# EDGAR Filing Document

**Accession Number:** 0001766037
**File Stem:** 0001766037-26-000009
**Filing Date:** 2026-5
**Character Count:** 361639
**Document Hash:** 55fe366b4557c9cb22503fc5bd31d400
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001766037-26-000009.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001766037-26-000009

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**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:** 26972570

**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-20260331

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_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 March 31, 2026** 

□ **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 May 13, 2026 was 95,740,093. As of March 31, 2026, there was no established public market for the registrant's common stock.

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026** 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| **<u>[PART I. FINANCIAL INFORMATION](#i71c13fe8e9a5443f846fce41ed4382c7_13)</u>** | **<u>[PART I. FINANCIAL INFORMATION](#i71c13fe8e9a5443f846fce41ed4382c7_13)</u>** | |
| <u>[Item 1.](#i71c13fe8e9a5443f846fce41ed4382c7_16)</u> | <u>[Financial Statements](#i71c13fe8e9a5443f846fce41ed4382c7_16)</u> |  |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#i71c13fe8e9a5443f846fce41ed4382c7_19)[M](#i71c13fe8e9a5443f846fce41ed4382c7_19)[arch](#i71c13fe8e9a5443f846fce41ed4382c7_19)[3](#i71c13fe8e9a5443f846fce41ed4382c7_19)[1](#i71c13fe8e9a5443f846fce41ed4382c7_19)[, 202](#i71c13fe8e9a5443f846fce41ed4382c7_19)[6](#i71c13fe8e9a5443f846fce41ed4382c7_19)[(unaudited) and December 31, 202](#i71c13fe8e9a5443f846fce41ed4382c7_19)[5](#i71c13fe8e9a5443f846fce41ed4382c7_19)</u> | <u>[3](#i71c13fe8e9a5443f846fce41ed4382c7_19)</u> |
|  | <u>[Consolidated Statements of Operations for the three](#i71c13fe8e9a5443f846fce41ed4382c7_22)[months ended](#i71c13fe8e9a5443f846fce41ed4382c7_22)[March](#i71c13fe8e9a5443f846fce41ed4382c7_19)[3](#i71c13fe8e9a5443f846fce41ed4382c7_19)[1](#i71c13fe8e9a5443f846fce41ed4382c7_19)[, 202](#i71c13fe8e9a5443f846fce41ed4382c7_19)[6](#i71c13fe8e9a5443f846fce41ed4382c7_19)[(unaudited) and](#i71c13fe8e9a5443f846fce41ed4382c7_22)[March](#i71c13fe8e9a5443f846fce41ed4382c7_19)[3](#i71c13fe8e9a5443f846fce41ed4382c7_19)[1](#i71c13fe8e9a5443f846fce41ed4382c7_19)[, 202](#i71c13fe8e9a5443f846fce41ed4382c7_19)[5](#i71c13fe8e9a5443f846fce41ed4382c7_19)[(unaudited)](#i71c13fe8e9a5443f846fce41ed4382c7_22)</u> | <u>[4](#i71c13fe8e9a5443f846fce41ed4382c7_22)</u> |
|  | <u>[Consolidated Statements of Changes in Net Assets for the three](#i71c13fe8e9a5443f846fce41ed4382c7_25)[months ended](#i71c13fe8e9a5443f846fce41ed4382c7_22)[March](#i71c13fe8e9a5443f846fce41ed4382c7_19)[3](#i71c13fe8e9a5443f846fce41ed4382c7_19)[1](#i71c13fe8e9a5443f846fce41ed4382c7_19)[, 202](#i71c13fe8e9a5443f846fce41ed4382c7_19)[6](#i71c13fe8e9a5443f846fce41ed4382c7_19)[(unaudited) and](#i71c13fe8e9a5443f846fce41ed4382c7_22)[March](#i71c13fe8e9a5443f846fce41ed4382c7_19)[3](#i71c13fe8e9a5443f846fce41ed4382c7_19)[1](#i71c13fe8e9a5443f846fce41ed4382c7_19)[, 202](#i71c13fe8e9a5443f846fce41ed4382c7_19)[5](#i71c13fe8e9a5443f846fce41ed4382c7_19)[(unaudited)](#i71c13fe8e9a5443f846fce41ed4382c7_22)</u> | <u>[5](#i71c13fe8e9a5443f846fce41ed4382c7_25)</u> |
|  | <u>[Consolidated Statements of Cash Flows for](#i71c13fe8e9a5443f846fce41ed4382c7_28)[the](#i71c13fe8e9a5443f846fce41ed4382c7_25)[three](#i71c13fe8e9a5443f846fce41ed4382c7_25)[months ended](#i71c13fe8e9a5443f846fce41ed4382c7_25)[March](#i71c13fe8e9a5443f846fce41ed4382c7_19)[3](#i71c13fe8e9a5443f846fce41ed4382c7_19)[1](#i71c13fe8e9a5443f846fce41ed4382c7_19)[, 202](#i71c13fe8e9a5443f846fce41ed4382c7_19)[6](#i71c13fe8e9a5443f846fce41ed4382c7_19)[(unaudited) and](#i71c13fe8e9a5443f846fce41ed4382c7_25)</u> <u>[March](#i71c13fe8e9a5443f846fce41ed4382c7_19)[3](#i71c13fe8e9a5443f846fce41ed4382c7_19)[1](#i71c13fe8e9a5443f846fce41ed4382c7_19)[, 202](#i71c13fe8e9a5443f846fce41ed4382c7_19)[5](#i71c13fe8e9a5443f846fce41ed4382c7_19)[(unaudited)](#i71c13fe8e9a5443f846fce41ed4382c7_25)</u> | <u>[6](#i71c13fe8e9a5443f846fce41ed4382c7_28)</u> |
|  | <u>[Consolidated Schedule of Investments as of](#i71c13fe8e9a5443f846fce41ed4382c7_31)[March](#i71c13fe8e9a5443f846fce41ed4382c7_19)[3](#i71c13fe8e9a5443f846fce41ed4382c7_19)[1](#i71c13fe8e9a5443f846fce41ed4382c7_19)[, 202](#i71c13fe8e9a5443f846fce41ed4382c7_19)[6](#i71c13fe8e9a5443f846fce41ed4382c7_19)[(unaudited)](#i71c13fe8e9a5443f846fce41ed4382c7_25)</u> | <u>[7](#i71c13fe8e9a5443f846fce41ed4382c7_31)</u> |
|  | <u>[Consolidated Schedule of Investments as of](#i71c13fe8e9a5443f846fce41ed4382c7_37)[December](#i71c13fe8e9a5443f846fce41ed4382c7_37)[31, 202](#i71c13fe8e9a5443f846fce41ed4382c7_37)[5](#i71c13fe8e9a5443f846fce41ed4382c7_37)</u> | <u>[30](#i71c13fe8e9a5443f846fce41ed4382c7_37)</u> |
|  | <u>[Notes to the Consolidated Financial Statements of NMF SLF I, Inc. (unaudited)](#i71c13fe8e9a5443f846fce41ed4382c7_43)</u> | <u>[54](#i71c13fe8e9a5443f846fce41ed4382c7_43)</u> |
|  | <u>[Report of Independent Registered Public Accounting Firm](#i71c13fe8e9a5443f846fce41ed4382c7_91)</u> | <u>[71](#i71c13fe8e9a5443f846fce41ed4382c7_91)</u> |
| <u>[Item 2.](#i71c13fe8e9a5443f846fce41ed4382c7_94)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i71c13fe8e9a5443f846fce41ed4382c7_94)</u> | <u>[72](#i71c13fe8e9a5443f846fce41ed4382c7_94)</u> |
| <u>[Item 3.](#i71c13fe8e9a5443f846fce41ed4382c7_130)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i71c13fe8e9a5443f846fce41ed4382c7_130)</u> | <u>[83](#i71c13fe8e9a5443f846fce41ed4382c7_130)</u> |
| <u>[Item 4.](#i71c13fe8e9a5443f846fce41ed4382c7_133)</u> | <u>[Controls and Procedures](#i71c13fe8e9a5443f846fce41ed4382c7_133)</u> | <u>[84](#i71c13fe8e9a5443f846fce41ed4382c7_133)</u> |
| **<u>[PART II. OTHER INFORMATION](#i71c13fe8e9a5443f846fce41ed4382c7_136)</u>** | **<u>[PART II. OTHER INFORMATION](#i71c13fe8e9a5443f846fce41ed4382c7_136)</u>** |  |
| <u>[Item 1.](#i71c13fe8e9a5443f846fce41ed4382c7_139)</u> | <u>[Legal Proceedings](#i71c13fe8e9a5443f846fce41ed4382c7_139)</u> | <u>[85](#i71c13fe8e9a5443f846fce41ed4382c7_139)</u> |
| <u>[Item 1A.](#i71c13fe8e9a5443f846fce41ed4382c7_142)</u> | <u>[Risk Factors](#i71c13fe8e9a5443f846fce41ed4382c7_142)</u> | <u>[85](#i71c13fe8e9a5443f846fce41ed4382c7_142)</u> |
| <u>[Item 2.](#i71c13fe8e9a5443f846fce41ed4382c7_145)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i71c13fe8e9a5443f846fce41ed4382c7_145)</u> | <u>[85](#i71c13fe8e9a5443f846fce41ed4382c7_145)</u> |
| <u>[Item 3.](#i71c13fe8e9a5443f846fce41ed4382c7_148)</u> | <u>[Defaults Upon Senior Securities](#i71c13fe8e9a5443f846fce41ed4382c7_148)</u> | <u>[85](#i71c13fe8e9a5443f846fce41ed4382c7_148)</u> |
| <u>[Item 4.](#i71c13fe8e9a5443f846fce41ed4382c7_151)</u> | <u>[Mine Safety Disclosures](#i71c13fe8e9a5443f846fce41ed4382c7_151)</u> | <u>[85](#i71c13fe8e9a5443f846fce41ed4382c7_151)</u> |
| <u>[Item 5.](#i71c13fe8e9a5443f846fce41ed4382c7_154)</u> | <u>[Other Information](#i71c13fe8e9a5443f846fce41ed4382c7_154)</u> | <u>[85](#i71c13fe8e9a5443f846fce41ed4382c7_154)</u> |
| <u>[Item 6.](#i71c13fe8e9a5443f846fce41ed4382c7_157)</u> | <u>[Exhibits](#i71c13fe8e9a5443f846fce41ed4382c7_157)</u> | <u>[86](#i71c13fe8e9a5443f846fce41ed4382c7_157)</u> |
|  | <u>[Signatures](#i71c13fe8e9a5443f846fce41ed4382c7_160)</u> | <u>[87](#i71c13fe8e9a5443f846fce41ed4382c7_160)</u> |

---

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_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)

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Assets** | | |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments at fair value (cost of $1,491,388 and $1,525,141, respectively) | $1457048 | $1512098 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 21645 | 25285 |
| &nbsp;&nbsp;&nbsp;Interest and dividend receivable | 9149 | 9556 |
| &nbsp;&nbsp;&nbsp;Receivable from unsettled securities sold |  | 6217 |
| &nbsp;&nbsp;&nbsp;Other assets | 481 | 436 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $1488323 | $1553592 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Credit Facility | $506800 | $573800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs (net of accumulated amortization of $8,044 and $7,573, respectively) | (6150) | (6621) |
| &nbsp;&nbsp;&nbsp;Net borrowings | 500650 | 567179 |
| &nbsp;&nbsp;&nbsp;Distribution payable | 23552 |  |
| &nbsp;&nbsp;&nbsp;Interest payable | 2553 | 2735 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 2366 | 2467 |
| &nbsp;&nbsp;&nbsp;Payable to affiliates | 62 | 147 |
| &nbsp;&nbsp;&nbsp;Payable for unsettled securities purchased |  | 411 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 1213 | 822 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 530396 | 573761 |
| **Commitments and contingencies (See Note 8)** |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;Common stock, par value 0.001, 500,000,000 shares authorized, 95,740,093 and 95,740,093 shares issued and outstanding, respectively | 96 | 96 |
| &nbsp;&nbsp;&nbsp;Paid in capital in excess of par | 996209 | 996209 |
| &nbsp;&nbsp;&nbsp;Accumulated (overdistributed) undistributed earnings | (38378) | (16474) |
| &nbsp;&nbsp;&nbsp;**Total net assets** | $957927 | $979831 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $1488323 | $1553592 |
| &nbsp;&nbsp;&nbsp;**Net asset value per share** | $10.01 | $10.23 |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_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** |
|  | **March 31, 2026** | **March 31, 2025** |
| **Investment income** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income (excluding Payment-in-kind ("PIK") interest income) | $32594 | $35505 |
| &nbsp;&nbsp;&nbsp;PIK interest income | 1198 | 1395 |
| &nbsp;&nbsp;&nbsp;Dividend income | 273 | 205 |
| &nbsp;&nbsp;&nbsp;Fee income | 440 | 560 |
| &nbsp;&nbsp;&nbsp;Total investment income | 34505 | 37665 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Interest and other financing expenses | 8108 | 8621 |
| &nbsp;&nbsp;&nbsp;Management fee | 2366 | 2293 |
| &nbsp;&nbsp;&nbsp;Professional fees | 331 | 342 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | 327 | 318 |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | 85 | 79 |
| &nbsp;&nbsp;&nbsp;Total expenses | 11217 | 11653 |
| &nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 23288 | 26012 |
| &nbsp;&nbsp;&nbsp;**Net realized and unrealized (losses) gains** |  |  |
| &nbsp;&nbsp;Net realized (losses) gains on investments | (343) | (3787) |
| &nbsp;&nbsp;Net change in unrealized (depreciation) appreciation of investments | (21297) | (383) |
| **Net realized and unrealized (losses) gains** | (21640) | (4170) |
| **Net increase (decrease) in net assets resulting from operations** | $1648 | $21842 |
| Earnings per share (basic & diluted) | $0.02 | $0.23 |
| Weighted average shares of common stock outstanding - basic & diluted (See Note 10) | 95740093 | 94236672 |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Statements of Changes in Net Assets**

**(in thousands, except shares)**

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **Increase (decrease) in net assets resulting from operations:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $23288 | $26012 |
| &nbsp;&nbsp;&nbsp;Net realized (losses) gains on investments | (343) | (3787) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation of investments | (21297) | (383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1648 | 21842 |
| **Capital transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions declared to stockholders from net investment income | (23552) | (24502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net (decrease) increase in net assets resulting from capital transactions** | (23552) | (24502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net (decrease) increase in net assets** | (21904) | (2660) |
| **Net assets at the beginning of the period** | 979831 | 983730 |
| **Net assets at the end of the period** | $957927 | $981070 |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Statements of Cash Flows**

**(in thousands)**

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **Cash flows from operating activities** | | |
| Net increase (decrease) in net assets resulting from operations | $1648 | $21842 |
| 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 | 343 | 3787 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation (appreciation) of investments | 21297 | 383 |
| &nbsp;&nbsp;&nbsp;Amortization of purchase discount | (843) | (1084) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 471 | 608 |
| &nbsp;&nbsp;&nbsp;Non-cash investment income | (1299) | (1380) |
| **(Increase) decrease in operating assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of investments and delayed draw facilities | (24845) | (27718) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and paydowns of investments | 60932 | 54808 |
| &nbsp;&nbsp;&nbsp;Cash paid for purchase of drawn portion of revolving credit facilities |  | (74) |
| &nbsp;&nbsp;&nbsp;Cash paid on drawn revolving credit facilities | (6091) | (5553) |
| &nbsp;&nbsp;&nbsp;Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 24 | 11 |
| &nbsp;&nbsp;&nbsp;Cash repayments on drawn revolvers | 5532 | 2824 |
| &nbsp;&nbsp;&nbsp;Interest and dividend receivable | 407 | 715 |
| &nbsp;&nbsp;&nbsp;Receivable from unsettled securities sold | 6217 | 10303 |
| &nbsp;&nbsp;&nbsp;Other assets | (45) | (390) |
| **Increase (decrease) in operating liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for unsettled securities purchased | (411) | 5236 |
| &nbsp;&nbsp;&nbsp;Interest payable | (182) | (191) |
| &nbsp;&nbsp;&nbsp;Management fee payable | (101) | (67) |
| &nbsp;&nbsp;&nbsp;Payable to affiliates | (85) | 103 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 391 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash flows provided (used in) by operating activities** | 63360 | 64532 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Wells Credit Facility | 3000 | 6500 |
| &nbsp;&nbsp;&nbsp;Repayment of Wells Credit Facility | (70000) | (47000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash flows (used in) provided by financing activities** | (67000) | (40500) |
| **Net (decrease) increase in cash and cash equivalents** | (3640) | 24032 |
| **Cash and cash equivalents at the beginning of the period** | 25285 | 20399 |
| **Cash and cash equivalents at the end of the period** | $21645 | $44431 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;Cash interest paid | $7626 | $7936 |
| **Non-cash operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Non-cash activity on investments | $— | $16388 |
| **Non-cash financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Distribution declared and payable | $23552 | $24502 |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments** 

