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Investment First-lien loan ($56,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.02%2026-01-012026-03-310001508655Equity Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/20222026-03-310001508655Debt Investments Retail and Consumer Products Blazing Star Parent, LLC First-lien loan ($69,125 par, due 8/2030) Initial Acquisition Date 8/28/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%2026-01-012026-03-310001508655Other Investments Benefit Street Partners CLO Ltd, Series 2025-39A Investment Structured Credit ($1,725 par, due 4/2038) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.40%2025-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($3,575 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.57%2026-01-012026-03-310001508655us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001508655Debt Investments Financial Services Arlberg Bidco LLC Investment First-lien loan ($5,000 par, due 2/2031) Initial Acquisition Date 2/14/2025 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.60%2025-12-310001508655Equity Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/20222026-03-310001508655Debt Investments Internet Services RainFocus, LLC First-lien loan ($64,232 par, due 4/2031) Initial Acquisition Date 4/25/2025 Reference Rate and Spread SOFR + 6.38% Interest Rate 10.24%2025-12-310001508655Interest Rate Swap Company Receives 2.5% Company Pays SOFR + 2.17% Maturity Date 8/1/20262026-01-012026-03-310001508655Equity Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/20212026-01-012026-03-310001508655tslx:MezzanineDebtInvestmentsMember2025-03-310001508655Interest Rate Swap Company Receives 5.625% Company Pays SOFR + 1.53% Maturity Date 8/15/20302025-01-012025-12-310001508655us-gaap:UnfundedLoanCommitmentMember2025-12-310001508655Debt Investments Financial Services Payroc Buyer, LLC Investment Promissory Note ($6,000 par, due 9/2030) Initial Acquisition Date 9/30/2025 Reference Rate and Spread 5.50% Interest Rate 5.50%2025-01-012025-12-310001508655tslx:CarlyleGroupMember2025-12-230001508655tslx:InternetServicesMember2025-12-310001508655tslx:InvestmentAdvisoryAgreementMember2026-01-012026-03-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($1,323 par, due 9/2027) Initial Acquisition Date 6/10/2021 Reference Rate and Spread SOFR + 15.10 Interest Rate 18.77% (incl. 18.27% PIK)2026-03-310001508655country:NO2025-12-310001508655Debt Investments Internet Services Kaseware Intermediate Holding Company Investment First-lien loan ($45,090 par, due 10/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-03-310001508655Equity and Other Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/20212025-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2026-01-012026-03-310001508655tslx:TwoThousandTwentyEightNotesMember2024-12-310001508655tslx:AdministrationAgreementMemberus-gaap:GeneralAndAdministrativeExpenseMembertslx:AdviserMember2025-01-012025-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:SeverinAcquisitionLLCMember2026-03-310001508655tslx:TwoThousandTwentyNineNotesMember2025-01-012025-12-310001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandThirtyNotesMember2025-01-012025-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($1,848 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.72%2025-01-012025-12-310001508655tslx:TwoThousandTwentySixNotesMember2024-01-012024-12-310001508655Equity Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/20232026-01-012026-03-310001508655Equity and Other Investments Pharmaceuticals TherapeuticsMD, Inc. Warrants (14,256 warrants) Initial Acquisition Date 8/5/20202025-01-012025-12-310001508655tslx:OtherMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Equity Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/20212026-03-310001508655tslx:StructuredCreditPartnersJVLLCMembertslx:MediaDiversifiedAndProductionSectorMember2026-03-310001508655Equity and Other Investments Financial Services TS Imagine, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/20212025-01-012025-12-310001508655tslx:HumanResourceSupportServicesMemberus-gaap:DebtSecuritiesMember2026-03-310001508655Equity Investments Internet Services Lucidworks, Inc. Series F Preferred Shares (199,054 shares) Initial Acquisition Date 8/2/20192026-03-310001508655Debt Investments Business Services Dye & Durham Corp. Investment First-lien loan ($945 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread SOFR + 4.35% Interest Rate 8.02%2025-12-310001508655Equity and Other Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/20222025-01-012025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:LynxBidcoMember2026-03-310001508655Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ($27,317 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 10.77%2026-01-012026-03-310001508655tslx:OilGasAndConsumableFuelsMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Equity Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/20242026-01-012026-03-310001508655Debt Investments Business Services Crewline Buyer, Inc Investment First-lien loan ($58,384 par, due 11/2030) Initial Acquisition Date 11/8/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.42%2026-03-310001508655country:GB2025-12-310001508655tslx:FirstLienDebtInvestmentsMember2025-01-012025-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-03-042025-03-040001508655tslx:AledadeIncMembertslx:RevolverMember2025-12-310001508655Other Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2017 -24A Structured Credit ($1,000 par, due 10/2038) Initial Acquisition Date 8/25/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.88%2025-01-012025-12-310001508655IRGSE Holding Corp2026-01-012026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (50,140,171 units) Initial Acquisition Date 12/21/20182025-01-012025-12-310001508655Other Investments Neuberger Berman CLO Ltd, Series 2017 -16SA Structured Credit ($4,000 par, due 4/2039) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.80%2025-01-012025-12-310001508655Debt Investments Financial Services TS Imagine, Inc. Investment First-lien loan ($54,818 par, due 4/2027) Initial Acquisition Date 4/30/2021 Reference Rate and Spread SOFR + 5.85% Interest Rate 9.52%2026-03-310001508655Equity Investments Transportation Ranger Parent I, Inc. Warrants (3,841 warrants) Initial Acquisition Date 10/28/20252026-03-310001508655Equity Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/20202026-03-310001508655Structured Credit Investments Madison Park Funding Ltd, Series 2025 -72A Structured Credit ($2,500 par, due 7/2038) Initial Acquisition Date 8/18/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2026-03-310001508655country:FI2026-03-310001508655Other Investments Madison Park Funding Ltd, Series 2025 -65A Structured Credit ($4,400 par, due 7/2038) Initial Acquisition Date 8/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.32%2025-01-012025-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 19,959 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2026-03-310001508655Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($55,579 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.32%2025-12-310001508655Other Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2019 -33A Structured Credit ($2,000 par, due 4/2039) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.39%2025-01-012025-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan (GBP 10,529 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread S + 5.50% Interest Rate 9.23% (incl. 2.50% PIK)2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMembertslx:AssetValuationWaterfallMember2025-12-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien loan ($42,190 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.19% (incl. 3.00% PIK)2025-12-310001508655Equity and Other Investments Financial Services TS Imagine, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/20212025-12-310001508655Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien revolving loan ($6,958 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.42%2026-03-310001508655Equity and Other Investments Internet Services Lucidworks, Inc. Series F Preferred Shares (199,054 shares) Initial Acquisition Date 8/2/20192025-01-012025-12-310001508655tslx:TwoThousandTwentyNineNotesMember2026-03-310001508655tslx:AzuriteIntermediateHoldingsIncMembertslx:RevolverAndEquityMember2025-12-310001508655tslx:TwentyTwentySixNotesMember2021-02-032021-02-030001508655tslx:DelayedDrawAndRevolverMembertslx:RapidDataGmbhUnternehmensberatungMember2025-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien loan ($21,668 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread SOFR + 5.15% Interest Rate 8.85%2026-01-012026-03-310001508655Debt Investments Healthcare LIHA Holdco B.V. Investment First-lien revolving loan (EUR 318 par, due 2/2029) Initial Acquisition Date 2/24/2023, Reference Rate and Spread E + 6.50% Interest Rate 8.63%2026-01-012026-03-310001508655Debt Investments Internet Services Coupa Holdings, LLC Investment First-lien loan ($42,543 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.09%2025-12-310001508655tslx:BusinessServicesMembertslx:EquityInvestmentsMember2026-03-310001508655Debt Investments Education Kangaroo Bidco AS Investment First-lien loan ($30,625 par, due 11/2030) Initial Acquisition Date 11/02/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 9.99%2025-12-310001508655tslx:EducationMember2025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001508655Debt Investments Financial Services Arlberg Bidco LLC Investment First-lien loan ($5,000 par, due 2/2031) Initial Acquisition Date 2/14/2025 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.60%2025-01-012025-12-310001508655tslx:InterestRateSwapOneMember2025-01-012025-03-310001508655Other Investments CIFC Funding Ltd, Series 2021 -7A Structured Credit ($2,800 par, due 1/2035) Initial Acquisition Date 9/8/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.76%2025-12-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien loan ($21,745 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread SOFR + 5.15% Interest Rate 8.82%2025-12-310001508655Debt Investments Financial Services TS Imagine, Inc. Investment First-lien revolving loan ($1,232 par, due 5/2027) Initial Acquisition Date 11/1/2024 Reference Rate and Spread P + 4.75% Interest Rate 11.50%2026-03-310001508655us-gaap:AccountingStandardsUpdate202404Member2026-03-310001508655Equity Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/20222026-03-310001508655Interest Rate Swap Company Receives 2.5% Company Pays SOFR + 2.17% Maturity Date 8/1/20262026-03-310001508655tslx:DelayedDrawMembertslx:ArrowheadPharmaceuticalsIncMember2025-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/20222025-01-012025-12-310001508655Structured Credit Investments Carlyle US CLO Ltd, Series 2017 -2A Investment Structured Credit ($2,500 par, due 7/2037) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 7.56% Interest Rate 11.23%2026-03-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,619 par, due 9/2029) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.75% (incl. 4.75% PIK)2025-01-012025-12-310001508655tslx:TwoThousandTwentyNineNotesMember2024-01-310001508655Debt Investments Business Services Price Fx Inc Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 10/27/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.08%2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:WranglerTopcoLlcMember2026-03-310001508655tslx:VelocityClinicalResearchIncMembertslx:DelayedDrawAndRevolverMember2026-03-310001508655Equity Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/20222026-01-012026-03-310001508655tslx:EquityAndOtherInvestmentsMembertslx:HotelGamingAndLeisureMember2025-12-310001508655Debt Investments Financial Services Alaska Bidco Oy Investment First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 5/30/2023 Reference Rate and Spread E + 5.75% Interest Rate 7.77%2025-01-012025-12-310001508655Debt Investments Other Scorpio Bidco First-lien loan (EUR 2,511 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.77%2025-01-012025-12-310001508655tslx:MezzanineDebtInvestmentsMember2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMembertslx:AssetValuationWaterfallMember2025-12-310001508655Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/20282025-12-310001508655Debt Investments Healthcare Symplr Software Inc. Investment First-lien loan ($635 par, due 12/2027) Initial Acquisition Date 4/4/2025, Reference Rate and Spread SOFR + 4.60% Interest Rate 8.44%2025-12-310001508655Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien loan (EUR 5,107 par, due 5/2030) Initial Acquisition Date 5/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.82%2025-01-012025-12-310001508655Debt Investments Internet Services Big Wombat Holdings, Inc. Investment First-lien loan ($47,188 par, due 4/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.88%2025-12-310001508655Debt Investments Communications Aurelia Netherlands B.V. Investment First-lien loan (EUR 32,904 par, due 5/2031) Initial Acquisition Date 5/22/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.78%2025-12-310001508655tslx:AzuriteIntermediateHoldingsIncMembertslx:RevolverAndEquityMember2026-03-310001508655Debt Investments Financial Services Ibis Intermediate Co. Investment First-lien loan ($1,166 par, due 5/2027) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 8.32%2026-03-310001508655us-gaap:HealthcareSectorMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655tslx:TwoThousandThirtyNotesMember2025-12-310001508655Other Investments Canyon CLO Ltd, Series 2025 -1A Structured Credit ($1,125 par, due 4/2038) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.65%2025-01-012025-12-310001508655Debt Investments Internet Services LeanTaaS Holdings, Inc. First-lien loan ($62,984 par, due 7/2028) Initial Acquisition Date 7/12/2022 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.42%2025-12-310001508655tslx:OilGasAndConsumableFuelsMember2025-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:RealizedCapitalGainsAccruedBeginningAprilFirstTwoThousandFourteenMember2011-04-152011-04-150001508655tslx:MarcuraEquitiesLtdMembertslx:RevolverMember2026-03-310001508655Equity Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/20232026-01-012026-03-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 40,905 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.38%2026-03-310001508655country:GBtslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655tslx:EMSLinqIncMembertslx:RevolverMember2026-03-310001508655tslx:FirstLienDebtInvestmentsMember2025-12-310001508655Other Investments Diameter Capital CLO Ltd, Series 2025 -9A Structured Credit ($3,500 par, due 4/2038) Initial Acquisition Date 9/2/2025 Reference Rate and Spread SOFR + 4.70% Interest Rate 8.58%2025-12-310001508655tslx:FirstLienDebtInvestmentsMember2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:OmnigoSoftwareLLCMember2026-03-310001508655tslx:GalileoParentincMembertslx:RevolverMember2026-03-310001508655tslx:FirstLienDebtInvestmentsMember2026-03-310001508655Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($26,873 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2025-01-012025-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan (GBP 10,594 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread S + 5.50% Interest Rate 9.23% (incl. 2.50% PIK)2026-03-310001508655Other Investments Madison Park Funding Ltd, Series 2025 -72A Structured Credit ($4,500 par, due 7/2038) Initial Acquisition Date 8/18/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.37%2025-01-012025-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:LeverageWaiverMember2011-04-152011-04-150001508655Structured Credit Investments Diameter Capital CLO Ltd, Series 2025 -9A Structured Credit ($3,500 par, due 4/2038) Initial Acquisition Date 9/2/2025 Reference Rate and Spread SOFR + 4.70% Interest Rate 8.37%2026-03-310001508655Equity Investments Pharmaceuticals TherapeuticsMD, Inc. Warrants (14,256 warrants) Initial Acquisition Date 8/5/20202026-03-310001508655Other Investments Goldentree Loan Management US CLO Ltd, Series 2022 -16A Structured Credit ($5,000 par, due 1/2038) Initial Acquisition Date 9/16/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.38%2025-12-310001508655Equity and Other Investments Transportation Ranger Parent I, Inc. Series A-1 Preferred Shares (5,639 Shares) Initial Acquisition Date 10/28/2025 Reference Rate and Spread 14.50% Interest Rate 14.50%2025-12-310001508655tslx:InterestRateSwapTwoMember2026-01-012026-03-310001508655tslx:RevolverMembertslx:LegPurchaserIncMember2026-03-310001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 216,077 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.75% Interest Rate 8.94% (incl. 3.63% PIK)2026-03-310001508655Debt Investments Financial Services Passport Labs, Inc. Investment Convertible Promissory Note A ($1,086 par, due 8/2026) Initial Acquisition Date 3/2/2023 Reference Rate and Spread 8.00% Interest Rate 8.00%2025-01-012025-12-310001508655tslx:EMSLinqIncMembertslx:RevolverMember2025-12-310001508655Other Investments Canyon CLO Ltd, Series 2025 -1A Structured Credit ($1,125 par, due 4/2038) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.65%2025-12-310001508655Equity Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/20212026-01-012026-03-310001508655Other Investments Whitebox CLO Ltd, Series 2023 -4A Structured Credit ($1,500 par, due 4/2036) Initial Acquisition Date 8/20/2025 Reference Rate and Spread SOFR + 6.48% Interest Rate 10.36%2025-01-012025-12-310001508655tslx:TwentyThirtyNotesMember2026-01-012026-03-310001508655tslx:DelayedDrawMembertslx:ScorpioBidcoMember2025-12-310001508655tslx:TwentyTwentyEightNotesMember2026-01-012026-03-310001508655tslx:InternetServicesMembertslx:EquityInvestmentsMember2026-03-310001508655Debt Investments Transportation Rail Acquisitions LLC Second-lien note ($21,423 par, due 1/2031) Initial Acquisition Date 1/27/2025 Reference Rate and Spread 13.75% Interest Rate 13.75% PIK2025-01-012025-12-310001508655Equity Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/20222026-03-310001508655Debt Investments Office Products USR Parent, Inc. ABL FILO term loan ($9,309 par, due 4/2027) Initial Acquisition Date 4/25/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2026-03-310001508655Equity Investments Transportation RailTrac Holdings Inc. Warrants (3,059 warrants) Initial Acquisition Date 1/27/20252026-01-012026-03-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMembersrt:MaximumMember2025-12-310001508655Debt Investments Education Kangaroo Bidco AS Investment First-lien loan ($30,625 par, due 11/2030) Initial Acquisition Date 11/02/2023 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.74%2026-01-012026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:BCTOAcePurchaserIncMember2026-03-310001508655Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($19,737 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2025-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($1,848 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.72%2025-12-310001508655tslx:ExtraHopNetworksIncMembertslx:RevolverMember2025-12-310001508655Debt Investments Financial Services TS Imagine, Inc. Investment First-lien revolving loan ($899 par, due 5/2027) Initial Acquisition Date 11/1/2024 Reference Rate and Spread P + 4.75% Interest Rate 11.50%2025-12-310001508655Structured Credit Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2017 -24A Structured Credit ($1,000 par, due 10/2038) Initial Acquisition Date 8/25/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%2026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:CoupaHoldingsLLCMember2026-03-310001508655Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. Investment First-lien loan ($44,716 par, due 12/2031) Initial Acquisition Date 12/5/2024, Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2026-01-012026-03-310001508655Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($12,130 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2026-01-012026-03-310001508655Structured Credit Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2019 -33A Structured Credit ($2,000 par, due 4/2039) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-01-012026-03-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($1,848 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2026-03-310001508655country:NLtslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655tslx:EducationMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655tslx:TwoThousandTwentySixTwentyEightTwentyNineAndTwentyThirtyNotesMember2026-01-012026-03-310001508655us-gaap:OtherAggregatedInvestmentsMember2025-12-310001508655Debt Investments Electronics Sapphire Software Buyer, Inc. Investment First-lien loan ($26,897 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70%2026-01-012026-03-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien revolving loan (GBP 1,055 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread S + 4.00% Interest Rate 7.73%2025-01-012025-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment Second-lien loan ($7,665 par, due 1/2030) Initial Acquisition Date 1/23/2023, Reference Rate and Spread SOFR + 10.70% Interest Rate 15.02% PIK2025-01-012025-12-310001508655Equity and Other Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/20232025-01-012025-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($3,575 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.62%2025-12-310001508655Structured Credit Investments Octagon 67 Ltd, Series 2023 -1A Structured Credit ($3,000 par, due 7/2038) Initial Acquisition Date 9/4/2025 Reference Rate and Spread SOFR + 7.41% Interest Rate 11.08%2026-01-012026-03-310001508655country:GB2026-03-310001508655Debt Investments Other Sediver S.p.A. First-lien note (EUR 14,085 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70%2026-03-310001508655Debt Investments Business Services BCTO Ignition Purchaser, Inc Investment First-lien holdco loan ($54,435 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.37% PIK2025-12-310001508655Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien loan ($55,044 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.42%2026-03-310001508655Equity Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/20182026-03-310001508655tslx:InternetServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Structured Credit Investments Carlyle US CLO Ltd, Series 2017 -2A Investment Structured Credit ($2,500 par, due 7/2037) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 7.56% Interest Rate 11.23%2026-01-012026-03-310001508655Debt Investments Financial Services Ibis US Blocker Co. Investment First-lien loan ($20,790 par, due 5/2028) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.22% PIK2025-12-310001508655Debt Investments Financial Services Ibis US Blocker Co. Investment First-lien loan ($20,790 par, due 5/2028) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.22% PIK2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2025-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment First-lien loan ($69,942 par, due 11/2029) Initial Acquisition Date 11/23/2020, Reference Rate and Spread SOFR + 6.50% Interest Rate 10.32%2025-12-310001508655Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($5,000 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.33%2025-01-012025-12-310001508655Debt Investments Business Services Azurite Intermediate Holdings, Inc Investment First-lien loan ($42,750 par, due 3/2031) Initial Acquisition Date 3/19/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.72%2025-01-012025-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment Second-lien loan ($2,746 par, due 6/2027) Initial Acquisition Date 3/13/2024, Reference Rate and Spread 16.00% Interest Rate 16.00% PIK2025-12-3100015086552026-02-122026-02-120001508655Debt Investments Internet Services Arrow Buyer, Inc. Investment First-lien loan ($36,651 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2025-01-012025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:EventusBuyerLLCMember2025-12-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 9,953 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 10.98%2026-01-012026-03-310001508655Debt Investments Real Estate Cirrus (BidCo) Limited First-lien loan (GBP 698 par, due 8/2030) Initial Acquisition Date 8/9/2024 Reference Rate and Spread S + 5.25% Interest Rate 8.98%2026-03-310001508655Debt Investments Hotel, Gaming and Leisure ASG II, LLC . Investment First-lien loan ($65,000 par, due 5/2028) Initial Acquisition Date 5/25/2022, Reference Rate and Spread SOFR + 6.40% Interest Rate 10.07%2026-01-012026-03-310001508655Debt Investments Human Resource Support Services Madcap Software, Inc. Investment First-lien loan ($31,850 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 9.77%2025-01-012025-12-310001508655us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001508655Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien loan ($38,340 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.65%2026-01-012026-03-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH. Investment First-lien loan (EUR 208 par, due 4/2030) Initial Acquisition Date 4/10/2024, Reference Rate and Spread E + 7.25% Interest Rate 9.27%2025-12-310001508655Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/20282026-01-012026-03-310001508655Equity Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/20212026-01-012026-03-310001508655Equity Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/20212026-01-012026-03-310001508655tslx:SecondLienDebtInvestmentsMember2026-03-310001508655tslx:TwoThousandTwentyEightNotesMember2026-01-012026-03-310001508655Equity Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/20232026-03-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 19,959 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2026-01-012026-03-310001508655us-gaap:FairValueInputsLevel2Membertslx:FirstLienDebtInvestmentsMember2026-03-310001508655Debt Investments Business Services ExtraHop Networks, Inc Investment First-lien loan ($76,301 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.32%2025-01-012025-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($2,283 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92% (incl. 2.25% PIK)2026-01-012026-03-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 4,805 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.06% (incl. 3.13% PIK)2026-03-310001508655tslx:RevolverMembertslx:LegPurchaserIncMember2025-12-310001508655tslx:WestMember2026-03-310001508655tslx:PharmaceuticalsMemberus-gaap:DebtSecuritiesMember2026-03-310001508655Debt Investments Human Resource Support Services Axonify, Inc. Investment First-lien loan ($45,113 par, due 5/2027) Initial Acquisition Date 5/5/2021 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.31%2026-01-012026-03-310001508655tslx:InternetServicesMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655us-gaap:RetainedEarningsMember2026-01-012026-03-310001508655tslx:InterestRateSwapThreeMember2026-03-310001508655Debt Investments Other Sediver S.p.A. First-lien note (EUR 6,368 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.00% Interest Rate 7.02%2025-12-310001508655tslx:EquityAndOtherInvestmentsMembertslx:HotelGamingAndLeisureMember2026-03-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:LeverageWaiverMember2026-01-012026-03-310001508655tslx:O2026Q1SupplementalDividendsMember2026-02-122026-02-120001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien revolving loan (GBP 1,055 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread S + 4.00% Interest Rate 7.73%2025-12-3100015086552025-01-012025-03-310001508655tslx:DelayedDrawMembertslx:KahuaIncMember2026-03-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien revolving loan ($902 par, due 10/2027) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.69%2026-01-012026-03-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien loan ($30,261 par, due 6/2026) Initial Acquisition Date 12/21/2018, Reference Rate and Spread SOFR + 9.65% Interest Rate 13.35%2026-01-012026-03-310001508655Structured Credit Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2017 -24A Structured Credit ($1,000 par, due 10/2038) Initial Acquisition Date 8/25/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%2026-01-012026-03-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2026-03-310001508655Equity Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/20222026-03-310001508655Structured Credit Investments Neuberger Berman CLO Ltd, Series 2017 -16SA Structured Credit ($4,000 par, due 4/2039) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.57%2026-01-012026-03-310001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 12,696 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 5.50% Interest Rate 7.57%2025-12-310001508655Debt Investments Transportation Rail Acquisitions LLC Second-lien note ($22,160 par, due 1/2031) Initial Acquisition Date 1/27/2025 Reference Rate and Spread 13.75% Interest Rate 13.75% PIK2026-01-012026-03-310001508655tslx:RevolverMembertslx:ElysianFincoLtdMember2026-03-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($25,255 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.57% PIK2026-01-012026-03-310001508655Structured Credit Investments Regatta Funding Ltd, Series 2020 -1A Structured Credit ($1,000 par, due 10/2037) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2026-01-012026-03-310001508655Debt Investments Internet Services Flight Intermediate HoldCo, Inc. Investment First-lien loan ($40,000 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate and Spread 11.50% Interest Rate 11.50%2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001508655Debt Investments Healthcare Velocity Clinical Research, Inc. Investment First-lien revolving loan ($528 par, due 9/2031) Initial Acquisition Date 9/9/2025, Reference Rate and Spread SOFR + 7.50% Interest Rate 11.20%2026-03-310001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 3,906 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.25% Interest Rate 8.44%2026-01-012026-03-310001508655Debt Investments Human Resource Support Services PayScale Holdings, Inc. Investment First-lien loan ($74,729 par, due 10/2029) Initial Acquisition Date 5/3/2019 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.95%2026-01-012026-03-310001508655Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien revolving loan ($6,958 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.42%2026-01-012026-03-310001508655Debt Investments Financial Services Payroc Buyer, LLC Investment Promissory Note ($6,000 par, due 9/2030) Initial Acquisition Date 9/30/2025 Reference Rate and Spread 5.50% Interest Rate 5.50%2025-12-310001508655country:DE2025-12-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($1,327 par, due 9/2026) Initial Acquisition Date 6/10/2021 Reference Rate and Spread SOFR + 15.10 Interest Rate 18.97% (incl. 18.47% PIK)2025-12-310001508655us-gaap:DebtSecuritiesMember2026-03-310001508655tslx:MarketingServicesMember2026-03-310001508655Debt Investments Electronics Sapphire Software Buyer, Inc. Investment First-lien loan ($26,897 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70%2026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:SeverinAcquisitionLLCMember2025-12-310001508655tslx:StructuredCreditPartnersJVLLCMemberus-gaap:RetailSectorMember2026-03-310001508655Structured Credit Investments Canyon CLO Ltd, Series 2025 -1A Structured Credit ($1,125 par, due 4/2038) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42%2026-03-310001508655tslx:IngenovisHealthFinanceLLCMembertslx:RevolverMember2026-03-310001508655tslx:StructuredCreditPartnersJVLLCMembercountry:US2026-03-310001508655Debt Investments Internet Services Big Wombat Holdings, Inc. Investment First-lien loan ($47,070 par, due 4/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%2026-01-012026-03-310001508655Equity Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/20212026-01-012026-03-310001508655tslx:InterestRateSwapFourMember2025-03-310001508655tslx:JointVentureInvestmentsMember2026-03-310001508655tslx:O2026Q1SupplementalDividendsMember2026-02-120001508655tslx:SecondLienDebtInvestmentsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001508655Debt Investments Internet Services EDB Parent, LLC Investment First-lien loan ($76,729 par, due 7/2028) Initial Acquisition Date 7/7/2022 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.84%2025-12-310001508655Debt Investments Business Services BCTO Ignition Purchaser, Inc Investment First-lien holdco loan ($54,435 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.37% PIK2025-01-012025-12-310001508655Debt Investments Business Services Price Fx Inc Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 10/27/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.04%2026-03-310001508655Debt Investments Manufacturing Leg Purchaser, Inc. Investment First-lien loan ($57,522 par, due 1/2032) Initial Acquisition Date 1/12/2026 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.15%2026-01-012026-03-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($2,031 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2026-03-310001508655tslx:SecondLienDebtInvestmentsMember2026-03-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,661 par, due 9/2029) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.45% (incl. 4.75% PIK)2026-01-012026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2026-01-012026-03-310001508655tslx:WholesaleSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655tslx:TwoThousandTwentySixNotesMember2024-12-310001508655Debt Investments Transportation Rail Acquisitions LLC Second-lien note ($21,423 par, due 1/2031) Initial Acquisition Date 1/27/2025 Reference Rate and Spread 13.75% Interest Rate 13.75% PIK2025-12-310001508655Debt Investments Healthcare Velocity Clinical Research, Inc. Investment First-lien revolving loan ($528 par, due 9/2031) Initial Acquisition Date 9/9/2025, Reference Rate and Spread SOFR + 7.50% Interest Rate 11.20%2026-01-012026-03-310001508655Debt Investments Real Estate Cirrus (BidCo) Limited First-lien loan (GBP 698 par, due 8/2030) Initial Acquisition Date 8/9/2024 Reference Rate and Spread S + 5.25% Interest Rate 8.98%2025-12-310001508655tslx:SMATechnologiesHoldingsLLCMembertslx:RevolverMember2026-03-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMembertslx:MezzanineDebtInvestmentsMember2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:AssetValuationWaterfallMembertslx:EquityInvestmentsMember2026-03-310001508655Debt Investments Other Omnigo Software, LLC First-lien loan ($13,092 par, due 12/2030) Initial Acquisition Date 12/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2026-01-012026-03-310001508655Debt Investments Transportation Ranger Intermediate II, LLC First-lien loan ($69,361 par, due 10/2031) Initial Acquisition Date 10/28/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.36%2025-01-012025-12-310001508655Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien revolving loan ($4,287 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.95%2025-12-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,619 par, due 9/2029) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.75% (incl. 4.75% PIK)2025-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:CapitalGainsAccrueFollowingMarchThirtyFirstTwoThousandFourteenMember2011-04-152011-04-150001508655Debt Investments Internet Services Arrow Buyer, Inc. Investment First-lien loan ($36,558 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70%2026-01-012026-03-310001508655tslx:DelayedDrawMembertslx:RainFocusLLCMember2025-12-310001508655Equity Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/20222026-01-012026-03-310001508655us-gaap:DomesticCountryMember2025-12-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 9,953 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 10.98%2025-12-310001508655tslx:RetailAndConsumerProductsMember2026-03-310001508655Debt Investments Oil, Gas and Consumable Fuels TRP Assets, LLC First-lien loan ($54,834 par, due 12/2029) Initial Acquisition Date 12/20/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%2025-01-012025-12-310001508655tslx:MidwestMember2025-12-310001508655tslx:StructuredCreditPartnersJVLLCMembercountry:CA2026-03-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/20182025-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyEightNotesMember2026-01-012026-03-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien revolving loan (GBP 636 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2026-03-310001508655tslx:SixthStreetLendingPartnersMember2026-03-310001508655IRGSE Holding Corp2025-12-310001508655Debt Investments Healthcare Velocity Clinical Research, Inc. Investment First-lien loan ($63,764 par, due 9/2031) Initial Acquisition Date 9/9/2025, Reference Rate and Spread SOFR + 7.50% Interest Rate 11.20%2026-01-012026-03-310001508655Debt Investments Healthcare Velocity Clinical Research, Inc. Investment First-lien loan ($62,899 par, due 9/2031) Initial Acquisition Date 9/9/2025, Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17%2025-12-310001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien revolving loan (EUR 328 par, due 6/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.43%2025-01-012025-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentySixNotesMember2025-01-012025-03-310001508655Equity Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/20222026-03-310001508655tslx:DelayedDrawMembertslx:LeantaasHoldingsIncMember2025-12-310001508655tslx:MezzanineDebtInvestmentsMember2025-12-310001508655tslx:ArtisanBidcoIncMembertslx:RevolverMember2026-03-310001508655tslx:RaptorUsBuyerIiCorpMembertslx:RevolverMember2026-03-310001508655Debt Investments Healthcare Aledade Inc. Investment First-lien revolving loan ($12,250 par, due 11/2028) Initial Acquisition Date 11/21/2025, Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2026-01-012026-03-310001508655tslx:TwoThousandTwentyNineNotesMember2026-01-012026-03-310001508655Debt Investments Internet Services LeanTaaS Holdings, Inc. First-lien loan ($63,480 par, due 7/2028) Initial Acquisition Date 7/12/2022 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.45%2026-03-310001508655Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($3,759 par, due 1/2031) Initial Acquisition Date 9/27/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.69%2026-03-310001508655Debt Investments Healthcare Eventus Buyer, LLC . Investment First-lien loan ($25,706 par, due 11/2030) Initial Acquisition Date 11/1/2024, Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2025-01-012025-12-310001508655Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($55,579 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.32%2025-01-012025-12-310001508655Debt Investments Electronics Sapphire Software Buyer, Inc. Investment First-lien loan ($26,963 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.87%2025-12-310001508655Debt Investments Other Sediver S.p.A. First-lien note (EUR 14,085 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2025-01-012025-12-310001508655tslx:O2025Q1SupplementalDividendsMember2025-02-132025-02-130001508655tslx:CommunicationsMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Equity Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/20212026-01-012026-03-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien revolving loan (GBP 593 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2025-12-310001508655Equity Investments Communications IntelePeer Holdings, Inc. Series D Warrants (106,592 warrants) Initial Acquisition Date 4/8/20212026-01-012026-03-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien revolving loan ($901 par, due 4/2030) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.06%2025-01-012025-12-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($26,664 par, due 9/2026) Initial Acquisition Date 9/30/2015 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.22% (incl. 10.72% PIK)2025-12-310001508655tslx:SecondLienDebtInvestmentsMember2025-01-012025-03-310001508655Debt Investments Other Sediver S.p.A. First-lien note (EUR 14,085 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70%62026-01-012026-03-310001508655us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001508655Structured Credit Investments Madison Park Funding Ltd, Series 2025 -65A Structured Credit ($4,400 par, due 7/2038) Initial Acquisition Date 8/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2026-03-310001508655tslx:EquityAndOtherInvestmentsMembertslx:HumanResourceSupportServicesMember2025-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien loan (GBP 1,118 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread S + 8.25% Interest Rate 11.98% (incl. 4.25% PIK)2026-01-012026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2025-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment Second-lien loan ($7,956 par, due 1/2030) Initial Acquisition Date 1/23/2023, Reference Rate and Spread SOFR + 10.70% Interest Rate 14.37% PIK2026-03-310001508655tslx:TwoThousandTwentySixTwentyEightTwentyNineAndTwentyThirtyNotesMember2025-01-012025-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:CoupaHoldingsLLCMember2025-12-310001508655Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($46,875 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.82%2025-12-310001508655tslx:InterestRateSwapThreeMember2025-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:UsaDebuskLlcMember2026-03-310001508655Equity and Other Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/20212025-12-310001508655Equity and Other Investments Internet Services Lucidworks, Inc. Series F Preferred Shares (199,054 shares) Initial Acquisition Date 8/2/20192025-12-310001508655Debt Investments Office Products USR Parent, Inc. ABL FILO term loan ($9,309 par, due 4/2027) Initial Acquisition Date 4/25/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2026-01-012026-03-310001508655tslx:HumanResourceSupportServicesMember2025-12-310001508655Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. Investment First-lien loan ($44,828 par, due 12/2031) Initial Acquisition Date 12/5/2024, Reference Rate and Spread SOFR + 5.00% Interest Rate 8.72%2025-12-310001508655Structured Credit Investments Benefit Street Partners CLO Ltd, Series 2025-39A Investment Structured Credit ($1,725 par, due 4/2038) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.17%2026-03-310001508655tslx:InterestRateSwapTwoMember2025-03-310001508655Debt Investments Business Services BCTO Ignition Purchaser, Inc Investment First-lien holdco loan ($56,017 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17% PIK2026-03-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien revolving loan ($27,943 par, due 6/2026) Initial Acquisition Date 12/21/2018, Reference Rate and Spread SOFR + 9.65% Interest Rate 13.44%2025-01-012025-12-310001508655tslx:TwoThousandTwentyEightNotesMember2026-03-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 9,953 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 10.98%2026-03-310001508655tslx:ConsumerGoodsDurableSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655tslx:TwoThousandThirtyNotesMember2025-02-012025-02-280001508655Equity and Other Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/20222025-12-310001508655Interest Rate Swap Company Pays SOFR + 1.53% Maturity Date 8/15/20302025-12-310001508655tslx:TwentyTwentyNineNotesMember2024-01-082024-01-080001508655Cash collateral2025-12-310001508655us-gaap:RevolvingCreditFacilityMember2026-01-012026-03-310001508655Structured Credit Investments RR Ltd, Series 2021 -19A Structured Credit ($1,000 par, due 4/2040) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 4.70% Interest Rate 8.37%2026-01-012026-03-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien loan ($30,261 par, due 6/2026) Initial Acquisition Date 12/21/2018, Reference Rate and Spread SOFR + 9.65% Interest Rate 13.32%2025-01-012025-12-310001508655Interest Rate Swap Company Pays SOFR + 2.44% Maturity Date 3/1/20292026-03-310001508655IRGSE Holding Corp2024-12-310001508655tslx:DelayedDrawMembertslx:HirevueIncMember2025-12-310001508655us-gaap:FairValueInputsLevel2Membertslx:SecondLienDebtInvestmentsMember2026-03-310001508655tslx:MarcuraEquitiesLtdMembertslx:RevolverMember2025-12-310001508655Equity Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/20232026-03-310001508655tslx:TwoThousandTwentyEightNotesMember2025-12-310001508655Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 36,338 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.13%2026-01-012026-03-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/20222025-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment First-lien loan ($52,094 par, due 3/2029) Initial Acquisition Date 3/8/2024, Reference Rate and Spread SOFR + 7.25% Interest Rate 10.95%2026-01-012026-03-310001508655Cash collateral2026-03-310001508655Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien revolving loan ($4,287 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.95%2025-01-012025-12-310001508655tslx:RaptorUsBuyerIiCorpMembertslx:RevolverMember2025-12-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 17,985 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.27%2025-12-310001508655us-gaap:AdditionalPaidInCapitalMember2024-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,427 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.11%2026-01-012026-03-310001508655tslx:OilGasAndConsumableFuelsMember2026-03-310001508655Structured Credit Investments Madison Park Funding Ltd, Series 2025 -72A Structured Credit ($2,500 par, due 7/2038) Initial Acquisition Date 8/18/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2026-01-012026-03-310001508655tslx:StructuredCreditInvestmentsMember2026-03-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($20,762 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.44% (incl. 3.13% PIK)2026-01-012026-03-310001508655us-gaap:FairValueInputsLevel2Membertslx:FirstLienDebtInvestmentsMember2025-12-310001508655Structured Credit Investments Apidos CLO, Series 2015-23A Investment Structured Credit ($4,000 par, due 4/2033) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 5.20% Interest Rate 8.87%2026-01-012026-03-310001508655tslx:ManufacturingMember2025-12-310001508655Debt Investments Communications Aurelia Netherlands B.V. Investment First-lien loan (EUR 32,904 par, due 5/2031) Initial Acquisition Date 5/22/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.78%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001508655us-gaap:HealthcareSectorMember2025-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($41,962 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 8.25% Interest Rate 11.98% (incl. 4.25% PIK)2026-01-012026-03-310001508655tslx:TransportationMemberus-gaap:DebtSecuritiesMember2026-03-310001508655Structured Credit Investments Lake George Park CLO Ltd, Series 2025 -1A Structured Credit ($4,500 par, due 4/2038) Initial Acquisition Date 8/27/2025 Reference Rate and Spread SOFR + 4.60% Interest Rate 8.27%2026-01-012026-03-310001508655Debt Investments Internet Services Flight Intermediate HoldCo, Inc. Investment First-lien loan ($40,000 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate and Spread 11.50% Interest Rate 11.50%2025-01-012025-12-310001508655tslx:StructuredCreditPartnersJVLLCMembertslx:ForestProductsAndPaperSectorMember2026-03-310001508655Debt Investments Hotel, Gaming and Leisure Mindbody, Inc. Investment First-lien loan ($28,889 par, due 3/2033) Initial Acquisition Date 3/30/2026, Reference Rate and Spread SOFR + 6.00% Interest Rate 9.70%2026-03-310001508655tslx:OfficeProductsMember2026-03-310001508655tslx:TransportationMember2025-12-310001508655Debt Investments Other Sediver S.p.A. First-lien note (EUR 6,368 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.00% Interest Rate 7.13%2026-01-012026-03-310001508655Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien loan (EUR 5,107 par, due 5/2030) Initial Acquisition Date 5/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.76%2026-01-012026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2025-12-310001508655Equity Investments Financial Services TS Imagine, Inc. Class AA Units (19,093 units) Initial Acquisition Date 11/1/2024 Reference Rate and Spread 20.00% Interest Rate 20.00%2026-01-012026-03-310001508655srt:AffiliatedEntityMember2025-12-310001508655Debt Investments Human Resource Support Services Axonify, Inc. Investment First-lien loan ($45,113 par, due 5/2027) Initial Acquisition Date 5/5/2021 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.55%2025-01-012025-12-310001508655Debt Investments Financial Services Volante Technologies, Inc. Investment First-lien loan ($3,768 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate and Spread 16.50% Interest Rate 16.50% PIK2026-03-310001508655tslx:SMATechnologiesHoldingsLLCMembertslx:RevolverMember2025-12-310001508655Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. Investment First-lien loan ($44,828 par, due 12/2031) Initial Acquisition Date 12/5/2024, Reference Rate and Spread SOFR + 5.00% Interest Rate 8.72%2025-01-012025-12-310001508655Debt Investments Internet Services Big Wombat Holdings, Inc. Investment First-lien loan ($47,070 par, due 4/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%2026-03-310001508655Debt Investments Retail and Consumer Products Neuintel, LLC First-lien loan ($53,926 par, due 12/2026) Initial Acquisition Date 12/20/2021 Reference Rate and Spread SOFR + 6.85% Interest Rate 10.57%2025-01-012025-12-310001508655Debt Investments Other Omnigo Software, LLC First-lien loan ($13,092 par, due 12/2030) Initial Acquisition Date 12/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2026-03-310001508655Debt Investments Human Resource Support Services PayScale Holdings, Inc. Investment First-lien loan ($74,729 par, due 10/2029) Initial Acquisition Date 5/3/2019 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.95%2026-03-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment Second-lien loan ($7,665 par, due 1/2030) Initial Acquisition Date 1/23/2023, Reference Rate and Spread SOFR + 10.70% Interest Rate 15.02% PIK2025-12-310001508655Debt Investments Financial Services TS Imagine, Inc. Investment First-lien loan ($54,818 par, due 4/2027) Initial Acquisition Date 4/30/2021 Reference Rate and Spread SOFR + 5.85% Interest Rate 9.52%2026-01-012026-03-310001508655tslx:SouthMember2025-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityInvestmentsMember2026-03-310001508655Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($27,177 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2026-01-012026-03-310001508655Structured Credit Investments Oha Credit Funding Ltd, Series 2025 -22A Structured Credit ($1,250 par, due 7/2038) Initial Acquisition Date 7/24/2025 Reference Rate and Spread SOFR + 5.55% Interest Rate 9.22%2026-03-310001508655country:DEtslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityInvestmentsMember2026-03-310001508655Structured Credit Partners JV, LLC2026-03-310001508655tslx:OilGasAndConsumableFuelsMemberus-gaap:DebtSecuritiesMember2026-03-310001508655Debt Investments Business Services Price Fx Inc Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 10/27/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.08%2025-01-012025-12-310001508655Debt Investments Human Resource Support Services Axonify, Inc. Investment First-lien loan ($45,113 par, due 5/2027) Initial Acquisition Date 5/5/2021 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.31%2026-03-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Warrants (106,592 warrants) Initial Acquisition Date 4/8/20212025-12-310001508655Structured Credit Investments Ares CLO Ltd, Series 2022-64A Investment Structured Credit ($2,000 par, due 10/2039) Initial Acquisition Date 9/4/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2026-03-310001508655Structured Credit Investments Riverbank Park CLO Ltd, Series 2024 -1A Structured Credit ($4,500 par, due 1/2038) Initial Acquisition Date 7/29/2025 Reference Rate and Spread SOFR + 4.80% Interest Rate 8.47%2026-01-012026-03-310001508655Debt Investments Healthcare Eventus Buyer, LLC . Investment First-lien loan ($28,667 par, due 11/2030) Initial Acquisition Date 11/1/2024, Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-03-310001508655Debt Investments Healthcare Ingenovis Health Finance, LLC. Investment First-lien revolving loan ($32,500 par, due 5/2030) Initial Acquisition Date 5/13/2025, Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-03-310001508655Structured Credit Investments CarVal CLO Ltd, Series 2023 -1A Structured Credit ($3,000 par, due 7/2037) Initial Acquisition Date 8/13/2025 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.02%2026-01-012026-03-310001508655Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien revolving loan ($4,287 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.66%2026-01-012026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:EventusBuyerLLCMember2026-03-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Common Shares (962,195 shares) Initial Acquisition Date 6/20/20252025-12-310001508655tslx:OilGasAndConsumableFuelsMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Equity Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/20202026-03-310001508655tslx:MediaAdvertisingPrintingAndPublishingSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655tslx:UtilitiesOilAndGasSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan ($1,545 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread SOFR + 6.25% Interest Rate 9.95%2026-03-310001508655tslx:TwoThousandTwentySixNotesMember2021-02-012021-02-280001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandTwentySixNotesMember2025-01-012025-12-310001508655us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001508655Debt Investments Transportation Ranger Intermediate II, LLC First-lien loan ($69,361 par, due 10/2031) Initial Acquisition Date 10/28/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.36%2025-12-310001508655tslx:EquityAndOtherInvestmentsMember2025-01-012025-03-310001508655tslx:StructuredCreditPartnersJVLLCMemberus-gaap:EnergySectorMember2026-03-310001508655tslx:TwoThousandTwentyNineNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2026-01-012026-03-310001508655Structured Credit Investments CIFC Funding Ltd, Series 2020 -4A Structured Credit ($4,000 par, due 1/2040) Initial Acquisition Date 7/29/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.57%2026-01-012026-03-310001508655Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien revolving loan ($6,887 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.57%2025-12-310001508655tslx:RetailAndConsumerProductsMember2025-12-310001508655Equity and Other Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/20212025-12-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien revolving loan ($30,313 par, due 6/2026) Initial Acquisition Date 12/21/2018, Reference Rate and Spread SOFR + 9.65% Interest Rate 13.33%2026-03-310001508655tslx:EquityAndOtherInvestmentsMember2024-12-310001508655us-gaap:TreasuryStockCommonMember2025-12-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($20,595 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.70% (incl. 3.25% PIK)2025-01-012025-12-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 9,953 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 10.98%2025-01-012025-12-310001508655us-gaap:RevolvingCreditFacilityMember2025-03-042025-03-040001508655Debt Investments Retail and Consumer Products Blazing Star Parent, LLC First-lien loan ($69,125 par, due 8/2030) Initial Acquisition Date 8/28/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%2026-03-310001508655Debt Investments Hotel, Gaming and Leisure Mindbody, Inc. Investment First-lien loan ($28,889 par, due 3/2033) Initial Acquisition Date 3/30/2026, Reference Rate and Spread SOFR + 6.00% Interest Rate 9.70%2026-01-012026-03-310001508655country:IT2025-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MinimumMembersrt:ObligorGroupMember2026-03-310001508655tslx:MediaBroadcastingAndSubscriptionSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Other Sediver S.p.A. First-lien note (EUR 14,085 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70%62026-03-310001508655Other Investments Carlyle US CLO Ltd, Series 2021 -1A Structured Credit ($3,225 par, due 1/2040) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 7.30% Interest Rate 11.20%2025-12-310001508655country:AU2026-03-310001508655Structured Credit Investments CIFC Funding Ltd, Series 2021 -7A Structured Credit ($2,800 par, due 1/2035) Initial Acquisition Date 9/8/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.57%2026-03-310001508655Debt Investments Financial Services Arlberg Bidco LLC Investment First-lien loan ($5,000 par, due 2/2031) Initial Acquisition Date 2/14/2025 Reference Rate and Spread SOFR + 5.75%2026-03-310001508655us-gaap:HealthcareSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001508655Equity and Other Investments Education Astra 2L Holdings II LLC Membership Interest (10.17% ownership) Initial Acquisition Date 1/13/20222025-01-012025-12-310001508655tslx:JointVentureInvestmentsMember2026-01-012026-03-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien loan ($30,261 par, due 6/2026) Initial Acquisition Date 12/21/2018, Reference Rate and Spread SOFR + 9.65% Interest Rate 13.35%2026-03-310001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien revolving loan ($82 par, due 3/2029) Initial Acquisition Date 3/24/2023, Reference Rate and Spread SOFR + 6.25% Interest Rate 9.97%2025-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment First-lien loan ($51,697 par, due 3/2029) Initial Acquisition Date 3/8/2024, Reference Rate and Spread SOFR + 8.25% Interest Rate 11.92% (incl. 4.13% PIK)2025-12-310001508655us-gaap:RealEstateSectorMember2025-12-310001508655Debt Investments Healthcare Velocity Clinical Research, Inc. Investment First-lien loan ($62,899 par, due 9/2031) Initial Acquisition Date 9/9/2025, Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17%2025-01-012025-12-310001508655us-gaap:EquityMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Healthcare Velocity Clinical Research, Inc. Investment First-lien revolving loan ($528 par, due 9/2031) Initial Acquisition Date 9/9/2025, Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17%2025-01-012025-12-310001508655tslx:IRGSEHoldingCorpMembertslx:RevolverMember2026-03-3100015086552024-12-310001508655Equity and Other Investments Pharmaceuticals TherapeuticsMD, Inc. Warrants (14,256 warrants) Initial Acquisition Date 8/5/20202025-12-310001508655Structured Credit Investments Apidos CLO, Series 2015-23A Investment Structured Credit ($4,000 par, due 4/2033) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 5.20% Interest Rate 8.87%2026-03-310001508655tslx:PharmaceuticalsMember2025-12-310001508655tslx:TransportationMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Equity and Other Investments Transportation RailTrac Holdings Inc. Warrants (3,059 warrants) Initial Acquisition Date 1/27/20252025-01-012025-12-310001508655Debt Investments Internet Services RainFocus, LLC First-lien loan ($65,802 par, due 4/2031) Initial Acquisition Date 4/25/2025 Reference Rate and Spread SOFR + 6.38% Interest Rate 10.12%2026-01-012026-03-310001508655Structured Credit Investments Neuberger Berman CLO Ltd, Series 2015 -20A Structured Credit ($1,150 par, due 4/2039) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42%2026-01-012026-03-310001508655Equity Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/20212026-03-310001508655tslx:TwoThousandThirtyNotesMember2026-03-310001508655Equity Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/20212026-01-012026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment Second-lien loan ($2,854 par, due 6/2027) Initial Acquisition Date 3/13/2024, Reference Rate and Spread 16.00% Interest Rate 16.00% PIK2026-01-012026-03-310001508655Structured Credit Investments Birch Grove CLO Ltd, Series 2025-14A Investment Structured Credit ($1,250 par, due 7/2037) Initial Acquisition Date 9/2/2025 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.32%2026-01-012026-03-310001508655Equity Investments Transportation Ranger Parent I, Inc. Series A-1 Preferred Shares (5,639 Shares) Initial Acquisition Date 10/28/2025 Reference Rate and Spread 14.50% Interest Rate 14.50% PIK2026-03-310001508655Other Investments Ares CLO Ltd, Series 2022-64A Investment Structured Credit ($2,000 par, due 10/2039) Initial Acquisition Date 9/4/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.40%2025-12-310001508655tslx:PharmaceuticalsMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($12,160 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.09%2025-12-310001508655us-gaap:RetainedEarningsMember2024-12-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH. Investment First-lien loan (EUR 208 par, due 4/2030) Initial Acquisition Date 4/10/2024, Reference Rate and Spread E + 7.25% Interest Rate 9.38%2026-03-310001508655us-gaap:CommonStockMember2025-01-012025-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2026-01-012026-03-310001508655tslx:HumanResourceSupportServicesMember2026-03-310001508655tslx:NortheastMember2026-03-310001508655Derivative Interest Rate Swap2026-01-012026-03-310001508655Debt Investments Healthcare LIHA Holdco B.V. Investment First-lien revolving loan (EUR 318 par, due 2/2029) Initial Acquisition Date 2/24/2023, Reference Rate and Spread E + 6.50% Interest Rate 8.52%2025-12-310001508655Debt Investments Office Products USR Parent, Inc. ABL FILO term loan ($9,809 par, due 4/2027) Initial Acquisition Date 4/25/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.37%2025-01-012025-12-310001508655srt:AffiliatedEntityMember2026-03-310001508655tslx:PdiTaHoldingsIncMembertslx:RevolverMember2026-03-310001508655us-gaap:RealEstateMembersrt:MaximumMember2025-12-310001508655tslx:TwoThousandThirtyNotesMember2024-12-310001508655Equity