FYfalse0001508655http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#NorwegianInterbankOfferedRateNIBORMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#PrimeRateMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#PrimeRateMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#PrimeRateMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#StockholmInterbankOfferedRateSTIBORMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://sixthstreetspecialtylending.com/20251231#StockholmInterbankOfferedRateSTIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#NorwegianInterbankOfferedRateNIBORMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#EuroInterbankOfferRateEURIBORMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#PrimeRateMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#BankBillSwapBidRateMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://sixthstreetspecialtylending.com/20251231#StockholmInterbankOfferedRateSTIBORMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://sixthstreetspecialtylending.com/20251231#SterlingOvernightIndexAverageRateSONIAMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#PrimeRateMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#EurodollarMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionOperatingAfterTaxhttp://fasb.org/us-gaap/2025#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionOperatingAfterTaxhttp://fasb.org/us-gaap/2025#UnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionOperatingAfterTaxhttp://fasb.org/us-gaap/2025#RealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionOperatingAfterTax0001508655Debt Investments Transportation Marcura Equities LTD First-lien loan ($33,874 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2024-12-310001508655tslx:OfficeProductsMember2024-12-310001508655tslx:TwoThousandTwentyEightNotesMember2024-12-310001508655tslx:O2025Q4SupplementalDividendsMember2025-11-042025-11-040001508655Debt Investments Automotive Truck-Lite Co., LLC Investment First-lien loan ($40,134 par, due 2/2031) Initial Acquisition Date 02/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.27%2024-12-310001508655tslx:EquityAndOtherInvestmentsMember2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. First-lien loan (AUD 60,000 par, due 12/2026) Initial Acquisition Date 12/6/2021 Reference Rate and Spread B + 6.25% Interest Rate 10.73%2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2025-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/20222025-01-012025-12-310001508655Equity and Other Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/20232024-12-3100015086552023-01-012023-12-310001508655Debt 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%2025-01-012025-12-310001508655Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/20232025-01-012025-12-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/20182025-12-310001508655IRGSE Holding Corp2025-12-310001508655tslx:OilGasAndConsumableFuelsMemberus-gaap:DebtSecuritiesMember2024-12-310001508655tslx:ExtraHopNetworksIncMembertslx:DelayedDrawAndRevolverMember2025-12-310001508655tslx:CommunicationsMember2024-12-310001508655tslx:KryptonaBidCoUSLLCMembertslx:RevolverMember2025-12-310001508655tslx:ConvertibleSeniorNotesDueTwentyNineteenMember2016-12-310001508655Debt Investments Financial Services Alaska Bidco Oy Investment First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 05/30/2023 Reference Rate and Spread E + 5.75% Interest Rate 8.51%2024-01-012024-12-310001508655country:AU2025-12-310001508655tslx:TwoThousandTwentySixNotesMember2021-02-280001508655Equity and Other Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/20222024-01-012024-12-3100015086552025-07-012025-09-300001508655tslx:O2024Q2SupplementalDividendsMember2024-05-010001508655us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Debt 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 5.74%2024-01-012024-12-310001508655Debt Investments Financial Services Ibis Intermediate Co. Investment First-lien loan ($1,185 par, due 5/2027) Initial Acquisition Date 05/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 9.16%2024-12-310001508655tslx:EducationMemberus-gaap:DebtSecuritiesMember2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:HMPOmnimediaLLCMember2025-12-310001508655Debt 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%2025-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentySixNotesMember2025-01-012025-12-310001508655country:AU2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:ForeScoutTechnologiesIncMember2024-12-310001508655tslx:RisksRelatedToEconomicConditionsMember2025-01-012025-12-310001508655tslx:InterestRateSwapSixMember2024-01-012024-12-310001508655Interest Rate Swap Company Receives 2.5% Company Pays SOFR + 2.17% Maturity Date 8/1/20262024-12-310001508655Debt Investments Business Services Mitnick Corporate Purchaser, Inc. Investment First-lien loan ($326 par, due 5/2029) Initial Acquisition Date 05/02/2022 Reference Rate and Spread SOFR + 4.50% Interest Rate 9.19%2024-01-012024-12-310001508655Debt 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)2025-01-012025-12-310001508655Other 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%2025-12-310001508655Debt 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 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)2025-12-3100015086552024-09-300001508655tslx:DelayedDrawMembertslx:KangarooBidcoASMember2024-12-310001508655tslx:HotelGamingAndLeisureMember2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:LIHAHoldcoBVMember2024-12-310001508655Debt 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%2025-12-310001508655Other 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:GreenshootBidcoBVMembertslx:RevolverMember2025-12-310001508655tslx:TwoThousandTwentyThreeTwentyFourTwentySixTwentyeightAndTwentyNineNotesMember2025-01-012025-12-310001508655us-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-3100015086552019-01-012019-12-310001508655tslx:ManufacturingMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Debt 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:DelayedDrawMembertslx:SlBuyerCorpMember2024-12-310001508655us-gaap:DebtSecuritiesMember2025-12-310001508655Debt 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)2025-01-012025-12-310001508655Interest Rate Swap Company Receives 5.625% Company Pays SOFR + 1.53% Maturity Date 8/15/20302025-12-310001508655Equity 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 Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (50,140,171 units) Initial Acquisition Date 12/21/20182025-12-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien loan ($6,899 par, due 4/2031) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.62%2024-01-012024-12-310001508655tslx:EquityAndOtherInvestmentsMember2024-12-310001508655tslx:InvestmentAdvisoryAgreementMember2024-01-012024-12-310001508655Debt Investments Real Estate Cirrus (BidCo) Limited First-lien loan (GBP 675 par, due 8/2030) Initial Acquisition Date 8/9/2024 Reference Rate and Spread S + 6.25% Interest Rate 10.95% (incl. 3.00% PIK)2024-12-310001508655tslx:BusinessServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001508655Debt 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%2025-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:InterestRateSwapTwoMember2025-12-310001508655Debt 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%2025-01-012025-12-310001508655Equity 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 Financial Services TradingScreen, Inc. Investment First-lien revolving loan ($899 par, due 5/2027) Initial Acquisition Date 11/01/2024 Reference Rate and Spread P + 5.25% Interest Rate 12.75%2024-12-310001508655tslx:DelayedDrawMembertslx:PrimePayIntermediateLLCMember2025-12-310001508655Equity and Other Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/20182025-12-310001508655tslx:MezzanineDebtInvestmentsMember2024-12-310001508655tslx:O2025Q3SupplementalDividendsMember2025-07-300001508655tslx:DelayedDrawMembertslx:KangarooBidcoASMember2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:BlueSnapIncMember2024-12-310001508655tslx:DelayedDrawMembertslx:BctoBluebillBuyerIncMember2024-12-310001508655tslx:DelayedDrawMembertslx:EDBParentLLCMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMember2024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:KasewareIntermediateHoldingCompanyMember2025-12-310001508655Derivative Interest Rate Swap2025-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:InterestRateSwapFourMember2025-01-012025-12-310001508655tslx:DelayedDrawMembertslx:TRPAssetsLLCMember2025-12-310001508655Debt Investments Healthcare Merative L.P. Investment First-lien loan ($70,103 par, due 6/2028) Initial Acquisition Date 06/30/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.58%2024-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MinimumMembersrt:ObligorGroupMember2025-12-310001508655Debt 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)2025-01-012025-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Second-lien loan ($2,347 par, due 6/2027) Initial Acquisition Date 3/13/2024 Reference Rate and Spread 16.00% Interest Rate 16.00% PIK2024-01-012024-12-310001508655Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/20232025-12-310001508655tslx:ExtraHopNetworksIncMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655Equity and Other Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/20212025-01-012025-12-310001508655Other 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%2025-12-310001508655tslx:O2024Q4BaseDividendsMember2024-11-052024-11-050001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/20222024-12-310001508655tslx:RevolverMembertslx:ElysiumBidCoLimitedMember2024-12-310001508655Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/20242024-12-310001508655tslx:TwentyTwentySixNotesMember2021-12-310001508655tslx:PharmaceuticalsMemberus-gaap:DebtSecuritiesMember2024-12-310001508655Hedge Accounting Swaps2025-01-012025-12-310001508655Interest Rate Swap Company Pays SOFR + 2.99% Maturity Date 8/14/20282024-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,428 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.23%2025-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Class A-1 Units (637,713 units) Initial Acquisition Date 11/23/20212024-01-012024-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,428 par, due 9/2028) Initial Acquisition Date 09/06/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.69%2024-12-310001508655Debt 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)2025-01-012025-12-310001508655tslx:OtherMemberus-gaap:DebtSecuritiesMember2024-12-310001508655tslx:SecondLienDebtInvestmentsMember2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:OmnigoSoftwareLLCMember2024-12-310001508655tslx:AledadeIncMembertslx:RevolverMember2025-12-310001508655Debt 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% PIK2025-01-012025-12-310001508655tslx:RevolvingCreditsFacilitiesMember2023-12-310001508655country:CA2024-12-310001508655Debt 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:DelayedDrawAndRevolverMembertslx:RailAcquisitionsLLCMember2024-12-310001508655us-gaap:RetainedEarningsMember2025-01-012025-12-310001508655Debt 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)2025-12-310001508655Other 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%2025-12-310001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien loan ($18,133 par, due 3/2029) Initial Acquisition Date 03/24/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-01-012024-12-310001508655Equity and Other Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/20182024-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Warrants (90,634 warrants) Initial Acquisition Date 12/20/20232024-01-012024-12-310001508655tslx:SportAllianceGmbhMembertslx:RevolverMember2024-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MinimumMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Debt 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 8.43%2024-12-310001508655Debt 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%2025-12-310001508655Debt 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 Automotive Truck-Lite Co., LLC Investment First-lien loan ($40,134 par, due 2/2031) Initial Acquisition Date 02/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.27%2024-01-012024-12-310001508655country:NL2025-12-310001508655us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001508655tslx:ConvertibleSeniorNotesDueTwentyTwentyTwoMember2019-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Second-lien loan ($2,347 par, due 6/2027) Initial Acquisition Date 3/13/2024 Reference Rate and Spread 16.00% Interest Rate 16.00% PIK2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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%2025-12-310001508655Debt Investments Financial Services TradingScreen, Inc. Investment First-lien loan ($55,528 par, due 4/2027) Initial Acquisition Date 04/30/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.93%2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Other 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 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%2025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 7,239 par, due 9/2028) Initial Acquisition Date 09/06/2022 Reference Rate and Spread E + 7.00% Interest Rate 10.06%2024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Warrants (280,000 warrants) Initial Acquisition Date 2/28/20202024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:ErlingLuxBidcoSarlMember2024-12-310001508655Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/20232024-12-310001508655Debt 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:OverAllotmentOptionMember2024-03-052024-03-050001508655tslx:InterestRateSwapTwoMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/20232024-12-310001508655Debt 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 9.27%2025-01-012025-12-310001508655Debt 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%2025-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Warrants (569,991 warrants) Initial Acquisition Date 4/2/20202024-12-310001508655Other 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%2025-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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 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 Internet Services Bayshore Intermediate #2, L.P. First-lien loan ($40,663 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.77% (incl. 3.38% PIK)2024-12-310001508655Debt 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%2025-12-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH First-lien loan (EUR 4,494 par, due 4/2030) Initial Acquisition Date 4/10/2024 Reference Rate and Spread E + 7.25% Interest Rate 10.15% (incl. 3.88% PIK)2024-12-310001508655Other 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%2025-01-012025-12-310001508655tslx:InternetServicesMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Debt 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 11.17%2025-01-012025-12-310001508655Debt Investments Financial Services Passport Labs, Inc. Investment First-lien loan ($24,995, par, due 4/2026) Initial Acquisition Date 04/28/2021 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.91%2024-12-310001508655Equity and Other Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/20212024-01-012024-12-310001508655Equity and Other Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/20222025-01-012025-12-310001508655tslx:OtherMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001508655tslx:InterestRateSwapOneMember2024-12-310001508655Debt 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%2025-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:FutureRealizedCapitalGainsPriorToAprilFirstTwoThousandFourteenMember2020-03-312020-03-310001508655Debt Investments Insurance Disco Parent, Inc. First-lien loan ($5,319 par, due 3/2029) Initial Acquisition Date 3/30/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 12.01%2024-12-310001508655Equity and Other Investments Financial Services TradingScreen, Inc. Class AA Units (19,093 units) Initial Acquisition Date 11/1/2024 Reference Rate and Spread 20.00% Interest Rate 20.00%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001508655tslx:MezzanineDebtInvestmentsMember2023-12-310001508655us-gaap:DebtSecuritiesMembertslx:HotelGamingAndLeisureMember2024-12-310001508655Other 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%2025-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:AzuriteIntermediateHoldingsIncMembertslx:RevolverAndEquityMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2025-01-012025-12-310001508655Equity and Other Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/20152024-01-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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:FirstLienDebtInvestmentsMember2025-12-310001508655Debt Investments Electronics Sapphire Software Buyer, Inc. Investment First-lien loan ($26,962 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.75% (incl. 3.30% PIK)2024-12-310001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien revolving loan ($4,615 par, due 5/2030 Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-01-012024-12-310001508655Other 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%2025-12-310001508655tslx:RevolvingCreditFacilityMaturityOnFebruary42026Member2024-04-242024-04-240001508655tslx:InterestRateSwapOneMember2025-12-310001508655tslx:TwoThousandThirtyNotesMember2025-01-012025-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($4,069 par, due 4/2031) Initial Acquisition Date 04/29/2024 Reference Rate and Spread SOFR + 4.97% Interest Rate 9.33% (incl. 1.97% PIK)2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001508655tslx:DelayedDrawMembertslx:BabylonFincoLimitedMember2025-12-310001508655tslx:MezzanineDebtInvestmentsMember2024-01-012024-12-310001508655tslx:DiscoParentIncMembertslx:RevolverMember2024-12-310001508655Debt 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%2025-12-310001508655tslx:TwoThousandTwentyEightNotesMember2025-01-012025-12-310001508655us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001508655Hedge Accounting Swaps2024-01-012024-12-310001508655Equity and Other Investments Internet Services Khoros, LLC Earnout Interests Initial Acquisition Date 5/23/20252025-01-012025-12-310001508655tslx:IRGSEHoldingCorpMembertslx:RevolverMember2024-12-310001508655Other 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 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%2025-12-310001508655tslx:DelayedDrawMembertslx:CirrusBidcoLtdMember2025-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien revolving loan (GBP 594 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2025-12-310001508655us-gaap:CommonStockMember2025-01-012025-12-310001508655Debt 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% Interest Rate 9.60%2025-01-012025-12-310001508655tslx:InterestRateSwapFourMember2024-01-012024-12-310001508655Equity and Other Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/20212025-12-310001508655Other 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%2025-01-012025-12-310001508655tslx:O2025Q4BaseDividendsMember2025-11-040001508655Debt 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% PIK2025-12-310001508655us-gaap:FairValueInputsLevel2Membertslx:FirstLienDebtInvestmentsMember2024-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. First-lien loan ($49,590 par, due 3/2029) Initial Acquisition Date 3/8/2024 Reference Rate and Spread SOFR + 8.25% Interest Rate 12.58% (incl. 4.13% PIK)2024-12-310001508655Other 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%2025-12-310001508655country:IT2024-12-310001508655Debt Investments Human Resource Support Services Madcap Software, Inc. First-lien loan ($32,175 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 10.35%2024-12-310001508655Debt Investments Healthcare Eventus Buyer, LLC Investment First-lien revolving loan ($467 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 10.03%2024-12-310001508655Debt 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 10.07%2024-12-310001508655Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/20282025-01-012025-12-310001508655us-gaap:RealEstateMembersrt:MaximumMember2024-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMembertslx:MezzanineDebtInvestmentsMember2024-12-310001508655Debt Investments Business Services BCTO Ignition Purchaser, Inc. Investment First-lien holdco loan ($36,231 par, due 10/2030) Initial Acquisition Date 04/18/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 13.13% PIK2024-01-012024-12-310001508655Debt Investments Hotel, Gaming and Leisure ASG II, LLC First-lien loan ($65,000 par, due 5/2028) Initial Acquisition Date 5/25/2022 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.99%2024-12-310001508655tslx:O2024Q1BaseDividendsMember2024-02-150001508655Equity and Other Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/20212024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:KasewareIntermediateHoldingCompanyMember2024-12-310001508655Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($60,781 par, due 7/2028) Initial Acquisition Date 7/25/2022 Reference Rate and Spread SOFR + 9.25% Interest Rate 13.51%2024-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($24,924 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.26% PIK2024-12-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($1,341 par, due 9/2026) Initial Acquisition Date 6/10/2021 Reference Rate and Spread SOFR + 15.10% Interest Rate 19.65% (incl. 19.15% PIK)2024-01-012024-12-310001508655Debt 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 9.08%2025-01-012025-12-310001508655Equity and Other Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/20232024-01-012024-12-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien revolving loan ($275 par, due 4/2030) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.59%2024-01-012024-12-310001508655Debt 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%2025-12-310001508655tslx:RisksRelatedToOurBusinessAndStructureMember2025-01-012025-12-310001508655tslx:DelayedDrawMembertslx:ScorpioBidcoMember2025-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($4,069 par, due 4/2031) Initial Acquisition Date 04/29/2024 Reference Rate and Spread SOFR + 4.97% Interest Rate 9.33% (incl. 1.97% PIK)2024-01-012024-12-310001508655Equity and Other Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/20212025-12-310001508655us-gaap:FairValueInputsLevel2Member2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:ArcwoodEnvironmentalIncMember2025-12-310001508655tslx:ConvertibleSeniorNotesDueTwentyTwentyTwoMember2021-12-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/20212024-01-012024-12-310001508655tslx:RevolvingCreditFacilityMaturityOnMarch42025Member2025-03-042025-03-040001508655Debt 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%2025-12-310001508655Debt 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%2025-12-310001508655tslx:O2023Q4BaseDividendsMember2023-11-020001508655tslx:ArtisanBidcoIncMembertslx:RevolverMember2025-12-310001508655tslx:RevolvingCreditFacilityMaturityOnApril242029Member2024-04-240001508655tslx:O2023Q3SupplementalDividendsMember2023-08-032023-08-030001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($1,999 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2024-01-012024-12-310001508655Equity and Other Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/20212025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:FullsteamOperationsLlcMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/20222024-01-012024-12-310001508655IRGSE Holding Corp2024-01-012024-12-310001508655tslx:GalileoParentincMembertslx:RevolverMember2024-12-310001508655tslx:DelayedDrawMembertslx:PrimePayIntermediateLLCMember2024-12-310001508655tslx:SMATechnologiesHoldingsLLCMembertslx:RevolverMember2024-12-310001508655Debt 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%2025-12-310001508655us-gaap:OverAllotmentOptionMember2024-03-050001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 19,593 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 ExtraHop Networks, Inc. Investment First-lien loan ($74,616 par, due 7/2027) Initial Acquisition Date 07/22/2021 Reference Rate and Spread SOFR + 7.60% Interest Rate 11.96%2024-01-012024-12-310001508655tslx:AdministrationAgreementMember2025-11-012025-11-3000015086552024-07-012024-09-300001508655Equity and Other Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/20222024-12-3100015086552016-01-012016-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Common Shares (962,195 shares) Initial Acquisition Date 6/20/20252025-12-310001508655Equity and Other Investments Transportation RailTrac Holdings Inc. Warrants (3,059 warrants) Initial Acquisition Date 1/27/20252025-12-310001508655Equity and Other Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/20212024-01-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:O2025Q1BaseDividendsMember2025-02-132025-02-1300015086552015-08-042015-08-040001508655Debt Investments Education Destiny Solutions Parent Holding Company Investment First-lien loan ($58,950 par, due 6/2026) Initial Acquisition Date 06/08/2021 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.96%2024-12-310001508655tslx:InsuranceMember2025-12-310001508655Debt 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% PIK2025-01-012025-12-310001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-12-310001508655Debt Investments Education EMS Linq, Inc. Investment First-lien loan ($4,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.81%2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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)2025-12-310001508655tslx:MarketingServicesMember2025-12-310001508655Equity and Other Investments Internet Services Khoros, LLC Earnout Interests Initial Acquisition Date 5/23/20252025-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 11,548 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 9.07%2025-01-012025-12-310001508655Equity and Other Investments Transportation Ranger Parent I, Inc. Warrants (3,841 warrants) Initial Acquisition Date 10/28/20252025-12-310001508655Equity and Other Investments Education Astra 2L Holdings II LLC Membership Interest (10.17% ownership) Initial Acquisition Date 1/13/20222025-12-310001508655us-gaap:FairValueInputsLevel3Member2024-12-310001508655Debt 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%2025-01-012025-12-310001508655country:DE2024-12-310001508655us-gaap:HealthcareSectorMember2025-12-310001508655Debt 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 9.12%2024-12-310001508655Debt Investments Business Services Azurite Intermediate Holdings, Inc. Investment First-lien loan ($42,750 par, due 3/2031) Initial Acquisition Date 03/19/2024 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.86%2024-12-310001508655Debt 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%2025-12-310001508655Debt 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%2025-12-310001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-03-040001508655Debt 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%2025-12-310001508655Other 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%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2025-12-310001508655tslx:PharmaceuticalsMember2024-12-310001508655tslx:DelayedDrawMembertslx:ArrowheadPharmaceuticalsIncMember2025-12-310001508655us-gaap:CommonStockMember2024-03-050001508655Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($12,284 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-12-310001508655tslx:O2023Q2SupplementalDividendsMember2023-05-082023-05-080001508655tslx:DelayedDrawAndRevolverMembertslx:BlueSnapIncMember2025-12-310001508655tslx:TwoThousandThirtyNotesMember2024-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:RealizedCapitalGainsAccruedPriorToMarchThirtyFirstTwoThousandFourteenMember2011-04-152011-04-150001508655tslx:DelayedDrawAndRevolverMembertslx:AlphaMidcoIncMember2025-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan (GBP 10,275 par, due 4/2031) Initial Acquisition Date 04/29/2024 Reference Rate and Spread S + 5.25% Interest Rate 9.95% (incl. 2.25% PIK2024-01-012024-12-310001508655Debt 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%2025-12-310001508655tslx:InterestRateSwapSixMember2024-12-3100015086552024-10-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655Interest Rate Swap Company Receives 2.5% Company Pays SOFR + 2.17% Maturity Date 8/1/20262025-01-012025-12-310001508655Debt 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 10.07%2024-01-012024-12-310001508655Other 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:FI2025-12-310001508655Debt 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)2025-12-310001508655Equity and Other Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/20212025-01-012025-12-310001508655tslx:BusinessServicesMember2025-12-310001508655tslx:SapphireSoftwareBuyerIncMembertslx:RevolverMember2025-12-310001508655Debt 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 9.08%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 9.12%2024-01-012024-12-310001508655tslx:InternetServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001508655srt:AffiliatedEntityMember2025-12-310001508655Debt 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 Human Resource Support Services Employment Hero Holdings Pty Ltd. First-lien loan (AUD 60,000 par, due 12/2026) Initial Acquisition Date 12/6/2021 Reference Rate and Spread B + 6.25% Interest Rate 10.73%2024-01-012024-12-310001508655tslx:DelayedDrawMembertslx:VarinemGermanBidcoGmbhMember2024-12-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 4,608 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.61%2024-01-012024-12-310001508655Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 31,875 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.68%2024-01-012024-12-310001508655tslx:RevolvingCreditsFacilitiesMember2018-12-310001508655Debt Investments Business Services Wrangler TopCo, LLC Investment First-lien loan ($5,484 par, due 9/2029) Initial Acquisition Date 07/07/2023 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.38%2024-12-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. First-lien revolving loan ($37,972 par, due 6/2025) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 14.14%2024-12-310001508655tslx:EducationMember2024-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($2,333 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2024-12-310001508655tslx:TwentyTwentyNineNotesMember2024-12-310001508655tslx:ManufacturingMember2025-12-310001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001508655tslx:PrimeRevenueIncMembertslx:RevolverMember2025-12-310001508655Debt Investments Manufacturing Aptean, Inc. First-lien loan ($8,835 par, due 1/2031) Initial Acquisition Date 1/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.58%2024-01-012024-12-310001508655Other 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%2025-12-310001508655Debt 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%2025-12-310001508655Other 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 Business Services ExtraHop Networks, Inc. Investment First-lien loan ($74,616 par, due 7/2027) Initial Acquisition Date 07/22/2021 Reference Rate and Spread SOFR + 7.60% Interest Rate 11.96%2024-12-310001508655Debt 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%2025-01-012025-12-310001508655us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001508655Debt 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%2025-12-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/20222024-01-012024-12-310001508655tslx:O2025Q2BaseDividendsMember2025-04-302025-04-300001508655Equity and Other Investments Financial Services TradingScreen, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/20212024-12-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. First-lien revolving loan (GBP 325 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread S + 5.00% Interest Rate 9.70%2024-01-012024-12-310001508655tslx:InternetServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001508655Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($33,059 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2024-12-310001508655Other 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%2025-12-310001508655us-gaap:HealthcareSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001508655tslx:InvestorsNotOptedDividendReinvestmentPlanMember2024-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Series A Preferred Stock (1,667 Units) Initial Acquisition Date 12/20/2023 Reference Rate and Spread SOFR+12.00% Interest Rate 16.60% PIK2024-12-310001508655Debt 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 Transportation Project44, Inc First-lien loan ($54,824 par, due 11/2027) Initial Acquisition Date 11/12/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.75%2024-12-310001508655tslx:O2025Q4BaseDividendsMember2025-11-042025-11-040001508655us-gaap:RetainedEarningsMember2022-12-310001508655tslx:O2024Q1BaseDividendsMember2024-02-152024-02-150001508655tslx:DelayedDrawMembertslx:ArrowheadPharmaceuticalsIncMember2024-12-310001508655Debt Investments Healthcare Merative L.P. Investment First-lien loan ($70,103 par, due 6/2028) Initial Acquisition Date 06/30/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.58%2024-01-012024-12-310001508655us-gaap:RetainedEarningsMember2024-12-310001508655tslx:MidwestMember2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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 11.17%2025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001508655tslx:MezzanineDebtInvestmentsMember2024-12-310001508655Debt 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%2025-12-310001508655tslx:CommunicationsMember2025-12-310001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan ($16,340 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread SOFR + 5.66% Interest Rate 9.99%2024-01-012024-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment First-lien loan ($70,154 par, due 11/2029) Initial Acquisition Date 11/23/2020 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.01%2024-01-012024-12-310001508655Debt 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 8.43%2024-01-012024-12-310001508655tslx:TwentyTwentyFourNotesMember2025-01-012025-12-310001508655Debt Investments Other Sky Bidco S.p.A. First-lien note ($14,085 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 10.51%2024-01-012024-12-310001508655tslx:O2024Q4SupplementalDividendsMember2024-11-052024-11-0500015086552025-01-012025-03-310001508655Equity and Other Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/20212024-12-310001508655Debt 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%2025-12-310001508655Equity and Other Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/20212025-12-310001508655Debt Investments Financial Services Fullsteam Operations, LLC Investment First-lien loan ($40,048 par, due 11/2029) Initial Acquisition Date 11/27/2023 Reference Rate and Spread SOFR + 8.38% Interest Rate 12.89%2024-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien loan ($33,874 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2024-01-012024-12-310001508655tslx:DelayedDrawMembertslx:LeantaasHoldingsIncMember2024-12-310001508655tslx:FirstLienDebtInvestmentsMember2024-01-012024-12-310001508655tslx:ConvertibleSeniorNotesDueTwentyNineteenMember2017-12-310001508655us-gaap:AssetPledgedAsCollateralMember2024-12-310001508655us-gaap:CommonStockMember2023-01-012023-12-310001508655tslx:EquityAndOtherInvestmentsMembertslx:HumanResourceSupportServicesMember2025-12-310001508655Debt 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%2025-12-310001508655tslx:DelayedDrawMembertslx:FlightIntermediateHoldCoIncMember2024-12-310001508655tslx:O2024Q3SupplementalDividendsMember2024-07-312024-07-310001508655us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2024-12-310001508655tslx:ElectronicsMember2024-12-310001508655us-gaap:DebtSecuritiesMembertslx:HotelGamingAndLeisureMember2025-12-310001508655Debt 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%2025-12-310001508655Other 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%2025-01-012025-12-310001508655Debt 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%2025-12-310001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001508655Equity and Other Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/20222024-01-012024-12-3100015086552023-04-012023-06-300001508655tslx:SecondLienDebtInvestmentsMember2024-01-012024-12-310001508655tslx:VelocityClinicalResearchIncMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655Interest