**March 31, 2026**

**(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 - United States** | | | | | | | | | | |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.25% | 7.91% | 12/2020 | 10/2028 | $17882 | $17806 | $17882 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.25% | 7.91% | 08/2021 | 10/2028 | 5702 | 5692 | 5702 |  |
|  | First Lien(3) | SOFR(Q) | 4.25% | 7.91% | 06/2021 | 10/2028 | 4798 | 4787 | 4798 |  |
|  | First Lien(3) | SOFR(Q) | 4.25% | 7.91% | 05/2022 | 10/2028 | 2625 | 2622 | 2625 |  |
|  |  |  |  |  |  |  | 31007 | 30907 | 31007 | 3.24% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.17% | 06/2022 | 06/2029 | 29514 | 29392 | 28942 | 3.02% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.32% | 03/2022 | 03/2028 | 26979 | 26874 | 26620 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.75% | 9.55% | 03/2022 | 03/2028 | 2308 | 2313 | 2282 |  |
|  |  |  |  |  |  |  | 29287 | 29187 | 28902 | 3.02% |
| &nbsp;&nbsp;HIG Operations Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.17% | 11/2020 | 06/2031 | 22902 | 22849 | 22902 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.17% | 11/2020 | 06/2031 | 4516 | 4500 | 4516 |  |
|  |  |  |  |  |  |  | 27418 | 27349 | 27418 | 2.86% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 6.50% | 10.42% | 05/2024 | 07/2028 | 20941 | 20935 | 20941 |  |
|  | Subordinated(3) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 4076 | 4070 | 4076 |  |
|  | Subordinated(3) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 1557 | 1555 | 1557 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 6.50% | 10.42% | 05/2024 | 07/2028 | 784 | 784 | 784 |  |
|  |  |  |  |  |  |  | 27358 | 27344 | 27358 | 2.86% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3) | SOFR(M) | 5.25% | 9.02% | 12/2021 | 12/2027 | 11482 | 11447 | 11482 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.02% | 12/2021 | 12/2027 | 11369 | 11330 | 11369 |  |
|  | First Lien(3) | SOFR(M) | 5.25% | 9.02% | 11/2023 | 12/2027 | 3055 | 3041 | 3055 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 8.77% | 03/2025 | 12/2027 | 1160 | 1156 | 1160 |  |
|  |  |  |  |  |  |  | 27066 | 26974 | 27066 | 2.83% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 9.42% | 08/2022 | 08/2028 | 21127 | 21052 | 20216 |  |
|  | First Lien(3) | SOFR(Q) | 6.25% | 9.92% | 10/2022 | 08/2028 | 5126 | 5104 | 4959 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.75% | 9.42% | 08/2022 | 08/2028 | 262 | 269 | 251 |  |
|  |  |  |  |  |  |  | 26515 | 26425 | 25426 | 2.65% |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.20% | 12/2021 | 12/2032 | 22962 | 22919 | 22905 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.20% | 12/2021 | 12/2032 | 2220 | 2219 | 2214 |  |
|  |  |  |  |  |  |  | 25182 | 25138 | 25119 | 2.62% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.17% | 08/2024 | 09/2031 | $19720 | $19641 | $19526 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.42% | 08/2024 | 09/2031 | 5640 | 5618 | 5584 |  |
|  |  |  |  |  |  |  | 25360 | 25259 | 25110 | 2.62% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.42% | 12/2020 | 12/2027 | 17160 | 17114 | 17160 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.42% | 12/2020 | 12/2027 | 5195 | 5182 | 5195 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.42% | 01/2022 | 12/2027 | 2531 | 2522 | 2531 |  |
|  |  |  |  |  |  |  | 24886 | 24818 | 24886 | 2.60% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.17% | 04/2024 | 12/2032 | 24677 | 24601 | 24677 | 2.58% |
| &nbsp;&nbsp;Jeppesen Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 11/2032 | 24170 | 24107 | 24109 | 2.52% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 8.95% | 02/2020 | 05/2028 | 24478 | 24472 | 22921 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 8.95% | 02/2020 | 05/2028 | 1006 | 1008 | 942 |  |
|  |  |  |  |  |  |  | 25484 | 25480 | 23863 | 2.49% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.15% | 07/2024 | 07/2031 | 16624 | 16557 | 16624 |  |
|  | First Lien(3)(4) - Drawn | SOFR(S) | 4.50% | 8.17% | 07/2024 | 07/2031 | 5117 | 5096 | 5117 |  |
|  | First Lien(2)(3)(6) | SOFR(S) | 4.50% | 8.23% | 11/2025 | 07/2031 | 1562 | 1558 | 1562 |  |
|  |  |  |  |  |  |  | 23303 | 23211 | 23303 | 2.43% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 08/2024 | 08/2031 | 13845 | 13788 | 13845 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.45% | 08/2024 | 08/2031 | 8140 | 8107 | 8140 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.45% | 08/2024 | 08/2031 | 1129 | 1127 | 1129 |  |
|  |  |  |  |  |  |  | 23114 | 23022 | 23114 | 2.41% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 8.67% | 09/2021 | 09/2028 | 22885 | 22788 | 22885 | 2.39% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 10/2025 | 10/2030 | 5807 | 5793 | 5807 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 07/2025 | 10/2030 | 4995 | 4984 | 4995 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.45% | 07/2025 | 10/2030 | 4815 | 4804 | 4815 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 03/2026 | 10/2030 | 3605 | 3569 | 3605 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 10/2023 | 10/2030 | 3253 | 3231 | 3253 |  |
|  |  |  |  |  |  |  | 22475 | 22381 | 22475 | 2.35% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;CCBlue Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3) | SOFR(Q)\* | 2.50% + 4.00%/PIK | 10.30% | 12/2021 | 12/2028 | $25272 | $25182 | $20922 |  |
|  | First Lien(3) | SOFR(Q)\* | 2.50% + 4.00%/PIK | 10.30% | 12/2021 | 12/2028 | 1313 | 1312 | 1088 |  |
|  |  |  |  |  |  |  | 26585 | 26494 | 22010 | 2.30% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 01/2020 | 02/2028 | 10552 | 10544 | 10370 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.45% | 01/2020 | 02/2028 | 3016 | 3009 | 2964 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 03/2021 | 02/2028 | 2993 | 2993 | 2942 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.45% | 03/2021 | 02/2028 | 2800 | 2798 | 2752 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.45% | 08/2024 | 02/2028 | 1693 | 1687 | 1663 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.46% | 10/2025 | 02/2028 | 420 | 419 | 413 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.45% | 01/2020 | 02/2028 | 391 | 394 | 384 |  |
|  |  |  |  |  |  |  | 21865 | 21844 | 21488 | 2.24% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (9) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.18% | 09/2024 | 09/2031 | 21349 | 21262 | 21243 | 2.22% |
| &nbsp;&nbsp;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 8.94% | 12/2025 | 12/2031 | 17769 | 17684 | 17680 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 8.92% | 12/2025 | 12/2031 | 2441 | 2424 | 2429 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 8.92% | 12/2025 | 12/2031 | 1050 | 1045 | 1045 |  |
|  |  |  |  |  |  |  | 21260 | 21153 | 21154 | 2.21% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 07/2025 | 07/2032 | 21024 | 21024 | 20972 | 2.19% |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.17% | 09/2025 | 09/2032 | 20382 | 20334 | 19860 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.50% | 8.45% | 09/2025 | 09/2032 | 612 | 611 | 597 |  |
|  |  |  |  |  |  |  | 20994 | 20945 | 20457 | 2.14% |
| &nbsp;&nbsp;Pioneer Topco I, L.P. (7) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3) | SOFR(Q) | 5.00% | 8.70% | 11/2021 | 11/2029 | 18231 | 18170 | 18231 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 8.70% | 03/2022 | 11/2028 | 1985 | 1977 | 1985 |  |
|  |  |  |  |  |  |  | 20216 | 20147 | 20216 | 2.11% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.30% | 10/2021 | 10/2028 | 11876 | 11824 | 11876 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.30% | 10/2021 | 10/2028 | 5682 | 5663 | 5682 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.30% | 10/2021 | 10/2027 | 775 | 780 | 775 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.30% | 06/2022 | 10/2028 | 584 | 583 | 584 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.30% | 10/2021 | 10/2028 | 47 | 45 | 47 |  |
|  |  |  |  |  |  |  | 18964 | 18895 | 18964 | 1.98% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 06/2024 | 06/2031 | $18573 | $18500 | $18573 | 1.94% |
| &nbsp;&nbsp;Auctane Inc. (fka Stamps.com Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(2)(3)(6) | SOFR(S) | 5.75% | 9.58% | 10/2021 | 10/2028 | 11369 | 11320 | 11369 |  |
|  | First Lien(2)(3)(6) | SOFR(S) | 5.75% | 9.58% | 12/2021 | 10/2028 | 7146 | 7114 | 7146 |  |
|  |  |  |  |  |  |  | 18515 | 18434 | 18515 | 1.93% |
| &nbsp;&nbsp;DECA Dental Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 9.55% | 08/2021 | 08/2028 | 16308 | 16240 | 15494 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 9.55% | 08/2021 | 08/2028 | 1717 | 1714 | 1631 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 9.55% | 08/2021 | 08/2027 | 1348 | 1344 | 1281 |  |
|  |  |  |  |  |  |  | 19373 | 19298 | 18406 | 1.92% |
| &nbsp;&nbsp;Thermostat Purchaser III, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 4.25% | 7.95% | 08/2021 | 08/2028 | 18292 | 18273 | 17942 |  |
|  | First Lien | SOFR(Q) | 4.25% | 7.95% | 08/2021 | 08/2028 | 305 | 305 | 299 |  |
|  |  |  |  |  |  |  | 18597 | 18578 | 18241 | 1.90% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.20% | 08/2024 | 08/2031 | 13772 | 13744 | 13669 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.20% | 08/2024 | 08/2031 | 4495 | 4486 | 4462 |  |
|  |  |  |  |  |  |  | 18267 | 18230 | 18131 | 1.89% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.07% | 05/2022 | 09/2027 | 14416 | 14369 | 14416 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.07% | 05/2022 | 09/2027 | 2839 | 2834 | 2839 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.09% | 03/2024 | 09/2027 | 373 | 373 | 373 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 9.11% | 05/2022 | 09/2027 | 195 | 200 | 195 |  |
|  |  |  |  |  |  |  | 17823 | 17776 | 17823 | 1.86% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 9.42% | 06/2024 | 08/2029 | 9732 | 9732 | 9556 |  |
|  | First Lien(3) | SOFR(Q) | 6.00% | 9.67% | 09/2023 | 08/2029 | 5873 | 5854 | 5838 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 8.92% | 08/2024 | 08/2029 | 2356 | 2348 | 2297 |  |
|  |  |  |  |  |  |  | 17961 | 17934 | 17691 | 1.85% |
| &nbsp;&nbsp;Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(6) | SOFR(Q) | 3.75% | 7.68% | 08/2021 | 08/2028 | 11973 | 11763 | 11015 |  |
|  | Second Lien(2)(3)(6) | SOFR(Q) | 6.50% | 10.43% | 08/2021 | 08/2029 | 6488 | 6471 | 6488 |  |
|  |  |  |  |  |  |  | 18461 | 18234 | 17503 | 1.83% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.25% | 7.92% | 11/2023 | 11/2030 | 12456 | 12430 | 12052 |  |
|  | First Lien(3) | SOFR(M) | 4.25% | 7.92% | 10/2025 | 11/2030 | 3988 | 3970 | 3859 |  |
|  | First Lien(3) | SOFR(M) | 4.25% | 7.92% | 11/2023 | 11/2030 | 821 | 820 | 794 |  |
|  |  |  |  |  |  |  | 17265 | 17220 | 16705 | 1.74% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.25% | 8.02% | 06/2021 | 06/2029 | $7393 | $7381 | $7393 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.25% | 8.02% | 10/2025 | 06/2029 | 6054 | 6026 | 6054 |  |
|  | First Lien(3) | SOFR(Q) | 4.25% | 8.01% | 06/2021 | 06/2029 | 3229 | 3222 | 3229 |  |
|  |  |  |  |  |  |  | 16676 | 16629 | 16676 | 1.74% |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.10% | 12/2021 | 12/2029 | 7317 | 7292 | 7317 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 9.10% | 03/2025 | 12/2029 | 2481 | 2461 | 2481 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.10% | 12/2021 | 12/2029 | 2456 | 2443 | 2456 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.10% | 12/2021 | 12/2029 | 2440 | 2427 | 2440 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.10% | 07/2022 | 12/2029 | 1593 | 1585 | 1593 |  |
|  |  |  |  |  |  |  | 16287 | 16208 | 16287 | 1.70% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.17% | 05/2025 | 06/2031 | 7701 | 7656 | 7577 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.42% | 05/2024 | 06/2031 | 5560 | 5528 | 5499 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.17% | 05/2025 | 06/2031 | 1612 | 1604 | 1586 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.42% | 05/2024 | 06/2031 | 1118 | 1112 | 1105 |  |
|  |  |  |  |  |  |  | 15991 | 15900 | 15767 | 1.65% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.42% | 09/2021 | 12/2032 | 15132 | 15109 | 14889 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.42% | 09/2021 | 12/2032 | 803 | 800 | 790 |  |
|  | First Lien(3)(4) - Drawn | P(Q) | 3.75% | 10.50% | 09/2021 | 12/2032 | 80 | 83 | 79 |  |
|  |  |  |  |  |  |  | 16015 | 15992 | 15758 | 1.64% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 9.42% | 04/2024 | 04/2030 | 15621 | 15490 | 15621 | 1.63% |
| &nbsp;&nbsp;Eisner Advisory Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(6) | SOFR(M) | 4.00% | 7.67% | 02/2024 | 02/2031 | 16274 | 16168 | 15541 | 1.62% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.41% | 06/2024 | 12/2030 | 8987 | 8978 | 8987 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.41% | 06/2024 | 12/2030 | 6291 | 6263 | 6291 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.41% | 04/2025 | 12/2030 | 180 | 179 | 180 |  |
|  |  |  |  |  |  |  | 15458 | 15420 | 15458 | 1.61% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.42% | 07/2021 | 12/2029 | 11157 | 11148 | 11157 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.75% | 8.42% | 08/2024 | 12/2029 | 1694 | 1688 | 1694 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.42% | 07/2023 | 12/2029 | 1486 | 1470 | 1486 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.42% | 07/2021 | 12/2029 | 460 | 457 | 460 |  |
|  |  |  |  |  |  |  | 14797 | 14763 | 14797 | 1.54% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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(2)(3)(6) | SOFR(M) | 5.00% | 8.67% | 09/2020 | 10/2029 | $9093 | $9086 | $9093 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 8.67% | 05/2024 | 10/2029 | 4602 | 4602 | 4602 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 8.67% | 05/2024 | 10/2029 | 531 | 530 | 531 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 8.67% | 09/2020 | 10/2029 | 86 | 89 | 86 |  |
|  |  |  |  |  |  |  | 14312 | 14307 | 14312 | 1.49% |
| &nbsp;&nbsp;Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 6.50% | 10.17% | 10/2024 | 11/2029 | 14106 | 13971 | 14106 | 1.47% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(Q) | 5.25% | 8.92% | 02/2023 | 02/2030 | 14238 | 14133 | 14063 | 1.47% |
| &nbsp;&nbsp;PDQ.com Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.20% | 09/2021 | 10/2032 | 8841 | 8829 | 8708 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.20% | 10/2025 | 10/2032 | 2031 | 2026 | 2000 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.20% | 09/2021 | 10/2032 | 1824 | 1821 | 1797 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.41% | 10/2023 | 10/2032 | 686 | 684 | 676 |  |
|  |  |  |  |  |  |  | 13382 | 13360 | 13181 | 1.38% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 8.70% | 12/2024 | 12/2031 | 13319 | 13262 | 13018 | 1.36% |
| &nbsp;&nbsp;Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.20% | 05/2022 | 05/2029 | 12730 | 12661 | 12603 | 1.32% |
| &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% | 9.89% | 03/2021 | 03/2028 | 7401 | 7363 | 7401 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 6.24% | 10.06% | 04/2025 | 03/2028 | 3059 | 3046 | 3059 |  |
|  | First Lien(3) | SOFR(Q) | 6.09% | 9.91% | 03/2021 | 03/2028 | 1535 | 1532 | 1534 |  |
|  |  |  |  |  |  |  | 11995 | 11941 | 11994 | 1.25% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.42% | 10/2021 | 10/2028 | 10098 | 10054 | 9981 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.75% | 8.42% | 07/2024 | 10/2028 | 874 | 871 | 864 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.42% | 10/2021 | 10/2028 | 851 | 848 | 841 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.42% | 10/2021 | 10/2028 | 51 | 51 | 50 |  |
|  |  |  |  |  |  |  | 11874 | 11824 | 11736 | 1.23% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.20% | 01/2024 | 01/2030 | 11827 | 11789 | 11504 | 1.20% |
| &nbsp;&nbsp;CFS Management, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q)\* | 3.38% + 5.12%/PIK | 12.46% | 09/2021 | 09/2026 | 9458 | 9452 | 8276 |  |
|  | First Lien(3) | SOFR(Q)\* | 3.38% + 5.12%/PIK | 12.46% | 09/2021 | 09/2026 | 3634 | 3632 | 3180 |  |
|  |  |  |  |  |  |  | 13092 | 13084 | 11456 | 1.20% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.17% | 07/2023 | 10/2030 | $6962 | $6933 | $6962 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.17% | 07/2023 | 10/2030 | 4076 | 4064 | 4076 |  |
|  |  |  |  |  |  |  | 11038 | 10997 | 11038 | 1.15% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.02% | 09/2021 | 09/2027 | 10962 | 10930 | 10962 | 1.14% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 8.92% | 09/2022 | 10/2029 | 9574 | 9492 | 9574 |  |
|  | First Lien(3) | SOFR(M) | 5.25% | 8.92% | 09/2022 | 10/2029 | 1274 | 1266 | 1274 |  |
|  |  |  |  |  |  |  | 10848 | 10758 | 10848 | 1.13% |
| &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 | 9.17% | 08/2024 | 08/2031 | 9499 | 9428 | 9404 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 8.67% | 08/2024 | 08/2030 | 571 | 568 | 565 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 8.66% | 08/2024 | 08/2031 | 540 | 536 | 535 |  |
|  |  |  |  |  |  |  | 10610 | 10532 | 10504 | 1.10% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 8.67% | 04/2024 | 08/2030 | 8504 | 8480 | 8412 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 8.67% | 04/2024 | 08/2030 | 1458 | 1454 | 1442 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.00% | 8.67% | 04/2024 | 08/2030 | 214 | 214 | 212 |  |
|  |  |  |  |  |  |  | 10176 | 10148 | 10066 | 1.05% |
| &nbsp;&nbsp;IEM New Sub 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(2)(3)(6) | SOFR(S) | 4.75% | 8.37% | 12/2025 | 12/2031 | 10105 | 10080 | 10080 | 1.05% |
| &nbsp;&nbsp;Victors Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.20% | 12/2025 | 12/2032 | 9856 | 9844 | 9844 | 1.03% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 9.45% | 05/2025 | 05/2030 | 9756 | 9694 | 9756 | 1.02% |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(S) | 4.75% | 8.36% | 10/2023 | 12/2028 | 8490 | 8465 | 8490 |  |
|  | First Lien(3) | SOFR(S) | 4.75% | 8.36% | 10/2023 | 12/2028 | 1134 | 1127 | 1134 |  |
|  |  |  |  |  |  |  | 9624 | 9592 | 9624 | 1.00% |
| &nbsp;&nbsp;IG IntermediateCo LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Infogain Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 9.52% | 07/2021 | 07/2028 | 5900 | 5885 | 5900 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 9.52% | 07/2022 | 07/2028 | 3467 | 3452 | 3467 |  |
|  | Subordinated(3) | SOFR(Q) | 7.50% | 11.30% | 07/2022 | 07/2029 | 1 | 1 | 1 |  |
|  |  |  |  |  |  |  | 9368 | 9338 | 9368 | 0.98% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 6.25% | 10.02% | 06/2020 | 07/2027 | 9449 | 9203 | 8969 | 0.94% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.20% | 04/2025 | 04/2032 | $7628 | $7602 | $7628 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.20% | 04/2025 | 04/2032 | 1158 | 1157 | 1158 |  |
|  |  |  |  |  |  |  | 8786 | 8759 | 8786 | 0.92% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 03/2025 | 03/2032 | 6603 | 6589 | 6483 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.43% | 10/2025 | 03/2032 | 1287 | 1281 | 1264 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.45% | 03/2025 | 03/2032 | 719 | 718 | 706 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.44% | 03/2025 | 03/2032 | 194 | 194 | 191 |  |
|  |  |  |  |  |  |  | 8803 | 8782 | 8644 | 0.90% |
| &nbsp;&nbsp;Notorious Buyer, LLC (11) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First Lien(2)(3) | SOFR(Q)\* | 7.25%/PIK | 11.10% | 12/2025 | 12/2030 | 4693 | 4693 | 4693 |  |
|  | Subordinated(2) (3) | SOFR(Q)\* | 9.00%/PIK | 12.85% | 12/2025 | 12/2031 | 2263 | 2263 | 2263 |  |
|  | First Lien(3) | SOFR(Q)\* | 7.25%/PIK | 11.10% | 12/2025 | 12/2030 | 812 | 812 | 812 |  |
|  | Subordinated(3) | SOFR(Q)\* | 9.00%/PIK | 12.85% | 12/2025 | 12/2031 | 391 | 391 | 391 |  |
|  |  |  |  |  |  |  | 8159 | 8159 | 8159 | 0.85% |
| &nbsp;&nbsp;Lighthouse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(A) | 4.50% | 8.04% | 12/2025 | 12/2031 | 8149 | 8110 | 8108 | 0.85% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 07/2024 | 07/2031 | 8015 | 7984 | 8015 | 0.84% |
| &nbsp;&nbsp;PROS Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 12/2025 | 12/2032 | 7949 | 7939 | 7939 | 0.83% |
| &nbsp;&nbsp;Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(6) | SOFR(M) | 5.25% | 9.02% | 10/2023 | 04/2029 | 9294 | 9115 | 7906 | 0.83% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 07/2025 | 07/2032 | 7480 | 7446 | 7480 | 0.78% |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) (12)\* | 2.75% + 3.25%/PIK | 9.80% | 08/2021 | 08/2028 | 7574 | 7545 | 4963 |  |
|  | First Lien(3) | SOFR(Q) (12)\* | 2.75% + 3.25%/PIK | 9.80% | 08/2021 | 08/2028 | 1454 | 1445 | 953 |  |
|  | First Lien(3) | SOFR(Q) (12)\* | 2.75% + 3.25%/PIK | 9.80% | 08/2021 | 08/2028 | 1342 | 1340 | 880 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) (12) | 5.50% | 9.30% | 08/2021 | 08/2027 | 779 | 778 | 507 |  |
|  |  |  |  |  |  |  | 11149 | 11108 | 7303 | 0.76% |
| &nbsp;&nbsp;DigiCert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 9.42% | 07/2025 | 07/2030 | 7063 | 7016 | 7010 | 0.73% |
| &nbsp;&nbsp;MedX Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.17% | 07/2025 | 07/2032 | 6869 | 6838 | 6869 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.50% | 8.18% | 07/2025 | 07/2032 | 15 | 15 | 15 |  |
|  |  |  |  |  |  |  | 6884 | 6853 | 6884 | 0.72% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;KWOR Intermediate I, LLC (10) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KWOR Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | Subordinated(3) | SOFR(Q)\* | 8.00%/PIK | 11.67% | 02/2025 | 02/2030 | $3480 | $3480 | $3480 |  |
|  | First Lien(3) | SOFR(Q)\* | 1.00%+ 5.25%/PIK | 9.92% | 02/2025 | 02/2030 | 3326 | 3326 | 3326 |  |
|  |  |  |  |  |  |  | 6806 | 6806 | 6806 | 0.71% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.17% | 12/2021 | 12/2028 | 3485 | 3471 | 3485 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.17% | 06/2024 | 12/2028 | 1390 | 1386 | 1390 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.17% | 12/2021 | 12/2028 | 1367 | 1362 | 1367 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.17% | 12/2021 | 12/2028 | 390 | 388 | 390 |  |
|  |  |  |  |  |  |  | 6632 | 6607 | 6632 | 0.69% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.17% | 02/2020 | 02/2028 | 6498 | 6491 | 6498 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.50% | 8.17% | 02/2020 | 02/2028 | 80 | 83 | 80 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.17% | 07/2025 | 02/2028 | 45 | 45 | 45 |  |
|  |  |  |  |  |  |  | 6623 | 6619 | 6623 | 0.69% |
| &nbsp;&nbsp;Pathway Vet Alliance LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(6) | SOFR(Q) | 5.00% | 8.67% | 04/2025 | 06/2028 | 6481 | 6468 | 6429 | 0.67% |
| &nbsp;&nbsp;DCA Investment Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) (12) | 8.41% | 12.11% | 03/2021 | 04/2028 | 6135 | 6120 | 5408 |  |
|  | First Lien(3) | SOFR(Q) (12) | 8.41% | 12.11% | 03/2021 | 04/2028 | 509 | 507 | 449 |  |
|  | First Lien(3) | SOFR(Q) (12) | 8.41% | 12.11% | 03/2021 | 04/2028 | 350 | 349 | 308 |  |
|  | First Lien(3) | SOFR(Q) (12) | 8.50% | 12.20% | 12/2022 | 04/2028 | 239 | 237 | 210 |  |
|  |  |  |  |  |  |  | 7233 | 7213 | 6375 | 0.67% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(M) | 6.00% | 9.67% | 10/2023 | 11/2030 | 7207 | 7154 | 6188 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 6.00% | 9.67% | 10/2023 | 11/2029 | 192 | 194 | 165 |  |
|  |  |  |  |  |  |  | 7399 | 7348 | 6353 | 0.66% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q)\* | 3.50% + 2.50%/PIK | 9.70% | 01/2024 | 02/2031 | 4519 | 4503 | 4312 |  |
|  | First Lien(3) | SOFR(Q)\* | 3.50% + 2.50%/PIK | 9.70% | 01/2024 | 02/2031 | 1636 | 1629 | 1560 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.17% | 01/2024 | 02/2031 | 458 | 457 | 437 |  |