and Other Investments Internet Services Khoros, LLC Earnout Interests Initial Acquisition Date 5/23/20252025-12-310001508655tslx:TSImagineIncMembertslx:RevolverMember2025-12-310001508655us-gaap:HealthcareSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($25,255 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.57% PIK2026-03-310001508655Equity Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/20212026-03-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien revolving loan ($1,203 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.34%2025-12-310001508655us-gaap:AssetPledgedAsCollateralMember2026-03-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MinimumMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Debt Investments Healthcare Ingenovis Health Finance, LLC. Investment First-lien revolving loan ($32,500 par, due 5/2030) Initial Acquisition Date 5/13/2025, Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-01-012026-03-310001508655Equity Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/20222026-01-012026-03-310001508655Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien loan ($38,340 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.65%2026-03-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityInvestmentsMembersrt:MaximumMember2026-03-310001508655Structured Credit Investments Regatta Funding Ltd, Series 2020 -1A Structured Credit ($1,000 par, due 10/2037) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2026-03-310001508655tslx:CommunicationsMember2025-12-310001508655tslx:TransportationMembertslx:EquityInvestmentsMember2026-03-310001508655Other Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2021 -44A Structured Credit ($1,000 par, due 10/2035) Initial Acquisition Date 8/15/2025 Reference Rate and Spread SOFR + 5.15% Interest Rate 9.04%2025-12-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($26,611 par, due 9/2027) Initial Acquisition Date 9/30/2015 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.02% (incl. 10.52% PIK)2026-01-012026-03-310001508655Other Investments Regatta Funding Ltd, Series 2020 -1A Structured Credit ($1,000 par, due 10/2037) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.40%2025-12-310001508655Debt Investments Internet Services Kaseware Intermediate Holding Company Investment First-lien loan ($45,090 par, due 10/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-01-012026-03-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment First-lien loan ($51,697 par, due 3/2029) Initial Acquisition Date 3/8/2024, Reference Rate and Spread SOFR + 8.25% Interest Rate 11.92% (incl. 4.13% PIK)2025-01-012025-12-310001508655Debt Investments Business Services Price Fx Inc Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 12/19/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.29%2026-01-012026-03-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan (GBP 10,594 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread S + 5.50% Interest Rate 9.23% (incl. 2.50% PIK)2026-01-012026-03-310001508655Equity and Other Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/20182025-01-012025-12-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($20,595 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.70% (incl. 3.25% PIK)2025-12-310001508655Debt Investments Retail and Consumer Products Acosta First-lien loan ($13,855 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.22%2026-01-012026-03-310001508655Debt Investments Transportation Project44, Inc First-lien loan ($54,481 par, due 11/2027) Initial Acquisition Date 11/12/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.02%2026-01-012026-03-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH. Investment First-lien loan (EUR 37,133 par, due 4/2030) Initial Acquisition Date 4/10/2024, Reference Rate and Spread E + 7.75% Interest Rate 9.77% (incl. 4.13% PIK)2025-01-012025-12-310001508655tslx:StructuredCreditPartnersJVLLCMember2026-01-012026-03-310001508655tslx:InvestmentAdvisoryAgreementMember2011-04-152011-04-150001508655Equity Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/20232026-01-012026-03-310001508655Debt Investments Financial Services TS Imagine, Inc. Investment First-lien loan ($54,960 par, due 4/2027) Initial Acquisition Date 4/30/2021 Reference Rate and Spread SOFR + 5.85% Interest Rate 9.69%2025-12-310001508655tslx:EquityStructuredCreditAndJointVentureInvestmentsMember2026-03-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($1,848 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2026-01-012026-03-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($2,031 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2026-01-012026-03-310001508655tslx:KryptonaBidCoUSLLCMembertslx:RevolverMember2026-03-310001508655Debt Investments Other Sediver S.p.A. First-lien note (EUR 6,368 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.00% Interest Rate 7.02%2025-01-012025-12-310001508655tslx:VelocityClinicalResearchIncMembertslx:DelayedDrawAndRevolverMember2025-12-310001508655Equity Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/20182026-01-012026-03-310001508655Other Investments Goldentree Loan Management US CLO Ltd, Series 2022 -16A Structured Credit ($5,000 par, due 1/2038) Initial Acquisition Date 9/16/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.38%2025-01-012025-12-310001508655tslx:MarketingServicesMember2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:HippoXpaBidcoAbMember2026-03-310001508655Debt Investments Business Services ExtraHop Networks, Inc Investment First-lien loan ($76,301 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.32%2025-12-310001508655Debt Investments Education Kangaroo Bidco AS Investment First-lien loan ($30,625 par, due 11/2030) Initial Acquisition Date 11/02/2023 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.74%2026-03-310001508655Other Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2017 -24A Structured Credit ($1,000 par, due 10/2038) Initial Acquisition Date 8/25/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.88%2025-12-310001508655Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($12,130 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2026-03-310001508655Debt Investments Oil, Gas and Consumable Fuels TRP Assets, LLC First-lien loan ($54,834 par, due 12/2029) Initial Acquisition Date 12/20/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.70%2026-01-012026-03-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/20212025-12-310001508655Interest Rate Swap Company Pays SOFR + 2.17% Maturity Date 8/1/20262026-03-310001508655Interest Rate Swap Company Receives 2.5% Company Pays SOFR + 2.17% Maturity Date 8/1/20262025-12-310001508655Equity and Other Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/20212025-01-012025-12-310001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/20222025-01-012025-12-310001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien revolving loan ($504 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.18%2026-01-012026-03-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 11,549 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 9.03%2026-01-012026-03-310001508655Debt Investments Financial Services Volante Technologies, Inc. Investment First-lien loan ($3,768 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate and Spread 16.50% Interest Rate 16.50% PIK2026-01-012026-03-310001508655tslx:TwoThousandTwentyFourTwentySixTwentyEightTwentyNineAndTwentyThirtyNotesMember2026-01-012026-03-310001508655us-gaap:FinancialServicesSectorMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/20232025-12-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/20222025-01-012025-12-310001508655Structured Credit Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2021 -44A Structured Credit ($1,000 par, due 10/2035) Initial Acquisition Date 8/15/2025 Reference Rate and Spread SOFR + 5.15% Interest Rate 8.82%2026-03-310001508655tslx:EnvironmentalIndustriesSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 36,338 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.13%2026-03-310001508655tslx:MetalsAndMiningSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:KasewareIntermediateHoldingCompanyMember2025-12-310001508655Equity and Other Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/20222025-12-310001508655Equity Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/20212026-03-310001508655us-gaap:FinancialServicesSectorMembertslx:EquityInvestmentsMember2026-03-310001508655Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($3,764 par, due 1/2031) Initial Acquisition Date 9/27/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.71%2025-12-310001508655Other Investments Pikes Peak CLO Ltd, Series 2023 -14A Structured Credit ($3,000 par, due 7/2038) Initial Acquisition Date 7/30/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.88%2025-01-012025-12-310001508655Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/20292026-01-012026-03-310001508655tslx:StructuredCreditInvestmentsMember2026-03-310001508655us-gaap:EquityMembertslx:StructuredCreditPartnersJVLLCMember2025-12-310001508655Debt Investments Other Boréal Bidco First-lien note (EUR 13,605 par, due 3/2032) Initial Acquisition Date 3/24/2025 Reference Rate and Spread E + 7.25% Interest Rate 9.27% (inclu. 5.75% PIK)2025-01-012025-12-310001508655tslx:HotelGamingAndLeisureMember2026-03-310001508655tslx:TwoThousandThirtyNotesMember2026-01-012026-03-310001508655Equity Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/20202026-01-012026-03-310001508655Debt Investments Transportation Rail Acquisitions LLC First-lien loan ($25,217 par, due 1/2030) Initial Acquisition Date 1/27/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.86%2025-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment Second-lien loan ($2,854 par, due 6/2027) Initial Acquisition Date 3/13/2024, Reference Rate and Spread 16.00% Interest Rate 16.00% PIK2026-03-310001508655Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien loan (EUR 5,107 par, due 5/2030) Initial Acquisition Date 5/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.76%2026-03-310001508655tslx:InterestRateSwapOneMember2026-01-012026-03-310001508655Debt Investments Internet Services EDB Parent, LLC Investment First-lien loan ($78,710 par, due 7/2028) Initial Acquisition Date 7/7/2022 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%2026-01-012026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:HMPOmnimediaLLCMember2026-03-310001508655tslx:RevolvingCreditFacilityMaturityOnMay12026Member2026-05-012026-05-010001508655Equity Investments Oil, Gas and Consumable Fuels Murchison Oil and Gas, LLC Preferred Units (13,355 units) Initial Acquisition Date 6/30/20222026-01-012026-03-310001508655Debt Investments Internet Services Arrow Buyer, Inc. Investment First-lien loan ($36,558 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70%2026-03-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($5,910 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 13.57%2026-01-012026-03-310001508655Debt Investments Transportation Rail Acquisitions LLC Second-lien note ($22,160 par, due 1/2031) Initial Acquisition Date 1/27/2025 Reference Rate and Spread 13.75% Interest Rate 13.75% PIK2026-03-310001508655Other Investments CIFC Funding Ltd, Series 2020 -4A Structured Credit ($4,000 par, due 1/2040) Initial Acquisition Date 7/29/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.80%2025-12-310001508655Equity and Other Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/20222025-01-012025-12-310001508655Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/20282026-03-310001508655Equity Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/20242026-03-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMembertslx:MezzanineDebtInvestmentsMember2025-12-310001508655Equity and Other Investments Transportation RailTrac Holdings Inc. Warrants (3,059 warrants) Initial Acquisition Date 1/27/20252025-12-310001508655Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/20292026-03-310001508655Structured Credit Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2021 -44A Structured Credit ($1,000 par, due 10/2035) Initial Acquisition Date 8/15/2025 Reference Rate and Spread SOFR + 5.15% Interest Rate 8.82%2026-01-012026-03-310001508655Structured Credit Investments CarVal CLO Ltd, Series 2021 -2A Investment Structured Credit ($2,000 par, due 10/2034) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 7.01% Interest Rate 10.68%2026-03-310001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,546 par, due 7/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.51%2025-01-012025-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,427 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.23%2025-12-310001508655country:LUtslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655tslx:ElectronicsMember2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001508655tslx:GalileoParentincMembertslx:RevolverMember2025-12-310001508655tslx:GreenshootBidcoBVMembertslx:RevolverMember2026-03-310001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/20212025-12-310001508655Debt Investments Business Services Price Fx Inc Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 12/19/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.33%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel1Member2025-12-3100015086552026-01-012026-03-310001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-03-040001508655Equity and Other Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/20212025-01-012025-12-310001508655Other Investments Neuberger Berman CLO Ltd, Series 2017 -16SA Structured Credit ($4,000 par, due 4/2039) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.80%2025-12-310001508655Other Investments Lake George Park CLO Ltd, Series 2025 -1A Structured Credit ($4,500 par, due 4/2038) Initial Acquisition Date 8/27/2025 Reference Rate and Spread SOFR + 4.60% Interest Rate 8.50%2025-12-310001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien loan ($63,444 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2025-12-310001508655Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/20242025-01-012025-12-310001508655tslx:EquityDistributionAgreementMember2026-01-012026-03-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien loan ($42,489 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.18% (incl. 3.00% PIK)2026-01-012026-03-310001508655tslx:FirstLienDebtInvestmentsMember2026-03-310001508655Equity and Other Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/20222025-12-310001508655Debt Investments Business Services Price Fx Inc Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 12/19/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.29%2026-03-310001508655Other Investments Palmer Square CLO Ltd, Series 2025 -1A Structured Credit ($2,250 par, due 4/2038) Initial Acquisition Date 8/21/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.38%2025-01-012025-12-310001508655Equity Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/20242026-03-310001508655Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/20242025-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:RealizedCapitalGainsAccruedPriorToMarchThirtyFirstTwoThousandFourteenMember2011-04-152011-04-1500015086552025-12-310001508655Structured Credit Investments Goldentree Loan Management US CLO Ltd, Series 2022 -16A Structured Credit ($5,000 par, due 1/2038) Initial Acquisition Date 9/16/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.17%2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2026-01-012026-03-310001508655Interest Rate Swap Company Pays SOFR + 2.99% Maturity Date 8/14/20282025-12-310001508655Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien loan ($38,438 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.94%2025-12-310001508655Equity Investments Pharmaceuticals TherapeuticsMD, Inc. Warrants (14,256 warrants) Initial Acquisition Date 8/5/20202026-01-012026-03-310001508655us-gaap:AdditionalPaidInCapitalMember2025-03-310001508655Structured Credit Investments Ares CLO Ltd, Series 2022-63A Investment Structured Credit ($2,500 par, due 10/2038) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-01-012026-03-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien revolving loan ($1,531 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-03-310001508655Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($27,177 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2026-03-310001508655Debt Investments Financial Services Payroc Buyer, LLC Investment Promissory Note ($6,086 par, due 9/2030) Initial Acquisition Date 9/30/2025 Reference Rate and Spread 5.50% Interest Rate 5.50% PIK2026-01-012026-03-310001508655tslx:StructuredCreditPartnersJVLLCMemberus-gaap:ConsumerSectorMember2026-03-310001508655us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001508655Structured Credit Investments Palmer Square CLO Ltd, Series 2021 -4 Structured Credit ($4,000 par, due 7/2038) Initial Acquisition Date 9/16/2025 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2026-01-012026-03-310001508655Other Investments Lake George Park CLO Ltd, Series 2025 -1A Structured Credit ($4,500 par, due 4/2038) Initial Acquisition Date 8/27/2025 Reference Rate and Spread SOFR + 4.60% Interest Rate 8.50%2025-01-012025-12-310001508655Debt Investments Internet Services Flight Intermediate HoldCo, Inc. Investment First-lien loan ($40,000 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate and Spread 11.50% Interest Rate 11.50%2025-12-310001508655Debt Investments Business Services Price Fx Inc Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 12/19/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.33%2025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2025-01-012025-03-310001508655Structured Credit Investments RR Ltd, Series 2021 -19A Structured Credit ($1,000 par, due 4/2040) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 4.70% Interest Rate 8.37%2026-03-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien loan ($30,261 par, due 6/2026) Initial Acquisition Date 12/21/2018, Reference Rate and Spread SOFR + 9.65% Interest Rate 13.32%2025-12-310001508655tslx:InterestRateSwapTwoMember2026-03-310001508655tslx:InternetServicesMember2026-03-310001508655Debt Investments Healthcare Velocity Clinical Research, Inc. Investment First-lien revolving loan ($528 par, due 9/2031) Initial Acquisition Date 9/9/2025, Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17%2025-12-310001508655tslx:SapphireSoftwareBuyerIncMembertslx:RevolverMember2026-03-310001508655tslx:SecondLienDebtInvestmentsMember2026-01-012026-03-310001508655Debt Investments Healthcare Ingenovis Health Finance, LLC. Investment First-lien revolving loan ($32,500 par, due 5/2030) Initial Acquisition Date 5/13/2025, Reference Rate and Spread SOFR + 6.00% Interest Rate 9.82%2025-01-012025-12-310001508655Debt Investments Other Kahua, Inc. First-lien loan ($30,000 par, due 8/2030) Initial Acquisition Date 8/22/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-01-012026-03-310001508655Equity and Other Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/20152025-12-310001508655tslx:EquityInvestmentsMember2026-03-310001508655Equity Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/20212026-03-310001508655tslx:StructuredCreditPartnersJVLLCMembertslx:AerospaceAndDefenseSectorMember2026-03-310001508655Debt Investments Transportation Ranger Intermediate II, LLC First-lien loan ($69,361 par, due 1/2030) Initial Acquisition Date 10/28/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-01-012026-03-310001508655tslx:StructuredCreditPartnersJVLLCMembertslx:ChemicalsPlasticsAndRubberSectorMember2026-03-310001508655tslx:InternetServicesMemberus-gaap:DebtSecuritiesMember2026-03-310001508655us-gaap:RevolvingCreditFacilityMember2024-12-310001508655Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($5,000 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-03-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($5,910 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 13.62%2025-12-310001508655Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/20242025-01-012025-12-310001508655Debt Investments Business Services Wrangler TopCo, LLC Investment First-lien loan ($5,970 par, due 9/2029) Initial Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.49%2025-01-012025-12-310001508655Other Investments CIFC Funding Ltd, Series 2022 -4A Structured Credit ($3,000 par, due 7/2035) Initial Acquisition Date 8/27/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.14%2025-12-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($2,024 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2025-01-012025-12-310001508655country:NL2026-03-310001508655Debt Investments Manufacturing Leg Purchaser, Inc. Investment First-lien loan ($57,522 par, due 1/2032) Initial Acquisition Date 1/12/2026 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.15%2026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:HMPOmnimediaLLCMember2025-12-310001508655Equity Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/20182026-03-310001508655Other Investments Pikes Peak CLO Ltd, Series 2023 -14A Structured Credit ($3,000 par, due 7/2038) Initial Acquisition Date 7/30/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.88%2025-12-310001508655us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001508655Interest Rate Swap Company Pays SOFR + 1.53% Maturity Date 8/15/20302026-03-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/20212025-01-012025-12-310001508655Debt Investments Education EMS Linq, Inc. Investment First-lien revolving loan ($3,303 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.02%2026-01-012026-03-310001508655Other Investments Ares CLO Ltd, Series 2022-64A Investment Structured Credit ($2,000 par, due 10/2039) Initial Acquisition Date 9/4/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.40%2025-01-012025-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyNineNotesMember2026-01-012026-03-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH. Investment First-lien loan (EUR 37,133 par, due 4/2030) Initial Acquisition Date 4/10/2024, Reference Rate and Spread E + 7.75% Interest Rate 9.77% (incl. 4.13% PIK)2025-12-310001508655Debt Investments Education EMS Linq, Inc. Investment First-lien loan ($56,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.07%2025-12-310001508655tslx:DelayedDrawMembertslx:KangarooBidcoASMember2026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:CordanceOperationsLlcMember2026-03-310001508655Equity Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/20212026-03-310001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien revolving loan ($504 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.18%2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2025-01-012025-03-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($5,910 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 13.57%2026-03-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment First-lien loan ($71,888 par, due 11/2029) Initial Acquisition Date 11/23/2020, Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2026-01-012026-03-310001508655Structured Credit Investments Palmer Square CLO Ltd, Series 2025 -1A Structured Credit ($2,250 par, due 4/2038) Initial Acquisition Date 8/21/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.17%2026-03-310001508655Debt Investments Communications Aurelia Netherlands B.V. Investment First-lien loan (EUR 32,904 par, due 5/2031) Initial Acquisition Date 5/22/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.77%2026-01-012026-03-310001508655Structured Credit Investments Ares CLO Ltd, Series 2024-72A Investment Structured Credit ($3,500 par, due 7/2036) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-01-012026-03-310001508655tslx:TwoThousandTwentyEightNotesMember2024-01-012024-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($25,255 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.62% PIK2025-01-012025-12-310001508655Debt Investments Healthcare Eventus Buyer, LLC . Investment First-lien revolving loan ($933 par, due 11/2030) Initial Acquisition Date 11/1/2024, Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-01-012026-03-310001508655tslx:DelayedDrawMembertslx:CirrusBidcoLtdMember2025-12-310001508655tslx:O2025Q1BaseDividendsMember2025-02-132025-02-130001508655Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. Investment First-lien revolving loan ($870 par, due 12/2029) Initial Acquisition Date 12/5/2024, Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2026-03-310001508655tslx:LeisureProductsAndServicesSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655tslx:DelayedDrawMembertslx:KangarooBidcoASMember2025-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($25,255 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.62% PIK2025-12-310001508655us-gaap:DebtSecuritiesMember2025-12-310001508655tslx:DelayedDrawMembertslx:HirevueIncMember2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandTwentySixNotesMember2026-01-012026-03-310001508655Debt Investments Other Sediver S.p.A. First-lien note (EUR 6,368 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.00% Interest Rate 7.13%2026-03-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($20,284 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.34%2025-01-012025-12-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH. Investment First-lien loan (EUR 208 par, due 4/2030) Initial Acquisition Date 4/10/2024, Reference Rate and Spread E + 7.25% Interest Rate 9.38%2026-01-012026-03-310001508655Other Investments Ares CLO Ltd, Series 2024-72A Investment Structured Credit ($3,500 par, due 7/2036) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.90%2025-12-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($20,232 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67% (incl. 2.50% PIK)2026-03-310001508655tslx:GreenshootBidcoBVMembertslx:RevolverMember2025-12-310001508655Debt Investments Financial Services Ibis Intermediate Co. Investment First-lien loan ($1,166 par, due 5/2027) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 8.32%2026-01-012026-03-310001508655us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2025-12-310001508655us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001508655Structured Credit Investments Palmer Square CLO Ltd, Series 2025 -1A Structured Credit ($2,250 par, due 4/2038) Initial Acquisition Date 8/21/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.17%2026-01-012026-03-310001508655Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien loan (EUR 17,380 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread E + 7.00% Interest Rate 09.03%2025-01-012025-12-310001508655Debt Investments Financial Services Alaska Bidco Oy Investment First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 5/30/2023 Reference Rate and Spread E + 5.75% Interest Rate 7.77%2025-12-310001508655us-gaap:FairValueInputsLevel1Member2026-03-310001508655Other Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2019 -33A Structured Credit ($2,000 par, due 4/2039) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.39%2025-12-310001508655tslx:DelayedDrawMembertslx:SediverSPAMember2026-03-310001508655Debt Investments Transportation Project44, Inc First-lien loan ($54,481 par, due 11/2027) Initial Acquisition Date 11/12/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.02%2026-03-310001508655Equity Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/20212026-01-012026-03-310001508655us-gaap:RetainedEarningsMember2025-01-012025-03-310001508655Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($3,759 par, due 1/2031) Initial Acquisition Date 9/27/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.69%2026-01-012026-03-310001508655Interest Rate Swap Company Receives 2.5% Company Pays SOFR + 2.17% Maturity Date 8/1/20262025-01-012025-12-310001508655Debt Investments Internet Services Khoros, LLC Investment First-lien loan ($11,682 par, due 5/2030) Initial Acquisition Date 5/23/2025 Reference Rate and Spread 10.00% Interest Rate 10.00%2026-03-310001508655Debt Investments Human Resource Support Services Madcap Software, Inc. Investment First-lien loan ($31,850 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 9.77%2025-12-310001508655us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001508655Equity Investments Internet Services Bigtincan Holdings L.P. Class A Units (2,902,890 Units) Initial Acquisition Date 4/16/20252026-03-310001508655Debt Investments Human Resource Support Services bswift, LLC Investment First-lien loan ($54,490 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41%2026-01-012026-03-310001508655us-gaap:RetainedEarningsMember2025-03-310001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($41,520 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 8.25% Interest Rate 11.92% (incl. 4.25% PIK)2025-01-012025-12-310001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001508655Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. Investment First-lien loan ($44,716 par, due 12/2031) Initial Acquisition Date 12/5/2024, Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2026-03-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2026-01-012026-03-310001508655Debt Investments Other Scorpio Bidco First-lien loan (EUR 2,511 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.77%2025-12-310001508655us-gaap:UnfundedLoanCommitmentMember2026-03-310001508655us-gaap:CommonStockMember2026-01-012026-03-310001508655tslx:BusinessServicesMember2025-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($1,667 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.20%2026-01-012026-03-310001508655us-gaap:DomesticCountryMember2026-03-310001508655tslx:PharmaceuticalsMember2026-03-310001508655tslx:AdministrationAgreementMember2025-11-012025-11-300001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2026-03-310001508655Other Investments Palmer Square CLO Ltd, Series 2025 -1A Structured Credit ($2,250 par, due 4/2038) Initial Acquisition Date 8/21/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.38%2025-12-310001508655tslx:RevolvingCreditFacilityMaturityOnMay12026Member2026-05-010001508655Debt Investments Business Services ExtraHop Networks, Inc Investment First-lien revolving loan ($892 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 6.60%2026-03-310001508655tslx:StructuredCreditInvestmentsMember2025-12-310001508655Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/20232025-12-310001508655tslx:EquityAndStructuredCreditInvestmentsMember2026-01-012026-03-310001508655tslx:DelayedDrawMembertslx:SediverSPAMember2025-12-310001508655Debt Investments Healthcare Aledade Inc. Investment First-lien revolving loan ($12,250 par, due 11/2028) Initial Acquisition Date 11/21/2025, Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2026-03-310001508655Debt Investments Internet Services Kaseware Intermediate Holding Company Investment First-lien loan ($43,251 par, due 10/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.23%2025-01-012025-12-310001508655tslx:EducationMemberus-gaap:DebtSecuritiesMember2025-12-310001508655us-gaap:FairValueInputsLevel2Member2025-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment First-lien loan ($71,888 par, due 11/2029) Initial Acquisition Date 11/23/2020, Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2026-03-310001508655Other Investments Carlyle US CLO Ltd, Series 2017 -2A Investment Structured Credit ($2,500 par, due 7/2037) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 7.56% Interest Rate 11.44%2025-01-012025-12-310001508655Debt Investments Healthcare HMP Omnimedia, LLC. Investment First-lien loan ($19,723 par, due 7/2032) Initial Acquisition Date 7/31/2025, Reference Rate and Spread SOFR + 5.25 Interest Rate 8.97%2025-01-012025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:LIHAHoldcoBVMember2025-12-310001508655Structured Credit Investments CarVal CLO Ltd, Series 2023 -1A Structured Credit ($3,000 par, due 7/2037) Initial Acquisition Date 8/13/2025 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.02%2026-03-310001508655Equity and Other Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/20202025-01-012025-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyNineNotesMember2025-01-012025-03-310001508655Debt Investments Business Services Mitnick Corporate Purchaser, Inc Investment First-lien loan ($322 par, due 5/2029) Initial Acquisition Date 5/2/2022 Reference Rate and Spread SOFR + 4.85% Interest Rate 8.52%2026-01-012026-03-310001508655Debt Investments Business Services ExtraHop Networks, Inc Investment First-lien loan ($76,107 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.27%2026-03-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Equity and Other Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/20212025-01-012025-12-310001508655Debt Investments Internet Services RainFocus, LLC First-lien loan ($64,232 par, due 4/2031) Initial Acquisition Date 4/25/2025 Reference Rate and Spread SOFR + 6.38% Interest Rate 10.24%2025-01-012025-12-310001508655Debt Investments Hotel, Gaming and Leisure ASG II, LLC . Investment First-lien loan ($65,000 par, due 5/2028) Initial Acquisition Date 5/25/2022, Reference Rate and Spread SOFR + 6.40% Interest Rate 10.24%2025-12-310001508655country:DKtslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655us-gaap:FinancialServicesSectorMember2026-03-3100015086552015-08-040001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien revolving loan (GBP 812 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread S + 4.00% Interest Rate 7.73%2026-01-012026-03-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan (EUR 24,300 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.38%2026-03-310001508655Equity and Other Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/20212025-12-310001508655Debt Investments Business Services ExtraHop Networks, Inc Investment First-lien revolving loan ($669 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.33%2025-01-012025-12-310001508655Other Investments Birch Grove CLO Ltd, Series 2025-14A Investment Structured Credit ($1,250 par, due 7/2037) Initial Acquisition Date 9/2/2025 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.98%2025-01-012025-12-310001508655tslx:IRGSEHoldingCorpMembertslx:RevolverMember2025-12-310001508655Equity and Other Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/20212025-01-012025-12-310001508655tslx:MezzanineDebtInvestmentsMember2026-03-310001508655tslx:EquityInvestmentsMember2026-03-310001508655Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($65,447 par, due 7/2028) Initial Acquisition Date 7/25/2022 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.07%2026-01-012026-03-310001508655tslx:PharmaceuticalsMembertslx:EquityInvestmentsMember2026-03-310001508655Equity Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/20222026-01-012026-03-310001508655Other Investments Apidos CLO, Series 2015-23A Investment Structured Credit ($4,000 par, due 4/2033) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 5.20% Interest Rate 9.10%2025-01-012025-12-310001508655Debt Investments Other Boréal Bidco First-lien note (EUR 13,741 par, due 3/2032) Initial Acquisition Date 3/24/2025 Reference Rate and Spread E + 7.00% Interest Rate 9.13% (inclu. 4.00% PIK)2026-03-310001508655tslx:TwoThousandTwentySixNotesMember2021-02-280001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001508655tslx:InvestmentAdvisoryAgreementMember2025-11-012025-11-300001508655Debt Investments Business Services ExtraHop Networks, Inc Investment First-lien revolving loan ($669 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.33%2025-12-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/20182025-01-012025-12-310001508655Other Investments Regatta Funding Ltd, Series 2020 -1A Structured Credit ($1,000 par, due 10/2037) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.40%2025-01-012025-12-310001508655Debt Investments Other Omnigo Software, LLC First-lien loan ($13,125 par, due 12/2030) Initial Acquisition Date 12/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70%2025-01-012025-12-310001508655Equity Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/20232026-03-310001508655Equity and Other Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/20212025-12-310001508655Equity Investments Transportation RailTrac Holdings Inc. Warrants (3,059 warrants) Initial Acquisition Date 1/27/20252026-03-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels Murchison Oil and Gas, LLC Preferred Units (13,355 units) Initial Acquisition Date 6/30/20222025-01-012025-12-310001508655Debt Investments Retail and Consumer Products Neuintel, LLC First-lien loan ($53,926 par, due 12/2026) Initial Acquisition Date 12/20/2021 Reference Rate and Spread SOFR + 6.85% Interest Rate 10.57%2025-12-310001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,546 par, due 7/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.52%2026-01-012026-03-310001508655tslx:DelayedDrawMembertslx:FlightIntermediateHoldCoIncMember2026-03-310001508655country:FIsrt:MaximumMember2026-03-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,427 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.23%2025-01-012025-12-310001508655Other Investments CIFC Funding Ltd, Series 2022 -4A Structured Credit ($3,000 par, due 7/2035) Initial Acquisition Date 8/27/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.14%2025-01-012025-12-310001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (EUR 2,571 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.75% Interest Rate 8.77% (incl. 3.63% PIK)2025-01-012025-12-310001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 214,115 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.75% Interest Rate 8.60% (incl. 3.63% PIK)2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:BCTOAcePurchaserIncMember2025-12-310001508655Debt Investments Healthcare Velocity Clinical Research, Inc. Investment First-lien loan ($63,764 par, due 9/2031) Initial Acquisition Date 9/9/2025, Reference Rate and Spread SOFR + 7.50% Interest Rate 11.20%2026-03-310001508655Equity Investments Oil, Gas and Consumable Fuels Murchison Oil and Gas, LLC Preferred Units (13,355 units) Initial Acquisition Date 6/30/20222026-03-310001508655Structured Credit Investments Ares CLO Ltd, Series 2022-64A Investment Structured Credit ($2,000 par, due 10/2039) Initial Acquisition Date 9/4/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2026-01-012026-03-310001508655tslx:OtherMemberus-gaap:DebtSecuritiesMember2026-03-310001508655tslx:DelayedDrawMembertslx:KahuaIncMember2025-12-310001508655Other Investments CarVal CLO Ltd, Series 2021 -2A Investment Structured Credit ($2,000 par, due 10/2034) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 7.01% Interest Rate 10.92%2025-01-012025-12-310001508655Other Investments Octagon 67 Ltd, Series 2023 -1A Structured Credit ($3,000 par, due 7/2038) Initial Acquisition Date 9/4/2025 Reference Rate and Spread SOFR + 7.41% Interest Rate 11.27%2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:AlaskaBidcoOyMember2025-12-310001508655Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($12,160 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.09%2025-01-012025-12-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH. Investment First-lien loan (EUR 37,525 par, due 4/2030) Initial Acquisition Date 4/10/2024, Reference Rate and Spread E + 7.75% Interest Rate 9.77% (incl. 4.13% PIK)2026-01-012026-03-310001508655Debt Investments Business Services BCTO Ignition Purchaser, Inc Investment First-lien holdco loan ($56,017 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17% PIK2026-01-012026-03-310001508655Debt Investments Education EMS Linq, Inc. Investment First-lien loan ($56,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.07%2025-01-012025-12-310001508655Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien loan (EUR 17,380 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread E + 7.00% Interest Rate 09.03%2025-12-310001508655country:DE2026-03-310001508655us-gaap:TreasuryStockCommonMember2024-12-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan ($1,523 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2025-01-012025-12-310001508655Equity Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/20212026-03-310001508655Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ($27,317 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 10.82%2025-01-012025-12-310001508655us-gaap:CommonStockMember2025-12-310001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-03-040001508655tslx:SportAllianceGmbhMembertslx:RevolverMember2026-03-310001508655tslx:TelecommunicationsSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655us-gaap:FairValueInputsLevel3Member2025-12-310001508655us-gaap:FinancialServicesSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655tslx:InterestRateSwapThreeMember2026-01-012026-03-310001508655tslx:TwoThousandTwentyNineNotesMember2025-12-310001508655country:NO2026-03-310001508655tslx:FirstLienDebtInvestmentsMember2025-12-310001508655tslx:DelayedDrawMembertslx:ScorpioBidcoMember2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2026-03-310001508655Debt Investments Financial Services Ibis US Blocker Co. Investment First-lien loan ($21,697 par, due 5/2028) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 8.50% Interest Rate 12.13% PIK2026-01-012026-03-310001508655Equity and Other Investments Transportation Ranger Parent I, Inc. Series A-1 Preferred Shares (5,639 Shares) Initial Acquisition Date 10/28/2025 Reference Rate and Spread 14.50% Interest Rate 14.50%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001508655us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001508655us-gaap:HealthcareSectorMember2026-03-310001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 4,392 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.82%2025-01-012025-12-310001508655tslx:InterestRateSwapTwoMember2025-01-012025-03-310001508655Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien loan (EUR 17,336 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.03%2026-03-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH. Investment First-lien loan (EUR 37,525 par, due 4/2030) Initial Acquisition Date 4/10/2024, Reference Rate and Spread E + 7.75% Interest Rate 9.77% (incl. 4.13% PIK)2026-03-310001508655Equity Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/20242026-01-012026-03-310001508655tslx:DelayedDrawMembertslx:EDBParentLLCMember2025-12-310001508655Debt Investments Financial Services Alaska Bidco Oy Investment First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 5/30/2023 Reference Rate and Spread E + 5.75% Interest Rate 7.84%2026-03-310001508655Hedge Accounting Swaps2026-01-012026-03-310001508655Debt Investments Oil, Gas and Consumable Fuels TRP Assets, LLC First-lien loan ($54,834 par, due 12/2029) Initial Acquisition Date 12/20/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%2025-12-310001508655tslx:BusinessServicesMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655country:CA2025-12-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 17,985 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.27%2025-01-012025-12-310001508655Other Investments Oaktree CLO Ltd, Series 2022 -2A Structured Credit ($3,500 par, due 10/2037) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.30%2025-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/20212025-01-012025-12-310001508655Debt Investments Healthcare Aledade Inc. Investment First-lien revolving loan ($10,864 par, due 11/2028) Initial Acquisition Date 11/21/2025, Reference Rate and Spread SOFR + 5.75% Interest Rate 9.54%2025-12-310001508655Equity Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/20212026-03-310001508655Equity Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/20232026-03-310001508655Debt Investments Financial Services Passport Labs, Inc. Investment Convertible Promissory Note A ($1,086 par, due 8/2026) Initial Acquisition Date 3/2/2023 Reference Rate and Spread 8.00% Interest Rate 8.00%2025-12-310001508655Debt Investments Education Astra Acquisition Corp. Investment Second-lien loan ($40,804 par, due 10/2029) Initial Acquisition Date 10/22/2021 Reference Rate and Spread P + 9.88% Interest Rate 16.63%2025-12-310001508655Other Investments Ares CLO Ltd, Series 2022-63A Investment Structured Credit ($2,500 par, due 10/2038) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.28%2025-01-012025-12-310001508655Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien revolving loan ($4,287 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.66%2026-03-310001508655Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($3,764 par, due 1/2031) Initial Acquisition Date 9/27/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.71%2025-01-012025-12-310001508655us-gaap:DebtSecuritiesMembertslx:RetailAndConsumerProductsMember2026-03-310001508655Debt Investments Retail and Consumer Products Neuintel, LLC First-lien loan ($53,648 par, due 12/2026) Initial Acquisition Date 12/20/2021 Reference Rate and Spread SOFR + 6.85% Interest Rate 10.52%2026-03-310001508655Equity and Other Investments Transportation Ranger Parent I, Inc. Warrants (3,841 warrants) Initial Acquisition Date 10/28/20252025-01-012025-12-310001508655Equity Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/20152026-03-310001508655Equity and Other Investments Financial Services TS Imagine, Inc. Class AA Units (19,093 units) Initial Acquisition Date 11/1/2024 Reference Rate and Spread 20.00% Interest Rate 20.00%2025-12-310001508655Debt Investments Transportation Ranger Intermediate II, LLC First-lien loan ($69,361 par, due 1/2030) Initial Acquisition Date 10/28/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-03-310001508655Debt Investments Internet Services Coupa Holdings, LLC Investment First-lien loan ($42,543 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.09%2025-01-012025-12-310001508655tslx:BusinessServicesMemberus-gaap:DebtSecuritiesMember2026-03-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien loan ($8,322 par, due 4/2031) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.00%2025-12-310001508655tslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. Subordinated note ($4,740 par, due 9/2026) Initial Acquisition Date 3/16/2021 Reference Rate and Spread SOFR + 1.15% Interest Rate 5.14%2025-01-012025-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment First-lien loan ($69,942 par, due 11/2029) Initial Acquisition Date 11/23/2020, Reference Rate and Spread SOFR + 6.50% Interest Rate 10.32%2025-01-012025-12-310001508655Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien revolving loan ($6,887 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.57%2025-01-012025-12-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien loan ($21,668 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread SOFR + 5.15% Interest Rate 8.85%2026-03-310001508655Debt Investments Healthcare LIHA Holdco B.V. Investment First-lien loan (EUR 5,903 par, due 2/2029) Initial Acquisition Date 2/24/2023, Reference Rate and Spread E + 6.50% Interest Rate 8.52%2025-01-012025-12-310001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (EUR 2,571 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.75% Interest Rate 8.77% (incl. 3.63% PIK)2025-12-310001508655country:SE2025-12-310001508655Debt Investments Human Resource Support Services Axonify, Inc. Investment First-lien loan ($45,113 par, due 5/2027) Initial Acquisition Date 5/5/2021 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.55%2025-12-310001508655Debt Investments Healthcare Symplr Software Inc. Investment First-lien loan ($633 par, due 12/2027) Initial Acquisition Date 4/4/2025, Reference Rate and Spread SOFR + 4.60% Interest Rate 8.27%2026-03-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($3,575 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.62%2025-01-012025-12-310001508655Equity and Other Investments Transportation Ranger Parent I, Inc. Warrants (3,841 warrants) Initial Acquisition Date 10/28/20252025-12-310001508655Other Investments Neuberger Berman CLO Ltd, Series 2015 -20A Structured Credit ($1,150 par, due 4/2039) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.65%2025-01-012025-12-310001508655tslx:EquityAndOtherInvestmentsMembertslx:BusinessServicesMember2025-12-310001508655Other Investments Riverbank Park CLO Ltd, Series 2024 -1A Structured Credit ($4,500 par, due 1/2038) Initial Acquisition Date 7/29/2025 Reference Rate and Spread SOFR + 4.80% Interest Rate 8.66%2025-12-310001508655tslx:TwentyTwentySixNotesMember2026-01-012026-03-310001508655tslx:RevolverMembertslx:MindBodyIncMember2025-12-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($26,611 par, due 9/2027) Initial Acquisition Date 9/30/2015 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.02% (incl. 10.52% PIK)2026-03-310001508655us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001508655Debt Investments Healthcare HMP Omnimedia, LLC. Investment First-lien revolving loan ($409 par, due 7/2030) Initial Acquisition Date 7/31/2025, Reference Rate and Spread P + 4.25% Interest Rate 11.00%2025-01-012025-12-310001508655Structured Credit Investments Lake George Park CLO Ltd, Series 2025 -1A Structured Credit ($4,500 par, due 4/2038) Initial Acquisition Date 8/27/2025 Reference Rate and Spread SOFR + 4.60% Interest Rate 8.27%2026-03-310001508655Debt Investments Internet Services Coupa Holdings, LLC Investment First-lien loan ($42,435 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2026-03-310001508655Structured Credit Investments Oha Credit Funding Ltd, Series 2025 -22A Structured Credit ($1,250 par, due 7/2038) Initial Acquisition Date 7/24/2025 Reference Rate and Spread SOFR + 5.55% Interest Rate 9.22%2026-01-012026-03-310001508655Interest Rate Swap Company Receives 5.625% Company Pays SOFR + 1.53% Maturity Date 8/15/20302026-01-012026-03-310001508655Debt Investments Internet Services Kaseware Intermediate Holding Company Investment First-lien loan ($43,251 par, due 10/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.23%2025-12-310001508655Other Investments RR Ltd, Series 2021 -19A Structured Credit ($1,000 par, due 4/2040) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 4.70% Interest Rate 8.60%2025-01-012025-12-310001508655Debt Investments Healthcare Ingenovis Health Finance, LLC. Investment First-lien revolving loan ($32,500 par, due 5/2030) Initial Acquisition Date 5/13/2025, Reference Rate and Spread SOFR + 6.00% Interest Rate 9.82%2025-12-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien revolving loan ($902 par, due 10/2027) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.69%2026-03-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:LeverageWaiverMember2025-01-012025-03-310001508655Debt Investments Communications Aurelia Netherlands B.V. Investment First-lien loan (EUR 32,904 par, due 5/2031) Initial Acquisition Date 5/22/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.77%2026-03-310001508655Equity Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/20202026-01-012026-03-310001508655tslx:TwoThousandThirtyNotesMember2025-01-012025-12-310001508655tslx:RevolverMembertslx:MindBodyIncMember2026-03-310001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (EUR 2,594 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.75% Interest Rate 8.88% (incl. 3.63% PIK)2026-03-310001508655Equity and Other Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/20212025-12-310001508655Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien loan (EUR 5,107 par, due 5/2030) Initial Acquisition Date 5/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.82%2025-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien loan (GBP 1,107 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread S + 8.25% Interest Rate 11.98% (incl. 4.25% PIK)2025-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 19,592 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2025-12-310001508655Structured Credit Investments Ares CLO Ltd, Series 2024-72A Investment Structured Credit ($3,500 par, due 7/2036) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001508655Debt Investments Human Resource Support Services PayScale Holdings, Inc. Investment First-lien loan ($74,916 par, due 10/2029) Initial Acquisition Date 5/3/2019 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2025-12-310001508655IRGSE Holding Corp2026-03-310001508655tslx:TSImagineIncMembertslx:RevolverMember2026-03-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien revolving loan (GBP 593 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2025-01-012025-12-310001508655Debt Investments Business Services Azurite Intermediate Holdings, Inc Investment First-lien loan ($42,750 par, due 3/2031) Initial Acquisition Date 3/19/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMembertslx:AssetValuationWaterfallMember2026-03-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien revolving loan ($1,203 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.34%2025-01-012025-12-310001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien loan ($16,049 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% (incl. 2.25% PIK)2026-01-012026-03-310001508655tslx:CommunicationsMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Equity Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/20232026-01-012026-03-310001508655tslx:RevolverAndEquityMembertslx:CrewlineBuyerIncMember2026-03-310001508655Equity Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/20222026-01-012026-03-310001508655Debt Investments Internet Services LeanTaaS Holdings, Inc. First-lien loan ($62,984 par, due 7/2028) Initial Acquisition Date 7/12/2022 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.42%2025-01-012025-12-310001508655Equity and Other Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/20202025-01-012025-12-310001508655Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien revolving loan (EUR 79 par, due 5/2030) Initial Acquisition Date 5/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.76%2026-01-012026-03-310001508655Interest Rate Swap Company Receives 5.625% Company Pays SOFR + 1.53% Maturity Date 8/15/20302026-03-310001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandTwentyEightNotesMember2026-01-012026-03-310001508655us-gaap:RevolvingCreditFacilityMember2026-03-310001508655Debt Investments Healthcare Eventus Buyer, LLC . Investment First-lien loan ($25,706 par, due 11/2030) Initial Acquisition Date 11/1/2024, Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2025-12-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 4,766 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.06% (incl. 3.25% PIK)2025-01-012025-12-310001508655Debt Investments Other Boréal Bidco First-lien note (EUR 13,605 par, due 3/2032) Initial Acquisition Date 3/24/2025 Reference Rate and Spread E + 7.25% Interest Rate 9.27% (inclu. 