Rate Swap Company Pays SOFR + 2.17% Maturity Date 8/1/20262025-12-310001508655Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. First-lien loan ($45,167 par, due 12/2031) Initial Acquisition Date 12/5/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.36%2024-12-3100015086552015-08-040001508655Equity and Other Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/20212025-12-310001508655us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310001508655Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($1,329 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33%2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2025-01-012025-12-310001508655tslx:TwoThousandTwentySixNotesMember2025-12-310001508655us-gaap:RetainedEarningsMember2023-12-310001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Member2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMembersrt:MaximumMember2025-12-310001508655Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/20232024-01-012024-12-310001508655Other 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%2025-12-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($26,864 par, due 9/2026) Initial Acquisition Date 9/30/2015 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.90% (incl. 11.40% PIK)2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien loan ($64,093 par, due 5/2030) Initial Acquisition Date 05/03/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-12-310001508655Debt 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%2025-12-310001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien revolving loan ($2,454 par, due 12/2027) Initial Acquisition Date 12/1/2021 Reference Rate and Spread P + 6.75% Interest Rate 14.25%2024-01-012024-12-310001508655country:NL2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan (EUR 597 par, due 7/2031) Initial Acquisition Date 07/05/2024 Reference Rate and Spread E + 7.11% Interest Rate 10.38% (incl. 5.61% PIK)2024-12-310001508655IRGSE Holding Corp2024-12-310001508655Equity and Other Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/20222025-12-310001508655tslx:O2023Q4SupplementalDividendsMember2023-11-020001508655Debt 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:O2023Q2BaseDividendsMember2023-05-082023-05-080001508655Debt 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%2025-12-310001508655Other 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%2025-12-310001508655Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/20242025-01-012025-12-310001508655tslx:ChemicalsMember2024-12-310001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/20212025-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Warrants (633,376 warrants) Initial Acquisition Date 9/21/20182024-01-012024-12-310001508655tslx:InterestRateSwapOneMember2025-01-012025-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Class A-1 Units (637,713 units) Initial Acquisition Date 11/23/20212024-12-310001508655Debt Investments Education Destiny Solutions Parent Holding Company Investment First-lien loan ($58,950 par, due 6/2026) Initial Acquisition Date 06/08/2021 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.96%2024-01-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655country:SE2024-12-310001508655tslx:ArtisanBidcoIncMembertslx:RevolverMember2024-12-310001508655tslx:O2024Q3SupplementalDividendsMember2024-07-3100015086552023-07-012023-09-300001508655Debt 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%2025-01-012025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:SeverinAcquisitionLLCMember2024-12-310001508655Other 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%2025-01-012025-12-310001508655Debt 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%2025-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment First-lien loan ($70,154 par, due 11/2029) Initial Acquisition Date 11/23/2020 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.01%2024-12-310001508655Debt 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)2025-01-012025-12-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan (EUR 597 par, due 7/2031) Initial Acquisition Date 07/05/2024 Reference Rate and Spread E + 7.11% Interest Rate 10.38% (incl. 5.61% PIK)2024-01-012024-12-310001508655Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($49,375 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.51%2024-01-012024-12-310001508655Hedge Accounting Swaps2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:SeverinAcquisitionLLCMember2025-12-310001508655tslx:SouthMember2025-12-310001508655tslx:O2025Q1SupplementalDividendsMember2025-02-132025-02-130001508655Other 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%2025-12-310001508655Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/20232024-01-012024-12-310001508655us-gaap:FairValueInputsLevel2Membertslx:SecondLienDebtInvestmentsMember2024-12-310001508655Other 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%2025-01-012025-12-310001508655tslx:TwentyTwentyFourNotesMember2020-02-052020-02-050001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,378 par, due 7/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.25% Interest Rate 9.47% (incl. 3.00% PIK)2024-01-012024-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Common Shares (962,195 shares) Initial Acquisition Date 6/20/20252025-01-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:FirstLienDebtInvestmentsMember2024-12-310001508655Debt 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 5.74%2024-12-310001508655us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2024-01-012024-12-310001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandTwentySixNotesMember2025-01-012025-12-310001508655Debt 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:DelayedDrawMembertslx:SediverSPAMember2024-12-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($19,912 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.10%2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMember2025-01-012025-12-310001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($69,218 par, due 12/2027) Initial Acquisition Date 12/1/2021 Reference Rate and Spread SOFR + 6.90% Interest Rate 11.56%2024-12-310001508655Equity and Other Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/20202024-01-012024-12-310001508655Debt Investments Healthcare SL Buyer Corp. Investment First-lien loan ($33,416 par, due 7/2029) Initial Acquisition Date 07/07/2023 Reference Rate and Spread SOFR + 7.75% Interest Rate 12.34%2024-01-012024-12-310001508655tslx:OilGasAndConsumableFuelsMemberus-gaap:DebtSecuritiesMember2025-12-310001508655tslx:TransportationMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655tslx:TwentyTwentyThreeNotesMember2021-12-310001508655Debt Investments Retail and Consumer Products Neuintel, LLC First-lien loan ($55,038 par, due 12/2026) Initial Acquisition Date 12/20/2021 Reference Rate and Spread SOFR + 6.85% Interest Rate 11.21%2024-01-012024-12-310001508655Debt Investments Internet Services Lithium Technologies, LLC First-lien loan ($61,483 par, due 1/2025) Initial Acquisition Date 10/3/2017 Reference Rate and Spread SOFR + 11.00% Interest Rate 15.59%2024-01-012024-12-310001508655Equity and Other Investments Education RMCF IV CIV XXXV, LP. Partnership Interest (11.94% ownership) Initial Acquisition Date 6/8/20212024-12-310001508655tslx:DelayedDrawMembertslx:KahuaIncMember2025-12-310001508655us-gaap:RealEstateSectorMember2024-12-310001508655Debt 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 and Other Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/20222025-12-310001508655Other 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%2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:LynxBidcoMember2024-12-310001508655Debt Investments Transportation Project44, Inc First-lien loan ($54,824 par, due 11/2027) Initial Acquisition Date 11/12/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.75%2024-01-012024-12-3100015086552018-12-310001508655Debt 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%2025-12-310001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandThirtyNotesMember2025-01-012025-12-310001508655tslx:RevolvingCreditsFacilitiesMember2017-12-310001508655Other Investments Apidos CLO, Series 2015-23A Investment Structured Credit ($4,000 par, due 10/2038) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 5.20% Interest Rate 9.10%2025-12-310001508655tslx:InterestRateSwapTwoMember2025-01-012025-12-310001508655Equity and Other Investments Education Astra 2L Holdings II LLC Membership Interest (10.17% ownership) Initial Acquisition Date 1/13/20222024-12-310001508655tslx:ManufacturingMemberus-gaap:DebtSecuritiesMember2024-12-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,449 par, due 9/2029) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 7.75% Interest Rate 12.08% (incl. 4.75% PIK)2024-12-310001508655tslx:EquityDistributionAgreementMember2025-01-012025-12-310001508655us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Debt 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%2025-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:AledadeIncMembertslx:RevolverMember2024-12-310001508655us-gaap:AdditionalPaidInCapitalMember2024-12-310001508655Debt Investments Hotel, Gaming and Leisure QSR Acquisition Co. First-lien loan ($30,000 par, due 10/2030) Initial Acquisition Date 10/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-12-310001508655Debt Investments Internet Services Merit Software Finance Holdings, LLC First-lien loan ($43,214 par, due 6/2029) Initial Acquisition Date 6/20/2024 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.85%2024-12-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/20212025-12-310001508655Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/20242024-01-012024-12-310001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-12-310001508655Debt Investments Financial Services BTRS Holdings, Inc. Investment First-lien loan ($48,983 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.61%2024-12-310001508655Debt Investments Healthcare SL Buyer Corp. Investment First-lien loan ($33,416 par, due 7/2029) Initial Acquisition Date 07/07/2023 Reference Rate and Spread SOFR + 7.75% Interest Rate 12.34%2024-12-310001508655Debt 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%2025-01-012025-12-310001508655us-gaap:FinancialServicesSectorMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2024-01-012024-12-310001508655country:DE2025-12-310001508655tslx:SecondLienDebtInvestmentsMember2024-12-310001508655Debt Investments Financial Services Volante Technologies, Inc. Investment First-lien loan ($3,072 par, due 9/2028) Initial Acquisition Date 09/29/2023 Reference Rate and Spread 16.50% Interest Rate 16.50% PIK2024-01-012024-12-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (33,790,171 units) Initial Acquisition Date 12/21/20182024-01-012024-12-310001508655tslx:TangoManagementConsultingLLCMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655tslx:IngenovisHealthFinanceLLCMembertslx:RevolverMember2025-12-310001508655tslx:TwoThousandTwentyNineNotesMember2025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2025-12-310001508655Other 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%2025-12-310001508655tslx:TwoThousandTwentyThreeTwentyFourTwentySixTwentyeightAndTwentyNineNotesMember2024-01-012024-12-310001508655Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien loan (EUR 5,107 par, due 5/2030) Initial Acquisition Date 05/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.66%2024-12-310001508655tslx:TwoThousandTwentyEightNotesMember2024-01-012024-12-310001508655Debt Investments Internet Services Arrow Buyer, Inc. First-lien loan ($34,944 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-12-310001508655tslx:IngenovisHealthFinanceLLCMembertslx:RevolverMember2024-12-310001508655Other 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 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 + 5.75% Interest Rate 9.42%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandTwentySixNotesMember2024-01-012024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/20212025-12-310001508655country:NO2024-12-3100015086552023-10-012023-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 19,593 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2025-12-310001508655Debt 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%2025-12-310001508655Debt Investments Financial Services CLGF Holdco 2, LLC Investment Second-lien loan ($3,357 par, due 11/2028) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 12.00% Interest Rate 16.33%2024-01-012024-12-310001508655Equity and Other Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/20202025-01-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2025-12-310001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/20222024-12-310001508655Debt 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%2025-12-310001508655Equity and Other Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/20212025-01-012025-12-310001508655tslx:TwentyTwentyThreeNotesMember2018-01-012018-01-310001508655Derivative Interest Rate Swap2024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:RapidDataGmbhUnternehmensberatungMember2024-12-310001508655tslx:TwentyTwentyThreeNotesMember2018-12-310001508655Equity and Other Investments Financial Services TradingScreen, Inc. Class AA Units (19,093 units) Initial Acquisition Date 11/1/2024 Reference Rate and Spread 20.00% Interest Rate 20.00%2024-12-310001508655tslx:O2025Q3SupplementalDividendsMember2025-07-302025-07-300001508655Debt 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%2025-12-310001508655Other 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%2025-12-310001508655tslx:O2025Q2BaseDividendsMember2025-04-300001508655tslx:TwoThousandTwentyFourNotesMember2020-02-012020-02-290001508655Debt 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 Business Services BCTO Ignition Purchaser, Inc. Investment First-lien holdco loan ($36,231 par, due 10/2030) Initial Acquisition Date 04/18/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 13.13% PIK2024-12-310001508655Debt 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)2025-01-012025-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($8,994 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 14.26%2024-12-310001508655Debt 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)2025-01-012025-12-310001508655tslx:RevolverMembertslx:AVSCHoldingCorpMember2025-12-310001508655Equity and Other Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/20202024-12-310001508655Debt 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% PIK2025-12-310001508655tslx:InterestRateSwapThreeMember2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:RailAcquisitionsLLCMember2025-12-310001508655Debt 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 7.57%2025-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt Investments Communications Aurelia Netherlands MidCo 2 B.V. Investment First-lien loan (EUR 32,904 par, due 5/2031) Initial Acquisition Date 05/22/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.93%2024-01-012024-12-310001508655Debt Investments Human Resource Support Services PayScale Holdings, Inc. First-lien loan ($70,465 par, due 5/2027) Initial Acquisition Date 5/3/2019 Reference Rate and Spread SOFR + 5.85% Interest Rate 10.18%2024-01-012024-12-310001508655Debt 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)2025-12-310001508655Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($12,284 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-01-012024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/20212025-01-012025-12-310001508655Equity and Other Investments Financial Services TS Imagine, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/20212025-01-012025-12-310001508655Debt 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%2025-12-310001508655tslx:TwoThousandTwentyThreeNotesMember2018-01-310001508655Debt 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%2025-01-012025-12-310001508655tslx:O2023Q1BaseDividendsMember2023-02-160001508655Equity and Other Investments Internet Services Lucidworks, Inc. Series F Preferred Shares (199,054 shares) Initial Acquisition Date 8/2/20192025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:LIHAHoldcoBVMember2025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001508655Equity and Other Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/20222025-12-310001508655tslx:InterestRateSwapFourMember2025-12-310001508655us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001508655tslx:PharmaceuticalsMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655tslx:SportAllianceGmbhMembertslx:RevolverMember2025-12-310001508655Debt Investments Internet Services Lucidworks, Inc. First-lien loan ($9,477 par, due 2/2027) Initial Acquisition Date 2/11/2022 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.86% (incl. 3.50% PIK)2024-01-012024-12-310001508655Debt Investments Internet Services Lucidworks, Inc. First-lien loan ($9,477 par, due 2/2027) Initial Acquisition Date 2/11/2022 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.86% (incl. 3.50% PIK)2024-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($3,988 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.26%2024-01-012024-12-310001508655tslx:OfficeProductsMember2025-12-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan ($1,421 par, due 7/2031) Initial Acquisition Date 07/05/2024 Reference Rate and Spread SOFR + 7.11% Interest Rate 11.75% (incl. 5.61% PIK)2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2024-12-310001508655us-gaap:TreasuryStockCommonMember2025-12-310001508655Equity and Other Investments Education Astra 2L Holdings II LLC Membership Interest (10.17% ownership) Initial Acquisition Date 1/13/20222024-01-012024-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Class A-3 Units (16,957 units) Initial Acquisition Date 11/10/20232024-12-310001508655Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/20282024-01-012024-12-310001508655Equity and Other Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/20232025-01-012025-12-310001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt Investments Business Services Alpha Midco, Inc. Investment First-lien loan ($69,624 par, due 8/2028) Initial Acquisition Date 08/15/2019 Reference Rate and Spread SOFR + 6.88% Interest Rate 11.20%2024-12-3100015086552017-12-310001508655Debt Investments Office Products USR Parent, Inc. ABL FILO term loan ($15,000 par, due 4/2027) Initial Acquisition Date 4/25/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.05%2024-12-310001508655tslx:MidwestMember2025-12-310001508655Equity and Other Investments Education Astra 2L Holdings II LLC Membership Interest (10.17% ownership) Initial Acquisition Date 1/13/20222025-01-012025-12-310001508655tslx:RevolvingCreditsFacilitiesMember2025-12-310001508655us-gaap:HealthcareSectorMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Debt Investments Human Resource Support Services PrimePay Intermediate, LLC First-lien loan ($34,025 par, due 12/2026) Initial Acquisition Date 12/17/2021 Reference Rate and Spread SOFR + 7.15% Interest Rate 11.63%2024-01-012024-12-310001508655us-gaap:CommonStockMember2023-12-310001508655tslx:TwentyTwentyThreeNotesMember2019-12-310001508655tslx:RevolvingCreditFacilityMaturityOnApril242029Member2024-04-242024-04-240001508655Debt Investments Internet Services Hippo XPA Bidco AB First-lien loan (SEK 80,225 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.50% Interest Rate 9.16% (incl. 3.50% PIK)2024-01-012024-12-310001508655Debt Investments Insurance Disco Parent, Inc. First-lien loan ($5,319 par, due 3/2029) Initial Acquisition Date 3/30/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 12.01%2024-01-012024-12-310001508655srt:AffiliatedEntityMember2024-12-310001508655tslx:CommunicationsMemberus-gaap:DebtSecuritiesMember2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:BCTOAcePurchaserIncMember2025-12-310001508655Debt Investments Retail and Consumer Products Neuintel, LLC First-lien loan ($55,038 par, due 12/2026) Initial Acquisition Date 12/20/2021 Reference Rate and Spread SOFR + 6.85% Interest Rate 11.21%2024-12-310001508655Debt 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%2025-01-012025-12-310001508655us-gaap:AssetPledgedAsCollateralMember2025-12-310001508655Debt 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%2025-01-012025-12-310001508655Equity and Other Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/20212024-12-310001508655tslx:CommunicationsMemberus-gaap:DebtSecuritiesMember2025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMembertslx:AssetValuationWaterfallMember2025-12-310001508655tslx:InvestmentAdvisoryAgreementMember2025-01-012025-12-310001508655tslx:PharmaceuticalsMember2025-12-310001508655Equity and Other Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/20202024-12-310001508655Equity and Other Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/20212024-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:CapitalGainsAccrueFollowingMarchThirtyFirstTwoThousandFourteenMember2011-04-152011-04-150001508655tslx:WestMember2025-12-310001508655tslx:EquityAndOtherInvestmentsMember2025-01-012025-12-310001508655Debt Investments Business Services Dye & Durham Corp. Investment First-lien loan ($955 par, due 4/2031) Initial Acquisition Date 04/04/2024 Reference Rate and Spread SOFR + 4.10% Interest Rate 8.43%2024-12-310001508655tslx:TwoThousandThirtyNotesMember2025-12-310001508655us-gaap:FairValueInputsLevel3Member2025-12-310001508655Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/20242025-12-310001508655tslx:TwentyTwentyThreeNotesMember2022-12-310001508655Debt 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 10.86%2024-01-012024-12-3100015086552025-06-300001508655Debt 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%2025-01-012025-12-310001508655tslx:TwentyTwentyFourNotesMember2021-12-310001508655Debt 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%2025-12-310001508655Debt 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%2025-12-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/20222025-01-012025-12-310001508655tslx:InvestmentAdvisoryAgreementMember2025-11-012025-11-300001508655tslx:O2023Q1SupplementalDividendsMember2023-02-160001508655Equity and Other Investments Education RMCF IV CIV XXXV, LP. Partnership Interest (11.94% ownership) Initial Acquisition Date 6/8/20212024-01-012024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Warrants (106,592 warrants) Initial Acquisition Date 4/8/20212025-12-310001508655Other 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%2025-01-012025-12-3100015086552016-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655us-gaap:FinancialServicesSectorMember2025-12-310001508655tslx:O2025Q2SupplementalDividendsMember2025-04-300001508655tslx:TangoManagementConsultingLLCMembertslx:DelayedDrawAndRevolverMember2025-12-310001508655Debt 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 7.57%2025-01-012025-12-310001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/20222025-12-310001508655tslx:O2023Q3BaseDividendsMember2023-08-030001508655tslx:ManufacturingMember2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:CordanceOperationsLlcMember2024-12-310001508655tslx:RevolvingCreditsFacilitiesMember2016-12-310001508655tslx:TwoThousandTwentyNineNotesMemberus-gaap:InterestRateSwapMember2025-01-012025-12-310001508655us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Debt 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%2025-12-310001508655Debt 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%2025-12-310001508655tslx:CrewlineBuyerIncMembertslx:RevolverAndEquityMember2025-12-310001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/20212024-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien revolving loan (GBP 594 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 Internet Services Coupa Holdings, LLC First-lien loan ($42,975 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-01-012024-12-310001508655Debt Investments Healthcare Eventus Buyer, LLC Investment First-lien loan ($25,900 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.86%2024-01-012024-12-310001508655tslx:RisksRelatedToOurSecuritiesMember2025-01-012025-12-310001508655Debt Investments Communications Banyan Software Holdings, LLC Investment First-lien loan ($16,045 par, due 10/2026) Initial Acquisition Date 01/26/2024 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-12-310001508655tslx:ErlingLuxBidcoSarlMembertslx:DelayedDrawAndRevolverMember2025-12-310001508655Debt Investments Communications Banyan Software Holdings, LLC Investment First-lien loan ($16,045 par, due 10/2026) Initial Acquisition Date 01/26/2024 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-01-012024-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Series C Preferred Shares (1,915,114 shares) Initial Acquisition Date 10/13/20202024-12-310001508655Debt Investments Financial Services BTRS Holdings, Inc. Investment First-lien revolving loan ($1,807 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.76%2024-12-310001508655tslx:ChemicalsMember2025-12-310001508655Debt Investments Financial Services Ibis Intermediate Co. Investment First-lien loan ($1,185 par, due 5/2027) Initial Acquisition Date 05/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 9.16%2024-01-012024-12-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 9,953 par, due 6/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 11.95%2024-12-310001508655tslx:DelayedDrawMembertslx:VarinemGermanBidcoGmbhMember2025-12-310001508655Equity and Other Investments Financial Services TradingScreen, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/20212024-01-012024-12-310001508655tslx:TwentyTwentyEightNotesMember2024-12-310001508655Other 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%2025-01-012025-12-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 4,608 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.61%2024-12-310001508655tslx:O2025Q1BaseDividendsMember2025-02-130001508655us-gaap:LetterOfCreditMember2025-12-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/20182024-12-310001508655us-gaap:FairValueInputsLevel2Membertslx:SecondLienDebtInvestmentsMember2025-12-310001508655Debt 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%2025-12-310001508655Debt Investments Other Sky Bidco S.p.A. First-lien note ($14,085 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 10.51%2024-12-310001508655Debt Investments Financial Services BCTO Bluebill Buyer, Inc. Investment First-lien loan ($29,532 par, due 7/2029) Initial Acquisition Date 07/20/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.84%2024-12-310001508655tslx:RevolvingCreditsFacilitiesMember2021-12-310001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMember2025-03-0400015086552021-01-012021-12-310001508655Derivative Interest Rate Swap2024-12-310001508655Debt 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%2025-12-310001508655tslx:DelayedDrawMembertslx:QSRAcquisitionCoMember2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt Investments Communications Banyan Software Holdings, LLC Investment First-lien loan ($39,386 par, due 10/2026) Initial Acquisition Date 01/27/2023 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.71%2024-12-310001508655Debt 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 and Other Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/20212024-12-310001508655tslx:O2023Q1BaseDividendsMember2023-02-162023-02-160001508655Equity and Other Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/20182024-01-012024-12-310001508655tslx:InterestRateSwapThreeMember2024-01-012024-12-310001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/20222025-12-310001508655Debt 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)2025-01-012025-12-310001508655tslx:MezzanineDebtInvestmentsMember2024-01-012024-12-310001508655tslx:TwentyTwentyEightNotesMember2025-12-310001508655Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/20242024-01-012024-12-310001508655Equity and Other Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/20152025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:CordanceOperationsLlcMember2025-12-310001508655Debt 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 11.46%2024-01-012024-12-310001508655tslx:InvestmentAdvisoryAgreementMember2011-04-152011-04-150001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. First-lien loan ($30,261 par, due 6/2025) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 13.98%2024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:HMPOmnimediaLLCMember2024-12-310001508655Debt 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%2025-12-310001508655country:CA2025-12-310001508655us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-12-310001508655tslx:TwoThousandTwentyFourNotesMember2020-12-310001508655Other 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%2025-01-012025-12-310001508655tslx:RevolvingCreditsFacilitiesMember2022-12-310001508655tslx:TwoThousandTwentyEightNotesMember2025-12-310001508655Debt Investments Financial Services Passport Labs, Inc. Investment Convertible Promissory Note A ($1,086 par, due 8/2026) Initial Acquisition Date 03/02/2023 Reference Rate and Spread 8.00% Interest Rate 8.00%2024-12-310001508655Debt 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:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655us-gaap:FairValueInputsLevel2Membertslx:FirstLienDebtInvestmentsMember2025-12-310001508655Debt Investments Internet Services Lithium Technologies, LLC First-lien loan ($61,483 par, due 1/2025) Initial Acquisition Date 10/3/2017 Reference Rate and Spread SOFR + 11.00% Interest Rate 15.59%2024-12-310001508655tslx:HumanResourceSupportServicesMember2025-12-310001508655Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($53,991 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.01%2024-01-012024-12-310001508655us-gaap:UnfundedLoanCommitmentMember2024-12-310001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien loan ($15,046 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.36% (incl. 2.25% PIK)2024-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Series D Preferred Shares (1,240,740 shares) Initial Acquisition Date 5/11/20212024-01-012024-12-310001508655Equity and Other Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/20182025-01-012025-12-310001508655Equity and Other Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/20212024-01-012024-12-310001508655Debt 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%2025-12-310001508655Equity 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:TwoThousandTwentyNineNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2024-01-012024-12-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. First-lien revolving loan ($37,972 par, due 6/2025) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 14.14%2024-01-012024-12-310001508655tslx:TwentyThirtyNotesMember2025-01-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/20212025-01-012025-12-310001508655Debt Investments Human Resource Support Services Madcap Software, Inc. First-lien loan ($32,175 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 10.35%2024-01-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655country:FIsrt:MaximumMember2025-12-310001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/20212024-01-012024-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels Murchison Oil and Gas, LLC Preferred Units (13,355 units) Initial Acquisition Date 6/30/20222024-12-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (50,140,171 units) Initial Acquisition Date 12/21/20182025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2025-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Warrants (106,592 warrants) Initial Acquisition Date 4/8/20212024-12-310001508655tslx:InterestRateSwapThreeMember2025-12-310001508655tslx:TwentyTwentySixNotesMember2025-12-310001508655tslx:DelayedDrawMembertslx:AxonifyIncMember2025-12-310001508655Debt Investments Human Resource Support Services Axonify, Inc. First-lien loan ($44,419 par, due 5/2026) Initial Acquisition Date 5/5/2021 Reference Rate and Spread SOFR + 7.65% Interest Rate 12.20%2024-01-012024-12-310001508655Debt 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:PharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-12-310001508655tslx:StructuredCreditInvestmentsMember2024-01-012024-12-310001508655tslx:GreenshootBidcoBVMembertslx:RevolverMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2025-12-310001508655Debt 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%2025-01-012025-12-310001508655Other 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 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%2025-01-012025-12-310001508655us-gaap:RevolvingCreditFacilityMember2024-12-310001508655Interest Rate Swap Company Receives 5.625% Company Pays SOFR + 1.53% Maturity Date 8/15/20302025-01-012025-12-310001508655us-gaap:AdditionalPaidInCapitalMember2022-12-310001508655Debt Investments Internet Services CrunchTime Information, Systems, Inc. First-lien loan ($58,898 par, due 6/2028) Initial Acquisition Date 6/17/2022 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.11%2024-01-012024-12-310001508655tslx:RevolvingCreditsFacilitiesMember2019-12-310001508655Debt 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%2025-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-03-042025-03-040001508655Debt 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 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)2025-12-310001508655Debt 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 Human Resource Support Services Axonify, Inc. First-lien loan ($44,419 par, due 5/2026) Initial Acquisition Date 5/5/2021 Reference Rate and Spread SOFR + 7.65% Interest Rate 12.20%2024-12-310001508655us-gaap:DomesticCountryMember2024-12-310001508655Debt Investments Financial Services TradingScreen, Inc. Investment First-lien revolving loan ($899 par, due 5/2027) Initial Acquisition Date 11/01/2024 Reference Rate and Spread P + 5.25% Interest Rate 12.75%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2025-01-012025-12-310001508655tslx:RevolverMembertslx:ElysiumBidCoLimitedMember2025-12-310001508655Debt 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 and Other Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/20212024-12-310001508655Debt Investments Business Services Crewline Buyer, Inc. Investment First-lien loan ($58,384 par, due 11/2030) Initial Acquisition Date 11/08/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.11%2024-01-012024-12-310001508655Debt 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)2025-12-310001508655Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. First-lien loan ($45,167 par, due 12/2031) Initial Acquisition Date 12/5/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.36%2024-01-012024-12-310001508655Equity 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%2025-01-012025-12-310001508655tslx:EducationMemberus-gaap:DebtSecuritiesMember2025-12-310001508655tslx:TwoThousandTwentySixNotesMember2024-01-012024-12-310001508655us-gaap:CommonStockMember2022-12-310001508655Debt Investments Financial Services BCTO Bluebill Buyer, Inc. Investment First-lien loan ($29,532 par, due 7/2029) Initial Acquisition Date 07/20/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.84%2024-01-012024-12-310001508655Other 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%2025-01-012025-12-310001508655Debt Investments Communications Celtra Technologies, Inc. Investment First-lien loan ($26,437 par, due 11/2026) Initial Acquisition Date 11/19/2021 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.34%2024-12-310001508655tslx:InvestorsNotOptedDividendReinvestmentPlanMember2025-12-310001508655Debt 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%2025-12-310001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/20212025-01-012025-12-310001508655Derivative Interest Rate Swap2025-01-012025-12-310001508655Debt Investments Electronics Sapphire Software Buyer, Inc. Investment First-lien loan ($26,962 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.75% (incl. 3.30% PIK)2024-01-012024-12-310001508655tslx:ConvertibleSeniorNotesDueTwentyTwentyTwoMember2018-12-310001508655tslx:FirstLienDebtInvestmentsMember2025-01-012025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:ApteanIncMember2025-12-310001508655Other 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%2025-01-012025-12-310001508655Debt 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:FirstLienDebtInvestmentsMember2023-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment Second-lien loan ($6,596 par, due 1/2030) Initial Acquisition Date 01/23/2023 Reference Rate and Spread SOFR + 10.70% Interest Rate 15.33% PIK2024-12-310001508655Debt Investments Education Astra Acquisition Corp. Investment Second-lien loan ($40,302 par, due 10/2029) Initial Acquisition Date 10/22/2021 Reference Rate and Spread SOFR + 9.14% Interest Rate 13.47%2024-01-012024-12-310001508655tslx:EquityAndOtherInvestmentsMembertslx:HotelGamingAndLeisureMember2024-12-310001508655Debt 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 7.02%2025-12-310001508655tslx:CarlyleGroupMember2025-12-230001508655Debt 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%2025-01-012025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:UsaDebuskLlcMember2025-12-310001508655us-gaap:DebtSecuritiesMembertslx:RetailAndConsumerProductsMember2024-12-310001508655tslx:SouthMember2024-12-310001508655us-gaap:CommonStockMember2024-01-012024-12-310001508655tslx:HumanResourceSupportServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Debt 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%2025-12-310001508655Debt 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%2025-12-310001508655tslx:O2024Q4BaseDividendsMember2024-11-050001508655tslx:BusinessServicesMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/20222024-01-012024-12-310001508655Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/20282025-12-310001508655Other 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:InvestmentAdvisoryAgreementMembertslx:LeverageWaiverMember2011-04-152011-04-150001508655tslx:TwoThousandThirtyNotesMember2025-02-280001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001508655tslx:GeneralRiskFactorsMember2025-01-012025-12-310001508655tslx:SecondLienDebtInvestmentsMember2024-12-3100015086552024-03-050001508655tslx:SapphireSoftwareBuyerIncMembertslx:RevolverMember2024-12-310001508655tslx:FirstLienDebtInvestmentsMember2025-01-012025-12-310001508655tslx:TwentyTwentySixNotesMember2021-02-032021-02-030001508655tslx:DelayedDrawAndRevolverMembertslx:BtrsHoldingIncMember2024-12-310001508655Debt Investments Oil, Gas and Consumable Fuels Mach Natural Resources LP First-lien loan ($4,625 par, due 12/2026) Initial Acquisition Date 12/28/2023 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.98%2024-12-310001508655Equity and Other Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/20212024-01-012024-12-310001508655tslx:DelayedDrawMembertslx:ShiftmoveGmbhMember2025-12-310001508655us-gaap:InterestRateSwapMember2025-12-310001508655Debt 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%2025-12-310001508655tslx:EducationMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Debt 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%2025-12-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($26,864 par, due 9/2026) Initial Acquisition Date 9/30/2015 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.90% (incl. 11.40% PIK)2024-01-012024-12-310001508655Equity 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%2025-12-310001508655Debt 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%2025-12-310001508655Debt 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% PIK2025-12-310001508655Other Investments Apidos CLO, Series 2015-23A Investment Structured Credit ($4,000 par, due 10/2038) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 5.20% Interest Rate 9.10%2025-01-012025-12-310001508655Debt 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%2025-01-012025-12-3100015086552015-12-3100015086552023-01-012023-03-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMembersrt:MaximumMember2025-12-310001508655tslx:ConvertibleSeniorNotesDueTwentyNineteenMember2018-12-310001508655Debt Investments Healthcare Eventus Buyer, LLC Investment First-lien revolving loan ($467 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 10.03%2024-01-012024-12-3100015086552024-12-310001508655Other 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%2025-01-012025-12-310001508655tslx:DiscoParentIncMembertslx:RevolverMember2025-12-310001508655Debt 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%2025-01-012025-12-310001508655Interest Rate Swap Company Pays SOFR + 2.44% Maturity Date 3/1/20292025-12-310001508655country:FI2024-12-310001508655tslx:O2023Q2SupplementalDividendsMember2023-05-080001508655us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001508655tslx:O2024Q4SupplementalDividendsMember2024-11-050001508655tslx:TwentyTwentyFourNotesMember2019-11-012019-11-300001508655Debt 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:KryptonaBidCoUSLLCMembertslx:RevolverMember2024-12-310001508655Debt 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%2025-12-310001508655Debt Investments Internet Services Flight Intermediate HoldCo, Inc. 