|  |  |  |  |  |  |  | 6613 | 6589 | 6309 | 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 | 12.45% | 07/2021 | 07/2027 | 5593 | 5578 | 5593 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M)\* | 6.75% + 2.00%/PIK | 12.42% | 07/2021 | 07/2026 | 712 | 712 | 712 |  |
|  |  |  |  |  |  |  | 6305 | 6290 | 6305 | 0.66% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 6.25% | 10.06% | 02/2022 | 08/2029 | $4224 | $4209 | $4144 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 6.25% | 10.06% | 08/2025 | 08/2029 | 1399 | 1389 | 1372 |  |
|  | First Lien(2)(3) | SOFR(Q) | 6.25% | 10.06% | 02/2022 | 08/2029 | 529 | 529 | 519 |  |
|  | First Lien(2)(3) | SOFR(Q) | 6.25% | 10.06% | 08/2025 | 08/2029 | 19 | 19 | 19 |  |
|  |  |  |  |  |  |  | 6171 | 6146 | 6054 | 0.63% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.50% | 9.17% | 12/2025 | 05/2028 | 3266 | 3256 | 3254 |  |
|  | First Lien(3) | SOFR(M) | 5.50% | 9.17% | 06/2025 | 05/2028 | 2774 | 2757 | 2764 |  |
|  |  |  |  |  |  |  | 6040 | 6013 | 6018 | 0.63% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 8.81% | 06/2022 | 06/2028 | 6033 | 6030 | 5975 | 0.62% |
| &nbsp;&nbsp;Arrow Borrower 2025, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.25% | 7.95% | 10/2025 | 10/2032 | 5618 | 5611 | 5480 | 0.57% |
| &nbsp;&nbsp;RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(2)(6) | SOFR(Q) | 4.25% | 8.18% | 09/2025 | 07/2028 | 7635 | 6254 | 3627 |  |
|  | First Lien | SOFR(Q) | 4.25% | 8.18% | 01/2026 | 07/2028 | 2485 | 1039 | 1180 |  |
|  | First Lien | SOFR(Q) | 5.00% | 8.67% | 01/2026 | 07/2028 | 433 | 183 | 205 |  |
|  | First Lien(2)(6) | SOFR(Q) | 5.00% | 8.67% | 10/2025 | 07/2028 | 327 | 258 | 155 |  |
|  |  |  |  |  |  |  | 10880 | 7734 | 5167 | 0.54% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.27% | 10/2021 | 10/2028 | 4238 | 4220 | 3975 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.26% | 06/2022 | 10/2028 | 727 | 724 | 682 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.25% | 10/2021 | 10/2028 | 486 | 484 | 456 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 9.52% | 11/2023 | 10/2028 | 12 | 12 | 11 |  |
|  |  |  |  |  |  |  | 5463 | 5440 | 5124 | 0.53% |
| &nbsp;&nbsp;Therapy Brands Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Second Lien(2)(3)(6) | SOFR(Q) | 6.75% | 10.68% | 05/2021 | 05/2029 | 6000 | 5981 | 5095 | 0.53% |
| &nbsp;&nbsp;Wrench Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 10/2025 | 09/2032 | 5094 | 5070 | 5069 | 0.53% |
| &nbsp;&nbsp;Viper Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 11/2024 | 11/2031 | 5115 | 5094 | 4965 | 0.52% |
| &nbsp;&nbsp;Rithum Holdings, Inc. (fka CommerceHub, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(Q) | 4.75% | 8.45% | 07/2025 | 07/2032 | 5034 | 4948 | 4801 | 0.50% |
| &nbsp;&nbsp;Archduke Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.17% | 12/2025 | 12/2032 | 4616 | 4594 | 4593 | 0.48% |
| &nbsp;&nbsp;Packaging Coordinators Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 8.67% | 10/2025 | 10/2032 | 3483 | 3467 | 3466 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 8.67% | 10/2025 | 10/2032 | 702 | 699 | 698 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.00% | 8.67% | 10/2025 | 10/2032 | 50 | 50 | 50 |  |
|  |  |  |  |  |  |  | 4235 | 4216 | 4214 | 0.44% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.42% | 08/2024 | 08/2031 | $4182 | $4165 | $4182 | 0.44% |
| &nbsp;&nbsp;The Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.45% | 07/2025 | 07/2032 | 4164 | 4145 | 4143 | 0.43% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.25% | 7.92% | 09/2023 | 09/2029 | 4128 | 4094 | 4115 | 0.43% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.25% | 7.91% | 05/2025 | 05/2032 | 3779 | 3762 | 3760 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.25% | 7.91% | 05/2025 | 05/2032 | 351 | 349 | 349 |  |
|  |  |  |  |  |  |  | 4130 | 4111 | 4109 | 0.43% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 8.89% | 08/2025 | 08/2031 | 4045 | 4026 | 4019 | 0.42% |
| &nbsp;&nbsp;Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(2)(6) | SOFR(Q) | 5.75% | 9.45% | 06/2024 | 12/2028 | 6000 | 5990 | 3997 | 0.42% |
| &nbsp;&nbsp;Greenway Health, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 6.75% | 10.45% | 12/2023 | 04/2029 | 4044 | 4007 | 3995 | 0.42% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 8.92% | 02/2024 | 02/2031 | 3979 | 3964 | 3979 | 0.42% |
| &nbsp;&nbsp;STATS Intermediate Holdings, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 5.25% | 9.17% | 08/2021 | 07/2026 | 3800 | 3800 | 3776 | 0.39% |
| &nbsp;&nbsp;Radwell Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3) | SOFR(Q) | 5.50% | 9.20% | 11/2022 | 04/2030 | 3633 | 3598 | 3633 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.20% | 11/2022 | 04/2030 | 66 | 67 | 66 |  |
|  |  |  |  |  |  |  | 3699 | 3665 | 3699 | 0.39% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 8.89% | 11/2023 | 11/2030 | 3478 | 3461 | 3478 | 0.36% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q)\* | 2.63% + 3.13%/PIK | 9.40% | 08/2025 | 08/2032 | 2106 | 2096 | 2096 |  |
|  | First Lien(3) | SOFR(Q)\* | 2.63% + 3.13%/PIK | 9.40% | 08/2025 | 08/2032 | 345 | 343 | 343 |  |
|  | First Lien(3) | SOFR(Q)\* | 2.63% + 3.13%/PIK | 9.40% | 08/2025 | 08/2032 | 264 | 264 | 263 |  |
|  |  |  |  |  |  |  | 2715 | 2703 | 2702 | 0.28% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 7.50% | 11.17% | 07/2024 | 07/2029 | 2727 | 2699 | 2387 | 0.25% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.17% | 08/2023 | 08/2029 | 1180 | 1170 | 1180 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.17% | 08/2023 | 08/2029 | 902 | 896 | 902 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.17% | 07/2024 | 08/2029 | 255 | 253 | 255 |  |
|  |  |  |  |  |  |  | 2337 | 2319 | 2337 | 0.24% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;Perforce Software, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(M) | 4.75% | 8.42% | 03/2024 | 03/2031 | $3343 | $3330 | $2320 | 0.24% |
| &nbsp;&nbsp;Fetch, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(M) | 4.75% | 8.42% | 03/2026 | 03/2033 | 2298 | 2286 | 2286 | 0.24% |
| &nbsp;&nbsp;Ambrosia Topco, LLC (8) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TMK Hawk Parent, Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3) | SOFR(M) | 4.00% | 7.67% | 01/2024 | 07/2029 | 1768 | 1730 | 1142 |  |
|  | First Lien(3) | SOFR(M) | 4.00% | 7.67% | 03/2024 | 07/2029 | 1386 | 620 | 886 |  |
|  | Subordinated(3) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 53 | 53 | 53 |  |
|  |  |  |  |  |  |  | 3207 | 2403 | 2081 | 0.22% |
| &nbsp;&nbsp;Convey Health Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3) | SOFR(Q) (12)\* | 1.31% + 3.94%/PIK | 9.05% | 02/2022 | 07/2029 | 3134 | 3126 | 2039 | 0.21% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) | SOFR(M) | 4.75% | 8.52% | 05/2021 | 05/2028 | 1980 | 1975 | 1980 | 0.21% |
| &nbsp;&nbsp;Cloudera, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien | SOFR(M) | 6.00% | 9.77% | 10/2022 | 10/2029 | 2500 | 2229 | 1946 | 0.20% |
| &nbsp;&nbsp;Galway Borrower LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien | SOFR(Q) | 4.50% | 8.20% | 04/2024 | 09/2028 | 1159 | 1147 | 1133 |  |
|  | First Lien(2)(6) | SOFR(Q) | 4.50% | 8.20% | 04/2024 | 09/2028 | 699 | 696 | 683 |  |
|  |  |  |  |  |  |  | 1858 | 1843 | 1816 | 0.19% |
| &nbsp;&nbsp;DT1 Midco Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 8.67% | 06/2025 | 12/2031 | 870 | 866 | 865 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 8.67% | 06/2025 | 12/2031 | 21 | 21 | 21 |  |
|  |  |  |  |  |  |  | 891 | 887 | 886 | 0.09% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) | SOFR(Q) | 5.00% | 8.71% | 07/2025 | 11/2031 | 590 | 585 | 590 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.00% | 8.67% | 07/2025 | 11/2031 | 4 | 4 | 4 |  |
|  |  |  |  |  |  |  | 594 | 589 | 594 | 0.06% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  | $**1435934** | $**1426274** | $**1396176** | **145.75%** |
| **Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 7.00% | 10.76% | 02/2024 | 02/2030 | $7416 | $7350 | $7416 |  |
|  | First Lien(3) | SOFR(Q) | 7.00% | 10.73% | 02/2024 | 02/2030 | 4211 | 4196 | 4211 |  |
|  |  |  |  |  |  |  | 11627 | 11546 | 11627 | 1.21% |
| &nbsp;&nbsp;Finastra USA, Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(6) | SOFR(Q) | 4.00% | 7.67% | 07/2025 | 09/2032 | 6373 | 6314 | 5994 | 0.63% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;Accelya Lux Finco S.a r.l.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 8.95% | 09/2025 | 10/2032 | $6193 | $6070 | $5965 | 0.62% |
| &nbsp;&nbsp;Cleanova US Holdings, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(2)(6) | SOFR(Q) | 4.75% | 8.42% | 05/2025 | 06/2032 | 5437 | 5268 | 5355 | 0.56% |
| **Total Funded Debt Investments - United Kingdom** |  |  |  |  |  |  | $**29630** | $**29198** | $**28941** | **3.02%** |
| **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% | 8.42% | 06/2025 | 12/2029 | $2724 | $2718 | $2687 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.42% | 12/2022 | 12/2029 | 2211 | 2191 | 2181 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.42% | 12/2023 | 12/2029 | 861 | 855 | 850 |  |
|  |  |  |  |  |  |  | 5796 | 5764 | 5718 | 0.59% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 6.25% | 9.95% | 05/2024 | 05/2030 | 3107 | 3085 | 3076 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 6.25% | 9.92% | 05/2024 | 05/2030 | 52 | 53 | 51 |  |
|  |  |  |  |  |  |  | 3159 | 3138 | 3127 | 0.33% |
| **Total Funded Debt Investments - Australia** |  |  |  |  |  |  | $**8955** | $**8902** | $**8845** | **0.92%** |
| **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 | 9.08% | 06/2025 | 07/2031 | $7516 | $7516 | $7516 |  |
|  | First Lien(2)(3)(6) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.12% | 06/2025 | 07/2031 | 412 | 412 | 412 |  |
|  |  |  |  |  |  |  | 7928 | 7928 | 7928 | 0.83% |
| **Total Funded Debt Investments - Jersey** |  |  |  |  |  |  | $**7928** | $**7928** | $**7928** | **0.83%** |
| **Total Funded Debt Investments** |  |  |  |  |  |  | $**1482447** | $**1472302** | $**1441890** | **150.52%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | Ordinary Shares(3) |  |  |  | 12/2025 |  | 427 | $8345 | $7232 | 0.75% |
| &nbsp;&nbsp;Eclipse Topco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Preferred Shares(3)(9) | FIXED(S)\* | 12.50%/PIK | 12.50% | 09/2024 |  | 569 | 6623 | 6680 | 0.70% |
| &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 | 11.67% | 02/2025 |  | 2056 | 2340 | 2340 |  |
|  | Class A-1 common units (3)(10) |  |  |  | 02/2025 |  | 1922 | 1999 | 193 |  |
|  |  |  |  |  |  |  | 3978 | 4339 | 2533 | 0.26% |
| &nbsp;&nbsp;Ambrosia Holdco Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | Class A-1 common units (3)(8) |  |  |  | 01/2024 |  | 19197 | 205 | 89 | 0.01% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;Pioneer Topco I, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Class A-2 common units (3)(7) |  |  |  | 11/2021 |  | 10 | $— | $— | —% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**19512** | $**16534** | **1.72%** |
| **Total Shares** |  |  |  |  |  |  |  | $**19512** | $**16534** | **1.72%** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**1491814** | $**1458424** | **152.24%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 07/2028 | $855 | $— | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 07/2028 | 1320 |  |  |  |
|  |  |  |  |  |  |  | 2175 |  |  | —% |
| &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 | 11/2029 | 2590 | (10) |  | —% |
| &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;Notorious Buyer, LLC (11) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First Lien(2)(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2030 | 910 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2030 | 157 |  |  |  |
|  |  |  |  |  |  |  | 1067 |  |  | —% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 02/2024 | 02/2031 | 579 | (2) |  | —% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2027 | 1414 | (4) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 03/2027 | 1338 |  |  |  |
|  |  |  |  |  |  |  | 2752 | (4) |  | —% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 12/2020 | 12/2027 | 3508 | (9) |  | —% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2021 | 05/2028 | $271 | $(1) | $— | —% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2027 | 376 | (1) |  | —% |
| &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;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 11/2026 | 276 |  |  | —% |
| &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 | 435 | (3) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 09/2022 | 10/2029 | 1339 | (10) |  |  |
|  |  |  |  |  |  |  | 1774 | (13) |  | —% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2023 | 08/2029 | 416 | (3) |  | —% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2022 | 09/2027 | 781 | (8) |  | —% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(3)(4) - Undrawn |  |  |  | 10/2021 | 10/2027 | 947 | (10) |  | —% |
| &nbsp;&nbsp;HIG Operations Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 1357 |  |  | —% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 09/2028 | 2863 | (12) |  | —% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3)(4) - Undrawn |  |  |  | 02/2020 | 02/2028 | 721 | (4) |  | —% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(3)(4) - Undrawn |  |  |  | 05/2025 | 05/2030 | $1244 | $(8) | $— | —% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2031 | 1922 | (10) |  | —% |
| &nbsp;&nbsp;MedX Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2027 | 2842 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2032 | 1216 | (5) |  |  |
|  |  |  |  |  |  |  | 4058 | (5) |  | —% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | 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;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 11/2029 | 220 | (1) |  | —% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 09/2027 | 1484 | (4) |  | —% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2028 | 1847 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 12/2032 | 2309 | (8) |  |  |
|  |  |  |  |  |  |  | 4156 | (8) |  | —% |
| &nbsp;&nbsp;Radwell Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3)(4) - Undrawn |  |  |  | 11/2022 | 04/2030 | 216 | (3) |  | —% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 04/2025 | 10/2027 | 1362 | (3) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 04/2025 | 04/2032 | 1061 | (3) |  |  |
|  |  |  |  |  |  |  | 2423 | (6) |  | —% |
| &nbsp;&nbsp;SIG Parent Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 02/2026 | 02/2028 | 4699 |  |  | —% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2032 | 1646 | (7) |  | —% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 10/2023 | 10/2030 | 799 | (5) |  | —% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 10/2027 | 1301 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 06/2021 | 06/2029 | 1074 | (4) |  |  |
|  |  |  |  |  |  |  | 2375 | (4) |  | —% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 04/2030 | 1708 | (14) |  | —% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;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 | (2) |  |  |
|  |  |  |  |  |  |  | 2856 | (2) |  | —% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 11/2025 | 05/2028 | 1518 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2026 | 425 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2031 | 1847 | (7) |  |  |
|  |  |  |  |  |  |  | 3790 | (7) |  | —% |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 08/2021 | 10/2028 | 516 |  |  | —% |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 3496 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 03/2027 | 187 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2029 | 1216 | (6) |  |  |
|  |  |  |  |  |  |  | 4899 | (6) |  | —% |
| &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 | 770 | (1) |  |  |
|  |  |  |  |  |  |  | 894 | (2) |  | —% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 09/2023 | 09/2029 | 407 | (3) | (1) | (0.00)% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 05/2028 | 339 | (1) | (1) | (0.00)% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 01/2024 | 02/2031 | 33 |  | (2) | (0.00)% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2025 | 08/2032 | 366 | (2) | (2) | (0.00)% |
| &nbsp;&nbsp;Fetch, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4) - Undrawn |  |  |  | 03/2026 | 09/2028 | 676 |  |  |  |
|  | First Lien(4) - Undrawn |  |  |  | 03/2026 | 03/2033 | 406 | (2) | (2) |  |
|  |  |  |  |  |  |  | 1082 | (2) | (2) | (0.00)% |
| &nbsp;&nbsp;Victors Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 772 |  | (1) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2032 | 1468 | (4) | (2) |  |
|  |  |  |  |  |  |  | 2240 | (4) | (3) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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 | $8 | $— | $(3) | (0.00)% |
| &nbsp;&nbsp;DigiCert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2030 | 512 | (3) | (4) | (0.00)% |
| &nbsp;&nbsp;IEM New Sub 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 1965 |  | (5) | (0.00)% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2030 | 516 | (5) | (5) | (0.00)% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2032 | 2153 |  | (5) | (0.00)% |
| &nbsp;&nbsp;Wrench Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 09/2027 | 696 |  | (3) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 09/2031 | 696 | (3) | (3) |  |
|  |  |  |  |  |  |  | 1392 | (3) | (6) | (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 | 818 |  | (4) |  |
|  |  |  |  |  |  |  | 1402 | (3) | (7) | (0.00)% |
| &nbsp;&nbsp;Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 05/2022 | 05/2028 | 844 | (3) | (8) | (0.00)% |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 3771 |  | (9) | (0.00)% |
| &nbsp;&nbsp;The Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2032 | 522 | (2) | (3) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 01/2028 | 1392 |  | (7) |  |
|  |  |  |  |  |  |  | 1914 | (2) | (10) | (0.00)% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 06/2022 | 06/2028 | 1079 |  | (10) | (0.00)% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 02/2022 | 08/2029 | 603 | (3) | (11) | (0.00)% |
| &nbsp;&nbsp;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 08/2025 | 08/2031 | 449 | (2) | (3) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2025 | 08/2027 | 1348 |  | (9) |  |
|  |  |  |  |  |  |  | 1797 | (2) | (12) | (0.00)% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2031 | 2011 | (4) | (15) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;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;Eclipse Topco, Inc. (9) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 09/2024 | 09/2026 | 3619 |  | (18) | (0.00)% |
| &nbsp;&nbsp;Arrow Borrower 2025, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 10/2032 | 766 | (1) | (19) | (0.00)% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 09/2031 | 2256 | (9) | (22) | (0.00)% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 03/2022 | 03/2028 | 2088 | (21) | (23) | (0.00)% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 08/2030 | 758 | (3) | (8) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 04/2026 | 1458 | (4) | (16) |  |
|  |  |  |  |  |  |  | 2216 | (7) | (24) | (0.00)% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2026 | 1032 |  | (12) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2021 | 10/2028 | 1165 | (5) | (13) |  |
|  |  |  |  |  |  |  | 2197 | (5) | (25) | (0.00)% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 06/2020 | 07/2027 | 551 | (5) | (28) | (0.00)% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 01/2024 | 01/2030 | 1143 | (3) | (31) | (0.00)% |
| &nbsp;&nbsp;MRI Software LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 10/2027 | 667 |  | (12) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 01/2020 | 02/2028 | 1173 | (6) | (20) |  |
|  |  |  |  |  |  |  | 1840 | (6) | (32) | (0.00)% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 03/2032 | 525 | (1) | (10) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 10/2027 | 1237 |  | (23) |  |
|  |  |  |  |  |  |  | 1762 | (1) | (33) | (0.00)% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2029 | 273 | (3) | (34) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2031 | $3195 | $(12) | $(16) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 3832 |  | (19) |  |
|  |  |  |  |  |  |  | 7027 | (12) | (35) | (0.00)% |
| &nbsp;&nbsp;Packaging Coordinators Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 07/2027 | 45 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 07/2027 | 661 | (3) | (3) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 10/2032 | 1969 | (9) | (10) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 07/2027 | 2646 |  | (13) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 07/2027 | 2581 |  | (13) |  |
|  |  |  |  |  |  |  | 7902 | (12) | (39) | (0.00)% |
| &nbsp;&nbsp;Lighthouse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2031 | 1358 | (6) | (7) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2028 | 6791 |  | (34) |  |
|  |  |  |  |  |  |  | 8149 | (6) | (41) | (0.00)% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 11/2030 | 1444 | (3) | (47) | (0.00)% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 02/2020 | 05/2028 | 912 | (6) | (58) | (0.01)% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 05/2025 | 06/2027 | 1722 | (6) | (28) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 06/2030 | 2327 | (12) | (37) |  |
|  |  |  |  |  |  |  | 4049 | (18) | (65) | (0.01)% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 08/2022 | 08/2028 | 1609 | (14) | (69) | (0.01)% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 12/2032 | 1319 | (7) | (21) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 3200 |  | (52) |  |
|  |  |  |  |  |  |  | 4519 | (7) | (73) | (0.01)% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4) - Undrawn |  |  |  | 02/2023 | 02/2029 | 991 | (5) | (12) |  |
|  | First Lien(4) - Undrawn |  |  |  | 02/2023 | 06/2027 | 1294 |  | (16) |  |
|  |  |  |  |  |  |  | 2285 | (5) | (28) | (0.01)% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 3656 |  | (91) | (0.02)% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(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;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 10/2023 | 11/2029 | $769 | $(8) | $(109) | (0.02)% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 12/2024 | 12/2031 | 1671 | (7) | (38) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2024 | 12/2026 | 3342 |  | (76) |  |
|  |  |  |  |  |  |  | 5013 | (7) | (114) | (0.02)% |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 09/2025 | 09/2032 | 2168 | (5) | (55) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 09/2025 | 09/2027 | 4170 |  | (107) |  |
|  |  |  |  |  |  |  | 6338 | (5) | (162) | (0.03)% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  | $**178597** | $**(401)** | $**(1358)** | **(0.14)%** |
| **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 | $495 | $(2) | $(7) | (0.00)% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2030 | 381 | (4) | (4) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2026 | 681 |  | (7) |  |
|  |  |  |  |  |  |  | 1062 | (4) | (11) | (0.00)% |
| **Total Unfunded Debt Investments - Australia** |  |  |  |  |  |  | $**1557** | $**(6)** | $**(18)** | **(0.00)%** |
| **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 | $(19) | $— | —% |
| **Total Unfunded Debt Investments - United Kingdom** |  |  |  |  |  |  | $**2363** | $**(19)** | $**—** | **—%** |
| **Total Unfunded Debt Investments** |  |  |  |  |  |  | $**182517** | $**(426)** | $**(1376)** | **(0.14)%** |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | $**1491388** | $**1457048** | **152.10%** |
| **Total Investments** |  |  |  |  |  |  |  | $**1491388** | $**1457048** | **152.10%** |

