsp;&nbsp;Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.75% | 07/2025 | 07/2032 | 4175 | 4154 | 4154 | 0.43% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.56% | 09/2023 | 09/2029 | 4128 | 4090 | 4128 | 0.42% |
| &nbsp;&nbsp;Greenway Health, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 6.75% | 10.75% | 12/2023 | 04/2029 | 4065 | 4021 | 4065 | 0.42% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.48% | 08/2025 | 08/2031 | 4045 | 4025 | 4025 | 0.41% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.41% | 02/2024 | 02/2031 | $4000 | $3983 | $4000 | 0.41% |
| &nbsp;&nbsp;Therapy Brands Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Second Lien(2)(3)(6) | SOFR(M) | 6.75% | 11.03% | 05/2021 | 05/2029 | 6000 | 5978 | 3824 | 0.39% |
| &nbsp;&nbsp;STATS Intermediate Holdings, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 5.25% | 9.72% | 08/2021 | 07/2026 | 3820 | 3820 | 3806 | 0.39% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.70% | 05/2025 | 05/2032 | 3798 | 3780 | 3779 | 0.39% |
| &nbsp;&nbsp;Radwell Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3) | SOFR(Q) | 5.50% | 9.50% | 11/2022 | 04/2029 | 3652 | 3617 | 3652 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.50% | 11/2022 | 04/2029 | 75 | 76 | 75 |  |
|  |  |  |  |  |  |  | 3727 | 3693 | 3727 | 0.38% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.48% | 11/2023 | 11/2030 | 3496 | 3477 | 3496 | 0.36% |
| &nbsp;&nbsp;Michael Baker International, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 4.00% | 8.31% | 05/2024 | 12/2028 | 3156 | 3144 | 3170 | 0.33% |
| &nbsp;&nbsp;Perforce Software, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(M) | 4.75% | 8.91% | 03/2024 | 03/2031 | 3360 | 3346 | 3005 | 0.31% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 9.16% | 06/2025 | 05/2028 | 2781 | 2747 | 2767 | 0.28% |
| &nbsp;&nbsp;Convey Health Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q)\* | 1.00% + 3.94%/PIK | 9.04% | 02/2022 | 07/2029 | 3169 | 3155 | 2658 | 0.27% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 7.50% | 11.66% | 07/2024 | 07/2029 | 2727 | 2695 | 2631 | 0.27% |
| &nbsp;&nbsp;Cloudera, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(3) | SOFR(M) | 6.00% | 10.26% | 10/2022 | 10/2029 | 2500 | 2199 | 2371 | 0.24% |
| &nbsp;&nbsp;KENE Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.56% | 02/2024 | 02/2031 | 2264 | 2245 | 2264 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 9.56% | 02/2024 | 02/2031 | 105 | 104 | 105 |  |
|  |  |  |  |  |  |  | 2369 | 2349 | 2369 | 0.24% |
| &nbsp;&nbsp;LSCS Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6) | SOFR(Q) | 4.50% | 8.50% | 04/2025 | 03/2032 | 2361 | 2316 | 2329 | 0.24% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.69% | 08/2025 | 08/2032 | 2072 | 2062 | 2062 | 0.21% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3) | SOFR(M) | 4.75% | 9.02% | 05/2021 | 05/2027 | 1980 | 1974 | 1980 | 0.20% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Galway Borrower LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) | SOFR(Q) | 4.50% | 8.50% | 04/2024 | 09/2028 | $1165 | $1150 | $1165 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.50% | 04/2024 | 09/2028 | 703 | 699 | 703 |  |
|  |  |  |  |  |  |  | 1868 | 1849 | 1868 | 0.19% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.81% | 08/2023 | 08/2029 | 1186 | 1175 | 1186 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.50% | 8.81% | 08/2023 | 08/2029 | 563 | 559 | 563 |  |
|  |  |  |  |  |  |  | 1749 | 1734 | 1749 | 0.18% |
| &nbsp;&nbsp;Ambrosia Topco, LLC (8) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3) | SOFR(M)\* | 2.00% + 3.25%/PIK | 9.41% | 01/2024 | 06/2029 | 1761 | 1717 | 1137 |  |
|  | First Lien(3) | SOFR(M)\* | 1.00% + 3.00%/PIK | 8.16% | 03/2024 | 06/2029 | 746 | 352 | 477 |  |
|  | Subordinated(3) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 50 | 50 | 50 |  |
|  |  |  |  |  |  |  | 2557 | 2119 | 1664 | 0.17% |
| &nbsp;&nbsp;DT1 Midco Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 9.16% | 06/2025 | 12/2031 | 874 | 870 | 870 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 9.16% | 06/2025 | 12/2031 | 21 | 21 | 21 |  |
|  |  |  |  |  |  |  | 895 | 891 | 891 | 0.09% |
| &nbsp;&nbsp;RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(2)(6) | SOFR(M) | 4.25% | 8.53% | 09/2025 | 07/2028 | 692 | 572 | 572 | 0.06% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Drawn | SOFR(Q) | 5.00% | 9.20% | 07/2025 | 11/2031 | 566 | 561 | 562 | 0.06% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  | $**1373706** | $**1366485** | $**1346908** | **138.26%** |
| **Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 6.50% | 10.90% | 02/2024 | 02/2030 | $7454 | $7381 | $7454 |  |
|  | First Lien(3) | SOFR(Q) | 6.50% | 10.83% | 02/2024 | 02/2030 | 4233 | 4216 | 4233 |  |
|  |  |  |  |  |  |  | 11687 | 11597 | 11687 | 1.20% |
| &nbsp;&nbsp;Finastra USA, Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(Q) | 4.00% | 8.04% | 07/2025 | 09/2032 | 6373 | 6310 | 6353 | 0.65% |
| &nbsp;&nbsp;Accelya Lux Finco S.a r.l.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2) | SOFR(Q) | 5.25% | 9.21% | 09/2025 | 10/2032 | 6209 | 6085 | 6085 | 0.63% |
| &nbsp;&nbsp;Cleanova US Holdings, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.81% | 05/2025 | 06/2032 | 5464 | 5280 | 5464 | 0.56% |
| **Total Funded Debt Investments - United Kingdom** |  |  |  |  |  |  | $**29733** | $**29272** | $**29589** | **3.04%** |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| **Funded Debt Investments - Australia** | | | | | | | | | | |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 9.08% | 06/2025 | 12/2029 | $2738 | $2731 | $2738 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 9.08% | 12/2022 | 12/2029 | 2223 | 2200 | 2223 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 9.08% | 12/2023 | 12/2029 | 866 | 859 | 866 |  |
|  |  |  |  |  |  |  | 5827 | 5790 | 5827 | 0.60% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q)\* | 3.38% + 3.38%/PIK | 10.75% | 05/2024 | 05/2030 | 3080 | 3056 | 3080 | 0.31% |
| **Total Funded Debt Investments - Australia** |  |  |  |  |  |  | $**8907** | $**8846** | $**8907** | **0.91%** |
| **Funded Debt Investments - Jersey** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tennessee Bidco Limited\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.65% | 06/2025 | 07/2031 | $7440 | $7440 | $7440 |  |
|  | First Lien(2)(3)(6) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.71% | 06/2025 | 07/2031 | 408 | 408 | 408 |  |
|  |  |  |  |  |  |  | 7848 | 7848 | 7848 | 0.81% |
| **Total Funded Debt Investments - Jersey** |  |  |  |  |  |  | $**7848** | $**7848** | $**7848** | **0.81%** |
| **Total Funded Debt Investments** |  |  |  |  |  |  | $**1420194** | $**1412451** | $**1393252** | **143.02%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Topco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred Shares(3)(9) | FIXED(S)\* | 12.50%/PIK | 12.50% | 09/2024 |  | 569 | $6227 | $6284 | 0.64% |
| &nbsp;&nbsp;KWOR TopCo I, LLC (10) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KWOR Intermediate I, LLC (10) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Preferred Shares(3)(10) | SOFR(Q)\* | 8.00%/PIK | 12.20% | 02/2025 |  | 2056 | 2206 | 2206 |  |
|  | Class A-1 common units (3)(10) |  |  |  | 02/2025 |  | 1922 | 1999 | 1103 |  |
|  |  |  |  |  |  |  | 3978 | 4205 | 3309 | 0.34% |
| &nbsp;&nbsp;Ambrosia Topco LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | Class A-1 common units (3)(8) |  |  |  | 01/2024 |  | 19197 | 205 | 90 | 0.01% |
| &nbsp;&nbsp;Pioneer Topco I, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Class A-2 common units (3)(7) |  |  |  | 11/2021 |  | 10 |  |  | —% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**10637** | $**9683** | **0.99%** |
| **Total Shares** |  |  |  |  |  |  |  | $**10637** | $**9683** | **0.99%** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**1423088** | $**1402935** | **144.01%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 07/2028 | $1021 | $— | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 07/2028 | 1320 |  |  |  |
|  |  |  |  |  |  |  | 2341 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Eclipse Topco, Inc. (9) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 09/2024 | 09/2026 | $3618 | $— | $— | —% |
| &nbsp;&nbsp;Pioneer Topco I, L.P. (7) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 11/2021 | 11/2027 | 2590 | (8) |  | —% |
| &nbsp;&nbsp;KWOR Intermediate I, LLC (10) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KWOR Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 02/2025 | 02/2027 | 2048 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 02/2025 | 02/2030 | 1543 |  |  |  |
|  |  |  |  |  |  |  | 3591 |  |  | —% |
| &nbsp;&nbsp;IG IntermediateCo LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2021 | 07/2028 | 1236 | (3) |  | —% |
| &nbsp;&nbsp;Ambrosia Topco, LLC (8) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3)(4) - Undrawn |  |  |  | 10/2024 | 10/2026 | 208 |  |  | —% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 02/2024 | 02/2031 | 579 | (2) |  | —% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2032 | 2153 |  |  | —% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2027 | 1413 | (5) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 03/2027 | 2276 |  |  |  |
|  |  |  |  |  |  |  | 3689 | (5) |  | —% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2020 | 12/2027 | 3508 | (12) |  | —% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 05/2021 | 05/2027 | 271 | (1) |  | —% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(3)(4) - Undrawn |  |  |  | 06/2024 | 12/2025 | 1095 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2027 | 376 | (1) |  |  |
|  |  |  |  |  |  |  | 1471 | (1) |  | —% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 09/2023 | 09/2029 | 407 | (3) |  | —% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 11/2030 | 722 | (2) |  | —% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 09/2020 | 10/2029 | $561 | $(4) | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2026 | 426 | (1) |  |  |
|  |  |  |  |  |  |  | 987 | (5) |  | —% |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2025 | 401 |  |  | —% |
| &nbsp;&nbsp;Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4) - Undrawn |  |  |  | 04/2021 | 04/2027 | 274 | (2) |  | —% |
| &nbsp;&nbsp;CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals & Materials | First Lien(3)(4) - Undrawn |  |  |  | 07/2021 | 07/2026 | 74 | (1) |  | —% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1059 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2031 | 706 | (3) |  |  |
|  |  |  |  |  |  |  | 1765 | (3) |  | —% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2027 | 2323 | (6) |  | —% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 09/2022 | 05/2026 | 1715 | (11) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 09/2022 | 10/2029 | 1339 | (12) |  |  |
|  |  |  |  |  |  |  | 3054 | (23) |  | —% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 02/2023 | 06/2027 | 1294 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 02/2023 | 02/2029 | 991 | (7) |  |  |
|  |  |  |  |  |  |  | 2285 | (7) |  | —% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2026 | 1835 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2021 | 10/2028 | 1165 | (5) |  |  |
|  |  |  |  |  |  |  | 3000 | (5) |  | —% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 04/2026 | 1458 | (4) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 08/2030 | 865 | (3) |  |  |
|  |  |  |  |  |  |  | 2323 | (7) |  | —% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 06/2022 | 06/2028 | 1078 |  |  | —% |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2026 | 1980 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Enverus Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2023 | 12/2025 | $200 | $(1) | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2023 | 12/2029 | 1100 | (8) |  |  |
|  |  |  |  |  |  |  | 1300 | (9) |  | —% |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2026 | 2000 |  |  | —% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 01/2027 | 256 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2023 | 01/2027 | 344 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2023 | 08/2029 | 416 | (3) |  |  |
|  |  |  |  |  |  |  | 1016 | (3) |  | —% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 01/2024 | 01/2030 | 538 | (4) |  | —% |
| &nbsp;&nbsp;KENE Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 02/2024 | 02/2026 | 909 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 02/2024 | 02/2031 | 304 | (2) |  |  |
|  |  |  |  |  |  |  | 1213 | (2) |  | —% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 03/2024 | 03/2026 | 1901 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2022 | 09/2027 | 860 | (9) |  |  |
|  |  |  |  |  |  |  | 2761 | (9) |  | —% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(3)(4) - Undrawn |  |  |  | 10/2021 | 10/2027 | 1292 | (13) |  | —% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1634 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2031 | 2010 | (4) |  |  |
|  |  |  |  |  |  |  | 3644 | (4) |  | —% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 09/2028 | 2862 | (15) |  | —% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 02/2020 | 05/2028 | 1279 | (8) |  | —% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3)(4) - Undrawn |  |  |  | 02/2020 | 02/2028 | 361 | (2) |  | —% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 206 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2030 | 978 | (10) |  |  |
|  |  |  |  |  |  |  | 1184 | (10) |  | —% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | $3893 | $— | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2031 | 2502 | (13) |  |  |
|  |  |  |  |  |  |  | 6395 | (13) |  | —% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 06/2024 | 06/2026 | 3848 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 06/2024 | 06/2031 | 2052 | (8) |  |  |
|  |  |  |  |  |  |  | 5900 | (8) |  | —% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 01/2020 | 02/2027 | 1277 | (6) |  | —% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 5640 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 09/2031 | 2256 | (10) |  |  |
|  |  |  |  |  |  |  | 7896 | (10) |  | —% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 11/2025 | 587 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 11/2029 | 220 | (1) |  |  |
|  |  |  |  |  |  |  | 807 | (1) |  | —% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 09/2027 | 1484 | (5) |  | —% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4) - Undrawn |  |  |  | 04/2024 | 04/2031 | 2172 | (9) |  | —% |
| &nbsp;&nbsp;Park Place Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4) - Undrawn |  |  |  | 07/2024 | 03/2030 | 383 | (1) |  | —% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 01/2024 | 02/2031 | 295 | (1) |  | —% |
| &nbsp;&nbsp;PDQ.com Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 10/2032 | 2459 | (5) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2023 | 10/2025 | 346 |  |  |  |
|  |  |  |  |  |  |  | 2805 | (5) |  | —% |
| &nbsp;&nbsp;Power Grid Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 12/2030 | 1329 | (13) |  | —% |
| &nbsp;&nbsp;Radwell Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3)(4) - Undrawn |  |  |  | 11/2022 | 04/2029 | 207 | (3) |  | —% |
| &nbsp;&nbsp;Relativity ODA LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 05/2021 | 05/2029 | 1589 | (6) |  | —% |
| &nbsp;&nbsp;Riskonnect Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 03/2024 | 03/2026 | 4127 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 09/2027 | $224 | $(1) | $— | —% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 03/2022 | 03/2028 | 2308 | (23) |  | —% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 06/2026 | 4839 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2023 | 10/2030 | 799 | (6) |  |  |
|  |  |  |  |  |  |  | 5638 | (6) |  | —% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(4) - Undrawn |  |  |  | 02/2022 | 12/2025 | 66 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 02/2022 | 08/2029 | 603 | (2) |  |  |
|  | First Lien(2)(3)(4) - Undrawn |  |  |  | 08/2025 | 12/2025 | 21 |  |  |  |
|  |  |  |  |  |  |  | 690 | (2) |  | —% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 06/2021 | 06/2028 | 727 | (2) |  | —% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 04/2030 | 1708 | (16) |  | —% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 2142 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2021 | 12/2029 | 714 | (3) |  |  |
|  |  |  |  |  |  |  | 2856 | (3) |  | —% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2026 | 2345 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2031 | 1711 | (7) |  |  |
|  |  |  |  |  |  |  | 4056 | (7) |  | —% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 3656 |  |  | —% |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2021 | 10/2028 | 516 | (1) |  | —% |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 03/2027 | 2674 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2029 | 1216 | (6) |  |  |
|  |  |  |  |  |  |  | 3890 | (6) |  | —% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 04/2025 | 11/2026 | $124 | $(1) | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 06/2024 | 12/2030 | 724 |  |  |  |
|  |  |  |  |  |  |  | 848 | (1) |  | —% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2025 | 08/2027 | 609 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2025 | 08/2032 | 366 | (2) | (2) |  |
|  |  |  |  |  |  |  | 975 | (2) | (2) | (0.00)% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 08/2025 | 08/2027 | 1348 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2025 | 08/2031 | 449 | (2) | (2) |  |
|  |  |  |  |  |  |  | 1797 | (2) | (2) | (0.00)% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 01/2026 | 27 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 11/2026 | 280 |  | (2) |  |
|  |  |  |  |  |  |  | 307 |  | (2) | (0.00)% |
| &nbsp;&nbsp;Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 01/2028 | 1392 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2032 | 522 | (3) | (3) |  |
|  |  |  |  |  |  |  | 1914 | (3) | (3) | (0.00)% |
| &nbsp;&nbsp;Denali Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2025 | 08/2032 | 591 | (3) | (3) | (0.00)% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 03/2027 | 719 |  | (2) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 03/2032 | 611 | (2) | (2) |  |
|  |  |  |  |  |  |  | 1330 | (2) | (4) | (0.00)% |
| &nbsp;&nbsp;DigiCert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2030 | 512 | (4) | (4) | (0.00)% |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4) - Undrawn |  |  |  | 09/2025 | 09/2027 | 4170 |  |  |  |
|  | First Lien(4) - Undrawn |  |  |  | 09/2025 | 09/2032 | 2251 | (6) | (6) |  |
|  |  |  |  |  |  |  | 6421 | (6) | (6) | (0.00)% |
| &nbsp;&nbsp;MedX Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2027 | 2857 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2032 | 1216 | (6) | (6) |  |
|  |  |  |  |  |  |  | 4073 | (6) | (6) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 06/2020 | 07/2027 | $551 | $(6) | $(6) | (0.00)% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2032 | 1646 | (8) | (8) | (0.00)% |
| &nbsp;&nbsp;Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 05/2022 | 05/2028 | 844 | (4) | (8) | (0.00)% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2025 | 05/2032 | 584 | (3) | (3) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2025 | 05/2027 | 1169 |  | (6) |  |
|  |  |  |  |  |  |  | 1753 | (3) | (9) | (0.00)% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 06/2025 | 12/2026 | 1785 |  | (9) | (0.00)% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(3)(4) - Undrawn |  |  |  | 05/2025 | 05/2030 | 1244 | (9) | (9) | (0.00)% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2029 | 273 | (3) | (10) | (0.00)% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 04/2025 | 04/2032 | 1061 | (4) | (4) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 04/2025 | 10/2027 | 2408 |  | (9) |  |
|  |  |  |  |  |  |  | 3469 | (4) | (13) | (0.00)% |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 10/2031 | 474 | (4) | (5) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 01/2027 | 816 | (4) | (8) |  |
|  |  |  |  |  |  |  | 1290 | (8) | (13) | (0.00)% |
| &nbsp;&nbsp;DT1 Midco Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 06/2025 | 12/2030 | 438 | (2) | (2) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 06/2025 | 04/2027 | 2900 |  | (15) |  |
|  |  |  |  |  |  |  | 3338 | (2) | (17) | (0.00)% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 12/2024 | 12/2031 | 1671 | (7) | (8) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2024 | 12/2026 | 3342 |  | (17) |  |
|  |  |  |  |  |  |  | 5013 | (7) | (25) | (0.00)% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 06/2030 | 2327 | (14) | (12) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2025 | 06/2027 | 2976 | (9) | (15) |  |
|  |  |  |  |  |  |  | 5303 | (23) | (27) | (0.01)% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 08/2022 | 08/2028 | 1347 | (12) | (34) | (0.01)% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount, Par Value or Shares** | **Cost** | **Fair Value** | **Percent of<br>Net Assets** |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 08/2021 | 08/2027 | $378 | $(4) | $(38) | (0.01)% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 10/2023 | 11/2025 | 962 |  | (42) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2023 | 11/2029 | 962 | (7) | (42) |  |
|  |  |  |  |  |  |  | 1924 | (7) | (84) | (0.01)% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  | $**177239** | $**(452)** | $**(342)** | **(0.04)%** |
| **Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Adelaide Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2026 | $681 | $— | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2030 | 433 | (3) |  |  |
|  |  |  |  |  |  |  | 1114 | (3) |  | —% |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2022 | 12/2028 | 495 | (2) |  | —% |
| **Total Unfunded Debt Investments - Australia** |  |  |  |  |  |  | $**1609** | $**(5)** | $**—** | **— %** |
| **Unfunded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 02/2024 | 02/2030 | $2363 | $(22) | $— | —% |
| **Total Unfunded Debt Investments - United Kingdom** |  |  |  |  |  |  | $**2363** | $**(22)** | $**—** | **— %** |
| **Total Unfunded Debt Investments** |  |  |  |  |  |  | $**181211** | $**(479)** | $**(342)** | **(0.04)%** |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | $**1422609** | $**1402593** | **143.97%** |
| **Total Investments** |  |  |  |  |  |  |  | $**1422609** | $**1402593** | **143.97%** |

---

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

(2)Investment is held by NMF SLF I SPV, L.L.C. ("SLF I SPV")

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

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

(5)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Prime Rate (P), Secured Overnight Financing Rate (SOFR) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S), or annually (A). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2025.