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%2024-01-012024-12-310001508655Other 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%2025-12-310001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001508655Debt 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 9.27%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%2025-01-012025-12-310001508655Other 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 9.37%2025-01-012025-12-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($18,133 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 10.09%2024-01-012024-12-310001508655Debt 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%2025-01-012025-12-3100015086552025-10-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655Other 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%2025-01-012025-12-310001508655tslx:TwentyTwentyNineNotesMember2025-01-012025-12-310001508655tslx:GalileoParentincMembertslx:RevolverMember2025-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentySixNotesMember2024-01-012024-12-310001508655tslx:TwentyTwentySixNotesMember2022-12-310001508655tslx:O2024Q1SupplementalDividendsMember2024-02-150001508655tslx:SecondLienDebtInvestmentsMember2023-12-3100015086552025-09-300001508655us-gaap:RetainedEarningsMember2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:FullsteamOperationsLlcMember2025-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 7,239 par, due 9/2028) Initial Acquisition Date 09/06/2022 Reference Rate and Spread E + 7.00% Interest Rate 10.06%2024-01-012024-12-310001508655Debt 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)2025-12-310001508655Debt Investments Internet Services CrunchTime Information, Systems, Inc. First-lien loan ($58,898 par, due 6/2028) Initial Acquisition Date 6/17/2022 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.11%2024-12-310001508655tslx:DelayedDrawMembertslx:CirrusBidcoLtdMember2024-12-310001508655tslx:DelayedDrawMembertslx:BabylonFincoLimitedMember2024-12-310001508655country:GB2025-12-310001508655Debt Investments Retail and Consumer Products Acosta First-lien loan ($10,000 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 10.12%2024-01-012024-12-310001508655tslx:TwentyTwentySixNotesMember2023-12-310001508655Other 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%2025-01-012025-12-310001508655Debt 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)2025-01-012025-12-310001508655tslx:TwoThousandTwentyNineNotesMember2025-01-012025-12-310001508655tslx:OtherMember2025-12-310001508655Debt Investments Communications Celtra Technologies, Inc. Investment First-lien loan ($26,437 par, due 11/2026) Initial Acquisition Date 11/19/2021 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.34%2024-01-012024-12-310001508655tslx:HumanResourceSupportServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:RealizedCapitalGainsAccruedBeginningAprilFirstTwoThousandFourteenMember2011-04-152011-04-150001508655us-gaap:OtherAggregatedInvestmentsMember2025-12-310001508655tslx:EquityAndOtherInvestmentsMember2025-12-310001508655Equity and Other Investments Internet Services Lucidworks, Inc. Series F Preferred Shares (199,054 shares) Initial Acquisition Date 8/2/20192024-01-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:TransportationMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Debt 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 Internet Services Kryptona BidCo US, LLC First-lien loan ($19,912 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.10%2024-01-012024-12-310001508655Debt Investments Real Estate Cirrus (BidCo) Limited First-lien loan (GBP 675 par, due 8/2030) Initial Acquisition Date 8/9/2024 Reference Rate and Spread S + 6.25% Interest Rate 10.95% (incl. 3.00% PIK)2024-01-012024-12-310001508655tslx:ConvertibleSeniorNotesDueTwentyTwentyTwoMember2017-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/20222024-12-310001508655us-gaap:CommonStockMember2024-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels Murchison Oil and Gas, LLC Preferred Units (13,355 units) Initial Acquisition Date 6/30/20222024-01-012024-12-310001508655tslx:MarketingServicesMember2024-12-310001508655tslx:O2024Q2BaseDividendsMember2024-05-012024-05-010001508655tslx:TwentyTwentyEightNotesMember2023-12-310001508655tslx:TwoThousandTwentyFourNotesMember2025-01-012025-12-310001508655Equity 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 Financial Services GreenShoot BidCo B.V Investment First-lien loan (EUR 5,107 par, due 5/2030) Initial Acquisition Date 05/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.66%2024-01-012024-12-310001508655us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-12-310001508655country:SE2025-12-310001508655tslx:RevolvingCreditFacilityMaturityOnApril232027Member2025-03-042025-03-040001508655Debt Investments Internet Services LeanTaaS Holdings, Inc. First-lien loan ($56,156 par, due 7/2028) Initial Acquisition Date 7/12/2022 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.83%2024-12-310001508655us-gaap:FairValueInputsLevel1Member2024-12-310001508655Debt 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%2025-12-310001508655country:GB2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:MarcuraEquitiesLtdMember2025-12-310001508655tslx:AdministrationAgreementMemberus-gaap:GeneralAndAdministrativeExpenseMembertslx:AdviserMember2023-01-012023-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:EmploymentHeroHoldingsPtyLtdMember2025-12-310001508655Interest Rate Swap Company Pays SOFR + 2.17% Maturity Date 8/1/20262024-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 19,591 par, due 9/2028) Initial Acquisition Date 09/06/2022 Reference Rate and Spread S + 7.00% Interest Rate 11.70%2024-01-012024-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-01-012025-12-310001508655tslx:TwoThousandTwentyThreeTwentyFourTwentySixTwentyeightAndTwentyNineNotesMember2023-01-012023-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:RevolvingCreditsFacilitiesMember2024-12-310001508655us-gaap:TreasuryStockCommonMember2022-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Series D Preferred Shares (1,240,740 shares) Initial Acquisition Date 5/11/20212024-12-310001508655tslx:TwoThousandTwentyNineNotesMember2024-01-310001508655Debt Investments Human Resource Support Services PrimePay Intermediate, LLC First-lien loan ($34,025 par, due 12/2026) Initial Acquisition Date 12/17/2021 Reference Rate and Spread SOFR + 7.15% Interest Rate 11.63%2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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 Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/20242024-12-310001508655tslx:HotelGamingAndLeisureMember2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:PdiTaHoldingsIncMember2025-12-310001508655us-gaap:HealthcareSectorMember2024-12-310001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-03-040001508655tslx:DelayedDrawMembertslx:ScorpioBidcoMember2024-12-310001508655Interest Rate Swap Company Receives 2.5% Company Pays SOFR + 2.17% Maturity Date 8/1/20262024-01-012024-12-310001508655Debt 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%2025-12-310001508655Debt 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%2025-12-310001508655tslx:RetailAndConsumerProductsMember2025-12-310001508655Equity and Other Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/20212024-01-012024-12-310001508655us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-12-3100015086552025-04-012025-06-300001508655tslx:O2024Q1SupplementalDividendsMember2024-02-152024-02-150001508655Debt 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 + 5.75% Interest Rate 9.42%2024-12-310001508655tslx:FirstLienDebtInvestmentsMember2024-01-012024-12-310001508655us-gaap:FinancialServicesSectorMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655IRGSE Holding Corp2025-01-012025-12-310001508655us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001508655tslx:RetailAndConsumerProductsMember2024-12-310001508655tslx:TwoThousandTwentyFourNotesMember2019-11-012019-11-300001508655tslx:SecondLienDebtInvestmentsMember2025-01-012025-12-310001508655Debt 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%2025-12-310001508655Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/20232025-01-012025-12-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien revolving loan ($275 par, due 4/2030) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.59%2024-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($8,994 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 14.26%2024-01-012024-12-310001508655tslx:AmericanAchievementCorpMembertslx:RevolverMember2024-12-3100015086552022-12-310001508655tslx:RevolverMembertslx:HirevueIncMember2025-12-310001508655Equity and Other Investments Financial Services CLGF Holdings, L.P. Warrants (334,682 warrants) Initial Acquisition Date 11/7/20232024-01-012024-12-310001508655IRGSE Holding Corp2023-12-310001508655Debt Investments Business Services Alpha Midco, Inc. Investment First-lien loan ($69,624 par, due 8/2028) Initial Acquisition Date 08/15/2019 Reference Rate and Spread SOFR + 6.88% Interest Rate 11.20%2024-01-012024-12-310001508655tslx:BusinessServicesMember2024-12-310001508655Debt 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 10.08%2024-12-310001508655tslx:TwentyTwentyThreeNotesMember2025-01-012025-12-310001508655us-gaap:InterestRateSwapMember2024-12-310001508655Debt 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)2025-12-310001508655tslx:RevolvingCreditFacilityMaturityOnApril232027Member2024-04-240001508655Debt Investments Financial Services BlueSnap, Inc. Investment First-lien loan ($45,106 par, due 8/2025) Initial Acquisition Date 10/25/2019 Reference Rate and Spread SOFR + 9.15% Interest Rate 13.48%2024-12-310001508655Debt 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 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%2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:ApteanIncMember2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:ArcwoodEnvironmentalIncMember2024-12-310001508655Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($33,059 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2024-01-012024-12-310001508655Debt Investments Human Resource Support Services Hire Vue, Inc. First-lien revolving loan ($4,378 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.30%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMembertslx:AssetValuationWaterfallMember2025-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/20212024-12-310001508655Debt 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%2025-01-012025-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyEightNotesMember2025-01-012025-12-310001508655tslx:BayshoreIntermediate2LPMembertslx:RevolverMember2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:BtrsHoldingIncMember2025-12-310001508655Debt Investments Internet Services EDB Parent, LLC First-lien loan ($69,873 par, due 7/2028) Initial Acquisition Date 7/7/2022 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.26%2024-12-310001508655Equity and Other Investments Transportation Ranger Parent I, Inc. Warrants (3,841 warrants) Initial Acquisition Date 10/28/20252025-01-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655us-gaap:RevolvingCreditFacilityMember2025-12-310001508655Debt Investments Manufacturing Aptean, Inc. First-lien loan ($8,835 par, due 1/2031) Initial Acquisition Date 1/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.58%2024-12-310001508655us-gaap:DomesticCountryMember2025-12-310001508655Debt Investments Manufacturing Avalara, Inc. First-lien loan ($38,636 par, due 10/2028) Initial Acquisition Date 10/19/2022 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.58%2024-12-310001508655us-gaap:DebtSecuritiesMembertslx:RetailAndConsumerProductsMember2025-12-310001508655tslx:EquityInvestmentsMember2025-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($3,988 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.26%2024-12-310001508655Debt Investments Business Services Wrangler TopCo, LLC Investment First-lien loan ($5,484 par, due 9/2029) Initial Acquisition Date 07/07/2023 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.38%2024-01-012024-12-310001508655tslx:DelayedDrawMembertslx:AxonifyIncMember2024-12-3100015086552024-03-310001508655tslx:RisksRelatedToOurPortfolioCompanyInvestmentsMember2025-01-012025-12-310001508655Equity 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 Internet Services Hippo XPA Bidco AB First-lien loan (EUR 2,472 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.50% Interest Rate 9.87% (incl. 3.50% PIK)2024-12-310001508655Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($53,991 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.01%2024-12-310001508655Debt 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)2025-01-012025-12-3100015086552017-01-012017-12-310001508655tslx:SecondLienDebtInvestmentsMember2024-01-012024-12-310001508655tslx:TwentyThirtyNotesMember2025-12-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. First-lien revolving loan (GBP 325 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread S + 5.00% Interest Rate 9.70%2024-12-310001508655Debt Investments Financial Services Ibis US Blocker Co. Investment First-lien loan ($18,290 par, due 5/2028) Initial Acquisition Date 05/28/2021 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.91% PIK2024-12-310001508655tslx:StructuredCreditPartnersJVLLCMember2025-12-230001508655Debt 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%2025-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:FutureRealizedCapitalGainsPriorToAprilFirstTwoThousandFourteenMember2020-03-310001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($2,333 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:AlaskaBidcoOyMember2024-12-310001508655country:IT2025-12-310001508655tslx:OilGasAndConsumableFuelsMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Equity and Other Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/20152024-12-310001508655Equity and Other Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/20212025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001508655tslx:DelayedDrawMembertslx:SlBuyerCorpMember2025-12-310001508655us-gaap:RevolvingCreditFacilityMember2024-04-240001508655Debt 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%2025-12-310001508655country:FR2025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:EventusBuyerLLCMember2025-12-310001508655us-gaap:RevolvingCreditFacilityMember2025-01-012025-12-310001508655Debt Investments Internet Services EDB Parent, LLC First-lien loan ($69,873 par, due 7/2028) Initial Acquisition Date 7/7/2022 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.26%2024-01-012024-12-310001508655Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($49,375 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.51%2024-12-310001508655Other 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%2025-01-012025-12-310001508655tslx:TwentyTwentySixNotesMember2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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 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%2025-01-012025-12-310001508655tslx:DelayedDrawMembertslx:BenNevisMidcoLimitedMember2024-12-310001508655Other 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%2025-12-310001508655tslx:PrimeRevenueIncMembertslx:RevolverMember2024-12-310001508655tslx:TwoThousandTwentyNineNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-01-012025-12-3100015086552021-12-310001508655Debt 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 9.36%2025-12-3100015086552018-01-012018-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. First-lien loan ($49,590 par, due 3/2029) Initial Acquisition Date 3/8/2024 Reference Rate and Spread SOFR + 8.25% Interest Rate 12.58% (incl. 4.13% PIK)2024-01-012024-12-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($1,341 par, due 9/2026) Initial Acquisition Date 6/10/2021 Reference Rate and Spread SOFR + 15.10% Interest Rate 19.65% (incl. 19.15% PIK)2024-12-310001508655Equity 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%2025-01-012025-12-310001508655Debt 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%2025-12-310001508655Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/20292025-01-012025-12-310001508655Equity and Other Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/20212025-01-012025-12-310001508655Equity and Other Investments Pharmaceuticals TherapeuticsMD, Inc. Warrants (14,256 warrants) Initial Acquisition Date 8/5/20202024-12-310001508655Debt 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 9.36%2025-01-012025-12-310001508655tslx:MezzanineDebtInvestmentsMember2025-12-310001508655tslx:HumanResourceSupportServicesMember2024-12-310001508655tslx:DelayedDrawMembertslx:TRPAssetsLLCMember2024-12-310001508655tslx:AmericanAchievementCorpMembertslx:RevolverMember2025-12-310001508655tslx:DelayedDrawMembertslx:EDBParentLLCMember2025-12-310001508655Debt 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%2025-12-310001508655Debt 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:InterestRateSwapMemberus-gaap:NondesignatedMember2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/20212025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:BlackScholesModelMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Debt 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%2025-12-310001508655Debt 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%2025-12-310001508655Debt 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%2025-12-310001508655Equity and Other Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/20212024-12-310001508655Debt Investments Financial Services CLGF Holdco 2, LLC Investment First-lien loan ($3,916 par, due 11/2027) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 12.83%2024-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:UsaDebuskLlcMember2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Equity and Other Investments Structured Credit Dryden Senior Loan Fund, Series 2020-86A Structured Credit ($1,500 par, due 7/2034) Initial Acquisition Date 8/17/2022 Reference Rate and Spread SOFR + 6.76% Interest Rate 11.41%2024-12-310001508655Debt Investments Financial Services Alaska Bidco Oy Investment First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 05/30/2023 Reference Rate and Spread E + 5.75% Interest Rate 8.51%2024-12-310001508655us-gaap:RealEstateSectorMember2025-12-310001508655tslx:ConvertibleSeniorNotesDueTwentyTwentyTwoMember2020-12-310001508655tslx:ElectronicsMember2025-12-310001508655Debt 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%2025-12-310001508655tslx:CarlyleCreditSolutionsIncMember2025-12-230001508655Equity and Other Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/20222025-01-012025-12-310001508655us-gaap:RetainedEarningsMember2024-01-012024-12-310001508655Other 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%2025-12-310001508655Debt 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%2025-12-310001508655Debt 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%2025-12-3100015086552025-03-310001508655Debt Investments Education EMS Linq, Inc. Investment First-lien loan ($4,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.81%2024-01-012024-12-310001508655tslx:InterestRateSwapTwoMember2024-01-012024-12-310001508655tslx:EMSLinqIncMembertslx:RevolverMember2025-12-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. First-lien loan ($21,899 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread SOFR + 6.65% Interest Rate 11.28%2024-12-310001508655Debt 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)2025-01-012025-12-310001508655Other 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 Education Astra Acquisition Corp. Investment Second-lien loan ($40,302 par, due 10/2029) Initial Acquisition Date 10/22/2021 Reference Rate and Spread SOFR + 9.14% Interest Rate 13.47%2024-12-310001508655Debt Investments Financial Services BTRS Holdings, Inc. Investment First-lien revolving loan ($1,807 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.76%2024-01-012024-12-310001508655us-gaap:RevolvingCreditFacilityMember2025-03-042025-03-040001508655Cash collateral2024-12-310001508655tslx:EquityAndOtherInvestmentsMembertslx:HotelGamingAndLeisureMember2025-12-310001508655Debt Investments Human Resource Support Services bswift, LLC First-lien loan ($43,910 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 6.38% Interest Rate 11.05%2024-12-310001508655Debt 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 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%2025-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels Murchison Oil and Gas, LLC Preferred Units (13,355 units) Initial Acquisition Date 6/30/20222025-01-012025-12-310001508655tslx:DelayedDrawMembertslx:ApellisPharmaceuticalsIncMember2024-12-310001508655Debt Investments Healthcare Edge Bidco B.V. Investment First-lien loan (EUR 5,947 par, due 2/2029) Initial Acquisition Date 02/24/2023 Reference Rate and Spread E + 6.75% Interest Rate 9.43%2024-12-310001508655tslx:InvestorsNotOptedDividendReinvestmentPlanMember2024-01-012024-12-310001508655Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/20292024-01-012024-12-310001508655us-gaap:UnfundedLoanCommitmentMember2025-12-310001508655Debt 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)2025-01-012025-12-310001508655tslx:TwentyTwentyFourNotesMember2022-12-310001508655Debt Investments Financial Services Passport Labs, Inc. Investment Convertible Promissory Note A ($1,086 par, due 8/2026) Initial Acquisition Date 03/02/2023 Reference Rate and Spread 8.00% Interest Rate 8.00%2024-01-012024-12-310001508655tslx:O2024Q3BaseDividendsMember2024-07-310001508655Debt 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 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%2025-01-012025-12-310001508655tslx:EquityAndOtherInvestmentsMembertslx:RetailAndConsumerProductsMember2025-12-310001508655tslx:O2025Q1SupplementalDividendsMember2025-02-130001508655tslx:InvestmentAdvisoryAgreementMembertslx:LeverageWaiverMember2024-01-012024-12-310001508655tslx:StructuredCreditInvestmentsMember2025-12-310001508655tslx:TwoThousandTwentySixNotesMember2021-02-012021-02-280001508655Debt 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 Retail and Consumer Products Acosta First-lien loan ($10,000 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 10.12%2024-12-310001508655Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 31,875 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.68%2024-12-310001508655tslx:InvestmentAdvisoryAgreementMember2023-01-012023-12-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 9,953 par, due 6/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 11.95%2024-01-012024-12-310001508655Debt 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%2025-12-310001508655Equity and Other Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/20212024-12-310001508655Debt Investments Financial Services Ibis US Blocker Co. Investment First-lien loan ($18,290 par, due 5/2028) Initial Acquisition Date 05/28/2021 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.91% PIK2024-01-012024-12-310001508655Other 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%2025-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($1,999 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2024-12-310001508655tslx:TransportationMember2024-12-310001508655tslx:TwoThousandTwentySixNotesMember2025-01-012025-12-310001508655tslx:RevolvingCreditFacilityMaturityOnMarch42025Member2025-03-040001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Warrants (106,592 warrants) Initial Acquisition Date 4/8/20212024-01-012024-12-310001508655tslx:DelayedDrawMembertslx:QSRAcquisitionCoMember2025-12-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/20182024-01-012024-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Warrants (569,991 warrants) Initial Acquisition Date 4/2/20202024-01-012024-12-310001508655tslx:AvalaraIncMembertslx:RevolverMember2025-12-310001508655Debt 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%2025-12-310001508655tslx:OtherMemberus-gaap:DebtSecuritiesMember2025-12-3100015086552019-12-310001508655tslx:InterestRateSwapFiveMember2024-12-310001508655Other 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%2025-01-012025-12-310001508655Debt 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 10.86%2024-12-310001508655Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/20232024-12-310001508655us-gaap:FairValueInputsLevel3Member2024-01-012024-12-310001508655Other 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 9.37%2025-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt Investments Other Omnigo Software, LLC First-lien loan ($39,533 par, due 3/2027) Initial Acquisition Date 3/31/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.86%2024-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:LeverageWaiverMember2025-01-012025-12-310001508655tslx:TwoThousandTwentyThreeNotesMember2018-01-012018-01-310001508655Debt 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 11.33%2024-12-310001508655Debt 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% PIK2025-12-310001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (GBP 16,640 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread S + 5.66% Interest Rate 10.36%2024-01-012024-12-310001508655tslx:EquityAndOtherInvestmentsMembertslx:RetailAndConsumerProductsMember2024-12-310001508655tslx:DelayedDrawMembertslx:KahuaIncMember2024-12-310001508655Equity and Other Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/20222024-01-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment Second-lien loan ($6,596 par, due 1/2030) Initial Acquisition Date 01/23/2023 Reference Rate and Spread SOFR + 10.70% Interest Rate 15.33% PIK2024-01-012024-12-3100015086552020-01-012020-12-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. First-lien loan ($30,261 par, due 6/2025) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 13.98%2024-12-310001508655Debt 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%2025-01-012025-12-310001508655us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-01-012025-12-310001508655tslx:BusinessServicesMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-12-310001508655Debt Investments Financial Services BTRS Holdings, Inc. Investment First-lien loan ($48,983 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.61%2024-01-012024-12-310001508655Equity and Other Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/20212025-01-012025-12-310001508655Debt Investments Financial Services CLGF Holdco 2, LLC Investment Second-lien loan ($3,357 par, due 11/2028) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 12.00% Interest Rate 16.33%2024-12-310001508655Equity and Other Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/20232024-12-310001508655Other 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%2025-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-12-310001508655Equity and Other Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/20212025-12-310001508655tslx:SMATechnologiesHoldingsLLCMembertslx:RevolverMember2025-12-310001508655Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/20292024-12-310001508655Debt 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 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 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%2025-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 11,548 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 9.07%2025-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan (GBP 10,275 par, due 4/2031) Initial Acquisition Date 04/29/2024 Reference Rate and Spread S + 5.25% Interest Rate 9.95% (incl. 2.25% PIK2024-12-310001508655Debt 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%2025-01-012025-12-3100015086552024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:WranglerTopcoLlcMember2025-12-310001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien loan ($38,830 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.39%2024-01-012024-12-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/20182025-01-012025-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Warrants (633,376 warrants) Initial Acquisition Date 9/21/20182024-12-310001508655Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($3,635 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.81%2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:LynxBidcoMember2025-12-310001508655tslx:TwoThousandThirtyNotesMember2025-02-012025-02-280001508655Other 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:DelayedDrawMembertslx:ArrowbuyerIncMember2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:MeritSoftwareFinanceHoldingsLlcMember2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:HippoXpaBidcoAbMember2025-12-310001508655tslx:AdministrationAgreementMemberus-gaap:GeneralAndAdministrativeExpenseMembertslx:AdviserMember2024-01-012024-12-310001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/20212024-01-012024-12-310001508655us-gaap:FairValueInputsLevel1Member2025-12-310001508655Equity and Other Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/20222025-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/20212024-01-012024-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($24,924 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.26% PIK2024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:AlphaMidcoIncMember2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:ElysianFincoLtdMember2024-12-310001508655Debt 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% PIK2025-12-310001508655Debt 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%2025-12-310001508655Equity and Other Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/20212025-12-3100015086552023-12-310001508655tslx:RaptorUsBuyerIiCorpMembertslx:RevolverMember2025-12-310001508655tslx:EMSLinqIncMembertslx:RevolverMember2024-12-310001508655us-gaap:AdditionalPaidInCapitalMember2025-12-310001508655Equity and Other Investments Pharmaceuticals TherapeuticsMD, Inc. Warrants (14,256 warrants) Initial Acquisition Date 8/5/20202025-01-012025-12-310001508655us-gaap:CommonStockMember2025-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/20212024-01-012024-12-310001508655Hedge Accounting Swaps2025-12-310001508655Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($1,329 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33%2024-01-012024-12-310001508655tslx:WestMember2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:ElysianFincoLtdMember2025-12-310001508655tslx:RevolvingCreditFacilityMaturityOnApril232027Member2025-03-040001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandTwentyEightNotesMember2025-01-012025-12-310001508655tslx:AutomotiveMember2024-12-310001508655Debt 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 7.02%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 12/10/20202025-12-310001508655Debt Investments Internet Services Coupa Holdings, LLC First-lien loan ($42,975 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-12-310001508655Debt 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%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Debt 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)2025-01-012025-12-310001508655tslx:TwoThousandTwentyEightNotesMember2023-08-310001508655Debt 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:EquityAndOtherInvestmentsMembertslx:StructuredCreditMember2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:EmploymentHeroHoldingsPtyLtdMember2024-12-310001508655tslx:TwentyTwentyFourNotesMember2019-12-310001508655tslx:O2023Q4BaseDividendsMember2023-11-022023-11-020001508655Debt 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 Internet Services Flight Intermediate HoldCo, Inc. 