---

(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), the 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 March 31, 2026.

(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.

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

(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.

(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 stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of it's equity investment plus unpaid compounded dividends was $6,680.

(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 stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of March 31, 2026, the Company's stated value of it's equity investment plus unpaid compounded dividends was $2,340.

(11)The Company holds common stock in Notorious Buyer LLC and a first lien term loan, first lien revolver and subordinated loan in Notorious Topco, LLC, a wholly-owned subsidiary of Notorious Buyer LLC.

(12)Investment is on non-accrual status as of March 31, 2026. 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 March 31, 2026, 3.32% 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**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**March 31, 2026**

**(in thousands, except shares)**

(unaudited)

---

| | |
|:---|:---|
|<br>**Investment Type** | **March 31, 2026**<br>**Percent of Total<br>Investments at Fair Value** |
| First lien | 96.85% |
| Second lien | 1.20% |
| Subordinated | 0.81% |
| Equity and other | 1.14% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
| **Industry Type** | **March 31, 2026**<br>**Percent of Total<br>Investments at Fair Value** |
| Business Services | 31.83% |
| Software | 22.84% |
| Financial Services & Technology | 16.77% |
| Healthcare | 13.89% |
| Consumer Services | 5.40% |
| Education | 2.26% |
| Distribution & Logistics | 2.13% |
| Packaging | 1.66% |
| Business Products | 1.06% |
| Consumer Products | 1.06% |
| Food & Beverage | 0.67% |
| Specialty Chemicals & Materials | 0.43% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Interest Rate Type** | **March 31, 2026**<br>**Percent of Total<br>Investments at Fair Value** |
| Floating rates | 99.15% |
| Fixed rates | 0.85% |
| Total investments | 100.00% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(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 & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.49% | 12/2020 | 10/2028 | $17929 | $17845 | $17929 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.49% | 08/2021 | 10/2028 | 5717 | 5706 | 5717 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.49% | 06/2021 | 10/2028 | 4810 | 4799 | 4810 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.49% | 05/2022 | 10/2028 | 2631 | 2628 | 2631 |  |
|  |  |  |  |  |  |  | 31087 | 30978 | 31087 | 3.17% |
| &nbsp;&nbsp;Anaplan, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.32% | 06/2022 | 06/2029 | 29589 | 29458 | 29589 | 3.02% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.52% | 03/2022 | 03/2028 | 27050 | 26932 | 27050 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.75% | 9.71% | 03/2022 | 03/2028 | 2308 | 2311 | 2308 |  |
|  |  |  |  |  |  |  | 29358 | 29243 | 29358 | 3.00% |
| &nbsp;&nbsp;HIG Operations Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(M) | 4.50% | 8.22% | 11/2020 | 06/2031 | 22960 | 22905 | 22960 |  |
|  | First Lien | SOFR(M) | 4.50% | 8.22% | 11/2020 | 06/2031 | 4527 | 4511 | 4527 |  |
|  |  |  |  |  |  |  | 27487 | 27416 | 27487 | 2.81% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 6.50% | 10.66% | 05/2024 | 07/2028 | 20994 | 20987 | 20994 |  |
|  | Subordinated(3) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 3936 | 3929 | 4014 |  |
|  | Subordinated(3) | FIXED(Q)\* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 1503 | 1501 | 1542 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 6.50% | 10.66% | 05/2024 | 07/2028 | 703 | 703 | 703 |  |
|  |  |  |  |  |  |  | 27136 | 27120 | 27253 | 2.78% |
| &nbsp;&nbsp;AAH Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3) | SOFR(M) | 5.25% | 9.07% | 12/2021 | 12/2027 | 11511 | 11472 | 11511 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.07% | 12/2021 | 12/2027 | 11398 | 11354 | 11398 |  |
|  | First Lien(3) | SOFR(M) | 5.25% | 9.07% | 11/2023 | 12/2027 | 3063 | 3047 | 3063 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 8.82% | 03/2025 | 12/2027 | 715 | 712 | 715 |  |
|  |  |  |  |  |  |  | 26687 | 26585 | 26687 | 2.72% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 9.61% | 08/2022 | 08/2028 | 21127 | 21045 | 20558 |  |
|  | First Lien(3) | SOFR(Q) | 6.25% | 10.11% | 10/2022 | 08/2028 | 5126 | 5102 | 5047 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.75% | 9.59% | 08/2022 | 08/2028 | 617 | 621 | 601 |  |
|  |  |  |  |  |  |  | 26870 | 26768 | 26206 | 2.67% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 8.92% | 02/2020 | 05/2028 | $24543 | $24529 | $24543 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 8.92% | 02/2020 | 05/2028 | 711 | 714 | 711 |  |
|  |  |  |  |  |  |  | 25254 | 25243 | 25254 | 2.58% |
| &nbsp;&nbsp;Businessolver.com, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 4.50% | 8.17% | 12/2021 | 12/2032 | 22962 | 22917 | 22905 |  |
|  | First Lien | SOFR(Q) | 4.50% | 8.17% | 12/2021 | 12/2032 | 2220 | 2219 | 2214 |  |
|  |  |  |  |  |  |  | 25182 | 25136 | 25119 | 2.56% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.47% | 12/2020 | 12/2027 | 17205 | 17152 | 17205 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.47% | 12/2020 | 12/2027 | 5209 | 5194 | 5209 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.47% | 01/2022 | 12/2027 | 2537 | 2527 | 2537 |  |
|  |  |  |  |  |  |  | 24951 | 24873 | 24951 | 2.55% |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(M) | 4.50% | 8.23% | 04/2024 | 12/2032 | 24677 | 24598 | 24718 | 2.52% |
| &nbsp;&nbsp;Jeppesen Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.59% | 10/2025 | 11/2032 | 24170 | 24105 | 24109 | 2.46% |
| &nbsp;&nbsp;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 8.84% | 09/2021 | 09/2028 | 22943 | 22837 | 22943 | 2.34% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.42% | 07/2024 | 07/2031 | 16624 | 16554 | 16624 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.50% | 8.28% | 07/2024 | 07/2031 | 4581 | 4562 | 4581 |  |
|  | First Lien(2)(3)(6) | SOFR(S) | 4.50% | 8.23% | 11/2025 | 07/2031 | 1562 | 1558 | 1562 |  |
|  |  |  |  |  |  |  | 22767 | 22674 | 22767 | 2.32% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 08/2024 | 08/2031 | 13880 | 13821 | 13880 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.42% | 08/2024 | 08/2031 | 8161 | 8127 | 8161 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.43% | 08/2024 | 08/2031 | 564 | 564 | 564 |  |
|  |  |  |  |  |  |  | 22605 | 22512 | 22605 | 2.31% |
| &nbsp;&nbsp;CCBlue Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3) | SOFR(Q)\* | 2.50% + 4.00%/PIK | 10.27% | 12/2021 | 12/2028 | 25021 | 24924 | 20713 |  |
|  | First Lien(3) | SOFR(Q)\* | 2.50% + 4.00%/PIK | 10.28% | 12/2021 | 12/2028 | 1301 | 1299 | 1077 |  |
|  |  |  |  |  |  |  | 26322 | 26223 | 21790 | 2.22% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 01/2020 | 02/2028 | $10580 | $10570 | $10580 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.42% | 01/2020 | 02/2028 | 3024 | 3016 | 3024 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 03/2021 | 02/2028 | 3001 | 3000 | 3001 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.42% | 03/2021 | 02/2028 | 2808 | 2805 | 2808 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.42% | 08/2024 | 02/2028 | 1697 | 1690 | 1697 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.44% | 01/2020 | 02/2028 | 313 | 316 | 313 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 02/2028 | 130 | 130 | 130 |  |
|  |  |  |  |  |  |  | 21553 | 21527 | 21553 | 2.20% |
| &nbsp;&nbsp;Eclipse Topco, Inc. (9) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.25% | 09/2024 | 09/2031 | 21349 | 21259 | 21349 | 2.18% |
| &nbsp;&nbsp;Acumatica Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 21024 | 21024 | 21024 | 2.15% |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.22% | 09/2025 | 09/2032 | 20433 | 20384 | 20382 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.50% | 8.22% | 09/2025 | 09/2032 | 529 | 528 | 528 |  |
|  |  |  |  |  |  |  | 20962 | 20912 | 20910 | 2.13% |
| &nbsp;&nbsp;Pioneer Topco I, L.P. (7) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pioneer Buyer I, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3) | SOFR(Q) | 5.00% | 8.67% | 11/2021 | 11/2029 | 18231 | 18166 | 18231 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 8.67% | 03/2022 | 11/2028 | 1985 | 1977 | 1985 |  |
|  |  |  |  |  |  |  | 20216 | 20143 | 20216 | 2.06% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.22% | 08/2024 | 09/2031 | 19768 | 19687 | 19768 | 2.02% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 10/2030 | 5822 | 5808 | 5822 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 10/2030 | 5007 | 4996 | 5007 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 10/2030 | 4827 | 4816 | 4827 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 10/2023 | 10/2030 | 3262 | 3239 | 3262 |  |
|  |  |  |  |  |  |  | 18918 | 18859 | 18918 | 1.93% |
| &nbsp;&nbsp;DECA Dental Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 9.52% | 08/2021 | 08/2028 | 16350 | 16276 | 15907 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 9.52% | 08/2021 | 08/2028 | 1721 | 1719 | 1674 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 9.52% | 08/2021 | 08/2027 | 1348 | 1344 | 1312 |  |
|  |  |  |  |  |  |  | 19419 | 19339 | 18893 | 1.93% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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(2)(3)(6) | SOFR(Q) | 5.50% | 9.27% | 10/2021 | 10/2028 | $11906 | $11850 | $11906 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.27% | 10/2021 | 10/2028 | 5696 | 5676 | 5696 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.27% | 06/2022 | 10/2028 | 585 | 585 | 585 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.67% | 10/2021 | 10/2027 | 503 | 509 | 503 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.27% | 10/2021 | 10/2028 | 47 | 45 | 47 |  |
|  |  |  |  |  |  |  | 18737 | 18665 | 18737 | 1.91% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 06/2024 | 06/2031 | 18620 | 18544 | 18620 | 1.90% |
| &nbsp;&nbsp;Thermostat Purchaser III, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 4.25% | 7.92% | 08/2021 | 08/2028 | 18340 | 18319 | 18309 |  |
|  | First Lien | SOFR(Q) | 4.25% | 7.92% | 08/2021 | 08/2028 | 306 | 305 | 305 |  |
|  |  |  |  |  |  |  | 18646 | 18624 | 18614 | 1.90% |
| &nbsp;&nbsp;Relativity ODA LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.22% | 05/2021 | 05/2029 | 18592 | 18518 | 18592 | 1.90% |
| &nbsp;&nbsp;Auctane Inc. (fka Stamps.com Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(2)(3)(6) | SOFR(S) | 5.75% | 9.58% | 10/2021 | 10/2028 | 11369 | 11316 | 11369 |  |
|  | First Lien(2)(3)(6) | SOFR(S) | 5.75% | 9.58% | 12/2021 | 10/2028 | 7146 | 7111 | 7146 |  |
|  |  |  |  |  |  |  | 18515 | 18427 | 18515 | 1.89% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.17% | 08/2024 | 08/2031 | 13807 | 13778 | 13807 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.17% | 08/2024 | 08/2031 | 4507 | 4497 | 4507 |  |
|  |  |  |  |  |  |  | 18314 | 18275 | 18314 | 1.87% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(Q) | 5.75% | 9.57% | 06/2024 | 08/2029 | 9757 | 9757 | 9757 |  |
|  | First Lien(3) | SOFR(Q) | 6.00% | 9.82% | 09/2023 | 08/2029 | 5888 | 5867 | 5887 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 9.07% | 08/2024 | 08/2029 | 2362 | 2353 | 2362 |  |
|  |  |  |  |  |  |  | 18007 | 17977 | 18006 | 1.84% |
| &nbsp;&nbsp;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(6) | SOFR(S) | 5.25% | 8.94% | 12/2025 | 12/2031 | 17814 | 17725 | 17725 | 1.81% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.22% | 05/2022 | 09/2027 | 14453 | 14399 | 14453 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.22% | 05/2022 | 09/2027 | 2846 | 2841 | 2846 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.25% | 9.08% | 03/2024 | 09/2027 | 299 | 297 | 299 |  |
|  |  |  |  |  |  |  | 17598 | 17537 | 17598 | 1.80% |
| &nbsp;&nbsp;Foundational Education Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(6) | SOFR(Q) | 3.75% | 7.85% | 08/2021 | 08/2028 | 12004 | 11775 | 11098 |  |
|  | Second Lien(2)(3)(6) | SOFR(Q) | 6.50% | 10.60% | 08/2021 | 08/2029 | 6488 | 6470 | 6488 |  |
|  |  |  |  |  |  |  | 18492 | 18245 | 17586 | 1.79% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.44% | 06/2021 | 06/2029 | $7412 | $7397 | $7412 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.48% | 10/2025 | 06/2029 | 6069 | 6040 | 6069 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.50% | 06/2021 | 06/2029 | 3237 | 3230 | 3237 |  |
|  |  |  |  |  |  |  | 16718 | 16667 | 16718 | 1.71% |
| &nbsp;&nbsp;Eisner Advisory Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(6) | SOFR(M) | 4.00% | 7.72% | 02/2024 | 02/2031 | 16315 | 16204 | 16449 | 1.68% |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.07% | 12/2021 | 12/2029 | 7339 | 7311 | 7339 |  |
|  | First Lien(3)(4) - Drawn | SOFR(S) | 5.25% | 9.26% | 03/2025 | 12/2029 | 2487 | 2466 | 2487 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.07% | 12/2021 | 12/2029 | 2464 | 2450 | 2464 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.07% | 12/2021 | 12/2029 | 2448 | 2434 | 2448 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.07% | 07/2022 | 12/2029 | 1598 | 1590 | 1598 |  |
|  |  |  |  |  |  |  | 16336 | 16251 | 16336 | 1.67% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.47% | 09/2021 | 12/2032 | 15170 | 15143 | 15170 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.47% | 09/2021 | 12/2032 | 805 | 804 | 805 |  |
|  | First Lien(3)(4) - Drawn | P(Q) | 3.75% | 10.50% | 09/2021 | 12/2032 | 80 | 84 | 80 |  |
|  |  |  |  |  |  |  | 16055 | 16031 | 16055 | 1.64% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 9.47% | 04/2024 | 04/2030 | 15659 | 15521 | 15659 | 1.60% |
| &nbsp;&nbsp;YLG Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.74% | 06/2024 | 12/2030 | 9009 | 9000 | 9009 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.74% | 06/2024 | 12/2030 | 6307 | 6278 | 6307 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.60% | 04/2025 | 12/2030 | 180 | 180 | 180 |  |
|  |  |  |  |  |  |  | 15496 | 15458 | 15496 | 1.58% |
| &nbsp;&nbsp;USRP Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 8.72% | 07/2021 | 12/2029 | 11186 | 11176 | 11186 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 8.72% | 08/2024 | 12/2029 | 1698 | 1692 | 1698 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 8.72% | 07/2023 | 12/2029 | 1490 | 1473 | 1490 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 8.72% | 07/2021 | 12/2029 | 461 | 459 | 461 |  |
|  |  |  |  |  |  |  | 14835 | 14800 | 14835 | 1.51% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.25% | 7.97% | 05/2025 | 06/2031 | 7720 | 7674 | 7720 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.47% | 05/2024 | 06/2031 | 5574 | 5540 | 5574 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.47% | 05/2024 | 06/2031 | 1120 | 1114 | 1120 |  |
|  | First Lien(3) | SOFR(M) | 4.25% | 7.97% | 05/2025 | 06/2031 | 363 | 362 | 363 |  |
|  |  |  |  |  |  |  | 14777 | 14690 | 14777 | 1.51% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;Bullhorn, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 8.72% | 09/2020 | 10/2029 | $9093 | $9083 | $9093 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 4602 | 4602 | 4602 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 8.72% | 05/2024 | 10/2029 | 531 | 530 | 531 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 8.72% | 09/2020 | 10/2029 | 86 | 89 | 86 |  |
|  |  |  |  |  |  |  | 14312 | 14304 | 14312 | 1.46% |
| &nbsp;&nbsp;Alegeus Technologies Holdings Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 6.50% | 10.34% | 10/2024 | 11/2029 | 14288 | 14142 | 14288 | 1.46% |
| &nbsp;&nbsp;Coupa Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.09% | 02/2023 | 02/2030 | 14274 | 14163 | 14274 | 1.46% |
| &nbsp;&nbsp;PDQ.com Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 09/2021 | 10/2032 | 8869 | 8846 | 8869 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 10/2032 | 2031 | 2026 | 2031 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 09/2021 | 10/2032 | 1831 | 1828 | 1831 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.62% | 10/2023 | 10/2032 | 688 | 685 | 688 |  |
|  |  |  |  |  |  |  | 13419 | 13385 | 13419 | 1.37% |
| &nbsp;&nbsp;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 8.67% | 12/2024 | 12/2031 | 13353 | 13294 | 13353 | 1.36% |