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

(7)The Company holds investments in Pioneer Topco I, L.P. and a wholly-owned subsidiary of Pioneer Topco I, L.P. The Company holds two first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, and class A-2 common units in Pioneer Topco I, L.P.

(8)The Company holds class A-1 common units in Ambrosia Topco, LLC. and two first lien term loans and a subordinated loan in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Topco, LLC.

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

(9)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the started value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of September 30, 2025, the Company's stated value of it's equity investment plus unpaid compounded dividends was $6,284.

(10)The Company holds class A-1 common units in KWOR TopCo I, LLC and preferred equity and subordinated notes in KWOR Intermediate I, LLC, a wholly-owned subsidiary of KWOR TopCo I, LLC. The Company also holds three first lien term loans, a first lien delayed draw and a first lien revolver in KWOR Acquisition, Inc., a wholly-owned subsidiary of KWOR Intermediate I, LLC. The Company's preferred equity investment is entitled to receive cumulative preferred dividends that is calculated using the started value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of September 30, 2025, the Company's stated value of it's equity investment plus unpaid compounded dividends was $2,206.

(11)Investment is on non-accrual status as of September 30, 2025. See Note 3*. Investments*, for details

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

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended. Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2025, 3.47% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**September 30, 2025**

**(in thousands, except shares)**

(unaudited)