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%2024-12-3100015086552024-06-300001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien loan (EUR 17,558 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread E + 7.00% Interest Rate 10.05%2024-01-012024-12-310001508655Debt 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%2025-12-310001508655Other 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%2025-01-012025-12-310001508655Equity and Other Investments Automotive Clarience Technologies, LLC Class A Units (333 units) Initial Acquisition Date 2/12/20242024-01-012024-12-310001508655Debt 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:O2023Q2BaseDividendsMember2023-05-080001508655tslx:DelayedDrawAndRevolverMembertslx:TruckLiteCoLlcMember2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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 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 Financial Services Fullsteam Operations, LLC Investment First-lien loan ($40,048 par, due 11/2029) Initial Acquisition Date 11/27/2023 Reference Rate and Spread SOFR + 8.38% Interest Rate 12.89%2024-01-012024-12-310001508655tslx:TwoThousandTwentyNineNotesMember2024-01-012024-01-310001508655Debt 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:DelayedDrawMembertslx:BenNevisMidcoLimitedMember2025-12-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. First-lien loan ($21,899 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread SOFR + 6.65% Interest Rate 11.28%2024-01-012024-12-310001508655Debt Investments Internet Services Arrow Buyer, Inc. First-lien loan ($34,944 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-01-012024-12-310001508655Debt 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%2025-12-310001508655Debt Investments Business Services ForeScout Technologies, Inc. Investment First-lien loan ($5,597 par, due 5/2031) Initial Acquisition Date 05/24/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.52%2024-12-310001508655Debt Investments Healthcare Eventus Buyer, LLC Investment First-lien loan ($25,900 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.86%2024-12-310001508655tslx:BusinessServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001508655tslx:DelayedDrawMembertslx:SkylarkUkDebtcoLimitedMember2025-12-310001508655tslx:DelayedDrawMembertslx:FlightIntermediateHoldCoIncMember2025-12-310001508655Debt 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%2025-12-3100015086552022-01-012022-12-310001508655Debt 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 10.06%2024-01-012024-12-310001508655Equity and Other Investments Internet Services Lucidworks, Inc. Series F Preferred Shares (199,054 shares) Initial Acquisition Date 8/2/20192024-12-310001508655Equity and Other Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/20212024-01-012024-12-310001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan ($16,340 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread SOFR + 5.66% Interest Rate 9.99%2024-12-310001508655Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/20292025-12-310001508655us-gaap:DebtSecuritiesMember2024-12-310001508655Other 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%2025-12-310001508655Debt Investments Internet Services LeanTaaS Holdings, Inc. First-lien loan ($56,156 par, due 7/2028) Initial Acquisition Date 7/12/2022 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.83%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2024-12-310001508655tslx:RevolverMembertslx:HirevueIncMember2024-12-310001508655tslx:DelayedDrawMembertslx:BanyanSoftwareHoldingsLlcMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMembertslx:AssetValuationWaterfallMember2024-12-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan ($1,421 par, due 7/2031) Initial Acquisition Date 07/05/2024 Reference Rate and Spread SOFR + 7.11% Interest Rate 11.75% (incl. 5.61% PIK)2024-12-310001508655us-gaap:TreasuryStockCommonMember2023-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Warrants (90,634 warrants) Initial Acquisition Date 12/20/20232024-12-310001508655tslx:DelayedDrawMembertslx:ArrowbuyerIncMember2025-12-310001508655tslx:RevolvingCreditFacilityMaturityOnApril232027Member2024-04-242024-04-240001508655tslx:TwentyTwentyEightNotesMember2023-08-142023-08-140001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/20212025-12-310001508655Other 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%2025-01-012025-12-310001508655Other 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%2025-01-012025-12-310001508655Other 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%2025-01-012025-12-310001508655Equity and Other Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/20202024-01-012024-12-310001508655tslx:OilGasAndConsumableFuelsMember2024-12-310001508655Equity and Other Investments Internet Services Lucidworks, Inc. Series F Preferred Shares (199,054 shares) Initial Acquisition Date 8/2/20192025-01-012025-12-310001508655Debt 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 8.52%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%2025-12-310001508655tslx:AvalaraIncMembertslx:RevolverMember2024-12-310001508655tslx:OilGasAndConsumableFuelsMember2025-12-310001508655tslx:OilGasAndConsumableFuelsMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Interest Rate Swap Company Pays SOFR + 2.99% Maturity Date 8/14/20282025-12-310001508655tslx:TwoThousandTwentyFourNotesMember2020-01-012020-12-310001508655Equity and Other Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/20232025-12-310001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/20212024-12-310001508655tslx:FirstLienDebtInvestmentsMember2025-12-310001508655Other 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%2025-12-310001508655tslx:DelayedDrawMembertslx:SediverSPAMember2025-12-310001508655tslx:InterestRateSwapFiveMember2024-01-012024-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:LeverageWaiverMember2023-01-012023-12-310001508655Debt Investments Human Resource Support Services HireVue, Inc. First-lien loan ($53,572 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.34%2024-01-012024-12-310001508655tslx:O2023Q3SupplementalDividendsMember2023-08-030001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/20212025-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,428 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 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%2025-01-012025-12-310001508655tslx:DelayedDrawMembertslx:BanyanSoftwareHoldingsLlcMember2025-12-310001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien revolving loan ($2,454 par, due 12/2027) Initial Acquisition Date 12/1/2021 Reference Rate and Spread P + 6.75% Interest Rate 14.25%2024-12-310001508655Debt 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:TwoThousandTwentyEightNotesMember2023-08-012023-08-310001508655country:FIsrt:MaximumMember2024-12-310001508655Debt Investments Business Services Mitnick Corporate Purchaser, Inc. Investment First-lien loan ($326 par, due 5/2029) Initial Acquisition Date 05/02/2022 Reference Rate and Spread SOFR + 4.50% Interest Rate 9.19%2024-12-310001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,378 par, due 7/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.25% Interest Rate 9.47% (incl. 3.00% PIK)2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:MarcuraEquitiesLtdMember2024-12-310001508655Equity and Other Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/20212025-12-310001508655Debt Investments Human Resource Support Services PayScale Holdings, Inc. First-lien loan ($70,465 par, due 5/2027) Initial Acquisition Date 5/3/2019 Reference Rate and Spread SOFR + 5.85% Interest Rate 10.18%2024-12-310001508655Interest Rate Swap Company Pays SOFR + 1.53% Maturity Date 8/15/20302025-12-310001508655Debt Investments Financial Services Volante Technologies, Inc. Investment First-lien loan ($3,072 par, due 9/2028) Initial Acquisition Date 09/29/2023 Reference Rate and Spread 16.50% Interest Rate 16.50% PIK2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:RapidDataGmbhUnternehmensberatungMember2025-12-3100015086552024-03-052024-03-050001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Other 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:IRGSEHoldingCorpMembertslx:RevolverMember2025-12-310001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien loan ($64,093 par, due 5/2030) Initial Acquisition Date 05/03/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-01-012024-12-310001508655tslx:MezzanineDebtInvestmentsMember2025-01-012025-12-310001508655tslx:TwoThousandTwentyFourSwapTransactionMember2025-01-012025-12-310001508655Debt 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%2025-12-310001508655Other 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%2025-01-012025-12-3100015086552024-04-012024-06-300001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (EUR 4,851 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread E + 5.66% Interest Rate 8.35%2024-01-012024-12-310001508655tslx:InternetServicesMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Debt 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)2025-01-012025-12-310001508655Equity and Other Investments Pharmaceuticals TherapeuticsMD, Inc. Warrants (14,256 warrants) Initial Acquisition Date 8/5/20202025-12-310001508655country:FR2024-12-310001508655Debt Investments Communications Babylon Finco Limited Investment First-lien loan ($1,557 par, due 1/2031) Initial Acquisition Date 01/26/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.37%2024-12-310001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien loan (EUR 17,558 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread E + 7.00% Interest Rate 10.05%2024-12-310001508655Debt Investments Communications Aurelia Netherlands MidCo 2 B.V. Investment First-lien loan (EUR 32,904 par, due 5/2031) Initial Acquisition Date 05/22/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.93%2024-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2024-12-310001508655tslx:O2025Q4SupplementalDividendsMember2025-11-040001508655Debt 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%2025-12-310001508655Other 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%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2024-01-012024-12-310001508655Debt 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 10.66%2024-12-310001508655Debt Investments Human Resource Support Services bswift, LLC First-lien loan ($43,910 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 6.38% Interest Rate 11.05%2024-01-012024-12-310001508655tslx:TSImagineIncMembertslx:RevolverMember2024-12-310001508655Debt Investments Healthcare Edge Bidco B.V. Investment First-lien loan (EUR 5,947 par, due 2/2029) Initial Acquisition Date 02/24/2023 Reference Rate and Spread E + 6.75% Interest Rate 9.43%2024-01-012024-12-310001508655tslx:DelayedDrawMembertslx:ShiftmoveGmbhMember2024-12-310001508655tslx:TwoThousandTwentyThreeTwentyFourTwentySixTwentyEightTwentyNineAndThirtyNotesMember2023-01-012023-12-310001508655tslx:EquityAndOtherInvestmentsMember2023-12-310001508655Debt 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 10.06%2024-12-310001508655Debt 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% PIK2025-12-310001508655Equity and Other Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/20212024-01-012024-12-310001508655tslx:InsuranceMember2024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/20212025-01-012025-12-310001508655tslx:TwoThousandTwentyFourNotesMember2019-11-300001508655Interest Rate Swap Company Pays SOFR + 2.44% Maturity Date 3/1/20292024-12-310001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien loan ($18,133 par, due 3/2029) Initial Acquisition Date 03/24/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-12-310001508655Debt 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 11.33%2024-01-012024-12-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/20222024-12-310001508655country:NO2025-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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:EducationMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Other 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%2025-01-012025-12-310001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien loan ($38,830 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.39%2024-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2024-12-310001508655tslx:InternetServicesMember2024-12-310001508655Debt Investments Hotel, Gaming and Leisure QSR Acquisition Co. First-lien loan ($30,000 par, due 10/2030) Initial Acquisition Date 10/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-01-012024-12-3100015086552024-01-012024-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:EventusBuyerLLCMember2024-12-310001508655tslx:DelayedDrawMembertslx:SkylarkUkDebtcoLimitedMember2024-12-310001508655Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/20232024-01-012024-12-310001508655Debt 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:InvestmentUnaffiliatedIssuerMember2024-01-012024-12-310001508655tslx:O2024Q2BaseDividendsMember2024-05-010001508655Debt Investments Financial Services CLGF Holdco 2, LLC Investment First-lien loan ($3,916 par, due 11/2027) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 12.83%2024-01-012024-12-310001508655tslx:FirstLienDebtInvestmentsMember2024-12-310001508655Debt 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)2025-12-310001508655Debt Investments Communications Babylon Finco Limited Investment First-lien loan ($1,557 par, due 1/2031) Initial Acquisition Date 01/26/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.37%2024-01-012024-12-310001508655Debt Investments Other Sky Bidco S.p.A. First-lien note (EUR 6,368 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.25% Interest Rate 8.20%2024-01-012024-12-310001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (EUR 4,851 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread E + 5.66% Interest Rate 8.35%2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Equity and Other Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/20212024-12-310001508655tslx:TwentyTwentyEightNotesMember2025-01-012025-12-310001508655Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($60,781 par, due 7/2028) Initial Acquisition Date 7/25/2022 Reference Rate and Spread SOFR + 9.25% Interest Rate 13.51%2024-01-012024-12-310001508655tslx:TransportationMember2025-12-310001508655tslx:TwentyTwentyFourNotesMember2023-12-310001508655Equity and Other Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/20222024-01-012024-12-310001508655Debt Investments Hotel, Gaming and Leisure ASG II, LLC First-lien loan ($65,000 par, due 5/2028) Initial Acquisition Date 5/25/2022 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.99%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMembersrt:MaximumMember2024-12-310001508655tslx:TwentyTwentyThreeNotesMember2020-12-310001508655Debt Investments Internet Services Hippo XPA Bidco AB First-lien loan (EUR 2,472 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.50% Interest Rate 9.87% (incl. 3.50% PIK)2024-01-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655Equity and Other Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/20212025-01-012025-12-310001508655Equity and Other Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/20222025-01-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655us-gaap:FinancialServicesSectorMember2024-12-310001508655Other 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%2025-01-012025-12-310001508655tslx:EquityAndOtherInvestmentsMember2025-01-012025-12-310001508655Debt 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:DelayedDrawAndRevolverMembertslx:WranglerTopcoLlcMember2024-12-310001508655Equity and Other Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/20202025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:NortheastMember2025-12-310001508655tslx:RevolvingCreditFacilityMaturityOnFebruary42026Member2024-04-240001508655Debt 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%2025-12-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (33,790,171 units) Initial Acquisition Date 12/21/20182024-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:RevolvingCreditsFacilitiesMember2020-12-310001508655Other 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%2025-01-012025-12-310001508655Equity and Other Investments Financial Services TS Imagine, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/20212025-12-310001508655Equity and Other Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/20202025-12-310001508655tslx:EquityAndOtherInvestmentsMember2024-01-012024-12-310001508655Equity and Other Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/20232024-01-012024-12-310001508655tslx:DelayedDrawMembertslx:RainFocusLLCMember2024-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Series C Preferred Shares (1,915,114 shares) Initial Acquisition Date 10/13/20202024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:MeritSoftwareFinanceHoldingsLlcMember2024-12-310001508655tslx:RaptorUsBuyerIiCorpMembertslx:RevolverMember2024-12-310001508655Debt Investments Manufacturing Avalara, Inc. First-lien loan ($38,636 par, due 10/2028) Initial Acquisition Date 10/19/2022 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.58%2024-01-012024-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyFourNotesMember2024-01-012024-12-310001508655tslx:SixthStreetLendingPartnersMember2025-12-230001508655Debt Investments Other Omnigo Software, LLC First-lien loan ($39,533 par, due 3/2027) Initial Acquisition Date 3/31/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.86%2024-01-012024-12-310001508655Debt 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%2025-12-310001508655Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/20232025-12-310001508655tslx:InternetServicesMember2025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:AssetValuationWaterfallMembertslx:MezzanineDebtInvestmentsMember2025-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-01-012025-12-310001508655tslx:O2025Q3BaseDividendsMember2025-07-302025-07-300001508655tslx:MezzanineDebtInvestmentsMember2025-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMembertslx:AssetValuationWaterfallMember2024-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels Murchison Oil and Gas, LLC Preferred Units (13,355 units) Initial Acquisition Date 6/30/20222025-12-310001508655Debt Investments Internet Services Higher Logic, LLC First-lien loan ($50,054 par, due 1/2025) Initial Acquisition Date 6/18/2018 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-12-310001508655tslx:RevolverAndEquityMembertslx:CrewlineBuyerIncMember2024-12-3100015086552025-01-012025-12-310001508655tslx:CommunicationsMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655tslx:TSImagineIncMembertslx:RevolverMember2025-12-310001508655Debt 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 11.17%2025-01-012025-12-310001508655us-gaap:TreasuryStockCommonMember2024-12-310001508655Equity and Other Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/20212024-01-012024-12-310001508655Debt 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%2025-12-310001508655Debt Investments Office Products USR Parent, Inc. ABL FILO term loan ($15,000 par, due 4/2027) Initial Acquisition Date 4/25/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.05%2024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:AlaskaBidcoOyMember2025-12-310001508655Debt 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%2025-01-012025-12-3100015086552023-09-300001508655tslx:TwentyTwentyNineNotesMember2025-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Series A Preferred Stock (1,667 Units) Initial Acquisition Date 12/20/2023 Reference Rate and Spread SOFR+12.00% Interest Rate 16.60% PIK2024-01-012024-12-310001508655tslx:EquityAndOtherInvestmentsMembertslx:HumanResourceSupportServicesMember2024-12-310001508655Equity and Other Investments Financial Services CLGF Holdings, L.P. Warrants (334,682 warrants) Initial Acquisition Date 11/7/20232024-12-310001508655us-gaap:FairValueInputsLevel2Member2025-12-310001508655Debt 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 Education Severin Acquisition, LLC Investment First-lien loan ($15,046 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.36% (incl. 2.25% PIK)2024-01-012024-12-310001508655tslx:InterestRateSwapOneMember2024-01-012024-12-310001508655Equity and Other Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/20152025-01-012025-12-310001508655tslx:O2024Q3BaseDividendsMember2024-07-312024-07-310001508655tslx:VelocityClinicalResearchIncMembertslx:DelayedDrawAndRevolverMember2025-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,428 par, due 9/2028) Initial Acquisition Date 09/06/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.69%2024-01-012024-12-3100015086552023-04-012023-12-310001508655tslx:PharmaceuticalsMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655tslx:StructuredCreditInvestmentsMember2024-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandAndThirtyNotesMember2025-01-012025-12-310001508655Equity and Other Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/20222025-01-012025-12-310001508655tslx:TransportationMemberus-gaap:DebtSecuritiesMember2024-12-3100015086552023-03-310001508655tslx:DelayedDrawAndRevolverMembertslx:CoupaHoldingsLLCMember2025-12-310001508655Debt Investments Financial Services Passport Labs, Inc. Investment First-lien loan ($24,995, par, due 4/2026) Initial Acquisition Date 04/28/2021 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.91%2024-01-012024-12-310001508655tslx:O2023Q4SupplementalDividendsMember2023-11-022023-11-020001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/20212024-12-310001508655Other 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%2025-12-310001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandTwentyEightNotesMember2024-01-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655us-gaap:RetainedEarningsMember2023-01-012023-12-310001508655Debt 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 10.08%2024-01-012024-12-310001508655tslx:TwoThousandTwentyFourNotesMember2020-02-290001508655Debt Investments Oil, Gas and Consumable Fuels Mach Natural Resources LP First-lien loan ($4,625 par, due 12/2026) Initial Acquisition Date 12/28/2023 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.98%2024-01-012024-12-310001508655tslx:SecondLienDebtInvestmentsMember2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:TruckLiteCoLlcMember2025-12-310001508655Debt Investments Business Services Azurite Intermediate Holdings, Inc. Investment First-lien loan ($42,750 par, due 3/2031) Initial Acquisition Date 03/19/2024 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.86%2024-01-012024-12-310001508655tslx:DelayedDrawMembertslx:RainFocusLLCMember2025-12-310001508655Debt Investments Internet Services Higher Logic, LLC First-lien loan ($50,054 par, due 1/2025) Initial Acquisition Date 6/18/2018 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-01-012024-12-310001508655Equity and Other Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/20212024-01-012024-12-310001508655Debt Investments Internet Services Merit Software Finance Holdings, LLC First-lien loan ($43,214 par, due 6/2029) Initial Acquisition Date 6/20/2024 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.85%2024-01-012024-12-310001508655Interest Rate Swap Company Receives 2.5% Company Pays SOFR + 2.17% Maturity Date 8/1/20262025-12-310001508655Debt 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%2025-12-310001508655Debt Investments Financial Services BlueSnap, Inc. Investment First-lien loan ($45,106 par, due 8/2025) Initial Acquisition Date 10/25/2019 Reference Rate and Spread SOFR + 9.15% Interest Rate 13.48%2024-01-012024-12-310001508655Debt 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%2025-12-310001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien revolving loan ($4,615 par, due 5/2030 Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-12-310001508655Debt 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%2025-12-310001508655Other 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%2025-12-310001508655tslx:CarlyleSecuredLendingIncMember2025-12-230001508655tslx:DelayedDrawAndRevolverMembertslx:CoupaHoldingsLLCMember2024-12-310001508655tslx:AutomotiveMember2025-12-310001508655Debt Investments Business Services Dye & Durham Corp. Investment First-lien loan ($955 par, due 4/2031) Initial Acquisition Date 04/04/2024 Reference Rate and Spread SOFR + 4.10% Interest Rate 8.43%2024-01-012024-12-310001508655Debt Investments Financial Services TradingScreen, Inc. Investment First-lien loan ($55,528 par, due 4/2027) Initial Acquisition Date 04/30/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.93%2024-01-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:OmnigoSoftwareLLCMember2025-12-310001508655Debt Investments Human Resource Support Services HireVue, Inc. First-lien loan ($53,572 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.34%2024-12-310001508655tslx:DelayedDrawMembertslx:LeantaasHoldingsIncMember2025-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Class A-3 Units (16,957 units) Initial Acquisition Date 11/10/20232024-01-012024-12-310001508655Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/20242025-01-012025-12-310001508655us-gaap:HealthcareSectorMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655tslx:O2023Q1SupplementalDividendsMember2023-02-162023-02-160001508655Other 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%2025-01-012025-12-310001508655Equity and Other Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/20222024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2024-12-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH First-lien loan (EUR 4,494 par, due 4/2030) Initial Acquisition Date 4/10/2024 Reference Rate and Spread E + 7.25% Interest Rate 10.15% (incl. 3.88% PIK)2024-01-012024-12-310001508655Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($3,635 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.81%2024-01-012024-12-310001508655Debt Investments Business Services Crewline Buyer, Inc. Investment First-lien loan ($58,384 par, due 11/2030) Initial Acquisition Date 11/08/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.11%2024-12-310001508655us-gaap:AccountingStandardsUpdate202309Member2025-12-310001508655Other 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%2025-01-012025-12-310001508655Debt 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 10.66%2024-01-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:EducationMember2025-12-310001508655Debt 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% PIK2025-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Class A-2 Units (10,611 units) Initial Acquisition Date 6/21/20222024-01-012024-12-310001508655tslx:TwentyTwentyNineNotesMember2024-01-082024-01-080001508655tslx:TwoThousandTwentyNineNotesMember2024-01-012024-12-310001508655tslx:RevolverMembertslx:AVSCHoldingCorpMember2024-12-310001508655Equity and Other Investments Internet Services Bigtincan Holdings L.P. Class A Units (2,902,890 Units) Initial Acquisition Date 4/16/20252025-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:TwoThousandTwentyThreeTwentyFourTwentySixTwentyEightTwentyNineAndThirtyNotesMember2025-01-012025-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-03-042025-03-040001508655tslx:DelayedDrawAndRevolverMembertslx:ForeScoutTechnologiesIncMember2025-12-310001508655Equity and Other Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/20212025-01-012025-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Warrants (280,000 warrants) Initial Acquisition Date 2/28/20202024-12-310001508655us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310001508655Equity and Other Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/20232025-01-012025-12-310001508655tslx:DelayedDrawMembertslx:BctoBluebillBuyerIncMember2025-12-310001508655tslx:TwoThousandTwentyThreeTwentyFourTwentySixTwentyEightTwentyNineAndThirtyNotesMember2024-01-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MinimumMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Equity and Other Investments Transportation RailTrac Holdings Inc. Warrants (3,059 warrants) Initial Acquisition Date 1/27/20252025-01-012025-12-310001508655Debt Investments Other Sky Bidco S.p.A. First-lien note (EUR 6,368 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.25% Interest Rate 8.20%2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMembertslx:AssetValuationWaterfallMember2024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Warrants (106,592 warrants) Initial Acquisition Date 4/8/20212025-01-012025-12-310001508655tslx:InvestorsNotOptedDividendReinvestmentPlanMember2025-01-012025-12-3100015086552020-12-310001508655tslx:TwoThousandTwentySixNotesMember2024-12-310001508655Debt Investments Business Services ForeScout Technologies, Inc. Investment First-lien loan ($5,597 par, due 5/2031) Initial Acquisition Date 05/24/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.52%2024-01-012024-12-310001508655Debt 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%2025-01-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655Equity and Other Investments Automotive Clarience Technologies, LLC Class A Units (333 units) Initial Acquisition Date 2/12/20242024-12-310001508655Debt 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 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% PIK2025-01-012025-12-310001508655Equity and Other Investments Structured Credit Dryden Senior Loan Fund, Series 2020-86A Structured Credit ($1,500 par, due 7/2034) Initial Acquisition Date 8/17/2022 Reference Rate and Spread SOFR + 6.76% Interest Rate 11.41%2024-01-012024-12-310001508655tslx:O2024Q2SupplementalDividendsMember2024-05-012024-05-010001508655us-gaap:AdditionalPaidInCapitalMember2023-12-310001508655Debt 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%2025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:PdiTaHoldingsIncMember2024-12-310001508655Cash collateral2025-12-310001508655tslx:AdministrationAgreementMemberus-gaap:GeneralAndAdministrativeExpenseMembertslx:AdviserMember2025-01-012025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:HippoXpaBidcoAbMember2024-12-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,449 par, due 9/2029) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 7.75% Interest Rate 12.08% (incl. 4.75% PIK)2024-01-012024-12-310001508655tslx:CommunicationsMembertslx:EquityAndOtherInvestmentsMember2025-12-310001508655Equity and Other Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/20222025-12-3100015086552026-02-120001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/20222024-01-012024-12-310001508655tslx:TwentyTwentyFourNotesMember2020-12-310001508655us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2025-01-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:BCTOAcePurchaserIncMember2024-12-310001508655Debt 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%2025-01-012025-12-310001508655Other 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%2025-12-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($18,133 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 10.09%2024-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 19,591 par, due 9/2028) Initial Acquisition Date 09/06/2022 Reference Rate and Spread S + 7.00% Interest Rate 11.70%2024-12-310001508655Debt 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% PIK2025-01-012025-12-310001508655Debt 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%2025-12-310001508655tslx:MezzanineDebtInvestmentsMember2025-01-012025-12-310001508655tslx:AzuriteIntermediateHoldingsIncMembertslx:RevolverAndEquityMember2025-12-310001508655Debt 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%2025-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyNineNotesMember2024-01-012024-12-310001508655Equity and Other Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/20212025-01-012025-12-310001508655Equity and Other Investments Pharmaceuticals TherapeuticsMD, Inc. Warrants (14,256 warrants) Initial Acquisition Date 8/5/20202024-01-012024-12-310001508655Other 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%2025-12-310001508655Equity and Other Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/20212024-12-310001508655Other 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%2025-01-012025-12-310001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/20222025-01-012025-12-310001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (GBP 16,640 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread S + 5.66% Interest Rate 10.36%2024-12-310001508655tslx:InterestRateSwapThreeMember2024-12-310001508655tslx:O2025Q2SupplementalDividendsMember2025-04-302025-04-300001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($69,218 par, due 12/2027) Initial Acquisition Date 12/1/2021 Reference Rate and Spread SOFR + 6.90% Interest Rate 11.56%2024-01-012024-12-310001508655Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/20242025-12-310001508655tslx:TwentyTwentySixNotesMember2025-01-012025-12-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. First-lien loan ($40,663 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.77% (incl. 3.38% PIK)2024-01-012024-12-310001508655tslx:InterestRateSwapFourMember2024-12-310001508655tslx:O2023Q3BaseDividendsMember2023-08-032023-08-030001508655tslx:DelayedDrawMembertslx:ApellisPharmaceuticalsIncMember2025-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:O2025Q3BaseDividendsMember2025-07-300001508655us-gaap:RealEstateMembersrt:MaximumMember2025-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Class A-2 Units (10,611 units) Initial Acquisition Date 6/21/20222024-12-310001508655Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/20282024-12-310001508655Debt 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 Communications Banyan Software Holdings, LLC Investment First-lien loan ($39,386 par, due 10/2026) Initial Acquisition Date 01/27/2023 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.71%2024-01-012024-12-310001508655Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/20232025-12-310001508655Debt 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:InterestRateSwapMembertslx:TwoThousandTwentyEightNotesMember2024-01-012024-12-310001508655Equity and Other Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/20222024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:AssetValuationWaterfallMembertslx:MezzanineDebtInvestmentsMember2024-12-310001508655tslx:SecondLienDebtInvestmentsMember2025-01-012025-12-310001508655tslx:EquityAndOtherInvestmentsMember2024-01-012024-12-3100015086552023-06-300001508655Debt Investments Human Resource Support Services Hire Vue, Inc. First-lien revolving loan ($4,378 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.30%2024-12-310001508655tslx:NortheastMember2024-12-310001508655us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001508655tslx:TwentyThirtyNotesMember2025-02-282025-02-280001508655Equity and Other Investments Internet Services Bigtincan Holdings L.P. Class A Units (2,902,890 Units) Initial Acquisition Date 4/16/20252025-01-012025-12-310001508655tslx:TwoThousandTwentyNineNotesMember2024-12-310001508655Debt 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%2025-12-310001508655Debt Investments Internet Services Hippo XPA Bidco AB First-lien loan (SEK 80,225 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.50% Interest Rate 9.16% (incl. 3.50% PIK)2024-12-310001508655Debt 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 11.46%2024-12-310001508655tslx:StructuredCreditInvestmentsMember2025-01-012025-12-310001508655Debt 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%2025-01-012025-12-310001508655tslx:EquityAndOtherInvestmentsMember2025-12-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien loan ($6,899 par, due 4/2031) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.62%2024-12-310001508655us-gaap:HealthcareSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001508655Debt 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%2025-12-310001508655Equity and Other Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/20222024-12-310001508655Other 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%2025-01-012025-12-310001508655Debt 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% PIK2025-01-012025-12-310001508655tslx:BayshoreIntermediate2LPMembertslx:RevolverMember2025-12-310001508655Debt 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%2025-01-012025-12-3100015086552025-12-310001508655Equity and Other Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/20212025-01-012025-12-31iso4217:AUDiso4217:EURxbrli:pureiso4217:SEKxbrli:sharesiso4217:CADiso4217:GBPiso4217:USDxbrli:sharesiso4217:USDiso4217:NOKtslx:Investment