| &nbsp;&nbsp;Brave Parent Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 4.25% | 7.97% | 11/2023 | 11/2030 | 12487 | 12460 | 12487 |  |
|  | First Lien(3) | SOFR(M) | 4.25% | 7.97% | 11/2023 | 11/2030 | 823 | 822 | 823 |  |
|  |  |  |  |  |  |  | 13310 | 13282 | 13310 | 1.36% |
| &nbsp;&nbsp;KWOR Intermediate I, LLC (10) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KWOR Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) | SOFR(Q)\* | 1.00% + 5.25%/PIK | 10.07% | 02/2025 | 02/2030 | 9623 | 9623 | 9623 |  |
|  | Subordinated(3) | SOFR(Q)\* | 8.00%/PIK | 11.82% | 02/2025 | 02/2030 | 3379 | 3379 | 3379 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.07% | 02/2025 | 02/2030 | 77 | 77 | 77 |  |
|  | First Lien(3) | SOFR(Q) | 5.25% | 9.07% | 02/2025 | 02/2030 | 51 | 51 | 51 |  |
|  |  |  |  |  |  |  | 13130 | 13130 | 13130 | 1.34% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 9.63% | 06/2022 | 06/2028 | 11187 | 11187 | 11187 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 9.57% | 02/2025 | 06/2028 | 1504 | 1496 | 1504 |  |
|  |  |  |  |  |  |  | 12691 | 12683 | 12691 | 1.30% |
| &nbsp;&nbsp;Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.17% | 05/2022 | 05/2029 | 12762 | 12688 | 12635 | 1.29% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;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% | 10.20% | 03/2021 | 03/2028 | $7401 | $7359 | $7401 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 6.24% | 10.25% | 04/2025 | 03/2028 | 3059 | 3045 | 3059 |  |
|  | First Lien(3) | SOFR(Q) | 6.09% | 10.02% | 03/2021 | 03/2028 | 1534 | 1532 | 1534 |  |
|  |  |  |  |  |  |  | 11994 | 11936 | 11994 | 1.22% |
| &nbsp;&nbsp;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.47% | 10/2021 | 10/2028 | 10124 | 10076 | 10124 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.75% | 8.47% | 07/2024 | 10/2028 | 876 | 873 | 876 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.47% | 10/2021 | 10/2028 | 853 | 850 | 853 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.47% | 10/2021 | 10/2028 | 51 | 51 | 51 |  |
|  |  |  |  |  |  |  | 11904 | 11850 | 11904 | 1.21% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.17% | 01/2024 | 01/2030 | 11827 | 11786 | 11827 | 1.21% |
| &nbsp;&nbsp;CFS Management, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q)\* | 3.41% + 5.09%/PIK | 12.43% | 09/2021 | 09/2026 | 9361 | 9351 | 8191 |  |
|  | First Lien(3) | SOFR(Q)\* | 3.41% + 5.09%/PIK | 12.43% | 09/2021 | 09/2026 | 3594 | 3591 | 3145 |  |
|  |  |  |  |  |  |  | 12955 | 12942 | 11336 | 1.16% |
| &nbsp;&nbsp;GC Waves Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.22% | 07/2023 | 10/2030 | 6980 | 6949 | 6980 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.22% | 07/2023 | 10/2030 | 4086 | 4073 | 4086 |  |
|  |  |  |  |  |  |  | 11066 | 11022 | 11066 | 1.13% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 9.07% | 09/2021 | 09/2027 | 10991 | 10953 | 10991 | 1.12% |
| &nbsp;&nbsp;CoreTrust Purchasing Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 8.72% | 09/2022 | 10/2029 | 9598 | 9512 | 9598 |  |
|  | First Lien(3) | SOFR(M) | 5.00% | 8.72% | 09/2022 | 10/2029 | 1277 | 1269 | 1277 |  |
|  |  |  |  |  |  |  | 10875 | 10781 | 10875 | 1.11% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M)\* | 2.75% + 2.75%/PIK | 9.23% | 08/2024 | 08/2031 | 9494 | 9419 | 9494 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 8.73% | 08/2024 | 08/2031 | 449 | 445 | 449 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 8.73% | 08/2024 | 08/2030 | 353 | 352 | 353 |  |
|  |  |  |  |  |  |  | 10296 | 10216 | 10296 | 1.05% |
| &nbsp;&nbsp;Diligent Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.00% | 8.82% | 04/2024 | 08/2030 | 8504 | 8479 | 8504 |  |
|  | First Lien(3) | SOFR(Q) | 5.00% | 8.82% | 04/2024 | 08/2030 | 1458 | 1454 | 1458 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.00% | 8.75% | 04/2024 | 08/2030 | 228 | 229 | 228 |  |
|  |  |  |  |  |  |  | 10190 | 10162 | 10190 | 1.04% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;IEM New Sub 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(2)(6) | SOFR(Q) | 4.50% | 8.27% | 12/2025 | 12/2031 | $10131 | $10106 | $10106 | 1.03% |
| &nbsp;&nbsp;Victors Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 4.50% | 8.19% | 12/2025 | 12/2032 | 9856 | 9843 | 9843 |  |
|  | First Lien(4) - Drawn | SOFR(M) | 4.50% | 8.23% | 12/2025 | 12/2032 | 125 | 125 | 125 |  |
|  |  |  |  |  |  |  | 9981 | 9968 | 9968 | 1.02% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(2)(3)(6) | SOFR(Q) | 6.00% | 9.67% | 05/2025 | 05/2030 | 9781 | 9715 | 9707 | 0.99% |
| &nbsp;&nbsp;Al Altius US Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(S) | 4.75% | 8.36% | 10/2023 | 12/2028 | 8490 | 8462 | 8490 |  |
|  | First Lien(3) | SOFR(S) | 4.75% | 8.36% | 10/2023 | 12/2028 | 1134 | 1127 | 1134 |  |
|  |  |  |  |  |  |  | 9624 | 9589 | 9624 | 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% | 9.57% | 07/2021 | 07/2028 | 5916 | 5899 | 5916 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 9.57% | 07/2022 | 07/2028 | 3476 | 3459 | 3477 |  |
|  | Subordinated(3) | SOFR(Q) | 7.50% | 11.27% | 07/2022 | 07/2029 | 1 | 1 | 1 |  |
|  |  |  |  |  |  |  | 9393 | 9359 | 9394 | 0.96% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 6.25% | 10.17% | 06/2020 | 07/2027 | 9450 | 9161 | 9337 | 0.95% |
| &nbsp;&nbsp;KENE Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 12/2025 | 02/2031 | 4977 | 4965 | 4977 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 12/2025 | 02/2031 | 2777 | 2777 | 2777 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.42% | 12/2025 | 02/2031 | 1118 | 1106 | 1118 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.44% | 12/2025 | 02/2031 | 257 | 257 | 257 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.42% | 12/2025 | 02/2031 | 129 | 129 | 129 |  |
|  |  |  |  |  |  |  | 9258 | 9234 | 9258 | 0.94% |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q)\* | 2.75% + 3.25%/PIK | 9.77% | 08/2021 | 08/2028 | 7574 | 7542 | 6059 |  |
|  | First Lien(3) | SOFR(Q)\* | 2.75% + 3.25%/PIK | 9.77% | 08/2021 | 08/2028 | 1454 | 1444 | 1163 |  |
|  | First Lien(3) | SOFR(Q)\* | 2.75% + 3.25%/PIK | 9.77% | 08/2021 | 08/2028 | 1343 | 1340 | 1074 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.27% | 08/2021 | 08/2027 | 779 | 777 | 624 |  |
|  |  |  |  |  |  |  | 11150 | 11103 | 8920 | 0.91% |
| &nbsp;&nbsp;Low Voltage Holdings Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 04/2025 | 04/2032 | 7628 | 7601 | 7599 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.42% | 04/2025 | 04/2032 | 827 | 826 | 824 |  |
|  |  |  |  |  |  |  | 8455 | 8427 | 8423 | 0.86% |
| &nbsp;&nbsp;Lighthouse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(A) | 4.50% | 8.04% | 12/2025 | 12/2031 | 8149 | 8108 | 8108 |  |
|  | First Lien(4) - Drawn | SOFR(A) | 4.50% | 8.04% | 12/2025 | 12/2031 | 272 | 270 | 270 |  |
|  |  |  |  |  |  |  | 8421 | 8378 | 8378 | 0.86% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;Houghton Mifflin Harcourt Company |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(6) | SOFR(M) | 5.25% | 9.07% | 10/2023 | 04/2029 | $9318 | $9125 | $8248 | 0.84% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 03/2025 | 03/2032 | 6620 | 6605 | 6603 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.69% | 03/2025 | 03/2032 | 719 | 718 | 717 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.69% | 10/2025 | 03/2032 | 656 | 653 | 653 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.44% | 03/2025 | 03/2032 | 108 | 108 | 108 |  |
|  |  |  |  |  |  |  | 8103 | 8084 | 8081 | 0.82% |
| &nbsp;&nbsp;ComPsych Investments Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.61% | 07/2024 | 07/2031 | 8035 | 8003 | 8035 | 0.82% |
| &nbsp;&nbsp;PROS Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 4.75% | 8.49% | 12/2025 | 12/2032 | 7949 | 7939 | 7939 | 0.81% |
| &nbsp;&nbsp;Notorious Buyer, LLC (11) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First Lien(2)(3) | SOFR(Q)\* | 7.25%/PIK | 11.10% | 12/2025 | 12/2030 | 4549 | 4549 | 4549 |  |
|  | Subordinated(2)(3) | SOFR(Q)\* | 9.00%/PIK | 12.85% | 12/2025 | 12/2031 | 2184 | 2184 | 2184 |  |
|  | First Lien(3) | SOFR(Q)\* | 7.25%/PIK | 11.10% | 12/2025 | 12/2030 | 787 | 787 | 787 |  |
|  | Subordinated(3) | SOFR(Q)\* | 9.00%/PIK | 12.85% | 12/2025 | 12/2031 | 378 | 378 | 378 |  |
|  |  |  |  |  |  |  | 7898 | 7898 | 7898 | 0.81% |
| &nbsp;&nbsp;HP TLE Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 7481 | 7446 | 7443 | 0.76% |
| &nbsp;&nbsp;DigiCert, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(M) | 5.75% | 9.47% | 07/2025 | 07/2030 | 7081 | 7032 | 7028 | 0.72% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(M) | 6.00% | 9.72% | 10/2023 | 11/2030 | 7226 | 7170 | 6912 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 6.00% | 9.84% | 10/2023 | 11/2029 | 96 | 99 | 92 |  |
|  |  |  |  |  |  |  | 7322 | 7269 | 7004 | 0.71% |
| &nbsp;&nbsp;MedX Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.47% | 07/2025 | 07/2032 | 6869 | 6836 | 6835 | 0.70% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.22% | 02/2020 | 02/2028 | 6516 | 6516 | 6516 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.50% | 8.22% | 02/2020 | 02/2028 | 120 | 123 | 120 |  |
|  | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.22% | 07/2025 | 02/2028 | 50 | 50 | 50 |  |
|  |  |  |  |  |  |  | 6686 | 6689 | 6686 | 0.68% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 4.50% | 8.22% | 12/2021 | 12/2028 | 3494 | 3479 | 3494 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.23% | 06/2024 | 12/2028 | 1393 | 1390 | 1393 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.22% | 12/2021 | 12/2028 | 1371 | 1366 | 1371 |  |
|  | First Lien(3) | SOFR(M) | 4.50% | 8.22% | 12/2021 | 12/2028 | 391 | 389 | 391 |  |
|  |  |  |  |  |  |  | 6649 | 6624 | 6649 | 0.68% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;Pathway Vet Alliance LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(6) | SOFR(Q) | 5.00% | 8.84% | 04/2025 | 06/2028 | $6481 | $6466 | $6541 | 0.67% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.34% | 01/2024 | 02/2031 | 4531 | 4514 | 4531 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.34% | 01/2024 | 02/2031 | 1640 | 1633 | 1640 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.34% | 01/2024 | 02/2031 | 360 | 359 | 360 |  |
|  |  |  |  |  |  |  | 6531 | 6506 | 6531 | 0.67% |
| &nbsp;&nbsp;DCA Investment Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q)<br>(12) | 8.41% | 12.08% | 03/2021 | 04/2028 | 6136 | 6118 | 5408 |  |
|  | First Lien(3) | SOFR(Q)<br>(12) | 8.41% | 12.08% | 03/2021 | 04/2028 | 509 | 507 | 449 |  |
|  | First Lien(3) | SOFR(Q)<br>(12) | 8.41% | 12.08% | 03/2021 | 04/2028 | 350 | 349 | 309 |  |
|  | First Lien(3) | SOFR(Q)<br>(12) | 8.50% | 12.17% | 12/2022 | 04/2028 | 239 | 237 | 210 |  |
|  |  |  |  |  |  |  | 7234 | 7211 | 6376 | 0.65% |
| &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 | 12.42% | 07/2021 | 07/2027 | 5579 | 5560 | 5579 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M)\* | 6.75% + 2.00%/PIK | 12.47% | 07/2021 | 07/2026 | 708 | 708 | 708 |  |
|  |  |  |  |  |  |  | 6287 | 6268 | 6287 | 0.64% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 6.25% | 10.25% | 02/2022 | 08/2029 | 4223 | 4208 | 4223 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 6.25% | 10.25% | 08/2025 | 08/2029 | 1399 | 1389 | 1399 |  |
|  | First Lien(2)(3) | SOFR(Q) | 6.25% | 10.25% | 02/2022 | 08/2029 | 529 | 529 | 529 |  |
|  | First Lien(2)(3) | SOFR(Q) | 6.25% | 10.25% | 08/2025 | 08/2029 | 19 | 19 | 19 |  |
|  |  |  |  |  |  |  | 6170 | 6145 | 6170 | 0.63% |
| &nbsp;&nbsp;Power Grid Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 11/2023 | 12/2030 | 5919 | 5890 | 5919 |  |
|  | First Lien(3)(4) - Drawn | P(Q) | 3.75% | 10.50% | 11/2023 | 12/2030 | 151 | 154 | 151 |  |
|  |  |  |  |  |  |  | 6070 | 6044 | 6070 | 0.62% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(M) | 5.50% | 9.22% | 12/2025 | 05/2028 | 3275 | 3262 | 3262 |  |
|  | First Lien | SOFR(M) | 5.50% | 9.22% | 06/2025 | 05/2028 | 2781 | 2763 | 2767 |  |
|  |  |  |  |  |  |  | 6056 | 6025 | 6029 | 0.62% |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.47% | 03/2025 | 01/2032 | 5026 | 4980 | 5026 |  |
|  | First Lien(3) | SOFR(M) | 4.75% | 8.47% | 03/2025 | 01/2032 | 834 | 829 | 834 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.75% | 8.47% | 03/2025 | 01/2032 | 133 | 132 | 133 |  |
|  |  |  |  |  |  |  | 5993 | 5941 | 5993 | 0.61% |
| &nbsp;&nbsp;Denali Intermediate Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.50% | 9.23% | 08/2025 | 08/2032 | 5909 | 5881 | 5880 | 0.60% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;Planview Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(2)(3)(6) | SOFR(Q) | 5.75% | 9.42% | 06/2024 | 12/2028 | $6000 | $5989 | $5738 | 0.59% |
| &nbsp;&nbsp;Arrow Borrower 2025, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.25% | 8.15% | 10/2025 | 10/2032 | 5618 | 5611 | 5611 | 0.57% |
| &nbsp;&nbsp;KPSKY Acquisition Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 5.50% | 9.44% | 10/2021 | 10/2028 | 4249 | 4229 | 3982 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.46% | 06/2022 | 10/2028 | 729 | 725 | 683 |  |
|  | First Lien(3) | SOFR(Q) | 5.50% | 9.53% | 10/2021 | 10/2028 | 487 | 485 | 456 |  |
|  | First Lien(3) | SOFR(Q) | 5.75% | 9.67% | 11/2023 | 10/2028 | 12 | 12 | 11 |  |
|  |  |  |  |  |  |  | 5477 | 5451 | 5132 | 0.52% |
| &nbsp;&nbsp;Viper Bidco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 11/2024 | 11/2031 | 5128 | 5106 | 5128 | 0.52% |
| &nbsp;&nbsp;Wrench Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 10/2025 | 09/2032 | 5107 | 5082 | 5082 | 0.52% |
| &nbsp;&nbsp;Rithum Holdings, Inc. (fka CommerceHub, Inc.) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 5046 | 4957 | 5054 | 0.52% |
| &nbsp;&nbsp;RLG Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(2)(6) | SOFR(M) | 4.25% | 8.08% | 09/2025 | 07/2028 | 7655 | 6147 | 4710 |  |
|  | First Lien(2)(6) | SOFR(M) | 5.00% | 8.72% | 10/2025 | 07/2028 | 328 | 252 | 206 |  |
|  |  |  |  |  |  |  | 7983 | 6399 | 4916 | 0.50% |
| &nbsp;&nbsp;Therapy Brands Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | Second Lien(2)(3)(6) | SOFR(M) | 6.75% | 10.58% | 05/2021 | 05/2029 | 6000 | 5980 | 4767 | 0.49% |
| &nbsp;&nbsp;Archduke Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(Q) | 5.50% | 9.27% | 12/2025 | 12/2032 | 4616 | 4593 | 4593 | 0.47% |
| &nbsp;&nbsp;Packaging Coordinators Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.59% | 10/2025 | 10/2032 | 3492 | 3474 | 3474 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.59% | 10/2025 | 10/2032 | 704 | 700 | 700 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 4.75% | 8.59% | 10/2025 | 10/2032 | 24 | 24 | 24 |  |
|  |  |  |  |  |  |  | 4220 | 4198 | 4198 | 0.43% |
| &nbsp;&nbsp;CRCI Longhorn Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 4.75% | 8.47% | 08/2024 | 08/2031 | 4193 | 4175 | 4193 | 0.43% |
| &nbsp;&nbsp;The Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.42% | 07/2025 | 07/2032 | 4175 | 4155 | 4154 | 0.42% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 4.25% | 7.98% | 09/2023 | 09/2029 | 4128 | 4092 | 4128 | 0.42% |
| &nbsp;&nbsp;Greenway Health, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 6.75% | 10.42% | 12/2023 | 04/2029 | 4055 | 4014 | 4055 | 0.41% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.11% | 08/2025 | 08/2031 | $4045 | $4026 | $4025 | 0.41% |
| &nbsp;&nbsp;Project Accelerate Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(3)(6) | SOFR(M) | 5.25% | 8.97% | 02/2024 | 02/2031 | 3990 | 3974 | 3990 | 0.41% |
| &nbsp;&nbsp;RailPros Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.25% | 8.13% | 05/2025 | 05/2032 | 3788 | 3771 | 3769 | 0.38% |
| &nbsp;&nbsp;STATS Intermediate Holdings, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 5.25% | 9.40% | 08/2021 | 07/2026 | 3810 | 3810 | 3755 | 0.38% |
| &nbsp;&nbsp;Radwell Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3) | SOFR(Q) | 5.50% | 9.17% | 11/2022 | 04/2029 | 3642 | 3610 | 3642 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.17% | 11/2022 | 04/2029 | 47 | 48 | 47 |  |
|  |  |  |  |  |  |  | 3689 | 3658 | 3689 | 0.38% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(2)(3)(6) | SOFR(Q) | 5.25% | 9.09% | 11/2023 | 11/2030 | 3487 | 3469 | 3487 | 0.36% |
| &nbsp;&nbsp;Perforce Software, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(6) | SOFR(M) | 4.75% | 8.47% | 03/2024 | 03/2031 | 3352 | 3338 | 2846 | 0.29% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(2)(3)(6) | SOFR(Q) | 7.50% | 11.34% | 07/2024 | 07/2029 | 2727 | 2697 | 2596 | 0.26% |