---

| | |
|:---|:---|
|<br>**Investment Type** | **September 30, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| First lien | 96.88% |
| Second lien | 1.80% |
| Subordinated | 0.62% |
| Equity and other | 0.70% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
| **Industry Type** | **September 30, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| Software | 39.34% |
| Business Services | 26.37% |
| Healthcare | 12.25% |
| Financial Services | 9.05% |
| Consumer Services | 5.11% |
| Education | 2.36% |
| Packaging | 1.38% |
| Consumer Products | 1.11% |
| Business Products | 1.00% |
| Distribution & Logistics | 0.89% |
| Food & Beverage | 0.69% |
| Specialty Chemicals & Materials | 0.45% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Interest Rate Type** | **September 30, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| Floating rates | 99.16% |
| Fixed rates | 0.84% |
| Total investments | 100.00% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| **Non-Controlled/Non-Affiliated Investments** | | | | | | | | | | |
| **Funded Debt Investments - United States** | | | | | | | | | | |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3) | SOFR(Q) | 5.00% | 9.50% | 12/2020 | 10/2028 | $18116 | $18006 | $18116 |  |
|  | First Lien(2)(3) | SOFR(Q) | 5.00% | 9.55% | 08/2021 | 10/2028 | 5776 | 5762 | 5776 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 9.56% | 06/2021 | 10/2028 | 4860 | 4847 | 4860 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 9.55% | 05/2022 | 10/2028 | 2658 | 2655 | 2658 |  |
|  |  |  |  |  |  |  | 31410 | 31270 | 31410 | 3.19% |
| &nbsp;&nbsp;Syndigo LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(Q) | 4.50% | 9.28% | 12/2020 | 12/2027 | 25557 | 25313 | 25636 |  |
|  | Second Lien(3) | SOFR(Q) | 8.00% | 12.89% | 12/2020 | 12/2028 | 4000 | 3981 | 4000 |  |
|  |  |  |  |  |  |  | 29557 | 29294 | 29636 | 3.01% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.58% | 02/2020 | 05/2028 | 29495 | 29440 | 29496 | 3.00% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 10.27% | 03/2022 | 03/2028 | 27331 | 27165 | 26666 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.75% | 10.42% | 03/2022 | 03/2028 | 2198 | 2193 | 2145 |  |
|  |  |  |  |  |  |  | 29529 | 29358 | 28811 | 2.93% |
| &nbsp;&nbsp;Higginbotham Insurance Agency, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.86% | 11/2020 | 11/2028 | 23192 | 23121 | 23192 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.86% | 11/2020 | 11/2028 | 4573 | 4552 | 4573 |  |
|  |  |  |  |  |  |  | 27765 | 27673 | 27765 | 2.82% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 6.50% | 11.32% | 05/2024 | 07/2028 | 21208 | 21199 | 21208 |  |
|  | Subordinated(3) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 3415 | 3408 | 3415 |  |
|  | Subordinated(3) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 1304 | 1301 | 1304 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 6.50% | 11.28% | 05/2024 | 07/2028 | 660 | 660 | 660 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 6.50% | 11.32% | 05/2024 | 07/2028 | 274 | 274 | 274 |  |
|  |  |  |  |  |  |  | 26861 | 26842 | 26861 | 2.73% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(2)(3) | SOFR(Q) | 6.75% | 11.34% | 07/2023 | 05/2027 | 26649 | 24488 | 26649 | 2.71% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 10.38% | 08/2022 | 08/2028 | 21127 | 21011 | 20968 |  |
|  | First Lien(3) | SOFR(Q) | 6.25% | 10.88% | 10/2022 | 08/2028 | 5126 | 5094 | 5087 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.75% | 10.34% | 08/2022 | 08/2028 | 374 | 377 | 371 |  |
|  |  |  |  |  |  |  | 26627 | 26482 | 26426 | 2.69% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3) | SOFR(M) | 5.25% | 9.71% | 12/2021 | 12/2027 | 11630 | 11572 | 11630 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.71% | 12/2021 | 12/2027 | 11517 | 11452 | 11517 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.25% | 9.71% | 11/2023 | 12/2027 | 2084 | 2068 | 2084 |  |
|  |  |  |  |  |  |  | 25231 | 25092 | 25231 | 2.56% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 9.36% | 12/2020 | 12/2027 | $17386 | $17318 | $17386 |  |
|  | First Lien(2)(3) | SOFR(M) | 5.00% | 9.36% | 12/2020 | 12/2027 | 5263 | 5241 | 5263 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 9.36% | 01/2022 | 12/2027 | 2563 | 2551 | 2563 |  |
|  |  |  |  |  |  |  | 25212 | 25110 | 25212 | 2.56% |
| &nbsp;&nbsp;OA Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 9.11% | 12/2021 | 12/2028 | 23162 | 23014 | 23162 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 9.11% | 05/2022 | 12/2028 | 1466 | 1456 | 1466 |  |
|  |  |  |  |  |  |  | 24628 | 24470 | 24628 | 2.50% |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.50% | 9.96% | 09/2021 | 09/2028 | 24567 | 24420 | 24567 | 2.50% |
| &nbsp;&nbsp;Kaseya Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 10.09% | 06/2022 | 06/2029 | 22890 | 22750 | 22890 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 10.09% | 06/2022 | 06/2029 | 539 | 532 | 539 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.83% | 06/2022 | 06/2029 | 346 | 346 | 346 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 10.09% | 06/2022 | 06/2029 | 85 | 85 | 85 |  |
|  |  |  |  |  |  |  | 23860 | 23713 | 23860 | 2.43% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) | SOFR(Q) | 5.00% | 9.57% | 09/2021 | 09/2028 | 23175 | 23034 | 23175 | 2.36% |
| &nbsp;&nbsp;CCBlue Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) | SOFR(Q)\* | 6.50%/PIK | 10.93% | 12/2021 | 12/2028 | 24020 | 23892 | 21918 |  |
|  | First Lien(3) | SOFR(Q)\* | 6.50%/PIK | 10.93% | 12/2021 | 12/2028 | 1248 | 1247 | 1139 |  |
|  |  |  |  |  |  |  | 25268 | 25139 | 23057 | 2.34% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.58% | 06/2022 | 06/2029 | 22941 | 22777 | 22941 | 2.33% |
| &nbsp;&nbsp;PDQ.com Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) | SOFR(Q) | 4.75% | 9.34% | 09/2021 | 08/2027 | 13090 | 13057 | 13090 |  |
|  | First Lien(2)(3) | SOFR(Q) | 4.75% | 9.34% | 09/2021 | 08/2027 | 8967 | 8945 | 8967 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 9.41% | 10/2023 | 08/2027 | 695 | 690 | 695 |  |
|  |  |  |  |  |  |  | 22752 | 22692 | 22752 | 2.31% |
| &nbsp;&nbsp;Thermostat Purchaser III, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 4.25% | 8.58% | 08/2021 | 08/2028 | 18525 | 18497 | 18525 |  |
|  | First Lien | SOFR(Q) | 4.25% | 8.58% | 08/2021 | 08/2028 | 3332 | 3324 | 3332 |  |
|  |  |  |  |  |  |  | 21857 | 21821 | 21857 | 2.22% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (9) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 9.26% | 09/2024 | 09/2031 | 21349 | 21247 | 21243 | 2.16% |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First Lien(2)(3)(6) | SOFR(Q)\* | 4.75% + 2.50%/PIK | 11.91% | 11/2021 | 11/2027 | 21068 | 20981 | 19357 |  |
|  | First Lien(3) | SOFR(Q)\* | 4.75%+ 2.50%/PIK | 11.91% | 11/2021 | 11/2027 | 1836 | 1829 | 1687 |  |
|  |  |  |  |  |  |  | 22904 | 22810 | 21044 | 2.14% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;Pioneer Topco I, L.P. (7) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3) | SOFR(Q) | 6.50% | 10.83% | 11/2021 | 11/2028 | $18231 | $18160 | $18231 |  |
|  | First Lien(3) | SOFR(Q) | 6.50% | 10.83% | 03/2022 | 11/2028 | 1985 | 1975 | 1985 |  |
|  |  |  |  |  |  |  | 20216 | 20135 | 20216 | 2.06% |
| &nbsp;&nbsp;Avalara, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) | SOFR(Q) | 6.25% | 10.58% | 10/2022 | 10/2028 | 20012 | 19834 | 20012 | 2.03% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 9.36% | 04/2024 | 04/2031 | 19921 | 19830 | 19921 | 2.03% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 9.08% | 01/2020 | 02/2027 | 10692 | 10673 | 10692 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 9.08% | 01/2020 | 02/2027 | 3056 | 3045 | 3056 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 9.08% | 03/2021 | 02/2027 | 3033 | 3031 | 3033 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 9.08% | 03/2021 | 02/2027 | 2837 | 2834 | 2837 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 9.08% | 08/2024 | 02/2027 | 163 | 160 | 163 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 9.08% | 01/2020 | 02/2027 | 79 | 82 | 79 |  |
|  |  |  |  |  |  |  | 19860 | 19825 | 19860 | 2.02% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M)\* | 2.50%+2.75%/PIK | 9.61% | 08/2024 | 09/2031 | 19737 | 19643 | 19638 | 2.00% |
| &nbsp;&nbsp;DECA Dental Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 10.18% | 08/2021 | 08/2028 | 16521 | 16422 | 16303 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 10.18% | 08/2021 | 08/2028 | 1739 | 1736 | 1716 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 10.20% | 08/2021 | 08/2027 | 1348 | 1341 | 1330 |  |
|  |  |  |  |  |  |  | 19608 | 19499 | 19349 | 1.97% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 9.33% | 06/2024 | 06/2031 | 18809 | 18721 | 18715 | 1.90% |
| &nbsp;&nbsp;Relativity ODA LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.86% | 05/2021 | 05/2029 | 18592 | 18500 | 18516 | 1.88% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.93% | 10/2021 | 10/2028 | 12030 | 11956 | 12030 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.93% | 10/2021 | 10/2028 | 5549 | 5523 | 5549 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 10.30% | 10/2021 | 10/2027 | 603 | 606 | 603 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.90% | 06/2022 | 10/2028 | 206 | 204 | 206 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.93% | 10/2021 | 10/2028 | 48 | 44 | 48 |  |
|  |  |  |  |  |  |  | 18436 | 18333 | 18436 | 1.87% |
| &nbsp;&nbsp;Auctane Inc. (fka Stamps.com Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(S) | 5.75% | 10.94% | 10/2021 | 10/2028 | 11399 | 11329 | 11142 |  |
|  | First Lien(2)(3)(6) | SOFR(S) | 5.75% | 10.94% | 12/2021 | 10/2028 | 7164 | 7119 | 7003 |  |
|  |  |  |  |  |  |  | 18563 | 18448 | 18145 | 1.85% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;Oranje Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(3) | SOFR(Q) | 7.75% | 12.32% | 01/2023 | 02/2029 | $14453 | $14317 | $14453 |  |
|  | First Lien(3) | SOFR(Q) | 7.25% | 11.82% | 06/2024 | 02/2029 | 3545 | 3513 | 3545 |  |
|  |  |  |  |  |  |  | 17998 | 17830 | 17998 | 1.83% |
| &nbsp;&nbsp;Ocala Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 10.63% | 12/2021 | 11/2028 | 16494 | 16374 | 16494 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 10.67% | 12/2021 | 11/2028 | 1257 | 1250 | 1257 |  |
|  |  |  |  |  |  |  | 17751 | 17624 | 17751 | 1.80% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.71% | 05/2022 | 09/2027 | 14603 | 14519 | 14603 |  |
|  | First Lien(3) | SOFR(M) | 5.25% | 9.71% | 05/2022 | 09/2027 | 2876 | 2867 | 2876 |  |
|  |  |  |  |  |  |  | 17479 | 17386 | 17479 | 1.78% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 9.08% | 08/2024 | 08/2031 | 13914 | 13848 | 13844 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 9.08% | 08/2024 | 08/2031 | 2591 | 2578 | 2578 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 9.08% | 08/2024 | 08/2031 | 407 | 405 | 405 |  |
|  |  |  |  |  |  |  | 16912 | 16831 | 16827 | 1.71% |
| &nbsp;&nbsp;Project Essential Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q)\* | 3.00% +3.25%/PIK | 10.91% | 04/2021 | 04/2028 | 17983 | 17901 | 16814 | 1.71% |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 10.23% | 12/2021 | 12/2027 | 8848 | 8798 | 8848 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 10.23% | 12/2021 | 12/2027 | 2970 | 2954 | 2970 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 10.23% | 12/2021 | 12/2027 | 2951 | 2935 | 2951 |  |
|  | First Lien(3) | SOFR(Q) | 6.00% | 10.48% | 07/2022 | 12/2027 | 1926 | 1915 | 1926 |  |
|  |  |  |  |  |  |  | 16695 | 16602 | 16695 | 1.70% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 9.43% | 07/2024 | 07/2031 | 15402 | 15329 | 15325 |  |
|  | First Lien(3)(4) - Drawn | SOFR(S) | 4.75% | 9.04% | 07/2024 | 07/2031 | 1352 | 1346 | 1345 |  |
|  |  |  |  |  |  |  | 16754 | 16675 | 16670 | 1.69% |
| &nbsp;&nbsp;KWOR Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | P(Q)(10) | 4.25% | 11.75% | 12/2021 | 12/2028 | 17372 | 17288 | 14054 |  |
|  | First Lien(3) | P(Q)(10) | 4.25% | 11.75% | 12/2021 | 12/2027 | 2884 | 2872 | 2333 |  |
|  |  |  |  |  |  |  | 20256 | 20160 | 16387 | 1.67% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 10.26% | 06/2024 | 08/2029 | 9856 | 9856 | 9856 |  |
|  | First Lien(3) | SOFR(Q) | 6.00% | 10.52% | 09/2023 | 08/2029 | 5947 | 5922 | 5947 |  |
|  |  |  |  |  |  |  | 15803 | 15778 | 15803 | 1.61% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(6) | SOFR(Q) | 3.75% | 8.60% | 08/2021 | 08/2028 | $9192 | $9163 | $9007 |  |
|  | Second Lien(2)(3)(6) | SOFR(Q) | 6.50% | 11.35% | 08/2021 | 08/2029 | 6488 | 6466 | 6488 |  |
|  |  |  |  |  |  |  | 15680 | 15629 | 15495 | 1.58% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M)\* | 2.88% + 3.38%PIK | 10.63% | 04/2024 | 04/2030 | 15359 | 15192 | 15359 | 1.56% |
| &nbsp;&nbsp;Enverus Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.50% | 9.86% | 12/2023 | 12/2029 | 14983 | 14886 | 14983 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.50% | 9.86% | 12/2023 | 12/2029 | 34 | 35 | 34 |  |
|  |  |  |  |  |  |  | 15017 | 14921 | 15017 | 1.53% |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.93% | 12/2021 | 12/2027 | 14451 | 14417 | 14451 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.93% | 12/2021 | 12/2027 | 532 | 532 | 532 |  |
|  |  |  |  |  |  |  | 14983 | 14949 | 14983 | 1.52% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.84% | 11/2024 | 02/2030 | 14419 | 14286 | 14419 | 1.47% |
| &nbsp;&nbsp;Eisner Advisory Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(6) | SOFR(M) | 4.00% | 8.36% | 02/2024 | 02/2031 | 14223 | 14112 | 14410 | 1.47% |
| &nbsp;&nbsp;Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) | SOFR(Q) | 6.75% | 11.30% | 10/2024 | 11/2029 | 14505 | 14328 | 14324 | 1.46% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.86% | 08/2024 | 08/2031 | 13947 | 13913 | 13912 | 1.41% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 9.36% | 09/2020 | 10/2029 | 9093 | 9070 | 9093 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 9.36% | 05/2024 | 10/2029 | 4602 | 4602 | 4602 |  |
|  |  |  |  |  |  |  | 13695 | 13672 | 13695 | 1.39% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 9.36% | 11/2023 | 11/2030 | 12614 | 12582 | 12614 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 9.36% | 11/2023 | 11/2030 | 831 | 828 | 831 |  |
|  |  |  |  |  |  |  | 13445 | 13410 | 13445 | 1.37% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3) | SOFR(Q) | 4.75% | 9.09% | 06/2024 | 12/2030 | 7089 | 7089 | 7089 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 9.09% | 06/2024 | 12/2030 | 6354 | 6321 | 6354 |  |
|  |  |  |  |  |  |  | 13443 | 13410 | 13443 | 1.37% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2) | SOFR(Q) | 5.00% | 9.33% | 12/2024 | 12/2031 | 13453 | 13387 | 13386 | 1.36% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 9.36% | 07/2021 | 12/2029 | 11303 | 11286 | 11303 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 9.36% | 07/2023 | 12/2029 | 1446 | 1426 | 1446 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 9.36% | 07/2021 | 12/2029 | 466 | 463 | 466 |  |
|  |  |  |  |  |  |  | 13215 | 13175 | 13215 | 1.34% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.61% | 05/2022 | 05/2029 | $9899 | $9830 | $9899 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 10.11% | 10/2023 | 05/2029 | 2992 | 2968 | 2992 |  |
|  |  |  |  |  |  |  | 12891 | 12798 | 12891 | 1.31% |
| &nbsp;&nbsp;Nielsen Consumer Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(M) | 4.75% | 9.11% | 06/2024 | 03/2028 | 11999 | 11395 | 11971 | 1.22% |
| &nbsp;&nbsp;CFS Management, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q)\* | 6.25% + 2.25%/PIK | 13.09% | 09/2021 | 09/2026 | 9173 | 9173 | 8256 |  |
|  | First Lien(3) | SOFR(Q)\* | 6.25% +2.25%/PIK | 13.09% | 09/2021 | 09/2026 | 3512 | 3512 | 3161 |  |
|  |  |  |  |  |  |  | 12685 | 12685 | 11417 | 1.16% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 10.40% | 06/2022 | 06/2028 | 11303 | 11303 | 11241 | 1.14% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 9.36% | 10/2021 | 10/2028 | 10229 | 10167 | 10229 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 9.36% | 10/2021 | 10/2028 | 862 | 858 | 862 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 9.37% | 07/2024 | 10/2028 | 76 | 76 | 76 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 9.36% | 10/2021 | 10/2028 | 52 | 51 | 52 |  |
|  |  |  |  |  |  |  | 11219 | 11152 | 11219 | 1.14% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3) | SOFR(M) | 4.75% | 9.21% | 07/2023 | 10/2030 | 7050 | 7015 | 7050 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 9.21% | 07/2023 | 10/2030 | 4128 | 4113 | 4128 |  |
|  |  |  |  |  |  |  | 11178 | 11128 | 11178 | 1.14% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.71% | 09/2021 | 09/2027 | 11106 | 11047 | 11106 | 1.13% |
| &nbsp;&nbsp;GraphPAD Software, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 9.08% | 06/2024 | 06/2031 | 10153 | 10129 | 10127 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 9.08% | 06/2024 | 06/2031 | 254 | 248 | 253 |  |
|  |  |  |  |  |  |  | 10407 | 10377 | 10380 | 1.06% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(S) | 5.00% | 10.09% | 04/2024 | 08/2030 | 8504 | 8475 | 8504 |  |
|  | First Lien(3) | SOFR(S) | 5.00% | 10.09% | 04/2024 | 08/2030 | 1458 | 1453 | 1458 |  |
|  |  |  |  |  |  |  | 9962 | 9928 | 9962 | 1.01% |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M)\* | 2.75% + 3.25%/PIK | 10.46% | 08/2021 | 08/2028 | 7329 | 7286 | 7113 |  |
|  | First Lien(3) | SOFR(M)\* | 2.75% + 3.25%/PIK | 10.46% | 08/2021 | 08/2028 | 1407 | 1393 | 1366 |  |
|  | First Lien(3) | SOFR(M)\* | 2.75% + 3.25%/PIK | 10.46% | 08/2021 | 08/2028 | 1299 | 1296 | 1261 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.50% | 9.96% | 08/2021 | 08/2027 | 79 | 82 | 76 |  |
|  |  |  |  |  |  |  | 10114 | 10057 | 9816 | 1.00% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.61% | 09/2022 | 10/2029 | $9696 | $9590 | $9696 | 0.99% |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(S) | 4.75% | 9.03% | 10/2023 | 12/2028 | 8490 | 8455 | 8490 |  |
|  | First Lien(3) | SOFR(S) | 4.75% | 9.03% | 10/2023 | 12/2028 | 1134 | 1125 | 1134 |  |
|  |  |  |  |  |  |  | 9624 | 9580 | 9624 | 0.98% |
| &nbsp;&nbsp;RXB Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.97% | 07/2021 | 12/2027 | 6221 | 6213 | 6221 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.61% | 06/2023 | 12/2027 | 3373 | 3312 | 3373 |  |
|  |  |  |  |  |  |  | 9594 | 9525 | 9594 | 0.98% |
| &nbsp;&nbsp;IG IntermediateCo LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 10.21% | 07/2021 | 07/2028 | 5931 | 5887 | 5931 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 10.21% | 07/2022 | 07/2028 | 3513 | 3489 | 3513 |  |
|  | Subordinated(3) | SOFR(Q) | 7.50% | 11.93% | 07/2022 | 07/2029 | 1 | 1 | 1 |  |
|  |  |  |  |  |  |  | 9445 | 9377 | 9445 | 0.96% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) | SOFR(Q) | 6.25% | 10.86% | 06/2020 | 07/2027 | 9449 | 9002 | 9345 | 0.95% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q)\* | 2.75% + 2.75%/PIK | 10.02% | 08/2024 | 08/2031 | 9303 | 9215 | 9210 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 9.41% | 08/2024 | 08/2030 | 109 | 108 | 108 |  |
|  |  |  |  |  |  |  | 9412 | 9323 | 9318 | 0.95% |
| &nbsp;&nbsp;Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(6) | SOFR(M) | 5.25% | 9.71% | 10/2023 | 04/2029 | 9415 | 9169 | 9289 | 0.94% |
| &nbsp;&nbsp;NMC Crimson Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 6.09% | 10.85% | 03/2021 | 03/2028 | 7401 | 7342 | 7401 |  |
|  | First Lien(3) | SOFR(Q) | 6.09% | 10.69% | 03/2021 | 03/2028 | 1535 | 1531 | 1535 |  |
|  |  |  |  |  |  |  | 8936 | 8873 | 8936 | 0.91% |
| &nbsp;&nbsp;Power Grid Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 9.08% | 11/2023 | 12/2030 | 8496 | 8440 | 8496 | 0.86% |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 6.50% | 11.17% | 02/2024 | 02/2030 | 7511 | 7427 | 7511 | 0.76% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(M) | 6.00% | 10.36% | 10/2023 | 11/2030 | 7300 | 7235 | 7300 | 0.74% |
| &nbsp;&nbsp;DCA Investment Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 6.41% | 10.73% | 03/2021 | 04/2028 | 6206 | 6181 | 6049 |  |
|  | First Lien(3) | SOFR(Q) | 6.41% | 10.73% | 03/2021 | 04/2028 | 515 | 512 | 502 |  |
|  | First Lien(3) | SOFR(Q) | 6.41% | 10.73% | 03/2021 | 04/2028 | 354 | 353 | 345 |  |
|  | First Lien(3) | SOFR(Q) | 6.50% | 10.83% | 12/2022 | 04/2028 | 241 | 238 | 235 |  |
|  |  |  |  |  |  |  | 7316 | 7284 | 7131 | 0.72% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;Maverick Bidco Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien | SOFR(Q) | 6.75% | 11.49% | 04/2021 | 05/2029 | $6800 | $6788 | $6675 | 0.68% |
| &nbsp;&nbsp;Bayou Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) | SOFR(Q) | 4.50% | 9.35% | 03/2024 | 08/2028 | 6437 | 6408 | 6437 | 0.65% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(S) | 5.25% | 9.76% | 06/2021 | 06/2028 | 4966 | 4942 | 4966 |  |
|  | First Lien(3) | SOFR(S) | 5.25% | 9.94% | 06/2021 | 06/2028 | 1442 | 1433 | 1442 |  |
|  |  |  |  |  |  |  | 6408 | 6375 | 6408 | 0.65% |
| &nbsp;&nbsp;Pushpay USA Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(Q) | 4.50% | 8.83% | 08/2024 | 08/2031 | 6246 | 6186 | 6301 | 0.64% |
| &nbsp;&nbsp;CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals & Materials | First Lien(2)(3)(6) | SOFR(Q)\* | 6.75% + 2.00%/PIK | 13.08% | 07/2021 | 07/2027 | 5520 | 5491 | 5492 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M)\* | 6.75% + 2.00%/PIK | 13.11% | 07/2021 | 07/2026 | 620 | 620 | 618 |  |
|  |  |  |  |  |  |  | 6140 | 6111 | 6110 | 0.62% |
| &nbsp;&nbsp;CommerceHub, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3) | SOFR(Q) | 6.25% | 10.90% | 06/2023 | 12/2027 | 5992 | 5720 | 5992 | 0.61% |
| &nbsp;&nbsp;Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(2) | SOFR(Q) | 5.75% | 10.08% | 06/2024 | 12/2028 | 6000 | 5986 | 5985 | 0.61% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.72% | 09/2021 | 09/2027 | 5019 | 5008 | 5019 |  |
|  | First Lien(3) | SOFR(M) | 5.25% | 9.72% | 09/2021 | 09/2027 | 811 | 809 | 811 |  |
|  | First Lien(3)(4) - Drawn | P(Q) | 4.25% | 11.75% | 09/2021 | 09/2027 | 83 | 84 | 83 |  |
|  |  |  |  |  |  |  | 5913 | 5901 | 5913 | 0.60% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 9.11% | 05/2024 | 06/2031 | 5630 | 5591 | 5588 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 9.11% | 05/2024 | 06/2031 | 242 | 242 | 240 |  |
|  |  |  |  |  |  |  | 5872 | 5833 | 5828 | 0.59% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.81% | 02/2020 | 02/2028 | 5701 | 5694 | 5701 | 0.58% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 6.50% | 10.86% | 01/2024 | 01/2030 | 5652 | 5602 | 5652 | 0.57% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 9.21% | 12/2021 | 12/2028 | 3531 | 3508 | 3531 |  |
|  | First Lien(3) | SOFR(S) | 4.75% | 9.49% | 12/2021 | 12/2028 | 1385 | 1378 | 1385 |  |
|  | First Lien(3) | SOFR(S) | 4.75% | 9.49% | 12/2021 | 12/2028 | 395 | 393 | 395 |  |
|  | First Lien(3)(4) - Drawn | SOFR(S) | 4.75% | 9.18% | 06/2024 | 12/2028 | 304 | 301 | 304 |  |
|  |  |  |  |  |  |  | 5615 | 5580 | 5615 | 0.57% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 10.09% | 01/2024 | 02/2031 | $4350 | $4330 | $4350 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 10.00% | 01/2024 | 02/2031 | 633 | 628 | 633 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 10.09% | 01/2024 | 02/2031 | 521 | 520 | 521 |  |
|  |  |  |  |  |  |  | 5504 | 5478 | 5504 | 0.56% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 10.19% | 10/2021 | 10/2028 | 4294 | 4267 | 4132 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 10.15% | 06/2022 | 10/2028 | 736 | 732 | 709 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 10.28% | 10/2021 | 10/2028 | 492 | 489 | 474 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.75% | 10.36% | 11/2023 | 10/2028 | 12 | 12 | 12 |  |
|  |  |  |  |  |  |  | 5534 | 5500 | 5327 | 0.54% |
| &nbsp;&nbsp;Viper Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3) | SOFR(Q) | 5.00% | 9.52% | 11/2024 | 11/2031 | 5180 | 5154 | 5154 | 0.52% |
| &nbsp;&nbsp;Park Place Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.61% | 07/2024 | 03/2031 | 4975 | 4963 | 4962 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.25% | 9.80% | 07/2024 | 03/2030 | 168 | 168 | 167 |  |
|  |  |  |  |  |  |  | 5143 | 5131 | 5129 | 0.52% |
| &nbsp;&nbsp;Perforce Software, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(M) | 4.75% | 9.11% | 03/2024 | 03/2031 | 5103 | 5079 | 5034 | 0.51% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 9.38% | 07/2024 | 07/2031 | 5046 | 5034 | 5033 | 0.51% |
| &nbsp;&nbsp;Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3) | SOFR(Q) | 5.50% | 10.01% | 04/2021 | 04/2027 | 3966 | 3953 | 3966 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 10.01% | 01/2024 | 04/2027 | 603 | 599 | 603 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 10.02% | 04/2021 | 04/2027 | 206 | 206 | 206 |  |
|  |  |  |  |  |  |  | 4775 | 4758 | 4775 | 0.49% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q)\* | 3.38% + 3.38%/PIK | 11.47% | 02/2022 | 02/2028 | 4223 | 4199 | 4223 |  |
|  | First Lien(2)(3)(4) - Drawn | SOFR(Q)\* | 3.38% + 3.38%/PIK | 11.47% | 02/2022 | 02/2028 | 345 | 345 | 345 |  |
|  |  |  |  |  |  |  | 4568 | 4544 | 4568 | 0.46% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 9.36% | 08/2024 | 08/2031 | 4235 | 4215 | 4214 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 9.36% | 08/2024 | 08/2031 | 318 | 316 | 316 |  |
|  |  |  |  |  |  |  | 4553 | 4531 | 4530 | 0.46% |
| &nbsp;&nbsp;Therapy Brands Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Second Lien(2)(6) | SOFR(M) | 6.75% | 11.22% | 05/2021 | 05/2029 | 6000 | 5975 | 4350 | 0.44% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 6.25% | 10.64% | 09/2023 | 09/2029 | 4128 | 4085 | 4128 | 0.42% |
| &nbsp;&nbsp;Greenway Health, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 6.75% | 11.08% | 12/2023 | 04/2029 | 4096 | 4044 | 4096 | 0.42% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.61% | 02/2024 | 02/2031 | $4030 | $4012 | $4030 | 0.41% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3) | SOFR(S) | 7.00% | 12.08% | 05/2021 | 05/2027 | 3971 | 3953 | 3971 | 0.40% |
| &nbsp;&nbsp;STATS Intermediate Holdings, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 5.25% | 10.03% | 08/2021 | 07/2026 | 3851 | 3851 | 3809 | 0.39% |
| &nbsp;&nbsp;Radwell Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3) | SOFR(Q) | 5.50% | 9.83% | 11/2022 | 04/2029 | 3680 | 3639 | 3680 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.83% | 11/2022 | 04/2029 | 56 | 57 | 56 |  |
|  |  |  |  |  |  |  | 3736 | 3696 | 3736 | 0.38% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.58% | 10/2023 | 10/2030 | 3295 | 3266 | 3295 | 0.33% |
| &nbsp;&nbsp;Michael Baker International, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(M) | 4.75% | 9.11% | 05/2024 | 12/2028 | 3180 | 3165 | 3192 | 0.32% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 6.25% | 10.58% | 05/2024 | 05/2030 | 3054 | 3027 | 3054 | 0.31% |
| &nbsp;&nbsp;Specialtycare, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 10.60% | 06/2021 | 06/2028 | 2803 | 2779 | 2722 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.00% | 9.04% | 06/2021 | 06/2026 | 130 | 130 | 126 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 10.66% | 06/2021 | 06/2028 | 22 | 22 | 21 |  |
|  |  |  |  |  |  |  | 2955 | 2931 | 2869 | 0.29% |
| &nbsp;&nbsp;Convey Health Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3) | SOFR(Q)\* | 1.00% +4.25%/PIK | 9.68% | 02/2022 | 07/2029 | 3103 | 3084 | 2816 | 0.29% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 7.50% | 11.86% | 07/2024 | 07/2029 | 2727 | 2690 | 2727 | 0.28% |
| &nbsp;&nbsp;Cloudera, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien | SOFR(M) | 6.00% | 10.46% | 10/2022 | 10/2029 | 2500 | 2158 | 2461 | 0.25% |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6) | SOFR(M) | 4.00% | 8.36% | 01/2021 | 02/2027 | 2428 | 2428 | 2445 | 0.25% |
| &nbsp;&nbsp;KENE Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.84% | 02/2024 | 02/2031 | 2281 | 2260 | 2281 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.25% | 9.59% | 02/2024 | 02/2031 | 105 | 104 | 105 |  |
|  |  |  |  |  |  |  | 2386 | 2364 | 2386 | 0.24% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 10.27% | 11/2023 | 11/2030 | 2271 | 2256 | 2271 | 0.23% |
| &nbsp;&nbsp;More cowbell II LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(A) | 5.00% | 8.89% | 08/2023 | 09/2030 | 2110 | 2097 | 2110 |  |
|  | First Lien(3)(4) - Drawn | SOFR(S) | 5.00% | 9.33% | 08/2023 | 09/2029 | 121 | 120 | 121 |  |
|  |  |  |  |  |  |  | 2231 | 2217 | 2231 | 0.23% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;CB Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.61% | 07/2024 | 07/2031 | $2150 | $2140 | $2140 | 0.22% |
| &nbsp;&nbsp;Galway Borrower LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) | SOFR(Q) | 4.50% | 8.83% | 04/2024 | 09/2028 | 1174 | 1157 | 1162 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.83% | 04/2024 | 09/2028 | 709 | 704 | 702 |  |
|  |  |  |  |  |  |  | 1883 | 1861 | 1864 | 0.19% |
| &nbsp;&nbsp;Ambrosia Holdco Corp. (8) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3) | SOFR(M)\* | 5.25%/PIK | 9.59% | 01/2024 | 06/2029 | 1718 | 1669 | 1450 |  |
|  | First Lien(3) | SOFR(M)\* | 1.00% + 2.00%/PIK | 7.34% | 03/2024 | 06/2029 | 220 | 179 | 181 |  |
|  | Subordinated(3) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 46 | 46 | 46 |  |
|  |  |  |  |  |  |  | 1984 | 1894 | 1677 | 0.17% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 9.36% | 08/2023 | 08/2029 | 1195 | 1183 | 1195 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 9.36% | 08/2023 | 08/2029 | 407 | 403 | 407 |  |
|  |  |  |  |  |  |  | 1602 | 1586 | 1602 | 0.16% |
| &nbsp;&nbsp;Accession Risk Management Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | SOFR(Q) | 4.75% | 9.33% | 08/2024 | 11/2029 | 504 | 503 | 505 | 0.05% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  | $**1453711** | $**1442385** | $**1437148** | **146.09%** |
| **Funded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) | SOFR(Q) | 5.00% | 9.63% | 12/2022 | 12/2029 | $2239 | $2213 | $2239 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 9.63% | 12/2023 | 12/2029 | 872 | 865 | 872 |  |
|  |  |  |  |  |  |  | 3111 | 3078 | 3111 | 0.32% |
| **Funded Debt Investments - Australia** |  |  |  |  |  |  | $**3111** | $**3078** | $**3111** | **0.32%** |
| **Total Funded Debt Investments** |  |  |  |  |  |  | $**1456822** | $**1445463** | $**1440259** | **146.41%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Topco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Preferred Shares(3)(9) | FIXED(S)\* | 12.50%/PIK | 12.50% | 09/2024 |  | 569 | $5860 | $5858 | 0.60% |
| &nbsp;&nbsp;Ambrosia Holdco Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | Ordinary Shares(3)(8) |  |  |  | 01/2024 |  | 19197 | 205 | 205 | 0.02% |
| &nbsp;&nbsp;Pioneer Topco I, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Ordinary Shares(3)(7) |  |  |  | 11/2021 |  | 10 |  |  | 0.00% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**6065** | $**6063** | **0.62%** |
| **Total Shares** |  |  |  |  |  |  |  | $**6065** | $**6063** | **0.62%** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**1451528** | $**1446322** | **147.03%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accession Risk Management Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | $2832 | $(7) | $4 |  |
|  | First Lien(4) - Undrawn |  |  |  | 08/2024 | 11/2029 | 371 | (1) |  |  |
|  |  |  |  |  |  |  | 3203 | (8) | 4 | 0.00% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 11/2024 | 08/2025 | $1294 | $— | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 11/2024 | 02/2029 | 991 | (8) |  |  |
|  |  |  |  |  |  |  | 2285 | (8) |  | —% |
| &nbsp;&nbsp;PDQ.com Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 10/2023 | 10/2025 | 458 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 08/2027 | 2458 | (7) |  |  |
|  |  |  |  |  |  |  | 2916 | (7) |  | —% |
| &nbsp;&nbsp;Riskonnect Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 03/2024 | 03/2026 | 4127 |  |  | —% |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 06/2025 | 1698 |  |  | —% |
| &nbsp;&nbsp;Power Grid Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 12/2030 | 1511 | (13) |  | —% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 06/2024 | 12/2030 | 629 |  |  |  |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2021 | 10/2028 | 516 | (1) |  | —% |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3)(4) - Undrawn |  |  |  | 10/2024 | 10/2026 | 208 |  |  | —% |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2027 | 1216 | (6) |  | —% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3)(4) - Undrawn |  |  |  | 02/2020 | 02/2028 | 701 | (1) |  | —% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 09/2027 | 249 | (1) |  | —% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 09/2028 | 2862 | (18) |  | —% |
| &nbsp;&nbsp;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2026 | 957 | (2) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 09/2020 | 10/2029 | 647 |  |  |  |
|  |  |  |  |  |  |  | 1604 | (2) |  | —% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 05/2021 | 05/2027 | 271 | (1) |  | —% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 09/2026 | $1543 | $— | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 01/2020 | 02/2027 | 1340 | (7) |  |  |
|  |  |  |  |  |  |  | 2883 | (7) |  | —% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 06/2021 | 06/2028 | 484 | (2) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 06/2021 | 04/2025 | 254 |  |  |  |
|  |  |  |  |  |  |  | 738 | (2) |  | —% |
| &nbsp;&nbsp;Radwell Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3)(4) - Undrawn |  |  |  | 11/2022 | 04/2029 | 225 | (3) |  | —% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(4) - Undrawn |  |  |  | 02/2022 | 12/2025 | 184 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 02/2022 | 02/2028 | 603 | (3) |  |  |
|  |  |  |  |  |  |  | 787 | (3) |  | —% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(3)(4) - Undrawn |  |  |  | 06/2024 | 12/2025 | 1096 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2027 | 376 | (2) |  |  |
|  |  |  |  |  |  |  | 1472 | (2) |  | —% |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2021 | 07/2026 | 1236 | (3) |  | —% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2026 | 1835 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2021 | 10/2028 | 1165 | (6) |  |  |
|  |  |  |  |  |  |  | 3000 | (6) |  | —% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 10/2023 | 11/2025 | 962 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2023 | 11/2029 | 962 | (8) |  |  |
|  |  |  |  |  |  |  | 1924 | (8) |  | —% |
| &nbsp;&nbsp;Kaseya Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 06/2022 | 06/2029 | 1028 | (8) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 06/2022 | 06/2025 | 2055 |  |  |  |
|  |  |  |  |  |  |  | 3083 | (8) |  | —% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 09/2022 | 05/2026 | 1715 | (14) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 09/2022 | 10/2029 | 1339 | (14) |  |  |
|  |  |  |  |  |  |  | 3054 | (28) |  | —% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(3)(4) - Undrawn |  |  |  | 10/2021 | 10/2027 | $1120 | $(11) | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 06/2022 | 06/2025 | 2023 |  |  |  |
|  |  |  |  |  |  |  | 3143 | (11) |  | —% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2022 | 09/2027 | 977 | (5) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 03/2024 | 03/2026 | 2153 | (1) |  |  |
|  |  |  |  |  |  |  | 3130 | (6) |  | —% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2020 | 12/2027 | 3507 | (13) |  | —% |
| &nbsp;&nbsp;Oranje Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(3)(4) - Undrawn |  |  |  | 01/2023 | 02/2029 | 1807 | (15) |  | —% |
| &nbsp;&nbsp;Avalara, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 10/2022 | 10/2028 | 2001 | (16) |  | —% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2021 | 12/2029 | 714 | (3) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 3849 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2023 | 07/2025 | 59 |  |  |  |
|  |  |  |  |  |  |  | 4622 | (3) |  | —% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 6035 |  |  | —% |
| &nbsp;&nbsp;OA Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2028 | 3041 | (19) |  | —% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 11/2025 | 1007 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2027 | 1413 | (7) |  |  |
|  |  |  |  |  |  |  | 2420 | (7) |  | —% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 11/2025 | 587 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 11/2029 | 220 | (1) |  |  |
|  |  |  |  |  |  |  | 807 | (1) |  | —% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 01/2024 | 02/2026 | 500 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 01/2024 | 02/2031 | 491 | (2) |  |  |
|  |  |  |  |  |  |  | 991 | (2) |  | —% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 09/2023 | 09/2029 | 407 | (4) |  | —% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 02/2024 | 02/2031 | $579 | $(3) | $— | —% |
| &nbsp;&nbsp;KENE Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 02/2024 | 02/2026 | 909 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 02/2024 | 02/2031 | 304 | (3) |  |  |
|  |  |  |  |  |  |  | 1213 | (3) |  | —% |
| &nbsp;&nbsp;Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 05/2022 | 05/2028 | 844 | (5) |  | —% |
| &nbsp;&nbsp;Calabrio, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 04/2021 | 04/2027 | 274 | (2) |  | —% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 02/2020 | 05/2028 | 1918 | (5) |  | —% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 01/2024 | 01/2030 | 538 | (5) |  | —% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 10/2023 | 10/2030 | 799 | (7) |  | —% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 09/2027 | 1484 | (7) |  | —% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2023 | 08/2029 | 329 | (3) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2026 | 256 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2023 | 08/2025 | 504 |  |  |  |
|  |  |  |  |  |  |  | 1089 | (3) |  | —% |
| &nbsp;&nbsp;Enverus Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2023 | 12/2025 | 755 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2023 | 12/2029 | 1114 | (8) |  |  |
|  |  |  |  |  |  |  | 1869 | (8) |  | —% |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 02/2024 | 08/2025 | 9453 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 02/2024 | 02/2030 | 2363 | (25) |  |  |
|  |  |  |  |  |  |  | 11816 | (25) |  | —% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2029 | 273 | (4) |  | —% |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 11/2021 | 11/2027 | 2590 | (10) |  | —% |

