Risk Factors Update Summary

• The alternative reference rates have replaced LIBOR in credit agreements and other financial instruments. This change may not yield the same economic results as LIBOR over the life of transactions.
• The Holdings Credit Facility, Unsecured Notes, DB Credit Facility, and NMFC Credit Facility include covenants restricting various actions, such as asset disposal and additional indebtedness.
• The Investment Adviser has entered into a fee waiver agreement, waiving approximately $4.1 million in total management fees for the year ended December 31, 2023.
• The interest rates on various facilities and notes have changed, with the NMFC Credit Facility now at 3.5%, the DB Credit Facility at 4.7%, and the NMNLC Credit Facility II at 7.2% for the year ended December 31, 2023.
• The Investment Adviser extended the Fee Waiver Agreement through December 31, 2024, waiving management fees.
• The Investment Adviser can not recoup management fees waived, totaling approximately $1 million for the year ended December 31, 2023.
• Change from "value" to "price" may impact the volatility of common stock.
• The Investment Adviser amended the Fee Waiver Agreement on August 7, 2023, extending it for one year.
• Addition of New Mountain Guardian IV Income Fund and NMF SLF Inc to our investment strategies.
• Clarification on different interests and rights of preferred stockholders compared to common stockholders.