| &nbsp;&nbsp;KENG Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.34% | 08/2023 | 08/2029 | 1183 | 1173 | 1183 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.34% | 08/2023 | 08/2029 | 905 | 898 | 905 |  |
|  | First Lien(3) | SOFR(Q) | 4.50% | 8.34% | 07/2024 | 08/2029 | 255 | 254 | 255 |  |
|  |  |  |  |  |  |  | 2343 | 2325 | 2343 | 0.24% |
| &nbsp;&nbsp;Convey Health Solutions, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3) | SOFR(Q)\* | 1.00% + 3.94%/PIK | 8.71% | 02/2022 | 07/2029 | 3189 | 3181 | 2328 | 0.24% |
| &nbsp;&nbsp;Cloudera, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | Second Lien(3) | SOFR(M) | 6.00% | 9.82% | 10/2022 | 10/2029 | 2500 | 2214 | 2295 | 0.23% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q)\* | 2.75% + 3.25%/PIK | 9.88% | 08/2025 | 08/2032 | 2089 | 2079 | 2079 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 5.50% | 9.31% | 08/2025 | 08/2032 | 207 | 206 | 206 |  |
|  |  |  |  |  |  |  | 2296 | 2285 | 2285 | 0.23% |
| &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 | 8.97% | 01/2024 | 07/2029 | 1772 | 1732 | 1145 |  |
|  | First Lien(3) | SOFR(M)\* | 1.00% + 3.00%/PIK | 7.72% | 03/2024 | 07/2029 | 1389 | 641 | 889 |  |
|  | Subordinated(3) | FIXED(Q)\* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 51 | 51 | 51 |  |
|  |  |  |  |  |  |  | 3212 | 2424 | 2085 | 0.21% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) | SOFR(M) | 4.75% | 8.57% | 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**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;Galway Borrower LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) | SOFR(Q) | 4.50% | 8.17% | 04/2024 | 09/2028 | $1162 | $1149 | $1162 |  |
|  | First Lien(2)(3)(6) | SOFR(Q) | 4.50% | 8.17% | 04/2024 | 09/2028 | 701 | 697 | 701 |  |
|  |  |  |  |  |  |  | 1863 | 1846 | 1863 | 0.19% |
| &nbsp;&nbsp;DT1 Midco Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(M) | 5.00% | 8.72% | 06/2025 | 12/2031 | 872 | 868 | 868 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 5.00% | 8.72% | 06/2025 | 12/2031 | 21 | 21 | 21 |  |
|  |  |  |  |  |  |  | 893 | 889 | 889 | 0.09% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3) | SOFR(Q) | 4.75% | 8.44% | 07/2025 | 11/2031 | 591 | 586 | 591 |  |
|  | First Lien(3)(4) - Drawn | SOFR(M) | 4.75% | 8.48% | 07/2025 | 11/2031 | 4 | 4 | 4 |  |
|  |  |  |  |  |  |  | 595 | 590 | 595 | 0.06% |
| **Total Funded Debt Investments - United States** |  |  |  |  |  |  | $**1468728** | $**1460142** | $**1447484** | **147.72%** |
| **Funded Debt Investments - United Kingdom** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ciklum Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q) | 6.50% | 10.45% | 02/2024 | 02/2030 | $7435 | $7366 | $7435 |  |
|  | First Lien(3) | SOFR(Q) | 6.50% | 10.44% | 02/2024 | 02/2030 | 4222 | 4206 | 4222 |  |
|  |  |  |  |  |  |  | 11657 | 11572 | 11657 | 1.19% |
| &nbsp;&nbsp;Finastra USA, Inc.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(2)(6) | SOFR(Q) | 4.00% | 7.72% | 07/2025 | 09/2032 | 6373 | 6312 | 6250 | 0.64% |
| &nbsp;&nbsp;Accelya Lux Finco S.a r.l.\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(6) | SOFR(Q) | 5.25% | 8.92% | 09/2025 | 10/2032 | 6209 | 6085 | 6190 | 0.63% |
| &nbsp;&nbsp;Cleanova US Holdings, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(2)(3)(6) | SOFR(Q) | 4.75% | 8.48% | 05/2025 | 06/2032 | 5450 | 5272 | 5450 | 0.56% |
| **Total Funded Debt Investments - United Kingdom** |  |  |  |  |  |  | $**29689** | $**29241** | $**29547** | **3.02%** |
| **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% | 8.61% | 06/2025 | 12/2029 | $2731 | $2725 | $2731 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.61% | 12/2022 | 12/2029 | 2217 | 2195 | 2217 |  |
|  | First Lien(3) | SOFR(Q) | 4.75% | 8.61% | 12/2023 | 12/2029 | 863 | 857 | 863 |  |
|  |  |  |  |  |  |  | 5811 | 5777 | 5811 | 0.59% |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(2)(3)(6) | SOFR(Q)\* | 3.38% + 3.38%/PIK | 10.42% | 05/2024 | 05/2030 | 3107 | 3084 | 3107 |  |
|  | First Lien(3)(4) - Drawn | SOFR(Q) | 6.25% | 9.98% | 05/2024 | 05/2030 | 78 | 78 | 78 |  |
|  |  |  |  |  |  |  | 3185 | 3162 | 3185 | 0.33% |
| **Total Funded Debt Investments - Australia** |  |  |  |  |  |  | $**8996** | $**8939** | $**8996** | **0.92%** |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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** |
| **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 | 9.40% | 06/2025 | 07/2031 | $7440 | $7440 | $7440 |  |
|  | First Lien(2)(3)(6) | SOFR(S)\* | 3.50% + 2.00%/PIK | 9.12% | 06/2025 | 07/2031 | 412 | 412 | 412 |  |
|  |  |  |  |  |  |  | 7852 | 7852 | 7852 | 0.80% |
| **Total Funded Debt Investments - Jersey** |  |  |  |  |  |  | $**7852** | $**7852** | $**7852** | **0.80%** |
| **Total Funded Debt Investments** |  |  |  |  |  |  | $**1515265** | $**1506174** | $**1493879** | **152.46%** |
| **Equity - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | Ordinary Shares(3)(11) |  |  |  | 12/2025 |  | 427 | $8345 | $8345 | 0.85% |
| &nbsp;&nbsp;Eclipse Topco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | Preferred Shares(3)(9) | FIXED(S)\* | 12.50%/PIK | 12.50% | 09/2024 |  | 569 | 6623 | 6688 | 0.68% |
| &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 | 11.82% | 02/2025 |  | 2056 | 2273 | 2273 |  |
|  | Class A-1 common units (3)(10) |  |  |  | 02/2025 |  | 1922 | 1999 | 1093 |  |
|  |  |  |  |  |  |  | 3978 | 4272 | 3366 | 0.35% |
| &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 |  |  | 0.00% |
| **Total Shares - United States** |  |  |  |  |  |  |  | $**19445** | $**18489** | **1.89%** |
| **Total Shares** |  |  |  |  |  |  |  | $**19445** | $**18489** | **1.89%** |
| **Total Funded Investments** |  |  |  |  |  |  |  | $**1525619** | $**1512368** | **154.35%** |
| **Unfunded Debt Investments - United States** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OEConnection LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4) - Undrawn |  |  |  | 12/2025 | 12/2028 | $1847 | $— | $3 |  |
|  | First Lien(4) - Undrawn |  |  |  | 04/2024 | 12/2032 | 2309 | (9) |  |  |
|  |  |  |  |  |  |  | 4156 | (9) | 3 | 0.00% |
| &nbsp;&nbsp;Associations Finance, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Associations, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 07/2028 | 938 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 07/2028 | 1320 |  |  |  |
|  |  |  |  |  |  |  | 2258 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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 Topco, Inc. (9) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eclipse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 09/2024 | 09/2026 | $3619 | $— | $— | —% |
| &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 | 11/2029 | 2590 | (10) |  | —% |
| &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;Financial Services & Technology | 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 | 1414 | (5) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 03/2027 | 1785 |  |  |  |
|  |  |  |  |  |  |  | 3199 | (5) |  | —% |
| &nbsp;&nbsp;Allworth Financial Group, L.P. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 12/2020 | 12/2027 | 3507 | (10) |  | —% |
| &nbsp;&nbsp;Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2021 | 05/2027 | 271 | (1) |  | —% |
| &nbsp;&nbsp;Baker Tilly Advisory Group, LP |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 05/2025 | 06/2027 | 2976 | (9) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 06/2030 | 2327 | (13) |  |  |
|  |  |  |  |  |  |  | 5303 | (22) |  | —% |
| &nbsp;&nbsp;Beacon Pointe Harmony, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2027 | 376 | (1) |  | —% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;Notorious Buyer, LLC (11) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Notorious Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Products | First Lien(2)(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2030 | $910 | $— | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2030 | 157 |  |  |  |
|  |  |  |  |  |  |  | 1067 |  |  | —% |
| &nbsp;&nbsp;Bluefin Holding, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | 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 |  |  |  | 10/2025 | 10/2026 | 3988 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 11/2030 | 722 | (2) |  |  |
|  |  |  |  |  |  |  | 4710 | (2) |  | —% |
| &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;Business Services | First Lien(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 3771 |  |  | —% |
| &nbsp;&nbsp;Community Management Holdings MidCo 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 11/2026 | 276 |  |  | —% |
| &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 | 435 | (3) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 09/2022 | 10/2029 | 1339 | (11) |  |  |
|  |  |  |  |  |  |  | 1774 | (14) |  | —% |
| &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 | (6) |  |  |
|  |  |  |  |  |  |  | 2285 | (6) |  | —% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;Daxko Acquisition Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2026 | $1032 | $— | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2021 | 10/2028 | 1165 | (5) |  |  |
|  |  |  |  |  |  |  | 2197 | (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 | 744 | (3) |  |  |
|  |  |  |  |  |  |  | 2202 | (7) |  | —% |
| &nbsp;&nbsp;DOCS, MSO, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 06/2022 | 06/2028 | 1079 |  |  | —% |
| &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 |  |  |  | 08/2023 | 08/2029 | 416 | (3) |  | —% |
| &nbsp;&nbsp;Icefall Parent, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 01/2024 | 01/2030 | 1143 | (4) |  | —% |
| &nbsp;&nbsp;KENE Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 7574 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 02/2031 | 1199 | (3) |  |  |
|  |  |  |  |  |  |  | 8773 | (3) |  | —% |
| &nbsp;&nbsp;eResearchTechnology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 01/2027 | 816 | (4) |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 10/2031 | 474 | (4) |  |  |
|  |  |  |  |  |  |  | 1290 | (8) |  | —% |
| &nbsp;&nbsp;Foreside Financial Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 03/2024 | 03/2026 | 1852 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2022 | 09/2027 | 977 | (3) |  |  |
|  |  |  |  |  |  |  | 2829 | (3) |  | —% |
| &nbsp;&nbsp;Fortis Solutions Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging | First Lien(3)(4) - Undrawn |  |  |  | 10/2021 | 10/2027 | 1220 | (12) |  | —% |
| &nbsp;&nbsp;Superman Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2031 | 2011 | (4) |  | —% |
| &nbsp;&nbsp;HIG Operations Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 1357 |  |  | —% |
| &nbsp;&nbsp;IEM New Sub 2, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 1965 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;IG Investments Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 09/2028 | $2862 | $(14) | $— | —% |
| &nbsp;&nbsp;GS Acquisitionco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 02/2020 | 05/2028 | 1208 | (8) |  | —% |
| &nbsp;&nbsp;Kele Holdco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3)(4) - Undrawn |  |  |  | 02/2020 | 02/2028 | 681 | (3) |  | —% |
| &nbsp;&nbsp;Legends Hospitality Holding Company, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 92 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2030 | 734 | (7) |  |  |
|  |  |  |  |  |  |  | 826 | (7) |  | —% |
| &nbsp;&nbsp;MAI Capital Management Intermediate LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2031 | 2487 | (12) |  | —% |
| &nbsp;&nbsp;Model N, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | 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 |  |  |  | 10/2025 | 10/2027 | 957 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 01/2020 | 02/2028 | 1251 | (6) |  |  |
|  |  |  |  |  |  |  | 2208 | (6) |  | —% |
| &nbsp;&nbsp;NC Topco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 5640 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 09/2031 | 2256 | (9) |  |  |
|  |  |  |  |  |  |  | 7896 | (9) |  | —% |
| &nbsp;&nbsp;Next Holdco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 11/2029 | 220 | (1) |  | —% |
| &nbsp;&nbsp;OB Hospitalist Group, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 09/2027 | 1484 | (4) |  | —% |
| &nbsp;&nbsp;PDI TA Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 01/2024 | 02/2031 | 131 | (1) |  | —% |
| &nbsp;&nbsp;Power Grid Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Products | First Lien(3)(4) - Undrawn |  |  |  | 11/2023 | 12/2030 | 1360 | (14) |  | —% |
| &nbsp;&nbsp;Radwell Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution & Logistics | First Lien(3)(4) - Undrawn |  |  |  | 11/2022 | 04/2029 | 235 | (4) |  | —% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;Runway Bidco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 12/2024 | 12/2026 | $3342 | $— | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2024 | 12/2031 | 1671 | (7) |  |  |
|  |  |  |  |  |  |  | 5013 | (7) |  | —% |
| &nbsp;&nbsp;Relativity ODA LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 05/2021 | 05/2029 | 1588 | (6) |  | —% |
| &nbsp;&nbsp;Riskonnect Parent, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 03/2024 | 03/2026 | 4127 |  |  | —% |
| &nbsp;&nbsp;Safety Borrower Holdings LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 3200 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 09/2021 | 12/2032 | 1319 | (7) |  |  |
|  |  |  |  |  |  |  | 4519 | (7) |  | —% |
| &nbsp;&nbsp;Zone Climate Services, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 03/2022 | 03/2028 | 2088 | (21) |  | —% |
| &nbsp;&nbsp;Healthspan Buyer, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 10/2023 | 10/2030 | 799 | (6) |  | —% |
| &nbsp;&nbsp;TigerConnect, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 02/2022 | 08/2029 | 603 | (3) |  | —% |
| &nbsp;&nbsp;Trinity Air Consultants Holdings Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 10/2027 | 1301 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 06/2021 | 06/2029 | 1074 | (4) |  |  |
|  |  |  |  |  |  |  | 2375 | (4) |  | —% |
| &nbsp;&nbsp;CentralSquare Technologies, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 04/2024 | 04/2030 | 1708 | (15) |  | —% |
| &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 | (2) |  |  |
|  |  |  |  |  |  |  | 2856 | (2) |  | —% |
| &nbsp;&nbsp;Vessco Midco Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 11/2025 | 05/2028 | 1518 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2026 | 961 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2031 | 1847 | (7) |  |  |
|  |  |  |  |  |  |  | 4326 | (7) |  | —% |
| &nbsp;&nbsp;PPV Intermediate Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2024 | 08/2026 | 3656 |  |  | —% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;Wealth Enhancement Group, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 08/2021 | 10/2028 | $516 | $— | $— | —% |
| &nbsp;&nbsp;FS WhiteWater Borrower, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 3496 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 03/2027 | 187 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 12/2021 | 12/2029 | 1216 | (6) |  |  |
|  |  |  |  |  |  |  | 4899 | (6) |  | —% |
| &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 | 770 | (1) |  |  |
|  |  |  |  |  |  |  | 894 | (2) |  | —% |
| &nbsp;&nbsp;Arrow Borrower 2025, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 10/2032 | 766 | (1) | (1) | (0.00)% |
| &nbsp;&nbsp;Vehlo Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(4) - Undrawn |  |  |  | 12/2025 | 05/2028 | 339 | (1) | (1) | (0.00)% |
| &nbsp;&nbsp;ACI Group Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 08/2021 | 08/2027 | 8 |  | (2) | (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;Victors Purchaser, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 772 |  |  |  |
|  | First Lien(4) - Undrawn |  |  |  | 12/2025 | 12/2032 | 1343 | (3) | (3) |  |
|  |  |  |  |  |  |  | 2115 | (3) | (3) | (0.00)% |
| &nbsp;&nbsp;Centegix Intermediate II, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 08/2025 | 08/2032 | 158 | (1) | (1) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2025 | 08/2027 | 609 |  | (3) |  |
|  |  |  |  |  |  |  | 767 | (1) | (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;Lighthouse Buyer, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(4) - Undrawn |  |  |  | 12/2025 | 12/2028 | 6791 |  |  |  |
|  | First Lien(4) - Undrawn |  |  |  | 12/2025 | 12/2031 | 1087 | (5) | (5) |  |
|  |  |  |  |  |  |  | 7878 | (5) | (5) | (0.00)% |
| &nbsp;&nbsp;Xactly Corporation |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 06/2020 | 07/2027 | 551 | (6) | (7) | (0.00)% |