5.75% PIK)2025-12-310001508655Equity Investments Internet Services Khoros, LLC Earnout Interests Initial Acquisition Date 5/23/20252026-03-310001508655Debt Investments Transportation Project44, Inc First-lien loan ($54,549 par, due 11/2027) Initial Acquisition Date 11/12/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.07%2025-12-310001508655tslx:HotelGamingAndLeisureMember2025-12-310001508655Other Investments CarVal CLO Ltd, Series 2023 -1A Structured Credit ($3,000 par, due 7/2037) Initial Acquisition Date 8/13/2025 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.23%2025-01-012025-12-310001508655tslx:O2025Q1SupplementalDividendsMember2025-02-130001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien loan ($9,469 par, due 4/2031) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2026-01-012026-03-310001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien loan ($17,903 par, due 3/2029) Initial Acquisition Date 3/24/2023, Reference Rate and Spread SOFR + 6.25% Interest Rate 9.92%2026-03-310001508655Equity and Other Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/20212025-12-310001508655Structured Credit Investments Neuberger Berman CLO Ltd, Series 2015 -20A Structured Credit ($1,150 par, due 4/2039) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42%2026-03-310001508655Debt Investments Healthcare LIHA Holdco B.V. Investment First-lien loan (EUR 5,888 par, due 2/2029) Initial Acquisition Date 2/24/2023, Reference Rate and Spread E + 6.50% Interest Rate 8.63%2026-01-012026-03-310001508655tslx:SecondLienDebtInvestmentsMember2025-01-012025-12-310001508655tslx:RevolverMembertslx:ElysianFincoLtdMember2025-12-3100015086552026-03-310001508655us-gaap:FoodAndBeverageSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 36,338 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.03%2025-12-310001508655Other Investments CarVal CLO Ltd, Series 2021 -2A Investment Structured Credit ($2,000 par, due 10/2034) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 7.01% Interest Rate 10.92%2025-12-310001508655tslx:StructuredCreditInvestmentsMember2025-01-012025-12-310001508655Other Investments Benefit Street Partners CLO Ltd, Series 2025-39A Investment Structured Credit ($1,725 par, due 4/2038) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.40%2025-01-012025-12-310001508655us-gaap:TreasuryStockCommonMember2025-03-310001508655Debt Investments Other Sediver S.p.A. First-lien note (EUR 14,085 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2025-12-310001508655Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien loan ($53,031 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.59%2025-12-310001508655us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001508655Debt Investments Communications X Holdings Inc. Investment First-lien loan ($9,338 par, due 10/2029) Initial Acquisition Date 2/5/2025 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.45%2025-01-012025-12-310001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001508655tslx:UtilitiesElectricSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Equity and Other Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/20212025-01-012025-12-310001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 3,906 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.25% Interest Rate 8.00%2025-01-012025-12-310001508655tslx:HighTechIndustriesSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655tslx:BayshoreIntermediate2LPMembertslx:RevolverMember2026-03-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien revolving loan ($1,531 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-01-012026-03-310001508655Other Investments Oha Credit Funding Ltd, Series 2025 -22A Structured Credit ($1,250 par, due 7/2038) Initial Acquisition Date 7/24/2025 Reference Rate and Spread SOFR + 5.55% Interest Rate 9.83%2025-01-012025-12-310001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMember2025-03-040001508655tslx:DelayedDrawAndRevolverMembertslx:TangoManagementConsultingLLCMember2026-03-310001508655Debt Investments Retail and Consumer Products Acosta First-lien loan ($13,890 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.22%2025-01-012025-12-310001508655us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2026-01-012026-03-310001508655Debt Investments Financial Services Alaska Bidco Oy Investment First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 5/30/2023 Reference Rate and Spread E + 5.75% Interest Rate 7.84%2026-01-012026-03-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-03-042025-03-040001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 214,115 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.75% Interest Rate 8.60% (incl. 3.63% PIK)2025-01-012025-12-310001508655Debt Investments Internet Services EDB Parent, LLC Investment First-lien loan ($76,729 par, due 7/2028) Initial Acquisition Date 7/7/2022 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.84%2025-01-012025-12-310001508655Debt Investments Financial Services Volante Technologies, Inc. Investment First-lien loan ($3,619 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate and Spread 16.50% Interest Rate 16.50% PIK2025-01-012025-12-310001508655Structured Credit Investments Goldentree Loan Management US CLO Ltd, Series 2023 -17A Structured Credit ($3,000 par, due 1/2039) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 5.40% Interest Rate 9.07%2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:ValuationTechniqueCostOfInvestmentsMember2026-03-310001508655Debt Investments Transportation Marcura Equities LTD First-lien loan (GBP 1,107 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread S + 8.25% Interest Rate 11.98% (incl. 4.25% PIK)2025-01-012025-12-310001508655tslx:EquityAndOtherInvestmentsMember2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:LynxBidcoMember2025-12-310001508655Other Investments Octagon 67 Ltd, Series 2023 -1A Structured Credit ($3,000 par, due 7/2038) Initial Acquisition Date 9/4/2025 Reference Rate and Spread SOFR + 7.41% Interest Rate 11.27%2025-01-012025-12-310001508655Equity and Other Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/20212025-01-012025-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment Second-lien loan ($2,746 par, due 6/2027) Initial Acquisition Date 3/13/2024, Reference Rate and Spread 16.00% Interest Rate 16.00% PIK2025-01-012025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:RailAcquisitionsLLCMember2025-12-310001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/20222025-01-012025-12-310001508655Structured Credit Investments Octagon 67 Ltd, Series 2023 -1A Structured Credit ($3,000 par, due 7/2038) Initial Acquisition Date 9/4/2025 Reference Rate and Spread SOFR + 7.41% Interest Rate 11.08%2026-03-310001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($41,520 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 8.25% Interest Rate 11.92% (incl. 4.25% PIK)2025-12-310001508655us-gaap:CommonStockMember2024-12-310001508655us-gaap:AdditionalPaidInCapitalMember2025-12-310001508655Structured Credit Investments Oaktree CLO Ltd, Series 2022 -2A Structured Credit ($3,500 par, due 10/2037) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.07%2026-03-310001508655tslx:TwoThousandTwentySixNotesMember2025-01-012025-12-310001508655us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($19,737 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2025-01-012025-12-310001508655Other Investments Palmer Square CLO Ltd, Series 2021 -4 Structured Credit ($4,000 par, due 7/2038) Initial Acquisition Date 9/16/2025 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.65%2025-01-012025-12-310001508655tslx:EquityAndOtherInvestmentsMember2025-01-012025-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandAndThirtyNotesMember2025-01-012025-03-310001508655tslx:InterestRateSwapFourMember2025-01-012025-03-310001508655country:FIsrt:MaximumMember2025-12-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien revolving loan (GBP 812 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread S + 4.00% Interest Rate 7.73%2026-03-310001508655Debt Investments Education EMS Linq, Inc. Investment First-lien loan ($56,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.02%2026-03-310001508655Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($46,875 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.82%2025-01-012025-12-310001508655us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membertslx:EquityInvestmentsMember2026-03-310001508655us-gaap:InterestRateSwapMember2025-12-310001508655Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($19,737 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.45%2026-01-012026-03-310001508655us-gaap:DebtSecuritiesMembertslx:HotelGamingAndLeisureMember2025-12-310001508655tslx:MidwestMember2026-03-310001508655Debt Investments Real Estate Cirrus (BidCo) Limited First-lien loan (GBP 698 par, due 8/2030) Initial Acquisition Date 8/9/2024 Reference Rate and Spread S + 5.25% Interest Rate 8.98%2026-01-012026-03-310001508655Interest Rate Swap Company Pays SOFR + 2.44% Maturity Date 3/1/20292025-12-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien revolving loan ($1,023 par, due 4/2030) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2026-03-310001508655us-gaap:CommonStockMember2025-03-310001508655Equity Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/20222026-03-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($2,024 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2025-12-310001508655Structured Credit Investments Palmer Square CLO Ltd, Series 2021 -4 Structured Credit ($4,000 par, due 7/2038) Initial Acquisition Date 9/16/2025 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2026-03-310001508655Other Investments Carlyle US CLO Ltd, Series 2021 -1A Structured Credit ($3,225 par, due 1/2040) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 7.30% Interest Rate 11.20%2025-01-012025-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Common Shares (962,195 shares) Initial Acquisition Date 6/20/20252025-01-012025-12-310001508655tslx:AVSCHoldingCorpMembertslx:RevolverMember2025-12-310001508655us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001508655Derivative Interest Rate Swap2026-03-310001508655Debt Investments Financial Services TS Imagine, Inc. Investment First-lien revolving loan ($899 par, due 5/2027) Initial Acquisition Date 11/1/2024 Reference Rate and Spread P + 4.75% Interest Rate 11.50%2025-01-012025-12-310001508655Equity Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/20212026-01-012026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:KasewareIntermediateHoldingCompanyMember2026-03-310001508655Other Investments Goldentree Loan Management US CLO Ltd, Series 2023 -17A Structured Credit ($3,000 par, due 1/2039) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 5.40% Interest Rate 9.28%2025-01-012025-12-310001508655tslx:DelayedDrawMembertslx:RainFocusLLCMember2026-03-310001508655Debt Investments Financial Services TS Imagine, Inc. Investment First-lien loan ($54,960 par, due 4/2027) Initial Acquisition Date 4/30/2021 Reference Rate and Spread SOFR + 5.85% Interest Rate 9.69%2025-01-012025-12-310001508655tslx:WestMember2025-12-310001508655tslx:AdministrationAgreementMemberus-gaap:GeneralAndAdministrativeExpenseMembertslx:AdviserMember2026-01-012026-03-310001508655Debt Investments Communications X Holdings Inc. Investment First-lien loan ($988 par, due 10/2029) Initial Acquisition Date 4/28/2025 Reference Rate and Spread 9.50% Interest Rate 9.50%2025-12-310001508655tslx:InterestRateSwapThreeMember2025-01-012025-03-310001508655tslx:DelayedDrawMembertslx:CirrusBidcoLtdMember2026-03-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($1,323 par, due 9/2027) Initial Acquisition Date 6/10/2021 Reference Rate and Spread SOFR + 15.10 Interest Rate 18.77% (incl. 18.27% PIK)2026-01-012026-03-310001508655Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/20282025-01-012025-12-310001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandThirtyNotesMember2026-01-012026-03-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien revolving loan (GBP 636 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2026-01-012026-03-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien revolving loan ($901 par, due 4/2030) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.06%2025-12-310001508655Debt Investments Education Kangaroo Bidco AS Investment First-lien loan ($30,625 par, due 11/2030) Initial Acquisition Date 11/02/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 9.99%2025-01-012025-12-310001508655Other Investments CIFC Funding Ltd, Series 2020 -4A Structured Credit ($4,000 par, due 1/2040) Initial Acquisition Date 7/29/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.80%2025-01-012025-12-310001508655tslx:OilGasAndConsumableFuelsMembertslx:EquityInvestmentsMember2026-03-310001508655tslx:RevolvingCreditFacilityMaturityOnMarch42025Member2025-03-040001508655tslx:InterestRateSwapOneMember2025-03-310001508655Debt Investments Retail and Consumer Products Acosta First-lien loan ($13,855 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.22%2026-03-310001508655Debt Investments Retail and Consumer Products Blazing Star Parent, LLC First-lien loan ($69,563 par, due 8/2030) Initial Acquisition Date 8/28/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.82%2025-12-310001508655country:BMtslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($5,910 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 13.62%2025-01-012025-12-310001508655Debt Investments Business Services Azurite Intermediate Holdings, Inc Investment First-lien loan ($42,750 par, due 3/2031) Initial Acquisition Date 3/19/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.72%2025-12-310001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandTwentyEightNotesMember2025-01-012025-12-310001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001508655Debt Investments Business Services Wrangler TopCo, LLC Investment First-lien loan ($5,955 par, due 9/2029) Initial Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.43%2026-03-310001508655Debt Investments Financial Services Passport Labs, Inc. Investment Convertible Promissory Note A ($1,086 par, due 8/2026) Initial Acquisition Date 3/2/2023 Reference Rate and Spread 8.00% Interest Rate 8.00%2026-01-012026-03-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien loan ($8,322 par, due 4/2031) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.00%2025-01-012025-12-310001508655tslx:EquityAndStructuredCreditInvestmentsMember2025-12-310001508655Equity Investments Transportation Ranger Parent I, Inc. Warrants (3,841 warrants) Initial Acquisition Date 10/28/20252026-01-012026-03-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 4,805 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.06% (incl. 3.13% PIK)2026-01-012026-03-310001508655Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ($27,317 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 10.77%2026-03-310001508655Equity Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/20212026-03-310001508655Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($19,737 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.45%2026-03-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyEightNotesMember2025-01-012025-03-310001508655tslx:SecondLienDebtInvestmentsMember2026-01-012026-03-310001508655us-gaap:AdditionalPaidInCapitalMember2026-03-310001508655Equity Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/20232026-01-012026-03-310001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien loan ($63,444 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2025-01-012025-12-310001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 5,216 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.88%2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001508655Other Investments Diameter Capital CLO Ltd, Series 2025 -9A Structured Credit ($3,500 par, due 4/2038) Initial Acquisition Date 9/2/2025 Reference Rate and Spread SOFR + 4.70% Interest Rate 8.58%2025-01-012025-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:FutureRealizedCapitalGainsPriorToAprilFirstTwoThousandFourteenMember2020-03-312020-03-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentySixNotesMember2026-01-012026-03-310001508655Equity Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/20152026-01-012026-03-310001508655tslx:DelayedDrawMembertslx:LeantaasHoldingsIncMember2026-03-310001508655tslx:TwoThousandTwentyNineNotesMember2024-12-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien revolving loan ($902 par, due 10/2027) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.69%2025-12-310001508655Equity Investments Financial Services TS Imagine, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/20212026-03-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. Subordinated note ($4,740 par, due 9/2027) Initial Acquisition Date 3/16/2021 Reference Rate and Spread SOFR + 1.15% Interest Rate 4.81%2026-03-310001508655Structured Credit Partners JV, LLC2026-01-012026-03-310001508655us-gaap:RevolvingCreditFacilityMember2025-12-310001508655Other Investments Madison Park Funding Ltd, Series 2025 -65A Structured Credit ($4,400 par, due 7/2038) Initial Acquisition Date 8/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.32%2025-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001508655Equity Investments Financial Services TS Imagine, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/20212026-01-012026-03-310001508655tslx:AmericanAchievementCorpMembertslx:RevolverMember2026-03-310001508655tslx:AutoAftermarketAndServicesSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Internet Services Khoros, LLC Investment First-lien loan ($11,682 par, due 5/2030) Initial Acquisition Date 5/23/2025 Reference Rate and Spread 10.00% Interest Rate 10.00%2025-12-310001508655Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/20232025-01-012025-12-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien revolving loan ($27,943 par, due 6/2026) Initial Acquisition Date 12/21/2018, Reference Rate and Spread SOFR + 9.65% Interest Rate 13.44%2025-12-310001508655Equity Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/20212026-01-012026-03-310001508655tslx:FirstLienDebtInvestmentsMember2026-01-012026-03-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan (EUR 23,956 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread E + 6.50% Interest Rate 8.52%2025-12-310001508655Debt Investments Financial Services Passport Labs, Inc. Investment Convertible Promissory Note A ($1,086 par, due 8/2026) Initial Acquisition Date 3/2/2023 Reference Rate and Spread 8.00% Interest Rate 8.00%2026-03-310001508655tslx:OtherMember2026-03-310001508655Structured Credit Investments Neuberger Berman CLO Ltd, Series 2017 -16SA Structured Credit ($4,000 par, due 4/2039) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.57%2026-03-310001508655tslx:InterestRateSwapFourMember2026-03-310001508655tslx:SecondLienDebtInvestmentsMember2025-12-310001508655Other Investments Ares CLO Ltd, Series 2024-72A Investment Structured Credit ($3,500 par, due 7/2036) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.90%2025-01-012025-12-310001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/20222025-12-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/20212025-01-012025-12-310001508655tslx:EquityInvestmentsMember2026-01-012026-03-310001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien loan ($17,949 par, due 3/2029) Initial Acquisition Date 3/24/2023, Reference Rate and Spread SOFR + 6.25% Interest Rate 9.97%2025-01-012025-12-310001508655us-gaap:TransportationSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Other Investments Birch Grove CLO Ltd, Series 2025-14A Investment Structured Credit ($1,250 par, due 7/2037) Initial Acquisition Date 9/2/2025 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.98%2025-12-310001508655Structured Credit Investments Carlyle US CLO Ltd, Series 2021 -1A Structured Credit ($3,225 par, due 1/2040) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 7.30% Interest Rate 10.97%2026-01-012026-03-310001508655Debt Investments Hotel, Gaming and Leisure ASG II, LLC . Investment First-lien loan ($65,000 par, due 5/2028) Initial Acquisition Date 5/25/2022, Reference Rate and Spread SOFR + 6.40% Interest Rate 10.24%2025-01-012025-12-310001508655us-gaap:RetainedEarningsMember2025-12-310001508655Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/20232025-01-012025-12-310001508655Debt Investments Education EMS Linq, Inc. Investment First-lien revolving loan ($2,916 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.07%2025-01-012025-12-310001508655Debt Investments Healthcare LIHA Holdco B.V. Investment First-lien loan (EUR 5,903 par, due 2/2029) Initial Acquisition Date 2/24/2023, Reference Rate and Spread E + 6.50% Interest Rate 8.52%2025-12-310001508655Debt Investments Business Services Mitnick Corporate Purchaser, Inc Investment First-lien loan ($323 par, due 5/2029) Initial Acquisition Date 5/2/2022 Reference Rate and Spread SOFR + 4.85% Interest Rate 8.69%2025-12-310001508655tslx:TwentyTwentyEightNotesMember2023-08-142023-08-140001508655country:SE2026-03-310001508655us-gaap:DebtSecuritiesMembertslx:RetailAndConsumerProductsMember2025-12-310001508655tslx:TangoManagementConsultingLLCMembertslx:DelayedDrawAndRevolverMember2025-12-310001508655Debt Investments Internet Services Khoros, LLC Investment First-lien loan ($11,682 par, due 5/2030) Initial Acquisition Date 5/23/2025 Reference Rate and Spread 10.00% Interest Rate 10.00%2026-01-012026-03-310001508655Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($64,906 par, due 7/2028) Initial Acquisition Date 7/25/2022 Reference Rate and Spread SOFR + 8.65% Interest Rate 12.53%2025-12-310001508655tslx:SixthStreetSpecialtyLendingIncMember2026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:RailAcquisitionsLLCMember2026-03-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien revolving loan ($902 par, due 10/2027) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.69%2025-01-012025-12-310001508655Debt Investments Other Boréal Bidco First-lien note (EUR 13,741 par, due 3/2032) Initial Acquisition Date 3/24/2025 Reference Rate and Spread E + 7.00% Interest Rate 9.13% (inclu. 4.00% PIK)2026-01-012026-03-310001508655Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 36,338 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.03%2025-01-012025-12-310001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/20212025-01-012025-12-310001508655Equity Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/20222026-01-012026-03-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH. Investment First-lien loan (EUR 208 par, due 4/2030) Initial Acquisition Date 4/10/2024, Reference Rate and Spread E + 7.25% Interest Rate 9.27%2025-01-012025-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($2,270 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.97% (incl. 2.25 % PIK)2025-12-310001508655Debt Investments Healthcare LIHA Holdco B.V. Investment First-lien revolving loan (EUR 318 par, due 2/2029) Initial Acquisition Date 2/24/2023, Reference Rate and Spread E + 6.50% Interest Rate 8.63%2026-03-310001508655Equity Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/20212026-01-012026-03-310001508655Interest Rate Swap Company Pays SOFR + 2.99% Maturity Date 8/14/20282026-03-310001508655Structured Credit Investments CIFC Funding Ltd, Series 2021 -7A Structured Credit ($2,800 par, due 1/2035) Initial Acquisition Date 9/8/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.57%2026-01-012026-03-310001508655Debt Investments Other Kahua, Inc. First-lien loan ($30,000 par, due 8/2030) Initial Acquisition Date 8/22/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-03-310001508655tslx:InvestmentAdvisoryAgreementMember2025-01-012025-03-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Warrants (106,592 warrants) Initial Acquisition Date 4/8/20212025-01-012025-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($1,667 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.20%2026-03-310001508655Debt Investments Other Scorpio Bidco First-lien loan (EUR 2,511 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.88%2026-03-310001508655Equity and Other Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/20152025-01-012025-12-310001508655tslx:CarlyleCreditSolutionsIncMember2026-03-310001508655Hedge Accounting Swaps2025-12-310001508655Debt Investments Education EMS Linq, Inc. Investment First-lien revolving loan ($2,916 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.07%2025-12-310001508655Equity Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/20212026-01-012026-03-310001508655tslx:TwoThousandTwentyEightNotesMember2023-08-310001508655tslx:DelayedDrawMembertslx:ShiftmoveGmbhMember2026-03-310001508655Debt Investments Communications X Holdings Inc. Investment First-lien loan ($9,338 par, due 10/2029) Initial Acquisition Date 2/5/2025 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.45%2025-12-310001508655tslx:PharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Other Investments Riverbank Park CLO Ltd, Series 2024 -1A Structured Credit ($4,500 par, due 1/2038) Initial Acquisition Date 7/29/2025 Reference Rate and Spread SOFR + 4.80% Interest Rate 8.66%2025-01-012025-12-310001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/20222025-12-310001508655Structured Credit Investments Benefit Street Partners CLO Ltd, Series 2025-39A Investment Structured Credit ($1,725 par, due 4/2038) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.17%2026-01-012026-03-310001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310001508655tslx:TransportationMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien revolving loan (EUR 328 par, due 6/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.43%2025-12-310001508655Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien revolving loan (EUR 79 par, due 5/2030) Initial Acquisition Date 5/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.76%2026-03-310001508655Other Investments Neuberger Berman CLO Ltd, Series 2015 -20A Structured Credit ($1,150 par, due 4/2039) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.65%2025-12-310001508655Debt Investments Healthcare Aledade Inc. Investment First-lien revolving loan ($10,864 par, due 11/2028) Initial Acquisition Date 11/21/2025, Reference Rate and Spread SOFR + 5.75% Interest Rate 9.54%2025-01-012025-12-310001508655Other Investments CarVal CLO Ltd, Series 2023 -1A Structured Credit ($3,000 par, due 7/2037) Initial Acquisition Date 8/13/2025 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.23%2025-12-310001508655tslx:TwoThousandThirtyNotesMember2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMember2026-01-012026-03-310001508655Other Investments Whitebox CLO Ltd, Series 2023 -4A Structured Credit ($1,500 par, due 4/2036) Initial Acquisition Date 8/20/2025 Reference Rate and Spread SOFR + 6.48% Interest Rate 10.36%2025-12-310001508655tslx:DelayedDrawMembertslx:VarinemGermanBidcoGmbhMember2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:JointVentureInvestmentsMember2026-01-012026-03-310001508655Other Investments Texas Debt Capital CLO Ltd, Series 2023 -1A Structured Credit ($2,000 par, due 7/2038) Initial Acquisition Date 8/12/2025 Reference Rate and Spread SOFR + 4.95% Interest Rate 8.83%2025-01-012025-12-310001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($50,898 par, due 6/2031) Initial Acquisition Date 6/25/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.16%2026-03-310001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($49,169 par, due 6/2031) Initial Acquisition Date 6/25/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.50%2025-12-310001508655tslx:SouthMember2026-03-310001508655tslx:SportAllianceGmbhMembertslx:RevolverMember2025-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandAndThirtyNotesMember2026-01-012026-03-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2026-03-310001508655tslx:StructuredCreditInvestmentsMember2026-01-012026-03-310001508655Structured Credit Investments Whitebox CLO Ltd, Series 2023 -4A Structured Credit ($1,500 par, due 4/2036) Initial Acquisition Date 8/20/2025 Reference Rate and Spread SOFR + 6.48% Interest Rate 10.15%2026-03-310001508655tslx:SapphireSoftwareBuyerIncMembertslx:RevolverMember2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:LIHAHoldcoBVMember2026-03-310001508655tslx:StructuredCreditPartnersJVLLCJointVentureInvestmentsMember2026-03-310001508655Equity Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/20212026-03-310001508655tslx:EquityAndOtherInvestmentsMember2025-12-310001508655tslx:CommunicationsMember2026-03-310001508655Debt Investments Financial Services TS Imagine, Inc. Investment First-lien revolving loan ($1,232 par, due 5/2027) Initial Acquisition Date 11/1/2024 Reference Rate and Spread P + 4.75% Interest Rate 11.50%2026-01-012026-03-310001508655Debt Investments Healthcare Eventus Buyer, LLC . Investment First-lien revolving loan ($1,867 par, due 11/2030) Initial Acquisition Date 11/1/2024, Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMembertslx:AssetValuationWaterfallMember2025-12-310001508655Interest Rate Swap Company Receives 5.625% Company Pays SOFR + 1.53% Maturity Date 8/15/20302025-12-310001508655Structured Credit Investments Goldentree Loan Management US CLO Ltd, Series 2023 -17A Structured Credit ($3,000 par, due 1/2039) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 5.40% Interest Rate 9.07%2026-01-012026-03-310001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien loan ($17,949 par, due 3/2029) Initial Acquisition Date 3/24/2023, Reference Rate and Spread SOFR + 6.25% Interest Rate 9.97%2025-12-310001508655Structured Credit Investments Texas Debt Capital CLO Ltd, Series 2023 -1A Structured Credit ($2,000 par, due 7/2038) Initial Acquisition Date 8/12/2025 Reference Rate and Spread SOFR + 4.95% Interest Rate 8.62%2026-03-310001508655tslx:SecondLienDebtInvestmentsMember2025-03-310001508655tslx:OtherMember2025-12-310001508655Debt Investments Healthcare Eventus Buyer, LLC . Investment First-lien loan ($28,667 par, due 11/2030) Initial Acquisition Date 11/1/2024, Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-01-012026-03-310001508655Equity and Other Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/20212025-01-012025-12-310001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 12,696 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 5.50% Interest Rate 7.63%2026-03-310001508655tslx:EquityInvestmentsMember2025-12-310001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,546 par, due 7/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.51%2025-12-310001508655Debt Investments Internet Services LeanTaaS Holdings, Inc. First-lien loan ($63,480 par, due 7/2028) Initial Acquisition Date 7/12/2022 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.45%2026-01-012026-03-310001508655Structured Credit Investments Whitebox CLO Ltd, Series 2023 -4A Structured Credit ($1,500 par, due 4/2036) Initial Acquisition Date 8/20/2025 Reference Rate and Spread SOFR + 6.48% Interest Rate 10.15%2026-01-012026-03-310001508655Debt Investments Internet Services RainFocus, LLC First-lien loan ($65,802 par, due 4/2031) Initial Acquisition Date 4/25/2025 Reference Rate and Spread SOFR + 6.38% Interest Rate 10.12%2026-03-310001508655tslx:ChemicalsMember2026-03-310001508655tslx:MezzanineDebtInvestmentsMember2025-01-012025-03-310001508655us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001508655Structured Credit Investments CIFC Funding Ltd, Series 2022 -4A Structured Credit ($3,000 par, due 7/2035) Initial Acquisition Date 8/27/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2026-01-012026-03-310001508655us-gaap:CommonStockMember2026-03-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2025-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2025-12-310001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien revolving loan (EUR 328 par, due 6/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.52%2026-03-310001508655Equity Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/20212026-03-310001508655Structured Credit Investments Canyon CLO Ltd, Series 2025 -1A Structured Credit ($1,125 par, due 4/2038) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42%2026-01-012026-03-310001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/20212025-01-012025-12-310001508655country:FR2026-03-310001508655tslx:HumanResourceSupportServicesMembertslx:EquityInvestmentsMember2026-03-310001508655Debt Investments Healthcare HMP Omnimedia, LLC Investment First-lien loan ($19,674 par, due 7/2032) Initial Acquisition Date 7/31/2025, Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2026-03-310001508655us-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMember2025-01-012025-03-310001508655tslx:DelayedDrawMembertslx:VarinemGermanBidcoGmbhMember2025-12-310001508655Equity and Other Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/20232025-12-310001508655Equity and Other Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/20202025-12-310001508655Debt Investments Financial Services Ibis Intermediate Co. Investment First-lien loan ($1,170 par, due 5/2027) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 8.47%2025-12-310001508655tslx:TwoThousandThirtyNotesMember2025-02-280001508655tslx:ArcwoodEnvironmentalIncMembertslx:RevolverMember2025-12-310001508655Debt Investments Business Services Wrangler TopCo, LLC Investment First-lien loan ($5,970 par, due 9/2029) Initial Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.49%2025-12-310001508655tslx:EquityAndStructuredCreditInvestmentsMember2026-03-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($1,327 par, due 9/2026) Initial Acquisition Date 6/10/2021 Reference Rate and Spread SOFR + 15.10 Interest Rate 18.97% (incl. 18.47% PIK)2025-01-012025-12-310001508655country:FR2025-12-310001508655tslx:DelayedDrawMembertslx:FlightIntermediateHoldCoIncMember2025-12-310001508655Debt Investments Internet Services Flight Intermediate HoldCo, Inc. Investment First-lien loan ($40,000 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate and Spread 11.50% Interest Rate 11.50%2026-01-012026-03-310001508655Debt Investments Oil, Gas and Consumable Fuels TRP Assets, LLC First-lien loan ($54,834 par, due 12/2029) Initial Acquisition Date 12/20/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.70%2026-03-310001508655tslx:InterestRateSwapFourMember2026-01-012026-03-310001508655Debt Investments Internet Services EDB Parent, LLC Investment First-lien loan ($78,710 par, due 7/2028) Initial Acquisition Date 7/7/2022 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%2026-03-310001508655tslx:ConsumerGoodsNon-DurableSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($65,447 par, due 7/2028) Initial Acquisition Date 7/25/2022 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.07%2026-03-310001508655Debt Investments Other Scorpio Bidco First-lien loan (EUR 2,511 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.88%2026-01-012026-03-310001508655Debt Investments Hotel, Gaming and Leisure ASG II, LLC . Investment First-lien loan ($65,000 par, due 5/2028) Initial Acquisition Date 5/25/2022, Reference Rate and Spread SOFR + 6.40% Interest Rate 10.07%2026-03-310001508655tslx:ChemicalsMember2025-12-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan ($1,545 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread SOFR + 6.25% Interest Rate 9.95%2026-01-012026-03-310001508655Structured Credit Investments Goldentree Loan Management US CLO Ltd, Series 2022 -16A Structured Credit ($5,000 par, due 1/2038) Initial Acquisition Date 9/16/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.17%2026-01-012026-03-310001508655Debt Investments Human Resource Support Services bswift, LLC Investment First-lien loan ($54,630 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.64%2025-12-310001508655Equity Investments Communications IntelePeer Holdings, Inc. Series D Warrants (106,592 warrants) Initial Acquisition Date 4/8/20212026-03-310001508655tslx:DelayedDrawMembertslx:TRPAssetsLLCMember2026-03-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($2,283 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92% (incl. 2.25% PIK)2026-03-310001508655Structured Credit Investments Birch Grove CLO Ltd, Series 2025-14A Investment Structured Credit ($1,250 par, due 7/2037) Initial Acquisition Date 9/2/2025 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.32%2026-03-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/20222025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:WranglerTopcoLlcMember2025-12-310001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (EUR 2,594 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.75% Interest Rate 8.88% (incl. 3.63% PIK)2026-01-012026-03-310001508655Debt Investments Transportation Rail Acquisitions LLC First-lien loan ($22,530 par, due 1/2030) Initial Acquisition Date 1/27/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-01-012026-03-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien loan ($42,489 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.18% (incl. 3.00% PIK)2026-03-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:FutureRealizedCapitalGainsPriorToAprilFirstTwoThousandFourteenMember2020-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:CordanceOperationsLlcMember2025-12-310001508655tslx:ConstructionAndBuildingSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Human Resource Support Services bswift, LLC Investment First-lien loan ($54,630 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.64%2025-01-012025-12-310001508655tslx:EDBParentLLCMembertslx:DelayedDrawMember2026-03-310001508655tslx:EquityAndOtherInvestmentsMembertslx:RetailAndConsumerProductsMember2025-12-310001508655Debt Investments Financial Services Ibis Intermediate Co. Investment First-lien loan ($1,170 par, due 5/2027) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 8.47%2025-01-012025-12-310001508655Structured Credit Investments CIFC Funding Ltd, Series 2020 -4A Structured Credit ($4,000 par, due 1/2040) Initial Acquisition Date 7/29/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.57%2026-03-310001508655tslx:CarlyleSecuredLendingIncMember2026-03-310001508655tslx:O2025Q1BaseDividendsMember2025-02-130001508655Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($26,873 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2025-12-310001508655Structured Credit Investments Riverbank Park CLO Ltd, Series 2024 -1A Structured Credit ($4,500 par, due 1/2038) Initial Acquisition Date 7/29/2025 Reference Rate and Spread SOFR + 4.80% Interest Rate 8.47%2026-03-310001508655Equity Investments Healthcare Caris Life Sciences, Inc. Common Shares (714,020 shares) Initial Acquisition Date 6/20/20252026-01-012026-03-310001508655Other Investments Goldentree Loan Management US CLO Ltd, Series 2023 -17A Structured Credit ($3,000 par, due 1/2039) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 5.40% Interest Rate 9.28%2025-12-310001508655Equity and Other Investments Financial Services TS Imagine, Inc. Class AA Units (19,093 units) Initial Acquisition Date 11/1/2024 Reference Rate and Spread 20.00% Interest Rate 20.00%2025-01-012025-12-310001508655Equity and Other Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/20222025-12-310001508655Debt Investments Communications X Holdings Inc. Investment First-lien loan ($988 par, due 10/2029) Initial Acquisition Date 4/28/2025 Reference Rate and Spread 9.50% Interest Rate 9.50%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2026-03-310001508655tslx:OfficeProductsMember2025-12-310001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 5,216 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.88%2026-01-012026-03-310001508655tslx:DelayedDrawMembertslx:TRPAssetsLLCMember2025-12-310001508655Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($64,906 par, due 7/2028) Initial Acquisition Date 7/25/2022 Reference Rate and Spread SOFR + 8.65% Interest Rate 12.53%2025-01-012025-12-310001508655Debt Investments Business Services Crewline Buyer, Inc Investment First-lien loan ($58,384 par, due 11/2030) Initial Acquisition Date 11/8/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.59%2025-12-310001508655Debt Investments Business Services ExtraHop Networks, Inc Investment First-lien loan ($76,107 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.27%2026-01-012026-03-310001508655Debt Investments Transportation Project44, Inc First-lien loan ($54,549 par, due 11/2027) Initial Acquisition Date 11/12/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.07%2025-01-012025-12-310001508655Other Investments Apidos CLO, Series 2015-23A Investment Structured Credit ($4,000 par, due 4/2033) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 5.20% Interest Rate 9.10%2025-12-310001508655tslx:FirstLienDebtInvestmentsMember2025-03-310001508655us-gaap:RealEstateMembersrt:MaximumMember2026-03-310001508655tslx:MezzanineDebtInvestmentsMember2025-12-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan (EUR 23,956 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread E + 6.50% Interest Rate 8.52%2025-01-012025-12-310001508655Debt Investments Healthcare HMP Omnimedia, LLC. Investment First-lien revolving loan ($409 par, due 7/2030) Initial Acquisition Date 7/31/2025, Reference Rate and Spread P + 4.25% Interest Rate 11.00%2025-12-310001508655tslx:EquityInvestmentsMembertslx:RetailAndConsumerProductsMember2026-03-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment First-lien loan ($52,094 par, due 3/2029) Initial Acquisition Date 3/8/2024, Reference Rate and Spread SOFR + 7.25% Interest Rate 10.95%2026-03-310001508655tslx:InterestRateSwapOneMember2026-03-310001508655Debt Investments Business Services Mitnick Corporate Purchaser, Inc Investment First-lien loan ($323 par, due 5/2029) Initial Acquisition Date 5/2/2022 Reference Rate and Spread SOFR + 4.85% Interest Rate 8.69%2025-01-012025-12-310001508655tslx:FirstLienDebtInvestmentsMember2026-01-012026-03-310001508655Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien loan ($55,044 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.42%2026-01-012026-03-310001508655Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($5,000 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-01-012026-03-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien loan ($21,745 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread SOFR + 5.15% Interest Rate 8.82%2025-01-012025-12-310001508655Debt Investments Real Estate Cirrus (BidCo) Limited First-lien loan (GBP 698 par, due 8/2030) Initial Acquisition Date 8/9/2024 Reference Rate and Spread S + 5.25% Interest Rate 8.98%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2026-03-310001508655Equity Investments Internet Services Bigtincan Holdings L.P. Class A Units (2,902,890 Units) Initial Acquisition Date 4/16/20252026-01-012026-03-310001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien revolving loan ($82 par, due 3/2029) Initial Acquisition Date 3/24/2023, Reference Rate and Spread SOFR + 6.25% Interest Rate 9.92%2026-01-012026-03-310001508655tslx:MezzanineDebtInvestmentsMember2024-12-310001508655tslx:TwoThousandTwentySixNotesMember2025-12-310001508655tslx:SecondLienDebtInvestmentsMember2025-12-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien loan ($42,190 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.19% (incl. 3.00% PIK)2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMembertslx:AssetValuationWaterfallMember2026-03-310001508655Debt Investments Human Resource Support Services PayScale Holdings, Inc. Investment First-lien loan ($74,916 par, due 10/2029) Initial Acquisition Date 5/3/2019 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2025-01-012025-12-310001508655tslx:EquityInvestmentsMembertslx:HotelGamingAndLeisureMember2026-03-310001508655Equity and Other Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/20232025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2025-01-012025-03-310001508655Debt Investments Retail and Consumer Products Acosta First-lien loan ($13,890 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.22%2025-12-310001508655Debt Investments Internet Services Arrow Buyer, Inc. Investment First-lien loan ($36,651 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2025-12-310001508655tslx:DelayedDrawMembertslx:ShiftmoveGmbhMember2025-12-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan (EUR 24,300 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.38%2026-01-012026-03-310001508655tslx:O2026Q1BaseDividendsMember2026-02-122026-02-120001508655Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/20232025-01-012025-12-310001508655Equity and Other Investments Internet Services Bigtincan Holdings L.P. Class A Units (2,902,890 Units) Initial Acquisition Date 4/16/20252025-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMember2025-12-3100015086552015-08-042015-08-040001508655Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($45,921 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%2026-03-310001508655tslx:ManufacturingMemberus-gaap:DebtSecuritiesMember2026-03-310001508655Debt Investments Internet Services Big Wombat Holdings, Inc. Investment First-lien loan ($47,188 par, due 4/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.88%2025-01-012025-12-310001508655us-gaap:RealEstateSectorMember2026-03-310001508655tslx:TwoThousandTwentyNineNotesMember2024-01-012024-01-310001508655us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001508655Debt Investments Office Products USR Parent, Inc. ABL FILO term loan ($9,809 par, due 4/2027) Initial Acquisition Date 4/25/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.37%2025-12-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,661 par, due 9/2029) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.45% (incl. 4.75% PIK)2026-03-310001508655tslx:ArcwoodEnvironmentalIncMembertslx:RevolverMember2026-03-310001508655us-gaap:FairValueInputsLevel2Member2026-03-310001508655Equity Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/20222026-01-012026-03-3100015086552025-01-012025-12-310001508655tslx:SecondLienDebtInvestmentsMember2024-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2026-03-310001508655Hedge Accounting Swaps2025-01-012025-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 19,592 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2025-01-012025-12-310001508655Equity Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/20222026-03-310001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien revolving loan ($6,635 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2025-12-310001508655Equity Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/20212026-01-012026-03-310001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001508655tslx:TransportationMember2026-03-310001508655Debt Investments Healthcare Symplr Software Inc. Investment First-lien loan ($633 par, due 12/2027) Initial Acquisition Date 4/4/2025, Reference Rate and Spread SOFR + 4.60% Interest Rate 8.27%2026-01-012026-03-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($26,664 par, due 9/2026) Initial Acquisition Date 9/30/2015 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.22% (incl. 10.72% PIK)2025-01-012025-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/20212025-12-310001508655us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2025-01-012025-03-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($20,284 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.34%2025-12-310001508655Debt Investments Healthcare Symplr Software Inc. Investment First-lien loan ($635 par, due 12/2027) Initial Acquisition Date 4/4/2025, Reference Rate and Spread SOFR + 4.60% Interest Rate 8.44%2025-01-012025-12-310001508655Equity Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/20212026-03-310001508655Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/20232025-12-310001508655Other Investments CIFC Funding Ltd, Series 2021 -7A Structured Credit ($2,800 par, due 1/2035) Initial Acquisition Date 9/8/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.76%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001508655us-gaap:LetterOfCreditMember2026-03-310001508655Debt Investments Transportation Rail Acquisitions LLC First-lien loan ($25,217 par, due 1/2030) Initial Acquisition Date 1/27/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.86%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien revolving loan ($82 par, due 3/2029) Initial Acquisition Date 3/24/2023, Reference Rate and Spread SOFR + 6.25% Interest Rate 9.92%2026-03-310001508655IRGSE Holding Corp2025-01-012025-12-310001508655Interest Rate Swap Company Pays SOFR + 2.17% Maturity Date 8/1/20262025-12-310001508655tslx:O2026Q1BaseDividendsMember2026-02-120001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($1,667 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17%2025-12-310001508655Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien loan (EUR 17,336 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.03%2026-01-012026-03-310001508655us-gaap:HealthcareSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien loan ($15,905 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.47% (incl. 2.25% PIK)2025-01-012025-12-310001508655Derivative Interest Rate Swap2025-01-012025-12-310001508655tslx:BusinessServicesMember2026-03-310001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 12,696 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 5.50% Interest Rate 7.57%2025-01-012025-12-310001508655Equity Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/20182026-01-012026-03-310001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien loan ($15,905 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.47% (incl. 2.25% PIK)2025-12-310001508655country:HKtslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655tslx:ExtraHopNetworksIncMembertslx:RevolverMember2026-03-310001508655Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($55,579 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2026-01-012026-03-3100015086552026-05-050001508655Debt Investments Healthcare HMP Omnimedia, LLC Investment First-lien loan ($19,674 par, due 7/2032) Initial Acquisition Date 7/31/2025, Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2026-01-012026-03-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 11,549 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 9.07%2025-12-310001508655Equity Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/20212026-03-310001508655tslx:AmericanAchievementCorpMembertslx:RevolverMember2025-12-310001508655Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ($27,317 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 10.82%2025-12-310001508655Debt Investments Education EMS Linq, Inc. Investment First-lien revolving loan ($3,303 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.02%2026-03-310001508655Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/20242025-12-310001508655Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($5,000 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.33%2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:HippoXpaBidcoAbMember2025-12-310001508655Equity Investments Internet Services Lucidworks, Inc. Series F Preferred Shares (199,054 shares) Initial Acquisition Date 8/2/20192026-01-012026-03-310001508655tslx:MezzanineDebtInvestmentsMember2025-01-012025-12-310001508655Debt Investments Business Services Azurite Intermediate Holdings, Inc Investment First-lien loan ($42,750 par, due 3/2031) Initial Acquisition Date 3/19/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-01-012026-03-310001508655us-gaap:TreasuryStockCommonMember2026-03-310001508655Debt Investments Other Omnigo Software, LLC First-lien loan ($13,125 par, due 12/2030) Initial Acquisition Date 12/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70%2025-12-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (50,140,171 units) Initial Acquisition Date 12/21/20182025-12-310001508655Other Investments Madison Park Funding Ltd, Series 2025 -72A Structured Credit ($4,500 par, due 7/2038) Initial Acquisition Date 8/18/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.37%2025-12-310001508655Equity Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/20212026-03-310001508655Structured Credit Investments Pikes Peak CLO Ltd, Series 2023 -14A Structured Credit ($3,000 par, due 7/2038) Initial Acquisition Date 7/30/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-01-012026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:ErlingLuxBidcoSarlMember2025-12-310001508655tslx:KryptonaBidCoUSLLCMembertslx:RevolverMember2025-12-310001508655Debt Investments Financial Services Volante Technologies, Inc. Investment First-lien loan ($3,619 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate and Spread 16.50% Interest Rate 16.50% PIK2025-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels Murchison Oil and Gas, LLC Preferred Units (13,355 units) Initial Acquisition Date 6/30/20222025-12-310001508655tslx:TwentyThirtyNotesMember2025-02-282025-02-280001508655Equity Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (50,140,171 units) Initial Acquisition Date 12/21/20182026-03-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 11,549 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 9.03%2026-03-310001508655tslx:TwoThousandTwentySixNotesMember2026-01-012026-03-310001508655Structured Credit Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2019 -33A Structured Credit ($2,000 par, due 4/2039) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2026-03-310001508655Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien loan ($38,438 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.94%2025-01-012025-12-310001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien loan ($17,903 par, due 3/2029) Initial Acquisition Date 3/24/2023, Reference Rate and Spread SOFR + 6.25% Interest Rate 9.92%2026-01-012026-03-310001508655Equity and Other Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/20222025-01-012025-12-310001508655Equity and Other Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/20182025-12-310001508655Debt Investments Financial Services Payroc Buyer, LLC Investment Promissory Note ($6,086 par, due 9/2030) Initial Acquisition Date 9/30/2025 Reference Rate and Spread 5.50% Interest Rate 5.50% PIK2026-03-310001508655tslx:EquityAndOtherInvestmentsMember2025-03-310001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($41,962 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 8.25% Interest Rate 11.98% (incl. 4.25% PIK)2026-03-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment Second-lien loan ($7,956 par, due 1/2030) Initial Acquisition Date 1/23/2023, Reference Rate and Spread SOFR + 10.70% Interest Rate 14.37% PIK2026-01-012026-03-310001508655tslx:TwentyTwentyNineNotesMember2026-01-012026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:AlaskaBidcoOyMember2026-03-310001508655Debt Investments Other Kahua, Inc. First-lien loan ($25,000 par, due 8/2030) Initial Acquisition Date 8/22/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.72%2025-12-310001508655tslx:TwoThousandTwentyNineNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-01-012025-12-310001508655Equity and Other Investments Education Astra 2L Holdings II LLC Membership Interest (10.17% ownership) Initial Acquisition Date 1/13/20222025-12-310001508655Equity and Other Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/20212025-12-310001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($50,898 par, due 6/2031) Initial Acquisition Date 6/25/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.16%2026-01-012026-03-310001508655tslx:ErlingLuxBidcoSarlMembertslx:DelayedDrawAndRevolverMember2026-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:OmnigoSoftwareLLCMember2025-12-310001508655Structured Credit Investments CarVal CLO Ltd, Series 2021 -2A Investment Structured Credit ($2,000 par, due 10/2034) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 7.01% Interest Rate 10.68%2026-01-012026-03-310001508655tslx:NortheastMember2025-12-310001508655Structured Credit Investments CIFC Funding Ltd, Series 2022 -4A Structured Credit ($3,000 par, due 7/2035) Initial Acquisition Date 8/27/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2026-03-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. Subordinated note ($4,740 par, due 9/2026) Initial Acquisition Date 3/16/2021 Reference Rate and Spread SOFR + 1.15% Interest Rate 5.14%2025-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien loan (GBP 1,118 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread S + 8.25% Interest Rate 11.98% (incl. 4.25% PIK)2026-03-310001508655tslx:HumanResourceSupportServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001508655tslx:EnergyOilAndGasSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2026-03-310001508655us-gaap:FairValueInputsLevel3Member2026-03-310001508655Equity and Other Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/20202025-12-310001508655tslx:ManufacturingMember2026-03-310001508655Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($55,579 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2026-03-310001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 216,077 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.75% Interest Rate 8.94% (incl. 3.63% PIK)2026-01-012026-03-3100015086552025-02-132025-02-130001508655Structured Credit Investments Oaktree CLO Ltd, Series 2022 -2A Structured Credit ($3,500 par, due 10/2037) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.07%2026-01-012026-03-310001508655tslx:RevolvingCreditFacilityMaturityOnApril232027Member2025-03-040001508655Structured Credit Investments Texas Debt Capital CLO Ltd, Series 2023 -1A Structured Credit ($2,000 par, due 7/2038) Initial Acquisition Date 8/12/2025 Reference Rate and Spread SOFR + 4.95% Interest Rate 8.62%2026-01-012026-03-310001508655tslx:ContainerPackagingAndGlassSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,427 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.11%2026-03-310001508655us-gaap:AssetPledgedAsCollateralMember2025-12-310001508655tslx:AledadeIncMembertslx:RevolverMember2026-03-310001508655us-gaap:InterestRateSwapMember2026-03-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 11,549 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 9.07%2025-01-012025-12-310001508655tslx:DelayedDrawMembertslx:ArrowheadPharmaceuticalsIncMember2026-03-310001508655tslx:TwoThousandTwentyNineNotesMember2024-01-012024-12-310001508655tslx:TwoThousandTwentySixNotesMember2026-03-310001508655Debt Investments Business Services Mitnick Corporate Purchaser, Inc Investment First-lien loan ($322 par, due 5/2029) Initial Acquisition Date 5/2/2022 Reference Rate and Spread SOFR + 4.85% Interest Rate 8.52%2026-03-310001508655Other Investments Carlyle US CLO Ltd, Series 2017 -2A Investment Structured Credit ($2,500 par, due 7/2037) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 7.56% Interest Rate 11.44%2025-12-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien revolving loan ($30,313 par, due 6/2026) Initial Acquisition Date 12/21/2018, Reference Rate and Spread SOFR + 9.65% Interest Rate 13.33%2026-01-012026-03-310001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,546 par, due 7/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.52%2026-03-310001508655tslx:StructuredCreditPartnersJVLLCMembercountry:AU2026-03-310001508655Other Investments Texas Debt Capital CLO Ltd, Series 2023 -1A Structured Credit ($2,000 par, due 7/2038) Initial Acquisition Date 8/12/2025 Reference Rate and Spread SOFR + 4.95% Interest Rate 8.83%2025-12-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan ($1,523 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2025-12-310001508655tslx:CapitalEquipmentSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655tslx:EducationMember2026-03-310001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2026-03-310001508655Equity and Other Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/20222025-01-012025-12-310001508655Derivative Interest Rate Swap2025-12-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 40,905 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.38%2026-01-012026-03-310001508655country:AU2025-12-310001508655tslx:AffiliatedMember2026-03-310001508655Structured Credit Investments Pikes Peak CLO Ltd, Series 2023 -14A Structured Credit ($3,000 par, due 7/2038) Initial Acquisition Date 7/30/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-03-310001508655tslx:CommunicationsMembertslx:EquityInvestmentsMember2026-03-310001508655country:IT2026-03-310001508655us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001508655Other Investments Oaktree CLO Ltd, Series 2022 -2A Structured Credit ($3,500 par, due 10/2037) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.30%2025-01-012025-12-310001508655Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien loan ($53,031 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.59%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:JointVentureInvestmentsMember2026-03-310001508655tslx:TwoThousandTwentyEightNotesMember2025-01-012025-12-310001508655tslx:TwoThousandTwentyEightNotesMember2023-08-012023-08-310001508655Debt Investments Human Resource Support Services bswift, LLC Investment First-lien loan ($54,490 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41%2026-03-310001508655us-gaap:RetainedEarningsMember2026-03-310001508655Other Investments Oha Credit Funding Ltd, Series 2025 -22A Structured Credit ($1,250 par, due 7/2038) Initial Acquisition Date 7/24/2025 Reference Rate and Spread SOFR + 5.55% Interest Rate 9.83%2025-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($3,575 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.57%2026-03-310001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 3,906 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.25% Interest Rate 8.00%2025-12-310001508655country:NL2025-12-310001508655Equity and Other Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/20212025-01-012025-12-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($20,232 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67% (incl. 2.50% PIK)2026-01-012026-03-310001508655Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/20292025-01-012025-12-310001508655tslx:TransportationConsumerSectorMembertslx:StructuredCreditPartnersJVLLCMember2026-03-310001508655Debt Investments Business Services Crewline Buyer, Inc Investment First-lien loan ($58,384 par, due 11/2030) Initial Acquisition Date 11/8/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.42%2026-01-012026-03-310001508655Equity Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/20222026-01-012026-03-310001508655tslx:MezzanineDebtInvestmentsMember2026-01-012026-03-3100015086552025-03-310001508655Debt Investments Retail and Consumer Products Blazing Star Parent, LLC First-lien loan ($69,563 par, due 8/2030) Initial Acquisition Date 8/28/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.82%2025-01-012025-12-310001508655Debt Investments Financial Services Arlberg Bidco LLC Investment First-lien loan ($5,000 par, due 2/2031) Initial Acquisition Date 2/14/2025 Reference Rate and Spread SOFR + 5.75%2026-01-012026-03-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 4,766 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.06% (incl. 3.25% PIK)2025-12-310001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 12,696 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 5.50% Interest Rate 7.63%2026-01-012026-03-310001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($49,169 par, due 6/2031) Initial Acquisition Date 6/25/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.50%2025-01-012025-12-310001508655Debt Investments Electronics Sapphire Software Buyer, Inc. Investment First-lien loan ($26,963 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.87%2025-01-012025-12-310001508655us-gaap:HealthcareSectorMembertslx:EquityInvestmentsMember2026-03-310001508655tslx:JointVentureInvestmentsMember2026-03-310001508655Structured Credit Investments Carlyle US CLO Ltd, Series 2021 -1A Structured Credit ($3,225 par, due 1/2040) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 7.30% Interest Rate 10.97%2026-03-310001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien loan ($16,049 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% (incl. 2.25% PIK)2026-03-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/20212025-12-310001508655tslx:CarlyleGroupMember2026-03-310001508655Equity Investments Healthcare Caris Life Sciences, Inc. Common Shares (714,020 shares) Initial Acquisition Date 6/20/20252026-03-310001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 4,392 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.82%2025-12-310001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien revolving loan (EUR 328 par, due 6/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.52%2026-01-012026-03-310001508655tslx:PdiTaHoldingsIncMembertslx:RevolverMember2025-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MinimumMembertslx:EquityInvestmentsMember2026-03-310001508655Equity Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/20232026-03-310001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien revolving loan ($82 par, due 3/2029) Initial Acquisition Date 3/24/2023, Reference Rate and Spread SOFR + 6.25% Interest Rate 9.97%2025-01-012025-12-310001508655Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/20292025-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan (GBP 10,529 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread S + 5.50% Interest Rate 9.23% (incl. 2.50% PIK)2025-12-310001508655Equity Investments Financial Services TS Imagine, Inc. Class AA Units (19,093 units) Initial Acquisition Date 11/1/2024 Reference Rate and Spread 20.00% Interest Rate 20.00%2026-03-310001508655Other Investments Palmer Square CLO Ltd, Series 2021 -4 Structured Credit ($4,000 par, due 7/2038) Initial Acquisition Date 9/16/2025 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.65%2025-12-310001508655country:CA2026-03-310001508655Debt Investments Other Kahua, Inc. First-lien loan ($25,000 par, due 8/2030) Initial Acquisition Date 8/22/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.72%2025-01-012025-12-310001508655tslx:EducationMemberus-gaap:DebtSecuritiesMember2026-03-310001508655Equity Investments Internet Services Khoros, LLC Earnout Interests Initial Acquisition Date 5/23/20252026-01-012026-03-310001508655Equity and Other Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/20212025-12-310001508655Debt Investments Business Services Crewline Buyer, Inc Investment First-lien loan ($58,384 par, due 11/2030) Initial Acquisition Date 11/8/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.59%2025-01-012025-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2026-03-310001508655Equity and Other Investments Internet Services Bigtincan Holdings L.P. Class A Units (2,902,890 Units) Initial Acquisition Date 4/16/20252025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001508655Equity and Other Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/20232025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($2,270 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.97% (incl. 2.25 % PIK)2025-01-012025-12-310001508655Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. Investment First-lien revolving loan ($870 par, due 12/2029) Initial Acquisition Date 12/5/2024, Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2026-01-012026-03-310001508655tslx:BusinessServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Debt Investments Financial Services Ibis US Blocker Co. Investment First-lien loan ($21,697 par, due 5/2028) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 8.50% Interest Rate 12.13% PIK2026-03-310001508655tslx:ElectronicsMember2025-12-310001508655Debt Investments Healthcare Eventus Buyer, LLC . Investment First-lien revolving loan ($1,867 par, due 11/2030) Initial Acquisition Date 11/1/2024, Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2025-12-310001508655tslx:TwoThousandTwentyFourTwentySixTwentyEightTwentyNineAndTwentyThirtyNotesMember2025-01-012025-03-310001508655Debt Investments Healthcare HMP Omnimedia, LLC. Investment First-lien loan ($19,723 par, due 7/2032) Initial Acquisition Date 7/31/2025, Reference Rate and Spread SOFR + 5.25 Interest Rate 8.97%2025-12-310001508655tslx:StructuredCreditPartnersJVLLCJointVentureInvestmentsMember2026-01-012026-03-310001508655Structured Credit Investments Ares CLO Ltd, Series 2022-63A Investment Structured Credit ($2,500 par, due 10/2038) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%2026-03-31iso4217:AUDiso4217:EURxbrli:pureiso4217:SEKxbrli:sharesiso4217:CADiso4217:GBPiso4217:USDxbrli:sharesiso4217:USDiso4217:NOKtslx:Portfolio