---

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

------

<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 04/2026 | $1458 | $(5) | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 08/2030 | 972 | (3) |  |  |
|  |  |  |  |  |  |  | 2430 | (8) |  | —% |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2026 | 1980 |  |  | —% |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2026 | 2000 |  |  | —% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2026 | 681 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2030 | 433 | (4) |  |  |
|  |  |  |  |  |  |  | 1114 | (4) |  | —% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 04/2026 | 3476 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 04/2031 | 2172 | (10) |  |  |
|  |  |  |  |  |  |  | 5648 | (10) |  | —% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 04/2030 | 1708 | (19) |  | —% |
| &nbsp;&nbsp;More cowbell II LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2023 | 09/2025 | 232 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2023 | 09/2029 | 181 | (1) |  |  |
|  |  |  |  |  |  |  | 413 | (1) |  | —% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 05/2025 | 607 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 11/2030 | 722 | (2) |  |  |
|  |  |  |  |  |  |  | 1329 | (2) |  | —% |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 07/2028 | 1373 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 07/2028 | 660 |  |  |  |
|  |  |  |  |  |  |  | 2033 |  |  | —% |
| &nbsp;&nbsp;CG Group Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Chemicals & Materials | First Lien(3)(4) - Undrawn |  |  |  | 07/2021 | 07/2026 | 147 | (2) | (1) | (0.00)% |
| &nbsp;&nbsp;Specialtycare, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 06/2021 | 06/2026 | 94 | (1) | (3) | (0.00)% |
| &nbsp;&nbsp;Park Place Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 03/2030 | 418 | (1) | (1) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 09/2025 | 781 | (2) | (2) |  |
|  |  |  |  |  |  |  | 1199 | (3) | (3) | (0.00)% |

---

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

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**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2027 | $1444 | $— | $(4) | (0.00)% |
| &nbsp;&nbsp;CB Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2031 | 237 | (1) | (1) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2026 | 607 |  | (3) |  |
|  |  |  |  |  |  |  | 844 | (1) | (4) | (0.00)% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 06/2022 | 06/2028 | 1078 |  | (6) | (0.00)% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 06/2020 | 07/2027 | 551 | (6) | (6) | (0.00)% |
| &nbsp;&nbsp;Relativity ODA LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 05/2021 | 05/2029 | 1588 | (8) | (7) | (0.00)% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2031 | 388 | (2) | (2) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 1059 |  | (5) |  |
|  |  |  |  |  |  |  | 1447 | (2) | (7) | (0.00)% |
| &nbsp;&nbsp;GraphPAD Software, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 06/2024 | 06/2031 | 954 | (2) | (2) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 06/2024 | 06/2026 | 2290 |  | (6) |  |
|  |  |  |  |  |  |  | 3244 | (2) | (8) | (0.00)% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4) - Undrawn |  |  |  | 12/2024 | 12/2026 | 3342 |  |  |  |
|  | First Lien(4) - Undrawn |  |  |  | 12/2024 | 12/2031 | 1671 | (8) | (8) |  |
|  |  |  |  |  |  |  | 5013 | (8) | (8) | (0.00)% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 08/2022 | 08/2028 | 1496 | (13) | (11) | (0.00)% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 543 |  | (5) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2030 | 978 | (10) | (10) |  |
|  |  |  |  |  |  |  | 1521 | (10) | (15) | (0.00)% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 06/2026 | 886 | (2) | (7) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 06/2030 | 1242 | (9) | (9) |  |
|  |  |  |  |  |  |  | 2128 | (11) | (16) | (0.00)% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2031 | 2010 | (5) | (5) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 4540 |  | (11) |  |
|  |  |  |  |  |  |  | 6550 | (5) | (16) | (0.00)% |

---

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

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<u>[**Table of Contents**](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company, Location and Industry(1)** | **Type of<br>Investment** | **Reference (5)** | **Spread (5)** | **Interest Rate (5)** | **Acquisition Date** | **Maturity/Expiration<br>Date** | **Principal<br>Amount,<br>Par Value or Shares** | **Cost** | **Fair Value** | **Percent of Net Assets** |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 09/2024 | 09/2026 | $3619 | $— | $(18) | (0.00)% |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 08/2021 | 08/2027 | 709 | (7) | (21) | (0.00)% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2031 | 1711 | (8) | (9) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2026 | 3782 |  | (19) |  |
|  |  |  |  |  |  |  | 5493 | (8) | (28) | (0.00)% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 06/2024 | 06/2031 | 2052 | (10) | (10) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 06/2024 | 06/2026 | 3848 |  | (19) |  |
|  |  |  |  |  |  |  | 5900 | (10) | (29) | (0.00)% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 11/2025 | 1019 |  | (31) | (0.00)% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 09/2031 | 2256 | (11) | (11) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 5640 |  | (28) |  |
|  |  |  |  |  |  |  | 7896 | (11) | (39) | (0.00)% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2031 | 2644 | (13) | (13) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 5590 |  | (28) |  |
|  |  |  |  |  |  |  | 8234 | (13) | (41) | (0.00)% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 03/2022 | 03/2028 | 2198 | (22) | (53) | (0.01)% |
| &nbsp;&nbsp;Project Essential Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 04/2021 | 04/2027 | 2241 | (8) | (146) | (0.01)% |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First Lien(3)(4) - Undrawn |  |  |  | 11/2021 | 05/2027 | 1844 | (6) | (150) | (0.02)% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  | $**185747** | $**(521)** | $**(667)** | (0.07)% |
| **Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Atlas AU Bidco Pty Ltd\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2022 | 12/2028 | $208 | $(2) | $— | —% |
| **Total Unfunded Debt Investments - Australia** |  |  |  |  |  |  | $**208** | $**(2)** | $**—** | —% |
| **Total Unfunded Debt Investments** |  |  |  |  |  |  | $**185955** | $**(523)** | $**(667)** | (0.07)% |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | $**1451005** | $**1445655** | 146.96% |
| **Total Investments** |  |  |  |  |  |  |  | $**1451005** | $**1445655** | 146.96% |

---

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

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**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

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

(2)Investment is held by NMF SLF I SPV, L.L.C. ("SLF I SPV")

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

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

(5)All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Prime Rate (P), Secured Overnight Financing Rate (SOFR) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of December 31, 2024.

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

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

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

(9)The Company holds preferred equity in Eclipse Topco, Inc. and a first lien term loan and a first lien delayed draw in Eclipse Buyer, Inc., a wholly-owned subsidiary of Eclipse Topco, Inc.

(10)Investment is on non-accrual status. See Note 3. *Investments*, for details.

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

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Indicates assets that the Company deems to be "non-qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended. Qualifying assets must represent at least 70.0% of the Company's total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2024, 2.40% of the Company's total assets are represented by investments at fair value that are considered non-qualifying assets.

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

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**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2024**

**(in thousands, except shares)**

---

| | |
|:---|:---|
|<br>**Investment Type** | **December 31, 2024**<br>**Percent of Total<br>Investments at Fair Value** |
| First lien | 97.18% |
| Second lien | 2.07% |
| Subordinated | 0.33% |
| Equity and other | 0.42% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Industry Type** | **December 31, 2024**<br>**Percent of Total<br>Investments at Fair Value** |
| Software | 41.26% |
| Business Services | 22.36% |
| Healthcare | 14.93% |
| Financial Services | 7.64% |
| Consumer Services | 4.50% |
| Education | 2.96% |
| Food & Beverage | 1.84% |
| Consumer Products | 1.44% |
| Packaging | 1.28% |
| Distribution & Logistics | 0.78% |
| Business Products | 0.59% |
| Specialty Chemicals & Materials | 0.42% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Interest Rate Type** | **December 31, 2024**<br>**Percent of Total<br>Investments at Fair Value** |
| Floating rates | 99.27% |
| Fixed rates | 0.73% |
| Total investments | 100.00% |

---

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

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<u>[Table of](#ieb4fd08c360e46f7a2df3e72844713af_10)[Contents](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**Notes to the Consolidated Financial Statements of**

**NMF SLF I, Inc.**

**September 30, 2025** 

**(in thousands, except share data)**

(unaudited)

**Note 1. Formation and Business Purpose**

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

New Mountain Finance Advisers, L.L.C. (the "Investment Adviser"), formerly known as New Mountain Finance Advisers BDC, L.L.C., is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority owner. New Mountain Capital is a global investment firm with approximately $60 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

The Company conducted a private offering (the "Private Offering") of its shares of common stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). At the closing of any Private Offering, each investor will make a capital commitment (each, a "Capital Commitment") to purchase common stock pursuant to a subscription agreement entered into with the Company (each, a "Subscription Agreement"). Each investor will be required to make capital contributions to purchase the Company's common stock each time a drawdown notice is issued based on such investor's Capital Commitment. The Company commenced its loan origination and investment activities on the date it issued shares of common stock to persons not affiliated with the Investment Adviser, which occurred on February 18, 2020 (the "Initial Closing Date"). The Company may conduct subsequent closings at times during its investment period (the "Investment Period"), which commenced on the Initial Closing Date and initially continued until September 30, 2023, subject to automatic extensions thereafter, each for an additional one year period, unless the holders of a majority of the Company's outstanding common stock elect to forego any such extension upon not less than ninety days prior written notice. Effective September 30, 2025, the Investment Period was automatically extended for an additional one year period to September 30, 2026. Pursuant to the Subscription Agreements entered into with each investor, the Company shall commence the wind up of operations two years following the expiration of the Investment Period, subject to additional extensions, each for an additional one year period, upon approval of the holders of a majority of the Company's then outstanding common stock.

On December 9, 2020, the Company established NMF SLF I SPV, L.L.C. ("SLF I SPV") as a wholly-owned direct subsidiary of the Company, whose assets are used to secure SLF I SPV's credit facility. On October 6, 2022, the Company established NMF SLF I Opportunistic SPV, L.L.C. ("SLF I Opportunistic SPV") as a wholly-owned direct subsidiary of the Company. As of September 30, 2025 and December 31, 2024, there were no assets held by SLF I Opportunistic SPV.

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

The Company primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. The Company defines middle market companies as those businesses with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") between $10,000 and $200,000. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams.

Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-

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lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include "last-out" positions, which generally heighten the risk of loss.

As of September 30, 2025, the Company's top five industry concentrations were Software, Business Services, Healthcare, Financial Services, and Consumer Services.

**Note 2. Summary of Significant Accounting Policies**

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

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

The Company's consolidated interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company's consolidated interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2025.

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

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

The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the board of directors of the Company (the "Board") is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market quotations are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Because (i) "benefit plan investors", as defined in Section 3(42) of ERISA ("Benefit Plan Investors"), hold 25% or more of the Company's outstanding shares, and (ii) the Company's shares are not listed on a national securities exchange, an unaffiliated third-party ("Sub-Administrator") has been engaged to independently value the Company's investments, in consultation with the Investment Adviser. The Company's quarterly valuation procedures, which are the procedures that will be followed by such Sub-Administrator, are set forth in more detail below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Sub-Administrator is unable to sufficiently validate the quote(s) internally and if the investment's par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.For investments other than bonds, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, look at the number of quotes readily available and perform the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. If an IHS Markit Ltd. quote differs from the Refinitiv (formerly known as Thomson Reuters) quote by +/- 5% or if the spread between the bid and ask for a quote is greater than 10%, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, will use one or more of the methodologies outlined below to determine fair value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Investments for which one quote is received from a pricing service are validated by the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser. The personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. For assets where a supporting analysis is prepared, the Sub-Administrator will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which detail the qualitative and quantitative performance of the portfolio company will also be included. If the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser, is unable to sufficiently validate the quote internally and if the investment's par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Each portfolio company or investment is initially valued by the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser responsible for the credit monitoring; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Preliminary valuation conclusions will then be documented and discussed with the Company's senior management.

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of the Company's investments may fluctuate from period to period and the fluctuations could be material.

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

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

***Cash and cash equivalents***—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of September 30, 2025 and December 31, 2024. The cash deposits are FDIC insured up to $250 per ownership category, per institution.

***Revenue recognition***

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

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*Interest and dividend income:* Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in its portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal balance on the capitalization date and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2025, the Company recognized PIK interest from investments of $1,362 and $4,121, respectively, and PIK dividends from investments of $264 and $714, respectively. For the three and nine months ended September 30, 2024, the Company recognized PIK interest from investments of $2,027 and $6,425, respectively, and PIK dividends from investments of $49 and $49, respectively.

Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.

*Non-accrual income:* Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of September 30, 2025 and December 31, 2024, there was 1 investment on non-accrual status.

*Fee income:* Fee income represents delayed compensation, consent or amendment fees, revolver fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned.

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

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

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

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

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

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

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

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

Based on its analysis, the Company has determined that there were no uncertain income tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, *Income Taxes* ("ASC 740") through December 31, 2024. The 2022 through 2024 tax years and forward remain subject to examination by the U.S. federal, state, and local tax authorities.

***Earnings per share***—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares assuming all potential shares had been issued, and its related net impact to net assets accounted for, and the additional shares were dilutive. Diluted EPS reflects the potential dilution using the as-if converted method for convertible debt, which would occur if all potentially dilutive securities were exercised.

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

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

The Company applies the following in implementing the DRIP. The Company shall use only newly-issued shares of its common stock to implement the DRIP. The number of shares to be issued to a stockholder that has not elected to have its distributions in cash shall be determined by dividing the total dollar amount of the distribution payable to such participant by the net asset value ("NAV") per share as of the last day of the Company's fiscal quarter immediately preceding the date such distribution was declared (the "Reference NAV"); provided that in the event a distribution is declared on the last day of a fiscal quarter, the Reference NAV shall be deemed to be the net asset value per share as of such day. On August 16, 2022, the Board amended and restated the DRIP, effective as of September 18, 2022 (the "Amendment"). The Amendment clarifies that by "opting out" a stockholder may elect to receive some or all of their dividends or distributions in cash. Additionally, the notice requirement for stockholders to withdraw or modify their elections under the DRIP was amended such that a stockholder must notify the Company's transfer agent and registrar of any changes to their election no later than the day before the start of the quarterly period for which the stockholder desires to receive some or all of the dividend or distribution in cash. For the three and nine months ended September 30, 2025, the Company issued 752,607 and 752,607 shares through the DRIP, respectively. For the three and nine months ended September 30, 2024, the Company issued 5,586,708 and 11,017,557 shares through the DRIP, respectively.

