A. General Description of Advisory Firm New Mountain Finance Advisers BDC, L.L.C. (“NMFA”), a Delaware limited liability company, commenced operations in 2011 with an office in New York, New York. NMFA registered as an investment adviser with the Securities and Exchange Commission on November 11, 2010. The sole member of NMFA is New Mountain Capital Group, L.P. (together with its affiliates, including NMFA, “New Mountain” or the “Firm”) whose ultimate owners include Steven B. Klinsky, a minority investor, all of New Mountain’s Managing Directors (currently, forty-three individuals) and related and other vehicles. Separately, New Mountain’s general partners are controlled by Steven B. Klinsky and are ultimately owned by Steven B. Klinsky, other current and former New Mountain professionals and related vehicles, and a minority investor. Despite Mr. Klinsky’s controlling and ownership positions, all of New Mountain’s team members broadly share in the economics of the Firm through the receipt of “carry” or “phantom carry” in every New Mountain private equity transaction. Mr. Klinsky founded the Firm in 1999. NMFA currently provides discretionary investment management services to: New Mountain Finance Corporation (“NMFC”), which trades publicly on the NASDAQ Global Select Market under the ticker NMFC; New Mountain Guardian III BDC, L.L.C., (“GIII”); New Mountain Guardian IV BDC, L.L.C. (“GIV”); New Mountain Guardian IV Income Fund, L.L.C. (“GIV Income”); and NMF SLF I, Inc. (“SLF I, Inc.” and collectively with NMFC, GIII, GIV and GIV Income, the “Regulated Funds”). Each of the Regulated Funds 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 Regulated Funds invest primarily in U.S. middle market businesses, which we define as those businesses with annual earnings before interest, taxes, depreciation, and amortization (“EBITDA”) between $10.0 million and $200.0 million. The Regulated Funds’ primary focus is in the debt of defensive growth companies, which are defined as generally exhibiting the following characteristics: (i) sustainable secular growth drivers, (ii) high barriers to competitive entry, (iii) high free cash flow after capital expenditure and working capital needs, (iv) high returns on assets and (v) niche market dominance. NMFA also provides discretionary investment management services to the following private credit funds: New Mountain Guardian Partners II, L.P. (“Guardian II”), New Mountain Guardian Partners II Offshore, L.P. (“Guardian Offshore”), New Mountain Guardian II Master Fund-A, L.P. (“Guardian II Master A”) and New Mountain Guardian II Master Fund-B, L.P. (“Guardian II Master B”, and together with Guardian II, Guardian Offshore and Guardian II Master A, the “Guardian Private Credit Clients”). Each Guardian Private Credit Client invests primarily in a diversified portfolio of loans or bonds on a leveraged basis. Affiliates of NMFA serve as the general partners of the Guardian Private Credit Clients (each a “Guardian Private Credit Client GP” and together the “Guardian Private Credit Client GPs”). In addition, NMFA also provides discretionary investment management services to New Mountain Net Lease Partners, L.P. (“NMNLP I”) and New Mountain Net Lease Partners II, L.P. (“NMNLP II” and together with NMNLP I, the “Net Lease Funds”, and the Net Lease Funds together with the Guardian Private Credit Clients, the “Private Credit Clients”). The Net Lease Funds invest primarily in commercial properties that are subject to “triple net” leases. Affiliates of NMFA serve as the general partners of the Net Lease Funds (each a “Net Lease Fund GP” and together the “Net Lease Fund GPs”, and together with the Guardian Private Credit Client GPs, the “Private Fund GPs”). Together, the Regulated Funds and the Private Credit Clients are referred to herein as “Clients”. As previously noted, the Private Fund GPs are controlled by Steven B. Klinsky and are ultimately

owned by Steven B. Klinsky, other current and former New Mountain professionals and related vehicles and a minority investor. B. Description of Advisory Services, Investment Strategies & Types of Investments NMFA provides discretionary investment management services to its Clients. In servicing Clients in accordance with their individual objectives and strategies, the members of NMFA’s investment team have access to the extensive and varied relevant experience of the investment professionals of New Mountain Capital, L.L.C., an advisory affiliate of NMFA that specializes in private equity investing (“NMC”), and our other advisory affiliates. We refer to the consolidated investment advisory business of NMFA and our advisory affiliates as the “Firm”. In providing advisory services to our Clients, NMFA is responsible for investigating, identifying and evaluating investment opportunities, structuring, negotiating and making (or recommending, as applicable) investments on behalf of our Clients, managing and monitoring the performance of such investments and disposing (or recommending the disposition) of such investments. NMFA also manages the portfolio of companies and other investments belonging to our Clients, including the purchase and disposition thereof. NMFA provides investment management services in accordance with our Clients’ investment objective and policies as stated in our Clients’ respective offering documents, investment advisory agreements, limited partnership agreements, limited liability company agreements, and any other side letters or agreements that are be entered into with each Client (collectively, “Governing Documents”) and, with respect to the Regulated Funds, registration statements and public filings, including but not limited to current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K (collectively, “Public Disclosures” and together with Governing Documents, “Fund Documents”). Investment management services are provided directly to Clients and not individually to investors in Clients. In the case of the Regulated Funds, investment management services are subject to the oversight of the board of directors of each Regulated Fund. In addition to making debt and equity investments in middle-market companies as a BDC, NMFC was, but is no longer, registered, as an investment adviser. NMFC provided investment advisory services to a separate client that invested primarily in senior loans. Regardless of its status as an adviser, NMFC and our other Clients will generally be permitted to co-invest in companies subject to the restrictions of the 1940 Act, which regulate transactions with certain affiliates. NMFC and our other Clients can generally co-invest if the only term being negotiated is price, or if the proposed transaction is consistent with certain exemptive relief, that was granted to NMFC and certain of its affiliates by the SEC on October 8, 2019 (the “Co-Invest Order”), which superseded prior orders dated December 18, 2017 and June 5, 2017. The SEC granted NMFC’s request to amend the Co-Invest Order on August 30, 2022, which amended the Co-Invest Order to permit follow-on investments in existing portfolio companies with certain affiliates that are private funds if such private funds did not hold an investment in such existing portfolio company. NMFC’s own investment activities are managed by NMFA, and supervised by NMFC’s board of directors, a majority of whom are independent of NMFA and its affiliates. C. Tailoring to Individual Needs and Investment Restrictions We tailor our investment advisory services to the individual needs of our Clients. Each Client’s Fund Documents provide a detailed description of the Client's investment objectives, and any specific investment guidelines, policies, or restrictions. D. Wrap Fee Programs NMFA does not participate in wrap fee programs. E. Assets Under Management As of December 31, 2023, NMFA managed $9,711,575,609 of client regulatory assets under management on a discretionary basis.