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K


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

For the fiscal year ended December 31, 2025


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

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

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

Securities registered pursuant to Section 12(g) of the Act: None

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

The aggregate market value of the voting stock held by non-affiliates of the registrant on June 30, 2025, based on the closing price on that date of $23.81 on The New York Stock Exchange, was approximately $2,158,484,033. The number of shares of the registrant’s common stock, $.01 par value per share, outstanding at February 12, 2026 was 94,705,150.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s proxy statement for the 2026 annual meeting of stockholders are incorporated by reference in Part III.

Auditor Firm Id:185 Auditor Name: KPMG LLP Auditor Location: New York, New York

SIXTH STREET SPECIALTY LENDING, INC.

Index to Annual Report on Form 10-K for

Year Ended December 31, 2025


		PAGE
PART I
ITEM 1.	Business	6
ITEM 1A.	Risk Factors	29
ITEM 1B.	Unresolved Staff Comments	57
ITEM 1C.	Cybersecurity	57
ITEM 2.	Properties	58
ITEM 3.	Legal Proceedings	58
ITEM 4.	Mine Safety Disclosures	58

PART II
ITEM 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	59
ITEM 6.	Reserved	62
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	63
ITEM 7A.	Quantitative and Qualitative Disclosures About Market Risk	88
ITEM 8.	Consolidated Financial Statements and Supplementary Data	F-1
ITEM 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	89
ITEM 9A.	Controls and Procedures	89
ITEM 9B.	Other Information	89
ITEM 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	89

PART III
ITEM 10.	Directors, Executive Officers and Corporate Governance	90
ITEM 11.	Executive Compensation	90
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	90
ITEM 13.	Certain Relationships and Related Transactions, and Director Independence	90
ITEM 14.	Principal Accountant Fees and Services	90

PART IV
ITEM 15.	Exhibits and Financial Statement Schedules	91
ITEM 16.	Form 10-K Summary	95

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Annual 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. has filed with the Securities and Exchange Commission, or 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 and government regulation; and

•

the risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in this Annual Report 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 Annual 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 Annual 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 safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Annual Report because we are an investment company.

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

Summary of Risk Factors

The following is a summary of the principal risks that could adversely affect our business, operations and financial results, which should be read in conjunction with the complete discussion of risk factors we face, which are set forth in “Item 1A. Risk Factors.”

Risks Related to Our Business and Structure

•

We are dependent upon management personnel of the Adviser, Sixth Street and their affiliates for our future success.

•

We are subject to significant regulations governing our operation as a BDC, which affect our ability to, and the way in which we, raise additional capital. Changes in regulation could adversely affect our business.

•

We borrow money, which magnifies the potential for gain or loss and increases the risk of investing in us.

•

We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.

•

We operate in a highly competitive market for investment opportunities.

•

If we are unable to source investments, access financing or manage future growth effectively, we may be unable to achieve our investment objective.

•

Even in the event the value of your investment declines, the Management Fee and, in certain circumstances, the Incentive Fee will still be payable to the Adviser.

•

To the extent that we do not realize income or choose not to retain after-tax realized net capital gains, we will have a greater need for additional capital to fund our investments and operating expenses.

•

We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code, including as a result of our failure to satisfy the RIC distribution requirements.

•

We can be expected to retain some income and capital gains in excess of what is permissible for excise tax purposes and such amounts will be subject to 4% U.S. federal excise tax.

•

Our Adviser and its affiliates, officers and employees may face certain conflicts of interest.

•

Our ability to enter into transactions with our affiliates is restricted.

•

Our Adviser can resign on 60 days’ notice. We may not be able to find a suitable replacement within that time, resulting in a disruption in our operations and a loss of the benefits from our relationship with Sixth Street.

•

The Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.

•

Any failure to maintain our status as a BDC would reduce our operating flexibility.

•

We incur significant costs as a result of being a publicly traded company.

•

Provisions of the General Corporation Law of the State of Delaware and our certificate of incorporation and bylaws could deter takeover attempts and have an adverse effect on the price of our common stock.

•

Certain investors are limited in their ability to make significant investments in us.

•

Cybersecurity risks and cyber incidents may adversely affect our business or those of our portfolio companies.

•

Our Board may change our investment objective, operating policies and strategies without prior notice or stockholder approval.

Risks Related to Economic Conditions

•

The current state of the economy and financial markets increases the likelihood of adverse effects on our financial position and results of operations.

•

Economic recessions or downturns could impair our portfolio companies and harm our operating results.

Risks Related to Our Portfolio Company Investments

•

Our investments are very risky and highly speculative.

•

The value of most of our portfolio securities will not have a readily available market price and we value these securities at fair value as determined in good faith by our Board, which valuation is inherently subjective, may not reflect what we may actually realize for the sale of the investment and could result in a conflict of interest with the Adviser.

•

The lack of liquidity in our investments may adversely affect our business.

•

Our portfolio may be focused on a limited number of portfolio companies or industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.

•

We may securitize certain of our investments, which may subject us to certain structured financing risks.

•

Because we generally do not hold controlling interests in our portfolio companies, we may not be in a position to exercise control over those portfolio companies or prevent decisions by management of those portfolio companies that could decrease the value of our investments.

•

We are exposed to risks associated with changes in interest rates.

•

We may not be able to realize expected returns on our invested capital.

•

By originating loans to companies that are experiencing significant financial or business difficulties, we may be exposed to distressed lending risks.

•

Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in those companies and we may be exposed to special risks associated with bankruptcy cases.

•

Our failure to make follow-on investments in our portfolio companies could impair the value of our investments.

•

Any acquisitions or strategic investments that we pursue are subject to risks and uncertainties.

•

We cannot guarantee that we will be able to obtain various required licenses in U.S. states or in any other jurisdiction where they may be required in the future.

•

Our investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.

•

We expose ourselves to risks when we engage in hedging transactions.

•

The market structure applicable to derivatives imposed by the Dodd-Frank Act may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes.

•

Our portfolio investments may present special tax issues, and there are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.

Risks Related to Our Securities

•

There is a risk that investors in our common stock may not receive dividends or that our dividends may not grow over time.

•

Investing in our securities may involve a high degree of risk and the market price of our common stock may fluctuate significantly and could decline.

•

Our stockholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan.

•

Purchases of our common stock by us under the Company 10b5-1 Plan may result in dilution to our net asset value per share and the price of our common stock being higher than the price that otherwise might exist in the open market.

General Risk Factors

•

We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividend.

•

Changes in laws or regulations governing our operations may adversely affect our business.

•

We are subject to risks related to sustainability matters.

PART I

In this Annual Report, except where the context suggests otherwise, the terms “TSLX,” “we,” “us,” “our,” and “the Company” refer to Sixth Street Specialty Lending, Inc. The term “Adviser” refers to Sixth Street Specialty Lending Advisers, LLC, a Delaware limited liability company. The term “Sixth Street” refers to Sixth Street Partners, LLC.

ITEM 1. BUSINESS

General

Our Company

Our investment objective is to generate current income by targeting investments with favorable “risk-adjusted returns,” which are
expected returns that are adjusted based on the levels of risk associated with the investments. Since we began our investment activities in July 2011, through December 31, 2025, we have originated approximately $53.3 billion aggregate principal amount of investments and retained approximately $11.8 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 originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds and equity securities.

By “middle-market companies,” we mean companies that have annual earnings before interest, income taxes, depreciation and amortization, or 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 December 31, 2025, our core portfolio companies, which exclude certain investments that fall outside of our typical borrower profile and represent 87.9% of our total investments based on fair value, had weighted average annual revenue of $449.2 million and weighted average annual EBITDA of $127.3 million. As of December 31, 2025, our core portfolio companies had a median annual revenue of $159.4 million and a median annual EBITDA of $48.0 million.

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on equity investments, capital gains on the sale of investments and various loan origination and other fees.

We have operated as a business development company, or a BDC, since we began our investment activities in July 2011. In conducting our investment activities, we believe that we benefit from the significant scale and resources of our Adviser and its affiliates.

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.”

As of December 31, 2025, we had investments in 143 portfolio companies (including 36 structured credit investments, which includes each series of collateralized loan obligation as a separate portfolio company investment), the average investment size in each of our portfolio companies was approximately $23.4 million based on fair value. Portfolio companies includes investments in structured credit investments, which include each series of collateralized loan obligation as a portfolio company investment. When excluding investments in structured credit investments the average investment in our remaining portfolio companies was approximately $30.4 million as of December 31, 2025. The companies in which we invest use our capital to support organic growth, acquisitions, market or product expansion and recapitalizations (including restructurings). As of December 31, 2025, the largest single investment based on fair value represented 2.4% of our total investment portfolio.

As of December 31, 2025, our portfolio was invested across 19 different industries. The largest industry in our portfolio as of December 31, 2025 was Internet Services, which represented, as a percentage of our portfolio, 18.3% of the total portfolio based on fair value.

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 Investment Advisers Act of 1940, as amended (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 Sixth Street Partners, LLC, or “Sixth Street.”

Sixth Street is a global investment business with over $125 billion of assets under management as of December 31, 2025. 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 market purchases and restructurings, and has a team of over 740 investment and operating professionals. As of December 31, 2025, seventy-eight (78) of these personnel are dedicated to direct lending, including sixty-three (63) 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. See “Regulation as a Business Development Company—Transactions with our Affiliates.”

The Adviser is responsible for managing our day-to-day business affairs, including implementing investment policies and strategic initiatives set by our Investment Team and managing our portfolio under the general oversight of our Investment Review Committee.

On April 15, 2011, we entered into the Investment Advisory Agreement with our Adviser. The Investment Advisory Agreement was subsequently amended on December 12, 2011. Under the Investment Advisory Agreement, the Adviser provides investment advisory services to us.

Under the terms of the Investment Advisory Agreement, 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 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”). For a discussion of the Management Fee and Incentive Fee payable by us to the Adviser, see “Management Agreements—Investment Advisory Agreement; Administration Agreement; License Agreement.” Our Board monitors the mix and performance of our investments over time and seeks to satisfy itself that the Adviser is acting in our interests and that our fee structure appropriately incentivizes the Adviser to do so.

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.

In November 2025, our Board renewed the Investment Advisory Agreement and the Administration Agreement. Unless earlier terminated, the Investment Advisory Agreement will remain in effect until November 2026, and may be extended subject to required approvals.

Joint Venture

On December 23, 2025, affiliates of Sixth Street, including us, 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 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 the Carlyle affiliates own 50.0%, with investment decisions requiring approval by representatives of both the Sixth Street affiliates and the Carlyle affiliates. SCP will be initially capitalized with $600.0 million of aggregate capital commitments from Sixth Street Specialty Lending, Inc., Sixth Street Lending Partners, Carlyle Secured Lending, Inc. and Carlyle Credit Solutions, Inc., as members of SCP, with all members of SCP having equal voting control. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments. As of December 31, 2025, SCP had not commenced operations and no capital had been contributed to SCP.

Investment Criteria/Guidelines

Investment Decision Process

Our investment approach involves, among other things:

•

an assessment of the markets, overall macroeconomic environment and how the assessment may impact industry and investment selection;

•

substantial company-specific research and analysis; and

•

with respect to each individual company, an emphasis on capital preservation, low volatility and management of downside risk.

The foundation of our investment philosophy incorporates intensive analysis, a management discipline based on both market technical and fundamental value-oriented research, and consideration of diversification within our portfolio. We follow a rigorous investment process based on:

•

a comprehensive analysis of issuer creditworthiness, including a quantitative and qualitative assessment of the issuer’s business;

•

an evaluation of management and its economic incentives;

•

an analysis of business strategy and industry trends; and

•

an in-depth examination of a prospective portfolio company’s capital structure, financial results and projections.

We seek to identify those companies exhibiting superior fundamental risk-reward profiles and strong defensible business franchises, while focusing on the absolute and relative value of the investment.