---

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

------

<u>[**Table of Contents**](#i71c13fe8e9a5443f846fce41ed4382c7_10)</u>

**NMF SLF I, Inc.**

**Consolidated Schedule of Investments (Continued)**

**December 31, 2025**

**(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;Wrench Group LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 09/2027 | $696 | $— | $(3) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 09/2031 | 696 | (3) | (3) |  |
|  |  |  |  |  |  |  | 1392 | (3) | (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;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 05/2022 | 05/2028 | 844 | (3) | (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;Fullsteam Operations LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 08/2025 | 08/2031 | 449 | (2) | (2) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 08/2025 | 08/2027 | 1348 |  | (7) |  |
|  |  |  |  |  |  |  | 1797 | (2) | (9) | (0.00)% |
| &nbsp;&nbsp;Sierra Enterprises, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage | First Lien(3)(4) - Undrawn |  |  |  | 05/2025 | 05/2030 | 1244 | (8) | (9) | (0.00)% |
| &nbsp;&nbsp;The Ultimus Group Midco, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services & Technology | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2032 | 522 | (2) | (3) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 01/2028 | 1391 |  | (7) |  |
|  |  |  |  |  |  |  | 1913 | (2) | (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 | 1694 | (2) | (6) |  |
|  |  |  |  |  |  |  | 2755 | (6) | (10) | (0.00)% |
| &nbsp;&nbsp;Bonterra LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 03/2025 | 03/2032 | 611 | (2) | (2) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 10/2027 | 1868 |  | (9) |  |
|  |  |  |  |  |  |  | 2479 | (2) | (11) | (0.00)% |
| &nbsp;&nbsp;Meta Buyer LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(4) - Undrawn |  |  |  | 12/2025 | 12/2027 | 4882 |  |  |  |
|  | First Lien(4) - Undrawn |  |  |  | 12/2025 | 03/2026 | 2441 |  |  |  |
|  | First Lien(4) - Undrawn |  |  |  | 12/2025 | 12/2031 | 3195 | (12) | (12) |  |
|  |  |  |  |  |  |  | 10518 | (12) | (12) | (0.00)% |
| &nbsp;&nbsp;LogRhythm, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 07/2024 | 07/2029 | 273 | (3) | (13) | (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, 2025**

**(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;Packaging Coordinators Midco, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 07/2027 | $2646 | $— | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 07/2027 | 71 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 07/2027 | 2581 |  |  |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 07/2027 | 661 | (3) | (3) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 10/2025 | 10/2032 | 1969 | (10) | (10) |  |
|  |  |  |  |  |  |  | 7928 | (13) | (13) | (0.00)% |
| &nbsp;&nbsp;Diamondback Acquisition, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 09/2025 | 09/2032 | 2251 | (6) | (6) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 09/2025 | 09/2027 | 4170 |  | (10) |  |
|  |  |  |  |  |  |  | 6421 | (6) | (16) | (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;MedX Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2032 | 1216 | (6) | (6) |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 07/2025 | 07/2027 | 2857 |  | (14) |  |
|  |  |  |  |  |  |  | 4073 | (6) | (20) | (0.01)% |
| &nbsp;&nbsp;iCIMS, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | First Lien(3)(4) - Undrawn |  |  |  | 08/2022 | 08/2028 | 1253 | (11) | (34) | (0.01)% |
| &nbsp;&nbsp;PetVet Care Centers, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Services | First Lien(3)(4) - Undrawn |  |  |  | 10/2023 | 11/2029 | 866 | (9) | (38) | (0.01)% |
| **Total Unfunded Debt Investments - United States** |  |  |  |  |  |  | $**212452** | $**(452)** | $**(270)** | **(0.03)%** |
| **Unfunded Debt Investments - Australia** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Adelaide Borrower, LLC\*\* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Services | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2026 | $681 | $— | $— |  |
|  | First Lien(3)(4) - Undrawn |  |  |  | 05/2024 | 05/2030 | 355 | (4) |  |  |
|  |  |  |  |  |  |  | 1036 | (4) |  | —% |
| &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** |  |  |  |  |  |  | $**1531** | $**(6)** | $**—** | **— %** |

---

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, 2025**

**(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** |
| **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 | $(20) | $— | —% |
| **Total Unfunded Debt Investments - United Kingdom** |  |  |  |  |  |  | $**2363** | $**(20)** | $**—** | **— %** |
| **Total Unfunded Debt Investments** |  |  |  |  |  |  | $**216346** | $**(478)** | $**(270)** | **(0.03)%** |
| **Total Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  | $**1525141** | $**1512098** | **154.32%** |
| **Total Investments** |  |  |  |  |  |  |  | $**1525141** | $**1512098** | **154.32%** |

---

(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), the 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, 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 a first lien term loan 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.

(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 are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of its equity investment plus unpaid compounded dividends was $6,680.

(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 are calculated using the stated value of the Company's equity investment plus the aggregate unpaid compounded dividends as of the date of determination. As of December 31, 2025, the Company's stated value of it's equity investment plus unpaid compounded dividends was $2,273.

(11)The Company holds common stock in Notorious Buyer LLC and a first lien term loan, first lien revolver and subordinated loan in Notorious Topco, LLC, a wholly-owned subsidiary of Notorious Buyer LLC.

(12)Investment is on non-accrual status as of December 31, 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 December 31, 2025, 3.23% 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, 2025**

**(in thousands, except shares)**

---

| | |
|:---|:---|
|<br>**Investment Type** | **December 31, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| First lien | 96.74% |
| Second lien | 1.28% |
| Subordinated | 0.76% |
| Equity and other | 1.22% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Industry Type** | **December 31, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| Business Services | 32.02% |
| Software | 23.56% |
| Financial Services & Technology | 15.87% |
| Healthcare | 13.91% |
| Consumer Services | 5.27% |
| Education | 2.20% |
| Distribution & Logistics | 2.05% |
| Packaging | 1.56% |
| Business Products | 1.43% |
| Consumer Products | 1.07% |
| Food & Beverage | 0.64% |
| Specialty Chemicals & Materials | 0.42% |
| Total investments | 100.00% |

---

---

| | |
|:---|:---|
|<br>**Interest Rate Type** | **December 31, 2025**<br>**Percent of Total<br>Investments at Fair Value** |
| Floating rates | 99.18% |
| Fixed rates | 0.82% |
| Total investments | 100.00% |

---

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

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**Notes to the Consolidated Financial Statements of**

**NMF SLF I, Inc.**

**March 31, 2026** 

**(in thousands, except shares and per 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 investor. 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 common stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). At the closing of any Private Offering, each investor will make a capital commitment (each, a "Capital Commitment") to purchase common stock pursuant to a subscription agreement entered into with the Company (each, a "Subscription Agreement"). Each investor will be required to make capital contributions to purchase the Company's common stock each time a drawdown notice is issued based on such investor's Capital Commitment. The Company commenced its loan origination and investment activities on the date it issued shares to persons not affiliated with the Investment Adviser, which occurred on February 18, 2020 (the "Initial Closing Date"). The Company may conduct subsequent closings at times during its investment period (the "Investment Period"), which commenced on the Initial Closing Date and initially continued until September 30, 2023, subject to automatic extensions thereafter, each for an additional one year period, unless the holders of a majority of the Company's outstanding common stock elect to forego any such extension upon not less than ninety days prior written notice. Effective September 30, 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, whose assets are used to secure SLF I SPV's credit facility. On October 6, 2022, the Company established NMF SLF I Opportunistic SPV, L.L.C. ("SLF I Opportunistic SPV") as a wholly-owned direct subsidiary. As of March 31, 2026 and December 31, 2025, 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. The Company generally does not hold any last-out positions. In some cases, the Company's investments may also include equity interests.

As of March 31, 2026, the Company's top five industry concentrations were business services, software, financial services & technology, healthcare 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, 2026.

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

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

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

&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

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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; 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 value, the fair value of the Company's investments may fluctuate from period to period and the fluctuations could be material.

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

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

***Cash and cash equivalents***—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of March 31, 2026 and December 31, 2025. The cash deposits are FDIC insured up to $250 per ownership category, per institution.

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***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. 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 months ended March 31, 2026, and March 31, 2025, the Company recognized PIK interest from investments of $1,198 and $1,395, respectively, and PIK dividends from investments of $273 and $205, 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 generally 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.

*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.

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

The Company will be subject to a 4.0% nondeductible 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, 2025. The 2023 through 2025 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 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 declare distributions on a quarterly basis, subject to the Board's discretion, in amounts sufficient 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 both the three months ended March 31, 2026, and March 31, 2025, no shares were issued through the DRIP.

***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 March 31, 2026, the Company's investments consisted of the following:

**Investment Cost and Fair Value by Type**

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| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| First lien | $1439392 | $1411167 |
| Second lien | 20671 | 17526 |
| Subordinated | 11813 | 11821 |
| Equity and other | 19512 | 16534 |
| Total investments | $1491388 | $1457048 |

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| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| Business Services | $466387 | $463821 |
| Software | 342701 | 332799 |
| Financial Services & Technology | 245923 | 244380 |
| Healthcare | 215843 | 202450 |
| Consumer Services | 79981 | 78689 |
| Education | 34788 | 32889 |
| Distribution & Logistics | 31319 | 31007 |
| Packaging | 26619 | 24131 |
| Business Products | 15348 | 15430 |
| Consumer Products | 16504 | 15391 |
| Food & Beverage | 9686 | 9756 |
| Specialty Chemicals & Materials | 6289 | 6305 |
| Total investments | $1491388 | $1457048 |

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At December 31, 2025, 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 | $1473620 | $1462772 |
| Second lien | 20653 | 19288 |
| Subordinated | 11423 | 11549 |
| Equity and other | 19445 | 18489 |
| Total investments | $1525141 | $1512098 |

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**Investment Cost and Fair Value by Industry**

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| | | |
|:---|:---|:---|
| | **Cost** | **Fair Value** |
| Business Services | $483935 | $484215 |
| Software | 356465 | 356217 |
| Financial Services & Technology | 238890 | 239885 |
| Healthcare | 221363 | 210328 |
| Consumer Services | 79607 | 79612 |
| Education | 34808 | 33269 |
| Distribution & Logistics | 31396 | 31065 |
| Packaging | 25052 | 23653 |
| Business Products | 21408 | 21626 |
| Consumer Products | 16243 | 16243 |
| Food & Beverage | 9707 | 9698 |
| Specialty Chemicals & Materials | 6267 | 6287 |
| Total investments | $1525141 | $1512098 |

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During the fourth quarter of 2025, the Company placed its first lien positions in DCA Investment Holding, LLC ("DCA") on non-accrual status. As of March 31, 2026, the Company's first lien positions in DCA had total unearned interest income of $218 for the three months then ended.

During the first quarter of 2026, the Company placed its first lien positions in ACI Group Holdings, Inc. ("Affordable Care") on non-accrual status. As of March 31, 2026, the Company's first lien positions in Affordable Care had total unearned interest income of $271 for the three months then ended.

During the first quarter of 2026, the Company placed its first lien position in Convey Health Solutions, Inc. ("Convey") on non-accrual status. As of March 31, 2026, the Company's first lien position in Convey had total unearned interest income of $72 for the three months then ended.

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

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

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The Company invests a significant portion of its portfolio in unitranche loans, which combine both senior and subordinated debt, generally in a first-lien position. Such loans have risks similar to the risks associated with secured debt and subordinated debt according to the combination of loan characteristics of the unitranche loan. Unitranche loans typically allow a borrower to make a lump sum payment of the principal at the end of the loan term. If the borrower is unable to pay the lump sum, or refinance the amount owed at maturity, the Company may lose the value of its investment. The Company will be subject to heightened risk similar to the risks of subordinated or second lien loans described above to the extent the Company invests in the "last out" tranche of a unitranche loan. The Company generally does not hold any last-out positions.

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 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.

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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 March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level I** | **Level II** | **Level III** |
| First lien | $1411167 | $— | $81190 | $1329977 |
| Second lien | 17526 |  | 5943 | 11583 |
| Subordinated | 11821 |  |  | 11821 |
| Equity and other | 16534 |  |  | 16534 |
| Total investments | $1457048 | $— | $87133 | $1369915 |

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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, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total** | **Level I** | **Level II** | **Level III** |
| First lien | $1462772 | $— | $114682 | $1348090 |
| Second lien | 19288 |  |  | 19288 |
| Subordinated | 11549 |  |  | 11549 |
| Equity and other | 18489 |  |  | 18489 |
| Total investments | $1512098 | $— | $114682 | $1397416 |

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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2026, 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 March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total** | **First Lien** | **Second Lien** | **Subordinated** | **Equity and other** |
| **Fair value, December 31, 2025** | $1397416 | $1348090 | $19288 | $11549 | $18489 |
| Total gains or losses included in earnings: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (losses) gains on investments | (343) | (343) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation | (14792) | (12980) | 327 | (117) | (2022) |
| Purchases, including capitalized PIK and revolver fundings | 31016 | 30560 |  | 389 | 67 |
| Proceeds from sales and paydowns of investments | (66260) | (66260) |  |  |  |
| Transfers into Level III (1) | 30910 | 30910 |  |  |  |
| Transfers out of Level III (1) | (8032) |  | (8032) |  |  |
| **Fair value, March 31, 2026** | $1369915 | $1329977 | $11583 | $11821 | $16534 |
| 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: | $(14791) | $(12979) | $327 | $(117) | $(2022) |

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(1)As of March 31, 2026, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

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The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 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 March 31, 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 on investments | (3787) | (3787) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1353 | 1710 | (293) | 73 | (137) |
| Purchases, including capitalized PIK and revolver fundings (1) | 51102 | 43794 |  | 3253 | 4055 |
| Proceeds from sales and paydowns of investments (1) | (71434) | (71434) |  |  |  |
| Transfers into Level III (2) | 26841 | 15816 | 11025 |  |  |
| **Fair value, March 31, 2025** | $1338656 | $1299363 | $21220 | $8092 | $9981 |
| 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: | $(2429) | $(2071) | $(294) | $73 | $(137) |

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(1)Includes non-cash reorganizations and restructurings.

(2)As of March 31, 2025, portfolio investments were transferred into Level III from 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 months ended March 31, 2026 and March 31, 2025. 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.

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.