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

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**Note 3. Investments**

At September 30, 2025, the Company's investments consisted of the following:

**Investment Cost and Fair Value by Type**

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| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| First lien | $1375980 | $1358898 |
| Second lien | 27424 | 25302 |
| Subordinated | 8568 | 8710 |
| Equity and other | 10637 | 9683 |
| Total investments | $1422609 | $1402593 |

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| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| Software | $550981 | $551768 |
| Business Services | 369452 | 369869 |
| Healthcare | 182547 | 171867 |
| Financial Services | 126291 | 126952 |
| Consumer Services | 71633 | 71612 |
| Education | 34827 | 33060 |
| Packaging | 19193 | 19286 |
| Consumer Products | 24847 | 15604 |
| Business Products | 13830 | 14077 |
| Distribution & Logistics | 13036 | 12507 |
| Food & Beverage | 9728 | 9723 |
| Specialty Chemicals & Materials | 6244 | 6268 |
| Total investments | $1422609 | $1402593 |

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At December 31, 2024, the Company's investments consisted of the following:&nbsp;&nbsp;&nbsp;&nbsp;

**Investment Cost and Fair Value by Type**

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| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| First lien | $1408830 | $1404867 |
| Second lien | 31354 | 29959 |
| Subordinated | 4756 | 4766 |
| Equity and other | 6065 | 6063 |
| Total investments | $1451005 | $1445655 |

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**Investment Cost and Fair Value by Industry**

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| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| Software | $595007 | $596473 |
| Business Services | 326188 | 323235 |
| Healthcare | 221052 | 215810 |
| Financial Services | 109824 | 110423 |
| Consumer Services | 64686 | 65029 |
| Education | 42613 | 42782 |
| Food & Beverage | 24488 | 26649 |
| Consumer Products | 22804 | 20894 |
| Packaging | 18322 | 18436 |
| Distribution & Logistics | 11485 | 11319 |
| Business Products | 8427 | 8496 |
| Specialty Chemicals & Materials | 6109 | 6109 |
| Total investments | $1451005 | $1445655 |

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During the third quarter of 2025, the Company placed its first lien term loans in Notorious Topco, LLC ("BIG") on non-accrual status. As of September 30, 2025, the Company's positions in BIG had an aggregate cost basis of $24,847, and aggregate fair value of $15,604 and total unearned income of $995 and $995, respectively, for the three and nine months then ended.

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

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

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

**Note 4. Fair Value**

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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

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

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

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

The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level I** | **Level II** | **Level III** |
| First lien | $1358898 | $— | $117424 | $1241474 |
| Second lien | 25302 |  |  | 25302 |
| Subordinated | 8710 |  |  | 8710 |
| Equity and other | 9683 |  |  | 9683 |
| Total investments | $1402593 | $— | $117424 | $1285169 |

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The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level I** | **Level II** | **Level III** |
| First lien | $1404867 | $— | $91603 | $1313264 |
| Second lien | 29959 |  | 19471 | 10488 |
| Subordinated | 4766 |  |  | 4766 |
| Equity and other | 6063 |  |  | 6063 |
| Total investments | $1445655 | $— | $111074 | $1334581 |

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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **First Lien** | **Second Lien** | **Subordinated** | **Equity and other** |
| **Fair value, June 30, 2025** | $1335804 | $1290511 | $26843 | $8398 | $10052 |
| Total gains or losses included in earnings: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation | (2012) | (1785) | 182 | 26 | (435) |
| Purchases, including capitalized PIK and revolver fundings | 110310 | 109958 |  | 286 | 66 |
| Proceeds from sales and paydowns of investments | (116184) | (112184) | (4000) |  |  |
| Transfers into Level III (1) | 2277 |  | 2277 |  |  |
| Transfers out of Level III (1) | (45026) | (45026) |  |  |  |
| **Fair value, September 30, 2025** | $1285169 | $1241474 | $25302 | $8710 | $9683 |
| Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $(2099) | $(1873) | $183 | $26 | $(435) |

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(1)As of September 30, 2025, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **First Lien** | **Second Lien** | **Subordinated** | **Equity and other** |
| **Fair value, June 30, 2024** | $1275491 | $1242213 | $28650 | $4423 | $205 |
| Total gains or losses included in earnings: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation | (3249) | (2935) | (352) | 38 |  |
| Purchases, including capitalized PIK and revolver fundings | 154245 | 148446 |  | 165 | 5634 |
| Proceeds from sales and paydowns of investments | (52496) | (52496) |  |  |  |
| Transfers out of Level III (1) | (59197) | (52397) | (6800) |  |  |
| **Fair value, September 30, 2024** | $1314794 | $1282831 | $21498 | $4626 | $5839 |
| Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $(3062) | $(2748) | $(352) | $38 | $— |

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

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The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **First Lien** | **Second Lien** | **Subordinated** | **Equity and other** |
| **Fair value, December 31, 2024** | $1334581 | $1313264 | $10488 | $4766 | $6063 |
| Total gains or losses included in earnings: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (losses) gains on investments | (3806) | (3806) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation | (7378) | (5903) | (657) | 134 | (952) |
| Purchases, including capitalized PIK and revolver fundings (1) | 240116 | 231734 |  | 3810 | 4572 |
| Proceeds from sales and paydowns of investments (1) | (288483) | (284483) | (4000) |  |  |
| Transfers into Level III (2) | 51916 | 32445 | 19471 |  |  |
| Transfers out of Level III (2) | (41777) | (41777) |  |  |  |
| **Fair value, September 30, 2025** | $1285169 | $1241474 | $25302 | $8710 | $9683 |
| Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | $(12457) | $(10982) | $(657) | $134 | $(952) |

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(1)Includes non-cash reorganizations and restructurings.

(2)As of September 30, 2025, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **First Lien** | **Second Lien** | **Subordinated** | **Equity and other** |
| **Fair value, December 31, 2023(1)** | $1210282 | $1167465 | $42816 | $1 | $— |
| Total gains or losses included in earnings: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (losses) gains on investments | (573) | (573) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 120 | 332 | (250) | 38 |  |
| Purchases, including capitalized PIK and revolver fundings (2) | 403550 | 387139 | 5985 | 4587 | 5839 |
| Proceeds from sales and paydowns of investments (2) | (257576) | (237216) | (20360) |  |  |
| Transfers into Level III (3) | 20208 | 20208 |  |  |  |
| Transfers out of Level III (3) | (61217) | (54524) | (6693) |  |  |
| **Fair value, September 30, 2024** | $1314794 | $1282831 | $21498 | $4626 | $5839 |
| Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: | $(1635) | $(1121) | $(552) | $38 | $— |

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

(2)Includes non-cash reorganizations and restructurings.

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

Except as noted in the tables above, there were no other transfers into or out of Levels I, II, or III during the three and nine months ended September 30, 2025 and September 30, 2024. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date, and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs. Investments will be transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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

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

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

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

***Market Based Approach:*** The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the Market Based Approach as of September 30, 2025 and December 31, 2024, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved.

***Income Based Approach:*** The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the Income Based Approach as of September 30, 2025 and December 31, 2024, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Range** | **Range** | **Range** |
|<br>**Type** |<br>**Fair Value as of, September 30, 2025** |<br>**Approach** |<br>**Unobservable Input** | **Low** | **High** | **Weighted<br>Average (1)** |
| First lien | $1204201 | Market & income approach | EBITDA multiple | 7.0x | 31.0x | 16.2x |
|  |  |  | Revenue multiple | 4.0x | 19.5x | 10.2x |
|  |  |  | Discount rate | 6.1% | 18.6% | 8.7% |
|  | 37273 | Other | N/A (2) | N/A | N/A | N/A |
| Second lien | 25302 | Market & income approach | EBITDA multiple | 21.0x | 21.0x | 21.0x |
|  |  |  | Discount rate | 8.5% | 19.9% | 11.3% |
| Subordinated | 8710 | Market & income approach | EBITDA multiple | 9.0x | 18.0x | 12.8x |
|  |  |  | Discount rate | 12.0% | 14.0% | 14.0% |
| Equity and other | 9683 | Market & income approach | EBITDA multiple | 9.0x | 18.0x | 14.2x |
|  |  |  | Revenue multiple | 9.0x | 9.0x | 9.0x |
|  |  |  | Discount rate | 12.7% | 12.7% | 12.7% |
|  | $1285169 |  |  |  |  |  |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2024 were as follows:&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Range** | **Range** | **Range** |
|<br>**Type** |<br>**Fair Value as of December 31, 2024** |<br>**Approach** |<br>**Unobservable Input** | **Low** | **High** | **Weighted<br>Average (1)** |
| First lien | $1278029 | Market & income approach | EBITDA multiple | 8.5x | 35.0x | 17.2x |
|  |  |  | Revenue multiple | 3.0x | 19.5x | 9.9x |
|  |  |  | Discount rate | 6.8% | 22.1% | 9.5% |
|  | 35235 | Other | N/A (2) | N/A | N/A | N/A |
| Second lien | 10488 | Market & income approach | EBITDA multiple | 14.0x | 18.0x | 16.0x |
|  |  |  | Discount rate | 10.1% | 10.2% | 10.2% |
| Subordinated | 4766 | Market & income approach | EBITDA multiple | 9.0x | 21.0x | 15.0x |
|  |  |  | Discount Rate | 12.5% | 14.6% | 14.6% |
| Equity and other | 6063 | Market & income approach | EBITDA multiple | 9.0x | 18.0x | 16.3x |
|  |  |  | Revenue multiple | 9.0x | 11.0x | 10.0x |
|  |  |  | Discount rate | 13.5% | 13.5% | 13.5% |
|  | $1334581 |  |  |  |  |  |

---

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

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

The fair value measurement of the Wells Credit Facility (as defined below) is considered Level III. See Note 6. *Borrowings* for details.

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The following are the principal amount and fair value of the Company's borrowings as of September 30, 2025 and December 31, 2024. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company's marketplace credit ratings, or market quotes, if available.&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Principal Amount** | **Fair Value** | **Principal Amount** | **Fair Value** |
| Wells Credit Facility | $436800 | $433537 | $504400 | $511559 |

---

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

**Note 5. Agreements and Related Parties**

The Company has entered into an investment advisory and management agreement (as amended and restated on December 13, 2020 and on September 26, 2022, the "Second A&R Investment Management Agreement" or the "Investment Management Agreement") with the Investment Adviser. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to the Company. For providing these services, the Investment Adviser receives an annual base management fee from the Company. The Investment Management Agreement was most recently re-approved by the Board on January 29, 2025, at an in-person meeting, for a period of 12 months commencing on March 1, 2025.

Pursuant to the Investment Management Agreement, during the Investment Period, the base management fee is calculated at an annual blended rate with respect to the Company's Assets Invested (defined below) at the end of each quarterly period by reference to (i) 0.70% in the case of Assets Invested equal to or less than $500,000, and (ii) 0.60% in the case of Assets Invested of greater than $500,000, subject, in each case, to the adjustments in the manner set forth in the Investment Management Agreement, as amended.

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

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

The Company has entered into an administration agreement (the "Administration Agreement") with the Administrator under which the Administrator provides administrative services to the Company for its day-to-day operations. The Administration Agreement was most recently re-approved by the Board on January 29, 2025 for a period of 12 months commencing on March 1, 2025. The Administrator maintains, or oversees the maintenance of, the Company's consolidated financial records, prepares reports filed with the U.S. Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

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

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

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company's investment mandate. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser's allocation procedures. The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company, the Investment Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the Board and other conditions. On May 13, 2025, the Company, the Investment Adviser and certain of their affiliates were granted a new order for exemptive relief (the "Exemptive Order") by the SEC, that replaces the prior exemptive relief, for the Company to co-invest with other funds managed by the Investment Adviser or certain affiliates pursuant to the conditions of the Exemptive Order. Pursuant to such Exemptive Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board makes certain findings (1) in most instances when the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis. Pursuant to the Exemptive Order, the Board will oversee the Company's participation in the co-investment program. As required by the Exemptive Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Exemptive Order, and the Investment Adviser and the Company's Chief Compliance Officer will provide reporting to the Board.

**Note 6. Borrowings**

***Wells Credit Facility****—*On December 23, 2020, the Company's wholly-owned subsidiary, SLF I SPV, entered into a Loan and Security Agreement among SLF I SPV as the borrower, the Investment Adviser as collateral manager, the Company as equityholder and seller, Wells Fargo Bank, National Association ("Wells Fargo") as the administrative agent and the collateral custodian, and each of the lenders from time to time party thereto (as amended from time to time, the "Loan and Security Agreement"), which is structured as a secured revolving credit facility (the "Wells Credit Facility"). On November 1, 2024, the Company entered into Amendment No. 4 to the Wells Credit Facility which extended the facility maturity date from December 1, 2028 to November 1, 2029 and increased the maximum facility amount from $600,000 to $700,000. Under the Wells Credit Facility, SLF I SPV is permitted to borrow up to 25.0%, 50.0%, 60.0% or 65.0% of the purchase price of pledged assets, subject to approval by Wells Fargo. The Wells Credit Facility is non-recourse to the Company and is collateralized by all of the investments of SLF I SPV on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Wells Credit Facility are capitalized on the Company's Consolidated Statements of Assets and Liabilities and charged against income as other financing expenses over the life of the Wells Credit Facility. The Wells Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of SLF I SPV investments, but rather to the performance of the underlying portfolio companies.

The Wells Credit Facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 2.05% per annum. Prior to the amendment on November 1, 2024, from December 1, 2023 to October 31, 2024, the Wells Credit Facility bore interest at a rate of the SOFR plus 2.40% per annum. The Wells Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Loan and Security Agreement).

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The following table summarizes the interest expense, non-usage fee and amortization of financing costs incurred on the Wells Credit Facility for the three and nine months ended September 30, 2025 and September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Interest expense | $7409 | $9081 | $22058 | $25344 |
| Non-usage fee | $315 | $175 | $942 | $632 |
| Amortization of financing costs | $622 | $506 | $1845 | $1508 |
| Weighted average interest rate | 6.4% | 7.7% | 6.4% | 7.7% |
| Effective interest rate | 7.3% | 8.4% | 7.3% | 8.5% |
| Average debt outstanding | $453468 | $461074 | $455585 | $431658 |

---

As of September 30, 2025 and December 31, 2024, the outstanding balance on the Wells Credit Facility was $436,800 and $504,400, respectively, and SLF I SPV was in compliance with the applicable covenants in the Loan and Security Agreement on such dates.

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

**Note 7. Regulation**

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

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

**Note 8. Commitments and Contingencies**

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of September 30, 2025, the Company had unfunded commitments on revolving credit facilities of $88,255, no outstanding bridge financing commitments, and other future funding commitments of $92,956. As of December 31, 2024, the Company had unfunded commitments on revolving credit facilities of $85,850, no outstanding bridge financing commitments, and other future funding commitments of $100,105. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedules of Investments as of September 30, 2025 and December 31, 2024.

The Company also had revolving borrowings available under the Wells Credit Facility as of September 30, 2025 and December 31, 2024. See Note 6. *Borrowings*, for details.

The Company may from time to time enter into financing commitment letters. As of September 30, 2025 and December 31, 2024, the Company had commitment letters to purchase investments in the aggregate par amount of $39,690 and $0, respectively, which could require funding in the future.

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**Note 9. Net Assets**

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

The following table reflects the distributions declared on the Company's common stock for the nine months ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** |
| March 25, 2025 | March 28, 2025 | July 21, 2025 | $0.2600 |
| June 23, 2025 | June 27, 2025 | July 28, 2025 | 0.2950 |
| September 22, 2025 | September 29, 2025 | December 19, 2025 | 0.2790 |
|  |  |  | $0.8340 |

---

The following table reflects the distributions declared on the Company's common stock for the nine months ended September 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** |
| March 20, 2024 | March 27, 2024 | July 19, 2024 | $0.3240 |
| June 25, 2024 | June 27, 2024 | July 19, 2024 | 0.3450 |
| September 23, 2024 | September 30, 2024 | December 20, 2024 | 0.3230 |
|  |  |  | $0.9920 |

---

**Note 10. Earnings Per Share**

The following information sets forth the computation of basic net increase in the Company's net assets per share resulting from operations for the three and nine months ended September 30, 2025 and September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Earnings per share—basic & diluted** | | | | |
| Numerator for basic & diluted earnings per share: | $21525 | $25524 | $61436 | $84337 |
| Denominator for basic & diluted weighted average share: | 94795190 | 92306427 | 94424890 | 88964819 |
| Basic & diluted earnings per share: | $0.23 | $0.28 | $0.65 | $0.95 |

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**Note 11. Financial Highlights**

The following information sets forth the Company's financial highlights for the nine months ended September 30, 2025 and September 30, 2024:

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| Per share data: (1) |  |  |
| Net asset value, December 31, 2024 and December 31, 2023, respectively | $10.44 | $10.50 |
| Net investment income | 0.85 | 1.00 |
| Net realized and unrealized (losses) gains | (0.20) | (0.05) |
| Net increase in net assets resulting from operations | 0.65 | 0.95 |
| Net increase in net asset value from capital transactions |  | (0.01) |
| Distributions declared to stockholders from net investment income | (0.83) | (0.99) |
| Net asset value, September 30, 2025 and September 30, 2024, respectively | $10.26 | $10.45 |
| Total return (2) | 6.39% | 9.20% |
| Shares outstanding at end of period | 94989279 | 93399479 |
| Average weighted shares outstanding for the period | 94424890 | 88964819 |
| Average net assets for the period | $980566 | $934782 |
| Ratio to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (3) | 10.90% | 12.69% |
| &nbsp;&nbsp;&nbsp;Total expenses (3) | 4.61% | 5.18% |
| Average debt outstanding — Wells Credit Facility | $455585 | $431658 |
| Asset coverage ratio | 323.03% | 294.80% |
| Portfolio turnover | 16.56% | 19.64% |
| Capital Commitments | $690000 | $690000 |
| Funded Capital Commitments | $690000 | $690000 |
| % of Capital Commitments funded | 100.00% | 100.00% |

---

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

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

(3)Annualized.

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**Note 12. Recent Accounting Standards Updates**

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ending March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

**Note 13. Segment Reporting**

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The chief operating decision maker ("CODM") is the Company's Chief Executive Officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase in stockholders' equity resulting from operations ("net income"). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company's stockholders. As the Company's operations are comprised of a single reporting segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as "total assets" and the significant segment expenses are listed on the accompanying consolidated statement of operations.

**Note 14. Subsequent Events**

On October 10, 2025, the Company entered into Amendment No. 5 to the Loan and Security Agreement (the "Fifth Amendment") by and among the Investment Adviser, as collateral manager, SLF I SPV, as borrower, the Company, as

equityholder and seller, Wells Fargo as the administrative agent and the collateral custodian, and each of the lenders from time

to time party thereto. The Fifth Amendment amended the Wells Fargo Credit Facility to, among other things: (i) extend the Facility Maturity Date from November 1, 2029 to October 10, 2030, (ii) extend the Reinvestment Period from November 1, 2027 to October 10, 2028, and (iii) modify the applicable spread used to determine the per annum interest rate payable under the Wells Credit Facility from 2.05% to 1.80%.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

**Results of Review of Interim Financial Information**

We have reviewed the accompanying consolidated statement of assets and liabilities of NMF SLF I, Inc. and subsidiaries (the "Company"), including the consolidated schedule of investments, as of September 30, 2025, the related consolidated statements of operations and changes in net assets for the three-month and nine-month periods ended September 30, 2025 and 2024, the consolidated statements of cash flows for the nine-month periods ended September 30, 2025 and 2024, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments as of December 31, 2024, and the related consolidated statements of operations, changes in net assets and cash flows for the year then ended (not presented herein); and in our report dated March 6, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities from which it has been derived.

**Basis for Review Results**

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

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

/s/ DELOITTE & TOUCHE LLP

New York, New York

November 13, 2025

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations**

The information in management's discussion and analysis of financial condition and results of operations relates to NMF SLF I, Inc., including its wholly-owned direct subsidiaries (collectively, "we", "us", "our", or the "Company").

**Forward-Looking Statements**

The information contained in this section should be read in conjunction with the financial data and consolidated financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or our future performance or our financial condition. The forward-looking statements contained in this section involve a number of risks and uncertainties, including:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainty associated with the imposition of tariffs and/or trade barriers and changes in trade policy and its impact on our portfolio companies and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of interest rate volatility on our business and our portfolio companies;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk factors set forth in *Item 1A.—Risk Factors* contained in our Annual Report on Form 10-K for the year ended December 31, 2024 and in this Quarterly Report on Form 10-Q.

Forward-looking statements are identified by their use of such terms and phrases such as "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "target", "will", "would" or similar expressions. Actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth in *Item 1A.—Risk Factors* contained in our Annual Report on Form 10-K for the year ended December 31, 2024 and in this Quarterly Report on Form 10-Q.