Investment Process Overview

Origination and Sourcing

The substantial majority of our investments are not intermediated and are originated without the assistance of investment banks or other traditional Wall Street sources. In addition to executing direct calling campaigns on companies based on the Adviser’s sector and macroeconomic views, our Investment Team also maintains direct contact with financial sponsors, banks, corporate advisory firms, industry consultants, attorneys, investment banks, “club” investors and other potential sources of investment opportunities.

The substantial majority of our deals are informed by our current sector views and are sourced directly by our Adviser through our network of contacts. We also identify opportunities through our Adviser’s relationships with Sixth Street.

Due Diligence Process

The process through which an investment decision is made involves extensive research into the company, its industry, its growth prospects and its ability to withstand adverse conditions. If the investment team responsible for the transaction determines that an investment opportunity should be pursued, we will engage in an intensive due diligence process. Though each transaction will involve a somewhat different approach, our diligence of each opportunity may include:

•

understanding the purpose of the capital requirement, the key personnel and variables, as well as the sources and uses of the proceeds;

•

meeting the company’s management, including top and middle-level executives, to get an insider’s view of the business, and to probe for potential weaknesses in business prospects;

•

checking management’s backgrounds and references;

•

performing a detailed review of historical financial performance, including performance through various economic cycles, and the quality of earnings;

•

contacting customers and vendors to assess both business prospects and standard practices;

•

conducting a competitive analysis, and comparing the company to its main competitors on an operating, financial, market share and valuation basis;

•

researching the industry for historic growth trends and future prospects as well as to identify future exit alternatives;

•

assessing asset value and the ability of physical infrastructure and information systems to handle anticipated growth;

•

leveraging Sixth Street internal resources with institutional knowledge of the company’s business; and

•

investigating legal and regulatory risks and financial and accounting systems and practices.

Selective Investment Process

After an investment has been identified and preliminary diligence has been completed, a credit research and analysis report is prepared. This report is reviewed by senior investment professionals. If these senior and other investment professionals are supportive of pursuing the potential investment, then a more extensive due diligence process is employed. Additional due diligence with respect to any investment may be conducted on our behalf by attorneys, independent accountants, and other third-party consultants and research firms prior to the closing of the investment, as appropriate, on a case-by-case basis.

Issuance of Formal Commitment

Approval of an investment requires the approval of the Investment Review Committee. Once we have determined that a prospective portfolio company is suitable for investment, we work with the management or financial sponsor of that company and its other capital providers, including senior, junior and equity capital providers, if any, to finalize the structure and terms of the investment.

Portfolio Monitoring

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 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.

•

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 investment 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).

For more information on the investment performance ratings of our portfolio, see “ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS—Portfolio and Investment Activity.”

Investment Review Committee

The Adviser manages our portfolio under the general oversight of the Investment Review Committee. The Investment Review Committee includes certain individuals who are senior personnel of the Adviser and Sixth Street, as well as certain other persons appointed by the Adviser from time to time. Our Investment Team and the Investment Review Committee are supported by and have access to the investment professionals, analytical capabilities and support personnel of Sixth Street.

Structure of Investments

Since beginning our investment activities in July 2011, we have sought to generate current income primarily in U.S.-domiciled middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds and equity and other investments.

Debt Investments

The terms of our debt investments are tailored to the facts and circumstances of each transaction and prospective portfolio company. We negotiate the structure of each investment to protect our rights and manage our risk while providing funding to help the portfolio company achieve its business plan. We invest in the following types of debt:

•

First-lien debt. First-lien debt is typically senior on a lien basis to other liabilities in the issuer’s capital structure and has the benefit of a first-priority security interest in assets of the issuer. The security interest ranks above the security interest of any

second-lien lenders in those assets. Our first-lien debt may include stand-alone first-lien loans, “last out” first-lien loans, “unitranche” loans and secured corporate bonds with similar features to these categories of first-lien loans.

•

Stand-alone first-lien loans. Stand-alone first-lien loans are traditional first-lien loans. All lenders in the facility have equal rights to the collateral that is subject to the first-priority security interest.

•

“Last out” first-lien loans. “Last out” first-lien loans have a secondary priority behind super-senior “first out” first-lien loans in the collateral securing the loans in certain circumstances. The arrangements for a “last out” first-lien loan are set forth in an “agreement among lenders,” which provides lenders with “first out” and “last out” payment streams based on a single lien on the collateral. Since the “first out” lenders generally have priority over the “last out” lenders for receiving payment under certain specified events of default, or upon the occurrence of other triggering events under intercreditor agreements or agreements among lenders, the “last out” lenders bear a greater risk and, in exchange, receive a higher effective interest rate, through arrangements among the lenders, than the “first out” lenders or lenders in stand-alone first-lien loans. Agreements among lenders also typically provide greater voting rights to the “last out” lenders than the intercreditor agreements to which second-lien lenders often are subject.

•

“Unitranche” loans. Unitranche loans combine features of first-lien, second-lien and mezzanine debt, generally in a first-lien position. In many cases, we may provide the borrower most, if not all, of the capital structure above the equity. The primary advantages to the borrower are the ability to negotiate the entire debt financing with one lender and the elimination of intercreditor issues.

•

Second-lien debt. Our second-lien debt may include secured loans, and, to a lesser extent, secured corporate bonds, with a secondary priority behind first-lien debt. Second-lien debt typically is senior on a lien basis to other liabilities in the issuer’s capital structure and has the benefit of a security interest over assets of the issuer, though ranking junior to first-lien debt secured by those assets. First-lien lenders and second-lien lenders typically have separate liens on the collateral, and an intercreditor agreement provides the first-lien lenders with priority over the second-lien lenders’ liens on the collateral.

•

“Mezzanine” and “Unsecured” debt. Structurally, mezzanine debt usually ranks subordinate in priority of payment to first-lien and second-lien debt and may not have the benefit of financial covenants common in first-lien and second-lien debt. Unsecured debt may rank junior as it relates to proceeds in certain liquidations where it does not have the benefit of a lien in specific collateral held by creditors (typically first lien and/or second lien) who have a perfected security interest in such collateral. However, both mezzanine and unsecured debt ranks senior to common and preferred equity in an issuer’s capital structure. Mezzanine and unsecured debt investments generally offer lenders fixed returns in the form of interest payments and mezzanine debt will often provide lenders an opportunity to participate in the capital appreciation, if any, of an issuer through an equity interest. This equity interest typically takes the form of an equity co-investment or warrants. Due to its higher risk profile and often less restrictive covenants compared to senior secured loans, mezzanine and unsecured debt generally bears a higher stated interest rate than first-lien and second-lien debt.

Our debt investments are typically structured with the maximum seniority and collateral that we can reasonably obtain while seeking to achieve our total return target. We seek to limit the downside potential of our investments by:

•

requiring a total return on our investments (including both interest and potential equity appreciation) that compensates us for credit risk; and

•

negotiating covenants in connection with our investments that afford our portfolio companies as much flexibility in managing their businesses as possible, consistent with preservation of our capital. Such restrictions may include affirmative covenants (including reporting requirements), negative covenants (including financial covenants), lien protection, change of control provisions and board rights, including either observation or rights to a seat on the board under some circumstances.

Among the types of first-lien debt in which we invest, we generally are able to obtain higher effective interest rates on our “last out” first-lien loans than on other types of first-lien loans, since our “last-out” first-lien loans generally are more junior in the capital structure. Within our portfolio, we aim to maintain the appropriate proportion among the various types of first-lien loans, as well as second-lien debt and mezzanine debt, which allows us to achieve our target returns while maintaining our targeted amount of credit risk.

Equity and Other Investments

Our loans may include an equity interest in the issuer, such as a warrant or profit participation right. In certain instances, we also will make equity investments, although those situations are generally limited to those cases where we are also making an investment in a more senior part of the capital structure of the issuer.

Investments

As of December 31, 2025 and December 31, 2024, we had made investments with an aggregate fair value of $3,347.3 million and $3,518.4 million, respectively, in 143 and 116 portfolio companies, respectively.

Investments consisted of the following at December 31, 2025 and December 31, 2024:


	December 31, 2025
					Net Unrealized
($ in millions)	Amortized Cost (1)		Fair Value		Gain (Loss)
First-lien debt investments	$	2,934.2	$	2,984.4	$	50.2
Second-lien debt investments		69.6		30.7		(38.9	)
Mezzanine debt investments		61.1		61.7		0.6
Equity and other investments		159.8		172.6		12.8
Structured credit investments		98.6		97.9		(0.7	)
Total Investments	$	3,323.3	$	3,347.3	$	24.0

(1)

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


	December 31, 2024
					Net Unrealized
($ in millions)	Amortized Cost (1)		Fair Value		Gain (Loss)
First-lien debt investments	$	3,298.0	$	3,302.5	$	4.5
Second-lien debt investments		53.2		19.8		(33.4	)
Mezzanine debt investments		37.1		39.1		2.0
Equity and other investments		149.4		155.5		6.1
Structured credit investments (2)		1.5		1.5		0.0
Total Investments	$	3,539.2	$	3,518.4	$	(20.8	)

(1)

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

(2)

Amounts round to less than $0.1 million

The industry composition of investments at fair value at December 31, 2025 and December 31, 2024 was as follows:


	December 31, 2025			December 31, 2024
Automotive		—			1.2	%
Business Services		13.4	%		13.3	%
Chemicals		1.2	%		0.9	%
Communications		1.5	%		3.5	%
Education		3.1	%		5.0	%
Electronics		0.8	%		0.8	%
Financial Services		3.5	%		8.6	%
Healthcare		9.0	%		7.5	%
Hotel, Gaming and Leisure		8.0	%		7.4	%
Human Resource Support Services		9.0	%		10.2	%
Insurance		—			0.2	%
Internet Services		18.3	%		16.4	%
Manufacturing		1.2	%		3.5	%
Marketing Services		0.3	%		0.3	%
Office Products		0.3	%		0.4	%
Oil, Gas and Consumable Fuels		2.8	%		2.7	%
Other		5.3	%		1.9	%
Pharmaceuticals		2.7	%		2.9	%
Real Estate (1)		0.0	%		0.0	%
Retail and Consumer Products		11.6	%		9.7	%
Transportation		8.0	%		3.6	%
Total		100.0	%		100.0	%

(1)

Value sums to less than 0.1%.

We classify the industries of our portfolio companies by end-market (such as Internet Services, and Business Services) and not by the product or services (such as Software) directed to those end-markets.

The geographic composition of investments at fair value at December 31, 2025 and December 31, 2024 was as follows:


	December 31, 2025			December 31, 2024
United States
Midwest		12.5	%		14.3	%
Northeast		18.6	%		21.7	%
South		23.2	%		20.6	%
West		29.8	%		28.8	%
Australia		0.2	%		1.1	%
Canada		1.5	%		3.1	%
Finland (1)		0.0	%		0.0	%
France		1.6	%		0.1	%
Germany		3.5	%		1.7	%
Italy		0.6	%		0.6	%
Netherlands		0.4	%		0.3	%
Norway		3.3	%		2.8	%
Sweden		0.8	%		0.3	%
United Kingdom		4.0	%		4.6	%
Total		100.0	%		100.0	%

(1)

Value sums to less than 0.1%.

Investment Commitments

As of December 31, 2025 and December 31, 2024, we had the following commitments to fund investments in current portfolio companies:


($ in millions)	December 31, 2025		December 31, 2024
Alaska Bidco Oy - Delayed Draw & Revolver	$	0.2	$	0.2
Aledade, Inc. - Revolver		24.1		—
Alpha Midco, Inc. - Delayed Draw & Revolver		—		0.5
American Achievement, Corp. - Revolver		2.4		2.4
Apellis Pharmaceuticals, Inc. - Delayed Draw		—		5.3
Aptean, Inc. - Delayed Draw & Revolver		—		1.1
Arcwood Environmental, Inc. - Delayed Draw & Revolver		1.8		2.5
Arrow Buyer, Inc. - Delayed Draw		—		5.5
Arrowhead Pharmaceuticals, Inc. - Delayed Draw		27.7		32.0
Artisan Bidco, Inc. - Revolver		1.4		5.7
Avalara, Inc. - Revolver		—		3.9
AVSC Holding Corp. - Revolver		4.8		4.8
Axonify, Inc. - Delayed Draw		—		0.7
Azurite Intermediate Holdings, Inc. - Revolver & Equity		5.6		5.6
Babylon Finco Limited - Delayed Draw		—		0.3
Banyan Software Holdings, LLC - Delayed Draw		—		3.9
Bayshore Intermediate #2, L.P. - Revolver		2.7		3.6
BCTO Ace Purchaser, Inc. - Delayed Draw & Revolver		0.3		0.3
BCTO Bluebill Buyer, Inc. - Delayed Draw		—		4.1
Ben Nevis Midco Limited - Delayed Draw		—		1.4
BlueSnap, Inc. - Delayed Draw & Revolver		—		5.1
BTRS Holdings, Inc. - Delayed Draw & Revolver		—		3.0
Cirrus (Bidco) Ltd - Delayed Draw		0.4		0.4
Cordance Operations, LLC - Delayed Draw & Revolver		2.6		6.7
Coupa Holdings, LLC - Delayed Draw & Revolver		6.8		6.8
Crewline Buyer, Inc. - Revolver & Equity		6.1		6.1
Disco Parent, Inc. - Revolver		—		0.5
EDB Parent, LLC - Delayed Draw		5.6		5.1
Elysian Finco Ltd. - Delayed Draw & Revolver		0.8		1.9
Elysium BidCo Limited - Revolver		—		2.5
Employment Hero Holdings Pty Ltd. - Delayed Draw & Revolver		—		1.9
EMS Linq, Inc. - Revolver		5.9		4.6
Erling Lux Bidco SARL - Delayed Draw & Revolver		6.1		2.8
Eventus Buyer, LLC - Delayed Draw & Revolver		8.6		10.0
ExtraHop Networks, Inc. - Delayed Draw & Revolver		0.4		3.4
Flight Intermediate HoldCo, Inc. - Delayed Draw		32.1		37.9
ForeScout Technologies, Inc. - Delayed Draw & Revolver		—		0.8
Fullsteam Operations, LLC - Delayed Draw & Revolver		—		8.9
Galileo Parent, Inc. - Revolver		3.5		5.5
Greenshoot Bidco B.V. - Revolver		0.5		0.4
Hippo XPA Bidco AB - Delayed Draw & Revolver		9.4		1.7
HireVue, Inc. - Revolver		—		2.5
HMP Omnimedia, LLC - Delayed Draw & Revolver		9.8		—
Ingenovis Health Finance, LLC - Revolver		32.5		—
IRGSE Holding Corp. - Revolver		5.7		0.5
Kahua, Inc. - Delayed Draw		5.0		—
Kangaroo Bidco AS - Delayed Draw		4.4		4.4
Kaseware Intermediate Holding Company - Delayed Draw & Revolver		6.8		—
Kryptona BidCo US, LLC - Revolver		2.2		2.2
LeanTaaS Holdings, Inc. - Delayed Draw		12.0		18.8
LIHA Holdco B.V. - Delayed Draw & Revolver		0.8		1.0
Lynx BidCo - Delayed Draw & Revolver		6.7		0.9
Marcura Equities LTD - Delayed Draw & Revolver		1.7		9.1


Merit Software Finance Holdings, LLC - Delayed Draw & Revolver		—		11.8
Omnigo Software, LLC - Delayed Draw & Revolver		1.9		—
PDI TA Holdings, Inc. - Delayed Draw & Revolver		0.4		3.3
PrimePay Intermediate, LLC - Delayed Draw		—		4.0
PrimeRevenue, Inc. - Revolver		—		6.3
QSR Acquisition Co. - Delayed Draw		—		15.0
Rail Acquisitions LLC - Delayed Draw & Revolver		5.7		—
RainFocus, LLC - Delayed Draw		5.3		—
Rapid Data GmbH Unternehmensberatung - Delayed Draw & Revolver		1.2		1.4
Raptor US Buyer II Corp. - Revolver		0.6		0.7
Sapphire Software Buyer, Inc. - Revolver		3.3		3.2
Scorpio Bidco - Delayed Draw		0.6		0.5
Sediver S.p.A. - Delayed Draw		4.1		3.6
Severin Acquisition, LLC - Delayed Draw & Revolver		4.4		5.0
Shiftmove GmbH - Delayed Draw		10.2		13.6
SkyLark UK DebtCo Limited - Delayed Draw		—		6.9
SL Buyer Corp. - Delayed Draw		—		11.2
SMA Technologies Holdings, LLC - Revolver		1.0		1.0
Sport Alliance GmbH - Revolver		0.5		0.6
Tango Management Consulting, LLC - Delayed Draw & Revolver		23.8		1.5
TRP Assets, LLC - Delayed Draw		10.2		10.2
Truck-Lite Co., LLC - Delayed Draw & Revolver		—		8.7
TS Imagine Inc. - Revolver		0.8		0.8
USA Debusk LLC - Delayed Draw & Revolver		2.5		2.8
Varinem German Bidco GmbH - Delayed Draw		4.9		3.6
Velocity Clinical Research, Inc. - Delayed Draw & Revolver		8.8		—
Wrangler Topco, LLC - Delayed Draw & Revolver		0.9		1.4
Total Portfolio Company Commitments (1)(2)	$	338.5	$	356.3

(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 December 31, 2025 and December 31, 2024, 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 December 31, 2025, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Competition

We compete for investments with a number of capital providers, including BDCs, other investment funds (including private debt and equity funds and venture capital funds), special purpose acquisition company sponsors, investment banks with underwriting activities, hedge funds that invest in private investments in public equities, traditional financial services companies such as commercial banks, and other sources of financing, including the broadly syndicated loan market and high yield capital market. Many of these capital providers have greater financial and managerial resources than we do. In addition, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. For additional information concerning the competitive risks we expect to face, see “ITEM 1A. RISK FACTORS—Risks Related to Our Business and Structure—We operate in a highly competitive market for investment opportunities.”

Capital Resources and Borrowings

We anticipate generating cash in the future from cash flows from operations, including interest received on our cash and cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less, and through issuances of common stock.

Additionally, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. As of December 31, 2025 and December 31, 2024, our asset coverage was 191.5% and 182.5%, respectively. See “Regulation as a Business Development Company—Senior Securities” below.

Furthermore, while any indebtedness and senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders (which may cause us to fail to distribute amounts necessary to avoid entity-level taxation under the Code), or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. In addition, we must also comply with positive and negative covenants customary for these types of facilities.

Debt obligations consisted of the following as of December 31, 2025 and December 31, 2024:


	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

(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 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 value 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.


	December 31, 2024
	Aggregate Principal		Outstanding		Amount		Carrying
($ in millions)	Amount Committed		Principal		Available (1)		Value (2)(3)
Revolving Credit Facility	$	1,700.0	$	1,004.1	$	674.2	$	988.6
2026 Notes		300.0		300.0	—			280.5
2028 Notes		300.0		300.0	—			294.1
2029 Notes		350.0		350.0	—			337.9
Total Debt	$	2,650.0	$	1,954.1	$	674.2	$	1,901.1

(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 and 2029 Notes are presented net of deferred financing costs and original issue discounts totaling $15.4 million, $1.8 million, $4.5 million, and $6.9 million, respectively.

(3)

The carrying value of the 2026 Notes, 2028 Notes, and 2029 Notes are presented inclusive of an incremental $(17.6) million, $(1.4) million and $(5.2) million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes and 2029 Notes, each resulting from a hedge accounting relationship.

For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, the components of interest expense were as follows:


	Year ended
($ in millions) (1)	December 31, 2025			December 31, 2024			December 31, 2023
Interest expense	$	101.0		$	105.2		$	95.5
Commitment fees		3.6			4.0			2.9
Amortization of deferred financing costs		6.7			6.9			5.2
Accretion of original issue discount		1.9			1.6			0.9
Swap settlement		16.3			36.5			29.2
Total Interest Expense	$	129.6		$	154.2		$	133.7
Average debt outstanding	$	1,880.3		$	1,882.7		$	1,705.6
Weighted average interest rate		6.2	%		7.5	%		7.3	%

(1)

Table may not sum due to rounding.

For more information on our debt, see “ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS——Financial Condition, Liquidity and Capital Resources.”

Dividend Policy

To maintain our status as a RIC, we must distribute (or be treated as distributing) in each taxable year dividends for tax purposes of an amount equal to at least 90% of our investment company taxable income (which includes, among other items, dividends, interest, the excess of any net short-term capital gains over net long-term capital losses, as well as other taxable income, excluding any net capital gains reduced by deductible expenses) and 90% of our net tax-exempt income for that taxable year. As a RIC, we generally will not be subject to corporate-level U.S. federal income tax on our investment company taxable income and net capital gains that we distribute to stockholders. In addition, to avoid the imposition of a nondeductible 4% U.S. federal excise tax, we must distribute (or be treated as distributing) in each calendar year an amount at least equal to the sum of:

•

98% of our net ordinary income, excluding certain ordinary gains and losses, recognized during a 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 such calendar year; and

•

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

We have previously incurred, and can be expected to incur in the future, such excise tax on a portion of our income and gains. While we intend to distribute income and capital gains to minimize exposure to the 4% U.S. federal excise tax, we may not be able to, or may choose not to, distribute amounts sufficient to avoid the imposition of the excise tax entirely. In that event, we will be liable for the excise tax only on the amount by which we do not meet the foregoing distribution requirement. See “ITEM 1A. RISK FACTORS—Risks Related to Our Business and Structure—We will be subject to corporate-level income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code, including as a result of our failure to satisfy the RIC distribution requirements.”

Dividend Reinvestment Plan

We have adopted a dividend reinvestment plan, pursuant to which we will reinvest all cash dividends or distributions declared by the Board on behalf of investors who do not elect to receive their cash dividends or distributions in cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or distribution, then our stockholders who have not elected to “opt

out” of our dividend reinvestment plan will have their cash dividends or distributions automatically reinvested in additional common stock as described below.

Those stockholders whose shares are held by a broker or other financial intermediary may receive cash dividends and other distributions in cash by notifying their broker or other financial intermediary of their election.

No action is required on the part of a registered stockholder to have its cash dividend or other distribution reinvested in our common stock. A registered stockholder is able to elect to receive an entire cash dividend or distribution in cash by notifying Equiniti Trust Company, LLC, the plan administrator and our transfer agent and registrar, in writing, so that notice is received by the plan administrator no later than 10 days prior to the record date for the cash dividend or distributions to the stockholders. The plan administrator has set up an account for shares acquired through the plan for each stockholder who has not elected to receive cash dividends or distributions in cash and hold the shares in non-certificated form.

We expect to use primarily newly issued shares to implement the plan, whether our shares are trading at a premium or at a discount to net asset value. We reserve the right to purchase shares in the open market in connection with our implementation of the plan. 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 our common stock at the close of regular trading on the New York Stock Exchange, or “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, we 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.

The number of shares of our common stock that will be outstanding after giving effect to payment of a cash dividend or distribution cannot be established until the value per share at which additional shares will be issued has been determined and elections of our stockholders have been tabulated. The number of shares to be issued to a stockholder pursuant to the foregoing will be rounded down to the nearest whole share to avoid the issuance of fractional shares, with any fractional shares being paid in cash. For non-U.S. stockholders, the number of shares to be issued to the stockholder will be the amount equal to the total dollar amount of the cash dividend or distribution payable, net of applicable withholding taxes.

There are no brokerage charges or other charges to stockholders who participate in the plan. The plan is terminable by us upon notice in writing mailed to each stockholder of record at least 30 days prior to any record date for the payment of any cash dividend or distribution by us. If a participant elects by written notice to the plan administrator to have the plan administrator sell part or all of the shares held by the plan administrator in the participant’s account and remit the proceeds to the participant, the plan administrator is authorized to deduct a $15.00 transaction fee plus a brokerage commission from the proceeds.

Administration

Each of our executive officers is an employee of our Adviser or its affiliates. We do not currently have any employees and do not expect to have any employees. Individuals who are employees of our Adviser or its affiliates provide services necessary for our business under the terms of the Investment Advisory Agreement and the Administration Agreement. Our day-to-day investment operations are managed by our Adviser and the services necessary for the origination and administration of our investment portfolio are provided by investment professionals employed by our Adviser or its affiliates. Our Investment Team focuses on origination and transaction development and the ongoing monitoring of our investments. In addition, we reimburse the Adviser for the allocable portion of the compensation paid by the Adviser (or its affiliates) to our Chief Compliance Officer, Chief Financial 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). See “Investment Advisory Agreement; Administration Agreement; License Agreement” below.

In addition to our Adviser, Sixth Street has a team of over 740 investment and operating professionals. As of December 31, 2025, seventy-eight (78) of these personnel are dedicated to direct lending, including sixty-three (63) investment professionals.

Management Agreements

Investment Advisory Agreement; Administration Agreement; License Agreement

On April 15, 2011, we entered into the Investment Advisory Agreement with our Adviser. The Investment Advisory Agreement was subsequently amended on December 12, 2011.

Under the Investment Advisory Agreement, the Adviser:

•

determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing those changes;

•

identifies, evaluates and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies);

•

determines the assets we will originate, purchase, retain or sell;

•

closes, monitors and administers the investments we make, including the exercise of any rights in our capacity as a lender or equity holder; and

•

provides us other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds, including providing operating and managerial assistance to us and our portfolio companies, as required.

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 us are not impaired.

Under the terms of the Investment Advisory Agreement, we pay the Adviser a base management fee (the “Management Fee”) and may also pay certain incentive fees (the “Incentive Fees”).