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***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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of March 31, 2026 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Range** | **Range** | **Range** |
|<br>**Type** |<br>**Fair Value as of, March 31, 2026** |<br>**Approach** |<br>**Unobservable Input** | **Low** | **High** | **Weighted<br>Average (1)** |
| First lien | $1321655 | Market & income approach | EBITDA multiple | 7.0x | 27.5x | 15.8x |
|  |  |  | Revenue multiple | 2.0x | 13.0x | 7.2x |
|  |  |  | Discount rate | 6.1% | 24.1% | 9.3% |
|  | 8322 | Other | N/A (2) | N/A | N/A | N/A |
| Second lien | 11583 | Market & income approach | EBITDA multiple | 12.0x | 16.0x | 14.0x |
|  |  |  | Discount rate | 10.3% | 15.0% | 13.5% |
| Subordinated | 11821 | Market & income approach | EBITDA multiple | 8.3x | 18.0x | 12.4x |
|  |  |  | Discount rate | 12.1% | 14.6% | 14.2% |
| Equity and other | 16534 | Market & income approach | EBITDA multiple | 8.3x | 15.0x | 13.1x |
|  |  |  | Revenue multiple | 5.5x | 8.5x | 7.0x |
|  |  |  | Discount rate | 12.4% | 13.2% | 12.8% |
|  | $1369915 |  |  |  |  |  |

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(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.

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The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2025 were as follows:&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Range** | **Range** | **Range** |
|<br>**Type** |<br>**Fair Value as of December 31, 2025** |<br>**Approach** |<br>**Unobservable Input** | **Low** | **High** | **Weighted<br>Average (1)** |
| First lien | $1230767 | Market & income approach | EBITDA multiple | 7.0x | 31.3x | 16.7x |
|  |  |  | Revenue multiple | 4.0x | 19.5x | 10.1x |
|  |  |  | Discount rate | 6.1% | 21.6% | 9.0% |
|  | 117323 | Other | N/A (2) | N/A | N/A | N/A |
| Second lien | 19288 | Market & income approach | EBITDA multiple | 14.0x | 18.0x | 16.0x |
|  |  |  | Discount rate | 11.3% | 14.3% | 12.9% |
| Subordinated | 11549 | Market & income approach | EBITDA multiple | 8.8x | 18.0x | 12.2x |
|  |  |  | Discount rate | 11.7% | 14.6% | 14.0% |
| Equity and other | 18489 | Market & income approach | EBITDA multiple | 8.8x | 18.0x | 13.5x |
|  |  |  | Revenue multiple | 7.5x | 10.5x | 9.0x |
|  |  |  | Discount rate | 12.7% | 12.7% | 12.7% |
|  | $1397416 |  |  |  |  |  |

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(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.

The following are the principal amount and fair value of the Company's debt obligation as of March 31, 2026 and December 31, 2025. 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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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Principal Amount** | **Fair Value** | **Principal Amount** | **Fair Value** |
| Wells Credit Facility | $506800 | $503357 | $573800 | $569482 |

---

***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 February 11, 2026, for a period of 12 months commencing on March 1, 2026.

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.

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

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

The Company has entered into an administration agreement ("Administration Agreement") with the Administrator under which the Administrator provides administrative services to the Company for its day-to-day operations. The Administration Agreement was most recently re-approved by the Board on February 11, 2026 for a period of 12 months commencing on March 1, 2026. 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 grant the Company a non-exclusive, royalty-free license to use the "NMF" name. Under the Trademark License Agreement, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "NMF" name, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company will have no legal right to the "NMF" name.

The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company's investment mandates. 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. The exemptive order allows for the Company to co-invest in certain negotiated transactions 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, or is a sale of a tradeable security Pursuant to the Exemptive Order, the Board oversees 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

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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. On October 10, 2025, the Company entered into Amendment No. 5 to the Wells Credit Facility which extended the facility maturity date from November 1, 2029 to October 10, 2030. 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.

As of the amendment on October 10, 2025, the Wells Credit Facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.80% per annum. Prior to the amendment on October 10, 2025, from November 1, 2024 to October 9, 2025, the Wells Credit Facility bore interest at a rate of 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).

The following table summarizes the interest expense, non-usage fee and amortization of financing costs incurred on the Wells Credit Facility for the three months ended March 31, 2026 and March 31, 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Interest expense | $7435 | $7737 |
| Non-usage fee | $192 | $266 |
| Amortization of financing costs | $471 | $608 |
| Weighted average interest rate | 5.5% | 6.4% |
| Effective interest rate | 6.0% | 7.2% |
| Average debt outstanding | $544189 | $484422 |

---

As of March 31, 2026 and December 31, 2025, the outstanding balance on the Wells Credit Facility was $506,800 and $573,800, respectively, and SLF I SPV was in compliance with the applicable covenants in the Loan and Security Agreement on such dates.

***Leverage risk factors***—The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The Company's lenders will 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).

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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 March 31, 2026, the Company had unfunded commitments on revolving credit facilities of $91,429, no outstanding bridge financing commitments, and other future funding commitments of $91,088. As of December 31, 2025, the Company had unfunded commitments on revolving credit facilities of $96,480, no outstanding bridge financing commitments, and other future funding commitments of $119,866. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedules of Investments as of March 31, 2026 and December 31, 2025.

The Company also had revolving borrowings available under the Wells Credit Facility as of March 31, 2026 and December 31, 2025. See Note 6. *Borrowings*, for details.

The Company may from time to time enter into financing commitment letters. As of March 31, 2026 and December 31, 2025, the Company had commitment letters to purchase investments in the aggregate par amount of $25,696 and $0, respectively, which could require funding in the future.

**Note 9. Net Assets**

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

The following table reflects the distributions declared on the Company's common stock for the three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** |
| March 25, 2026 | March 31, 2026 | July 20, 2026 | $0.2460 |
|  |  |  | $0.2460 |

---

The following table reflects the distributions declared on the Company's common stock for the three months ended March 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** |
| March 25, 2025 | March 28, 2025 | July 21, 2025 | $0.2600 |
|  |  |  | $0.2600 |

---

**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 months ended March 31, 2026 and March 31, 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **Earnings per share—basic & diluted** | | |
| Numerator for basic & diluted earnings per share: | $1648 | $21842 |
| Denominator for basic & diluted weighted average share: | 95740093 | 94236672 |
| Basic & diluted earnings per share: | $0.02 | $0.23 |

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**Note 11. Financial Highlights**

The following information sets forth the Company's financial highlights for the three months ended March 31, 2026 and March 31, 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| Per share data: (1) |  |  |
| Net asset value, December 31, 2025 and December 31, 2024, respectively | $10.23 | $10.44 |
| Net investment income | 0.24 | 0.28 |
| Net realized and unrealized (losses) gains (2) | (0.21) | (0.05) |
| Net increase in net assets resulting from operations | 0.03 | 0.23 |
| Distributions declared to stockholders from net investment income | (0.25) | (0.26) |
| Net asset value, March 31, 2026 and March 31, 2025, respectively | $10.01 | $10.41 |
| Total return (3) | 0.21% | 2.21% |
| Shares outstanding at end of period | 95740093 | 94236672 |
| Average weighted shares outstanding for the period | 95740093 | 94236672 |
| Average net assets for the period | $979588 | $983700 |
| Ratio to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (4) | 9.64% | 10.72% |
| &nbsp;&nbsp;&nbsp;Total expenses (4) | 4.64% | 4.80% |
| Average debt outstanding — Wells Credit Facility | $544189 | $484422 |
| Asset coverage ratio | 289.01% | 311.48% |
| Portfolio turnover | 1.64% | 1.92% |
| 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)The total amount shown may not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions which for the three months ended March 31, 2026 and March 31, 2025 were $0.01 and $0.00 per share, respectively.

(3)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.

(4)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.

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures("ASU 2023-09"), which enhances the income tax disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be applied prospectively, with an option for retrospective application. The Company adopted ASU 2023-09 on December 31, 2025, and the adoption did not have a material impact on the Company's 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 net assets 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 comprise 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**

The Company has evaluated the need for disclosures and/or adjustments resulting from recent developments through the date the financial statements were issued. There have been no recent developments that require recognition or disclosure in these financial statements.

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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 March 31, 2026, the related consolidated statements of operations, changes in net assets, and cash flows for the three-month periods ended March 31, 2026 and 2025, and the related notes (collectively referred to as the "interim financial information"). Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments as of December 31, 2025, 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 4, 2026, 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, 2025, 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 review 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

May 13, 2026

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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 subsidiary (collectively, "we", "us", "our", or the "Company").

**Forward-Looking Statements**

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

&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, 2025 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, 2025 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.

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**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 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 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 at times during our investment period (the "Investment Period"), which commenced on the Initial Closing Date and initially continued until September 30, 2023, subject to automatic extensions thereafter, each for an additional one year period, unless the holders of a majority of our outstanding common stock elect to forego any such extension upon not less than ninety days prior written notice. Effective September 30, 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 March 31, 2026 and December 31, 2025, 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 our 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 March 31, 2026, our top five industry concentrations were business services, software, financial services & technology, healthcare and consumer services.

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As of March 31, 2026, our net assets were approximately $957.9 million and our portfolio had a fair value of approximately $1,457.0 million in 125 portfolio companies.

**Critical Accounting Estimates**

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

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

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

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

&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 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

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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 value, the fair value of our investments may fluctuate from period to period and the fluctuations could be material.

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

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

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

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

&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.

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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 March 31, 2026.

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

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

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

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

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

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 March 31, 2026.

***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 ("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 months ended March 31, 2026, and March 31, 2025 we

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recognized PIK interest from investments of $1.2 million and $1.4 million, respectively, and PIK dividends from investments of $0.3 million and $0.2 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 generally 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.

*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:

&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

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The following table shows the Risk Ratings of our portfolio companies as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **(in millions)**<br>**Risk Rating** | **Cost** | **Percent** | **Fair Value** | **Percent** |
| Green | $1379.3 | 92.5% | $1361.8 | 93.5% |
| Yellow | 65.6 | 4.4% | 56.7 | 3.9% |
| Orange | 43.4 | 2.9% | 36.5 | 2.5% |
| Red | 3.1 | 0.2% | 2.0 | 0.1% |
|  | $1491.4 | 100.0% | $1457.0 | 100.0% |

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As of March 31, 2026, all investments in our portfolio had a Green Risk Rating, with the exception of six 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 fourth quarter of 2025, we placed our first lien positions in DCA Investment Holding, LLC ("DCA") on non-accrual status. As of March 31, 2026, our first lien positions in DCA had total unearned interest income of $0.2 million for the three months then ended. As of March 31, 2026, our investment in DCA had a Green Risk Rating.

During the first quarter of 2026, we placed our first lien positions in ACI Group Holdings, Inc. ("Affordable Care") on non-accrual status. As of March 31, 2026, our first lien positions in Affordable Care had total unearned interest income of $0.3 million for the three months then ended. As of March 31, 2026, our investment in Affordable Care had an Orange Risk Rating.

During the first quarter of 2026, we placed our first lien position in Convey Health Solutions, Inc. ("Convey") on non-accrual status. As of March 31, 2026, our first lien position in Convey had total unearned interest income of $0.1 million for the three months then ended. As of March 31, 2026, our investment in Convey 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 $1,457.0 million in 125 portfolio companies at March 31, 2026 and approximately $1,512.1 million in 129 portfolio companies at December 31, 2025.

The following table shows our portfolio and investment activity for the three months ended March 31, 2026 and March 31, 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions)** | **March 31, 2026** | **March 31, 2025** |
| Investments in 20 and 23, respectively, new and existing portfolio companies | $24.8 | $27.8 |
| Debt repayments in existing portfolio companies | (55.4) | (52.5) |
| Sales of securities in 1 and 1 companies, respectively | (5.5) | (2.3) |
| Change in unrealized appreciation on 17 and 23 portfolio companies, respectively | 0.6 | 5.3 |
| Change in unrealized depreciation on 110 and 96 portfolio companies, respectively | (21.9) | (5.7) |

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**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 March 31, 2026 and March 31, 2025**

***Revenue***

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions)** | **March 31, 2026** | **March 31, 2025** |
| Total interest income | $33.8 | $36.9 |
| Dividend income | 0.3 | 0.2 |
| Fee income | 0.4 | 0.6 |
| Total investment income | $34.5 | $37.7 |

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Our total investment income decreased by approximately $3.2 million, or 8%, for the three months ended March 31, 2026 as compared to the same period in the prior year. For the three months ended March 31, 2026, total investment income of approximately $34.5 million consisted of approximately $31.8 million in cash interest from investments, approximately $1.2 million in PIK and non-cash interest from investments, net amortization of purchase premiums and discounts of approximately $0.8 million, $0.3 million in PIK dividends from investments, and approximately $0.4 million in fee income. The decrease in total interest income of approximately $3.1 million during the three months ended March 31, 2026 as compared to the same period in the prior year was primarily due to lower yields on our portfolio investments. Fee income during the three months ended March 31, 2026, which represents fees that are generally non-recurring in nature, was primarily attributable to upfront fees received from 4 different portfolio companies.

***Operating Expenses***

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions)** | **March 31, 2026** | **March 31, 2025** |
| Management fee | $2.4 | $2.3 |
| Interest and other financing expenses | 8.1 | 8.7 |
| Administrative expenses | 0.3 | 0.3 |
| Professional fees | 0.3 | 0.3 |
| Other general and administrative expenses | 0.1 | 0.1 |
| Net expenses | $11.2 | $11.7 |

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Our total net operating expenses decreased by approximately $0.5 million, or 4%, for the three months ended March 31, 2026 as compared to the same period in the prior year. Our management fee increased by $0.1 million, which was attributable to larger managed and invested capital balances as a result of shares issued through the DRIP and higher drawn balances on the Wells Credit Facility as of March 31, 2026, as compared to March 31, 2025.

Interest and other financing expenses decreased by approximately $0.6 million during the three months ended March 31, 2026 as compared to the same period in the prior year, primarily due to lower spreads and SOFR rates on the Wells Credit Facility, offset by higher average drawn balances on the Wells Credit Facility.

Professional fees, administrative expenses and other general and administrative expenses for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 remained relatively flat.

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

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions)** | **March 31, 2026** | **March 31, 2025** |
| Net realized (losses) gains on investments | $(0.3) | $(3.8) |
| Net change in unrealized (depreciation) appreciation of investments | (21.3) | (0.4) |
| Net realized and unrealized (losses) gains | $(21.6) | $(4.2) |

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Our net realized losses and unrealized depreciation resulted in a net loss of approximately $21.6 million for the three months ended March 31, 2026 as compared to the net realized losses and unrealized depreciation resulting in a net loss of approximately $4.2 million for the same period in 2025. 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 March 31, 2026 was primarily driven by unrealized depreciation in Planview Parent, Inc., GS Acquisitionco, Inc., ACI Group Holdings, Inc., Notorious Topco, LLC and RLG Holdings, LLC. The net loss for the three months ended March 31, 2025 was

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primarily driven by unrealized depreciation in Notorious Topco, LLC, CC Blue Bidco, Inc. and Therapy Brands Holdings LLC, partially offset by unrealized appreciation in Zone Climate Services, Inc.

**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 March 31, 2026, our asset coverage ratio was 289.01%.

On March 31, 2026 and December 31, 2025, we had aggregate capital commitments and undrawn capital commitments from investors as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **March 31, 2026** | **December 31, 2025** |
| Capital Commitments | $690.0 | $690.0 |
| Unfunded Capital Commitments |  |  |
| % of Capital Commitments funded | 100.0% | 100.0% |

---

At March 31, 2026 and December 31, 2025, we had cash and cash equivalents of approximately $21.6 million and $25.3 million, respectively. Our cash provided by operating activities for the three months ended March 31, 2026 and March 31, 2025 was approximately $63.4 million and $64.5 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 March 31, 2026 and December 31, 2025, we had outstanding commitments to third parties to fund investments totaling $182.5 million and $216.3 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 March 31, 2026 and December 31, 2025, we had commitment letters to purchase investments in the aggregate par amount of $25.7 million and $0.0 million, respectively, which could require funding in the future. As of March 31, 2026 and December 31, 2025, 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 March 31, 2026 is as follows:&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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) | $506.8 | $— | $— | $506.8 | $— |

---

(1)Under the terms of the Wells Credit Facility, all outstanding borrowings under that facility ($506.8 million as of March 31, 2026) must be repaid on or before October 10, 2030. As of March 31, 2026, there was approximately $193.2 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 respective day-to-day operations. The Administrator has also agreed to maintain, or oversee the maintenance of, our financial records, our reports to stockholders and reports filed with the SEC. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services.

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

**Distributions and Dividends**

Distributions declared for the three months ended March 31, 2026 and March 31, 2025 totaled approximately $23.6 million and $24.5 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, 2025 and December 31, 2024, total distributions declared were $103.8 million and $117.2 million, respectively, of which the distributions were comprised of approximately 95.57% and 97.30% respectively, of ordinary income, 1.57% and 2.55%, respectively, of long-term capital gains, and 2.86% and 0.15%, 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 three months ended March 31, 2026 and March 31, 2025, we issued 0 and 0 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 respective 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. The exemptive order allows for us to co-invest in certain negotiated transactions 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, or is a sale of a tradeable security Pursuant to the Exemptive Order, the Board oversees 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 held interest rates flat in January, March and April 2026 after previously decreasing interest rates by 0.25% in each of September, October, and December 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 three months ended March 31, 2026, certain of the loans held in our portfolio had SOFR interest rates. As of March 31, 2026, approximately 99.1% of our investments at fair value (excluding investments on non-accrual, unfunded debt investments and non-dividend bearing equity investments) represent floating-rate investments with a SOFR floor (includes investments bearing prime interest rate contracts) and approximately 0.9% 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 March 31, 2026. Interest expense is calculated based on the terms of our Wells Credit Facility. For our credit facility, we use the outstanding balance as of March 31, 2026. 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 March 31, 2026. These hypothetical calculations are based on a model of the investments in our portfolio, held as of March 31, 2026, 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** |
| -200 Basis Points | (18.42)% |
| -150 Basis Points | (13.82)% |
| -100 Basis Points | (9.21)% |
| -50 Basis Points | (4.61)% |
| +50 Basis Points | 4.61% |
| +100 Basis Points | 9.21% |
| +150 Basis Points | 13.82% |
| +200 Basis Points | 18.42% |

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

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

As of March 31, 2026 (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 March 31, 2026. 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, 2025, 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 three months ended March 31, 2026 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, 2025.

**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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**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/Archives/edgar/data/1766037/000110465923123972/tm2332238d1_ex3-1.htm)</u> |
| 4.1 | <u>[Form of Subscription Agreement(1)](https://www.sec.gov/Archives/edgar/data/1766037/000104746919006483/a2238991zex-4_1.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-03312026xex311.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-03312026xex312.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-03312026xex321.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-03312026xex322.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) |

---

&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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**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 May 13, 2026.

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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)* |

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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 May, 2026<br>

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

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## 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 May, 2026<br>

---

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

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## 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 March 31, 2026 (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.

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| | |
|:---|:---|
| /s/ JOHN R. KLINE | /s/ JOHN R. KLINE |
| Name: | John R. Kline |
| Date: | May 13, 2026 |

---

## 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 March 31, 2026 (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.

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| | |
|:---|:---|
| /s/ KRIS CORBETT | /s/ KRIS CORBETT |
| Name: | Kris Corbett |
| Date: | May 13, 2026 |

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