Investments

6 Months Ended

Jun. 30, 2025

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

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,376,732	$	1,364,016
Second lien	31,390		29,119
Subordinated	8,280		8,398
Equity and other	10,572		10,052
Total investments	$	1,426,974	$	1,411,585


	Cost		Fair Value
Software	$	549,330	$	550,355
Business Services	369,281		370,262
Healthcare	188,279		178,197
Financial Services	118,941		119,460
Consumer Services	70,397		70,552
Education	45,247		44,740
Packaging	18,661		18,761
Consumer Products	24,896		17,494
Business Products	13,755		13,823
Distribution & Logistics	12,215		11,944
Food & Beverage	9,749		9,747
Specialty Chemicals & Materials	6,223		6,250





Total investments	$	1,426,974	$	1,411,585

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

Investment Cost and Fair Value by Type


	Cost		Fair Value
First lien	$	1,408,830	$	1,404,867
Second lien	31,354		29,959
Subordinated	4,756		4,766
Equity and other	6,065		6,063
Total investments	$	1,451,005	$	1,445,655

Investment Cost and Fair Value by Industry


	Cost		Fair Value
Software	$	595,007	$	596,473
Business Services	326,188		323,235
Healthcare	221,052		215,810
Financial Services	109,824		110,423
Consumer Services	64,686		65,029
Education	42,613		42,782
Food & Beverage	24,488		26,649
Consumer Products	22,804		20,894
Packaging	18,322		18,436
Distribution & Logistics	11,485		11,319
Business Products	8,427		8,496
Specialty Chemicals & Materials	6,109		6,109






Total investments	$	1,451,005	$	1,445,655

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

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

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

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

NMF SLF I, Inc. 10-Q