The Management Fee is calculated at an annual rate of 1.5% based on the average value of our 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 each of the years ended December 31, 2025, December 31, 2024, and December 31, 2023, Management Fees (gross of waivers) were $52.2 million, $51.8 million and $46.4 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 our 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 years ended December 31, 2025, December 31, 2024 and December 31, 2023, Management Fees of $1.3 million, $1.5 million and $1.2 million, respectively, have been waived pursuant to the Leverage Waiver.

The Incentive Fee consists of two parts, as follows:

(i)

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 (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 us during the calendar quarter, minus our 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 we 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.

(ii)

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 our 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%. We accrue, but do not pay, a Capital Gains Fee with respect to unrealized capital gains because a Capital Gains Fee would be owed to the Adviser if we 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 initial public offering (“IPO”), the portion of our realized capital gains that accrued prior to March 31, 2014, is subject to an Incentive Fee rate of 15% and the portion of our 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 our net assets at the end of the immediately preceding calendar quarter.

Pre-Incentive Fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital gains or losses. Because of the structure of the Incentive Fee, it is possible that we may pay an Incentive Fee in a quarter in which we incur a loss. For example, if we receive pre-Incentive Fee net investment income in excess of the quarterly minimum hurdle rate, we will pay the applicable Incentive Fee even if we have incurred a loss in that quarter due to realized and unrealized capital losses. In addition, because the quarterly minimum hurdle rate is calculated based on our net assets, decreases in our net assets due to realized or unrealized capital losses in any given quarter may increase the likelihood that the hurdle rate is reached and therefore the likelihood of us paying an Incentive Fee for that quarter. Our net investment income used to calculate this component of the Incentive Fee is also included in the amount of our gross assets used to calculate the Management Fee because gross assets are total assets (including cash received) before deducting liabilities (such as declared dividend payments).

Section 205(b)(3) of the Advisers Act, as amended, 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 years ended December 31, 2025, December 31, 2024 and December 31, 2023, Incentive Fees were $38.4 million, $40.2 million, and $47.0 million, respectively, of which $43.5 million, $45.5 million, and $42.6 million, respectively, were realized and payable to the Adviser. For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, $(5.1) million, $(5.4) million, and $4.4 million, respectively, of Incentive Fees were accrued related to Capital Gains Fees. As of December 31, 2025, these accrued Incentive Fees are not contractually payable to the Adviser. The Adviser did not waive any Incentive Fees for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.

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

Since our IPO, with the exception of its waiver of Management Fees and certain Incentive Fees attributable to our 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.

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 will automatically terminate in the event of an assignment and may be terminated by either party without penalty on 60 days’ written notice to the other party.

Our Board monitors the mix and performance of our investments over time and seeks to satisfy itself that the Adviser is acting in our interests and that our fee structure appropriately incentivizes the Adviser to do so.

On March 15, 2011, we entered into the Administration Agreement with our Adviser. Under the terms of the Administration Agreement, the Adviser 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. See “—Payment of Our Expenses” below. In addition, the Adviser is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and we pay or reimburse the Adviser expenses incurred by any such affiliates or third parties for work done on our behalf. For the

years ended December 31, 2025, December 31, 2024, and December 31, 2023, we incurred expenses of $3.9 million, $3.9 million, and $3.2 million, respectively, for administrative services payable under the terms of the Administration Agreement, which are included in Other general and administrative expenses.

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

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 our director receives any compensation from us for his or her services as a director. However, we reimburse the Adviser or its affiliates for the allocable portion of the costs of compensation, benefits, and related administrative expenses of our officers who provide operational and administrative services to us pursuant to the Administration Agreement, their respective staffs and other professionals who provide services to us (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 our Chief Financial Officer, Chief Compliance Officer, and other professionals who provide operational and administrative services to us pursuant to the Administration Agreement, including individuals who provide “back office” or “middle office” financial, operational, legal and/or compliance services to us. We reimburse 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 our business and affairs and in acting on behalf of us. We 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.

The Adviser does not assume any responsibility to us other than to render the services described in, and on the terms of the Investment Advisory Agreement and the Administration Agreement, and is not responsible for any action of our Board in declining to follow the advice or recommendations of the Adviser. Under the terms of the Investment Advisory Agreement and the Administration Agreement, the Adviser (and its members, managers, officers, employees, agents, controlling persons and any other person or entity affiliated with it) shall not be liable to us for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under the Investment Advisory Agreement, the Administration Agreement or otherwise as an investment adviser of ours (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services). We shall, to the fullest extent permitted by law, provide indemnification and the right to the advancement of expenses, to each person who was or is made a party or is threatened to be made a party to or is involved (including, without limitation, as a witness) in any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a member, manager, officer, employee, agent, controlling person of the Adviser or any other person or entity affiliated with the Adviser, or is or was a member of the Adviser’s Investment Review Committee, on the same general terms set forth in Article VIII of our certificate of incorporation.

United States federal and state securities laws may impose liability under certain circumstances on persons who act in good faith. Nothing in the Investment Advisory Agreement will constitute a waiver or limitation of any rights that we may have under any applicable federal or state securities laws.

Payment of Our Expenses

The costs associated with the Investment Team and staff of the Adviser, when and to the extent engaged in providing us investment advisory and management services are paid for by the Adviser. 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;

•

administration fees payable under our Administration Agreement;

•

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;

•

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);

•

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.

In addition, from time to time, the Adviser pays amounts owed by us to third-party providers of goods or services, including the Board. We subsequently reimburse the Adviser for those amounts paid on our behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms. We also reimburse the Adviser for the allocable portion of the compensation paid by the Adviser or its affiliates to our Chief Compliance Officer, Chief Financial 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).

Duration and Termination

Unless earlier terminated as described below, both the Investment Advisory Agreement and the Administration Agreement will remain in effect until November 2026, and each may be extended subject to required approvals. Each agreement will remain in effect from year to year thereafter if approved annually by our Board or by the affirmative vote of the holders of a majority of our outstanding voting securities, and, in either case, if also approved by a majority of the directors of the Board who are not “interested persons” of us, the Adviser or any of our or its respective affiliates, as defined in the 1940 Act (known as Independent Directors). The Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Adviser. Each agreement may be terminated by either party without penalty on 60 days’ written notice to the other party. The holders of a majority of our outstanding voting securities may also terminate each agreement without penalty on 60 days’ written notice. See “ITEM 1A. RISK FACTORS—Risks Related to Our Business and Structure—We are dependent upon management personnel of the Adviser, Sixth Street, and their affiliates for our future success.”

Indemnification

The Investment Advisory Agreement and the Administration Agreement provide that the Adviser and its members, managers, officers, employees, agents, controlling persons and any other person or entity affiliated with it shall not be liable to us for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under the

Investment Advisory Agreement, the Administration Agreement or otherwise as an investment adviser of ours (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services). We will, to the fullest extent permitted by law, provide indemnification and the right to the advancement of expenses, to each person who was or is made a party or is threatened to be made a party to or is involved (including, without limitation, as a witness) in any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, because he or she is or was a member, manager, officer, employee, agent, controlling person or any other person or entity affiliated with the Adviser, including without limitation the Administrator, or is or was a member of the Adviser’s Investment Review Committee, on the same general terms set forth in our certificate of incorporation. Our obligation to provide indemnification and advancement of expenses is subject to the requirements of the 1940 Act and Investment Company Act Release No. 11330, which, among other things, preclude indemnification for any liability (whether or not there is an adjudication of liability or the matter has been settled) arising by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of duties, and require reasonable and fair means for determining whether indemnification will be made.

Board Approval of the Investment Advisory Agreement

Our Board, including our Independent Directors, and holders of a majority of our outstanding securities, approved our Investment Advisory Agreement in December 2011. Our Board, including a majority of the Independent Directors, renewed the Investment Advisory Agreement in November 2025. In its consideration of the Investment Advisory Agreement at the time of approval and renewal, the Board focused on information it had received relating to, among other things:

•

the nature, quality and extent of the advisory and other services to be provided to us by the Adviser;

•

our investment and financial performance on a standalone basis and against a comparative universe of peers;

•

the extent to which economies of scale would be realized as we grow, and whether the fees payable under the Investment Advisory Agreement reflect these economies of scale for the benefit of our stockholders;

•

comparative data with respect to advisory fees or similar expenses paid by other BDCs with similar investment objectives;

•

our expense ratio compared to BDCs with similar investment objectives;

•

any existing and potential sources of indirect income to the Adviser from its relationships with us and the profitability of those income sources;

•

information about the services to be performed and the personnel performing those services under the Investment Advisory Agreement;

•

the organizational and functional capabilities and financial condition of the Adviser and its respective affiliates; and

•

the possibility of obtaining similar services from other third-party service providers or through an internally managed structure.

The Board also takes into consideration the reimbursement of expenses incurred by the Adviser on our behalf when determining whether to approve renewal of the Investment Advisory Agreement and the Administration Agreement. No one factor was given greater weight than any others, but rather the Board considered all factors collectively as a whole.

Based on the information reviewed and the discussion thereof, the Board, including a majority of the Independent Directors, concluded that the investment advisory fee rates are reasonable in relation to the services to be provided.

Regulation as a Business Development Company

We are regulated as a BDC under the 1940 Act. A BDC must be organized in the United States for the purpose of investing in or lending to primarily private companies and making significant managerial assistance available to them. A BDC may use capital provided by public stockholders and from other sources to make long-term, private investments in businesses.

As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. A majority of our directors must be persons who are not “interested persons,” as that term is defined in the 1940 Act. Additionally, we are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person’s office.

As a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after any borrowing or issuance. See “—Senior Securities” for more information. In addition, while any preferred stock or publicly traded debt securities are outstanding, we may be prohibited from making distributions to our stockholders or repurchasing securities or shares unless we meet the applicable asset coverage ratio at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. For a discussion of the risks associated with leverage, see “ITEM 1A. RISK FACTORS—Risks Related to Our Business and Structure—We borrow money, which magnifies the potential for gain or loss and increases the risk of investing in us.” As of December 31, 2025 and December 31, 2024, our asset coverage was 191.5% and 182.5% respectively.

We may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC unless authorized by vote of a majority of the outstanding voting securities, as required by the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such company’s voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, and (b) more than 50% of the outstanding voting securities of such company.

We do not anticipate any substantial change in the nature of our business.

We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, we generally cannot acquire more than 3% of the voting stock of any investment company, invest more than 5% of the value of our total assets in the securities of one investment company or invest more than 10% of the value of our total assets in the securities of investment companies in the aggregate. The portion of our portfolio invested in securities issued by investment companies ordinarily will subject our stockholders to additional expenses. Our investment portfolio is also subject to diversification requirements by virtue of our status as a RIC for U.S. federal income tax purposes. See “—Regulated Investment Company Classification” for more information.

In addition, investment companies registered under the 1940 Act and private funds that are excluded from the definition of “investment company” pursuant to either Section 3(c)(1) or 3(c)(7) of the 1940 Act may not acquire directly or through a controlled entity more than 3% of our total outstanding voting stock (measured at the time of the acquisition), unless the funds comply with an exemption under the 1940 Act. As a result, certain of our investors may hold a smaller position in our shares than if they were not subject to these restrictions.

We are generally not able to issue and sell our common stock at a price below net asset value per share. See “ITEM 1A. RISK FACTORS—Risks Related to Our Business and Structure—Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.” We may, however, elect to issue and sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value of our common stock if our Board determines that the sale is in our best interests and the best interests of our stockholders, and our stockholders have approved our policy and practice of making these sales within the preceding 12 months. Pursuant to approval granted at a special meeting of stockholders held on June 20, 2025, we are currently permitted to sell or otherwise issue shares of our common stock at a price below our then-current net asset value per share, subject to the approval of our Board and certain other conditions. Such stockholder approval expires on June 20, 2026. We may in the future seek such approval again; however, there is no assurance such approval will be obtained. In this case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the market value of such securities. In addition, we may generally issue new common stock at a price below net asset value in rights offerings to existing stockholders, in payment of dividends and in certain other limited circumstances.

We are subject to periodic examination by the SEC for compliance with the 1940 Act.

Compliance with regulations has not had a material effect on our capital expenditure, earnings or competitive position.

As a BDC, we are subject to certain risks and uncertainties. See “ITEM 1A. RISK FACTORS—Risks Related to Our Business and Structure.”

Transactions with our Affiliates

We may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates, including our officers, directors, investment adviser, and principal underwriters, and certain of their affiliates, without the prior approval of the members of our Board who are not interested persons and, in some cases, prior approval by the SEC through an exemptive order (other than in certain limited situations pursuant to current regulatory guidance).

Qualifying Assets

Under the 1940 Act, a BDC may not acquire any assets other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. The principal categories of qualifying assets relevant to our business are the following:

•

Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:

•

is organized under the laws of, and has its principal place of business in, the United States;

•

is not an investment company (other than a small business investment company wholly owned by us) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

•

satisfies any of the following:

•

has an equity market capitalization of less than $250 million or does not have any class of securities listed on a national securities exchange;

•

is controlled by a BDC or a group of companies including a BDC, the BDC actually exercises a controlling influence over the management or policies of the eligible portfolio company, and, as a result thereof, the BDC has an affiliated person who is a director of the eligible portfolio company; or

•

is a small and solvent company having total assets of not more than $4 million and capital and surplus of not less than $2 million.

•

Securities of any eligible portfolio company that we control;

•

Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements;

•

Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company;

•

Securities received in exchange for or distributed on or with respect to securities described above, or pursuant to the exercise of warrants or rights relating to such securities;

•

Cash, cash equivalents, U.S. Government securities or high-quality debt securities maturing in one year or less from the time of investment.

Pending investment in other types of “qualifying assets,” as described above, our investments may consist of cash, cash equivalents, U.S. Government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as temporary investments, such that at least 70% of our assets are qualifying assets.

Managerial Assistance to Portfolio Companies

A BDC must be operated for the purpose of making investments in the types of securities described under “Qualifying Assets” above. However, to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, the BDC will satisfy this test if one of the other persons in the group makes available such managerial assistance. Making available managerial assistance means, among other things, either controlling the issuer of the securities or any arrangement whereby the BDC, through

its directors, officers or employees, offers to provide, and, if accepted, does in fact provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

Senior Securities

We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after any borrowing or issuance. In addition, while any preferred stock or publicly-traded debt securities are outstanding, we may be prohibited from making distributions to our stockholders or repurchasing securities or shares unless we meet the applicable asset coverage ratio at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage.

The 1940 Act imposes limitations on a BDC’s issuance of preferred stock, which is considered a “senior security” and thus is subject to the 150% asset coverage requirement described above.

As of December 31, 2025 and December 31, 2024, our asset coverage was 191.5% and 182.5% respectively.

Code of Ethics

As required by the Advisers Act and the 1940 Act, we and the Adviser have adopted codes of ethics which apply to, among others, our officers, including our Chief Executive Officer and Chief Financial Officer, as well as our Adviser’s officers, directors and employees. The codes of ethics establish procedures for personal investments and restrict certain personal securities transactions. Personnel subject to the codes may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the codes’ requirements. There have been no material changes to the codes or material waivers of the codes that apply to our Chief Executive Officer or Chief Financial Officer.

Compliance Policies and Procedures

We and our Adviser have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and we are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a Chief Compliance Officer to be responsible for administering the policies and procedures.

Proxy Voting Policies and Procedures

We delegate our proxy voting responsibility to our Adviser. The Proxy Voting Policies and Procedures of our Adviser are set forth below. The guidelines are reviewed periodically by the Adviser and our Independent Directors, and, accordingly, are subject to change.

An investment adviser registered under the Advisers Act has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, the Adviser recognizes that it must vote client securities in a timely manner free of conflicts of interest and in the best interests of its clients. These policies and procedures for voting proxies for the Adviser’s investment advisory clients are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

The Adviser will vote all proxies based upon the guiding principle of seeking the maximization of the ultimate long-term economic value of our stockholders’ holdings, and ultimately all votes are cast on a case-by-case basis, taking into consideration the contractual obligations under the relevant advisory agreements or comparable documents, and all other relevant facts and circumstances at the time of the vote. All proxy voting decisions will require a mandatory conflicts of interest review by our Chief Compliance Officer in accordance with these policies and procedures, which will include consideration of whether the Adviser or any investment professional or other person recommending how to vote the proxy has an interest in how the proxy is voted that may present a conflict of interest. It is the Adviser’s general policy to vote or give consent on all matters presented to security holders in any proxy, and these policies and procedures have been designed with that in mind. However, the Adviser reserves the right to abstain on any particular vote or otherwise withhold its vote or consent on any matter if, in the judgment of our Chief Compliance Officer or the relevant investment professional(s), the costs associated with voting such proxy outweigh the benefits to our

stockholders or if the circumstances make such an abstention or withholding otherwise advisable and in the best interest of the relevant stockholder(s).

Privacy Principles

We are committed to maintaining the confidentiality, integrity and security of nonpublic personal information relating to investors. The following information is provided to help investors understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.

We generally will not receive any nonpublic personal information relating to stockholders who purchase common stock. We may collect nonpublic personal information regarding certain investors from sources such as subscription agreements, investor questionnaires and other forms; individual investors’ account histories; and correspondence between us and individual investors. We may share information that we collect regarding an investor with our affiliates and the employees of such affiliates for legitimate business purposes, for example, to service the investor’s accounts or provide the investor with information about other products and services offered by us or our affiliates that may be of interest to the investor. In addition, we may disclose information that we collect regarding investors to third parties who are not affiliated with us (i) as authorized by our investors in investor subscription agreements or our organizational documents; (ii) as required by law or in connection with regulatory or law enforcement inquiries; or, (iii) as otherwise permitted by law to the extent necessary to effect, administer or enforce investor transactions or our transactions.

Any party that receives nonpublic personal information relating to investors from us is permitted to use the information only for legitimate business purposes or as otherwise required or permitted by applicable law or regulation. In this regard, our officers, employees and agents and those of our affiliates, access to such information is restricted to those who need such access to provide services to us and our investors. We maintain physical, electronic and procedural safeguards to seek to guard investor nonpublic personal information.

Reporting Obligations

We will furnish our stockholders with annual reports containing audited financial statements, quarterly reports, and such other periodic reports, as we determine to be appropriate or as may be required by law. We are required to comply with all periodic reporting, proxy solicitation and other applicable requirements under the Exchange Act.

We make available on our website (www.sixthstreetspecialtylending.com) our proxy statements, our annual reports on Form 10-K, quarterly reports on Form 10-Q and our current reports on Form 8-K that we file with the SEC. Information contained on our website is not incorporated into this Annual Report and you should not consider such information to be part of this Annual Report.

The SEC also maintains a website (www.sec.gov) that contains this information.

Regulated Investment Company Classification

As a BDC, we have elected to be treated as a RIC for U.S. federal income tax purposes.

To maintain our status as a RIC, we must, among other things:

•

maintain our election under the 1940 Act to be treated as a BDC;

•

derive in each taxable year at least 90% of our gross income from dividends, interest, gains from the sale or other disposition of stock or securities and other specified categories of investment income; and

•

maintain diversified holdings so that, subject to certain exceptions and cure periods, at the end of each quarter of our taxable year:

•

at least 50% of the value of our total gross assets is represented by cash and cash items, U.S. government securities, the securities of other RICs and “other securities,” provided that such “other securities” shall not include any amount of any one issuer, if our holdings of such issuer are greater in value than 5% of our total assets or greater than 10% of the outstanding voting securities of such issuer, and

•

no more than 25% of the value of our assets may be invested in securities of any one issuer, the securities of any two or more issuers that are controlled by us and are engaged in the same or similar or related trades or businesses (excluding U.S. government securities and securities of other RICs), or the securities of one or more “qualified publicly traded partnerships.”

•

98% of our net ordinary income, excluding certain ordinary gains and losses, recognized during a 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 such calendar year; and

•

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

We generally expect to distribute substantially all of our earnings on a quarterly basis, but will reinvest dividends on behalf of those investors that do not elect to receive their dividends in cash. See “—Dividend Policy” and “—Dividend Reinvestment Plan” for a description of our dividend policy and obligations. One or more of the considerations described below, however, could result in the deferral of dividend distributions until the end of the fiscal year:

•

We may make investments that are subject to tax rules that require us to include amounts in our income before we receive cash corresponding to that income or that defer or limit our ability to claim the benefit of deductions or losses. For example, if we acquire securities issued with original issue discount, that original issue discount may be accrued in income before we receive any corresponding cash payments.

•

In cases where our taxable income exceeds our available cash flow, we will need to fund distributions with the proceeds of sale of securities or with borrowed money, and may raise funds for this purpose opportunistically over the course of the year.

In certain circumstances (e.g., where we are required to recognize income before or without receiving cash representing such income), we may have difficulty making distributions in the amounts necessary to satisfy the requirements for maintaining RIC status and for avoiding U.S. federal income and excise taxes. Accordingly, we may have to sell investments at times we would not otherwise consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain cash from other sources, we may fail to qualify as a RIC and thereby be subject to corporate-level U.S. federal income tax.

If in any particular taxable year, we do not qualify as a RIC, all of our taxable income (including our net capital gains) will be subject to tax at regular corporate rates without any deduction for distributions to stockholders, and distributions will be taxable to our stockholders as ordinary dividends to the extent of our current or accumulated earnings and profits, and distributions would not be required. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder’s tax basis, and any remaining distributions would be treated as capital gain. If we fail to qualify as a RIC for a period greater than two consecutive taxable years, to qualify as a RIC in a subsequent year we may be subject to regular corporate tax on any net built-in gains with respect to certain assets (that is, the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had sold the property at fair market value at the end of the taxable year) that we elect to recognize on requalification or when recognized over the next five years.

In the event we invest in foreign securities, we may be subject to withholding and other foreign taxes with respect to those securities. We do not expect to satisfy the conditions necessary to pass through to our stockholders their share of the foreign taxes paid by us.

ITEM 1A. RISK FACTORS

Investing in our securities involves a number of significant risks. Before you invest in our securities, you should be aware of various risks associated with the investment, including those described below. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, our net asset value and the trading price of our securities could decline, and you may lose all or part of your investment.

Risks Related to Our Business and Structure

We are dependent upon management personnel of the Adviser, Sixth Street and their affiliates for our future success.

We depend on the experience, diligence, skill and network of business contacts of senior members of our Investment Team. Our Investment Team, together with other professionals at Sixth Street and its affiliates, identifies, evaluates, negotiates, structures, closes, monitors and manages our investments. Our success will depend to a significant extent on the continued service and coordination of the senior members of our Investment Team. The senior members of our Investment Team are not contractually restricted from leaving the Adviser. The departure of any of these key personnel, including members of our Adviser’s Investment Review Committee, could have a material adverse effect on us.

In addition, we cannot assure you that the Adviser will remain our investment adviser or that we will continue to have access to Sixth Street or its investment professionals. The Investment Advisory Agreement may be terminated by either party without penalty on 60 days’ written notice to the other party. The holders of a majority of our outstanding voting securities may also terminate the Investment Advisory Agreement without penalty on 60 days’ written notice.

Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.

The 1940 Act imposes numerous constraints on the operations of BDCs. See “ITEM 1. BUSINESS—Regulation as a Business Development Company” for a discussion of BDC limitations. For example, BDCs are required to invest at least 70% of their total assets in securities of nonpublic or thinly traded U.S. companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less. These constraints may hinder the Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective.

We may need to periodically access the debt and equity capital markets to raise cash to fund new investments in excess of our repayments, and we may also need to access the capital markets to refinance existing debt obligations to the extent such maturing obligations are not repaid with availability under our revolving credit facilities or cash flows from operations.

Regulations governing our operation as a BDC affect our ability to raise additional capital, and the ways in which we can do so. Raising additional capital may expose us to risks, including the typical risks associated with leverage, and may result in dilution to our current stockholders. The 1940 Act limits our ability to incur borrowings and issue debt securities and preferred stock, which we refer to as senior securities, requiring that after any borrowing or issuance the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%.

We may need to continue to borrow from financial institutions and issue additional securities to fund our growth. Unfavorable economic or capital market conditions may increase our funding costs, limit our access to the capital markets or could result in a decision by lenders not to extend credit to us. An inability to successfully access the capital markets may limit our ability to refinance our existing debt obligations as they come due and/or to fully execute our business strategy and could limit our ability to grow or cause us to have to shrink the size of our business, which could decrease our earnings, if any. Consequently, if the value of our assets declines or we are unable to access the capital markets we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when this may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distributions to our common stockholders. If we borrow money or issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss.

If we issue preferred stock, the preferred stock would rank senior to common stock in our capital structure. Preferred stockholders would have separate voting rights on certain matters and may have other rights, preferences or privileges more favorable than those of our common stockholders. The issuance of preferred stock could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of our common stock or otherwise be in your best interest. Holders of our common stock will directly or indirectly bear all of the costs associated with offering and servicing any preferred stock that we issue. In addition, any interests of preferred stockholders may not necessarily align with the interests of holders of our

common stock and the rights of holders of shares of preferred stock to receive dividends would be senior to those of holders of shares of our common stock.

Our Board may decide to issue additional common stock to finance our operations rather than issuing debt or other senior securities. However, we generally are not able to issue and sell our common stock at a price below net asset value per share. We may, however, elect to issue and sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value of our common stock if our Board determines that the sale is in our best interests and the best interests of our stockholders, and our stockholders have approved our policy and practice of making these sales within the preceding 12 months. Pursuant to approval granted at a special meeting of stockholders held on June 20, 2025, we are currently permitted to sell or otherwise issue shares of our common stock at a price below our then-current net asset value per share, subject to the approval of our Board and certain other conditions. Such stockholder approval expires on June 20, 2026. We may in the future seek such approval again; however, there is no assurance such approval will be obtained. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the market value of those securities (less any distribution commission or discount). In the event we sell shares of our common stock at a price below net asset value per share, existing stockholders will experience net asset value dilution. This dilution would occur as a result of the sale of shares at a price below the then current net asset value per share of our common stock and would cause a proportionately greater decrease in the stockholders’ interest in our earnings and assets and their voting interest in us than the increase in our assets resulting from such issuance. As a result of any such dilution, our market price per share may decline. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted.