We have based the forward-looking statements included in this report on information available to us on the date of this report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we undertake no obligation to revise or update any forward-looking statements, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

**Overview**

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

The Investment Adviser is a wholly-owned subsidiary of New Mountain Capital. New Mountain Capital is a global investment firm with approximately $60 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages our day-to-day operations and provides us with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to ours. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned

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subsidiary of New Mountain Capital, provides the administrative services necessary to conduct our day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

We conducted a private offering (the "Private Offering") of shares of our common stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended. At the closing of any Private Offering, each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase common stock pursuant to a subscription agreement entered into with us (each, a "Subscription Agreement"). We commenced our loan origination and investment activities on the date we issued shares to persons not affiliated with the Investment Adviser (the "Initial Closing Date"), which occurred on February 18, 2020. We may conduct subsequent closings during our investment period (the "Investment Period"), which commenced on the Initial Closing Date and initially continued until September 30, 2023, subject to automatic extensions thereafter, each for an additional one year period, unless the holders of a majority of our outstanding common stock elect to forego any such extension upon not less than ninety days prior written notice. Effective September 30, 2025, the Investment Period was automatically extended for an additional one year period to September 30, 2026. Each investor is required to make capital contributions to purchase our common stock each time a drawdown notice is issued based on such investor's Capital Commitment. Pursuant to the Subscription Agreement entered into with each investor, we shall commence the wind up of operations two years following the expiration of the Investment Period, subject to additional extensions, each for an additional one year period, upon approval of the holders of a majority of our then outstanding common stock.

On December 9, 2020, we established NMF SLF I SPV, L.L.C. ("SLF I SPV") as a wholly-owned direct subsidiary whose assets are used to secure SLF I SPV's credit facility. On December 23, 2020, SLF I SPV entered into a Loan and Security Agreement among SLF I SPV as the borrower, the Investment Adviser as collateral manager, us as equity holder and seller, Wells Fargo Bank, National Association as the administrative agent and the collateral custodian, and each of the lenders from time to time party thereto (as amended, from time to time, the "Loan and Security Agreement"), which is structured as a secured revolving credit facility (the "Wells Credit Facility"). On October 6, 2022, we established NMF SLF I Opportunistic SPV, L.L.C. ("SLF I Opportunistic SPV") as a wholly-owned direct subsidiary. As of September 30, 2025 and December 31, 2024, there were no assets held by SLF I Opportunistic SPV.

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

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

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

As of September 30, 2025, our top five industry concentrations were software, business services, healthcare, financial services, and consumer services.

As of September 30, 2025, our net assets were approximately $974.2 million and our portfolio had a fair value of approximately $1,402.6 million in 128 portfolio companies.

**Recent Developments**

On October 10, 2025, we entered into Amendment No. 5 to the Loan and Security Agreement (the "Fifth Amendment") by and among the Investment Adviser, as collateral manager, SLF I SPV, as borrower, us, as equityholder and seller, Wells Fargo as the administrative agent and the collateral custodian, and each of the lenders from time to time party thereto. The Fifth Amendment amended the Wells Fargo Credit Facility to, among other things: (i) extend the Facility Maturity Date from November 1, 2029 to October 10, 2030, (ii) extend the Reinvestment Period from November 1, 2027 to October 10, 2028, and (iii) modify the applicable spread used to determine the per annum interest rate payable under the Wells Credit Facility from 2.05% to 1.80%.

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**Critical Accounting Estimates**

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting estimates.

***Basis of Accounting***

We consolidate our wholly-owned direct subsidiaries SLF I SPV and SLF I Opportunistic SPV. We are an investment company following accounting and reporting guidance as described in Accounting Standards Codification Topic 946, *Financial Services—Investment Companies* ("ASC 946").

***Valuation and Leveling of Portfolio Investments***

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

We value our assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, our board of directors (the "Board") is ultimately and solely responsible for determining the fair value of our portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market quotations are not readily available and any other situation where our portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Because (i) "benefit plan investors", as defined in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and any regulations promulgated thereunder ("Benefit Plan Investors"), hold 25% or more of our outstanding shares, and (ii) our shares are not listed on a national securities exchange, an unaffiliated third-party (the "Sub-Administrator") has been engaged to independently value our investments, in consultation with the Investment Adviser. Our quarterly valuation procedures, which are the procedures that will be followed by such Sub-Administrator, are set forth in more detail below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Bond quotes are obtained through independent pricing services. Internal reviews are performed by the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Sub-Administrator is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.For investments other than bonds, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, look at the number of quotes readily available and perform the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. If an IHS Markit Ltd. quote differs from the Refinitiv (formerly known as Thomson Reuters) quote by +/- 5% or if the spread between the bid and ask for a quote is greater than 10%, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, will use one or more of the methodologies outlined below to determine fair value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Investments for which one quote is received from a pricing service are validated by the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser. The personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. For assets where a supporting analysis is prepared, the Sub-Administrator will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which

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detail the qualitative and quantitative performance of the portfolio company will also be included. If the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser, is unable to sufficiently validate the quote internally and if the investment's par value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Each portfolio company or investment is initially valued by the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser responsible for the credit monitoring; and

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

For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.

The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of our investments may fluctuate from period to period and the fluctuations could be material.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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

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

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

The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a

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quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.

See *Item 1.—Financial Statements—Note 4. Fair Value* in this Quarterly Report on Form 10-Q for additional information on fair value hierarchy as of September 30, 2025.

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

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

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

***Market Based Approach:*** We may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. We consider numerous factors when selecting the appropriate companies whose trading multiples are used to value our portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. We may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment.

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

See *Item 1.—Financial Statements—Note 4. Fair Value* in this Quarterly Report on Form 10-Q for additional information on unobservable inputs used in the fair value measurement of our Level III investments as of September 30, 2025.

***Revenue Recognition***

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

*Interest and dividend income:* Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. We have loans and certain preferred equity investments in our portfolio that contain a payment-in-kind

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("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal balance on the capitalization date and is generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2025, the Company recognized PIK interest from investments of $1.4 million and $4.1 million, respectively, and PIK dividends from investments of $0.3 million and $0.7 million, respectively. For the three and nine months ended September 30, 2024, the Company recognized PIK interest from investments of $2.0 million and $6.4 million, respectively, and PIK dividends from investments of less than $0.1 million and $0.1 million, respectively.

Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible.

*Non-accrual income:* Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of September 30, 2025 and December 31, 2024, there was 1 investment on non-accrual status.

*Fee income:* Fee income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after trade date. Fee income may also include fees from bridge loans. We may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by us for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned.

**Monitoring of Portfolio Investments**

We monitor the performance and financial trends of our portfolio companies on at least a quarterly basis. We attempt to identify any developments within the portfolio company, the industry or the macroeconomic environment that may alter any material element of our original investment strategy. Our portfolio monitoring procedures are designed to provide a simple yet comprehensive analysis of our portfolio companies based on their operating performance and underlying business characteristics, which in turn forms the basis of its Risk Rating (as defined below).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Tier 4 – Business performance is in-line with or above expectations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Tier 3 – Moderate business underperformance and/or moderate market headwinds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Tier 2 – Significant business underperformance and/or significant market headwinds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Tier 1 – Severe business underperformance and/or severe market headwinds

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yellow – 3C, 2B, and 1A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Orange – 2C and 1B

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Red – 1C

The following table shows the Risk Ratings of our portfolio companies as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **(in millions)**<br>**Risk Rating** | **Cost** | **Percent** | **Fair Value** | **Percent** |
| Green | $1306.6 | 91.9% | $1307.7 | 93.2% |
| Yellow | 57.2 | 4.0% | 49.3 | 3.5% |
| Orange | 34.0 | 2.4% | 30.0 | 2.2% |
| Red | 24.8 | 1.7% | 15.6 | 1.1% |
|  | $1422.6 | 100.0% | $1402.6 | 100.0% |

---

As of September 30, 2025, all investments in our portfolio had a Green Risk Rating, with the exception of five portfolio companies that had a Yellow Risk Rating, four portfolio companies that had an Orange Risk Rating, and one portfolio company that had a Red Risk Rating.

During the third quarter of 2025, the Company placed its first lien term loans in Notorious Topco, LLC ("BIG") on non-accrual status. As of September 30, 2025, the Company's positions in BIG had an aggregate cost basis of $24.8 million, and aggregate fair value of $15.6 million and total unearned income of $1.0 million and $1.0 million, respectively, for the three and nine months then ended. As of September 30, 2025, our investment in BIG had a Red Risk Rating.

**Portfolio and Investment Activity**

The fair value of our investments, as determined in good faith by our Board, was approximately $1,402.6 million in 128 portfolio companies at September 30, 2025 and approximately $1,445.7 million in 121 portfolio companies at December 31, 2024.

The following table shows our portfolio and investment activity for the nine months ended September 30, 2025 and September 30, 2024:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
|<br>**(in millions)** | **September 30, 2025** | **September 30, 2024** |
| Investments in 65 and 75, respectively, new and existing portfolio companies | $236.1 | $417.9 |
| Debt repayments in existing portfolio companies | (266.0) | (263.7) |
| Sales of securities in 3 and 1 companies, respectively | (8.5) | (2.4) |
| Change in unrealized appreciation on 43 and 66 portfolio companies, respectively | 7.1 | 5.7 |
| Change in unrealized depreciation on 95 and 62 portfolio companies, respectively | (21.8) | (9.6) |

---

**Recent Accounting Standards Updates**

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

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**Results of Operations for the Three Months Ended September 30, 2025 and September 30, 2024**

***Revenue***

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Total interest income | $36325 | $41081 |
| Dividend income | 264 | 49 |
| Fee income | 931 | 1652 |
| Total investment income | $37520 | $42782 |

---

Our total investment income decreased by approximately $5.3 million, or 12%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. For the three months ended September 30, 2025, total investment income of approximately $37.5 million consisted of approximately $33.0 million in cash interest from investments, approximately $1.4 million in PIK and non-cash interest from investments, net amortization of purchase premiums and discounts of approximately $1.9 million, $0.3 million in PIK dividends from investments, and approximately $0.9 million in fee income. The decrease in total interest income of approximately $4.8 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 was primarily due to lower yields on our portfolio investments. Fee income during the three months ended September 30, 2025, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 15 different portfolio companies.

***Operating Expenses***

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Management fee | $2264 | $2342 |
| Interest and other financing expenses | 8356 | 9773 |
| Administrative expenses | 316 | 345 |
| Professional fees | 273 | 292 |
| Other general and administrative expenses | 116 | 76 |
| Net expenses | $11325 | $12828 |

---

Our total net operating expenses decreased by approximately $1.5 million, or 12%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Our management fee decreased by $0.1 million, which was attributable to the lower drawn balance on the Wells Credit Facility as of September 30, 2025, as compared to September 30, 2024.

Interest and other financing expenses decreased by approximately $1.4 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to lower spreads and SOFR rates on lower average drawn balances on the Wells Credit Facility.

Professional fees, administrative expenses and other general and administrative expenses for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 remained relatively flat.

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

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Net realized gains (losses) on investments | $(43) | $— |
| Net change in unrealized appreciation (depreciation) of investments | (4627) | (4430) |
| Net realized and unrealized gains (losses) | $(4670) | $(4430) |

---

Our net realized losses and unrealized depreciation resulted in a net loss of approximately $4.7 million for the three months ended September 30, 2025 as compared to the net unrealized depreciation resulting in a net loss of approximately $4.4 million for the three months ended September 30, 2024. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the three months ended September 30, 2025 was primarily driven by unrealized depreciation in Notorious Topco, LLC, Houghton Mifflin Harcourt Company and KWOR Intermediate I, LLC as well as by material accelerated amortization realized on our investment in Nielsen

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Consumer Inc. due to early repayments received during the period. The net loss for the three months ended September 30, 2024 was primarily driven by the overall decrease in market prices of our investments during the period.

**Results of Operations for the Nine Months Ended September 30, 2025 and September 30, 2024**

***Revenue***

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Total interest income | $111066 | $120867 |
| Dividend income | 714 | 49 |
| Fee income | 2026 | 4127 |
| Total investment income | $113806 | $125043 |

---

Our total investment income decreased by approximately $11.2 million, or 9%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. For the nine months ended September 30, 2025, total investment income of approximately $113.8 million consisted of approximately $101.1 million in cash interest from investments, approximately $4.1 million in PIK and non-cash interest from investments, net amortization of purchase premiums and discounts of approximately $5.9 million, $0.7 million in PIK dividends from investments, and approximately $2.0 million in fee income. The decrease in total interest income of approximately $9.8 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was primarily due to lower yields on our portfolio investments. The increase in dividend income of $0.7 million was primarily driven by new preferred share investments. Fee income during the nine months ended September 30, 2025, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront and amendment fees received from 28 different portfolio companies.

***Operating Expenses***

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Management fee | $6768 | $6637 |
| Interest and other financing expenses | 24875 | 27514 |
| Administrative expenses | 959 | 983 |
| Professional fees | 933 | 851 |
| Other general and administrative expenses | 302 | 232 |
| Net expenses | $33837 | $36217 |

---

Our total net operating expenses decreased by approximately $2.4 million, or 7%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Our management fee increased by $0.1 million, which was attributable to larger managed and invested capital balances as a result of the shares issued through the DRIP.

Interest and other financing expenses decreased by approximately $2.6 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to decreased spreads and SOFR rates on the Wells Credit Facility during the nine months ended September 30, 2025 offset by higher average drawn balances on the Wells Credit Facility during the nine months ended September 30, 2025.

Professional fees, administrative expenses and other general and administrative expenses for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 remained relatively flat.

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

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
|<br>**(in thousands)** | **September 30, 2025** | **September 30, 2024** |
| Net realized (losses) gains on investments | $(3867) | $(573) |
| Net change in unrealized (depreciation) appreciation of investments | (14666) | (3916) |
| Net realized and unrealized (losses) gains | $(18533) | $(4489) |

---

Our net realized losses and unrealized depreciation resulted in a net loss of approximately $18.5 million for the nine months ended September 30, 2025 as compared to the net realized losses and unrealized depreciation resulting in a net loss of

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approximately $4.5 million for the nine months ended September 30, 2024. As movement in unrealized appreciation or depreciation can be the result of realizations, we look at net realized and unrealized gains or losses together. The net loss for the nine months ended September 30, 2025 was primarily driven by unrealized depreciation in Notorious Topco, LLC and CCBlue Bidco, Inc., realized losses in KWOR Acquisition, Inc. and material accelerated amortization realized on our investments in Sierra Enterprises, LLC and Nielsen Consumer Inc. due to early repayments received during the period. The net loss for the nine months ended September 30, 2024 was primarily driven by a realized loss in TMK Hawk Parent, Corp. and the overall decrease in fair value of our investments during the period.

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

**Liquidity and Capital Resources**

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

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

The Investment Adviser, as our initial stockholder, authorized us to adopt the application of the modified asset coverage ratio pursuant to the requirements set forth in Section 61(a) of the 1940 Act, which resulted in the reduction of the minimum asset coverage ratio applicable to us from 200.0% to 150.0%. In connection with their subscriptions for our shares, our stockholders were required to acknowledge our ability to operate with an asset coverage ratio that may be as low as 150.0%. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, is at least 150.0% after such borrowing (which means we can borrow $2 for every $1 of our equity). As of September 30, 2025, our asset coverage ratio was 323.03%.

On September 30, 2025 and December 31, 2024, we had aggregate capital commitments and undrawn capital commitments from investors as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **September 30, 2025** | **December 31, 2024** |
| Capital Commitments | $690.0 | $690.0 |
| Unfunded Capital Commitments |  |  |
| % of Capital Commitments funded | 100.0% | 100.0% |

---

At September 30, 2025 and December 31, 2024, we had cash and cash equivalents of approximately $24.9 million and $20.4 million, respectively. Our cash provided by (used in) operating activities for the nine months ended September 30, 2025 and September 30, 2024 was approximately $116.6 million and $(72.9) million, respectively. We expect that all current liquidity needs will be met with cash flows from operations.

**Off-Balance Sheet Arrangements**

We may become a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of September 30, 2025 and December 31, 2024, we had outstanding commitments to third parties to fund investments totaling $181.2 million and $186.0 million, respectively, under various undrawn revolving credit facilities, delayed draw commitments or other future funding commitments.

We may from time to time enter into financing commitment letters or bridge financing commitments, which could require funding in the future. As of September 30, 2025 and December 31, 2024, we had commitment letters to purchase investments in the aggregate par amount of $39.7 million and $0.0 million, respectively, which could require funding in the future. As of September 30, 2025 and December 31, 2024, we had not entered into any bridge financing commitments which could require funding in the future.

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**Contractual Obligations**

A summary of our significant contractual payment obligations as of September 30, 2025 is as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Contractual Obligations Payments Due by Period** | **Contractual Obligations Payments Due by Period** | **Contractual Obligations Payments Due by Period** | **Contractual Obligations Payments Due by Period** | **Contractual Obligations Payments Due by Period** |
| **(in millions)** | **Total** | **Less than<br>1 Year** | **1 - 3 Years** | **3 - 5 Years** | **More than<br>5 Years** |
| Wells Credit Facility (1) | $436.8 | $— | $— | $436.8 | $— |

---

(1)Under the terms of the Wells Credit Facility, all outstanding borrowings under that facility ($436.8 million as of September 30, 2025) must be repaid on or before November 1, 2029. As of September 30, 2025, there was approximately $263.2 million of possible capacity remaining under the Wells Credit Facility. See *Item 1.—Financial Statements—Note 6. Borrowings* in this Quarterly Report on Form 10-Q, for material details on the Wells Credit Facility.

We have entered into an investment management agreement, as amended and restated from time to time (the "Investment Management Agreement") with the Investment Adviser in accordance with the 1940 Act. Under the Investment Management Agreement, the Investment Adviser has agreed to provide us with investment advisory and management services. We have agreed to pay a management fee for these services.&nbsp;&nbsp;&nbsp;&nbsp;

We have also entered into an administration agreement (the "Administration Agreement") with the Administrator. Under the Administration Agreement, the Administrator has agreed to arrange office space for us and provide office equipment and clerical, bookkeeping and record keeping services and other administrative services necessary to conduct our day-to-day operations. The Administrator has also agreed to maintain, or oversee the maintenance of, our financial records, our reports to stockholders and reports filed with the SEC. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

If any of the contractual obligations discussed above are terminated, our costs under any new agreements that are entered into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under the Investment Management Agreement and the Administration Agreement.

**Distributions and Dividends**

Distributions declared for the nine months ended September 30, 2025 and September 30, 2024 totaled approximately $78.8 million and $88.9 million, respectively.

Tax characteristics of all distributions paid are reported to stockholders on Form 1099 after the end of the calendar year. For the years ended December 31, 2024 and December 31, 2023, total distributions declared were $117.2 million and $105.4 million, respectively, of which the distributions were comprised of approximately 97.30% and 98.96% respectively, of ordinary income, 2.55% and 1.04%, respectively, of long-term capital gains, and 0.15% and 0.00%, respectively, of a return of capital. Future distributions, if any, will be determined by our Board.

We intend to pay semi-annual distributions to our stockholders in amounts sufficient to qualify as and maintain our status as a RIC. We intend to distribute approximately all of our net investment income on a semi-annual basis and substantially all of our taxable income on an annual basis, except that we may retain certain net capital gains for reinvestment.&nbsp;&nbsp;&nbsp;&nbsp;

We maintain an "opt out" dividend reinvestment plan (as amended from time to time, the "DRIP"), on behalf of our common stockholders, pursuant to which each of our stockholders' cash distributions will be automatically reinvested in additional shares of common stock, unless the stockholder elects to receive cash. We will only use newly-issued shares of common stock to implement the DRIP. On August 16, 2022, our Board amended and restated the DRIP, effective as of September 18, 2022 (the "Amendment"). The Amendment clarifies that by "opting out" a stockholder may elect to receive some or all of their dividends or distributions in cash. Additionally, the notice requirement for stockholders to withdraw or modify their elections under the DRIP was amended such that a stockholder must notify the Company's transfer agent and registrar of any changes to their election no later than the day before the start of the quarterly period for which the stockholder desires to receive some or all of the dividend or distribution in cash. For the nine months ended September 30, 2025 and September 30, 2024, we issued 752,607 and 11,017,557 shares through the DRIP, respectively. See *Item 1— Financial Statements—Note 2. Summary of Significant Accounting Policies* in this Quarterly Report on Form 10-Q for additional details regarding our dividend reinvestment plan.