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-36364

 

Sixth Street Specialty Lending, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware	27-3380000
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2100 McKinney Avenue, Suite 1500 Dallas, TX	75201
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (469) 621-3001

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	TSLX	The New York Stock Exchange

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 ☒ 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	☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, $.01 par value per share, outstanding at May 5, 2026 was 95,019,600.

 

 

 

 

 

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SIXTH STREET SPECIALTY LENDING, INC.

		INDEX		PAGE NO.
PART I.		FINANCIAL INFORMATION		4
Item 1.		Financial Statements		4
		Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025		4
		Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)		5
		Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025		6
		Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)		26
		Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)		27
		Notes to Consolidated Financial Statements (Unaudited)		28
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations		53
Item 3.		Quantitative and Qualitative Disclosures About Market Risk		74
Item 4.		Controls and Procedures		75
PART II.		OTHER INFORMATION		76
Item 1.		Legal Proceedings		76
Item 1A.		Risk Factors		76
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds		76
Item 3.		Defaults Upon Senior Securities		76
Item 4.		Mine Safety Disclosures		76
Item 5.		Other Information		76
Item 6.		Exhibits		77
SIGNATURES				78

 

2

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

In addition to factors previously identified elsewhere in the reports and other documents Sixth Street Specialty Lending, Inc. (the "Company", "we", "us", or "our") has filed with the Securities and Exchange Commission (the “SEC”), the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

•

an economic downturn could impair our portfolio companies’ abilities to continue to operate, which could lead to the loss of some or all of our investments in those portfolio companies;

•

such an economic downturn could disproportionately impact the companies in which we have invested and others that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

•

such an economic downturn could also impact availability and pricing of our financing;

•

an inability to access the capital markets could impair our ability to raise capital and our investment activities;

•

inflation could negatively impact our business, including our ability to access the debt markets on favorable terms, or could negatively impact our portfolio companies;

•

changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of trade policies, government regulation and geopolitical conflicts; and

•

the risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in this report, in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 12, 2026, and elsewhere in our filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

The “TSLX” and “TAO” marks are marks of Sixth Street.

 

 

 

3

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Sixth Street Specialty Lending, Inc.

Consolidated Balance Sheets

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

		March 31, 2026				December 31, 2025
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $3,228,777 and $3,244,762, respectively)		$	3,240,271			$	3,288,945
Non-controlled, affiliated investments (amortized cost of $14,665 and $0, respectively)			14,665				—
Controlled, affiliated investments (amortized cost of $80,890 and $78,520, respectively)			58,505				58,372
Total investments at fair value (amortized cost of $3,324,332 and $3,323,282, respectively)			3,313,441				3,347,317
Cash and cash equivalents (restricted cash of $28,072 and $16,727, respectively)			29,178				19,662
Interest receivable			34,547				34,132
Prepaid expenses and other assets			15,983				20,544
Total Assets		$	3,393,149			$	3,421,655
Liabilities
Debt (net of deferred financing costs of $22,693 and $24,411, respectively)		$	1,803,391			$	1,743,234
Management fees payable to affiliate			12,275				12,794
Incentive fees on net investment income payable to affiliate			8,451				10,336
Incentive fees on net capital gains accrued to affiliate			—				—
Other payables to affiliate			2,808				3,166
Other liabilities			23,551				44,404
Total Liabilities			1,850,476				1,813,934
Commitments and contingencies (Note 8)
Net Assets
Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares    issued and outstanding			—				—
Common stock, $0.01 par value; 400,000,000 shares authorized, 95,683,850    and 95,369,400 shares issued, respectively; and 95,019,600 and 94,705,150    shares outstanding, respectively			957				954
Additional paid-in capital			1,541,068				1,535,583
Treasury stock at cost; 664,250 and 664,250 shares held, respectively			(10,459	)			(10,459	)
Distributable earnings			11,107				81,643
Total Net Assets			1,542,673				1,607,721
Total Liabilities and Net Assets		$	3,393,149			$	3,421,655
Net Asset Value Per Share		$	16.24			$	16.98

 

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

4

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Sixth Street Specialty Lending, Inc.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

		Three Months Ended
		March 31, 2026				March 31, 2025
Income
Investment income from non-controlled, non-affiliated investments:
Interest from investments		$	81,807			$	104,192
Paid-in-kind interest income			6,969				5,360
Dividend income			237				908
Other income			2,181				3,459
Total investment income from non-controlled, non-affiliated investments			91,194				113,919
Investment income from non-controlled, affiliated investments:
Dividend income			223				—
Total investment income from non-controlled, affiliated investments			223				—
Investment income from controlled, affiliated investments:
Interest from investments			1,971				2,429
Other income			9				1
Total investment income from controlled, affiliated investments			1,980				2,430
Total Investment Income			93,397				116,349
Expenses
Interest			28,258				32,971
Management fees			12,593				13,083
Incentive fees on net investment income			8,451				11,516
Incentive fees on net capital gains			—				(3,686	)
Professional fees			1,743				1,961
Directors’ fees			254				248
Other general and administrative			1,369				1,337
Total expenses			52,668				57,430
Management and incentive fees waived (Note 3)			(317	)			(409	)
Net Expenses			52,351				57,021
Net Investment Income Before Income Taxes			41,046				59,328
Income taxes, including excise taxes			1,204				1,350
Net Investment Income			39,842				57,978
Unrealized and Realized Gains (Losses)
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments			(32,688	)			(9,438	)
Controlled, affiliated investments			(2,237	)			(1,379	)
Translation of other assets and liabilities in foreign currencies			8,401				(11,043	)
Total net change in unrealized gains (losses)			(26,524	)			(21,860	)
Realized gains (losses):
Non-controlled, non-affiliated investments			(39,257	)			1,115
Foreign currency transactions			(86	)			(278	)
Total net realized gains (losses)			(39,343	)			837
Total Net Unrealized and Realized Gains (Losses)			(65,867	)			(21,023	)
Increase (Decrease) in Net Assets Resulting from Operations		$	(26,025	)		$	36,955
Earnings per common share—basic and diluted		$	(0.27	)		$	0.39
Weighted average shares of common stock outstanding—basic and diluted			94,709,407				93,669,671

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

5

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Sixth Street Specialty Lending, Inc.

Consolidated Schedule of Investments as of March 31, 2026

(Amounts in thousands, except share amounts)

(Unaudited)

6

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Company (1)		Investment		Initial Acquisition Date		Reference Rate and Spread				Interest Rate					Amortized Cost (2)(8)					Fair Value (9)				Percentage of Net Assets
Debt Investments
Business Services
Artisan Bidco, Inc.(3)		First-lien loan ($38,340 par, due 11/2029)		11/7/2023		SOFR + 7.00%					10.65	%			$	37,835				$	37,666				2.3	%
		First-lien loan (EUR 17,336 par, due 11/2029)		11/7/2023			E + 7.00%				9.03	%				18,383				19,625  (EUR 17,033)					1.3	%
		First-lien revolving loan ($4,287 par, due 11/2029)		11/7/2023		SOFR + 7.00%					10.66	%				4,219					4,187				0.3	%
Azurite Intermediate Holdings, Inc. (3)		First-lien loan ($42,750 par, due 3/2031)		3/19/2024		SOFR + 6.00%					9.67	%				42,165					42,037				2.7	%
BCTO Ignition Purchaser, Inc. (3)		First-lien holdco loan ($56,017 par, due 10/2030)		4/18/2023		SOFR + 7.50%				11.17% PIK						55,135					56,157				3.6	%
Crewline Buyer, Inc.(3)		First-lien loan ($58,384 par, due 11/2030)		11/8/2023		SOFR + 6.75%					10.42	%				57,196					57,099				3.7	%
Elements Finco Limited (3)(4)		First-lien loan ($2,283 par, due 4/2031)		4/29/2024		SOFR + 5.25%				8.92% (incl. 2.25% PIK)						2,270					2,255				0.1	%
		First-lien loan ($1,848 par, due 4/2031)		4/29/2024		SOFR + 5.00%					8.67	%				1,842					1,821				0.1	%
		First-lien loan (GBP 10,594 par, due 4/2031)		4/29/2024		S + 5.50%				9.23% (incl. 2.50% PIK)						13,193				13,865  (GBP 10,514)					0.9	%
ExtraHop Networks, Inc. (3)(5)		First-lien loan ($76,107 par, due 7/2027)		7/22/2021		SOFR + 6.60%					10.27	%				75,725					75,346				4.9	%
		First-lien revolving loan ($892 par, due 7/2027)		7/22/2021		SOFR + 6.60%					10.27	%				882					880				0.1	%
Lynx BidCo (3)(4)		First-lien loan ($1,545 par, due 7/2031)		7/5/2024		SOFR + 6.25%					9.95	%				1,444					1,381				0.1	%
		First-lien loan (EUR 24,300 par, due 7/2031)		7/5/2024		E + 6.25%					8.38	%				27,789				27,378  (EUR 23,762)					1.8	%
Mitnick Corporate Purchaser, Inc. (3)(13)		First-lien loan ($322 par, due 5/2029)		5/2/2022		SOFR + 4.85%					8.52	%				322					139				0.0	%
Price Fx Inc. (3)(4)		First-lien loan (EUR 910 par, due 10/2029)		10/27/2023			E + 7.00%				9.04	%				971				1,054  (EUR 915)					0.1	%
		First-lien loan (EUR 910 par, due 10/2029)		12/19/2024		E + 6.25%					8.29	%				927				1,054  (EUR 915)					0.1	%
USA DeBusk, LLC (3)		First-lien loan ($9,469 par, due 4/2031)		4/30/2024		SOFR + 5.25%					8.92	%				9,356					9,519				0.6	%
		First-lien revolving loan ($1,023 par, due 4/2030)		4/30/2024		SOFR + 5.25%					8.92	%				1,010					1,030				0.1	%
Wrangler TopCo, LLC (3)		First-lien loan ($5,955 par, due 9/2029)		7/7/2023		SOFR + 5.75%					9.43	%				5,866					5,954				0.4	%
																356,530					358,447				23.2	%
Chemicals
Erling Lux Bidco SARL (3)(4)		First-lien loan (EUR 11,549 par, due 9/2028)		9/6/2022			E + 7.00%				9.03	%				11,672				13,212  (EUR 11,467)					0.9	%
		First-lien loan (GBP 19,959 par, due 9/2028)		9/6/2022			S + 7.00%				10.73	%				23,678				26,189  (GBP 19,859)					1.7	%
		First-lien loan (NOK 7,427 par, due 9/2028)		9/6/2022		N + 7.00%					11.11	%				712				759  (NOK 7,390)					0.0	%
		First-lien revolving loan (GBP 636 par, due 9/2028)		9/6/2022			S + 7.00%				10.73	%				790				834  (GBP 632)					0.1	%
																36,852					40,994				2.7	%
Communications
Aurelia Netherlands B.V. (3)(4)		First-lien loan (EUR 32,904 par, due 5/2031)		5/22/2024			E + 4.75%				6.77	%				35,023				37,627  (EUR 32,657)					2.4	%
Education
EMS Linq, Inc. (3)		First-lien loan ($56,216 par, due 12/2027)		12/22/2021		SOFR + 6.35%					10.02	%				55,825					54,249				3.5	%
		First-lien revolving loan ($3,303 par, due 12/2027)		12/22/2021		SOFR + 6.35%					10.02	%				3,252					2,995				0.2	%
Kangaroo Bidco AS (3)(4)		First-lien loan ($30,625 par, due 11/2030)		11/2/2023		SOFR + 6.00%					9.74	%				29,979					30,275				2.0	%
Severin Acquisition, LLC (3)		First-lien loan ($16,049 par, due 10/2031)		10/1/2024		SOFR + 4.75%				8.42% (incl. 2.25% PIK)						16,046					15,680				1.0	%
		First-lien revolving loan ($504 par, due 10/2031)		10/1/2024		SOFR + 4.50%					8.18	%				489					466				0.0	%
																105,591					103,665				6.7	%
Electronics

7

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Sapphire Software Buyer, Inc. (3)		First-lien loan ($26,897 par, due 9/2031)		9/30/2024		SOFR + 5.00%					8.70	%				26,653					26,068				1.7	%
Financial Services
Alaska Bidco Oy (3)(4)		First-lien loan (EUR 727 par, due 5/2030)		5/30/2023			E + 5.75%				7.84	%				764				843  (EUR 732)					0.1	%
Arlberg Bidco LLC (3)(4)(5)		First-lien loan ($5,000 par, due 2/2031)		2/14/2025		SOFR + 5.75%					9.40	%				4,906					4,913				0.3	%
GreenShoot BidCo B.V (3)(4)		First-lien loan (EUR 5,107 par, due 5/2030)		5/28/2024			E + 5.75%				7.76	%				5,442				5,737  (EUR 4,979)					0.4	%
		First-lien revolving loan (EUR 79 par, due 5/2030)		5/28/2024			E + 5.75%				7.76	%				79				79  (EUR 69)					0.0	%
Ibis Intermediate Co. (3)(5)		First-lien loan ($1,166 par, due 5/2027)		5/28/2021		SOFR + 4.65%					8.32	%				1,150					1,169				0.1	%
Ibis US Blocker Co. (3)		First-lien loan ($21,697 par, due 5/2028)		5/28/2021		SOFR + 8.50%				12.13% PIK						21,575					21,534				1.3	%
Passport Labs, Inc.		Convertible Promissory Note A ($1,086 par, due 8/2026)		3/2/2023			8.00	%			8.00	%				1,086					2,348				0.2	%
Payroc Buyer, LLC		Promissory Note ($6,086 par, due 9/2030)		9/30/2025			5.50	%		5.50% PIK						6,086					5,188				0.3	%
TS Imagine, Inc. (3)(5)		First-lien loan ($54,818 par, due 4/2027)		4/30/2021		SOFR + 5.85%					9.52	%				54,466					54,133				3.5	%
		First-lien revolving loan ($1,232 par, due 5/2027)		11/1/2024		P + 4.75%					11.50	%				1,221					1,211				0.1	%
Volante Technologies, Inc.		First-lien loan ($3,768 par, due 9/2028)		9/29/2023			16.50	%		16.50% PIK						3,752					3,957				0.3	%
																100,527					101,112				6.6	%
Healthcare
Aledade, Inc. (3)		First-lien revolving loan ($12,250 par, due 11/2028)		11/21/2025		SOFR + 5.75%					9.42	%				11,942					11,725				0.8	%
BCTO Ace Purchaser, Inc. (3)		First-lien loan ($71,888 par, due 11/2029)		11/23/2020		SOFR + 6.50%					10.17	%				71,468					72,608				4.7	%
		Second-lien loan ($7,956 par, due 1/2030)		1/23/2023		SOFR + 10.70%				14.37% PIK						7,874					8,354				0.5	%
Eventus Buyer, LLC (3)		First-lien loan ($28,667 par, due 11/2030)		11/1/2024		SOFR + 5.50%					9.17	%				28,340					28,577				1.9	%
		First-lien revolving loan ($933 par, due 11/2030)		11/1/2024		SOFR + 5.50%					9.17	%				893					922				0.1	%
HMP Omnimedia, LLC (3)		First-lien loan ($19,674 par, due 7/2032)		7/31/2025		SOFR + 5.25%					8.92	%				19,264					19,450				1.3	%
Ingenovis Health Finance, LLC (3)		First-lien revolving loan ($32,500 par, due 5/2030)		5/13/2025		SOFR + 6.00%					9.67	%				31,430					31,850				2.0	%
LIHA Holdco B.V. (3)(4)(5)		First-lien loan (EUR 5,888 par, due 2/2029)		2/24/2023			E + 6.50%				8.63	%				6,214				6,716  (EUR 5,829)					0.4	%
		First-lien revolving loan (EUR 318 par, due 2/2029)		2/24/2023			E + 6.50%				8.63	%				363				361  (EUR 313)					0.0	%
Raptor US Buyer II Corp. (3)(5)		First-lien loan ($17,903 par, due 3/2029)		3/24/2023		SOFR + 6.25%					9.92	%				17,602					17,858				1.2	%
		First-lien revolving loan ($82 par, due 3/2029)		3/24/2023		SOFR + 6.25%					9.92	%				76					80				0.0	%
Symplr Software Inc. (3)(13)		First-lien loan ($633 par, due 12/2027)		4/4/2025		SOFR + 4.60%					8.27	%				559					443				0.0	%
Velocity Clinical Research, Inc. (3)		First-lien loan ($63,764 par, due 9/2031)		9/9/2025		SOFR + 7.50%					11.20	%				62,763					62,808				4.1	%
		First-lien revolving loan ($528 par, due 9/2031)		9/9/2025		SOFR + 7.50%					11.20	%				471					481				0.0	%
																259,259					262,233				17.0	%
Hotel, Gaming and Leisure
ASG II, LLC (3)(5)		First-lien loan ($65,000 par, due 5/2028)		5/25/2022		SOFR + 6.40%					10.07	%				64,324					62,887				4.1	%
AVSC Holding Corp. (3)		First-lien loan ($44,716 par, due 12/2031)		12/5/2024			SOFR + 5.00%				8.67	%				43,951					44,492				2.9	%
		First-lien revolving loan ($870 par, due 12/2029)		12/5/2024			SOFR + 5.00%				8.67	%				799					846				0.1	%
Equinox Holdings, Inc.		First-lien loan ($52,094 par, due 3/2029) (3)		3/8/2024		SOFR + 7.25%					10.95	%				51,544					53,396				3.5	%
		Second-lien loan ($2,854 par, due 6/2027)		3/13/2024			16.00	%		16.00% PIK						2,827					3,204				0.2	%
IRGSE Holding Corp. (3)(7)		First-lien loan ($30,261 par, due 6/2026)		12/21/2018		SOFR + 9.65%					13.35	%				28,594					29,202				1.9	%
		First-lien revolving loan ($30,313 par, due 6/2026)		12/21/2018		SOFR + 9.65%					13.33	%				30,313					29,135				1.9	%
Mindbody, Inc. (3)		First-lien loan ($28,889 par, due 3/2033)		3/30/2026		SOFR + 6.00%					9.70	%				28,401					28,401				1.8	%
Sport Alliance GmbH (3)(4)		First-lien loan (EUR 37,525 par, due 4/2030)		4/10/2024			E + 7.75%			9.77% (incl. 4.13% PIK)						42,509				42,561  (EUR 36,939)					2.7	%

8

---

 

		First-lien revolving loan (EUR 208 par, due 4/2030)		4/10/2024			E + 7.25%				9.38	%				213				238  (EUR 207)					0.0	%
																293,475					294,362				19.1	%
Human Resource Support Services
Axonify, Inc. (3)(4)(5)		First-lien loan ($45,113 par, due 5/2027)		5/5/2021		SOFR + 6.65%					10.31	%				44,897					44,550				2.9	%
bswift, LLC (3)(5)		First-lien loan ($54,490 par, due 11/2028)		11/7/2022		SOFR + 4.75%					8.41	%				53,847					54,081				3.5	%
Elysian Finco Ltd. (3)(4)(5)		First-lien loan ($21,668 par, due 1/2028)		1/31/2021		SOFR + 5.65%					9.35	%				21,494					21,072				1.4	%
		First-lien revolving loan (GBP 812 par, due 1/2028)		1/31/2021		S + 4.50%					8.23	%				1,028				979  (GBP 743)					0.1	%
HireVue, Inc. (3)		First-lien loan ($55,044 par, due 5/2029)		5/3/2023		SOFR + 7.75%					11.42	%				54,119					50,090				3.2	%
		First-lien revolving loan ($6,958 par, due 5/2029)		5/3/2023		SOFR + 7.75%					11.42	%				6,854					6,331				0.4	%
PayScale Holdings, Inc. (3)(5)		First-lien loan ($74,729 par, due 10/2029)		5/3/2019			SOFR + 5.25%				8.95	%				74,564					73,584				4.8	%
																256,803					250,687				16.3	%
Internet Services
Arrow Buyer, Inc. (3)		First-lien loan ($36,558 par, due 7/2030)		6/30/2023		SOFR + 5.00%					8.70	%				35,928					36,192				2.3	%
Bayshore Intermediate #2, L.P. (3)		First-lien loan ($42,489 par, due 10/2028)		10/1/2021		SOFR + 5.50%				9.18% (incl. 3.00% PIK)						42,201					41,639				2.7	%
		First-lien revolving loan ($902 par, due 10/2027)		10/1/2021		SOFR + 5.00%					8.69	%				888					829				0.1	%
Big Wombat Holdings, Inc. (3)(5)		First-lien loan ($47,070 par, due 4/2031)		10/20/2025		SOFR + 7.00%					10.67	%				46,583					46,129				3.0	%
Coupa Holdings, LLC (3)		First-lien loan ($42,435 par, due 2/2030)		2/27/2023		SOFR + 5.25%					8.92	%				41,780					41,450				2.7	%
EDB Parent, LLC (3)(5)		First-lien loan ($78,710 par, due 7/2028)		7/7/2022		SOFR + 7.00%					10.67	%				77,911					77,333				5.0	%
Flight Intermediate HoldCo, Inc.		First-lien loan ($40,000 par, due 4/2030)		10/3/2024			11.50	%			11.50	%				39,192					40,000				2.6	%
Hippo XPA Bidco AB (3)(4)		First-lien loan (SEK 216,077 par, due 2/2031)		2/20/2024		STIBOR + 6.75%				8.94% (incl. 3.63% PIK)						21,543				22,453  (SEK 213,894)					1.5	%
		First-lien loan (EUR 2,594 par, due 2/2031)		2/20/2024			E + 6.75%			8.88% (incl. 3.63% PIK)						2,786				2,967  (EUR 2,575)					0.2	%
		First-lien revolving loan (SEK 3,906 par, due 2/2031)		2/20/2024		STIBOR + 6.25%					8.44	%				385				398  (SEK 3,789)					0.0	%
Kaseware Intermediate Holding Company (3)(5)		First-lien loan ($45,090 par, due 10/2031)		10/20/2025		SOFR + 5.50%					9.17	%				44,195					43,590				2.7	%
Khoros, LLC		First-lien loan ($11,682 par, due 5/2030)		5/23/2025			10.00	%			10.00	%				11,682					11,595				0.8	%
Kryptona BidCo US, LLC (3)		First-lien loan ($20,762 par, due 12/2031)		12/18/2024		SOFR + 5.75%				9.44% (incl. 3.13% PIK)						20,392					20,532				1.3	%
		First-lien loan (EUR 4,805 par, due 12/2031)		12/18/2024		E + 5.75%				8.06% (incl. 3.13% PIK)						4,972				5,481  (EUR 4,757)					0.4	%
LeanTaaS Holdings, Inc. (3)(5)		First-lien loan ($63,480 par, due 7/2028)		7/12/2022		SOFR + 7.75%					11.45	%				62,946					62,210				4.0	%
RainFocus, LLC (3)(5)		First-lien loan ($65,802 par, due 4/2031)		4/25/2025		SOFR + 6.38%					10.12	%				65,309					65,144				4.2	%
SMA Technologies Holdings, LLC (3)(5)		First-lien loan ($55,579 par, due 10/2028)		10/31/2022		SOFR + 6.50%					10.17	%				54,523					55,579				3.6	%
																573,216					573,521				37.1	%
Manufacturing
Arcwood Environmental, Inc. (3)		First-lien loan ($12,130 par, due 1/2031)		1/31/2024		SOFR + 5.25%					8.92	%				12,081					12,130				0.8	%
		First-lien loan ($3,759 par, due 1/2031)		9/27/2024		SOFR + 5.00%					8.69	%				3,742					3,759				0.2	%
ASP Unifrax Holdings, Inc. (13)		First-lien loan ($3,661 par, due 9/2029) (3)		9/30/2024		SOFR + 7.75%				11.42% (incl. 4.75% PIK)						3,604					2,002				0.1	%
		Second-lien note ($2,031 par, due 9/2029) (12)		8/31/2023			7.10	%		7.10% (incl. 1.25% PIK)						1,529					122				0.0	%
Leg Purchaser, Inc. (3)		First-lien loan ($57,522 par, due 1/2032)		1/12/2026		SOFR + 5.50%					9.15	%				56,604					56,262				3.7	%
Varinem German BidCo GMBH (3)(4)		First-lien loan (EUR 12,696 par, due 7/2031)		7/11/2024			E + 5.50%				7.63	%				13,704				14,738  (EUR 12,791)					1.0	%
		First-lien loan (EUR 5,216 par, due 7/2031)		7/11/2024			E + 4.75%				6.88	%				5,644				5,960  (EUR 5,173)					0.4	%
																96,908					94,973				6.2	%
Office Products
USR Parent, Inc. (3)(5)		ABL FILO term loan ($9,309 par, due 4/2027)		4/25/2022		SOFR + 6.50%					10.17	%				9,242					9,263				0.6	%

9

---

 

Oil, Gas and Consumable Fuels
Laramie Energy, LLC (3)		First-lien loan ($27,317 par, due 2/2027)		2/21/2023		SOFR + 7.10%					10.77	%				27,196					27,522				1.8	%
TRP Assets, LLC (3)		First-lien loan ($54,834 par, due 12/2029)		12/20/2024		SOFR + 7.00%					10.70	%				53,936					55,809				3.6	%
																81,132					83,331				5.4	%
Other
Boréal Bidco (3)(4)		First-lien note (EUR 13,741 par, due 3/2032)		3/24/2025			E + 7.00%			9.13% (incl. 4.00% PIK)						14,626				15,594  (EUR 13,535)					1.0	%
Kahua, Inc. (3)		First-lien loan ($30,000 par, due 8/2030)		8/22/2025		SOFR + 6.00%					9.67	%				29,685					30,000				2.0	%
Omnigo Software, LLC (3)		First-lien loan ($13,092 par, due 12/2030)		12/19/2025		SOFR + 5.00%					8.67	%				13,023					12,793				0.8	%
Scorpio Bidco (3)(4)		First-lien loan (EUR 2,511 par, due 4/2031)		4/4/2024			E + 5.75%				7.88	%				2,685				2,867  (EUR 2,488)					0.2	%
Sediver S.p.A. (3)(4)		First-lien note (EUR 6,368 par, due 10/2031)		10/29/2024			E + 5.00%				7.13	%				6,733				7,309  (EUR 6,343)					0.5	%
		First-lien note ($14,085 par, due 10/2031)		10/29/2024		SOFR + 5.00%					8.70	%				13,866					14,049				0.9	%
																80,618					82,612				5.4	%
Pharmaceuticals
Apellis Pharmaceuticals, Inc. (3)(4)		First-lien loan ($19,737 par, due 5/2030)		5/13/2024		SOFR + 5.75%					9.45	%				19,737					20,428				1.3	%
Arrowhead Pharmaceuticals, Inc. (4)		First-lien loan ($27,177 par, due 8/2031)		8/7/2024			15.00	%			15.00	%				26,999					29,962				1.9	%
Elysium BidCo Limited (3)(4)		First-lien loan (EUR 40,905 par, due 12/2030)		12/11/2024		E + 7.25%					9.38	%				45,049				45,660  (EUR 39,628)					3.0	%
		First-lien loan (GBP 9,953 par, due 12/2030)		12/11/2024		S + 7.25%					10.98	%				12,416				12,895  (GBP 9,779)					0.8	%
																104,201					108,945				7.0	%
Real Estate
Cirrus (BidCo) Limited (3)(4)(5)		First-lien loan (GBP 698 par, due 8/2030)		8/9/2024			S + 5.25%				8.98	%				872				910  (GBP 690)					0.1	%
Retail and Consumer Products
Acosta (3)(13)		First-lien loan ($13,855 par, due 8/2031)		8/20/2024		SOFR + 5.60%					9.22	%				13,606					13,483				0.9	%
American Achievement, Corp. (3)(12)		First-lien loan ($26,611 par, due 9/2027)		9/30/2015		SOFR + 7.35%				11.02% (incl. 10.52% PIK)						25,796					19,626				1.3	%
		First-lien loan ($1,323 par, due 9/2027)		6/10/2021		SOFR + 15.10%				18.77% (incl. 18.27% PIK)						1,323					99				0.0	%
		Subordinated note ($4,740 par, due 9/2027)		3/16/2021		SOFR + 1.15%					4.81	%				545					59				0.0	%
Bed Bath and Beyond Inc. (3)(12)(16)		ABL FILO term loan ($5,910 par, due 8/2027)		9/2/2022		SOFR + 9.90%					13.57	%				5,851					4,684				0.3	%
		Roll Up DIP term loan ($25,255 par)		4/24/2023		SOFR + 7.90%				11.57% PIK						25,255					20,015				1.3	%
		Super-Priority DIP term loan ($3,575 par)		4/24/2023		SOFR + 7.90%					11.57	%				3,575					2,833				0.2	%
Belk, Inc. (3)		First-lien loan ($45,921 par, due 7/2029)		7/22/2024		SOFR + 7.00%					10.67	%				45,331					45,806				3.0	%
Blazing Star Parent, LLC (3)		First-lien loan ($69,125 par, due 8/2030)		8/28/2025		SOFR + 7.00%					10.67	%				68,201					68,434				4.3	%
Cordance Operations, LLC (3)		First-lien loan ($65,447 par, due 7/2028)		7/25/2022		SOFR + 8.40%					12.07	%				64,759					65,187				4.2	%
Neuintel, LLC (3)(5)		First-lien loan ($53,648 par, due 12/2026)		12/20/2021		SOFR + 6.85%					10.52	%				53,454					50,697				3.3	%
PDI TA Holdings, Inc. (3)		First-lien loan ($20,232 par, due 2/2031)		2/1/2024		SOFR + 6.00%				9.67% (incl. 2.50% PIK)						20,012					19,777				1.3	%
		First-lien revolving loan ($1,531 par, due 2/2031)		2/1/2024		SOFR + 5.50%					9.17	%				1,514					1,494				0.1	%
Rapid Data GmbH Unternehmensberatung (3)(4)		First-lien loan (EUR 7,546 par, due 7/2029)		7/11/2023			E + 6.50%				8.52	%				8,137				8,528  (EUR 7,401)					0.6	%
		First-lien revolving loan (EUR 328 par, due 6/2029)		7/11/2023			E + 6.50%				8.52	%				374				364  (EUR 316)					0.0	%
Tango Management Consulting, LLC (3)(5)		First-lien loan ($50,898 par, due 6/2031)		6/25/2025		SOFR + 6.50%					10.16	%				49,881					49,280				3.2	%
																387,614					370,366				24.0	%
Transportation
Ben Nevis Midco Limited (3)(4)		First-lien loan ($5,000 par, due 3/2028)		3/26/2024		SOFR + 5.50%					9.17	%				4,967					4,988				0.3	%
Marcura Equities LTD (3)(4)		First-lien loan ($41,962 par, due 8/2029)		8/11/2023		SOFR + 8.25%				11.95% (incl. 4.25% PIK)						41,339					41,752				2.7	%
		First-lien loan (GBP 1,118 par, due 8/2029)		8/11/2023			S + 8.25%			11.98% (incl. 4.25% PIK)						1,394				1,467  (GBP 1,113)					0.1	%

10

---

 

		First-lien revolving loan ($1,667 par, due 8/2029)		8/11/2023		SOFR + 7.50%					11.20	%				1,620					1,650				0.1	%
Project44, Inc. (3)(5)		First-lien loan ($54,481 par, due 11/2027)		11/12/2021		SOFR + 6.35%					10.02	%				53,959					53,527				3.5	%
Rail Acquisitions LLC		First-lien loan ($22,530 par, due 1/2030) (3)		1/27/2025		SOFR + 6.00%					9.67	%				22,119					22,164				1.4	%
		Second-lien note ($22,160 par, due 1/2031)		1/27/2025			13.75	%		13.75% PIK						19,139					19,516				1.3	%
Ranger Intermediate II, LLC (3)		First-lien loan ($69,361 par, due 10/2031)		10/28/2025		SOFR + 5.50%					9.17	%				68,385					68,320				4.4	%
Shiftmove GMBH (3)(4)(5)		First-lien loan (EUR 36,338 par, due 9/2030)		9/30/2024		E + 6.00%					8.13	%				40,028				41,479  (EUR 36,000)					2.7	%
																252,950					254,863				16.5	%
Total Debt Investments																3,057,466					3,053,979				198.0	%
Equity, Structured Credit and Joint Venture Investments
Equity Investments
Business Services
Artisan Topco LP (10)		Class A Preferred Units (2,117,264 units)		11/7/2023												2,117					1,583				0.1	%
Dye & Durham, Ltd. (4)(10)(14)		Common Shares (126,968 shares)		12/3/2021												3,909				356  (CAD 496)					0.0	%
Insight Hideaway Aggregator, L.P. (10)		Partnership Interest (329,861 units)		3/19/2024												3,299					3,331				0.2	%
Mitnick TA Aggregator, L.P. (10)		Membership Interest (0.43% ownership)		5/2/2022												5,249					2,087				0.2	%
Newark FP Co-Invest, L.P. (10)		Partnership (2,527,719 units)		11/8/2023												2,532					1,792				0.1	%
Sprinklr, Inc. (10)(14)		Common Shares (283,499 shares)		6/24/2021												2,445					1,701				0.1	%
Warrior TopCo LP (10)		Class A Units (423,729 units)		7/7/2023												424					598				0.0	%
																19,975					11,448				0.7	%
Communications
Celtra Technologies, Inc. (10)		Class A Units (1,250,000 units)		11/19/2021												1,250					1,387				0.1	%
IntelePeer Holdings, Inc. (10)		Series C Preferred Shares (1,816,295 shares)		4/8/2021												1,816					141				0.0	%
		Series D Preferred Shares (1,598,874 shares)		4/8/2021												2,925					154				0.0	%
		Series D Warrants (106,592 warrants)		4/8/2021												—					—				0.0	%
																5,991					1,682				0.1	%
Education
EMS Linq, Inc. (10)		Class B Units (5,522,526 units)		12/22/2021												5,523					815				0.1	%
Financial Services
AF Eagle Parent, L.P. (10)		Partnership Units (121,329 units)		11/27/2023												4,091					3,815				0.2	%
Newport Parent Holdings, L.P. (10)		Class A-2 Units (131,569 units)		12/10/2020												4,177					11,027				0.8	%
Oxford Square Capital Corp. (4)(14)		Common Shares (1,620 shares)		8/5/2015												6					3				0.0	%
Passport Labs, Inc. (10)		Warrants (17,534 warrants)		4/28/2021												192					1,223				0.1	%
TS Imagine, Inc. (15)		Class A Units (600,000 units) (10)		5/14/2021												600					611				0.0	%
		Class AA Units (19,093 units)		11/1/2024			20.00	%			20.00	%				46					45				0.0	%
																9,112					16,724				1.1	%
Healthcare
Caris Life Sciences, Inc. (10)(14)		Common Shares (714,020 shares)		6/20/2025												8,254					12,767				0.9	%
Merative Topco L.P. (10)		Class A-1 Units (989,691 units)		6/30/2022												9,897					13,880				0.9	%
Raptor US Buyer II Corp. (10)		Ordinary Shares (13,176 shares)		3/24/2023												2,033					2,150				0.1	%
																20,184					28,797				1.9	%
Hotel, Gaming and Leisure
IRGSE Holding Corp. (7)(10)		Class A Units (50,140,171 units)		12/21/2018												21,883					125				0.0	%
		Class C-1 Units (8,800,000 units)		12/21/2018												100					43				0.0	%
																21,983					168				0.0	%
Human Resource Support Services
Axonify, Inc. (4)(10)(15)		Class A-1 Units (3,780,000 units)		5/5/2021												3,780					2,325				0.1	%
bswift, LLC (10)		Class A-1 Units (2,393,509 units)		11/7/2022												2,394					3,351				0.2	%
DaySmart Holdings, LLC (10)		Class A Units (166,811 units)		12/18/2020												1,347					1,747				0.1	%
Employment Hero Holdings Pty Ltd. (4)(10)		Series E Preferred Shares (113,250 shares)		3/1/2022												2,134				4,089  (AUD 5,970)					0.3	%
																9,655					11,512				0.7	%
Internet Services
Bayshore Intermediate #2, L.P. (10)(15)		Co-Invest Common Units (8,837,008 units)		10/1/2021												8,837					12,526				0.8	%
		Co-Invest 2 Common Units (3,493,701 units)		10/1/2021												3,494					4,952				0.3	%
Bigtincan Holdings L.P. (10)(11)		Class A Units (2,902,890 units)		4/16/2025												3,019					2,786				0.2	%
Khoros, LLC (10)(11)(15)		Earnout Interests		5/23/2025												7,614					7,176				0.5	%