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**Related Parties**

We have entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have entered into the Investment Management Agreement with the Investment Adviser, a wholly-owned subsidiary of New Mountain Capital. Therefore, New Mountain Capital is entitled to any profits earned by the Investment Adviser, which includes any fees payable to the Investment Adviser under the terms of the Investment Management Agreement, as amended, less expenses incurred by the Investment Adviser in performing its services under the Investment Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have entered into the Administration Agreement with the Administrator, a wholly-owned subsidiary of New Mountain Capital. The Administrator arranges our office space and provides office equipment and administrative services necessary to conduct our day-to-day operations pursuant to the Administration Agreement.

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

In addition, we have adopted a formal Code of Ethics that governs the conduct of our officers and directors. These officers and directors also remain subject to the duties imposed by the 1940 Act and the Maryland General Corporation Law.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to our investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that we should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff, and consistent with the Investment Adviser's allocation procedures. We may be prohibited under the 1940 Act from participating in certain transactions with our affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. We, the Investment Adviser and certain of our affiliates were granted an order for exemptive relief that permitted co-investing with our affiliates subject to various approvals of the Board and other conditions. On May 13, 2025, we, the Investment Adviser and certain of our affiliates were granted a new order for exemptive relief (the "Exemptive Order") by the SEC, that replaces the prior exemptive relief, for us to co-invest with other funds managed by the Investment Adviser or certain affiliates pursuant to the conditions of the Exemptive Order. Pursuant to such Exemptive Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Exemptive Order. The Exemptive Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Exemptive Order unless the disposition is done on a pro rata basis. Pursuant to the Exemptive Order, the Board will oversee our participation in the co-investment program. As required by the Exemptive Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Exemptive Order, and the Investment Adviser and our Chief Compliance Officer will provide reporting to the Board.

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

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**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk**

We are subject to certain financial market risks, such as interest rate fluctuations. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. The Federal Reserve decreased interest rates by 0.25% in September and October of 2025 and previously held interest rates steady in the first and second quarters of 2025. The Federal Reserve has indicated it will consider additional rate reductions in the near term; however, future reductions to benchmark rates are not certain. In an elevated interest rate environment, our net investment income would increase due to an increase in interest income generated by our investment portfolio. However, our cost of funds would also increase, which could also impact net investment income. It is possible that the Federal Reserve's tightening cycle could result in a recession in the United States, which would likely decrease interest rates. In addition, in a prolonged low interest rate environment, including a reduction of base rates, such as SOFR, to zero, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. During the nine months ended September 30, 2025, certain of the loans held in our portfolio had SOFR interest rates. As of September 30, 2025, approximately 99.2% of our investments at fair value (excluding unfunded debt investments) represent floating-rate investments with a SOFR floor (includes investments bearing prime interest rate contracts) and approximately 0.8% of our investments at fair value represent fixed-rate investments. Additionally, our Wells Credit Facility is also subject to floating interest rates and is currently paid based on the floating SOFR rates.

The following table estimates the potential changes in interest income net of interest expense, should interest rates decrease by 200, 150, 100 or 50 basis points, or increase by 50, 100, 150 or 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on September 30, 2025. Interest expense is calculated based on the terms of our Wells Credit Facility. For our credit facility, we use the outstanding balance as of September 30, 2025. This analysis does not take into account the impact of other expenses. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of September 30, 2025. These hypothetical calculations are based on a model of the investments in our portfolio, held as of September 30, 2025, and are only adjusted for assumed changes in the underlying base interest rates.

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

---

| | |
|:---|:---|
| **Change in Interest Rates** | **Estimated Percentage<br>Change in Interest<br>Income Net of<br>Interest Expense<br>(unaudited)** |
| -200 Basis Points | (18.07)% |
| -150 Basis Points | (13.55)% |
| -100 Basis Points | (9.03)% |
| -50 Basis Points | (4.52)% |
| +50 Basis Points | 4.52% |
| +100 Basis Points | 9.03% |
| +150 Basis Points | 13.55% |
| +200 Basis Points | 18.07% |

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**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

***(a)Evaluation of Disclosure Controls and Procedures***

As of September 30, 2025 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

***(b)Changes in Internal Control Over Financial Reporting***

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

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**PART II. OTHER INFORMATION**

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

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings**

We, our consolidated subsidiaries, the Investment Adviser and the Administrator are not currently subject to any material legal proceedings as of September 30, 2025. From time to time, we or our consolidated subsidiaries may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

**Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors**

In addition to the other information set forth in this report, you should carefully consider the factors discussed in *Item 1A.—Risk Factors* in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results, including the Risk Factor titled "We may borrow money, which could magnify the potential for gain or loss on amounts invested in us and increase the risk of investing in us". The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the nine months ended September 30, 2025 to the risk factors discussed in *Item 1A.—Risk Factors* in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

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

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

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.None.

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

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

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<u>[Table of](#ieb4fd08c360e46f7a2df3e72844713af_10)[Contents](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

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

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.1 | <u>[Form of Articles of Amendment and Restatement(1)](https://www.sec.gov/Archives/edgar/data/1766037/000104746919006483/a2238991zex-3_1.htm)</u> |
| 3.2 | <u>[Amended and Restated Bylaws of NMF SLF I, Inc.(2)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001766037/000176603724000005/nmslf-20231231.htm)</u> |
| 4.1 | <u>[Form of Subscription Agreement(1)](https://www.sec.gov/Archives/edgar/data/1766037/000104746919006483/a2238991zex-4_1.htm)</u> |
| 10.1 | <u>[Amendment No. 5 to the Loan and Security Agreement, dated October 10, 2025, by and among New Mountain Finance Advisers, L.L.C., as collateral manager, NMF SLF I SPV, L.L.C., as borrower, NMF SLF I, Inc., as equityholder and seller, Wells Fargo Bank, National Association, as administrative agent, swingline lender, and collateral custodian.\*](wells-newmountainslfixam.htm)</u> |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended\*](nmfslfi-09302025xex311.htm)</u> |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended\*](nmfslfi-09302025xex312.htm)</u> |
| 32.1 | <u>[Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)\*](nmfslfi-09302025xex321.htm)</u> |
| 32.2 | <u>[Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)\*](nmfslfi-09302025xex322.htm)</u> |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104.0 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Previously filed in connection with NMF SLF I, Inc.'s Current Report on Form 8-K filed on December 6, 2023.

\* Filed herewith.

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<u>[Table of](#ieb4fd08c360e46f7a2df3e72844713af_10)[Contents](#ieb4fd08c360e46f7a2df3e72844713af_10)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on November 13, 2025.

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

---

## Exhibit 10.1

![](wells-newmountainslfixam001.jpg)

EXECUTION VERSION Error! Unknown document property name. AMENDMENT NO. 5 TO LOAN AND SECURITY AGREEMENT, (this "Amendment") dated as of October 10, 2025, among NMF SLF I SPV, L.L.C., a Delaware limited liability company, as the borrower (the "Borrower"), NEW MOUNTAIN FINANCE ADVISERS, L.L.C., a Delaware limited liability company, as the collateral manager (the "Collateral Manager"), NMF SLF I, INC., a Maryland Corporation, as the equityholder (the "Equityholder") and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the administrative agent (in such capacity, the "Administrative Agent") and as a lender (in such capacity, a "Lender"). WHEREAS, the Borrower, the Collateral Manager, the Equityholder, the Administrative Agent, the Lender, the other Lenders party from time to time thereto, NMF SLF I, INC., as the seller, Wells Fargo Bank, National Association, as the swingline lender, and Wells Fargo Bank, National Association, as the Collateral Custodian are parties to the Loan and Security Agreement, dated as of December 23, 2020 (as amended from time to time prior to the date hereof, the "LSA"), providing, among other things, for the making and the administration of the Advances by the lenders to the Borrower; and WHEREAS, the Borrower, the Collateral Manager, the Equityholder, the Administrative Agent and the Lender desire to amend the LSA in accordance with Section 12.1 thereof and subject to the terms and conditions set forth herein. NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: ARTICLE I Definitions SECTION 1.1. Defined Terms. Terms used but not defined herein have the respective meanings given to such terms in the LSA. ARTICLE II Amendments SECTION 2.1. As of the date of this Amendment, the LSA is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: bold and double-underlined text) as set forth on the pages of the LSA attached as Appendix A hereto. Error! Unknown document property name. 2 ARTICLE III Representations and Warranties SECTION 3.1. The Borrower and the Collateral Manager hereby represent and warrant to the Administrative Agent and the Lender that, as of the date first written above, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower and the Collateral Manager contained in the LSA are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date). ARTICLE IV Conditions Precedent SECTION 4.1. This Amendment shall become effective as of the date first written above so long as the following conditions are satisfied: (a) the execution and delivery of this Amendment by each party hereto; (b) the Administrative Agent's receipt of a legal opinion of Dechert LLP counsel to the Borrower in form and substance reasonably satisfactory to the Administrative Agent covering such matters as the Administrative Agent may reasonably request; (c) the Administrative Agent's receipt of a good standing certificate of the Borrower and the Collateral Manager issued by Secretary of State of the State of Delaware and a certified copy of the resolutions of the board of directors of the Collateral Manager approving this Amendment and the transactions contemplated hereby, certified by an authorized officer (or similar) of the Equityholder; and (d) the Borrower shall have paid to the Administrative Agent, in immediately available funds for its own account, any fees (including reasonable and documented fees, disbursements and other charges of counsel to the Administrative Agent) to be received on the date hereof. ARTICLE V Miscellaneous SECTION 5.1. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. SECTION 5.2. Severability Clause. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. Error! Unknown document property name. 3 SECTION 5.3. Ratification. Except as expressly amended hereby, the LSA is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the LSA for all purposes. SECTION 5.4. Counterparts. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof. This Amendment shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the UCC (collectively, "Signature Law"), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings. SECTION 5.5. Headings. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. SECTION 5.6. Collateral Custodian Direction. By its execution hereof the Administrative Agent hereby authorizes and directs the Collateral Custodian to execute and deliver this Amendment on the date hereof, acknowledges and agrees that the Collateral Custodian shall be fully protected in relying upon the foregoing consent and direction and hereby releases the Collateral Custodian from any liability in complying with such direction. In executing and delivering this Amendment, the Collateral Custodian shall be afforded all of the rights, privileges, immunities and indemnities afforded to it under the LSA as if such rights, privileges, immunities and indemnities were set forth herein; provided that such rights, privileges, immunities and indemnities shall be in addition to, and not in limitation of, any such rights, privileges, immunities and indemnities set forth in this Amendment. [Signature Page to Amendment No. 5 to Loan and Security Agreement (SLF I)] IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above. NMF SLF I SPV, L.L.C., as the Borrower By: New Mountain Finance Advisers, L.L.C., its manager By: ____________________________________ Name: Kris E. Corbett Title: Chief Financial Officer and Treasurer

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![](wells-newmountainslfixam002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;[Signature Page to Amendment No. 5 to Loan and Security Agreement (SLF I)] NEW MOUNTAIN FINANCE ADVISERS, L.L.C., as Collateral Manager By: ____________________________________ Name: Kris E. Corbett Title: Chief Financial Officer [Signature Page to Amendment No. 5 to Loan and Security Agreement (SLF I)] NMF SLF I, INC., as the Equityholder By: ____________________________________ Name: Kris E. Corbett Title: Chief Financial Officer and Treasurer [Signature Page to Amendment No. 5 to Loan and Security Agreement (SLF I)] WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent By: __________________________________ Name: Title: R. Beale Pope Managing Director [Signature Page to Amendment No. 5 to Loan and Security Agreement (SLF I)] WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender By: __________________________________ Name: Title: R. Beale Pope Managing Director

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![](wells-newmountainslfixam003.jpg)

APPENDIX A EXECUTION VERSION CONFORMED THROUGH FOURTHFIFTH AMENDMENT DATED NOVEMBER 1OCTOBER 10, 20242025 U.S. $700,000,000 LOAN AND SECURITY AGREEMENT by and among NEW MOUNTAIN FINANCE ADVISERS, L.L.C., as the Collateral Manager NMF SLF I SPV, L.L.C., as the Borrower NMF SLF I, INC., as the Equityholder and as the Seller EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO, as the Lenders WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Swingline Lender WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Collateral Custodian Dated as of December 23, 2020 USActive 55525956.20USActive 55525956.21 "Anti-Money Laundering Laws": Applicable Laws in any jurisdiction in which the Borrower, the Collateral Manager, the Equityholder, the Seller or any of their respective Subsidiaries is located or doing business that relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto. "Applicable Law": For any Person or property of such Person, all existing and future laws, rules, regulations (including proposed, temporary and final tax regulations), statutes, treaties, codes, ordinances, permits, certificates, licenses and orders of, and interpretations by, any Governmental Authority which are applicable to such Person or property (including, without limitation, predatory lending laws, usury laws, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Truth in Lending Act, and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System), and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction. "Applicable Spread": A rate per annum equal to 2.051.80%; provided that the "Applicable Spread" shall be 4.053.80% after the occurrence and during the continuance of an Event of Default. "Approval Notice": A notice substantially in the form of Exhibit A-5 attached hereto, executed by the Administrative Agent, evidencing the approval of the Administrative Agent, in its sole discretion in accordance with clause (B) of the definition of "Eligible Loan", of the Loans to be added to the Collateral. "Approved Broker Dealer": (a) Each broker dealer listed on part I of Schedule II hereto and (b) any other financial institution designated as an "Approved Broker Dealer" by the Collateral Manager and reasonably acceptable to the Administrative Agent. "Approved Valuation Firm": (a) Each valuation firm listed on part II of Schedule II hereto and (b) any other financial institution designated as an "Approved Valuation Firm" by the Collateral Manager and reasonably acceptable to the Administrative Agent. "Asset Rejection Percentage": The ratio of (a)(i) the number of Partially Eligible Loans submitted by the Borrower to the Administrative Agent to be included in the Collateral which are rejected by the Administrative Agent pursuant to clause (B) of the definition of "Eligible Loan" plus (ii) the number of Eligible Loans which are given an Assigned Value of less than 50% of their respective Purchase Price by the Administrative Agent pursuant to clause (a)(iii) of the definition of "Assigned Value" to (b) the total number of Partially Eligible Loans submitted by the Borrower to the Administrative Agent to be included in the Collateral; provided that, until fifteen (15) Partially Eligible Loans have been submitted to the Administrative Agent by the Borrower, the Asset Rejection Percentage shall be zero. "Assigned Value": USActive 55525956.20USActive 55525956.21 4 "Collection Account": Collectively, the Interest Collection Account and the Principal Collection Account. "Collection Period": With respect to the first Payment Date, the period from and including the Closing Date to and including the Determination Date immediately preceding the first Payment Date; and thereafter, the period from but excluding the Determination Date immediately preceding the previous Payment Date to and including the Determination Date immediately preceding the current Payment Date (or, in the case of the final Payment Date, to and including such Payment Date). "Collections": All cash collections and other cash proceeds of any Collateral, including, without limitation or duplication, any Interest Collections, Principal Collections, collections on Permitted Investments or other amounts received in respect thereof (but excluding any Excluded Amounts). "Commitment": With respect to each Lender, the commitment of such Lender to make Advances in accordance herewith in an amount up to (a) prior to the earlier to occur of the Revolving Period End Date or the Termination Date, the dollar amount set forth opposite such Lender's name on Annex B hereto or the amount set forth as such Lender's "Commitment" on Schedule I to the Joinder Supplement relating to such Lender, as such amounts may be reduced, increased or assigned from time to time pursuant to the terms of this Agreement, and (b) on or after the earlier to occur of the Revolving Period End Date or the Termination Date, zero. "Commitment Reduction Fee": With respect to any reduction of the Facility Amount pursuant to Section 2.3(a), an amount equal to the product of (i) the amount of such reduction multiplied by (ii) the applicable Commitment Reduction Percentage. "Commitment Reduction Percentage": On any date (a) on or prior to the second anniversary of the FourthFifth Amendment Closing Date, the Asset Rejection Percentage is less than or equal to 50%, and (i) if such date is on or prior to the first anniversary of the FourthFifth Amendment Closing Date, 2.00% or (ii) if such date is after the first anniversary of the FourthFifth Amendment Closing Date, a percentage equal to the product of (x) the number of days remaining until the two-year anniversary of the FourthFifth Amendment Closing Date divided by 365 and (y) 1.00% and (b) where either the Asset Rejection Percentage is greater than 50% or such date is after the second anniversary of the FourthFifth Amendment Closing Date, zero percent. "Conforming Changes": With respect to the use or administration of Daily Simple SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate," the definition of "Business Day," the definition of "Accrual Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 2.12 and other technical, administrative or operational matters) that the Administrative Agent decides (in consultation with the Borrower) may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof USActive 55525956.20USActive 55525956.21 14

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![](wells-newmountainslfixam004.jpg)

Secured Party, as applicable, has agreed to maintain the confidentiality of such information in accordance with the provisions of such Underlying Instruments; (s) such Loan requires (i) periodic payments of accrued and unpaid interest in cash (x) in a minimum amount of (A) if such Loan has a floating interest rate based on the applicable interest rate index (including Partial PIK Loans), such applicable interest rate index plus 2.252.15% per annum, (B) if such Loan has a floating interest rate based on the Prime Rate, the Prime Rate or (C) if such Loan has a fixed interest rate, 66.0% per annum and (y) on a current basis no less frequently than quarterly and (ii) a fixed amount of principal payable in cash no later than its stated maturity; (t) if such Loan is a registration-required obligation within the meaning of Section 163(f)(2) of the Code, such Loan is Registered; (u) such Loan is not a participation interest; (v) all information provided by the Borrower or the Collateral Manager with respect to the Loan is true, correct and complete in all material respects as of the date such information is provided; (w) such Loan (A) is not an Equity Security and (B) does not provide for the conversion or exchange into an Equity Security at any time on or after the date it is included as part of the Collateral; (x) such Loan does not constitute Margin Stock; (y) unless such Loan is a Delayed Draw Loan or a Revolving Loan, such Loan does not require the Borrower to make advances in respect of such Loan at any time after the Borrower's purchase of such Loan; provided that, if such Loan is a Delayed Draw Loan or a Revolving Loan, the acquisition of such Loan would not cause (A) the aggregate Unfunded Exposure Amount of all Loans that would qualify as a Delayed Draw Loan and (B) the sum of the OLBs plus the aggregate Unfunded Exposure Amount of all Loans that would qualify as a Revolving Loan to exceed the greater of (i) 10% of the Aggregate OLB plus the Aggregate Unfunded Exposure Amount as of such date and (ii) the applicable amount set forth in Annex C; (z) such Loan shall not cause the aggregate OLBs of all Loans with respect to which the related Obligor is not domiciled, organized or incorporated in the United States or any State or territory thereof or Canada to exceed the greater of (i) 10% of the Aggregate OLB as of such date and (ii) the applicable amount set forth in Annex C; (aa) such Loan shall not cause the aggregate OLBs of all Loans that are fixed rate loans to exceed the greater of (i) 10% of the Aggregate OLB as of such date and (ii) the applicable amount set forth in Annex C; (bb) if such Loan is a Partial PIK Loan, the Weighted Average Spread Test has been satisfied as of the date of acquisition of such Partial PIK Loan; USActive 55525956.20USActive 55525956.21 20 "Facility Amount": $700,000,000; provided that on or after the earlier to occur of the Revolving Period End Date or the Termination Date, the Facility Amount shall mean the Advances Outstanding. "Facility Maturity Date": The two-year anniversary of the Revolving Period End Date. "FATCA": Sections 1471 through 1474 of the Code, as in effect on the Closing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreements (or related legislation or official administrative rules or practices) implementing the foregoing. "FDIC": The Federal Deposit Insurance Corporation, and any successor thereto. "Federal Funds Rate": For any day, a per annum rate equal to the weighted average of the overnight federal funds rates as in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Administrative Agent for such day (or, if such day is not a Business Day, for the next preceding Business Day), or, if for any reason such rate is not available on any day, the rate determined, in the sole discretion of the Administrative Agent, to be the rate at which overnight federal funds are being offered in the national federal funds market at 9:00 a.m. on such day. "Fifth Amendment Closing Date": October 10, 2025. "Financial Asset": The meaning specified in Section 8-102(a)(9) of the UCC. "Financial Sponsor": Any Person, including any Subsidiary of such Person, whose principal business activity is acquiring, holding, and selling investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate management, books and records and bank accounts, whose operations are not integrated with one another and whose financial condition and creditworthiness are independent of the other companies so owned by such Person. "First Lien Loan": A Loan that (i) is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority (subject to Liens permitted under the related Underlying Instruments that are reasonable and customary for similar loans, and Liens accorded priority by law in favor of the United States or any state or agency thereof) under Applicable Law and (iii) the Collateral Manager determines in good faith that the value of the collateral securing the Loan on or about the time of origination equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral. "First Out Attachment Ratio": With respect to any Eligible Loan, as of any date of determination, an amount equal to the "senior net leverage ratio" or any comparable term relating to any "first out" senior secured Indebtedness in the Underlying Instruments for such Loan; USActive 55525956.20USActive 55525956.21 23 "Officer's Certificate": A certificate signed by a Responsible Officer of the Person providing the applicable certification, as the case may be. "OLB": For any Loan as of any date of determination, an amount equal to the product of (x) the Assigned Value of such Loan as of such date of determination, and (y) the principal balance of such Loan outstanding as of such date of determination. "Operating Lease Implementation": The implementation by an Obligor of IFRS 16/ASC 842. "Opinion of Counsel": A written opinion of counsel, which opinion and counsel are acceptable to the Administrative Agent in its sole discretion. "Original Cash Interest Coverage Ratio": With respect to any Loan, the Cash Interest Coverage Ratio for such Loan on the date of the related Approval Notice. "Original Net Senior Leverage Ratio": With respect to any Loan, the Net Senior Leverage Ratio for such Loan on the date of the related Approval Notice. "Original Total Leverage Ratio": With respect to any Loan, the Total Leverage Ratio for such Loan on the date of the related Approval Notice. "Other Connection Taxes": With respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Advance or Transaction Document). "Other Taxes": All present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Transaction Document or any other document providing liquidity support, credit enhancement or other similar support to the Lenders in connection with this Agreement or the funding or maintenance of Advances hereunder, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to a request by the Borrower). "Partial PIK Loan": A Loan which at the time of contribution to the Borrower (i) allows for any portion of the interest accrued for a specified period of time or until the maturity thereof is, at the option of the Obligor or pursuant to conditions specified (in each case, under the related loan agreement and without default), added to the principal balance of such Loan or otherwise deferred rather than being paid in cash and (ii) a portion of interest accruing thereon is contractually required to be paid in cash and such cash interest accrues at a rate equal to or in excess of (a) the applicable interest rate index plus 2.252.15% if such Loan is a floating rate loan pursuant to the loan agreement for such Loan, (b) the applicable prime rate if such Loan is a floating rate loan with an interest rate based on the applicable prime rate, and (c) 6.00% if such Loan is a fixed rate loan; provided that, any Partial PIK Loan that is a floating rate loan and has a USActive 55525956.20USActive 55525956.21 34 minimum contractual cash coupon of not less than the applicable interest rate index plus 4.00% shall not be considered a Partial PIK Loan for purposes of Eligible Loan criteria clause (bb) of the definition of "Eligible Loan". "Partially Eligible Loan": Any Loan which meets each of the criteria listed in the definition of "Eligible Loan" other than clause (B) of such definition, whether or not rejected by the Administrative Agent pursuant to such clause (B). "Participant Register": The meaning specified in Section 12.16(b). "Payment Date": The sixth Business Day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day, commencing in April 2021. "Payment Duties": The meaning specified in Section 7.2(b)(vii). "Payment Recipient": The meaning specified in Section 11.10(a). "Permitted Investments": Negotiable instruments or securities or other investments (which may include obligations, deposits, instruments, investments and securities of or with the Collateral Custodian or any Affiliate of the Collateral Custodian, or of or with issuers for which the Collateral Custodian or an Affiliate of the Collateral Custodian provides services or receives compensation) that (i) except in the case of time deposits and investments in money market funds, are represented by instruments in registered form or ownership of which is represented by book entries by a Clearing Agency or by a Federal Reserve Bank in favor of depository institutions eligible to have an account with such Federal Reserve Bank who hold such investments on behalf of their customers, (ii) as of any date of determination, mature by their terms on or prior to the Business Day preceding the next Payment Date, (iii) have payments thereon to the Borrower that are not subject to any withholding tax unless the obligor thereon is required under the terms of the related Underlying Instrument to make "gross-up" payments that cover the full amount of such withholding tax on an after-tax basis and (iv) evidence: (a) direct obligations of, and obligations fully guaranteed as to full and timely payment by, the United States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States); (b) demand deposits, time deposits or certificates of deposit of depository institutions or trust companies incorporated under the laws of the United States or any state thereof and subject to supervision and examination by federal or state banking or depository institution authorities; provided that, at the time of the Borrower's investment or contractual commitment to invest therein, the commercial paper, if any, and short-term unsecured debt obligations (other than such obligation whose rating is based on the credit of a Person other than such institution or trust company) of such depository institution or trust company shall have a credit rating from any Rating Agency in the Highest Required Investment Category granted by such Rating Agency; USActive 55525956.20USActive 55525956.21 35

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(or any domestic branch of a foreign bank), (i)(a) that has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by S&P or "P-1" or better by Moody's, (b) the parent corporation of which has either (1) a long-term unsecured debt rating of "A" or better by S&P and "A2" or better by Moody's or (2) a short-term unsecured debt rating or certificate of deposit rating of "A-1" or better by S&P and "P-1" or better by Moody's or (c) is otherwise acceptable to the Administrative Agent and (ii) the deposits of which are insured by the FDIC. "Rating Agency": Each of S&P, Fitch and Moody's. "Recipient": (a) The Administrative Agent, and (b) any Lender, as applicable. "Recurring Revenue": With respect to any Recurring Revenue Loan, the meaning of "Recurring Revenue" or any comparable definition in the related Underlying Instruments relating to recurring maintenance or support revenues, subscription revenues, and recurring revenues attributable to software licensed or sold (excluding one-time license revenues) in the Underlying Instruments for such Loan. "Recurring Revenue Loan": A Loan that (i) has a related Obligor organized under the law of the United States and is denominated in Dollars, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law, (iii) has a related Obligor that is principally engaged in an enterprise software business that derives revenue primarily under contractual agreements and/or selling software as a service, (iv) is structured or underwritten based on a multiple of the related Obligor's Recurring Revenue, and (v) that contains a Recurring Revenue Loan Covenant Flip Scheduled Date (which date is no later than the 3 year anniversary of the date on which the Borrower acquired such Loan); provided that the Administrative Agent may re-designate such Loan as a First Lien Loan or a Second Lien Loan in its sole discretion if the recurring revenue covenants in the related Underlying Instruments are replaced (whether by amendment or by operation of such Underlying Instruments) with traditional cash flow leverage lending covenants (such as those based on total leverage, senior leverage, and interest coverage) (a "Recurring Revenue Reclassification Date"). For any Loan subject to a Recurring Revenue Reclassification Date, any references to the Senior Leverage Ratio, Interest Coverage Ratio and the Assigned Value as of the date on which such Loan was acquired by the Borrower shall be deemed to be determined by the Administrative Agent in its sole discretion as of the Recurring Revenue Reclassification Date. "Recurring Revenue Loan Cash Liquidity Amount": With respect to any Recurring Revenue Loan, the meaning of "Unrestricted Cash" or any comparable definition in the Related Underlying Instruments, or, if no such definition is defined in such Underlying Instruments, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes or subject to any Lien (other than blanket liens permitted under or granted in accordance with such Underlying Instruments); provided that cash held in reserve accounts for the purpose of meeting interest payments on indebtedness may be included at the sole discretion of the Administrative Agent. USActive 55525956.20USActive 55525956.21 38 administration of this Agreement and also, with respect to a particular matter, any other duly authorized officer, administrative manager or managing member of such Person to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject. "Restricted Payment": (i) Any dividend or other distribution, direct or indirect, on account of any class of membership interests of the Borrower now or hereafter outstanding, except a dividend paid solely in interests of that class of membership interests or in any junior class of membership interests of the Borrower; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any class of membership interests of the Borrower now or hereafter outstanding, and (iii) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire membership interests of the Borrower now or hereafter outstanding. "Revenue Recognition Implementation": The implementation by an Obligor of IFRS 15/ASC 606. "Review Criteria": The meaning specified in Section 7.2(b)(i). "Revolving Loan": Any Loan (other than a Delayed Draw Loan, but including funded and unfunded portions of revolving credit lines and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that under the Underlying Instruments relating thereto may require one or more future advances to be made to the Obligor by the Borrower. "Revolving Period": The period commencing on the Closing Date and ending on the day preceding the earlier to occur of (a) the Revolving Period End Date, (b) the date on which the "investment period" of the Equityholder ends or (c) the Termination Date. "Revolving Period End Date": The earlier to occur of (a) the three (3) year anniversary of the FourthFifth Amendment Closing Date (as such date may be extended pursuant to Section 2.3(c)) and (b) the Revolving Period Termination Date. "Revolving Period Termination Date": The date of the declaration of the Termination Date pursuant to Section 9.2(a). "S&P": S&P Global Ratings (or its successors in interest). "Sale Agreement": The Loan Sale Agreement, dated as of the Closing Date, between the Seller, as seller, and the Borrower, as purchaser, as the same may be amended, modified, waived, supplemented or restated from time to time. "Sale Proceeds": With respect to any Loan, all proceeds received as a result of the sale of such Loan, net of all out-of-pocket expenses of the Borrower, the Collateral Manager and the Collateral Custodian incurred in connection with any such sale. USActive 55525956.20USActive 55525956.21 41 "Unadjusted Benchmark Replacement": The applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. "Uncertificated Security": The meaning specified in Section 8-102(a)(l818) of the UCC. "Underlying Assets": With respect to a Loan, any property or other assets designated and pledged as collateral to secure repayment of such Loan, including, without limitation, to the extent provided for in the relevant Underlying Instruments, a pledge of the stock, membership or other ownership interests in the related Obligor and all Proceeds from any sale or other disposition of such property or other assets. "Underlying Assignment Agreement": Any assignment and acceptance, assignment and assumption, joinder or other assignment agreement, the form of which is specified under the applicable Underlying Instruments for use when assigning the related Loan. "Underlying Instruments": The loan agreement, credit agreement, indenture or other agreement pursuant to which a Loan or Permitted Investment has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Loan or Permitted Investment or of which the holders of such Loan or Permitted Investment are the beneficiaries. "United States": The United States of America. "Unfunded Exposure Account": A Securities Account created and maintained on the books and records of the Collateral Custodian entitled "Unfunded Exposure Account" in the name of the Borrower and subject to the Lien of the Administrative Agent for the benefit of the Secured Parties. "Unfunded Exposure Amount": On any date of determination, with respect to any Loan, the aggregate amount (without duplication) of all (i) unfunded commitments and (ii) all standby or contingent commitments associated with such Loan. "Unfunded Exposure Equity Amount": On any date of determination, an amount equal to the sum, for each Loan, of (a) the Unfunded Exposure Amount for such Loan minus (b) the product of (i) the Unfunded Exposure Amount for such Loan, (ii) the Advance Rate for such Loan and (iii) the Assigned Value of such Loan. "Unrestricted Cash": The meaning of "Unrestricted Cash" or any comparable definition in the Underlying Instruments for each Loan, and in any case that "Unrestricted Cash" or such comparable definition is not defined in such Underlying Instruments, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in accordance with such Underlying Instruments), as reflected on the most recent financial statements of the relevant Obligor that have been delivered to the Borrower. "Unused Facility Amount": At any time, (a) the Facility Amount minus (b) the Advances Outstanding at such time. USActive 55525956.20USActive 55525956.21 45 "USA Patriot Act": The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. "U.S. Government Securities Business Day" means any: Any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. "U.S. Person": Any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code. "U.S. Special Resolution Regime": Each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. "U.S. Tax Compliance Certificate": The meaning assigned to such term in Section 2.13(g). "Value Adjustment Event": With respect to any Loan, the occurrence of any one or more of the following events after the related Funding Date: (a) (i) solely with respect to any First Lien Loan, the Net Senior Leverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is (A) greater than 3.50 to 1.00 and (B) greater than 0.75 higher than the Original Net Senior Leverage Ratio and (ii) solely with respect to any Second Lien Loan, the Total Leverage Ratio is (A) greater than 4.00 to 1.00 and (B) greater than 0.75 higher than the Original Total Leverage Ratio; provided that in connection with any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent may retroactively adjust the Net Senior Leverage Ratio or the Total Leverage Ratio for any Loan as determined on the related Funding Date; (b) the Cash Interest Coverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is (i) less than 1.50 to 1.00 and (ii) less than 85% of the Original Cash Interest Coverage Ratio (or, if applicable, the Cash Interest Coverage Ratio as of the related Recurring Revenue Reclassification Date); provided that in connection with any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent may retroactively adjust the Cash Interest Coverage Ratio for any Loan as determined on the related Funding Date; (c) solely with respect to Recurring Revenue Loans, the Recurring Revenue Loan Gross Leverage Ratio with respect to such Eligible Loan increases by greater than 10.0% from such ratio at the time the asset was first acquired by the Borrower; (d) solely with respect to Recurring Revenue Loans, either (i) the recurring revenue covenants for such Eligible Loan fail to be replaced with traditional cash flow leverage lending covenants by the Recurring Revenue Loan Covenant Flip Scheduled Date or (ii) the Recurring Revenue Loan Covenant Flip Scheduled Date is extended; USActive 55525956.20USActive 55525956.21 46

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written notice setting forth in reasonable detail the nature of such facts and circumstances. In particular, but without limiting the foregoing, the Borrower shall notify the Administrative Agent in the manner set forth in the preceding sentence before any Funding Date of any facts or circumstances within the knowledge of the Borrower which would render any of the said representations and warranties untrue as of such Funding Date; (iii) [Reserved.]. (iv) Proceedings. As soon as possible and in any event within three (3) Business Days after an executive officer of the Borrower receives notice or obtains knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral, the Transaction Documents, the Secured Parties' interest in the Collateral, or the Borrower, the Collateral Manager or the Equityholder; provided that, notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral, the Transaction Documents, the Secured Parties' interest in the Collateral, or the Borrower, the Collateral Manager or the Equityholder in excess of $1,000,000 shall be deemed to be material for purposes of this Section 5.1(n); (v) Notice of Certain Events. Promptly upon becoming aware thereof, notice of (1) any Collateral Manager Default, (2) any Value Adjustment Event, (3) any Change of Control, (4) any other event or circumstance that could reasonably be expected to have a Material Adverse Effect, (5) any event or circumstance whereby any Loan which was included in the latest calculation of the Borrowing Base as an Eligible Loan shall fail to meet one or more of the criteria (other than criteria waived by the Administrative Agent on or prior to the related Purchase Date in respect of such Loan) listed in the definition of "Eligible Loan", and (6) of the occurrence of any event of default by an Obligor on any Loan (after giving effect to any grace period under the related Underlying Instruments); (vi) Organizational Changes. As soon as possible and in any event within fifteen (15) Business Days after the effective date thereof, notice of any change in the name, jurisdiction of organization, organizational structure or location of records of the Borrower or the Equityholder; provided that, the Borrower agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the UCC or otherwise that are required in order for the Administrative Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral; (vii) Accounting Changes. As soon as possible and in any event within three (3) Business Days after the effective date thereof, notice of any material change in the accounting policies of the Borrower; and (viii) Removal and Resignation of Independent Manager. No less than five (5) Business Days prior to any removal of the Independent Manager of any such removal, and within five (5) Business Days after any resignation of the Independent Manager. USActive 55525956.20USActive 55525956.21 94 shall establish, maintain, contribute to, or have any liability (contingent or otherwise) with respect to any Plan. (g) Borrower LLC Agreement. The Borrower will not amend, modify, waive or terminate (i) any provision of the Borrower LLC Agreement if such amendment, modification, waiver or termination would result in a Default, Event of Default or Material Adverse Effect or (ii) any Special Purpose Provision, in each case without the prior written consent of the Administrative Agent. (h) Changes in Payment Instructions to Obligors. The Borrower will not make any change, or permit the Collateral Manager to make any change, in its instructions to Obligors regarding payments to be made with respect to the Collateral to the Collection Account, unless (x) the change in such instructions is to comply with the terms of the Transaction Documents or (y) the Administrative Agent has consented to such change. (i) Extension or Amendment of Collateral. The Borrower will not, except as otherwise permitted in Section 6.4(a), consent to the extension, amendment or other modification of the terms of any Loan without the prior written consent of the Administrative Agent. (j) Fiscal Year. The Borrower shall not change its fiscal year or method of accounting without providing the Administrative Agent with prior written notice (i) providing a detailed explanation of such changes and (ii) including a pro forma financial statements demonstrating the impact of such change. (k) Change of Control. The Borrower shall not enter into any transaction or agreement which results in a Change of Control. (l) Sole Ownership. The Borrower shall not have more than one (1) owner of its membership interests during the term of this Agreement. (m) Disregarded Entities. The Borrower shall not file any election or take any position to be other than a "disregarded entity" for U.S. tax purposes. (n) Restricted Payments. The Borrower shall not make any Restricted Payments other than (i) so long as no Event of Default or Default has occurred and is continuing or would result therefrom, (x) amounts on deposit in the Interest Collection Account that would have been distributed pursuant to Section 2.7(a)(9) on the immediately preceding Payment Date but for the existence of a Default, (y) amounts on deposit in the Principal Collection Account that would have been distributed pursuant to Section 2.7(b)(12) on the immediately preceding Payment Date but for the existence of a Default and (z) amounts on deposit in the Collection Account that would have been distributed pursuant to Section 2.8(98) on the immediately preceding Payment Date but for the existence of an Event of Default and (ii) amounts the Borrower receives in accordance with Section 2.7, Section 2.8 or any other provision of any Transaction Document which expressly requires or permits payments to be made to or amounts to be reimbursed to the Borrower. (o) Compliance with Sanctions. The Borrower shall not, and shall ensure that any Person directly or indirectly Controlling the Borrower, any Person directly or indirectly USActive 55525956.20USActive 55525956.21 98

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## Exhibit 31.1

**EXHIBIT 31.1** 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER** 

I, John R. Kline, Chief Executive Officer of NMF SLF I, Inc., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of NMF SLF I, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 13th day of November, 2025<br>

---

| |
|:---|
| /s/ JOHN R. KLINE |
| John R. Kline |

---

## Exhibit 31.2

**EXHIBIT 31.2** <br>

**CERTIFICATION OF CHIEF FINANCIAL OFFICER** 

I, Kris Corbett, Chief Financial Officer of NMF SLF I, Inc., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of NMF SLF I, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated this 13th day of November, 2025<br>

---

| |
|:---|
| /s/ KRIS CORBETT |
| Kris Corbett |

---

## Exhibit 32.1

**EXHIBIT 32.1** 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**<br>**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)** 

In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 2025 (the "Report") of NMF SLF I, Inc. (the "Registrant"), as filed with the U.S. Securities and Exchange Commission on the date hereof, I, John R. Kline, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ JOHN R. KLINE | /s/ JOHN R. KLINE |
| Name: | John R. Kline |
| Date: | November 13, 2025 |

---

## Exhibit 32.2

**EXHIBIT 32.2** 

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**<br>**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)** 

In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 2025 (the "Report") of NMF SLF I, Inc. (the "Registrant"), as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Kris Corbett, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ KRIS CORBETT | /s/ KRIS CORBETT |
| Name: | Kris Corbett |
| Date: | November 13, 2025 |

---

<br>