11

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Lucidworks, Inc. (10)		Series F Preferred Shares (199,054 shares)		8/2/2019												800					454				0.0	%
Piano Software, Inc. (10)		Series C-1 Preferred Shares (418,527 shares)		12/22/2021												3,000					2,400				0.2	%
		Series C-2 Preferred Shares (27,588 shares)		11/18/2022												198					316				0.0	%
SMA Technologies Holdings, LLC (10)		Class A Units (1,584 units)		11/21/2022												1,584					2,297				0.1	%
		Class B Units (1,124,813 units)		11/21/2022												68					99				0.0	%
																28,614					33,006				2.1	%
Marketing Services
Validity, Inc. (10)		Series A Preferred Shares (3,840,000 shares)		5/31/2018												3,840					9,024				0.6	%
Oil, Gas and Consumable Fuels
Murchison Oil and Gas, LLC (10)(15)		Preferred Units (13,355 units)		6/30/2022												—					—				0.0	%
TRP Assets, LLC (10)(15)		Partnership Interest (1.89% ownership)		8/25/2022												8,926					11,916				0.8	%
																8,926					11,916				0.8	%
Pharmaceuticals
TherapeuticsMD, Inc. (4)(10)		Warrants (14,256 warrants)		8/5/2020												1,029					—				0.0	%
Elysium BidCo Limited (4)(10)		Convertible Preference Shares (4,976,563 Shares)		12/11/2024												6,341				6,891  (GBP 5,225)					0.4	%
																7,370					6,891				0.4	%
Retail and Consumer Products
American Achievement, Corp. (10)		Class A Units (687 units)		3/16/2021												—					50				0.0	%
Copper Bidco, LLC (13)		Trust Certificates (996,958 Certificates)		1/30/2021												1,083					10,767				0.7	%
Neuintel, LLC (10)(15)		Class A Units (1,176,494 units)		12/20/2021												3,000					60				0.0	%
																4,083					10,877				0.7	%
Transportation
RailTrac Holdings Inc. (10)		Warrants (3,059 warrants)		1/27/2025												2,717					2,717				0.2	%
Ranger Parent I, Inc. (11)		Series A-1 Preferred Shares (5,639 Shares)		10/28/2025			14.50	%		14.50% PIK						5,362					5,103				0.4	%
		Warrants (3,841 warrants) (10)		10/28/2025												312					312				0.0	%
																8,391					8,132				0.6	%
Total Equity Investments																153,647					150,992				9.7	%
Structured Credit Investments
Apidos CLO, Series 2015-23A (3)(4)(13)		Structured Credit ($4,000 par, due 4/2033)		9/3/2025		SOFR + 5.20%					8.87	%				4,015					3,931				0.3	%
Ares CLO Ltd, Series 2022-63A (3)(4)(13)		Structured Credit ($2,500 par, due 10/2038)		8/7/2025		SOFR + 6.00%					9.67	%				2,523					2,325				0.1	%
Ares CLO Ltd, Series 2022-64A (3)(4)(13)		Structured Credit ($2,000 par, due 10/2039)		9/4/2025		SOFR + 6.50%					10.17	%				2,043					1,912				0.1	%
Ares CLO Ltd, Series 2024-72A (3)(4)(13)		Structured Credit ($3,500 par, due 7/2036)		8/7/2025		SOFR + 6.00%					9.67	%				3,545					3,255				0.2	%
Benefit Street Partners CLO Ltd, Series 2025-39A (3)(4)(13)		Structured Credit ($1,725 par, due 4/2038)		7/16/2025		SOFR + 4.50%					8.17	%				1,725					1,670				0.1	%
Birch Grove CLO Ltd, Series 2025-14A (3)(4)(13)		Structured Credit ($1,250 par, due 7/2037)		9/2/2025		SOFR + 6.65%					10.32	%				1,268					1,250				0.1	%
Canyon CLO Ltd, Series 2025-1A (3)(4)(13)		Structured Credit ($1,125 par, due 4/2038)		7/28/2025		SOFR + 4.75%					8.42	%				1,118					1,090				0.1	%
Carlyle US CLO Ltd, Series 2017-2A (3)(4)(13)		Structured Credit ($2,500 par, due 7/2037)		9/3/2025		SOFR + 7.56%					11.23	%				2,546					2,394				0.1	%
Carlyle US CLO Ltd, Series 2021-1A (3)(4)(13)		Structured Credit ($3,225 par, due 1/2040)		8/7/2025		SOFR + 7.30%					10.97	%				3,321					3,134				0.2	%
CarVal CLO Ltd, Series 2021-2A (3)(4)(13)		Structured Credit ($2,000 par, due 10/2034)		9/9/2025		SOFR + 7.01%					10.68	%				2,013					1,853				0.1	%
CarVal CLO Ltd, Series 2023-1A (3)(4)(13)		Structured Credit ($3,000 par, due 7/2037)		8/13/2025		SOFR + 6.35%					10.02	%				3,030					2,805				0.2	%
CIFC Funding Ltd, Series 2020-4A (3)(4)(13)		Structured Credit ($4,000 par, due 1/2040)		7/29/2025		SOFR + 4.90%					8.57	%				4,026					3,856				0.2	%
CIFC Funding Ltd, Series 2021-7A (3)(4)(13)		Structured Credit ($2,800 par, due 1/2035)		9/8/2025		SOFR + 4.90%					8.57	%				2,809					2,684				0.2	%
CIFC Funding Ltd, Series 2022-4A (3)(4)(13)		Structured Credit ($3,000 par, due 7/2035)		8/27/2025		SOFR + 5.25%					8.92	%				3,008					2,873				0.1	%
Diameter Capital CLO Ltd, Series 2025-9A (3)(4)(13)		Structured Credit ($3,500 par, due 4/2038)		9/2/2025		SOFR + 4.70%					8.37	%				3,530					3,407				0.2	%
Goldentree Loan Management US CLO Ltd, Series 2022-16A (3)(4)(13)		Structured Credit ($5,000 par, due 1/2038)		9/16/2025		SOFR + 4.50%					8.17	%				4,974					4,843				0.3	%
Goldentree Loan Management US CLO Ltd, Series 2023-17A (3)(4)(13)		Structured Credit ($3,000 par, due 1/2039)		7/16/2025		SOFR + 5.40%					9.07	%				3,021					2,942				0.2	%
Lake George Park CLO Ltd, Series 2025-1A (3)(4)(13)		Structured Credit ($4,500 par, due 4/2038)		8/27/2025		SOFR + 4.60%					8.27	%				4,500					4,357				0.3	%
Madison Park Funding Ltd, Series 2025-65A (3)(4)(13)		Structured Credit ($4,400 par, due 7/2038)		8/19/2025		SOFR + 5.00%					8.67	%				4,408					4,219				0.3	%

12

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Madison Park Funding Ltd, Series 2025-72A (3)(4)(13)		Structured Credit ($4,500 par, due 7/2038)		8/18/2025		SOFR + 5.25%				8.92	%				4,550					4,359				0.3	%
Neuberger Berman CLO Ltd, Series 2017-16SA (3)(4)(13)		Structured Credit ($4,000 par, due 4/2039)		7/28/2025		SOFR + 4.90%				8.57	%				4,009					3,859				0.3	%
Neuberger Berman CLO Ltd, Series 2015-20A (3)(4)(13)		Structured Credit ($1,150 par, due 4/2039)		7/28/2025		SOFR + 4.75%				8.42	%				1,151					1,113				0.1	%
Neuberger Berman Loan Advisers CLO Ltd, Series 2017-24A (3)(4)(13)		Structured Credit ($1,000 par, due 10/2038)		8/25/2025		SOFR + 7.00%				10.67	%				1,024					961				0.1	%
Neuberger Berman Loan Advisers CLO Ltd, Series 2019-33A (3)(4)(13)		Structured Credit ($2,000 par, due 4/2039)		9/9/2025		SOFR + 5.50%				9.17	%				2,029					1,955				0.1	%
Neuberger Berman Loan Advisers CLO Ltd, Series 2021-44A (3)(4)(13)		Structured Credit ($1,000 par, due 10/2035)		8/15/2025		SOFR + 5.15%				8.82	%				1,006					956				0.1	%
Oaktree CLO Ltd, Series 2022-2A (3)(4)(13)		Structured Credit ($3,500 par, due 10/2037)		7/17/2025		SOFR + 6.40%				10.07	%				3,541					3,411				0.2	%
Octagon 67 Ltd, Series 2023-1A (3)(4)(13)		Structured Credit ($3,000 par, due 7/2038)		9/4/2025		SOFR + 7.41%				11.08	%				3,100					2,896				0.2	%
Oha Credit Funding Ltd, Series 2025-22A (3)(4)(13)		Structured Credit ($1,250 par, due 7/2038)		7/24/2025		SOFR + 5.55%				9.22	%				1,271					1,234				0.1	%
Palmer Square CLO Ltd, Series 2021-4 (3)(4)(13)		Structured Credit ($4,000 par, due 7/2038)		9/16/2025		SOFR + 5.75%				9.42	%				4,036					3,722				0.2	%
Palmer Square CLO Ltd, Series 2025-1A (3)(4)(13)		Structured Credit ($2,250 par, due 4/2038)		8/21/2025		SOFR + 4.50%				8.17	%				2,251					2,178				0.1	%
Pikes Peak CLO Ltd, Series 2023-14A (3)(4)(13)		Structured Credit ($3,000 par, due 7/2038)		7/30/2025		SOFR + 6.00%				9.67	%				3,066					2,832				0.2	%
Regatta Funding Ltd, Series 2020-1A (3)(4)(13)		Structured Credit ($1,000 par, due 10/2037)		7/17/2025		SOFR + 6.50%				10.17	%				1,019					964				0.1	%
Riverbank Park CLO Ltd, Series 2024-1A (3)(4)(13)		Structured Credit ($4,500 par, due 1/2038)		7/29/2025		SOFR + 4.80%				8.47	%				4,528					4,121				0.3	%
RR Ltd, Series 2021-19A (3)(4)(13)		Structured Credit ($1,000 par, due 4/2040)		7/17/2025		SOFR + 4.70%				8.37	%				999					980				0.1	%
Texas Debt Capital CLO Ltd, Series 2023-1A (3)(4)(13)		Structured Credit ($2,000 par, due 7/2038)		8/12/2025		SOFR + 4.95%				8.62	%				2,023					1,973				0.1	%
Whitebox CLO Ltd, Series 2023-4A (3)(4)(13)		Structured Credit ($1,500 par, due 4/2036)		8/20/2025		SOFR + 6.48%				10.15	%				1,528					1,491				0.1	%
Total Structured Credit Investments															98,554					93,805				6.1	%
Joint Venture Investments
Structured Credit Partners JV, LLC (4)(6)(11)		Partnership Interest (25.00% ownership)		12/23/2025											14,665					14,665				1.0	%
Total Equity, Structured Credit and Joint Venture Investments															266,866					259,462				16.8	%
Total Investments													$		3,324,332			$		3,313,441				214.8	%

 

		Interest Rate Swaps as of March 31, 2026
		Company Receives		Company Pays		Maturity Date		Notional Amount				Fair Market Value				Upfront (Payments) / Receipts				Change in Unrealized Gains / (Losses)
Interest rate swap (a)(b)		2.50%		SOFR + 2.17%		8/1/2026		$	300,000			$	(3,675	)		$	—			$	2,110
Interest rate swap (a)(b)		6.95%		SOFR + 2.99%		8/14/2028			300,000				2,047				—				(2,448	)
Interest rate swap (a)(b)		6.125%		SOFR + 2.44%		3/1/2029			350,000				616				—				(2,691	)
Interest rate swap (a)(b)		5.625%		SOFR + 1.53%		8/15/2030			300,000				5,740				—				(2,544	)
Total Hedge Accounting Swaps									1,250,000				4,728				—				(5,573	)
Cash collateral									—				28,072				—				—
Total derivatives								$	1,250,000			$	32,800			$	—			$	(5,573	)

 

(a)

Contains a variable rate structure. Bears interest at a rate determined by SOFR.

(b)

Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedged item within interest expense.

(1)

Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.

(2)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(3)

Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to either Euro Interbank Offer Rate (“Euribor” or “E”), Sterling Overnight Index Average (“SONIA”), Secured Overnight Financing Rate (“SOFR”) which may also contain a credit spread adjustment depending on the tenor election, Stockholm Interbank Offered Rate (“STIBOR”), Norwegian Interbank Offered Rate (“NIBOR” or “N”) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”), all of which include an available tenor, selected at the borrower’s option, which reset periodically based on the terms of the credit agreement. For

13

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investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at March 31, 2026.

(4)

This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 20.8% of total assets as of March 31, 2026.

(5)

In addition to the interest earned based on the stated interest rate of this investment, which is the amount reflected in this schedule, the Company may be entitled to receive additional interest as a result of an arrangement with other members in the syndicate to the extent an investment has been allocated to “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any amounts due thereunder and the Company holds the “last out” tranche.

(6)

Under the 1940 Act, the Company is deemed to be an “Affiliated Person” (as defined in the 1940 Act) of this portfolio company, as the Company owns more than 5% of the portfolio company’s outstanding voting securities. Transactions during the three months ended March 31, 2026 in which the Company was an Affiliated Person of the portfolio company are as follows:

 

Non-Controlled, Affiliated Investments during the three months ended March 31, 2026

 

Company		Fair Value at December 31, 2025				Gross Additions (a)				Gross Reductions (b)				Net Change In Unrealized Gain/(Loss)				Realized Gain/(Loss)				Transfers				Fair Value at March 31, 2026				Interest Income				Dividend Income				Other Income
Structured Credit Partners JV, LLC		$	—			$	14,665			$	—			$	—			$	—			$	—			$	14,665			$	—			$	223			$	—
Total		$	—			$	14,665			$	—			$	—			$	—			$	—			$	14,665			$	—			$	223			$	—

 

(a)

Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b)

Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on debt investments, as applicable. When an investment is placed on non-accrual status, any cash flows received by the Company are applied to the outstanding principal balance.

 

(7)

Under the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control,” as such terms are defined in the 1940 Act, this portfolio company, as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). Transactions during the three months ended March 31, 2026 in which the issuer was an Affiliated Person of and was deemed to Control a portfolio company are as follows:

 

Controlled, Affiliated Investments during the three months ended March 31, 2026

 

Company		Fair Value at December 31, 2025				Gross Additions (a)				Gross Reductions (b)				Net Change In Unrealized Gain/(Loss)				Realized Gain/(Loss)				Transfers				Fair Value at March 31, 2026				Interest Income				Dividend Income				Other Income
IRGSE Holding Corp.		$	58,372			$	2,370			$	—			$	(2,237	)		$	—			$	—			$	58,505			$	1,971			$	—			$	9
Total		$	58,372			$	2,370			$	—			$	(2,237	)		$	—			$	—			$	58,505			$	1,971			$	—			$	9

(a)

Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b)

Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on debt investments, as applicable. When an investment is placed on non-accrual status, any cash flows received by the Company are applied to the outstanding principal balance.

 

(8)

As of March 31, 2026, the estimated cost basis of investments for U.S. federal tax purposes was $3,334,261 resulting in estimated gross unrealized gains and losses of $243,959 and $283,761, respectively.

(9)

In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to investments at fair value.

14

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(10)

This investment is non-income producing.

(11)

All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2026, the aggregate fair value of these securities is $30,042, or 1.9% of the Company’s net assets.

(12)

Investment is on non-accrual status as of March 31, 2026.

(13)

This investment is valued using observable inputs and is considered a Level 2 investment. See Note 6 for further information related to investments at fair value.

(14)

This investment is valued using observable inputs and is considered a Level 1 investment. See Note 6 for further information related to investments at fair value.

(15)

Ownership of equity investments may occur through a holding company or partnership.

(16)

In addition to the principal amount outstanding and accrued interest owed on this investment, the Company is entitled to a separate Make-Whole Amount (the “Make-Whole”) of $16.4 million. The Make-Whole is a contractual obligation of the borrower and accrues interest on the balance outstanding. The Make-Whole is included on the Company’s Consolidated Balance Sheet within other assets, net of any valuation allowance. Given uncertainty relating to collectability of the Make-Whole, the Company has applied a full valuation allowance against the amount of the Make-Whole balance outstanding.

 

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

15

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Sixth Street Specialty Lending, Inc.

Consolidated Schedule of Investments as of December 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

16

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Company (1)		Investment		Initial Acquisition Date		Reference Rate and Spread				Interest Rate					Amortized Cost (2)(7)					Fair Value (8)				Percentage of Net Assets
Debt Investments
Business Services
Artisan Bidco, Inc.(3)		First-lien loan ($38,438 par, due 11/2029)		11/7/2023		SOFR + 7.00%					10.94	%			$	37,903				$	38,245				2.4	%
		First-lien loan (EUR 17,380 par, due 11/2029)		11/7/2023			E + 7.00%				9.03	%				18,414				20,310  (EUR 17,293)					1.3	%
		First-lien revolving loan ($4,287 par, due 11/2029)		11/7/2023		SOFR + 7.00%					10.95	%				4,214					4,259				0.3	%
Azurite Intermediate Holdings, Inc. (3)		First-lien loan ($42,750 par, due 3/2031)		3/19/2024		SOFR + 6.00%					9.72	%				42,138					42,988				2.7	%
BCTO Ignition Purchaser, Inc. (3)		First-lien holdco loan ($54,435 par, due 10/2030)		4/18/2023		SOFR + 7.50%				11.37% PIK						53,519					55,388				3.4	%
Crewline Buyer, Inc.(3)		First-lien loan ($58,384 par, due 11/2030)		11/8/2023		SOFR + 6.75%					10.59	%				57,145					58,705				3.6	%
Dye & Durham Corp. (3)(4)(9)		First-lien loan ($945 par, due 4/2031)		4/4/2024		SOFR + 4.35%					8.02	%				933					869				0.1	%
Elements Finco Limited (3)(4)		First-lien loan ($2,270 par, due 4/2031)		4/29/2024		SOFR + 5.25%				8.97% (incl. 2.25 % PIK)						2,256					2,293				0.1	%
		First-lien loan ($1,848 par, due 4/2031)		4/29/2024		SOFR + 5.00%					8.72	%				1,841					1,858				0.1	%
		First-lien loan (GBP 10,529 par, due 4/2031)		4/29/2024		S + 5.50%				9.23% (incl. 2.50% PIK)						13,101				14,338  (GBP 10,660)					0.9	%
ExtraHop Networks, Inc. (3)(5)		First-lien loan ($76,301 par, due 7/2027)		7/22/2021		SOFR + 6.60%					10.32	%				75,851					76,492				4.7	%
		First-lien revolving loan ($669 par, due 7/2027)		7/22/2021		SOFR + 6.60%					10.33	%				657					672				0.0	%
Galileo Parent, Inc. (3)		First-lien loan ($63,444 par, due 5/2030)		5/3/2023		SOFR + 5.75%					9.42	%				62,098					64,078				4.0	%
		First-lien revolving loan ($6,635 par, due 5/2030)		5/3/2023		SOFR + 5.75%					9.42	%				6,466					6,736				0.4	%
Lynx BidCo (3)(4)		First-lien loan ($1,523 par, due 7/2031)		7/5/2024		SOFR + 6.50%					10.17	%				1,415					1,467				0.1	%
		First-lien loan (EUR 23,956 par, due 7/2031)		7/5/2024		E + 6.50%					8.52	%				27,370				27,875  (EUR 23,735)					1.7	%
Mitnick Corporate Purchaser, Inc. (3)(9)		First-lien loan ($323 par, due 5/2029)		5/2/2022		SOFR + 4.85%					8.69	%				323					206				0.0	%
Price Fx Inc. (3)(4)		First-lien loan (EUR 910 par, due 10/2029)		10/27/2023			E + 7.00%				9.08	%				970				1,087  (EUR 926)					0.1	%
		First-lien loan (EUR 910 par, due 10/2029)		12/19/2024		E + 6.25%					8.33	%				926				1,079  (EUR 919)					0.1	%
USA DeBusk, LLC (3)		First-lien loan ($8,322 par, due 4/2031)		4/30/2024		SOFR + 5.25%					9.00	%				8,212					8,374				0.5	%
		First-lien revolving loan ($901 par, due 4/2030)		4/30/2024		SOFR + 5.25%					9.06	%				888					908				0.1	%
Wrangler TopCo, LLC (3)		First-lien loan ($5,970 par, due 9/2029)		7/7/2023		SOFR + 5.75%					9.49	%				5,876					6,038				0.4	%
																422,516					434,265				27.0	%
Chemicals
Erling Lux Bidco SARL (3)(4)		First-lien loan (EUR 11,549 par, due 9/2028)		9/6/2022			E + 7.00%				9.07	%				11,630				13,809  (EUR 11,758)					0.9	%
		First-lien loan (GBP 19,592 par, due 9/2028)		9/6/2022			S + 7.00%				10.73	%				23,151				26,681  (GBP 19,836)					1.6	%
		First-lien loan (NOK 7,427 par, due 9/2028)		9/6/2022		N + 7.00%					11.23	%				712				745  (NOK 7,520)					0.0	%
		First-lien revolving loan (GBP 593 par, due 9/2028)		9/6/2022			S + 7.00%				10.73	%				730				807  (GBP 600)					0.1	%
																36,223					42,042				2.6	%
Communications
Aurelia Netherlands B.V. (3)(4)		First-lien loan (EUR 32,904 par, due 5/2031)		5/22/2024			E + 4.75%				6.78	%				35,003				38,837  (EUR 33,068)					2.3	%
X Holdings Inc. (9)		First-lien loan ($9,338 par, due 10/2029) (3)		2/5/2025			SOFR + 6.75%				10.45	%				9,098					9,164				0.6	%
		First-lien loan ($988 par, due 10/2029)		4/28/2025			9.50	%			9.50	%				971					984				0.1	%
																45,072					48,985				3.0	%
Education

17

---

 

Astra Acquisition Corp. (3)(14)		Second-lien loan ($40,084 par, due 10/2029)		10/22/2021		P + 9.88%					16.63	%				39,489					—				0.0	%
EMS Linq, Inc. (3)		First-lien loan ($56,216 par, due 12/2027)		12/22/2021		SOFR + 6.35%					10.07	%				55,773					55,232				3.4	%
		First-lien revolving loan ($2,916 par, due 12/2027)		12/22/2021		SOFR + 6.35%					10.07	%				2,858					2,762				0.2	%
Kangaroo Bidco AS (3)(4)		First-lien loan ($30,625 par, due 11/2030)		11/2/2023		SOFR + 6.25%					9.99	%				29,945					30,975				1.9	%
Severin Acquisition, LLC (3)		First-lien loan ($15,905 par, due 10/2031)		10/1/2024		SOFR + 4.75%				8.47% (incl. 2.25% PIK)						15,887					15,855				1.0	%
																143,952					104,824				6.5	%
Electronics
Sapphire Software Buyer, Inc. (3)		First-lien loan ($26,963 par, due 9/2031)		9/30/2024		SOFR + 5.00%					8.87	%				26,711					26,812				1.7	%
Financial Services
Alaska Bidco Oy (3)(4)		First-lien loan (EUR 727 par, due 5/2030)		5/30/2023			E + 5.75%				7.77	%				763				860  (EUR 732)					0.1	%
Arlberg Bidco LLC (3)(4)(5)		First-lien loan ($5,000 par, due 2/2031)		2/14/2025		SOFR + 5.75%					9.60	%				4,903					4,962				0.3	%
GreenShoot BidCo B.V (3)(4)		First-lien loan (EUR 5,107 par, due 5/2030)		5/28/2024			E + 5.75%				7.82	%				5,431				5,917  (EUR 5,038)					0.4	%
Ibis Intermediate Co. (3)(5)		First-lien loan ($1,170 par, due 5/2027)		5/28/2021		SOFR + 4.65%					8.47	%				1,151					1,184				0.1	%
Ibis US Blocker Co. (3)		First-lien loan ($20,790 par, due 5/2028)		5/28/2021		SOFR + 8.40%				12.22% PIK						20,656					20,946				1.3	%
Passport Labs, Inc.		Convertible Promissory Note A ($1,086 par, due 8/2026)		3/2/2023			8.00	%			8.00	%				1,085					1,167				0.1	%
Payroc Buyer, LLC		Promissory Note ($6,000 par, due 9/2030)		9/30/2025			5.50	%			5.50	%				6,000					5,070				0.3	%
TS Imagine, Inc. (3)(5)		First-lien loan ($54,960 par, due 4/2027)		4/30/2021		SOFR + 5.85%					9.69	%				54,529					54,960				3.3	%
		First-lien revolving loan ($899 par, due 5/2027)		11/1/2024		P + 4.75%					11.50	%				886					899				0.1	%
Volante Technologies, Inc.		First-lien loan ($3,619 par, due 9/2028)		9/29/2023			16.50	%		16.50% PIK						3,601					3,755				0.2	%
																99,005					99,720				6.2	%
Healthcare
Aledade, Inc. (3)		First-lien revolving loan ($10,864 par, due 11/2028)		11/21/2025		SOFR + 5.75%					9.54	%				10,527					10,513				0.7	%
BCTO Ace Purchaser, Inc. (3)		First-lien loan ($69,942 par, due 11/2029)		11/23/2020		SOFR + 6.50%					10.32	%				69,504					70,818				4.5	%
		Second-lien loan ($7,665 par, due 1/2030)		1/23/2023		SOFR + 10.70%				15.02% PIK						7,577					7,856				0.5	%
Eventus Buyer, LLC (3)		First-lien loan ($25,706 par, due 11/2030)		11/1/2024		SOFR + 5.50%					9.17	%				25,358					25,542				1.6	%
		First-lien revolving loan ($1,867 par, due 11/2030)		11/1/2024		SOFR + 5.50%					9.17	%				1,824					1,849				0.1	%
HMP Omnimedia, LLC (3)		First-lien loan ($19,723 par, due 7/2032)		7/31/2025		SOFR + 5.25%					8.97	%				19,368					19,537				1.2	%
		First-lien revolving loan ($409 par, due 7/2030)		7/31/2025		P + 4.25%					11.00	%				339					371				0.0	%
Ingenovis Health Finance, LLC (3)		First-lien revolving loan ($32,500 par, due 5/2030)		5/13/2025		SOFR + 6.00%					9.82	%				31,366					32,013				2.0	%
LIHA Holdco B.V. (3)(4)(5)		First-lien loan (EUR 5,903 par, due 2/2029)		2/24/2023			E + 6.50%				8.52	%				6,219				6,989  (EUR 5,951)					0.4	%
		First-lien revolving loan (EUR 318 par, due 2/2029)		2/24/2023			E + 6.50%				8.52	%				363				377  (EUR 321)					0.0	%
Raptor US Buyer II Corp. (3)(5)		First-lien loan ($17,949 par, due 3/2029)		3/24/2023		SOFR + 6.25%					9.97	%				17,622					18,083				1.1	%
		First-lien revolving loan ($82 par, due 3/2029)		3/24/2023		SOFR + 6.25%					9.97	%				76					87				0.0	%
Symplr Software Inc. (3)(9)		First-lien loan ($635 par, due 12/2027)		4/4/2025		SOFR + 4.60%					8.44	%				551					537				0.0	%
Velocity Clinical Research, Inc. (3)		First-lien loan ($62,899 par, due 9/2031)		9/9/2025		SOFR + 7.50%					11.17	%				61,865					62,585				3.9	%
		First-lien revolving loan ($528 par, due 9/2031)		9/9/2025		SOFR + 7.50%					11.17	%				468					513				0.0	%
																253,027					257,670				16.0	%
Hotel, Gaming and Leisure
ASG II, LLC (3)(5)		First-lien loan ($65,000 par, due 5/2028)		5/25/2022		SOFR + 6.40%					10.24	%				64,254					64,025				4.0	%
AVSC Holding Corp. (3)		First-lien loan ($44,828 par, due 12/2031)		12/5/2024			SOFR + 5.00%				8.72	%				43,960					44,704				2.8	%
Equinox Holdings, Inc.		First-lien loan ($51,697 par, due 3/2029) (3)		3/8/2024		SOFR + 8.25%				11.92% (incl. 4.13% PIK)						51,126					53,377				3.3	%

18

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		Second-lien loan ($2,746 par, due 6/2027)		3/13/2024			16.00	%		16.00% PIK						2,713					3,240				0.2	%
IRGSE Holding Corp. (3)(6)		First-lien loan ($30,261 par, due 6/2026)		12/21/2018		SOFR + 9.65%					13.32	%				28,594					30,261				1.9	%
		First-lien revolving loan ($27,943 par, due 6/2026)		12/21/2018		SOFR + 9.65%					13.44	%				27,943					27,943				1.7	%
Sport Alliance GmbH (3)(4)		First-lien loan (EUR 37,133 par, due 4/2030)		4/10/2024			E + 7.75%			9.77% (incl. 4.13% PIK)						42,004				43,502  (EUR 37,041)					2.7	%
		First-lien revolving loan (EUR 208 par, due 4/2030)		4/10/2024			E + 7.25%				9.27	%				212				256  (EUR 218)					0.0	%
																260,806					267,308				16.6	%
Human Resource Support Services
Axonify, Inc. (3)(4)(5)		First-lien loan ($45,113 par, due 5/2027)		5/5/2021		SOFR + 6.65%					10.55	%				44,851					45,113				2.8	%
bswift, LLC (3)(5)		First-lien loan ($54,630 par, due 11/2028)		11/7/2022		SOFR + 4.75%					8.64	%				53,925					54,766				3.4	%
Elysian Finco Ltd. (3)(4)(5)		First-lien loan ($21,745 par, due 1/2028)		1/31/2021		SOFR + 5.15%					8.82	%				21,548					21,691				1.3	%
		First-lien revolving loan (GBP 1,055 par, due 1/2028)		1/31/2021		S + 4.00%					7.73	%				1,352				1,381  (GBP 1,027)					0.1	%
HireVue, Inc. (3)		First-lien loan ($53,031 par, due 5/2029)		5/3/2023		SOFR + 6.75%					10.59	%				52,041					50,909				3.2	%
		First-lien revolving loan ($6,887 par, due 5/2029)		5/3/2023		SOFR + 6.75%					10.57	%				6,775					6,612				0.4	%
Madcap Software, Inc. (3)(5)		First-lien loan ($31,850 par, due 12/2026)		12/15/2023		SOFR + 6.10%					9.77	%				31,582					31,850				2.0	%
PayScale Holdings, Inc. (3)(5)		First-lien loan ($74,916 par, due 10/2029)		5/3/2019			SOFR + 5.25%				8.92	%				74,721					74,879				4.7	%
																286,795					287,201				17.9	%
Internet Services
Arrow Buyer, Inc. (3)		First-lien loan ($36,651 par, due 7/2030)		6/30/2023		SOFR + 5.00%					8.67	%				35,988					36,834				2.3	%
Bayshore Intermediate #2, L.P. (3)		First-lien loan ($42,190 par, due 10/2028)		10/1/2021		SOFR + 5.50%				9.19% (incl. 3.00% PIK)						41,875					42,085				2.6	%
		First-lien revolving loan ($902 par, due 10/2027)		10/1/2021		SOFR + 5.00%					8.69	%				886					893				0.1	%
Big Wombat Holdings, Inc. (3)(5)		First-lien loan ($47,188 par, due 4/2031)		10/20/2025		SOFR + 7.00%					10.88	%				46,682					46,598				2.9	%
Coupa Holdings, LLC (3)		First-lien loan ($42,543 par, due 2/2030)		2/27/2023		SOFR + 5.25%					9.09	%				41,844					42,913				2.7	%
EDB Parent, LLC (3)(5)		First-lien loan ($76,729 par, due 7/2028)		7/7/2022		SOFR + 7.00%					10.84	%				75,879					76,729				4.8	%
Flight Intermediate HoldCo, Inc.		First-lien loan ($40,000 par, due 4/2030)		10/3/2024			11.50	%			11.50	%				39,154					40,300				2.5	%
Hippo XPA Bidco AB (3)(4)		First-lien loan (SEK 214,115 par, due 2/2031)		2/20/2024		STIBOR + 6.75%				8.60% (incl. 3.63% PIK)						21,310				23,226  (SEK 214,115)					1.4	%
		First-lien loan (EUR 2,571 par, due 2/2031)		2/20/2024			E + 6.75%			8.77% (incl. 3.63% PIK)						2,756				3,019  (EUR 2,571)					0.2	%
		First-lien revolving loan (SEK 3,906 par, due 2/2031)		2/20/2024		STIBOR + 6.25%					8.00	%				384				424  (SEK 3,906)					0.0	%
Kaseware Intermediate Holding Company (3)(5)		First-lien loan ($43,251 par, due 10/2031)		10/20/2025		SOFR + 5.50%					9.23	%				42,339					42,501				2.6	%
Khoros, LLC		First-lien loan ($11,682 par, due 5/2030)		5/23/2025			10.00	%			10.00	%				11,682					11,711				0.7	%
Kryptona BidCo US, LLC (3)		First-lien loan ($20,595 par, due 12/2031)		12/18/2024		SOFR + 6.00%				9.70% (incl. 3.25% PIK)						20,211					20,765				1.3	%
		First-lien loan (EUR 4,766 par, due 12/2031)		12/18/2024		E + 6.00%				8.06% (incl. 3.25% PIK)						4,924				5,640  (EUR 4,802)					0.4	%
LeanTaaS Holdings, Inc. (3)(5)		First-lien loan ($62,984 par, due 7/2028)		7/12/2022		SOFR + 7.75%					11.42	%				62,403					62,827				3.9	%
RainFocus, LLC (3)(5)		First-lien loan ($64,232 par, due 4/2031)		4/25/2025		SOFR + 6.38%					10.24	%				63,701					64,072				4.0	%
SMA Technologies Holdings, LLC (3)(5)		First-lien loan ($55,579 par, due 10/2028)		10/31/2022		SOFR + 6.50%					10.32	%				54,434					56,710				3.5	%
																566,452					577,247				35.9	%
Manufacturing
Arcwood Environmental, Inc. (3)		First-lien loan ($12,160 par, due 1/2031)		1/31/2024		SOFR + 5.25%					9.09	%				12,110					12,231				0.8	%
		First-lien loan ($3,764 par, due 1/2031)		9/27/2024		SOFR + 5.00%					8.71	%				3,746					3,764				0.2	%
ASP Unifrax Holdings, Inc. (9)		First-lien loan ($3,619 par, due 9/2029) (3)		9/30/2024		SOFR + 7.75%				11.75% (incl. 4.75% PIK)						3,558					2,877				0.2	%

19

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		Second-lien note ($2,024 par, due 9/2029) (14)		8/31/2023			7.10	%		7.10% (incl. 1.25% PIK)						1,559					223				0.0	%
Varinem German BidCo GMBH (3)(4)		First-lien loan (EUR 12,696 par, due 7/2031)		7/11/2024			E + 5.50%				7.57	%				13,699				15,097  (EUR 12,855)					0.9	%
		First-lien loan (EUR 4,392 par, due 7/2031)		7/11/2024			E + 4.75%				6.82	%				4,684				5,158  (EUR 4,392)					0.3	%
																39,356					39,350				2.4	%
Office Products
USR Parent, Inc. (3)(5)		ABL FILO term loan ($9,809 par, due 4/2027)		4/25/2022		SOFR + 6.50%					10.37	%				9,723					9,809				0.6	%
Oil, Gas and Consumable Fuels
Laramie Energy, LLC (3)		First-lien loan ($27,317 par, due 2/2027)		2/21/2023		SOFR + 7.10%					10.82	%				27,162					27,590				1.7	%
TRP Assets, LLC (3)		First-lien loan ($54,834 par, due 12/2029)		12/20/2024		SOFR + 7.00%					10.67	%				53,855					55,485				3.5	%
																81,017					83,075				5.2	%
Other
Boréal Bidco (3)(4)		First-lien note (EUR 13,605 par, due 3/2032)		3/24/2025			E + 7.25%			9.27% (incl. 5.75% PIK)						14,458				15,858  (EUR 13,503)					1.0	%
Kahua, Inc. (3)		First-lien loan ($25,000 par, due 8/2030)		8/22/2025		SOFR + 6.00%					9.72	%				24,671					24,700				1.5	%
Omnigo Software, LLC (3)		First-lien loan ($13,125 par, due 12/2030)		12/19/2025		SOFR + 5.00%					8.70	%				13,053					13,049				0.8	%
Scorpio Bidco (3)(4)		First-lien loan (EUR 2,511 par, due 4/2031)		4/4/2024			E + 5.75%				7.77	%				2,682				2,967  (EUR 2,526)					0.2	%
Sediver S.p.A. (3)(4)		First-lien note (EUR 6,368 par, due 10/2031)		10/29/2024			E + 5.00%				7.02	%				6,721				7,479  (EUR 6,368)					0.5	%
		First-lien note ($14,085 par, due 10/2031)		10/29/2024		SOFR + 5.00%					8.67	%				13,856					14,085				0.9	%
																75,441					78,138				4.9	%
Pharmaceuticals
Apellis Pharmaceuticals, Inc. (3)(4)		First-lien loan ($19,737 par, due 5/2030)		5/13/2024		SOFR + 5.75%					9.42	%				19,737					19,786				1.2	%
Arrowhead Pharmaceuticals, Inc. (4)		First-lien loan ($26,873 par, due 8/2031)		8/7/2024			15.00	%			15.00	%				26,686					30,098				1.9	%
Elysium BidCo Limited (3)(4)		First-lien loan (EUR 17,985 par, due 12/2030)		12/11/2024		E + 7.25%					9.27	%				18,463				20,911  (EUR 17,805)					1.3	%
		First-lien loan (GBP 9,953 par, due 12/2030)		12/11/2024		S + 7.25%					10.98	%				12,407				13,287  (GBP 9,878)					0.8	%
																77,293					84,082				5.2	%
Real Estate
Cirrus (BidCo) Limited (3)(4)(5)		First-lien loan (GBP 698 par, due 8/2030)		8/9/2024			S + 5.25%				8.98	%				871				939  (GBP 698)					0.1	%
Retail and Consumer Products
Acosta (3)(9)		First-lien loan ($13,890 par, due 8/2031)		8/20/2024		SOFR + 5.60%					9.22	%				13,632					13,566				0.8	%
American Achievement, Corp. (3)(14)		First-lien loan ($26,664 par, due 9/2026)		9/30/2015		SOFR + 7.35%				11.22% (incl. 10.72% PIK)						25,848					19,665				1.2	%
		First-lien loan ($1,327 par, due 9/2026)		6/10/2021		SOFR + 15.10%				18.97% (incl. 18.47% PIK)						1,327					100				0.0	%
		Subordinated note ($4,740 par, due 9/2026)		3/16/2021		SOFR + 1.15%					5.14	%				545					59				0.0	%
Bed Bath and Beyond Inc. (3)(15)		ABL FILO term loan ($5,910 par, due 8/2027)		9/2/2022		SOFR + 9.90%					13.62	%				5,851					4,758				0.3	%
		Roll Up DIP term loan ($25,255 par)		4/24/2023		SOFR + 7.90%				11.62% PIK						25,255					20,331				1.3	%
		Super-Priority DIP term loan ($3,575 par)		4/24/2023		SOFR + 7.90%					11.62	%				3,575					2,878				0.2	%
Belk, Inc. (3)		First-lien loan ($46,875 par, due 7/2029)		7/22/2024		SOFR + 7.00%					10.82	%				46,252					46,992				2.9	%
Blazing Star Parent, LLC (3)		First-lien loan ($69,563 par, due 8/2030)		8/28/2025		SOFR + 7.00%					10.82	%				68,574					68,693				4.2	%
Cordance Operations, LLC (3)		First-lien loan ($64,906 par, due 7/2028)		7/25/2022		SOFR + 8.65%					12.53	%				64,160					65,748				4.1	%
Neuintel, LLC (3)(5)		First-lien loan ($53,926 par, due 12/2026)		12/20/2021		SOFR + 6.85%					10.57	%				53,666					53,522				3.3	%
PDI TA Holdings, Inc. (3)		First-lien loan ($20,284 par, due 2/2031)		2/1/2024		SOFR + 5.50%					9.34	%				20,054					20,334				1.3	%
		First-lien revolving loan ($1,203 par, due 2/2031)		2/1/2024		SOFR + 5.50%					9.34	%				1,185					1,207				0.1	%

20

---

 

Rapid Data GmbH Unternehmensberatung (3)(4)		First-lien loan (EUR 7,546 par, due 7/2029)		7/11/2023			E + 6.50%				8.51	%				8,127				8,862  (EUR 7,546)					0.6	%
		First-lien revolving loan (EUR 328 par, due 6/2029)		7/11/2023			E + 6.50%				8.43	%				374				385  (EUR 328)
Tango Management Consulting, LLC (3)(5)		First-lien loan ($49,169 par, due 6/2031)		6/25/2025		SOFR + 6.50%					10.50	%				48,120					48,312				3.0	%
																386,545					375,412				23.3	%
Transportation
Ben Nevis Midco Limited (3)(4)		First-lien loan ($5,000 par, due 3/2028)		3/26/2024		SOFR + 5.50%					9.33	%				4,963					5,038				0.3	%
Marcura Equities LTD (3)(4)		First-lien loan ($41,520 par, due 8/2029)		8/11/2023		SOFR + 8.25%				11.92% (incl. 4.25% PIK)						40,856					41,832				2.6	%
		First-lien loan (GBP 1,107 par, due 8/2029)		8/11/2023			S + 8.25%			11.98% (incl. 4.25% PIK)						1,378				1,500  (GBP 1,115)					0.1	%
		First-lien revolving loan ($1,667 par, due 8/2029)		8/11/2023		SOFR + 7.50%					11.17	%				1,617					1,692				0.1	%
Project44, Inc. (3)(5)		First-lien loan ($54,549 par, due 11/2027)		11/12/2021		SOFR + 6.35%					10.07	%				53,982					54,140				3.4	%
Rail Acquisitions LLC		First-lien loan ($25,217 par, due 1/2030) (3)		1/27/2025		SOFR + 6.00%					9.86	%				24,742					24,946				1.6	%
		Second-lien note ($21,423 par, due 1/2031)		1/27/2025			13.75	%		13.75% PIK						18,292					19,360				1.2	%
Ranger Intermediate II, LLC (3)		First-lien loan ($69,361 par, due 10/2031)		10/28/2025		SOFR + 5.50%					9.36	%				68,341					68,667				4.3	%
Shiftmove GMBH (3)(4)(5)		First-lien loan (EUR 36,338 par, due 9/2030)		9/30/2024		E + 6.00%					8.03	%				39,967				42,809  (EUR 36,450)					2.7	%
																254,138					259,984				16.3	%
Total Debt Investments																3,064,943					3,076,863				191.4	%
Equity and Other Investments
Business Services
Artisan Topco LP (11)		Class A Preferred Units (2,117,264 units)		11/7/2023												2,117					1,800				0.1	%
Dye & Durham, Ltd. (4)		Common Shares (126,968 shares)		12/3/2021												3,909				282  (CAD 386)					0.0	%
Insight Hideaway Aggregator, L.P. (11)		Partnership Interest (329,861 units)		3/19/2024												3,299					3,835				0.3	%
Mitnick TA Aggregator, L.P. (11)		Membership Interest (0.43% ownership)		5/2/2022												5,249					3,176				0.3	%
Newark FP Co-Invest, L.P. (11)		Partnership (2,527,719 units)		11/8/2023												2,532					2,399				0.1	%
Sprinklr, Inc. (10)(11)		Common Shares (283,499 shares)		6/24/2021												2,445					2,205				0.1	%
Warrior TopCo LP (11)		Class A Units (423,729 units)		7/7/2023												424					661				0.0	%
																19,975					14,358				0.9	%
Communications
Celtra Technologies, Inc. (11)		Class A Units (1,250,000 units)		11/19/2021												1,250					1,578				0.1	%
IntelePeer Holdings, Inc. (11)		Series C Preferred Shares (1,816,295 shares)		4/8/2021												1,816					309				0.0	%
		Series D Preferred Shares (1,598,874 shares)		4/8/2021												2,925					329				0.0	%
		Series D Warrants (106,592 warrants)		4/8/2021												—					—				0.0	%
																5,991					2,216				0.1	%
Education
Astra 2L Holdings II LLC (11)		Membership Interest (10.17% ownership)		1/13/2022												3,255					—				0.0	%
EMS Linq, Inc. (11)		Class B Units (5,522,526 units)		12/22/2021												5,523					1,602				0.1	%
																8,778					1,602				0.1	%
Financial Services
AF Eagle Parent, L.P. (11)		Partnership Units (121,329 units)		11/27/2023												4,091					5,717				0.4	%
Newport Parent Holdings, L.P. (11)		Class A-2 Units (131,569 units)		12/10/2020												4,177					9,972				0.6	%
Oxford Square Capital Corp. (4)(10)		Common Shares (1,620 shares)		8/5/2015												6					3				0.0	%
Passport Labs, Inc. (11)		Warrants (17,534 warrants)		4/28/2021												192					—				0.0	%
TS Imagine, Inc. (13)		Class A Units (600,000 units) (11)		5/14/2021												600					723				0.0	%
		Class AA Units (19,093 units)		11/1/2024			20.00	%			20.00	%				46					46				0.0	%
																9,112					16,461				1.0	%
Healthcare
Caris Life Sciences, Inc. (10)(11)		Common Shares (962,195 shares)		6/20/2025												11,122					25,960				1.7	%
Merative Topco L.P. (11)		Class A-1 Units (989,691 units)		6/30/2022												9,897					14,128				0.9	%
Raptor US Buyer II Corp. (11)		Ordinary Shares (13,176 shares)		3/24/2023												2,033					2,353				0.1	%
																23,052					42,441				2.7	%
Hotel, Gaming and Leisure
IRGSE Holding Corp. (6)(11)		Class A Units (50,140,171 units)		12/21/2018												21,883					125				0.0	%
		Class C-1 Units (8,800,000 units)		12/21/2018												100					43				0.0	%
																21,983					168				0.0	%

21

---

 

Human Resource Support Services
Axonify, Inc. (4)(11)(13)		Class A-1 Units (3,780,000 units)		5/5/2021												3,780					3,497				0.2	%
bswift, LLC		Class A-1 Units (2,393,509 units)		11/7/2022												2,394					4,727				0.3	%
DaySmart Holdings, LLC (11)		Class A Units (166,811 units)		12/18/2020												1,347					2,259				0.1	%
Employment Hero Holdings Pty Ltd. (4)(11)		Series E Preferred Shares (113,250 shares)		3/1/2022												2,134				4,081  (AUD 6,120)					0.3	%
																9,655					14,564				0.9	%
Internet Services
Bayshore Intermediate #2, L.P. (11)(13)		Co-Invest Common Units (8,837,008 units)		10/1/2021												8,837					12,880				0.9	%
		Co-Invest 2 Common Units (3,493,701 units)		10/1/2021												3,494					5,092				0.3	%
Bigtincan Holdings L.P. (11)(12)		Class A Units (2,902,890 units)		4/16/2025												3,019					3,020				0.2	%
Khoros, LLC (12)(13)		Earnout Interests		5/23/2025												7,614					7,233				0.4	%
Lucidworks, Inc. (11)		Series F Preferred Shares (199,054 shares)		8/2/2019												800					530				0.0	%
Piano Software, Inc. (11)		Series C-1 Preferred Shares (418,527 shares)		12/22/2021												3,000					2,400				0.1	%
		Series C-2 Preferred Shares (27,588 shares)		11/18/2022												198					316				0.0	%
SMA Technologies Holdings, LLC (11)		Class A Units (1,584 units)		11/21/2022												1,584					2,752				0.2	%
		Class B Units (1,124,813 units)		11/21/2022												68					119				0.0	%
																28,614					34,342				2.1	%
Marketing Services
Validity, Inc. (11)		Series A Preferred Shares (3,840,000 shares)		5/31/2018												3,840					9,600				0.6	%
Oil, Gas and Consumable Fuels
Murchison Oil and Gas, LLC (11)(13)		Preferred Units (13,355 units)		6/30/2022												—					—				0.0	%
TRP Assets, LLC (11)(13)		Partnership Interest (1.89% ownership)		8/25/2022												8,917					9,496				0.6	%
																8,917					9,496				0.6	%
Pharmaceuticals
TherapeuticsMD, Inc. (4)(11)		Warrants (14,256 warrants)		8/5/2020												1,029					—				0.0	%
Elysium BidCo Limited (4)(11)		Convertible Preference Shares (4,976,563 Shares)		12/11/2024												6,341				7,581  (GBP 5,636)					0.5	%
																7,370					7,581				0.5	%
Retail and Consumer Products
American Achievement, Corp. (11)		Class A Units (687 units)		3/16/2021												—					50				0.0	%
Copper Bidco, LLC (9)		Trust Certificates (996,958 Certificates)		1/30/2021												1,104					11,016				0.7	%
Neuintel, LLC (11)(13)		Class A Units (1,176,494 units)		12/20/2021												3,000					413				0.0	%
																4,104					11,479				0.7	%
Transportation
RailTrac Holdings Inc. (11)(12)		Warrants (3,059 warrants)		1/27/2025												2,717					2,717				0.2	%
Ranger Parent I, Inc. (12)		Series A-1 Preferred Shares (5,639 Shares)		10/28/2025			14.50	%		14.50% PIK						5,362					5,245				0.3	%
		Warrants (3,841 warrants) (11)		10/28/2025												312					312				0.0	%
																8,391					8,274				0.5	%
Total Equity Investments																159,782					172,582				10.7	%
Other Investments
Apidos CLO, Series 2015-23A (3)(4)(9)		Structured Credit ($4,000 par, due 4/2033)		9/3/2025		SOFR + 5.20%					9.10	%				4,016					4,002				0.2	%
Ares CLO Ltd, Series 2022-63A (3)(4)(9)		Structured Credit ($2,500 par, due 10/2038)		8/7/2025		SOFR + 6.00%					10.28	%				2,522					2,501				0.2	%
Ares CLO Ltd, Series 2022-64A (3)(4)(9)		Structured Credit ($2,000 par, due 10/2039)		9/4/2025		SOFR + 6.50%					10.40	%				2,043					2,018				0.1	%
Ares CLO Ltd, Series 2024-72A (3)(4)(9)		Structured Credit ($3,500 par, due 7/2036)		8/7/2025		SOFR + 6.00%					9.90	%				3,546					3,510				0.2	%
Benefit Street Partners CLO Ltd, Series 2025-39A (3)(4)(9)		Structured Credit ($1,725 par, due 4/2038)		7/16/2025		SOFR + 4.50%					8.40	%				1,725					1,711				0.1	%
Birch Grove CLO Ltd, Series 2025-14A (3)(4)(9)		Structured Credit ($1,250 par, due 7/2037)		9/2/2025		SOFR + 6.65%					10.98	%				1,267					1,261				0.1	%
Canyon CLO Ltd, Series 2025-1A (3)(4)(9)		Structured Credit ($1,125 par, due 4/2038)		7/28/2025		SOFR + 4.75%					8.65	%				1,118					1,102				0.1	%
Carlyle US CLO Ltd, Series 2017-2A (3)(4)(9)		Structured Credit ($2,500 par, due 7/2037)		9/3/2025		SOFR + 7.56%					11.44	%				2,547					2,528				0.2	%
Carlyle US CLO Ltd, Series 2021-1A (3)(4)(9)		Structured Credit ($3,225 par, due 1/2040)		8/7/2025		SOFR + 7.30%					11.20	%				3,322					3,290				0.2	%
CarVal CLO Ltd, Series 2021-2A (3)(4)(9)		Structured Credit ($2,000 par, due 10/2034)		9/9/2025		SOFR + 7.01%					10.92	%				2,013					1,996				0.1	%
CarVal CLO Ltd, Series 2023-1A (3)(4)(9)		Structured Credit ($3,000 par, due 7/2037)		8/13/2025		SOFR + 6.35%					10.23	%				3,030					2,973				0.2	%

22

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CIFC Funding Ltd, Series 2020-4A (3)(4)(9)		Structured Credit ($4,000 par, due 1/2040)		7/29/2025		SOFR + 4.90%				8.80	%				4,026					4,007				0.2	%
CIFC Funding Ltd, Series 2021-7A (3)(4)(9)		Structured Credit ($2,800 par, due 1/2035)		9/8/2025		SOFR + 4.90%				8.76	%				2,809					2,779				0.2	%
CIFC Funding Ltd, Series 2022-4A (3)(4)(9)		Structured Credit ($3,000 par, due 7/2035)		8/27/2025		SOFR + 5.25%				9.14	%				3,009					3,005				0.2	%
Diameter Capital CLO Ltd, Series 2025-9A (3)(4)(9)		Structured Credit ($3,500 par, due 4/2038)		9/2/2025		SOFR + 4.70%				8.58	%				3,530					3,519				0.2	%
Goldentree Loan Management US CLO Ltd, Series 2022-16A (3)(4)(9)		Structured Credit ($5,000 par, due 1/2038)		9/16/2025		SOFR + 4.50%				8.38	%				4,973					4,956				0.3	%
Goldentree Loan Management US CLO Ltd, Series 2023-17A (3)(4)(9)		Structured Credit ($3,000 par, due 1/2039)		7/16/2025		SOFR + 5.40%				9.28	%				3,022					3,018				0.2	%
Lake George Park CLO Ltd, Series 2025-1A (3)(4)(9)		Structured Credit ($4,500 par, due 4/2038)		8/27/2025		SOFR + 4.60%				8.50	%				4,500					4,507				0.3	%
Madison Park Funding Ltd, Series 2025-65A (3)(4)(9)		Structured Credit ($4,400 par, due 7/2038)		8/19/2025		SOFR + 5.00%				9.32	%				4,407					4,407				0.2	%
Madison Park Funding Ltd, Series 2025-72A (3)(4)(9)		Structured Credit ($4,500 par, due 7/2038)		8/18/2025		SOFR + 5.25%				9.37	%				4,547					4,535				0.3	%
Neuberger Berman CLO Ltd, Series 2017-16SA (3)(4)(9)		Structured Credit ($4,000 par, due 4/2039)		7/28/2025		SOFR + 4.90%				8.80	%				4,010					3,947				0.2	%
Neuberger Berman CLO Ltd, Series 2015-20A (3)(4)(9)		Structured Credit ($1,150 par, due 4/2039)		7/28/2025		SOFR + 4.75%				8.65	%				1,151					1,144				0.1	%
Neuberger Berman Loan Advisers CLO Ltd, Series 2017-24A (3)(4)(9)		Structured Credit ($1,000 par, due 10/2038)		8/25/2025		SOFR + 7.00%				10.88	%				1,024					1,017				0.1	%
Neuberger Berman Loan Advisers CLO Ltd, Series 2019-33A (3)(4)(9)		Structured Credit ($2,000 par, due 4/2039)		9/9/2025		SOFR + 5.50%				9.39	%				2,030					2,013				0.1	%
Neuberger Berman Loan Advisers CLO Ltd, Series 2021-44A (3)(4)(9)		Structured Credit ($1,000 par, due 10/2035)		8/15/2025		SOFR + 5.15%				9.04	%				1,006					1,001				0.1	%
Oaktree CLO Ltd, Series 2022-2A (3)(4)(9)		Structured Credit ($3,500 par, due 10/2037)		7/17/2025		SOFR + 6.40%				10.30	%				3,542					3,516				0.2	%
Octagon 67 Ltd, Series 2023-1A (3)(4)(9)		Structured Credit ($3,000 par, due 7/2038)		9/4/2025		SOFR + 7.41%				11.27	%				3,102					3,057				0.2	%
Oha Credit Funding Ltd, Series 2025-22A (3)(4)(9)		Structured Credit ($1,250 par, due 7/2038)		7/24/2025		SOFR + 5.55%				9.83	%				1,268					1,261				0.1	%
Palmer Square CLO Ltd, Series 2021-4 (3)(4)(9)		Structured Credit ($4,000 par, due 7/2038)		9/16/2025		SOFR + 5.75%				9.65	%				4,036					4,010				0.2	%
Palmer Square CLO Ltd, Series 2025-1A (3)(4)(9)		Structured Credit ($2,250 par, due 4/2038)		8/21/2025		SOFR + 4.50%				8.38	%				2,251					2,250				0.1	%
Pikes Peak CLO Ltd, Series 2023-14A (3)(4)(9)		Structured Credit ($3,000 par, due 7/2038)		7/30/2025		SOFR + 6.00%				9.88	%				3,067					2,992				0.2	%
Regatta Funding Ltd, Series 2020-1A (3)(4)(9)		Structured Credit ($1,000 par, due 10/2037)		7/17/2025		SOFR + 6.50%				10.40	%				1,019					1,011				0.1	%
Riverbank Park CLO Ltd, Series 2024-1A (3)(4)(9)		Structured Credit ($4,500 par, due 1/2038)		7/29/2025		SOFR + 4.80%				8.66	%				4,528					4,502				0.3	%
RR Ltd, Series 2021-19A (3)(4)(9)		Structured Credit ($1,000 par, due 4/2040)		7/17/2025		SOFR + 4.70%				8.60	%				999					995				0.1	%
Texas Debt Capital CLO Ltd, Series 2023-1A (3)(4)(9)		Structured Credit ($2,000 par, due 7/2038)		8/12/2025		SOFR + 4.95%				8.83	%				2,023					2,017				0.1	%
Whitebox CLO Ltd, Series 2023-4A (3)(4)(9)		Structured Credit ($1,500 par, due 4/2036)		8/20/2025		SOFR + 6.48%				10.36	%				1,529					1,514				0.1	%
Total Other Investments															98,557					97,872				6.1	%
Total Equity and Other Investments															258,339					270,454				16.8	%
Total Investments													$		3,323,282			$		3,347,317				208.2	%

 

 

		Interest Rate Swaps as of December 31, 2025
		Company Receives		Company Pays		Maturity Date		Notional Amount				Fair Market Value				Upfront (Payments) / Receipts				Change in Unrealized Gains / (Losses)
Interest rate swap (a)(b)		2.50%		SOFR + 2.17%		8/1/2026		$	300,000			$	(5,785	)		$	—			$	11,833
Interest rate swap (a)(b)		6.95%		SOFR + 2.99%		8/14/2028			300,000				4,495				—				5,872
Interest rate swap (a)(b)		6.125%		SOFR + 2.44%		3/1/2029			350,000				3,307				—				8,550
Interest rate swap (a)(b)		5.625%		SOFR + 1.53%		8/15/2030			300,000				8,284				—				8,284
Total Hedge Accounting Swaps									1,250,000				10,301				—				34,539
Cash collateral									—				16,727				—				—
Total derivatives								$	1,250,000			$	27,028			$	—			$	34,539

 

23

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(a)

Contains a variable rate structure. Bears interest at a rate determined by SOFR.

(b)

Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedged item within interest expense.

 

(1)

Certain portfolio company investments are subject to contractual restrictions on sales.

(2)

The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(3)

Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to either Euro Interbank Offer Rate (“Euribor” or “E”), Sterling Overnight Index Average (“SONIA”), Secured Overnight Financing Rate (“SOFR”) which may also contain a credit spread adjustment depending on the tenor election, Stockholm Interbank Offered Rate (“STIBOR”), Norwegian Interbank Offered Rate (“NIBOR” or “N”) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”), all of which include an available tenor, selected at the borrower’s option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at December 31, 2025.

(4)

This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 19.9% of total assets as of December 31, 2025.

(5)

In addition to the interest earned based on the stated interest rate of this investment, which is the amount reflected in this schedule, the Company may be entitled to receive additional interest as a result of an arrangement with other members in the syndicate to the extent an investment has been allocated to “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any amounts due thereunder and the Company holds the “last out” tranche.

(6)

Under the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control,” as such terms are defined in the 1940 Act, this portfolio company, as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). Transactions during the year ended December 31, 2025 in which the issuer was an Affiliated Person of and was deemed to Control a portfolio company are as follows:

 

Controlled, Affiliated Investments during the year ended December 31, 2025

 

Company		Fair Value at December 31, 2024				Gross Additions (a)				Gross Reductions (b)				Net Change In Unrealized Gain/(Loss)				Realized Gain/(Loss)				Transfers				Fair Value at December 31, 2025				Other Income				Interest Income
IRGSE Holding Corp.		$	65,095			$	11,630			$	(5,310	)		$	3,266			$	(16,309	)		$	—			$	58,372			$	11			$	10,347
Total		$	65,095			$	11,630			$	(5,310	)		$	3,266			$	(16,309	)		$	—			$	58,372			$	11			$	10,347

 

(a)

Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b)

Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on debt investments, as applicable. When an investment is placed on non-accrual status, any cash flows received by the Company are applied to the outstanding principal balance.

 

(7)

As of December 31, 2025, the estimated cost basis of investments for U.S. federal tax purposes was $3,332,367 resulting in estimated gross unrealized gains and losses of $219,540 and $231,975, respectively.

(8)

In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to investments at fair value.

(9)

This investment is valued using observable inputs and is considered a Level 2 investment. See Note 6 for further information related to investments at fair value.

(10)

This investment is valued using observable inputs and is considered a Level 1 investment. See Note 6 for further information related to investments at fair value.

(11)

This investment is non-income producing.

24

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(12)

All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $18,527, or 1.2% of the Company’s net assets.

(13)

Ownership of equity investments may occur through a holding company or partnership.

(14)

Investment is on non-accrual status as of December 31, 2025.

(15)

In addition to the principal amount outstanding and accrued interest owed on this investment, the Company is entitled to a separate Make-Whole Amount (the “Make-Whole”) of $15.9 million. The Make-Whole is a contractual obligation of the borrower and accrues interest on the balance outstanding. The Make-Whole is included on the Company’s Consolidated Balance Sheet within other assets, net of any valuation allowance. Given uncertainty relating to collectability of the Make-Whole, the Company has applied a full valuation allowance against the amount of the Make-Whole balance outstanding.

 

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

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Sixth Street Specialty Lending, Inc.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands, except share amounts)

(Unaudited)

		Common Stock								Treasury Stock
		Shares				Par Amount				Shares				Cost				Paid in Capital in Excess of Par				Distributable Earnings				Total Net Assets
Balance at December 31, 2025			94,705,150			$	954				664,250			$	(10,459	)		$	1,535,583			$	81,643			$	1,607,721
Net increase (decrease) in net assets resulting from operations:
Net investment income			—				—				—				—				—				39,842				39,842
Net change in unrealized gains (losses) on investments and    foreign currency translation			—				—				—				—				—				(26,524	)			(26,524	)
Net realized gains (losses) on investments and foreign    currency transactions			—				—				—				—				—				(39,343	)			(39,343	)
Dividends to stockholders:
Stock issued in connection with dividend reinvestment plan			314,450				3				—				—				5,485				—				5,488
Dividends declared from distributable earnings			—				—				—				—				—				(44,511	)			(44,511	)
Balance at March 31, 2026			95,019,600			$	957				664,250			$	(10,459	)		$	1,541,068			$	11,107			$	1,542,673

 

		Common Stock								Treasury Stock
		Shares				Par Amount				Shares				Cost				Paid in Capital in Excess of Par				Distributable Earnings				Total Net Assets
Balance at December 31, 2024			93,661,436			$	943				664,250			$	(10,459	)		$	1,519,337			$	97,708			$	1,607,529
Net increase (decrease) in net assets resulting from operations:
Net investment income			—				—				—				—				—				57,978				57,978
Net change in unrealized gains (losses) on investments and    foreign currency translation			—				—				—				—				—				(21,860	)			(21,860	)
Net realized gains (losses) on investments and foreign    currency transactions			—				—				—				—				—				837				837
Dividends to stockholders:
Stock issued in connection with dividend reinvestment plan			302,922				3				—				—				6,437				—				6,440
Dividends declared from distributable earnings			—				—				—				—				—				(49,641	)			(49,641	)
Balance at March 31, 2025			93,964,358			$	946				664,250			$	(10,459	)		$	1,525,774			$	85,022			$	1,601,283

 

 

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

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Sixth Street Specialty Lending, Inc.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

 

		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Cash Flows from Operating Activities
Increase (decrease) in net assets resulting from operations		$	(26,025	)		$	36,955
Adjustments to reconcile increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (gains) losses on investments			34,925				10,817
Net change in unrealized (gains) losses on foreign currency transactions			(8,401	)			11,043
Net realized (gains) losses on investments			39,257				(1,115	)
Net realized (gains) losses on foreign currency transactions			3				(25	)
Net amortization of discount on investments			(4,637	)			(6,159	)
Amortization of deferred financing costs			1,718				1,494
Amortization of discount on debt			495				395
Purchases and originations of investments, net			(162,769	)			(183,742	)
Proceeds from investments, net			8,173				3,721
Repayments on investments			125,650				288,163
Paid-in-kind interest			(6,719	)			(5,281	)
Changes in operating assets and liabilities:
Interest receivable			(164	)			(561	)
Interest receivable paid-in-kind			(251	)			(80	)
Prepaid expenses and other assets			(996	)			(2,090	)
Management fees payable to affiliate			(519	)			(279	)
Incentive fees on net investment income payable to affiliate			(1,885	)			(497	)
Incentive fees on net capital gains accrued to affiliate			—				(3,686	)
Payable to affiliate			(358	)			(934	)
Other liabilities			(20,851	)			1,780
Net Cash Provided by (Used in) Operating Activities			(23,354	)			149,919
Cash Flows from Financing Activities
Borrowings on debt			310,289				530,044
Repayments on debt			(238,395	)			(609,518	)
Deferred financing costs			—				(7,303	)
Dividends paid to stockholders			(39,024	)			(43,201	)
Net Cash Provided by (Used in) Financing Activities			32,870				(129,978	)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash			9,516				19,941
Cash, cash equivalents, and restricted cash, beginning of period			19,662				27,328
Cash, Cash Equivalents, and Restricted Cash, End of Period		$	29,178			$	47,269
Supplemental Information:
Interest paid during the period		$	43,841			$	45,459
Excise and other taxes paid during the period		$	4,604			$	4,500
Dividends declared during the period		$	44,511			$	49,641
Non-Cash Financing Activities:
Reinvestment of dividends during the period		$	5,488			$	6,440

 

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

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Sixth Street Specialty Lending, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

(Amounts in thousands, unless otherwise indicated)

 

1. Organization and Basis of Presentation

Organization

Sixth Street Specialty Lending, Inc. (the “Company”) is a Delaware corporation formed on July 21, 2010. The Company was formed primarily to lend to, and selectively invest in, middle-market companies in the United States. The Company has elected to be regulated as a business development company (“BDC”) under the 1940 Act. In addition, for tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is managed by Sixth Street Specialty Lending Advisers, LLC (the “Adviser”).

On June 1, 2011, the Company formed a wholly-owned subsidiary, TC Lending, LLC, a Delaware limited liability company.

On March 22, 2012, the Company formed a wholly-owned subsidiary, Sixth Street SL SPV, LLC, a Delaware limited liability company.

On May 19, 2014, the Company formed a wholly-owned subsidiary, Sixth Street SL Holding, LLC, a Delaware limited liability company.

On December 9, 2020, the Company formed a wholly-owned subsidiary, Sixth Street Specialty Lending Sub, LLC, a Cayman Islands limited liability company.

On March 21, 2014, the Company completed its initial public offering (“IPO”) and the Company’s shares began trading on the New York Stock Exchange (“NYSE”) under the symbol “TSLX.”

On December 23, 2025, affiliates of Sixth Street, including the Company, and affiliates of Carlyle Group Inc. (“Carlyle”) entered into an amended and restated limited liability company agreement, as amended from time to time (the “Limited Liability Company Agreement”) to co-manage Structured Credit Partners JV, LLC (“SCP”), a joint venture focused on investing in broadly syndicated first lien senior secured loans, financed with long-term, non-mark-to-market, and predominantly investment grade rated CLO debt. The Company has 25.0% voting ownership in SCP and has commitments to fund, from time to time, capital of up to $200.0 million. Refer to Note 6, Fair Value of Financial Instruments, to these consolidated financial statements for further details.

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the accounts of the Company and its subsidiaries. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements for the periods presented have been included. The results of operations for interim periods are not indicative of results to be expected for the full year. All intercompany balances and transactions have been eliminated in consolidation.

Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with U.S. GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission (“SEC”), on February 12, 2026.

The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.

Fiscal Year End

The Company’s fiscal year ends on December 31.

2. Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

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Cash and Cash Equivalents

Cash and cash equivalents may consist of demand deposits, highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less, and restricted cash pledged as collateral for certain centrally cleared derivative instruments. Cash and cash equivalents denominated in U.S. dollars are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law.

Investments at Fair Value

Loan originations are recorded on the date of the binding commitment, which is generally the funding date. Investment transactions purchased through the secondary markets are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board”), based on, among other things, the input of the Adviser, the Company’s Audit Committee and independent third-party valuation firms engaged at the direction of the Board.

As part of the valuation process, the Board takes into account relevant factors in determining the fair value of our investments, including and in combination of: the estimated enterprise value of a portfolio company (that is, the total value of the portfolio company’s net debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board considers whether the pricing indicated by the external event corroborates its valuation.

The Board undertakes a multi-step valuation process, which includes, among other procedures, the following:

•

The valuation process begins with each investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team.

•

The Adviser’s management reviews the preliminary valuations with the investment professionals. Agreed upon valuation recommendations are presented to the Audit Committee.

•

The Audit Committee reviews the valuations presented and recommends values for each investment to the Board.

•

The Board reviews the recommended valuations and determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith based on, among other things, the input of the Adviser, Audit Committee and, where applicable, other third parties including independent third-party valuation firms engaged at the direction of the Board.

The Company conducts this valuation process on a quarterly basis.

The Board has engaged independent third-party valuation firms to perform certain limited procedures that the Board has identified and requested them to perform in connection with the valuation process of investments for which no market quotations are readily available. At March 31, 2026, the independent third-party valuation firms performed their procedures over substantially all of the Company’s investments. Upon completion of such limited procedures, the third-party valuation firms concluded that the fair value, as determined by the Board, of those investments subjected to their limited procedures, appeared reasonable.

The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurement (“ASC Topic 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC Topic 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC Topic 820, the Company

29

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considers its principal market to be the market that has the greatest volume and level of activity. ASC Topic 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC Topic 820, these levels are summarized below:

•

Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•

Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•

Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC Topic 820. Consistent with the valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company’s position.

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. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment including the impact of changes in broader market indices and credit spreads and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Financial and Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements, pursuant to ASC Topic 815 Derivatives and Hedging, further clarified by the FASB’s issuance of the Accounting Standards Update (“ASU”) No. 2017-12, Derivatives and Hedging, which was adopted in 2019 by the Company. For all derivative instruments designated in a hedge accounting relationship, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company uses certain interest rate swaps as derivative instruments to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. For derivative contracts entered into by the Company that are not designated in a hedge accounting relationship, the Company presents changes in the fair value through current period earnings.

In the normal course of business, the Company has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Company’s derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process.

Derivatives, including the Company’s interest rate swaps, for which broker quotes are available are typically valued at those broker quotes.

Offsetting Assets and Liabilities

Foreign currency forward contract and interest rate swap receivables or payables pending settlement are offset, and the net amount is included with receivable or payable for foreign currency forward contracts or interest rate swaps in the Consolidated Balance Sheets when, and only when, they are with the same counterparty, the Company has the legal right to offset the recognized amounts, and it intends to either settle on a net basis or realize the asset and settle the liability simultaneously.

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Foreign Currency

Foreign currency amounts are translated into U.S. dollars on the following basis:

•

cash and cash equivalents, market value of investments, outstanding debt on revolving credit facilities, other assets and liabilities: at the spot exchange rate on the last business day of the period; and

•

purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company’s Revolving Credit Facility to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Equity Offering Expenses

The Company records expenses related to equity offerings as a reduction of capital upon completion of an offering of registered securities. The costs associated with renewals of the Company’s shelf registration statement are expensed as incurred.

Debt Issuance Costs

The Company records origination and other expenses related to its debt obligations as deferred financing costs, which are presented as a direct deduction from the carrying value of the related debt liability. These expenses are deferred and amortized using the effective interest method, or straight-line method, over the stated maturity of the debt obligation.

Interest and Dividend Income Recognition

Interest income is recorded on an accrual basis and includes the amortization of discounts and premiums. Discounts and premiums to par value on securities purchased or originated are amortized into interest income over the contractual life of the respective security using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of discounts and premiums, if any.

Unless providing services in connection with an investment, such as syndication, structuring or diligence, all or a portion of any loan fees received by the Company will be deferred and amortized over the investment’s life using the effective interest method.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when management has reasonable doubt that the borrower will pay principal or interest in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest has been paid and, in management’s judgment, the borrower is likely to make principal and interest payments in the future. Management may determine to not place a loan on non-accrual status if, notwithstanding any failure to pay, the loan has sufficient collateral value and is in the process of collection.

Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other Income

From time to time, the Company may receive fees for services provided to portfolio companies by the Adviser. The services that the Adviser provides vary by investment, but may include syndication, structuring, arranger, diligence fees, or other service-based fees and fees for providing managerial assistance to our portfolio companies and are recognized as revenue when earned.

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Earnings per share

The Company's earnings per share (“EPS”) amounts have been computed based on the weighted-average number of shares of common stock 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 of common stock outstanding during the period. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued and the additional shares of common stock were dilutive. Diluted EPS reflects the potential dilution, using the if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.

Reimbursement of Transaction-Related Expenses

The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are expected to be reimbursed by third parties, are typically deferred until the transaction is consummated and are recorded in Prepaid expenses and other assets on the date incurred. The transaction-related costs of pursuing investments not otherwise reimbursed are borne by the Company and for successfully completed investments included as a component of the investment’s cost basis.

Cash advances received in respect of transaction-related expenses are recorded as Cash and cash equivalents with an offset to Other liabilities or Other payables to affiliates. Other liabilities or Other payables to affiliates are relieved as reimbursable expenses are incurred.

Income Taxes, Including Excise Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code, and the Company intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must, among other things, distribute to its stockholders in each taxable year generally at least 90% of its investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain its RIC status, the Company, among other things, has made and intends to continue to make the requisite distributions to its stockholders, which generally relieves the Company from corporate-level U.S. federal income taxes.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income.

For the three months ended March 31, 2026 and 2025, the Company recorded a net expense of $1.2 million and $1.4 million, respectively, for U.S. federal excise tax and other taxes.

Dividends to Common Stockholders

Dividends to common stockholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board and is generally based upon the earnings estimated by the Adviser. Net realized long-term capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any dividends declared in cash on behalf of stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes, and it declares, a cash dividend, then the stockholders who have not “opted out” of the dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash dividend. The Company expects to use newly issued shares to satisfy the dividend reinvestment plan.

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Segment Reporting

The Company has one reportable segment: Investment Activity. The Investment Activity segment generates revenue primarily in the form of interest income from the investments it holds. In addition, the Company may generate income from dividends on equity investments, capital gains on the sale of investments and various loan origination and other fees.

The Company’s chief operating decision maker (the “CODM”) is comprised of the senior executive committee that includes the Chief Executive Officer, President, Chief Financial Officer, and the Deputy Chief Financial Officer.

The CODM uses the net increase (decrease) in net assets resulting from operations to evaluate income generated from segment investment activities. The evaluation and assessment of this metric is used in implementing investment policy decisions, strategic initiatives, managing the Company’s portfolio, evaluation of the Company’s distribution policy and assessing the performance of the portfolio.

The accounting policies of the Investment Activity segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the segment and determines how to allocate resources based on the net increase (decrease) in net assets resulting from operations that also is reported on the Consolidated Statement of Operations. Significant segment expenses are reported as total expenses on the Consolidated Statement of Operations. The measure of segment assets is reported on the Consolidated Balance Sheet as total assets.

Recent Accounting Standards and Regulatory Updates

In December 2024, the FASB issued ASU No. 2024-04, “Debt with Conversion and Other Options (Subtopic 470): Induced Conversions of Convertible Debt Instruments”, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. The Company adopted ASU 2024-04, effective March 31, 2026, and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

In November 2025, the FASB issued ASU No. 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements”, which intends to more closely align hedge accounting with the economics of an entity’s risk management activities. This update is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years, though early adoption is permitted. The Company does not expect this update to have a material effect on the Company’s consolidated financial statements.

In March 2026, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”)”, which intends to improve the guidance in Topic 270, Interim Reporting, in order to improve navigability of required interim disclosures and clarify when that guidance is applicable. This update is effective for interim periods in fiscal years beginning after December 15, 2027. The Company does not expect this update to have a material effect on the Company’s consolidated financial statements.

In March 2026, the FASB issued ASU No. 2025-12, “Codification Improvements”, which is part of a standing project to address suggestions received from stakeholders that intends to clarify accounting guidance, correct errors and make technical corrections to the Accounting Standards Codification. This update is effective for interim periods in fiscal years beginning after December 15, 2026, though early adoption is permitted. The Company does not expect this update to have a material effect on the Company’s consolidated financial statements.

3. Agreements and Related Party Transactions

Administration Agreement

On March 15, 2011, the Company entered into the Administration Agreement with the Adviser. Under the terms of the Administration Agreement, the Adviser provides administrative services to the Company. These services include providing office space, equipment and office services, maintaining financial records, preparing reports to stockholders and reports filed with the SEC, and managing the payment of expenses and the oversight of the performance of administrative and professional services rendered by others. Certain of these services are reimbursable to the Adviser under the terms of the Administration Agreement. In addition, the Adviser is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and the Company pays or reimburses the Adviser for certain expenses incurred by any such affiliates or third parties for work done on its behalf.

In February 2017, the Board of Directors of the Company and the Adviser entered into an amended and restated administration agreement (the “Administration Agreement”) reflecting certain clarifications to the agreement to provide greater detail regarding the scope of the reimbursable costs and expenses of the Administrator’s services.

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In November 2025, the Board renewed the Administration Agreement. Unless earlier terminated as described below, the Administration Agreement will remain in effect until November 2026, and may be extended subject to required approvals. The Administration Agreement may be terminated by either party without penalty on 60 days’ written notice to the other party.

No person who is an officer, director or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Adviser (or its affiliates) for the allocable portion of the costs of compensation, benefits, and related administrative expenses of the Company’s officers who provide operational and administrative services to the Company pursuant to the Administration Agreement, their respective staffs and other professionals who provide services to the Company (including, in each case, employees of the Adviser or an affiliate). Such reimbursable amounts include the allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s Chief Financial Officer, Chief Compliance Officer, and other professionals who provide operational and administrative services to the Company pursuant to the Administration Agreement, including individuals who provide “back office” or “middle office” financial, operational, legal and/or compliance services to the Company. The Company reimburses the Adviser (or its affiliates) for the allocable portion of the compensation paid by the Adviser (or its affiliates) to such individuals based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company and in acting on behalf of the Company. The Company may also reimburse the Adviser or its affiliates for the allocable portion of overhead expenses (including rent, office equipment and utilities) attributable thereto. Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three months ended March 31, 2026 and 2025, the Company incurred expenses of $0.9 million and $1.0 million, respectively, for administrative services payable to the Adviser under the terms of the Administration Agreement, which is included in other general and administrative expenses in the Consolidated Statements of Operations.

Investment Advisory Agreement

On April 15, 2011, the Company entered into the Investment Advisory Agreement with the Adviser. The Investment Advisory Agreement was subsequently amended on December 12, 2011. Under the terms of the Investment Advisory Agreement, the Adviser provides investment advisory services to the Company. The Adviser’s services under the Investment Advisory Agreement are not exclusive, and the Adviser is free to furnish similar or other services to others so long as its services to the Company are not impaired. Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser the Management Fee and may also pay certain Incentive Fees.

In November 2025, the Board renewed the Investment Advisory Agreement. Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect until November 2026, and may be extended subject to required approvals. The Investment Advisory Agreement may be terminated by either party without penalty on 60 days’ written notice to the other party.

The Management Fee is calculated at an annual rate of 1.5% based on the average value of the Company’s gross assets calculated using the values at the end of the two most recently completed calendar quarters, adjusted for any share issuances or repurchases during the period. The Management Fee is payable quarterly in arrears.

For the three months ended March 31, 2026 and 2025, Management Fees (gross of waivers) were $12.6 million and $13.1 million, respectively.

Any waived Management Fees are not subject to recoupment by the Adviser.

The Adviser intends to waive a portion of the Management Fee payable under the Investment Advisory Agreement by reducing the Management Fee on assets financed using leverage over 200% asset coverage (in other words, over 1.0x debt to equity) (the “Leverage Waiver”). Pursuant to the Leverage Waiver, the Adviser intends to waive the portion of the Management Fee in excess of an annual rate of 1.0% (0.250% per quarter) on the average value of the Company's gross assets as of the end of the two most recently completed calendar quarters that exceeds the product of (i) 200% and (ii) the average value of our net asset value at the end of the two most recently completed calendar quarters. For the three months ended March 31, 2026 and 2025, the Adviser waived Management Fees of $0.3 million and $0.4 million, respectively, pursuant to the Leverage Waiver.

The Incentive Fee consists of two parts, as follows:

1.

The first component, payable at the end of each quarter in arrears, equals 100% of the pre-Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate,” the calculation of which is further explained below, until the Adviser has received 17.5% of the total pre-Incentive Fee net investment income for that quarter and, for pre-Incentive Fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-Incentive Fee net investment income for that quarter. The 100% “catch-up” provision for pre-Incentive Fee net investment income in excess of the 1.5% “hurdle rate” is intended to provide the Adviser with an Incentive Fee of 17.5% on all pre-Incentive Fee net investment income when that amount equals 1.82% in a quarter

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(7.28% annualized), which is the rate at which catch-up is achieved. Once the “hurdle rate” is reached and catch-up is achieved, 17.5% of any pre-Incentive Fee net investment income in excess of 1.82% in any quarter is payable to the Adviser.

Pre-Incentive Fee net investment income means dividends, interest and fee income accrued by the Company during the calendar quarter, minus the Company’s operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement to the Administrator, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Company may not have received in cash. Pre-Incentive Fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital gains or losses.

2.

The second component, payable at the end of each fiscal year in arrears, equaled 15% through March 31, 2014 and, beginning April 1, 2014, equals a weighted percentage of cumulative realized capital gains from the Company’s inception to the end of that fiscal year, less cumulative realized capital losses and unrealized capital losses. This component of the Incentive Fee is referred to as the Capital Gains Fee. Each year, the fee paid for this component of the Incentive Fee is net of the aggregate amount of any previously paid Capital Gains Fee for prior periods. For capital gains that accrue following March 31, 2014, the Incentive Fee rate is 17.5%. The Company accrues, but does not pay, a Capital Gains Fee with respect to unrealized capital gains because a Capital Gains Fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain. The weighted percentage is intended to ensure that for each fiscal year following the completion of the IPO, the portion of the Company’s realized capital gains that accrued prior to March 31, 2014, is subject to an Incentive Fee rate of 15% and the portion of the Company’s realized capital gains that accrued beginning April 1, 2014 is subject to an Incentive Fee rate of 17.5%. In the determination of the second component of the Incentive Fee, any unrealized gains or losses specifically related to the foreign currency denominated borrowings of non-US dollar denominated investments is offset against any associated unrealized gains or losses related to foreign currency denominated investments. As of March 31, 2020, there are no remaining investments that were made prior to April 1, 2014, and as a result, the Incentive Fee rate of 17.5% is applicable to any future realized capital gains.

For purposes of determining whether pre-Incentive Fee net investment income exceeds the hurdle rate, pre-Incentive Fee net investment income is expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter.

Section 205(b)(3) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), prohibits the Adviser from receiving the payment of fees on unrealized gains until those gains are realized, if ever. There can be no assurance that such unrealized gains will be realized in the future.

For the three months ended March 31, 2026 and 2025, Incentive Fees were $8.5 million and $7.8 million, respectively, of which $8.5 million and $11.5 million, respectively, were realized and payable to the Adviser. For the three months ended March 31, 2026, there were no Incentive Fees accrued related to Capital Gains Fees. For the three months ended March 31, 2025, $(3.7) million of Incentive Fees were accrued related to Capital Gains Fees. As of March 31, 2026, the Capital Gains Fees accrued are not contractually payable to the Adviser.

Any waived Incentive Fees are not subject to recoupment by the Adviser.

Since the Company’s IPO, with the exception of its waiver of Management Fees and certain Incentive Fees attributable to the Company’s ownership of certain investments and the Leverage Waiver, the Adviser has not waived its right to receive any Management Fees or Incentive Fees payable pursuant to the Investment Advisory Agreement.

From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

4. Investments at Fair Value

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled, affiliated investments.

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Investments at fair value consisted of the following at March 31, 2026 and December 31, 2025:

 

		March 31, 2026
		Amortized Cost (1)				Fair Value				Net Unrealized Gain (Loss)
First-lien debt investments		$	2,963,245			$	2,959,032			$	(4,213	)
Second-lien debt investments			31,369				31,195				(174	)
Mezzanine debt investments			62,852				63,752				900
Equity investments			153,647				150,992				(2,655	)
Structured credit investments			98,554				93,805				(4,749	)
Joint venture investments			14,665				14,665				—
Total Investments		$	3,324,332			$	3,313,441			$	(10,891	)

 

		December 31, 2025
		Amortized Cost (1)				Fair Value				Net Unrealized Gain (Loss)
First-lien debt investments		$	2,934,162			$	2,984,501			$	50,339
Second-lien debt investments			69,631				30,678				(38,953	)
Mezzanine debt investments			61,150				61,684				534
Equity and other investments			159,782				172,582				12,800
Structured credit investments			98,557				97,872				(685	)
Total Investments		$	3,323,282			$	3,347,317			$	24,035

 

(1)

The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

The industry composition of investments at fair value at March 31, 2026 and December 31, 2025 is as follows:

 

		March 31, 2026				December 31, 2025
Business Services			11.2	%			13.4	%
Chemicals			1.2	%			1.2	%
Communications			1.2	%			1.5	%
Education			3.2	%			3.1	%
Electronics			0.8	%			0.8	%
Financial Services			3.6	%			3.5	%
Healthcare			8.8	%			9.0	%
Hotel, Gaming and Leisure			8.9	%			8.0	%
Human Resource Support Services			7.9	%			9.0	%
Internet Services			18.3	%			18.3	%
Manufacturing			2.7	%			1.2	%
Marketing Services			0.3	%			0.3	%
Office Products			0.3	%			0.3	%
Oil, Gas and Consumable Fuels			2.9	%			2.8	%
Other (1)			5.8	%			5.3	%
Pharmaceuticals			3.5	%			2.7	%
Real Estate (2)			0.0	%			0.0	%
Retail and Consumer Products			11.5	%			11.6	%
Transportation			7.9	%			8.0	%
Total			100.0	%			100.0	%

 

(1)

Includes structured credit and joint venture investments.

(2)

Value sums to less than 0.1%.

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The geographic composition of investments at fair value at March 31, 2026 and December 31, 2025 is as follows:

 

		March 31, 2026				December 31, 2025
United States
Midwest			12.5	%			12.5	%
Northeast			18.0	%			18.6	%
South			22.9	%			23.2	%
West			28.5	%			29.8	%
Australia			0.1	%			0.2	%
Canada			3.1	%			1.5	%
Finland (1)			0.0	%			0.0	%
France			1.6	%			1.6	%
Germany			3.5	%			3.5	%
Italy			0.6	%			0.6	%
Netherlands			0.4	%			0.4	%
Norway			3.3	%			3.3	%
Sweden			0.8	%			0.8	%
United Kingdom			4.7	%			4.0	%
Total			100.0	%			100.0	%

(1)

Value sums to less than 0.1%.

5. Derivatives

Interest Rate Swaps

The Company enters into interest rate swap transactions from time to time to hedge fixed rate debt obligations and certain fixed rate debt investments. The Company’s interest rate swaps are all with one counterparty and are centrally cleared through a registered commodities exchange. Refer to the Consolidated Schedule of Investments for additional disclosure regarding these interest rate swaps.

Cash flows related to the Company's derivatives are included within operating activities on the Consolidated Statements of Cash Flows. The following tables present the amounts paid and received on the Company’s interest rate swap transactions for the three months ended March 31, 2026 and 2025:

 

								For the Three Months Ended March 31, 2026
		Maturity Date		Notional Amount				Paid				Received				Net
Interest rate swap		8/1/2026		$	300,000			$	(4,195	)		$	1,792			$	(2,403	)
Interest rate swap		8/14/2028			300,000				(4,952	)			5,213				261
Interest rate swap		3/1/2029			350,000				(5,297	)			5,359				62
Interest rate swap		8/15/2030			300,000				(3,865	)			4,172				307
Total				$	1,250,000			$	(18,309	)		$	16,536			$	(1,773	)

 

								For the Three Months Ended March 31, 2025
		Maturity Date		Notional Amount				Paid				Received				Net
Interest rate swap		8/1/2026		$	300,000			$	(4,788	)		$	1,833			$	(2,955	)
Interest rate swap		8/14/2028			300,000				(5,453	)			5,213				(240	)
Interest rate swap		3/1/2029			350,000				(5,881	)			5,359				(522	)
Interest rate swap		8/15/2030			300,000				(1,367	)			1,406				39
Total				$	1,250,000			$	(17,489	)		$	13,811			$	(3,678	)

For the three months ended March 31, 2026 and 2025, the Company recognized $5.5 million of unrealized losses and $17.6 million of unrealized gains, respectively, on interest rate swaps designated as hedging instruments in the Consolidated Statements of Operations. For the three months ended March 31, 2026 and 2025, this amount was offset by an increase of $2.1 million and $3.4 million, respectively, for a change in carrying value of the 2026 Notes, a decrease of $2.4 million and an increase of $3.6 million, respectively, for a change in carrying value of the 2028 Notes, a decrease of $2.7 million and an increase of $5.0 million, respectively, for a change in carrying value of the 2029 Notes and a decrease of $2.5 million and an increase of $5.6 million, respectively, for a change in carrying value of the 2030 Notes.

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As of March 31, 2026, the swap transactions had a fair value of $4.7 million, which is netted against cash collateral of $28.1 million. Cash is pledged as collateral under the Company’s derivative agreements and is included in restricted cash as a component of cash and cash equivalents on the Company’s Consolidated Balance Sheet. As of December 31, 2025, the swap transactions had a fair value of $10.3 million, which is netted against cash collateral of $16.7 million. Cash is pledged as collateral under the Company’s derivative agreements and is included in restricted cash as a component of cash and cash equivalents on the Company’s Consolidated Balance Sheet.

The Company is required under the terms of its derivatives agreements to pledge assets as collateral to secure its obligations underlying the derivatives. The amount of collateral required varies over time based on the mark-to-market value, notional amount and remaining term of the derivatives, and may exceed the amount owed by the Company on a mark-to-market basis. Any failure by the Company to fulfill any collateral requirement (e.g., a so-called “margin call”) may result in a default. In the event of a default by a counterparty, the Company would be an unsecured creditor to the extent of any such overcollateralization.

The Company may enter into other derivative instruments and incur other exposures with the same or other counterparties in the future.

6. Fair Value of Financial Instruments

Investments

The following tables present fair value measurements of investments as of March 31, 2026 and December 31, 2025:

 

		Fair Value Hierarchy at March 31, 2026
		Level 1				Level 2				Level 3				Total
First-lien debt investments		$	—			$	16,067			$	2,942,965			$	2,959,032
Second-lien debt investments			—				122				31,073				31,195
Mezzanine debt investments			—				—				63,752				63,752
Equity investments			14,826				10,767				125,399				150,992
Structured credit investments			—				93,805				—				93,805
Joint venture investments			—				—				14,665				14,665
Total investments at fair value		$	14,826			$	120,761			$	3,177,854			$	3,313,441
Interest rate swaps			—				4,728				—				4,728
Total		$	14,826			$	125,489			$	3,177,854			$	3,318,169

		Fair Value Hierarchy at December 31, 2025
		Level 1				Level 2				Level 3				Total
First-lien debt investments		$	—			$	28,204			$	2,956,297			$	2,984,501
Second-lien debt investments			—				222				30,456				30,678
Mezzanine debt investments			—				—				61,684				61,684
Equity investments			28,169				11,016				133,397				172,582
Structured credit investments			—				97,872				—				97,872
Total investments at fair value		$	28,169			$	137,314			$	3,181,834			$	3,347,317
Interest rate swaps			—				10,301				—				10,301
Total		$	28,169			$	147,615			$	3,181,834			$	3,357,618

 

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur.

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The following tables present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three months ended March 31, 2026 and 2025:

		As of and for the Three Months Ended
		March 31, 2026
		First-lien debt investments				Second-lien debt investments				Mezzanine  debt investments				Equity and structured credit investments				Joint venture investments				Total
Balance, beginning of period		$	2,956,297			$	30,456			$	61,684			$	133,397			$	—			$	3,181,834
Purchases or originations			148,095				—				—				9				14,665				162,769
Repayments / redemptions			(116,146	)			—				—				—				—				(116,146	)
Sales Proceeds			10				—				—				—				—				10
Paid-in-kind interest			3,873				1,136				1,667				—				—				6,676
Net change in unrealized gains (losses)			(53,390	)			38,849				367				(4,470	)			—				(18,644	)
Net realized gains (losses)			5				(39,489	)			—				(3,255	)			—				(42,739	)
Net amortization of discount on securities			4,221				121				34				—				—				4,376
Transfers within Level 3			—				—				—				—				—				—
Transfers into (out of) Level 3			—				—				—				(282	)			—				(282	)
Balance, End of Period		$	2,942,965			$	31,073			$	63,752			$	125,399			$	14,665			$	3,177,854

 

Dye & Durham, Ltd. was transferred out of Level 3 into Level 1 for fair value measurement purposes during the three months ended March 31, 2026, as a result of changes in the observability of inputs into the security valuation for these portfolio companies.

 

		As of and for the Three Months Ended
		March 31, 2025
		First-lien debt investments				Second-lien debt investments				Mezzanine  debt investments				Equity and other investments				Total
Balance, beginning of period		$	3,287,829			$	18,535			$	39,091			$	139,586			$	3,485,041
Purchases or originations			143,772				15,357				12,740				2,721				174,590
Repayments / redemptions			(287,890	)			—				—				—				(287,890	)
Sales Proceeds			—				—				—				(1,557	)			(1,557	)
Paid-in-kind interest			3,292				805				1,055				81				5,233
Net change in unrealized gains (losses)			(8,324	)			(2,486	)			(728	)			746				(10,792	)
Net realized gains (losses)			24				—				—				375				399
Net amortization of discount on securities			6,095				89				21				—				6,205
Transfers within Level 3			—				—				—				—				—
Transfers into (out of) Level 3			—				—				—				—				—
Balance, End of Period		$	3,144,798			$	32,300			$	52,179			$	141,952			$	3,371,229

 

The following table presents information with respect to the net change in unrealized gains or losses on investments for which Level 3 inputs were used in determining fair value that are still held by the Company at March 31, 2026 and 2025:

		Net Change in Unrealized				Net Change in Unrealized
		Gains or (Losses)				Gains or (Losses)
		for the Three Months Ended				for the Three Months Ended
		March 31, 2026 on				March 31, 2025 on
		Investments Held at				Investments Held at
		March 31, 2026				March 31, 2025
First-lien debt investments		$	(50,872	)		$	(2,959	)
Second-lien debt investments			(640	)			(2,486	)
Mezzanine debt investments			367				(728	)
Equity and other investments			(4,470	)			746
Joint venture investments			—				—
Total		$	(55,615	)		$	(5,427	)

 

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The following tables present the fair value of Level 3 Investments and the significant unobservable inputs used in the valuations as of March 31, 2026 and December 31, 2025. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

March 31, 2026

Valuation

Unobservable

Range (Weighted

Impact to Valuation from an

Fair Value

Technique

Input

Average)

Increase to Input

First-lien debt investments

$

2,942,965

Income approach (1)

Discount rate

7.1% — 25.0% (12.2%)

Decrease

Second-lien debt investments

31,073

Income approach

Discount rate

12.4% — 15.7% (14.8%)

Decrease

Mezzanine debt investments

63,752

Income approach (2)

Discount rate

8.0% — 12.1% (11.4%)

Decrease

Equity investments

125,399

Market Multiple (3)

Comparable multiple

1.5x — 20.0x (10.9x)

Increase

Joint venture investments

14,665

Income approach (4)

Discount rate

—

Decrease

Total

$

3,177,854

 

(1)

Includes $105.6 million of debt investments which were valued using an asset valuation waterfall.

(2)

Includes $0.1 million of debt investments which were valued using an asset valuation waterfall.

(3)

Includes $15.1 million of equity investments which were valued using an asset valuation waterfall and $20.4 million of equity investments which were valued using a discounted cash flow analysis.

(4)

Includes $14.7 million of joint venture investments which, due to the proximity of the transactions relative to the measurement date, were valued using the cost of the investments.

 

December 31, 2025

Valuation

Unobservable

Range (Weighted

Impact to Valuation from an

Fair Value

Technique

Input

Average)

Increase to Input

First-lien debt investments

$

2,956,297

Income approach (1)

Discount rate

6.6% — 17.5% (11.0%)

Decrease

Second-lien debt investments

30,456

Income approach

Discount rate

12.5% — 15.3% (14.2%)

Decrease

Mezzanine debt investments

61,684

Income approach (2)

Discount rate

10.8% — 20.0% (11.1%)

Decrease

Equity and other investments

133,397

Market Multiple (3)

Comparable multiple

1.8x — 25.0x (10.4x)

Increase

Total

$

3,181,834

 

(1)

Includes $105.9 million of debt investments which were valued using an asset valuation waterfall.

(2)

Includes $0.1 million of debt investments which were valued using an asset valuation waterfall.

(3)

Includes $13.1 million of equity investments which were valued using an asset valuation waterfall and $20.1 million of equity investments using a discounted cash flow analysis.

The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our investment within each portfolio company’s capital structure.

Significant unobservable quantitative inputs typically considered in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. If debt investments are credit impaired, an enterprise value analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. For the Company’s Level 3 equity investments, multiples of similar companies’ revenues, earnings before income taxes, depreciation and amortization (“EBITDA”) or some combination thereof and comparable market transactions are typically used.

Structured Credit Partners JV, LLC (“SCP”)

On December 23, 2025, affiliates of Sixth Street, including us, and affiliates of Carlyle entered into the Limited Liability Company Agreement to co-manage SCP, a joint venture focused on investing in broadly syndicated first lien senior secured loans, financed with long-term, non-mark-to-market, and predominantly investment grade rated CLO debt managed by affiliates of Sixth Street or Carlyle on a no-fee basis.

Sixth Street affiliates own 50.0% of the equity interests in SCP and Carlyle affiliates own 50.0%, with investment decisions requiring approval by representatives of both the Sixth Street affiliates and the Carlyle affiliates. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments. Funding of such commitments requires the approval of

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SCP’s board of managers, including the board members appointed by the Company. SCP’s board of managers consists of an equal number of representatives appointed by the Sixth Street-affiliated members of SCP and the Carlyle-affiliated members of SCP. Portfolio construction and investment decisions must be unanimously approved by SCP’s investment committee, as delegated by the board of managers of SCP. Our investment in SCP is made with certain of our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. Because the Company does not own more than 25% of the voting interests of SCP, the Company does not believe that it has control over SCP for accounting purposes under U.S. GAAP or for purposes of the 1940 Act and therefore, does not consolidate SCP.

As of March 31, 2026 SCP had total capital commitments of $600.0 million comprised of $200.0 million of capital commitments from Sixth Street Specialty Lending, Inc., $100.0 million of capital commitments from Sixth Street Lending Partners, $150.0 million of capital commitments from Carlyle Secured Lending, Inc., and $150.0 million of capital commitments from Carlyle Credit Solutions, Inc., with all members of SCP having equal voting control.

As of March 31, 2026, SCP had the following contributed capital and unfunded commitments from its members:

		March 31, 2026
Total contributed capital by Sixth Street Specialty Lending Inc.		$	14,665
Total contributed capital by Sixth Street Lending Partners			7,335
Total contributed capital by Carlyle			22,000
Total contributed capital		$	44,000
Total unfunded commitments by Sixth Street Specialty Lending Inc.			185,336
Total unfunded commitments by Sixth Street Lending Partners			92,666
Total unfunded commitments by Carlyle			278,002
Total unfunded commitments		$	556,004

As of March 31, 2026, SCP had three wholly owned subsidiaries: (i) Carlyle US CLO 2026-A, Ltd., a Cayman Islands corporation, formed on December 23, 2025; (ii) Carlyle US CLO 2026-B, Ltd., a Cayman Islands corporation, formed on January 5, 2026 and (iii) Sixth Street SCP Warehouse 2, Ltd., a Cayman Islands corporation, formed on January 14, 2026. Each subsidiary primarily invests in broadly syndicated loans. As the subsidiaries are wholly owned subsidiaries, they are consolidated in SCP’s unaudited consolidated financial statements commencing from the date of their respective formation.

Below is selected consolidated balance sheet information for SCP as of March 31, 2026:

		March 31, 2026
Selected Consolidated Balance Sheet Information:
Assets
Investments at fair value (amortized cost of $1,033,006)		$	1,028,239
Cash and cash equivalents (1)			12,389
Prepaid expenses and other assets			4,042
Total Assets		$	1,044,670
Liabilities and Members' Equity
Secured borrowings		$	320,581
Dividend payable			670
Accrued expenses and other liabilities			684,707
Members equity (2)			38,712
Total Liabilities and Members' Equity		$	1,044,670

 

(1)

As of March 31, 2026, none of SCP’s cash and cash equivalents was restricted.

(2)

As of March 31, 2026, the fair value of the Company’s ownership interest in the members’ equity was $14,665.

Below is selected consolidated statement of operations information for SCP for the three months ended March 31, 2026:

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		Three Months Ended
		March 31, 2026
Selected Consolidated Statement of Operations Information:
Total Investment Income		$	1,450
Expenses
Interest expense			531
Other expenses			800
Total expenses			1,331
Net Investment Income			119
Net change in unrealized gains (losses) on investments			(4,767	)
Net realized gains (losses) on investments			30
Increase (Decrease) in Net Assets Resulting from Operations		$	(4,618	)

For the three months ended March 31, 2026, SCP declared $0.7 million in distributions, of which $0.2 million was recognized as dividend income in the Company’s Unaudited Statements of Operations. As of March 31, 2026, the daily weighted average yield on our investment in Structured Credit Partners JV, LLC was 10.7%.

Below is a summary of SCP’s portfolio as of March 31, 2026:

		March 31, 2026
Senior secured loans (1)		$	1,044,693
Weighted average yield on senior secured loans at amortized cost			6.92	%
Weighted average yield on senior secured loans at fair value			6.95	%
Weighted average spread on senior secured loans			2.89	%
Number of portfolio companies in SCP			334
Percentage of loans at floating interest rates			100.0	%

 

(1)

At par amount

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The industry composition of SCP’s portfolio at fair value as of March 31, 2026 is as follows:

		March 31, 2026
		Amortized Cost				Fair Value				% of Fair Value
Aerospace & Defense		$	40,712			$	40,659				3.9	%
Auto Aftermarket & Services			30,623				30,497				3.0	%
Beverage & Food			32,615				32,606				3.2	%
Business Services			130,746				130,199				12.6	%
Capital Equipment			59,961				59,813				5.8	%
Chemicals, Plastics & Rubber			21,009				20,809				2.0	%
Construction & Building			41,280				40,894				4.0	%
Consumer goods: Durable			16,495				16,416				1.6	%
Consumer goods: Non-durable			13,240				13,156				1.3	%
Consumer Services			84,546				84,303				8.2	%
Containers, Packaging & Glass			30,493				30,035				2.9	%
Diversified Financial Services			121,301				120,611				11.7	%
Energy: Electricity			5,451				5,436				0.5	%
Energy: Oil & Gas			15,418				15,414				1.5	%
Environmental Industries			8,720				8,742				0.9	%
Forest Products & Paper			5,386				5,130				0.5	%
Healthcare & Pharmaceuticals			60,156				60,096				5.8	%
High Tech Industries			72,970				72,589				7.1	%
Leisure Products & Services			66,587				66,372				6.5	%
Media: Advertising, Printing & Publishing			12,110				12,118				1.2	%
Media: Broadcasting & Subscription			2,723				2,717				0.3	%
Media: Diversified & Production			21,050				21,072				2.0	%
Metals & Mining			3,981				3,975				0.4	%
Retail			22,661				22,493				2.2	%
Telecommunications			10,481				10,454				1.0	%
Transportation: Cargo			5,198				5,184				0.5	%
Transportation: Consumer			19,309				19,194				1.9	%
Utilities: Electric			3,187				3,202				0.3	%
Utilities: Oil & Gas			1,954				1,948				0.2	%
Wholesale			72,643				72,105				7.0	%
Total		$	1,033,006			$	1,028,239				100.0	%

The geographic composition of SCP’s portfolio at fair value as of March 31, 2026 is as follows:

		March 31, 2026
		Amortized Cost				Fair Value				% of Fair Value
Australia		$	1,855			$	1,849				0.2	%
Bermuda			1,359				1,386				0.1	%
Canada			11,106				11,021				1.1	%
Denmark			589				587				0.1	%
Germany			15,050				15,048				1.4	%
Hong Kong			3,210				3,174				0.3	%
Luxembourg			19,525				19,446				1.9	%
Netherlands			13,418				13,314				1.3	%
United Kingdom			15,189				15,126				1.5	%
United States			951,705				947,288				92.1	%
Total		$	1,033,006			$	1,028,239				100.0	%

Financial Instruments Not Carried at Fair Value

Debt

The fair value of the Company’s Revolving Credit Facility, which is categorized as Level 3 within the fair value hierarchy, as of March 31, 2026 and December 31, 2025, approximates its carrying value as the outstanding balance is callable at carrying value.

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The following table presents the fair value of the Company’s 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes as of March 31, 2026 and December 31, 2025.

		March 31, 2026								December 31, 2025
		Outstanding Principal				Fair Value (1)				Outstanding Principal				Fair Value (1)
2026 Notes		$	300,000			$	297,152			$	300,000			$	296,659
2028 Notes			300,000				306,794				300,000				314,473
2029 Notes			350,000				351,822				350,000				361,359
2030 Notes			300,000				294,065				300,000				303,186
Total		$	1,250,000			$	1,249,833			$	1,250,000			$	1,275,677

 

(1)

The fair value is based on broker quotes received by the Company and is categorized as Level 2 within the fair value hierarchy.

Other Financial Assets and Liabilities

The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, approximate fair value due to their short maturities or their close proximity of the originations to the measurement date. Under the fair value hierarchy, cash and cash equivalents are classified as Level 1 while the Company’s other assets and liabilities, other than investments at fair value and Revolving Credit Facility, are classified as Level 2.

7. Debt

Revolving Credit Facility

On August 23, 2012, the Company entered into a senior secured revolving credit agreement with Truist Bank (as a successor by merger to SunTrust Bank), as administrative agent, and J.P. Morgan Chase Bank, N.A., as syndication agent, and certain other lenders (as amended and restated, the “Revolving Credit Facility”).

As of March 31, 2026, aggregate commitments under the Revolving Credit Facility were $1.675 billion. The Revolving Credit Facility includes an uncommitted accordion feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility to up to $2.5 billion.

Pursuant to the Seventeenth Amendment dated May 1, 2026, with respect to $1.525 billion of commitments, the revolving period, during which period we, subject to certain conditions, may make borrowings under the Revolving Credit Facility, was extended to May 1, 2030 and the stated maturity was extended to May 1, 2031.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. As of March 31, 2026, the Company had outstanding debt denominated in Australian dollars (AUD) of 3.0 million, British pounds (GBP) of 48.7 million, Canadian dollars (CAD) of 5.0 million, Swedish Krona (SEK) of 220.0 million and Euro (EUR) of 270.7 million on its Revolving Credit Facility, included in the Outstanding Principal amount in the table above. As of December 31, 2025, the Company had outstanding debt denominated in Australian dollars (AUD) of 3.0 million, British pounds (GBP) of 48.5 million, Canadian dollars (CAD) of 5.0 million, Swedish Krona (SEK) of 218.0 million and Euro (EUR) of 245.9 million on its Revolving Credit Facility, included in the Outstanding Principal amount in the table above.

The Revolving Credit Facility also provides for the issuance of letters of credit up to an aggregate amount of $75 million. As of March 31, 2026 and December 31, 2025, the Company had $22.8 million and $21.7 million outstanding letters of credit issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit issued through the Revolving Credit Facility.

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For the $1.525 billion of commitments, amounts drawn under the Revolving Credit Facility, including amounts drawn in respect of letters of credit, bear interest at either the applicable reference rate plus an applicable credit spread adjustment, plus a margin of either 1.525%, 1.65% or 1.775%, or the base rate plus a margin of either 0.525%, 0.65% or 0.775%, in each case, based on the total amount of the borrowing base relative to the sum of the total commitments (or, if greater, the total exposure) under the Revolving Credit Facility plus certain other designated secured debt. For the remaining $150.0 million of commitments, amounts drawn under the Revolving Credit Facility, including amounts drawn in respect of letters of credit, bear interest at either the applicable reference rate plus an applicable credit spread adjustment, plus a margin of either 1.75% or 1.875% or the base rate plus a margin of either 0.75% or 0.875%, in each case, based on the total amount of the borrowing base relative to the sum of the total commitments (or, if greater, the total exposure) under the Revolving Credit Facility plus certain other designated secured debt. The Company may elect either the applicable reference rate or base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. The Company also pays a fee of 0.325% on undrawn amounts and, in respect of each undrawn letter of credit, a fee and interest rate equal to the then applicable margin while the letter of credit is outstanding.

The Revolving Credit Facility is guaranteed by Sixth Street SL SPV, LLC, TC Lending, LLC and Sixth Street SL Holding, LLC. The Revolving Credit Facility is secured by a perfected first-priority security interest in substantially all the portfolio investments held by the Company and each guarantor. Proceeds from borrowings may be used for general corporate purposes, including the funding of portfolio investments.

The Revolving Credit Facility includes customary events of default, as well as customary covenants, including restrictions on certain distributions and financial covenants. In accordance with the terms of the Sixteenth Amendment, the financial covenants require:

•

an asset coverage ratio of no less than 2 to 1 on the last day of any fiscal quarter;

•

stockholders’ equity of at least $650 million plus 25% of the net proceeds of the sale of equity interests after April 24, 2024; and

•

a minimum asset coverage ratio of no less than 1.5 to 1 with respect to (i) the consolidated assets of the Company and the subsidiary guarantors (including certain limitations on the contribution of equity in financing subsidiaries) to (ii) the secured debt of the Company and its subsidiary guarantors plus unsecured senior securities of the Company and its subsidiary guarantors that mature within 90 days of the date of determination (the “Obligor Asset Coverage Ratio”).

The Revolving Credit Facility also contains certain additional concentration limits in connection with the calculation of the borrowing base, based on the Obligor Asset Coverage Ratio.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with the terms of the Revolving Credit Facility.

2026 Notes

In February 2021, the Company issued $300.0 million aggregate principal amount of unsecured notes that mature on August 1, 2026 (the “2026 Notes”). The principal amount of the 2026 Notes is payable at maturity. The 2026 Notes bear interest at a rate of 2.50% per year, payable semi-annually commencing on August 1, 2021, and may be redeemed in whole or in part at the Company’s option at any time at par plus a “make whole” premium. Total proceeds from the issuance of the 2026 Notes, net of underwriting discounts and estimated offering costs, were $293.7 million. The Company used the net proceeds of the 2026 Notes to repay outstanding indebtedness under the Revolving Credit Facility.

In connection with the issuance of the 2026 Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $300.0 million, which matures on August 1, 2026, matching the maturity date of the 2026 Notes. As a result of the swap, the Company’s effective interest rate on the 2026 Notes is SOFR plus 2.17%. The interest expense related to the 2026 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the effective hedge interest rate swaps had a fair value of $(3.7) million and $(5.8) million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2026 Notes.

2028 Notes

In August 2023, the Company issued $300.0 million aggregate principal amount of unsecured notes that mature on August 14, 2028 (the “2028 Notes”). The principal amount of the 2028 Notes is payable at maturity. The 2028 Notes bear interest at a rate of 6.95% per year, payable semi-annually commencing on February 14, 2024, and may be redeemed in whole or in part at the Company’s option at any time at par plus a “make whole” premium. Total proceeds from the issuance of the 2028 Notes, net of

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underwriting discounts, offering costs and original issue discount, were $293.9 million. The Company used the net proceeds of the 2028 Notes to repay outstanding indebtedness under the Revolving Credit Facility.

In connection with the issuance of the 2028 Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $300.0 million, which matures on August 14, 2028, matching the maturity date of the 2028 Notes. As a result of the swap, the Company’s effective interest rate on the 2028 Notes is SOFR plus 2.99%. The interest expense related to the 2028 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the effective hedge interest rate swaps had a fair value of $2.1 million and $4.5 million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2028 Notes.

2029 Notes

In January 2024, the Company issued $350.0 million aggregate principal amount of unsecured notes that mature on March 1, 2029 (the “2029 Notes”). The principal amount of the 2029 Notes is payable at maturity. The 2029 Notes bear interest at a rate of 6.125% per year, payable semi-annually commencing on September 1, 2024, and may be redeemed in whole or in part at the Company’s option at any time at par plus a “make whole” premium. Total proceeds from the issuance of the 2029 Notes, net of underwriting discounts, offering costs and original issue discount, were $341.6 million. The Company used the net proceeds of the 2029 Notes to repay outstanding indebtedness under the Revolving Credit Facility.

In connection with the issuance of the 2029 Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $350.0 million, which matures on March 1, 2029, matching the maturity date of the 2029 Notes. As a result of the swap, the Company’s effective interest rate on the 2029 Notes is SOFR plus 2.44%. The interest expense related to the 2029 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the effective hedge interest rate swaps had a fair value of $0.6 million and $3.3 million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2029 Notes.

2030 Notes

In February 2025, the Company issued $300.0 million aggregate principal amount of unsecured notes that mature on August 15, 2030 (the “2030 Notes”). The principal amount of the 2030 Notes is payable at maturity. The 2030 Notes bear interest at a rate of 5.625% per year, payable semi-annually commencing on August 15, 2025, and may be redeemed in whole or in part at our option at any time at par plus a “make whole” premium. Total proceeds from the issuance of the 2030 Notes, net of underwriting discounts, offering costs and original issue discount, were $293.4 million. The Company used the net proceeds of the 2030 Notes to repay outstanding indebtedness under the Revolving Credit Facility.

In connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $300.0 million, which matures on August 15, 2030, matching the maturity date of the 2030 Notes. As a result of the swap, the Company's effective interest rate on the 2030 Notes is SOFR plus 1.53%. The interest expense related to the 2030 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the effective hedge interest rate swaps had a fair value of $5.7 million and $8.3 million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2030 Notes.

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the 2026 Notes, 2028 Notes, 2029 Notes, and 2030 Notes were as follows:

		Three Months Ended
		March 31, 2026				March 31, 2025
Interest expense		$	16,666			$	14,134
Accretion of original issue discount			495				395
Amortization of deferred financing costs			824				711
Total Interest Expense		$	17,985			$	15,240

Total interest expense in the table above does not include the effect of the interest rate swaps related to the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes. During the three months ended March 31, 2026 and 2025, the Company received $16.5 million and $13.8 million, respectively, and paid $18.3 million and $17.5 million respectively, related to the settlements of its interest rate swaps related

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to the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes. These net amounts are included in interest expense in the Company’s Consolidated Statements of Operations. Please see Note 5 for further information about the Company’s interest rate swaps.

As of March 31, 2026, the components of the carrying value of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes and the stated interest rates were as follows:

		March 31, 2026
		2026 Notes				2028 Notes				2029 Notes				2030 Notes
Principal amount of debt		$	300,000			$	300,000			$	350,000			$	300,000
Original issue discount, net of accretion			(143	)			(928	)			(2,050	)			(2,954	)
Deferred financing costs			(252	)			(2,051	)			(2,873	)			(3,276	)
Fair value of an effective hedge			(3,675	)			2,047				616				5,740
Carrying value of debt		$	295,930			$	299,068			$	345,693			$	299,510
Stated interest rate			2.50	%			6.95	%			6.13	%			5.63	%

As of December 31, 2025, the components of the carrying value of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes and the stated interest rates were as follows:

		December 31, 2025
		2026 Notes				2028 Notes				2029 Notes				2030 Notes
Principal amount of debt		$	300,000			$	300,000			$	350,000			$	300,000
Original issue discount, net of accretion			(249	)			(1,015	)			(2,207	)			(3,099	)
Deferred financing costs			(436	)			(2,264	)			(3,115	)			(3,461	)
Fair value of an effective hedge			(5,785	)			4,495				3,307				8,284
Carrying value of debt		$	293,530			$	301,216			$	347,985			$	301,724
Stated interest rate			2.50	%			6.95	%			6.13	%			5.63	%

The stated interest rate in the table above does not include the effect of the interest rate swaps. As of March 31, 2026, the Company's swap-adjusted interest rate on the 2026 Notes, 2028 Notes, 2029 Notes and 2030 notes was SOFR plus 2.17%, 2.99%, 2.44% and 1.53%, respectively. As of December 31, 2025, the Company's swap-adjusted interest rate on the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes was SOFR plus 2.17%, 2.99%, 2.44% and 1.53%, respectively.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with the terms of the indentures governing the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes.

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2026 and December 31, 2025, the Company’s asset coverage was 184.7% and 191.5% respectively.

Debt obligations consisted of the following as of March 31, 2026 and December 31, 2025:

		March 31, 2026
		Aggregate Principal Amount Committed				Outstanding Principal				Amount Available (1)				Carrying Value (2)(3)
Revolving Credit Facility		$	1,675,000			$	577,432			$	1,074,795			$	563,190
2026 Notes			300,000				300,000				—				295,930
2028 Notes			300,000				300,000				—				299,068
2029 Notes			350,000				350,000				—				345,693
2030 Notes			300,000				300,000				—				299,510
Total Debt		$	2,925,000			$	1,827,432			$	1,074,795			$	1,803,391

 

(1)

The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements.

(2)

The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $14.2 million, $0.4 million, $3.0 million, $4.9 million and $6.2 million, respectively.

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(3)

The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(3.7) million, $2.1 million, $0.6 million and $5.7 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.

 

		December 31, 2025
		Aggregate Principal Amount Committed				Outstanding Principal				Amount Available (1)				Carrying Value (2)(3)
Revolving Credit Facility		$	1,675,000			$	513,915			$	1,139,337			$	498,779
2026 Notes			300,000				300,000				—				293,530
2028 Notes			300,000				300,000				—				301,216
2029 Notes			350,000				350,000				—				347,985
2030 Notes			300,000				300,000				—				301,724
Total Debt		$	2,925,000			$	1,763,915			$	1,139,337			$	1,743,234

(1)

The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements.

(2)

The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $15.1 million, $0.7 million, $3.3 million, $5.3 million and $6.6 million, respectively.

(3)

The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(5.8) million, $4.5 million, $3.3 million and $8.3 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.

For the three months ended March 31, 2026 and 2025, the components of interest expense were as follows:

		Three Months Ended
		March 31, 2026				March 31, 2025
Interest expense		$	23,399			$	26,780
Commitment fees			873				624
Amortization of deferred financing costs			1,718				1,494
Accretion of original issue discount			495				395
Swap settlement			1,773				3,678
Total Interest Expense		$	28,258			$	32,971
Average debt outstanding (in millions)		$	1,830.9			$	1,908.1
Weighted average interest rate			5.5	%			6.4	%

 

8. Commitments and Contingencies

Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments; such commitments are incorporated into the Company’s assessment of its liquidity position. The Company’s senior secured revolving loan commitments are generally available on a borrower’s demand and may remain outstanding until the maturity date of the applicable loan. The Company’s senior secured delayed draw term loan commitments are generally available on a borrower’s demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement.

As of March 31, 2026 and December 31, 2025, the Company had the following commitments to fund investments in current portfolio companies:

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		March 31, 2026				December 31, 2025
Alaska Bidco Oy - Delayed Draw & Revolver		$	241			$	246
Aledade, Inc. - Revolver			22,750				24,136
American Achievement, Corp. - Revolver			2,403				2,403
Arcwood Environmental, Inc. - Revolver			1,815				1,815
Arrowhead Pharmaceuticals, Inc. - Delayed Draw			26,645				27,643
Artisan Bidco, Inc. - Revolver			1,429				1,429
AVSC Holding Corp. - Revolver			3,963				4,833
Azurite Intermediate Holdings, Inc. - Revolver & Equity			5,575				5,575
Bayshore Intermediate #2, L.P. - Revolver			2,734				2,734
BCTO Ace Purchaser, Inc. - Delayed Draw & Revolver			324				324
Cirrus (Bidco) Ltd - Delayed Draw			440				448
Cordance Operations, LLC - Delayed Draw & Revolver			2,053				2,594
Coupa Holdings, LLC - Delayed Draw & Revolver			6,809				6,809
Crewline Buyer, Inc. - Revolver & Equity			6,148				6,148
EDB Parent, LLC - Delayed Draw			3,621				5,603
Elysian Finco Ltd. - Revolver			1,070				764
EMS Linq, Inc. - Revolver			5,481				5,868
Erling Lux Bidco SARL - Delayed Draw & Revolver			5,466				6,134
Eventus Buyer, LLC - Delayed Draw & Revolver			10,733				8,633
ExtraHop Networks, Inc. - Revolver			223				446
Flight Intermediate HoldCo, Inc. - Delayed Draw			30,893				32,131
Galileo Parent, Inc. - Revolver			—				3,462
Greenshoot Bidco B.V. - Revolver			362				461
Hippo XPA Bidco AB - Delayed Draw & Revolver			9,103				9,407
HireVue, Inc. - Delayed Draw			7,643				—
HMP Omnimedia, LLC - Delayed Draw & Revolver			10,227				9,818
Ingenovis Health Finance, LLC - Revolver			32,500				32,500
IRGSE Holding Corp. - Revolver			3,337				5,707
Kahua, Inc. - Delayed Draw			—				5,000
Kangaroo Bidco AS - Delayed Draw			4,375				4,375
Kaseware Intermediate Holding Company - Delayed Draw & Revolver			4,910				6,749
Kryptona BidCo US, LLC - Revolver			2,165				2,165
LeanTaaS Holdings, Inc. - Delayed Draw			11,520				12,015
Leg Purchaser Inc. - Revolver			5,478				—
LIHA Holdco B.V. - Delayed Draw & Revolver			157				753
Lynx BidCo - Delayed Draw & Revolver			6,733				6,733
Marcura Equities LTD - Revolver			1,667				1,667
MindBody, Inc. - Revolver			3,611				—
Omnigo Software, LLC - Delayed Draw & Revolver			1,875				1,875
PDI TA Holdings, Inc. - Revolver			109				437
Rail Acquisitions LLC - Delayed Draw & Revolver			5,660				5,660
RainFocus, LLC - Delayed Draw			3,752				5,322
Rapid Data GmbH Unternehmensberatung - Delayed Draw & Revolver			1,208				1,231
Raptor US Buyer II Corp. - Revolver			600				600
Sapphire Software Buyer, Inc. - Revolver			3,243				3,243
Scorpio Bidco - Delayed Draw			564				575
Sediver S.p.A. - Delayed Draw			4,035				4,113
Severin Acquisition, LLC - Delayed Draw & Revolver			3,783				4,380
Shiftmove GmbH - Delayed Draw			9,981				10,174
SMA Technologies Holdings, LLC - Revolver			1,009				1,009
Sport Alliance GmbH - Revolver			480				489
Structured Credit Partners JV, LLC - Equity			185,336				—
Tango Management Consulting, LLC - Delayed Draw & Revolver			22,070				23,799
TRP Assets, LLC - Delayed Draw			10,166				10,166
TS Imagine Inc. - Revolver			434				768
USA Debusk LLC - Delayed Draw & Revolver			1,038				2,519

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Varinem German Bidco GmbH - Delayed Draw			3,875				4,917
Velocity Clinical Research, Inc. - Delayed Draw & Revolver			7,949				8,814
Wrangler Topco, LLC - Delayed Draw & Revolver			626				888
Total Portfolio Company Commitments (1)(2)		$	512,397			$	338,507

 

(1)

Represents the full amount of the Company’s commitments to fund investments on such date. Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

(2)

The Company’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

Other Commitments and Contingencies

As of March 31, 2026 and December 31, 2025, the Company did not have any unfunded commitments to fund investments to new borrowers that were not current portfolio companies as of such date.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026 and December 31, 2025, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

9. Net Assets

The Company has a dividend reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. The number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the cash dividend or distribution payable to a stockholder by the market price per share of the Company’s common stock at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, the Company will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). Shares purchased in open market transactions by the plan administrator will be allocated to a stockholder based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market.

Pursuant to the Company’s dividend reinvestment plan, the following tables summarize the shares issued to stockholders who have not opted out of the Company’s dividend reinvestment plan during the three months ended March 31, 2026 and 2025. All shares issued to stockholders in the tables below are newly issued shares.

 

		For the three months ended
		March 31, 2026
						Date
Date Declared		Dividend (1)		Record Date		Shares Issued		Shares Issued
February 12, 2026		Supplemental		February 27, 2026		March 20, 2026			6,241
February 12, 2026		Base		March 16, 2026		March 31, 2026			308,209
Total Shares Issued									314,450

 

		For the three months ended
		March 31, 2025
						Date
Date Declared		Dividend (1)		Record Date		Shares Issued		Shares Issued
February 13, 2025		Supplemental		February 28, 2025		March 20, 2025			39,839
February 13, 2025		Base		March 14, 2025		March 31, 2025			263,083
Total Shares Issued									302,922

(1)

See Note 11 for further information on base, supplemental and special dividends.

On August 4, 2015, the Company's Board authorized the Company to acquire up to $50 million in aggregate of the Company’s common stock from time to time over an initial six month period, and has continued to authorize the refreshment of the $50 million amount authorized under and extension of the stock repurchase program prior to its expiration since that time, most recently as of November 4, 2025 (expiring May 31, 2026). Under the program, we may repurchase up to $50 million in the aggregate of our outstanding common stock in the open market, from time to time, at certain thresholds below our net asset value per share, in

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accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The amount and timing of stock repurchases under the program may vary depending on market conditions, and no assurance can be given that any particular amount of common stock will be repurchased.

No shares were repurchased during the three months ended March 31, 2026 and 2025.

At the Market Offerings

The Company is a party to equity distribution agreements with several banks (the “Equity Distribution Agreements”). The Equity Distribution Agreements provide that the Company may from time to time issue and sell, by means of “at the market” offerings, up to $100 million of the Company's common stock. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. Under the currently effective Equity Distribution Agreements, common stock with an aggregate offering amount of $100 million remained available for issuance as of March 31, 2026.

10. Earnings per share

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2026 and 2025:

		Three Months Ended
		March 31, 2026				March 31, 2025
Increase (decrease) in net assets resulting from operations		$	(26,025	)		$	36,955
Weighted average shares of common stock outstanding—basic and diluted			94,709,407				93,669,671
Earnings per common share—basic and diluted		$	(0.27	)		$	0.39

 

11. Dividends

The Company has historically paid a dividend to stockholders on a quarterly basis. The Company has a dividend framework that provides for a quarterly base dividend and a variable supplemental dividend, subject to satisfaction of certain measurement tests and the approval of the Board.

The following tables summarize dividends declared during the three months ended March 31, 2026 and 2025:

		For the three months ended
		March 31, 2026
Date Declared		Dividend		Record Date		Payment Date		Dividend per Share
February 12, 2026		Supplemental		February 27, 2026		March 20, 2026		$	0.01
February 12, 2026		Base		March 16, 2026		March 31, 2026			0.46
Total Dividends Declared								$	0.47

 

		For the three months ended
		March 31, 2025
Date Declared		Dividend		Record Date		Payment Date		Dividend per Share
February 13, 2025		Supplemental		February 28, 2025		March 20, 2025		$	0.07
February 13, 2025		Base		March 14, 2025		March 31, 2025			0.46
Total Dividends Declared								$	0.53

The dividends declared during the three months ended March 31, 2026 and 2025 were derived from net investment income and long-term capital gains, determined on a tax basis.

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12. Financial Highlights

The following per share data and ratios have been derived from information provided in the consolidated financial statements. The following are the financial highlights for one share of common stock outstanding during the three months ended March 31, 2026 and 2025:

		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Per Share Data (8)
Net asset value, beginning of period		$	16.98			$	17.16
Net investment income (1)			0.42				0.62
Net realized and unrealized gains (losses) (1)			(0.69	)			(0.23	)
Total from operations			(0.27	)			0.39
Issuance of common stock, net of offering costs (2)			—				0.02
Dividends declared (2)			(0.47	)			(0.53	)
Total increase/(decrease) in net assets			(0.74	)			(0.12	)
Net Asset Value, End of Period		$	16.24			$	17.04
Per share market value at end of period		$	18.38			$	22.38
Total return based on market value with reinvestment of dividends (3)			(13.10	)%			7.70	%
Total return based on market value (4)			(13.21	)%			7.56	%
Total return based on net asset value (5)			(1.59	)%			2.40	%
Shares Outstanding, End of Period			95,019,600				93,964,358
Ratios / Supplemental Data (6)
Ratio of net expenses to average net assets (7)			13.60	%			14.55	%
Ratio of net investment income to average net assets			10.11	%			14.45	%
Portfolio turnover			16.07	%			21.21	%
Net assets, end of period		$	1,542,673			$	1,601,283

 

(1)

The per share data was derived by using the weighted average shares outstanding during the period.

(2)

The per share data was derived by using the actual shares outstanding at the date of the relevant transactions.

(3)

Total return based on market value with dividends reinvested is calculated as the change in market value per share during the period plus declared dividends per share, assuming reinvestment of dividends, divided by the beginning market value per share.

(4)

Total return based on market value is calculated as the change in market value per share during the period plus declared dividends per share, divided by the beginning market value per share.

(5)

Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share, divided by the beginning net asset value per share.

(6)

The ratios reflect an annualized amount.

(7)

The ratio of net expenses to average net assets in the table above reflects the Adviser’s waivers of its right to receive a portion of the Management Fee pursuant to the Leverage Waiver for the three months ended March 31, 2026 and 2025. Excluding the effects of the waivers, the ratio of net expenses to average net assets would have been 13.68% and 14.65%, respectively, for the three months ended March 31, 2026 and 2025.

(8)

Table may not sum due to rounding.

13. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events, except as already disclosed, that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three months ended March 31, 2026.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward-Looking Statements” in this report.

Overview

Sixth Street Specialty Lending, Inc. is a Delaware corporation formed on July 21, 2010. The Adviser is our external manager. We have four wholly owned subsidiaries, TC Lending, LLC, a Delaware limited liability company, which holds a California finance lender and broker license, Sixth Street SL SPV, LLC, a Delaware limited liability company, Sixth Street SL Holding, LLC, a Delaware limited liability company, and Sixth Street Specialty Lending Sub, LLC, a Cayman Islands limited liability company.

We have elected to be regulated as a BDC under the 1940 Act and as a RIC under the Code. We made our BDC election on April 15, 2011. As a result, we are required to comply with various statutory and regulatory requirements, such as:

•

the requirement to invest at least 70% of our assets in “qualifying assets”;

•

source of income limitations;

•

asset diversification requirements; and

•

the requirement to distribute (or be treated as distributing) in each taxable year at least 90% of our investment company taxable income and tax-exempt interest for that taxable year.

Our shares are listed on the NYSE under the symbol “TSLX.”

Our Investment Framework

We are a specialty finance company focused on lending to middle-market companies. Since we began our investment activities in July 2011, through March 31, 2026, we have originated approximately $55.2 billion aggregate principal amount of investments and retained approximately $11.9 billion aggregate principal amount of these investments on our balance sheet prior to any subsequent exits and repayments. We seek to generate current income primarily in U.S.-domiciled middle-market companies through direct investment originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds, equity securities, and other instruments.

By “middle-market companies,” we mean companies that have annual EBITDA, which we believe is a useful proxy for cash flow, of $10 million to $250 million, although we may invest in larger or smaller companies on occasion. As of March 31, 2026, our core portfolio companies, which exclude certain investments that fall outside of our typical borrower profile and represent 87.8% of our total investments based on fair value, had weighted average annual revenue of $425.1 million and weighted average annual EBITDA of $126.8 million. As of March 31, 2026, our core portfolio companies had a median annual revenue of $174.4 million and a median annual EBITDA of $53.5 million.

We invest in first-lien debt, second-lien debt, mezzanine and unsecured debt and equity and other investments. Our first-lien debt may include stand-alone first-lien loans; “last out” first-lien loans, which are loans that have a secondary priority behind super-senior “first out” first-lien loans; “unitranche” loans, which are loans that combine features of first-lien, second-lien and mezzanine debt, generally in a first-lien position; and secured corporate bonds with similar features to these categories of first-lien loans. Our second-lien debt may include secured loans, and, to a lesser extent, secured corporate bonds, with a secondary priority behind first-lien debt.

The debt in which we invest typically is not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3 as defined by Standard & Poor’s and Moody’s Investors Services, respectively), which is often referred to as “junk.”

The companies in which we invest use our capital to support organic growth, acquisitions, market or product expansion and recapitalizations (including restructurings). As of March 31, 2026, the largest single investment based on fair value represented 2.4% of our total investment portfolio.

As of March 31, 2026, the average investment size in each of our portfolio companies was approximately $23.2 million based on fair value. Portfolio companies includes investments in structured credit investments, which include each series of collateralized loan

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obligation as a portfolio company investment. When excluding investments in structured credit investments, the average investment in our remaining portfolio companies was approximately $30.1 million based on fair value as of March 31, 2026.

Through our Adviser, we consider potential investments utilizing a four-tiered investment framework and against our existing portfolio as a whole:

Business and sector selection. We focus on companies with enterprise value between $50 million and $1 billion. When reviewing potential investments, we seek to invest in businesses with high marginal cash flow, recurring revenue streams and where we believe credit quality will improve over time. We look for portfolio companies that we think have a sustainable competitive advantage in growing industries or distressed situations. We also seek companies where our investment will have a low loan-to-value ratio.

We currently do not limit our focus to any specific industry and we may invest in larger or smaller companies on occasion. We classify the industries of our portfolio companies by end-market (such as healthcare, and business services) and not by the products or services (such as software) directed to those end-markets.

As of March 31, 2026, the largest industry represented 18.3% of our total investment portfolio based on fair value.

Investment Structuring. We focus on investing at the top of the capital structure and protecting that position. As of March 31, 2026, approximately 90.2% of our portfolio was invested in secured debt, including 89.3% in first-lien debt investments. We carefully perform diligence and structure investments to include strong investor covenants. As a result, we structure investments with a view to creating opportunities for early intervention in the event of non-performance or stress. In addition, we seek to retain effective voting control in investments over the loans or particular class of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We also aim for our loans to mature on a medium term, between two to seven years after origination. For the three months ended March 31, 2026, the weighted average term on new investment commitments in new portfolio companies was 6.3 years.

Deal Dynamics. We focus on, among other deal dynamics, direct origination of investments, where we identify and lead the investment transaction. A substantial majority of our portfolio investments are sourced through our direct or proprietary relationships.

Risk Mitigation. We seek to mitigate non-credit-related risk on our returns in several ways, including call protection provisions to protect future interest income. As of March 31, 2026, we had call protection on 72.7% of our debt investments based on fair value, with weighted average call prices of 108.1% for the first year, 104.3% for the second year and 101.7% for the third year, in each case from the date of the initial investment. As of March 31, 2026, 96.3% of our debt investments based on fair value bore interest at floating rates, with 100.0% of these subject to interest rate floors, which we believe helps act as a portfolio-wide hedge against inflation.

Relationship with our Adviser and Sixth Street

Our Adviser is a Delaware limited liability company. Our Adviser acts as our investment adviser and administrator and is a registered investment adviser with the SEC under the Advisers Act. Our Adviser sources and manages our portfolio through a dedicated team of investment professionals predominately focused on direct lending, which we refer to as our Investment Team. Our Investment Team is led by our Adviser’s Co-Founding Partner, Co-President and Co-Chief Investment Officer Joshua Easterly, our Co-Head of Sixth Street Direct Lending and Co-Head of Growth Robert “Bo” Stanley, Co-Head of Direct Lending Michael Griffin, and our Adviser’s Co-Founding Partner, Chief Executive Officer, and Co-Chief Investment Officer Alan Waxman, all of whom have substantial experience in credit origination, underwriting and asset management. Our investment decisions are made by our Investment Review Committee, which includes senior personnel of our Adviser and affiliates of Sixth Street Partners, LLC, or “Sixth Street.”

Sixth Street is a global investment business with over $130 billion of assets under management as of March 31, 2026. Sixth Street’s direct lending platforms include Sixth Street Specialty Lending and Sixth Street Lending Partners, which are aimed at U.S. middle-market loan originations and upper middle-market loan originations, respectively, Sixth Street Specialty Lending Europe, which is aimed at European middle-market loan originations. Additional Sixth Street core platforms include Sixth Street TAO, which has the flexibility to invest across all of Sixth Street’s private credit market investments, Sixth Street Opportunities, which focuses on actively managed opportunistic investments across the credit cycle, Sixth Street Credit Market Strategies, which is the firm’s “public-side” credit investment platform focused on investment opportunities in broadly syndicated leveraged loan markets, Sixth Street Growth, which provides financing solutions to growing companies, Sixth Street Fundamental Strategies, which primarily invests in secondary credit, and Sixth Street Agriculture, which invests in niche agricultural opportunities. Sixth Street has a long-term oriented, highly flexible capital base that allows it to invest across industries, geographies, capital structures and asset classes. Sixth Street has extensive experience with highly complex, global public and private investments executed through primary originations, secondary

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market purchases and restructurings, and has a team of over 750 investment and operating professionals. As of March 31, 2026, seventy-three (73) of these personnel are dedicated to direct lending, including fifty-nine (59) investment professionals.

Our Adviser consults with Sixth Street in connection with a substantial number of our investments. The Sixth Street platform provides us with a breadth of large and scalable investment resources. We believe we benefit from Sixth Street’s market expertise, insights into industry, sector and macroeconomic trends and intensive due diligence capabilities, which help us discern market conditions that vary across industries and credit cycles, identify favorable investment opportunities and manage our portfolio of investments. Sixth Street and its affiliates will refer all middle-market loan origination activities for companies domiciled in the United States to us and conduct those activities through us. The Adviser will determine whether it would be permissible, advisable or otherwise appropriate for us to pursue a particular investment opportunity allocated to us.

On May 6, 2025, we, the Adviser and certain of our affiliates were granted an exemptive order from the SEC that allows us to co-invest, subject to certain conditions, with certain of our affiliates (including affiliates of Sixth Street) in middle-market loan origination activities for companies domiciled in the United States.

We believe our ability to co-invest with Sixth Street affiliates is particularly useful where we identify larger capital commitments than otherwise would be appropriate for us. We expect that with the ability to co-invest with Sixth Street affiliates we will continue to be able to provide “one-stop” financing to a potential portfolio company in these circumstances, which may allow us to capture opportunities where we alone could not commit the full amount of required capital or would have to spend additional time to locate unaffiliated co-investors.

Under the terms of the Investment Advisory Agreement and Administration Agreement, the Adviser’s services are not exclusive, and the Adviser is free to furnish similar or other services to others, so long as its services to us are not impaired. Under the terms of the Investment Advisory Agreement, we will pay the Adviser the base management fee (the “Management Fee”), and may also pay certain incentive fees (the “Incentive Fees”).

Under the terms of the Administration Agreement, the Adviser also provides administrative services to us. These services include providing office space, equipment and office services, maintaining financial records, preparing reports to stockholders and reports filed with the SEC, and managing the payment of expenses and the oversight of the performance of administrative and professional services rendered by others. Certain of these services are reimbursable to the Adviser under the terms of the Administration Agreement.

General Economic Conditions

To date, 2026 has been marked by continued uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, ongoing political and regulatory uncertainty, including potential shifts in U.S. trade policy and the imposition of new tariffs, as well as geopolitical instability stemming from the conflicts in Ukraine and the Middle East.

Further contributing to economic uncertainty, the current U.S. presidential administration has signaled its intention to implement, and has started to implement, significant changes to U.S. trade policy, the size of the federal government, tax policy and the enforcement of various regulations. These policy shifts could introduce additional market instability and reduce investor confidence. For example, the U.S. government announced tariffs on goods imported from various countries to the United States and countries subject to such tariffs have imposed, or may in the future, impose reciprocal or retaliatory tariffs and other trade measures. We are actively monitoring macroeconomic developments and analyzing the potential impacts on our business, the businesses of our portfolio companies and the broader economic environment. In light of these developments, there can be no assurances that political and regulatory conditions will not worsen and/or adversely affect the Company, its portfolio companies or their respective financial performance.

Key Components of Our Results of Operations

Investments

We focus primarily on the direct origination of loans to middle-market companies domiciled in the United States.

Our level of investment activity (both the number of investments and the size of each investment) can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital generally available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

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In addition, as part of our risk strategy on investments, we may reduce certain levels of investments through partial sales or syndication to additional investors.

Revenues

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on direct equity investments, capital gains on the sale of investments and various loan origination and other fees. Our debt investments typically have a term of two to seven years, and, as of March 31, 2026, 96.3% of these investments based on fair value bore interest at a floating rate, with 100.0% of these subject to interest rate floors. Interest on debt investments is generally payable monthly or quarterly. Some of our investments provide for deferred interest payments or PIK interest. For the three months ended March 31, 2026 and 2025, 7.5% and 4.6%, respectively, of our total investment income was comprised of PIK interest.

Changes in our net investment income are primarily driven by the spread between the payments we receive from our investments in our portfolio companies against our cost of funding, rather than by changes in interest rates. Our investment portfolio primarily consists of floating rate loans, and our Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes, and 2030 Notes after taking into account the effect of the interest rate swaps we have entered into in connection with these securities, all bear interest at floating rates. Macro trends in base interest rates like SOFR or other reference rates may affect our net investment income over the long term. However, because we generally originate loans to a limited number of portfolio companies each quarter, and those investments also vary in size, our results in any given period—including the interest rate on investments that were sold or repaid in a period compared to the interest rate of new investments made during that period—often are idiosyncratic, and reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business.

In addition to interest income, our net investment income is also driven by prepayment and other fees, which also can vary significantly from quarter to quarter. The level of prepayment fees is generally correlated to the movement in credit spreads and risk premiums, but also will vary based on corporate events that may take place at an individual portfolio company in a given period—e.g., merger and acquisition activity, initial public offerings and restructurings. As noted above, generally a small but varied number of portfolio companies may make prepayments in any quarter, meaning that changes in the amount of prepayment fees received can vary significantly between periods and can vary without regard to underlying credit trends.

Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income using the effective interest method for term instruments and the straight-line method for revolving or delayed draw instruments. Repayments of our debt investments can reduce interest income from period to period. We record prepayment premiums on loans as interest income when earned. We also may generate revenue in the form of commitment, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees. The frequency or volume of these items of revenue may fluctuate significantly.

Dividend income on common equity investments is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

Our portfolio activity also reflects the proceeds of sales of investments. We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized gains (losses) on investments in the Consolidated Statements of Operations.

Expenses

Our primary operating expenses include the payment of fees to our Adviser under the Investment Advisory Agreement, expenses reimbursable under the Administration Agreement and other operating costs described below. Additionally, we pay interest expense on our outstanding debt. We bear all other costs and expenses of our operations, administration and transactions, including those relating to:

•

calculating individual asset values and our net asset value (including the cost and expenses of any independent valuation firms);

•

expenses, including travel expenses, incurred by the Adviser, or members of our Investment Team, or payable to third parties, in respect of due diligence on prospective portfolio companies and, if necessary, in respect of enforcing our rights with respect to investments in existing portfolio companies;

•

the costs of any public offerings of our common stock and other securities, including registration and listing fees;

•

the Management Fee and any Incentive Fee;

•

certain costs and expenses relating to distributions paid on our shares;

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•

administration fees payable under our Administration Agreement;

•

costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, and the compensation of professionals responsible for the preparation of the foregoing, including the allocable portion of the compensation of our Chief Financial Officer, Chief Compliance Officer and other professionals who spend time on those related activities (based on the percentage of time those individuals devote, on an estimated basis, to our business and affairs);

•

debt service and other costs of borrowings or other financing arrangements;

•

the Adviser’s allocable share of costs incurred in providing significant managerial assistance to those portfolio companies that request it;

•

amounts payable to third parties relating to, or associated with, making or holding investments;

•

transfer agent and custodial fees;

•

costs of hedging;

•

commissions and other compensation payable to brokers or dealers;

•

taxes;

•

Independent Director fees and expenses;

•

the costs of any reports, proxy statements or other notices to our stockholders (including printing and mailing costs), the costs of any stockholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters;

•

our fidelity bond;

•

directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•

indemnification payments;

•

direct costs and expenses of administration, including audit, accounting, consulting and legal costs; and

•

all other expenses reasonably incurred by us in connection with making investments and administering our business.

We expect that during periods of asset growth, our general and administrative expenses will be relatively stable or will decline as a percentage of total assets, and will increase as a percentage of total assets during periods of asset declines.

Leverage

While as a BDC the amount of leverage that we are permitted to use is limited in significant respects, we use leverage to increase our ability to make investments. The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions, however, under the 1940 Act, our total borrowings are limited so that our asset coverage ratio cannot fall below 150% immediately after any borrowing, as defined in the 1940 Act. In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase leverage over time within the limits of the 1940 Act. In addition, we may dedicate assets as collateral to financing facilities from time to time.

Market Trends

We believe trends in the middle-market lending environment, including the limited availability of capital from traditional regulated financial institutions, strong demand for debt capital and specialized lending requirements, are likely to continue to create favorable opportunities for us to invest at attractive risk-adjusted rates.

Subsequent to the global financial crisis, the implementation of regulatory changes such as Basel III requirements, Leverage Lending Guidance, and the Volcker Rule, tightened risk appetites and reduced the capacity of traditional lenders to serve middle-market companies. We believe that these dynamics create a significant opportunity for us to directly originate investments. We also believe that the large amount of uninvested capital held by private equity firms will continue to drive deal activity, which may in turn create additional demand for debt capital.

This market dynamic is further exacerbated by the specialized due diligence and underwriting capabilities, as well as extensive ongoing monitoring, required for middle-market lending. We believe middle-market lending is generally more labor-intensive than

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lending to larger companies due to smaller investment sizes and the lack of publicly available information on these companies. As a result, the opportunities for dedicated private lenders such as us have continued to expand.

An imbalance between the supply of, and demand for, middle-market debt capital creates attractive pricing dynamics for investors such as BDCs. The negotiated nature of middle-market financings also generally provides for more favorable terms to the lenders, including stronger covenant and reporting packages, better call protection and lender-protective change of control provisions. We believe that BDCs have flexibility to develop loans that reflect each borrower’s distinct situation, provide long-term relationships and a potential source for future capital, which renders BDCs, including us, attractive lenders.

Portfolio and Investment Activity

As of March 31, 2026, our portfolio based on fair value consisted of 89.3% first-lien debt investments, 1.0% second-lien debt investments, 1.9% mezzanine debt investments, 4.6% equity investments, 2.8% structured credit investments and 0.4% joint venture investments. As of December 31, 2025, our portfolio based on fair value consisted of 89.2% first-lien debt investments, 0.9% second-lien debt investments, 1.8% mezzanine debt investments, 5.2% equity and other investments and 2.9% structured credit investments.

As of March 31, 2026 and December 31, 2025, our weighted average total yield of debt and income producing securities at fair value (which includes interest income and amortization of fees and discounts) was 11.1% and 11.1%, respectively, and our weighted average total yield of debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 11.2% and 11.3%, respectively.

As of March 31, 2026, we had investments in 143 portfolio companies (including 36 structured credit investments, which include each series of collateralized loan obligation as a separate portfolio company investment) with an aggregate fair value of $3,313.4 million. As of December 31, 2025, we had investments in 143 portfolio companies (including 36 structured credit investments, which include each series of collateralized loan obligation as a separate portfolio company investment) with an aggregate fair value of $3,347.3 million.

For the three months ended March 31, 2026, the principal amount of new investments funded was $134.8 million in three new portfolio companies and four existing portfolio companies. For this period, we had $113.0 million aggregate principal amount in exits and repayments.

For the three months ended March 31, 2025, the principal amount of new investments funded was $136.8 million in six new portfolio companies and four existing portfolio companies. For this period, we had $269.6 million aggregate principal amount in exits and repayments.

Our investment activity for the three months ended March 31, 2026 and 2025 is presented below (information presented herein is at par value unless otherwise indicated).

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		Three Months Ended
($ in millions)		March 31, 2026				March 31, 2025
New investment commitments:
Gross originations (1)		$	1,879.3			$	1,254.9
Less: Syndications/sell downs (1)			1,541.2				1,100.5
Total new investment commitments		$	338.1			$	154.4
Principal amount of investments funded:
First-lien		$	120.1			$	102.2
Second-lien			—				18.9
Mezzanine			—				13.0
Equity			—				2.7
Structured Credit			—				—
Joint Venture			14.7				—
Total		$	134.8			$	136.8
Principal amount of investments sold or repaid:
First-lien		$	110.1			$	267.1
Second-lien			—				—
Mezzanine			—				—
Equity			2.9				1.0
Structured Credit			—				1.5
Joint Venture			—				—
Total		$	113.0			$	269.6
Number of new investment commitments in    new portfolio companies			3				6
Average new investment commitment amount in    new portfolio companies (2)		$	98.5			$	21.4
Weighted average term for new investment    commitments in new portfolio companies    (in years) (2)			6.3				5.2
Percentage of new debt investment commitments    at floating rates			100.0	%			85.1	%
Percentage of new debt investment commitments    at fixed rates			0.0	%			14.9	%
Weighted average interest rate of new    investment commitments			9.6	%			11.3	%
Weighted average spread over reference rate of new    floating rate investment commitments			6.1	%			7.0	%
Weighted average interest rate on investments    fully sold or paid down			10.4	%			11.8	%

 

(1) Includes affiliates of Sixth Street.

(2) For three months ended March 31, 2026, includes the joint venture investment commitment of $200.0 million which is excluded from the calculation of weighted average term for new investment commitments in new portfolio companies.

 

As of March 31, 2026 and December 31, 2025, our investments consisted of the following:

 

		March 31, 2026								December 31, 2025
($ in millions)		Amortized Cost				Fair Value				Amortized Cost				Fair Value
First-lien debt investments		$	2,963.2			$	2,959.0			$	2,934.2			$	2,984.4
Second-lien debt investments			31.4				31.2				69.6				30.7
Mezzanine debt investments			62.9				63.7				61.1				61.7
Equity investments			153.6				151.0				159.8				172.6
Structured credit investments			98.5				93.8				98.6				97.9
Joint venture investments			14.7				14.7				—				—
Total		$	3,324.3			$	3,313.4			$	3,323.3			$	3,347.3

 

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The following tables show the fair value and amortized cost of our performing and non-accrual investments as of March 31, 2026 and December 31, 2025:

 

		March 31, 2026								December 31, 2025
($ in millions)		Fair Value				Percentage				Fair Value				Percentage
Performing		$	3,266.0				98.6	%		$	3,327.3				99.4	%
Non-accrual (1)			47.4				1.4				20.0				0.6
Total		$	3,313.4				100.0	%		$	3,347.3				100.0	%

		March 31, 2026								December 31, 2025
($ in millions)		Amortized Cost				Percentage				Amortized Cost				Percentage
Performing		$	3,260.4				98.1	%		$	3,254.5				97.9	%
Non-accrual (1)			63.9				1.9				68.8				2.1
Total		$	3,324.3				100.0	%		$	3,323.3				100.0	%

 

(1)

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when management has reasonable doubt that the borrower will pay principal or interest in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Non-accrual loans are restored to accrual status when past due principal and interest has been paid and, in management’s judgment, the borrower is likely to make principal and interest payments in the future. Management may determine to not place a loan on non-accrual status if, notwithstanding any failure to pay, the loan has sufficient collateral value and is in the process of collection. See “–Critical Accounting Estimates – Interest and Dividend Income Recognition.”

The weighted average yields and interest rates of our performing debt investments at fair value as of March 31, 2026 and December 31, 2025 were as follows:

		March 31, 2026				December 31, 2025
Weighted average total yield of debt and income    producing securities (1)			11.1	%			11.1	%
Weighted average interest rate of debt and income    producing securities			10.6	%			10.6	%
Weighted average spread over reference rate of all floating    rate investments			7.1	%			7.1	%

(1)

Weighted average total portfolio yield at fair value was 10.5% at March 31, 2026 and 10.5% at December 31, 2025.

 

The Adviser monitors our portfolio companies on an ongoing basis. The Adviser monitors the financial trends of each portfolio company to determine if it is meeting its business plans and to assess the appropriate course of action for each company. The Adviser has a number of methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

•

assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

•

periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•

comparisons to other companies in the industry;

•

attendance at, and participation in, board meetings; and

•

review of monthly and quarterly financial statements and financial projections for portfolio companies.

As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, grades each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk assessment may not be comparable to ones used by our competitors. Our assessment is based on the following categories:

•

An investment is rated 1 if, in the opinion of the Adviser, it is performing as agreed and there are no concerns about the portfolio company’s performance or ability to meet covenant requirements. For these investments, the Adviser generally prepares monthly reports on investment performance and intensive quarterly asset reviews.

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•

An investment is rated 2 if it is performing as agreed, but, in the opinion of the Adviser, there may be concerns about the company’s operating performance or trends in the industry. For these investments, in addition to monthly reports and quarterly asset reviews, the Adviser also researches any areas of concern with the objective of early intervention with the portfolio company.

•

An investment will be assigned a rating of 3 if it is paying its obligations to us as agreed but a material covenant violation is expected. For these investments, in addition to monthly reports and quarterly asset reviews, the Adviser also adds the investment to its “watch list” and researches any areas of concern with the objective of early intervention with the portfolio company.

•

An investment will be assigned a rating of 4 if a material covenant has been violated, but the company is making its scheduled payments on its obligations to us. For these investments, the Adviser generally prepares a bi-monthly asset review email and generally has monthly meetings with the portfolio company’s senior management. For investments where there have been material defaults, including bankruptcy filings, failures to achieve financial performance requirements or failure to maintain liquidity or loan-to-value requirements, the Adviser often will take immediate action to protect its position. These remedies may include negotiating for additional collateral, modifying investment terms or structure, or payment of amendment and waiver fees.

•

A rating of 5 indicates an investment is in default on its interest and/or principal payments. For these investments, our Adviser reviews the investments on a bi-monthly basis and, where possible, pursues workouts that achieve an early resolution to avoid further deterioration of our investment. The Adviser retains legal counsel and takes actions to preserve our rights, which may include working with the portfolio company to have the default cured, to have the investment restructured or to have the investment repaid through a consensual workout. Investments that carry a rating of 5 would typically indicate the position has been placed on non-accrual status (for investments that otherwise would be income producing).

The following table shows the distribution of our investments on the 1 to 5 investment performance rating scale at fair value as of March 31, 2026 and December 31, 2025. Investment performance ratings are accurate only as of those dates and may change due to subsequent developments relating to a portfolio company’s business or financial condition, market conditions or developments, and other factors.

 

		March 31, 2026								December 31, 2025
Investment		Investments at								Investments at
Performance		Fair Value				Percentage of				Fair Value				Percentage of
Rating		($ in millions)				Total Portfolio				($ in millions)				Total Portfolio
1		$	2,884.7				87.1	%		$	3,002.3				89.7	%
2			310.1				9.4				296.9				8.9
3			71.1				2.1				28.0				0.8
4			—				—				—				—
5			47.5				1.4				20.1				0.6
Total		$	3,313.4				100.0	%		$	3,347.3				100.0	%

 

Structured Credit Partners JV, LLC (“SCP”)

On December 23, 2025, affiliates of Sixth Street, including us, and affiliates of Carlyle entered into the Limited Liability Company Agreement, to co-manage SCP, a joint venture focused on investing in broadly syndicated first lien senior secured loans, financed with long-term, non-mark-to-market, and predominantly investment grade rated CLO debt managed by affiliates of Sixth Street or Carlyle on a no-fee basis. SCP is managed by a board of managers, consisting of an equal number of representatives appointed by the Sixth Street-affiliated members of SCP and the Carlyle-affiliated members of SCP and which acts unanimously. Portfolio construction and investment decisions must be unanimously approved by SCP’s investment committee, as delegated by SCP’s board of managers. Our investment in SCP is made with certain of our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in SCP.

As of March 31, 2026 SCP had total capital commitments of $600.0 million comprised of $200.0 million of capital commitments from Sixth Street Specialty Lending, Inc., $100.0 million of capital commitments from Sixth Street Lending Partners, $150.0 million of capital commitments from Carlyle Secured Lending, Inc., and $150.0 million of capital commitments from Carlyle Credit Solutions, Inc., with all members of SCP having equal voting control.

As of March 31, 2026 SCP had the following contributed capital and unfunded commitments from its members:

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($ in millions)		March 31, 2026
Total contributed capital by Sixth Street Specialty Lending Inc.		$	14.7
Total contributed capital by Sixth Street Lending Partners			7.3
Total contributed capital by Carlyle			22.0
Total contributed capital		$	44.0
Total unfunded commitments by Sixth Street Specialty Lending Inc.			185.3
Total unfunded commitments by Sixth Street Lending Partners			92.7
Total unfunded commitments by Carlyle			278.0
Total unfunded commitments		$	556.0

For the three months ended March 31, 2026 SCP declared $0.7 million in distributions, of which $0.2 million was recognized as dividend income in the Company’s Unaudited Statements of Operations. As of March 31, 2026, the daily weighted average yield on our investment in Structured Credit Partners JV, LLC was 10.7%.

Below is a summary of SCP’s portfolio as of March 31, 2026:

 

($ in millions)		March 31, 2026
Senior secured loans (1)		$	1,044.7
Weighted average yield on senior secured loans at amortized cost			6.92	%
Weighted average yield on senior secured loans at fair value			6.95	%
Weighted average spread on senior secured loans			2.89	%
Number of portfolio companies in SCP			334
Percentage of loans at floating interest rates			100.0	%

(1)

At par amount

Results of Operations

Operating results for the three months ended March 31, 2026 and 2025 were as follows:

 

		Three Months Ended
($ in millions)(1)		March 31, 2026				March 31, 2025
Total investment income		$	93.4			$	116.3
Less: Net expenses			52.4				57.0
Net investment income before income taxes			41.0				59.3
Less: Income taxes, including excise taxes			1.2				1.3
Net investment income			39.8				58.0
Net realized gains (losses) (2)			(39.3	)			0.8
Net change in unrealized gains (losses) (2)			(26.5	)			(21.8	)
Net increase (decrease) in net assets resulting from operations		$	(26.0	)		$	37.0

 

(1)

Table may not sum due to rounding.

(2)

Includes foreign exchange hedging activity.

Investment Income

		Three Months Ended
($ in millions) (1)		March 31, 2026				March 31, 2025
Interest from investments		$	83.8			$	106.6
Paid-in-kind interest income			7.0				5.4
Dividend income			0.4				0.9
Other income			2.2				3.4
Total investment income		$	93.4			$	116.3

(1)

Table may not sum due to rounding.

 

Interest from investments, which includes amortization of upfront fees and prepayment fees, decreased from $106.6 million for the three months ended March 31, 2025 to $83.8 million for the three months ended March 31, 2026. The decrease in interest from investments was primarily the result of a decrease in reference rates for the three months ended March 31, 2026 compared to the same

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period in 2025. Paid-in-kind interest income increased from $5.4 million for the three months ended March 31, 2025 to $7.0 million for the three months ended March 31, 2026 due to increased PIK investments. Dividend income decreased from $0.9 million for the three months ended March 31, 2025 to $0.4 million for the three months ended March 31, 2026 due to the timing of dividend payments in 2025. Other income decreased from $3.4 million for the three months ended March 31, 2025 to $2.2 million for the three months ended March 31, 2026, primarily due to decreased miscellaneous fees earned during the three months ended March 31, 2026.

Expenses

Operating expenses for the three months ended March 31, 2026 and 2025 were as follows:

 

		Three Months Ended
($ in millions)(1)		March 31, 2026				March 31, 2025
Interest		$	28.3			$	33.0
Management fees (net of waivers)			12.3				12.7
Incentive fees on net investment income			8.5				11.5
Incentive fees on net capital gains			—				(3.7	)
Professional fees			1.7				2.0
Directors’ fees			0.3				0.2
Other general and administrative			1.4				1.3
Net Expenses		$	52.4			$	57.0

 

(1)

Table may not sum due to rounding.

 

Interest

Interest expense, including other debt financing expenses, decreased from $33.0 million for the three months ended March 31, 2025 to $28.3 million for the three months ended March 31, 2026. This decrease was primarily due to a decrease in the average interest rate on our debt outstanding, which decreased from 6.4% for the three months ended March 31, 2025 to 5.5% for the three months ended March 31, 2026 due to a change in the mix of our debt financing sources and a change in SOFR rates.

Management Fees

Management Fees (gross of waivers) decreased from $13.1 million for the three months ended March 31, 2025 to $12.6 million for the three months ended March 31, 2026 due to a decrease in average assets. Management Fees (net of waivers) decreased from $12.7 million for the three months ended March 31, 2025 to $12.3 million for the three months ended March 31, 2026. Management Fees waived were $0.3 million for the three months ended March 31, 2026 and $0.4 million for the three months ended March 31, 2025, pursuant to the Leverage Waiver. Any waived management fees are not subject to recoupment by the Adviser.

Incentive Fees

For the three months ended March 31, 2026 and 2025, Incentive Fees were $8.5 million and $7.8 million, respectively, of which $8.5 million and $11.5 million, respectively, were realized and payable to the Adviser. For the three months ended March 31, 2026 there were no Incentive Fees accrued related to Capital Gains Fees. For the three months ended March 31, 2025 $(3.7) million of Incentive Fees were accrued related to Capital Gains Fees. As of March 31, 2026, these accrued Incentive Fees are not contractually payable to the Adviser.

Professional Fees and Other General and Administrative Expenses

Professional fees decreased from $2.0 million for the three months ended March 31, 2025 to $1.7 million for the three months ended March 31, 2026 due to lower independent third-party valuation firm and sub-agent administration costs. Other general and administrative fees were $1.3 million for the three months ended March 31, 2025 and $1.4 million for the three months ended March 31, 2026.

Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other things, distribute to our stockholders in each taxable year generally at least 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain RIC status, we, among other things, have made and intend to continue to make the requisite distributions to our stockholders, which generally relieve us from corporate-level U.S. federal income taxes.

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We evaluate tax positions taken or expected to be taken in the course of preparing our financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2026 and 2025, we recorded a net expense of $1.2 million and $1.4 million, respectively, for U.S. federal excise tax and other taxes.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended March 31, 2026 and 2025:

		Three Months Ended
($ in millions)(1)		March 31, 2026				March 31, 2025
Net realized gains (losses) on investments		$	(39.3	)		$	1.1
Net realized gains (losses) on foreign currency transactions (2)			(0.1	)			(0.2	)
Net realized gains (losses) on foreign currency investments (3)			0.0			0.0
Net realized gains (losses) on foreign currency borrowings (3)		(0.0)					(0.1	)
Net Realized Gains (Losses)		$	(39.3	)		$	0.8
Change in unrealized gains on investments		$	50.2			$	23.7
Change in unrealized (losses) on investments			(85.2	)			(34.5	)
Net Change in Unrealized Gains (Losses) on    Investments		$	(34.9	)		$	(10.8	)
Unrealized gains (losses) on foreign currency borrowings			8.4				(11.0	)
Unrealized gains (losses) on foreign currency transactions (2)(3)		0.0				(0.0)
Net Change in Unrealized Gains (Losses) on Foreign    Currency Transactions		$	8.4			$	(11.0	)
Net Change in Unrealized Gains (Losses)		$	(26.5	)		$	(21.8	)

 

(1)

Table may not sum due to rounding.

(2)

Includes foreign exchange hedging activity.

(3)

Amounts round to less than $0.1 million.

For the three months ended March 31, 2026 and 2025, we had net realized losses on investments of $39.3 million and net realized gains on investments of $1.1 million, respectively. For the three months ended March 31, 2026 and 2025, we had net realized losses of $0.1 million and $0.2 million, respectively, on foreign currency transactions, primarily as a result of translating foreign currency related to our non-USD denominated investments. For the three months ended March 31, 2026 and 2025, we had net realized gains on foreign currency investments of less than $0.1 million and less than $0.1 million, respectively. For the three months ended March 31, 2026 and 2025, we had net realized losses on foreign currency borrowings of less than $0.1 million and $0.1 million, respectively. The net realized losses on foreign currency borrowings were a result of payments on our revolving credit facility.

For the three months ended March 31, 2026, we had $50.2 million in unrealized gains on 16 portfolio company investments, which was offset by $85.2 million in unrealized losses on 127 portfolio company investments. Unrealized gains for the three months ended March 31, 2026 resulted from positive portfolio company specific developments and the reversal of prior period unrealized losses due to realizations. Unrealized losses for the three months ended March 31, 2026 resulted from negative credit-related adjustments, widening credit spreads, and the reversal of prior period unrealized gains due to realizations.

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For the three months ended March 31, 2025, we had $23.7 million in unrealized gains on 53 portfolio company investments, which was offset by $34.5 million in unrealized losses on 68 portfolio company investments. Unrealized gains for the three months ended March 31, 2025 resulted from positive portfolio company specific developments. Unrealized losses for the three months ended March 31, 2025 resulted from widening credit spreads, negative credit-related adjustments and the reversal of prior period unrealized gains due to realizations.

For the three months ended March 31, 2026 and 2025, we had unrealized gains of $8.4 million and unrealized losses of $11.0 million, respectively, on foreign currency borrowings, primarily as a result of fluctuations in the AUD, CAD, SEK, GBP and EUR exchange rates. For the three months ended March 31, 2026 and 2025, we had unrealized gains of less than $0.1 million and unrealized losses of less than $0.1 million, respectively, on foreign currency transactions.

Realized Gross Internal Rate of Return

Since we began investing in 2011 through March 31, 2026, weighted by capital invested, our exited investments have generated an average realized gross internal rate of return to us of 16.8% (based on total capital invested of $9.3 billion and total proceeds from these exited investments of $11.9 billion). Ninety-one percent of these exited investments resulted in a realized gross internal rate of return to us of 10% or greater.

Gross IRR, with respect to an investment, is calculated based on the dates that we invested capital and dates we received distributions, regardless of when we made distributions to our stockholders. Initial investments are assumed to occur at time zero, and all cash flows are deemed to occur on the fifteenth of each month in which they occur.

Gross IRR reflects historical results relating to our past performance and is not necessarily indicative of our future results. In addition, gross IRR does not reflect the effect of Management Fees, expenses, Incentive Fees or taxes borne, or to be borne, by us or our stockholders, and would be lower if it did.

Average gross IRR is the average of the gross IRR for each of our exited investments (each calculated as described above), weighted by the total capital invested for each of those investments.

Average gross IRR on our exited investments reflects only invested and realized cash amounts as described above, and does not reflect any unrealized gains or losses in our portfolio.

Internal rate of return, or IRR, is a measure of our discounted cash flows (inflows and outflows). Specifically, IRR is the discount rate at which the net present value of all cash flows is equal to zero. That is, IRR is the discount rate at which the present value of total capital invested in each of our investments is equal to the present value of all realized returns from that investment. Our IRR calculations are unaudited.

Capital invested, with respect to an investment, represents the aggregate cost basis allocable to the realized or unrealized portion of the investment, net of any upfront fees paid at closing for the term loan portion of the investment. Capital invested also includes realized losses on hedging activity, with respect to an investment, which represents any inception-to-date realized losses on foreign currency forward contracts allocable to the investment, if any.

Realized returns, with respect to an investment, represents the total cash received with respect to each investment, including all amortization payments, interest, dividends, prepayment fees, upfront fees, administrative fees, agent fees, amendment fees, accrued interest, and other fees and proceeds. Realized returns also include realized gains on hedging activity, with respect to an investment, which represents any inception-to-date realized gains on foreign currency forward contracts allocable to the investment, if any.

Interest Rate and Foreign Currency Hedging

We use interest rate swaps to hedge our fixed rate debt and certain fixed rate investments. We have designated certain interest rate swaps to be in a hedge accounting relationship. See Note 2 for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship. See Note 5 for additional disclosure regarding these derivative instruments and the interest payments paid and received. See Note 7 for additional disclosure regarding the carrying value of our debt.

Our current approach to hedging the foreign currency exposure in our non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under our Revolving Credit Facility to fund these investments. For the three months ended March 31, 2026 and 2025, we had $8.4 million of unrealized gains and $11.0 million of unrealized losses, respectively, on the translation of our non-U.S. dollar denominated debt into U.S. dollars; such amounts approximate the corresponding unrealized gains and losses on the translation of our non-U.S. dollar denominated investments into U.S. dollars for the three months ended March 31, 2026 and 2025. See Note 2 for additional disclosure regarding our accounting for foreign currency. See Note 7 for additional

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disclosure regarding the amounts of outstanding debt denominated in each foreign currency at March 31, 2026. See our Consolidated Schedule of Investments for additional disclosure regarding the foreign currency amounts (in both par and fair value) of our non-U.S. dollar denominated investments.

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are derived primarily from proceeds from equity issuances, advances from our credit facilities, and cash flows from operations. The primary uses of our cash and cash equivalents are:

•

investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements;

•

the cost of operations (including paying our Adviser);

•

debt service, repayment, and other financing costs; and

•

cash dividends to the holders of our shares.

We intend to continue to generate cash primarily from cash flows from operations, future borrowings and future offerings of securities. We may from time to time enter into additional debt facilities, increase the size of existing facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock if immediately after the borrowing or issuance our ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. For more information, see “Key Components of Our Results of Operations — Leverage” above. As of March 31, 2026 and December 31, 2025, our asset coverage ratio was 184.7% and 191.5%, respectively. We carefully consider our unfunded commitments for the purpose of planning our capital resources and ongoing liquidity, including our financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation under the 1940 Act and the asset coverage limitation under our credit facilities to cover any outstanding unfunded commitments we are required to fund.

Cash and cash equivalents as of March 31, 2026, taken together with cash available under our credit facilities, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of March 31, 2026, we had approximately $1.1 billion of availability on our Revolving Credit Facility, subject to asset coverage limitations.

As of March 31, 2026, we had $29.2 million in cash and cash equivalents, including $28.1 million of restricted cash. During the three months ended March 31, 2026, cash used in operating activities was $23.4 million, primarily attributable to funding portfolio investments of $162.8 million and a decrease in net assets resulting from operations of $26.0 million which was partially offset by repayments and proceeds from investments of $133.8 million and cash provided by other operating activities of $31.6 million. Cash provided by financing activities was $32.9 million during the period due to borrowings of $310.3 million which was partially offset by paydowns on our Revolving Credit Facility of $238.4 million and dividends paid of $39.0 million.

As of March 31, 2025, we had $47.3 million in cash and cash equivalents, including $42.7 million of restricted cash. During the three months ended March 31, 2025, cash provided by operating activities was $149.9 million, primarily attributable to repayments and proceeds from investments of $291.9 million, an increase in net assets resulting from operations of $37.0 million and other operating activity of $4.7 million, which was partially offset by funding portfolio investments of $183.7 million. Cash used in financing activities was $130.0 million during the period due to paydowns on our Revolving Credit Facility of $609.5 million, dividends paid of $43.2 million and deferred financing costs of $7.3 million, which was partially offset by borrowings of $530.0 million.

Equity

On March 5, 2024, we issued a total of 4,000,000 shares of common stock at $20.52 per share. Net of underwriting fees and offering costs, we received total cash proceeds of $81.5 million. Subsequent to the offering, we issued an additional 600,000 shares on April 1, 2024 pursuant to the overallotment option granted to underwriters and received, net of offering and underwriting fees, additional total cash proceeds of $11.9 million.

We are a party to equity distribution agreements with several banks (the “Equity Distribution Agreements”). The Equity Distribution Agreements provide that we may from time to time issue and sell, by means of “at the market” offerings, up to $100 million of the Company's common stock. Under the currently effective Equity Distribution Agreements, common stock with an aggregate offering amount of $100 million remained available for issuance as of March 31, 2026.

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During the three months ended March 31, 2026 and 2025, we issued 314,450 and 302,922 shares of our common stock, respectively, to investors who have not opted out of our dividend reinvestment plan for proceeds of $5.5 million and $6.4 million, respectively.

On August 4, 2015, our Board authorized us to acquire up to $50 million in aggregate of our common stock from time to time over an initial six month period, and has continued to authorize the refreshment of the $50 million amount authorized under and extension of the stock repurchase program prior to its expiration since that time, most recently as of November 4, 2025 (expiring May 31, 2026). Under the program, we may repurchase up to $50 million in the aggregate of our outstanding common stock in the open market, from time to time, at certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The amount and timing of stock repurchases under the program may vary depending on market conditions, and no assurance can be given that any particular amount of common stock will be repurchased.

No shares were repurchased for the three months ended March 31, 2026 and 2025.

Debt

Revolving Credit Facility

On August 23, 2012, we entered into a senior secured revolving credit agreement with Truist Bank (as a successor by merger to SunTrust Bank), as administrative agent, and J.P. Morgan Chase Bank, N.A., as syndication agent, and certain other lenders (as amended and restated, the “Revolving Credit Facility”).

As of March 31, 2026, aggregate commitments under the Revolving Credit Facility were $1.675 billion. The Revolving Credit Facility includes an uncommitted accordion feature that allows us, under certain circumstances, to increase the size of the Revolving Credit Facility to up to $2.5 billion.

Pursuant to the Seventeenth Amendment dated May 1, 2026, with respect to $1.525 billion of commitments, the revolving period, during which period we, subject to certain conditions, may make borrowings under the Revolving Credit Facility, was extended to May 1, 2030 and the stated maturity was extended to May 1, 2031.

We may borrow amounts in U.S. dollars or certain other permitted currencies. As of March 31, 2026, we had outstanding debt denominated in Australian dollars (AUD) of 3.0 million, British pounds (GBP) of 48.7 million, Canadian dollars (CAD) of 5.0 million, Swedish Krona (SEK) of 220.0 million and Euro (EUR) of 270.7 million on our Revolving Credit Facility, included in the Outstanding Principal amount in the table below. As of December 31, 2025, we had outstanding debt denominated in Australian dollars (AUD) of 3.0 million, British pounds (GBP) of 48.5 million, Canadian dollars (CAD) of 5.0 million, Swedish Krona (SEK) of 218.0 million and Euro (EUR) of 245.9 million on our Revolving Credit Facility, included in the Outstanding Principal amount in the table below.

The Revolving Credit Facility also provides for the issuance of letters of credit up to an aggregate amount of $75 million. As of March 31, 2026 and December 31, 2025, we had $22.8 million and $21.7 million respectively in outstanding letters of credit issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit issued through the Revolving Credit Facility.

For the $1.525 billion of commitments, amounts drawn under the Revolving Credit Facility, including amounts drawn in respect of letters of credit, bear interest at either the applicable reference rate plus an applicable credit spread adjustment, plus a margin of either 1.525%, 1.65% or 1.775%, or the base rate plus a margin of either 0.525%, 0.65% or 0.775%, in each case, based on the total amount of the borrowing base relative to the sum of the total commitments (or, if greater, the total exposure) under the Revolving Credit Facility plus certain other designated secured debt. For the remaining $150.0 million of commitments, amounts drawn under the Revolving Credit Facility, including amounts drawn in respect of letters of credit, bear interest at either the applicable reference rate plus an applicable credit spread adjustment, plus a margin of either 1.75% or 1.875% or the base rate plus a margin of either 0.75% or 0.875%, in each case, based on the total amount of the borrowing base relative to the sum of the total commitments (or, if greater, the total exposure) under the Revolving Credit Facility plus certain other designated secured debt. We may elect either the applicable reference rate or base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. We also pay a fee of 0.325% on undrawn amounts and, in respect of each undrawn letter of credit, a fee and interest rate equal to the then applicable margin while the letter of credit is outstanding.

The Revolving Credit Facility is guaranteed by Sixth Street SL SPV, LLC, TC Lending, LLC and Sixth Street SL Holding, LLC. The Revolving Credit Facility is secured by a perfected first-priority security interest in substantially all the portfolio investments held by us and each guarantor. Proceeds from borrowings may be used for general corporate purposes, including the funding of portfolio investments.

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The Revolving Credit Facility includes customary events of default, as well as customary covenants, including restrictions on certain distributions and financial covenants. In accordance with the terms of the Sixteenth Amendment, the financial covenants require:

•

an asset coverage ratio of no less than 2 to 1 on the last day of any fiscal quarter;

•

stockholders’ equity of at least $650 million plus 25% of the net proceeds of the sale of equity interests after April 24, 2024;
and

•

minimum asset coverage ratio of no less than 1.5 to 1 with respect to (i) the consolidated assets of our and our subsidiary's guarantors (including certain limitations on the contribution of equity in financing subsidiaries) to (ii) the secured debt of our and our subsidiary's guarantors plus unsecured senior securities of our and our subsidiary guarantors that mature within 90 days of the date of determination (the “Obligor Asset Coverage Ratio”).

The Revolving Credit Facility also contains certain additional concentration limits in connection with the calculation of the borrowing base, based on the Obligor Asset Coverage Ratio.

As of March 31, 2026 and December 31, 2024, we were in compliance with the terms of the Revolving Credit Facility.

2026 Notes

In February 2021, we issued $300.0 million aggregate principal amount of unsecured notes that mature on August 1, 2026 (the “2026 Notes”). The principal amount of the 2026 Notes is payable at maturity. The 2026 Notes bear interest at a rate of 2.50% per year, payable semi-annually commencing on August 1, 2021, and may be redeemed in whole or in part at our option at any time at par plus a “make whole” premium. Total proceeds from the issuance of the 2026 Notes, net of underwriting discounts, offering costs and original issue discount, were $293.7 million. We used the net proceeds of the 2026 Notes to repay outstanding indebtedness under the Revolving Credit Facility.

In connection with the issuance of the 2026 Notes, we entered into an interest rate swap to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $300.0 million, which matures on August 1, 2026, matching the maturity date of the 2026 Notes. As a result of the swap, our effective interest rate on the 2026 Notes is SOFR plus 2.17%. The interest expense related to the 2026 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the effective hedge interest rate swaps had a fair value of $(3.7) million and $(5.8) million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2026 Notes.

2028 Notes

In August 2023, we issued $300.0 million aggregate principal amount of unsecured notes that mature on August 14, 2028 (the “2028 Notes”). The principal amount of the 2028 Notes is payable at maturity. The 2028 Notes bear interest at a rate of 6.95% per year, payable semi-annually commencing on February 14, 2024, and may be redeemed in whole or in part at our option at any time at par plus a “make whole” premium. Total proceeds from the issuance of the 2028 Notes, net of underwriting discounts, offering costs and original issue discount, were $293.9 million. We used the net proceeds of the 2028 Notes to repay outstanding indebtedness under the Revolving Credit Facility.

In connection with the issuance of the 2028 Notes, we entered into an interest rate swap to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $300.0 million, which matures on August 14, 2028, matching the maturity date of the 2028 Notes. As a result of the swap, our effective interest rate on the 2028 Notes is SOFR plus 2.99%. The interest expense related to the 2028 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the effective hedge interest rate swaps had a fair value of $2.1 million and $4.5 million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2028 Notes.

2029 Notes

In January 2024, we issued $350.0 million aggregate principal amount of unsecured notes that mature on March 1, 2029 (the “2029 Notes”). The principal amount of the 2029 Notes is payable at maturity. The 2029 Notes bear interest at a rate of 6.125% per year, payable semi-annually commencing on September 1, 2024, and may be redeemed in whole or in part at our option at any time at par plus a “make whole” premium. Total proceeds from the issuance of the 2029 Notes, net of underwriting discounts, offering costs and

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original issue discount, were $341.6 million. We used the net proceeds of the 2029 Notes to repay outstanding indebtedness under the Revolving Credit Facility.

In connection with the issuance of the 2029 Notes, we entered into an interest rate swap to align the interest rates of its liabilities with our investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $350.0 million, which matures on March 1, 2029, matching the maturity date of the 2029 Notes. As a result of the swap, our effective interest rate on the 2029 Notes is SOFR plus 2.44%. The interest expense related to the 2029 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the effective hedge interest rate swaps had a fair value of $0.6 million and $3.3 million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2029 Notes.

2030 Notes

In February 2025, we issued $300.0 million aggregate principal amount of unsecured notes that mature on August 15, 2030 (the “2030 Notes”). The principal amount of the 2030 Notes is payable at maturity. The 2030 Notes bear interest at a rate of 5.625% per year, payable semi-annually commencing on August 15, 2025, and may be redeemed in whole or in part at our option at any time at par plus a “make whole” premium. Total proceeds from the issuance of the 2030 Notes, net of underwriting discounts, offering costs and original issue discount, were $293.4 million. We used the net proceeds of the 2030 Notes to repay outstanding indebtedness under the Revolving Credit Facility.

In connection with the issuance of the 2030 Notes, we entered into an interest rate swap to align the interest rates of its liabilities with our investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $300.0 million, which matures on August 15, 2030, matching the maturity date of the 2030 Notes. As a result of the swap, our effective interest rate on the 2030 Notes is SOFR plus 1.53%. The interest expense related to the 2030 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the effective hedge interest rate swaps had a fair value of $5.7 million and $8.3 million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2030 Notes.

Debt obligations consisted of the following as of March 31, 2026 and December 31, 2025:

		March 31, 2026
		Aggregate Principal				Outstanding				Amount				Carrying
($ in millions)		Amount Committed				Principal				Available (1)				Value (2)(3)
Revolving Credit Facility		$	1,675.0			$	577.4			$	1,074.8			$	563.2
2026 Notes			300.0				300.0			—					295.9
2028 Notes			300.0				300.0			—					299.1
2029 Notes			350.0				350.0			—					345.7
2030 Notes			300.0				300.0			—					299.5
Total Debt		$	2,925.0			$	1,827.4			$	1,074.8			$	1,803.4

(1)

The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit issued and asset coverage requirements.

(2)

The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $14.2 million, $0.4 million, $3.0 million, $4.9 million and $6.2 million, respectively.

(3)

The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(3.7) million, $2.1 million, $0.6 million and $5.7 million, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.

 

		December 31, 2025
		Aggregate Principal				Outstanding				Amount				Carrying
($ in millions)		Amount Committed				Principal				Available (1)				Value (2)(3)
Revolving Credit Facility		$	1,675.0			$	513.9			$	1,139.3			$	498.8
2026 Notes			300.0				300.0			—					293.5
2028 Notes			300.0				300.0			—					301.2
2029 Notes			350.0				350.0			—					348.0
2030 Notes			300.0				300.0			—					301.7
Total Debt		$	2,925.0			$	1,763.9			$	1,139.3			$	1,743.2

 

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(1)

The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit issued and asset coverage requirements.

(2)

The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $15.1 million, $0.7 million, $3.3 million, $5.3 million and $6.6 million, respectively.

(3)

The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(5.8) million, $4.5 million, $3.3 million and $8.3 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.

As of March 31, 2026 and December 31, 2025, we were in compliance with the terms of our debt arrangements. We intend to continue to utilize our credit facilities to fund investments and for other general corporate purposes.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

From time to time, we may enter into commitments to fund investments. We incorporate these commitments into our assessment of our liquidity position. Our senior secured revolving loan commitments are generally available on a borrower’s demand and may remain outstanding until the maturity date of the applicable loan. Our senior secured delayed draw term loan commitments are generally available on a borrower’s demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement. As of March 31, 2026 and December 31, 2025, we had the following commitments to fund investments in current portfolio companies:

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($ in millions)		March 31, 2026				December 31, 2025
Alaska Bidco Oy - Delayed Draw & Revolver		$	0.2			$	0.2
Aledade, Inc. - Revolver			22.8				24.1
American Achievement, Corp. - Revolver			2.4				2.4
Arcwood Environmental, Inc. - Revolver			1.8				1.8
Arrowhead Pharmaceuticals, Inc. - Delayed Draw			26.6				27.7
Artisan Bidco, Inc. - Revolver			1.4				1.4
AVSC Holding Corp. - Revolver			4.0				4.8
Azurite Intermediate Holdings, Inc. - Revolver & Equity			5.6				5.6
Bayshore Intermediate #2, L.P. - Revolver			2.7				2.7
BCTO Ace Purchaser, Inc. - Delayed Draw & Revolver			0.3				0.3
Cirrus (Bidco) Ltd - Delayed Draw			0.4				0.4
Cordance Operations, LLC - Delayed Draw & Revolver			2.1				2.6
Coupa Holdings, LLC - Delayed Draw & Revolver			6.8				6.8
Crewline Buyer, Inc. - Revolver & Equity			6.1				6.1
EDB Parent, LLC - Delayed Draw			3.6				5.6
Elysian Finco Ltd. - Revolver			1.1				0.8
EMS Linq, Inc. - Revolver			5.5				5.9
Erling Lux Bidco SARL - Delayed Draw & Revolver			5.5				6.1
Eventus Buyer, LLC - Delayed Draw & Revolver			10.7				8.6
ExtraHop Networks, Inc. - Revolver			0.2				0.4
Flight Intermediate HoldCo, Inc. - Delayed Draw			30.9				32.1
Galileo Parent, Inc. - Revolver			—				3.5
Greenshoot Bidco B.V. - Revolver			0.4				0.5
Hippo XPA Bidco AB - Delayed Draw & Revolver			9.1				9.4
HireVue, Inc. - Delayed Draw			7.7				—
HMP Omnimedia, LLC - Delayed Draw & Revolver			10.2				9.8
Ingenovis Health Finance, LLC - Revolver			32.5				32.5
IRGSE Holding Corp. - Revolver			3.3				5.7
Kahua, Inc. - Delayed Draw			—				5.0
Kangaroo Bidco AS - Delayed Draw			4.4				4.4
Kaseware Intermediate Holding Company - Delayed Draw & Revolver			4.9				6.8
Kryptona BidCo US, LLC - Revolver			2.2				2.2
LeanTaaS Holdings, Inc. - Delayed Draw			11.5				12.0
Leg Purchaser Inc. - Revolver			5.5				—
LIHA Holdco B.V. - Delayed Draw & Revolver			0.2				0.8
Lynx BidCo - Delayed Draw & Revolver			6.7				6.7
Marcura Equities LTD - Revolver			1.7				1.7
MindBody, Inc. - Revolver			3.6				—
Omnigo Software, LLC - Delayed Draw & Revolver			1.9				1.9
PDI TA Holdings, Inc. - Revolver			0.1				0.4
Rail Acquisitions LLC - Delayed Draw & Revolver			5.7				5.7
RainFocus, LLC - Delayed Draw			3.8				5.3
Rapid Data GmbH Unternehmensberatung - Delayed Draw & Revolver			1.2				1.2
Raptor US Buyer II Corp. - Revolver			0.6				0.6
Sapphire Software Buyer, Inc. - Revolver			3.2				3.3
Scorpio Bidco - Delayed Draw			0.6				0.6
Sediver S.p.A. - Delayed Draw			4.0				4.1
Severin Acquisition, LLC - Delayed Draw & Revolver			3.8				4.4
Shiftmove GmbH - Delayed Draw			10.0				10.2
SMA Technologies Holdings, LLC - Revolver			1.0				1.0
Sport Alliance GmbH - Revolver			0.5				0.5
Structured Credit Partners JV, LLC - Equity			185.3				—
Tango Management Consulting, LLC - Delayed Draw & Revolver			22.1				23.8

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TRP Assets, LLC - Delayed Draw			10.2				10.2
TS Imagine Inc. - Revolver			0.4				0.8
USA Debusk LLC - Delayed Draw & Revolver			1.0				2.5
Varinem German Bidco GmbH - Delayed Draw			3.9				4.9
Velocity Clinical Research, Inc. - Delayed Draw & Revolver			7.9				8.8
Wrangler Topco, LLC - Delayed Draw & Revolver			0.6				0.9
Total Portfolio Company Commitments (1)(2)		$	512.4			$	338.5

(1)

Represents the full amount of our commitments to fund investments on such date. Commitments may be subject to limitations on borrowings set forth in the agreements between us and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

(2)

Our estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

Other Commitments and Contingencies

As of March 31, 2026 and December 31, 2025, we did not have any unfunded commitments to fund investments to new borrowers that were not current portfolio companies as of such date.

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of March 31, 2026, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

We have certain contracts under which we have material future commitments. Under the Investment Advisory Agreement, our Adviser provides us with investment advisory and management services. For these services, we pay the Management Fee and the Incentive Fee.

Under the Administration Agreement, our Adviser furnishes us with office facilities and equipment, provides us clerical, bookkeeping and record keeping services at such facilities and provides us with other administrative services necessary to conduct our day-to-day operations. We reimburse our Adviser for the allocable portion (subject to the review and approval of our Board) of expenses incurred by it in performing its obligations under the Administration Agreement, the fees and expenses associated with performing compliance functions and our allocable portion of the compensation of our Chief Compliance Officer, Chief Financial Officer and other professionals who spend time on those related activities (based on a percentage of time those individuals devote, on an estimated basis, to our business and affairs). Our Adviser also offers on our behalf significant managerial assistance to those portfolio companies to which we are required to offer to provide such assistance.

Contractual Obligations

A summary of our contractual payment obligations as of March 31, 2026 is as follows:

		Payments Due by Period
						Less than
($ in millions)		Total				1 year				1-3 years				3-5 years				After 5 years
Revolving Credit Facility		$	577.4			$	—			$	577.4				—			$	—
2026 Notes			300.0				300.0				—				—				—
2028 Notes			300.0				—				300.0				—				—
2029 Notes			350.0				—				350.0				—				—
2030 Notes			300.0				—				—				300.0				—
Total Contractual Obligations		$	1,827.4			$	300.0			$	1,227.4			$	300.0			$	—

 

In addition to the contractual payment obligations in the tables above, we also have commitments to fund investments and to pledge assets as collateral under the terms of our derivatives agreements.

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Distributions

We have elected and qualified to be treated for U.S. federal income tax purposes as a RIC under subchapter M of the Code. To maintain RIC status, we must distribute (or be treated as distributing) in each taxable year dividends for tax purposes equal to at least 90 percent of the sum of our:

•

investment company taxable income (which is generally our ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and

•

net tax-exempt interest income (which is the excess of our gross tax exempt interest income over certain disallowed deductions) for such taxable year.

As a RIC, we (but not our stockholders) generally will not be subject to U.S. federal income tax on investment company taxable income and net capital gains that we distribute to our stockholders.

We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to corporate-level U.S. federal income tax. We may choose to retain our net capital gains or any investment company taxable income, and pay the U.S. federal excise tax described below.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. To avoid this tax, we must distribute (or be treated as distributing) during each calendar year an amount at least equal to the sum of:

•

98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;

•

98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and

•

100% of any income or gains recognized, but not distributed, in preceding years.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed to avoid entirely the imposition of this tax. In that event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.

We intend to pay quarterly dividends to our stockholders out of assets legally available for distribution. All dividends will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders may be the original capital invested by the stockholder rather than our income or gains. Stockholders should read any written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.

We have adopted an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a cash dividend or other distribution, each stockholder that has not “opted out” of our dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash dividends. Stockholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

Related-Party Transactions

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

•

the Investment Advisory Agreement;

•

the Administration Agreement; and

•

an ongoing agreement with an affiliate of TPG Global, LLC governing, inter alia, the parties’ respective ownership of and rights to use the “Sixth Street” and “TPG” trademarks and certain variations thereof.

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Critical Accounting Estimates

Our critical accounting policies and estimates, including those relating to the valuation of our investment portfolio, are described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 12, 2026, and elsewhere in our filings with the SEC. The critical accounting policies and estimates should be read in connection with our risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including valuation risk, interest rate risk and currency risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by our Board in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We also fund portions 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. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate-sensitive assets to our interest rate-sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

As of March 31, 2026, 96.3% of our debt investments based on fair value in our portfolio bore interest at floating rates, with 100.0% of these subject to interest rate floors. Our credit facilities also bear interest at floating rates, and in connection with our 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, which bear interest at fixed rates, we entered into fixed-to-floating interest rate swaps in order to align the interest rates of our liabilities with our investment portfolio.

Assuming that our Consolidated Balance Sheet as of March 31, 2026 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):

 

($ in millions)
Basis Point Change		Interest Income				Interest Expense				Net Interest Income
Up 300 basis points		$	91.0			$	54.8			$	36.2
Up 200 basis points		$	60.7			$	36.5			$	24.2
Up 100 basis points		$	30.3			$	18.3			$	12.0
Down 25 basis points		$	(7.6	)		$	(4.6	)		$	(3.0	)
Down 50 basis points		$	(15.2	)		$	(9.1	)		$	(6.1	)
Down 75 basis points		$	(22.7	)		$	(13.7	)		$	(9.0	)
Down 100 basis points		$	(30.3	)		$	(18.3	)		$	(12.0	)

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

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Currency Risk

From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. We also have the ability to borrow in certain foreign currencies under our Revolving Credit Facility. Instead of entering into a foreign exchange forward contract in connection with loans or other investments we have made that are denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan or investment. To the extent the loan or investment is based on a floating rate other than a rate under which we can borrow under our Revolving Credit Facility, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

 

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them to material information relating to us that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

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

 

ITEM 1. Legal Proceedings

From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “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. These risks are not the only risks facing our Company. 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.

 

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

None.

 

Item 3. Defaults Upon Senior Securities

Not Applicable.

 

Item 4. Mine Safety Disclosures

Not Applicable.

 

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the three months ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

 

 

 

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ITEM 6. Exhibits

 

Exhibit No		Description of Exhibits
3.1		Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Company’s Current Report on Form 8-K filed on June 19, 2020).
3.2		Third Amended and Restated Bylaws dated November 4, 2025 (incorporated by reference to Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q filed on November 4, 2025).
10.1		Seventeenth Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of May 1, 2026, among Sixth Street Specialty Lending, Inc., as Borrower, the Lenders party thereto and Truist Bank (as successor by merger to SunTrust Bank), as Administrative Agent.
31.1		Certification of Chief Executive Officer Pursuant to Exchange Act Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Chief Financial Officer Pursuant to Exchange Act Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32		Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements 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.

		SIXTH STREET SPECIALTY LENDING, INC.
Date: May 5, 2026		/s/ Robert “Bo” Stanley
		Robert “Bo” Stanley
		Chief Executive Officer
		(Principal Executive Officer)
Date: May 5, 2026		/s/ Ian Simmonds
		Ian Simmonds
		Chief Financial Officer
		(Principal Financial Officer)

 

 

 

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