In addition to issuing securities to raise capital as described above, we could securitize our investments to generate cash for funding new investments. To securitize our investments, we likely would create a wholly owned subsidiary, contribute a pool of loans to the subsidiary and have the subsidiary issue primarily investment grade debt securities to purchasers who we would expect would be willing to accept a substantially lower interest rate than the loans earn. We would retain all or a portion of the equity in the securitized pool of loans. Our retained equity would be exposed to any losses on the portfolio of investments before any of the debt securities would be exposed to the losses. An inability to successfully securitize our investment portfolio could limit our ability to grow or fully execute our business and could adversely affect our earnings, if any. The successful securitization of our investment could expose us to losses because the portions of the securitized investments that we would typically retain tend to be those that are riskier and more apt to generate losses. The 1940 Act also may impose restrictions on the structure of any securitization. In connection with any future securitization of investments, we may incur greater set-up and administration fees relating to such vehicles than we have in connection with financing of our investments in the past. See “—Risks Related to Our Portfolio Company Investments—We may securitize certain of our investments, which may subject us to certain structured financing risks.”

We borrow money, which magnifies the potential for gain or loss and increases the risk of investing in us.

As part of our business strategy, we borrow from, and may in the future issue additional senior debt securities to, banks, insurance companies and other lenders. Holders of these loans or senior securities would have fixed-dollar claims on our assets that have priority over the claims of our stockholders. If the value of our assets decreases, leverage will cause our net asset value to decline more sharply than it otherwise would have without leverage. Similarly, any decrease in our income would cause our net income to decline more sharply than it would have if we had not borrowed. This decline could negatively affect our ability to make dividend payments on our common stock. Our ability to service our borrowings depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. In addition, the Management Fee is payable based on our gross assets, including cash and assets acquired through the use of leverage, which may give our Adviser an incentive to use leverage to make additional investments. See “—Risks Related to Our Business and Structure—Even in the event the value of your investment declines, the Management Fee and, in certain circumstances, the Incentive Fee will still be payable to the Adviser.” The amount of leverage that we employ will depend on our Adviser’s and our Board’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us.

Our credit facilities and indentures governing our indebtedness also impose financial and operating covenants that restrict our business activities, remedies on default and similar matters. As of the date of this Annual Report, we are in compliance with the covenants of our credit facilities and indentures. However, our continued compliance with these covenants depends on many factors, some of which are beyond our control. Accordingly, although we believe we will continue to be in compliance, we cannot assure you that we will continue to comply with the covenants in our credit facilities and indentures. Failure to comply with these covenants could result in a default. If we were unable to obtain a waiver of a default from the lenders or holders of that indebtedness, as applicable, those lenders or holders could accelerate repayment under that indebtedness. An acceleration could have a material adverse impact on our business, financial condition and results of operations. Lastly, we may be unable to obtain additional leverage, which would, in turn, affect our return on capital.

As of December 31, 2025, we had $1,763.9 million principal amount of outstanding indebtedness, which had an annualized interest cost of 6.2% under the terms of our debt, excluding fees (such as fees on undrawn amounts and amortization of upfront fees) and giving effect to the swap-adjusted interest rates on our 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes.

As of December 31, 2025, as adjusted to give effect to the interest rate swaps, the interest rate on the 2026 Notes was three-month SOFR plus 2.17%, the interest rate on the 2028 Notes was three-month SOFR plus 2.99%, the interest rate on the 2029 Notes was three-month SOFR plus 2.44% and the interest rate on the 2030 Notes was three-month SOFR plus 1.53%.

For us to cover these annualized interest payments on indebtedness, we must achieve annual returns on our investments of at least 3.3%. Since we generally pay interest at a floating rate on our debt, an increase in interest rates will generally increase our borrowing costs. We expect that our annualized interest cost and returns required to cover interest will increase if we issue additional debt securities.

In order to assist investors in understanding the effects of leverage, the following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. Leverage generally magnifies the return of stockholders when the portfolio return is positive and magnifies their losses when the portfolio return is negative. Actual returns may be greater or less than those appearing in the table. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below.

Effects of Leverage Based on Actual Amount of Borrowings Incurred by us as of December 31, 2025


	Assumed Return on Our Portfolio (net of expenses) (1)
	-10%	-5%	0%	5%	10%
Corresponding return to stockholder (2)	(28.1%)	(17.5%)	(6.8%)	3.8%	14.4%

(1)

The assumed portfolio return is required by SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. Actual returns may be greater or less than those appearing in the table. Pursuant to SEC regulations, this table is calculated as of December 31, 2025. As a result, it has not been updated to take into account any changes in assets or leverage since December 31, 2025.

(2)

In order to compute the “Corresponding return to stockholder,” the “Assumed Return on Our Portfolio” is multiplied by the total value of our assets at December 31, 2025 to obtain an assumed return to us. From this amount, the interest expense (calculated by multiplying the weighted average annualized stated interest rate of 6.2% by the approximately $1,763.9 million of principal debt outstanding) is subtracted to determine the return available to stockholders. The return available to stockholders is then divided by the total value of our net assets as of December 31, 2025 to determine the “Corresponding return to stockholder.”

Our indebtedness could adversely affect our business, financial condition or results of operations.

We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under our credit facilities or otherwise in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs. We may need to refinance all or a portion of our indebtedness on or before it matures. We cannot assure you that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. If we cannot service our indebtedness, we may have to take actions such as selling assets or seeking additional equity. We cannot assure you that any such actions, if necessary, could be effected on commercially reasonable terms or at all, or on terms that would not be disadvantageous to our stockholders or on terms that would not require us to breach the terms and conditions of our existing or future debt agreements.

Legislation allows us to incur additional leverage.

Under the 1940 Act, a BDC generally is not permitted to incur borrowings, issue debt securities or issue preferred stock unless immediately after the borrowing or issuance the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock is at least 200%. However, under the SBCAA, which became law in March 2018, BDCs have the ability to elect to become subject to a lower asset coverage requirement of 150%, subject to the receipt of the requisite board or stockholder approvals under the SBCAA and satisfaction of certain other conditions.

On October 8, 2018, our stockholders approved the application of the minimum asset coverage ratio of 150% to us, as set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA. As a result and subject to certain additional disclosure requirements, as of October 9, 2018, our minimum asset coverage ratio was reduced from 200% to 150%. In other words, pursuant to Section 61(a) of the 1940 Act, as amended by the SBCAA, we are permitted to potentially increase our maximum debt-to-equity ratio from an effective level of one-to-one to two-to-one.

As a result, you may face increased investment risk. We may not be able to implement our strategy to utilize additional leverage successfully. See “—We operate in a highly competitive market for investment opportunities.” Any impact on returns or equity or our business associated with additional leverage may not outweigh the additional risk. See “—We borrow money, which magnifies the potential for gain or loss and increases the risk of investing in us.”

We may default under our future credit facilities.

In the event we default under a credit facility or other borrowings, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements under such credit facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under such borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

Provisions in a credit facility may limit our investment discretion.

A credit facility may be backed by all or a portion of our loans and securities on which the lenders will have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, any security interests and/or negative covenants required by a credit facility may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under a credit facility were to decrease, we may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under a credit facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make distributions.

In addition, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under a credit facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our liquidity and cash flow and impair our ability to grow our business.

We may indirectly invest in broadly syndicated first lien senior secured loans, financed with long-term, non-mark-to-market, and predominantly investment grade rated CLO debt through joint ventures, partnerships or other special purpose vehicles (“Investment Vehicles”), including SCP. Investments in structured credit vehicles, including equity and junior debt instruments issued by CLOs, involve risks, including credit risk and market risk. Changes in interest rates and credit quality may cause significant price fluctuations. Additionally, changes in the underlying leveraged corporate loans held by a CLO may cause payments on the instruments that we indirectly hold to be reduced, either temporarily or permanently. Structured credit investments, particularly the subordinated interests in which we intend to invest, may be less liquid than many other types of securities and may be more volatile than the leveraged corporate loans underlying the CLOs we intend to target. Fluctuations in interest rates may also cause payments on the tranches of CLOs that we hold to be reduced, either temporarily or permanently. In addition, if we are to invest in an Investment Vehicle, we may be required to rely on our partners in the Investment Vehicle when making decisions regarding such

Investment Vehicle’s investments, and accordingly, the value of the investment could be adversely affected if our interests diverge from those of our partners in the Investment Vehicle.

We operate in a highly competitive market for investment opportunities.

Other public and private entities, including commercial banks, commercial financing companies, other BDCs and insurance companies compete with us to make the types of investments that we make in middle-market companies. Certain of these competitors may be substantially larger, have considerably greater financial, technical and marketing resources than we have and offer a wider array of financial services. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. If we match our competitors’ pricing, terms and structure, however, we may experience decreased net interest income and increased risk of credit loss.

In addition, many competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the restrictions that the Code imposes on us as a RIC. As a result, we face additional constraints on our operations, which may put us at a competitive disadvantage. As a result of this existing and potentially increasing competition, we may not be able to take advantage of attractive investment opportunities and we cannot assure you that we will be able to identify and make investments that are consistent with our investment objective. The competitive pressures we face could have a material adverse effect on our ability to achieve our investment objective.

If we are unable to source investments, access financing or manage future growth effectively, we may be unable to achieve our investment objective.

Our ability to achieve our investment objective depends on our Investment Team’s ability to identify, evaluate, finance and invest in suitable companies that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of our marketing capabilities, our management of the investment process, our ability to provide efficient services and our access to financing sources on acceptable terms, including equity financing. Moreover, our ability to structure investments may also depend upon the participation of other prospective investors. For example, our ability to offer loans above a certain size and to structure loans in a certain way may depend on our ability to partner with other investors. As a result, we could fail to capture some investment opportunities if we cannot provide “one-stop” financing to a potential portfolio company either alone or with other investment partners.

In addition to monitoring the performance of our existing investments, members of our Investment Team may also be called upon to provide managerial assistance to our portfolio companies. These demands on their time may distract them or slow the rate of investment. To grow, our Adviser may need to hire, train, supervise and manage new employees. Failure to manage our future growth effectively could have a material adverse effect on our growth prospects and ability to achieve our investment objective.

Even in the event the value of your investment declines, the Management Fee and, in certain circumstances, the Incentive Fee will still be payable to the Adviser.

Even in the event the value of your investment declines, the Management Fee and, in certain circumstances, the Incentive Fee will still be payable to the Adviser. The Management Fee is calculated as a percentage of the value of our gross assets at a specific time, which would include any borrowings for investment purposes, and may give our Adviser an incentive to use leverage to make additional investments. In addition, the Management Fee is payable regardless of whether the value of our gross assets or your investment have decreased. The use of increased leverage may increase the likelihood of default, which would disfavor holders of our common stock. Given the subjective nature of the investment decisions that our Adviser will make on our behalf, we may not be able to monitor this potential conflict of interest.

The Incentive Fee is calculated as a percentage of pre-Incentive Fee net investment income. Since pre-Incentive Fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital gains or losses, it is possible that we may pay an Incentive Fee in a quarter in which we incur a loss. For example, if we receive pre-Incentive Fee net investment income in excess of the quarterly minimum hurdle rate, we will pay the applicable Incentive Fee even if we have incurred a loss in that quarter due to realized and unrealized capital losses. In addition, because the quarterly minimum hurdle rate is calculated based on our net assets, decreases in our net assets due to realized or unrealized capital losses in any given quarter may increase the likelihood that the hurdle rate is reached in that quarter and, as a result, that an Incentive Fee is paid for that quarter. Our net investment income used to calculate this component of the Incentive Fee is also included in the amount of our gross assets used to calculate the Management Fee.

Also, one component of the Incentive Fee is calculated annually based upon our realized capital gains, computed net of realized capital losses and unrealized capital losses on a cumulative basis. As a result, we may owe the Adviser an Incentive Fee during one year as a result of realized capital gains on certain investments, and then incur significant realized capital losses and unrealized

capital losses on the remaining investments in our portfolio during subsequent years. Incentive Fees earned in prior years cannot be clawed back even if we later incur losses.

In addition, the Incentive Fee payable by us to the Adviser may create an incentive for the Adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such a compensation arrangement. The Adviser receives the Incentive Fee based, in part, upon capital gains realized on our investments. Unlike the portion of the Incentive Fee that is based on income, there is no hurdle rate applicable to the portion of the Incentive Fee based on capital gains. As a result, the Adviser may have an incentive to invest more in companies whose securities are likely to yield capital gains, as compared to income-producing investments. Such a practice could result in our making more speculative investments than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns.

To maintain our status as a RIC for U.S. federal income tax purposes, we must distribute (or be treated as distributing) in each taxable year dividends for tax purposes equal to at least 90% of our investment company taxable income and net tax-exempt income for that taxable year, and may either distribute or retain our realized net capital gains from investments. Unless investors elect to reinvest dividends, earnings that we are required to distribute to stockholders will not be available to fund future investments. Accordingly, we may have insufficient funds to make new and follow-on investments, which could have a material adverse effect on our financial condition and results of operations. Because of the structure and objectives of our business, we may experience operating losses and expect to rely on proceeds from sales of investments, rather than on interest and dividend income, to pay our operating expenses. We cannot assure you that we will be able to sell our investments and thereby fund our operating expenses.

We will incur corporate-level U.S. federal income tax costs if we are unable to maintain our qualification as a RIC for U.S. federal income tax purposes, including as a result of our failure to satisfy the RIC distribution requirements. Although we have elected to be treated as a RIC for U.S. federal income tax purposes, we cannot assure you that we will be able to continue to qualify for and maintain RIC status. To maintain RIC status under the Code and to avoid corporate-level U.S. federal income tax, we must meet the following annual distribution, income source and asset diversification requirements:

•

We must distribute (or be treated as distributing) dividends for tax purposes in each taxable year equal to at least 90% of each of:

•

the sum of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses or, investment company taxable income, if any, for that taxable year; and

•

our net tax-exempt income for that taxable year.

The asset coverage ratio requirements under the 1940 Act and financial covenants under our loan and credit agreements could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirement. In addition, as discussed in more detail below, our income for tax purposes may exceed our available cash flow. If we are unable to obtain cash from other sources, we could fail to satisfy the distribution requirements that apply to a RIC. As a result, we could lose our RIC status and become subject to corporate-level U.S. federal income tax.

•

We must derive at least 90% of our gross income for each taxable year from dividends, interest, gains from the sale of or other disposition of stock or securities or similar sources.

•

We must meet specified asset diversification requirements at the end of each quarter of our taxable year. The need to satisfy these requirements to prevent the loss of RIC status may result in our having to dispose of certain investments quickly on unfavorable terms. Because most of our investments will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If we fail to maintain our qualification for tax treatment as a RIC for any reason, the resulting U.S. federal income tax liability could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions.

We can be expected to retain some income and capital gains in excess of what is permissible for excise tax purposes and such amounts will be subject to 4% U.S. federal excise tax.

As of December 31, 2025 and December 31, 2024, we elected to retain approximately $114.7 million and $116.2 million of taxable income and capital gains, respectively, in order to provide us with additional liquidity and we recorded an expense of $5.3 million and $3.8 million, respectively, for U.S. federal excise tax as a result. We can be expected to retain some income and capital gains in the future, including for purposes of providing us with additional liquidity, which amounts would similarly be subject to the 4% U.S. federal excise tax. In that event, we will be liable for the tax on the amount by which we do not meet the foregoing distribution requirement. See “ITEM 1. BUSINESS—Regulation as a Business Development Company—Regulated Investment Company Classification” for more information.

We are exposed to risks associated with changes in interest rates.

The majority of our debt investments are based on floating rates, such as Euro Interbank Offer Rate (“EURIBOR”), Term Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Index Average (“SONIA”), the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. On one hand, a reduction in the interest rates on new investments relative to interest rates on current investments could have an adverse impact on our net interest income, which also could be negatively impacted by our borrowers making prepayments on their loans. On the other hand, an increase in interest rates could increase the interest repayment obligations of our borrowers and result in challenges to their financial performance and ability to repay their obligations, adversely affecting the credit quality of our investments.

An increase in interest rates could also decrease the value of any investments we hold that earn fixed interest rates, including subordinated loans, senior and junior secured and unsecured debt securities and loans and high yield bonds, and also could increase our interest expense, thereby decreasing our net income. Moreover, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock. Federal Reserve policy, including with respect to certain interest rates and the decision to end its quantitative easing policy, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could adversely affect our business.

A rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates may result in an increase in the amount of the Incentive Fee payable to the Adviser.

Our Revolving Credit Facility is subject to variable rates that expose us to interest rate risk. We may also incur additional indebtedness subject to variable rates in the future. When interest rates increase, our debt service obligations on the variable rate indebtedness increase even though the amount borrowed remains the same.

U.S. dollar borrowings under our Revolving Credit Facility bear interest at a rate derived from SOFR. SOFR is a relatively new reference rate and has a limited history. The future performance of SOFR cannot be predicted based on its limited historical performance. Since the initial publication of SOFR in April 2018, changes in SOFR have, on occasion, been more volatile than changes in other benchmark or market rates. The use of SOFR is relatively new, and there could be unanticipated difficulties or disruptions with the calculation and publication of SOFR. Additionally, any successor rate to SOFR under our revolving credit facility may not have the same characteristics as SOFR. As a result, the amount of interest we may pay on our revolving credit facility is difficult to predict.

Our Adviser and its affiliates, officers and employees may face certain conflicts of interest.

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. However, the Adviser, its officers and employees and members of its Investment Review Committee serve or may serve as investment advisers, officers, directors or principals of entities or investment funds that operate in the same or a related line of business as us or of investment funds managed by our affiliates. Accordingly, these individuals may have obligations to investors in those entities or funds, the fulfillment of which might not be in our best interests or the best interests of our stockholders.

In addition, any affiliated investment vehicle currently formed or formed in the future and managed by the Adviser or its affiliates, particularly in connection with any future growth of their respective businesses, may have overlapping investment objectives with our own and, accordingly, may invest in asset classes similar to those targeted by us. For example, Sixth Street has organized a separate investment vehicle, Sixth Street Specialty Lending Europe, aimed specifically at European middle-market loan

originations and may in the future organize vehicles aimed at other loan origination opportunities outside our primary focus. Our ability to pursue investment opportunities other than middle-market loan originations for companies domiciled in the United States is subject to the contractual and other requirements of these other funds and allocation decisions by their respective senior professionals. As a result, the Adviser and its affiliates may face conflicts in allocating investment opportunities between us and those other entities. It is possible that we may not be given the opportunity to participate in certain investments made by those other entities that would otherwise be suitable for us.

Our ability to enter into transactions with our affiliates is restricted.

We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of our Independent Directors and, in some cases, exemptive relief from the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is our affiliate for purposes of the 1940 Act, and we generally are prohibited from buying or selling any security from or to such affiliate, absent the prior approval of our Independent Directors. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of our Independent Directors and, in some cases, exemptive relief from the SEC. If a person acquires more than 25% of our voting securities, we are prohibited from buying or selling any security from or to such person or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates.

The decision by Sixth Street, our Adviser or their affiliates to allocate an opportunity to another entity could cause us to forgo an investment opportunity that we otherwise would have made. We also generally will be unable to invest in any issuer in which Sixth Street and its other affiliates or a fund managed by Sixth Street or its other affiliates has previously invested or in which they are making an investment. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. These restrictions may limit the scope of investment opportunities that would otherwise be available to us.

The new order provides us with greater flexibility to participate in co-investment transactions with certain proprietary accounts that are majority-owned by our Adviser or its affiliates. We and our affiliates, including investment funds managed by our affiliates, are only permitted to co-invest in accordance with the terms of the exemptive order or in the limited circumstances otherwise currently permitted by regulatory guidance. We cannot assure you when or whether we will apply for any other exemptive relief in the future and whether such orders will be obtained.

The Adviser has the right, under the Investment Advisory Agreement and the Administration Agreement, to resign at any time on 60 days’ written notice, regardless of whether we have found a replacement. In addition, our Board has the authority to remove the Adviser for any reason or for no reason, or may choose not to renew the Investment Advisory Agreement and the Administration Agreement. Furthermore, the Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Adviser. If the Adviser resigns or is terminated, or if we do not obtain the requisite approvals of stockholders and our Board to approve an agreement with the Adviser after an assignment, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption and costs under any new agreements that we enter into could increase. Our financial condition, business and results of operations, as well as our ability to pay dividends, are likely to be adversely affected, and the value of our common stock may decline.

Any new Investment Advisory Agreement would be subject to approval by our stockholders. Even if we are able to enter into comparable management or administrative arrangements, the integration of a new adviser or administrator and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our business, financial condition and results of operations.

In addition, if the Adviser resigns or is terminated, we would lose the benefits of our relationship with Sixth Street, including insights into our existing portfolio, market expertise, sector and macroeconomic views and due diligence capabilities, as well as any investment opportunities referred to us.

The Adviser has not assumed any responsibility to us other than to render the services described in the Investment Advisory Agreement, and it will not be responsible for any action of our Board in declining to follow the Adviser’s advice or recommendations. Pursuant to the Investment Advisory Agreement, the Adviser and its members, managers, officers, employees, agents, controlling persons and any other person or entity affiliated with it will not be liable to us for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under the Investment Advisory Agreement or otherwise as our investment adviser (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services).

We have agreed to the fullest extent permitted by law, to provide indemnification and the right to the advancement of expenses, to each person who was or is made a party or is threatened to be made a party to or is involved (including as a witness) in any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, because he or she is or was a member, manager, officer, employee, agent, controlling person or any other person or entity affiliated with the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of the Adviser in the performance of the person’s duties under the Investment Advisory Agreement. Our obligation to provide indemnification and advancement of expenses is subject to the requirements of the 1940 Act and Investment Company Act Release No. 11330, which, among other things, preclude indemnification for any liability (whether or not there is an adjudication of liability or the matter has been settled) arising by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of duties, and require reasonable and fair means for determining whether indemnification will be made. Despite these limitations, the rights to indemnification and advancement of expenses may lead the Adviser and its members, managers, officers, employees, agents, controlling persons and other persons and entities affiliated with the Adviser to act in a riskier manner than they would when acting for their own account.

The time and resources that individuals employed by the Adviser devote to us may be diverted and we may face additional competition due to the fact that individuals employed by the Adviser are not prohibited from raising money for or managing other entities that make the same types of investments that we target.

The Adviser and individuals employed by the Adviser are generally not prohibited from raising capital for and managing other investment entities that make the same types of investments as those we target. As a result, the time and resources that these individuals may devote to us may be diverted. In addition, we may compete with any such investment entity for the same investors and investment opportunities.

Any failure to maintain our status as a BDC would reduce our operating flexibility.

If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions under the 1940 Act and correspondingly decrease our operating flexibility. In addition, failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us.

We incur significant costs as a result of being a publicly traded company.

As a publicly traded company, we incur legal, accounting, investor relations and other expenses, including costs associated with corporate governance requirements, such as those under the Sarbanes-Oxley Act, other rules implemented by the SEC and the listing standards of the NYSE. Our independent registered public accounting firm is required to attest to the effectiveness of our internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act, which increases the costs associated with our periodic reporting requirements.

We are obligated to maintain proper and effective internal control over financial reporting. We may not complete our analysis of our internal control over financial reporting in a timely manner, or our internal controls may not be determined to be effective, which may adversely affect investor confidence in our company and, as a result, the value of our securities.

We are required to comply with the independent auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. Complying with Section 404 requires a rigorous compliance program as well as adequate time and resources. We may not be able to complete our internal control evaluation, testing and any required remediation in a timely fashion. Matters impacting our internal control may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC or violations of applicable stock exchange listing rules, and result in a breach of the covenants under the agreements governing any of our financing arrangements. Additionally, if we identify one or more material

weaknesses in our internal control over financial reporting, we will be unable to assert that our internal controls are effective. If we are unable to assert that our internal control over financial reporting is effective, or if our auditors are unable to attest to management’s report on the effectiveness of our internal controls, we could lose investor confidence in the accuracy and completeness of our financial reports, which would have a material adverse effect on the price of our securities.

We may experience fluctuations in our quarterly results.

We may experience fluctuations in our quarterly operating results as a result of a number of factors, including the pace at which investments are made, rates of repayment, interest rates payable on investments, changes in realized and unrealized gains and losses, syndication and other fees, the level of our expenses and default rates on our investments. As a result of these and other possible factors, results for any period should not be relied upon as being indicative of performance in future periods.

The General Corporation Law of the State of Delaware (the “DGCL”), our amended and restated certificate of incorporation, which we refer to as our certificate of incorporation, and bylaws contain provisions that may discourage, delay or make more difficult a change in control of us or the removal of our directors. Among other provisions, we have a staggered board and our directors may be removed for cause only by the affirmative vote of 75% of the holders of our outstanding capital stock. Our Board also is authorized to issue preferred stock in one or more series. In addition, our certificate of incorporation requires the favorable vote of a majority of our Board followed by the favorable vote of the holders of at least 75% of our outstanding shares of common stock, to approve, adopt or authorize certain transactions, including mergers and the sale, lease or exchange of all or any substantial part of our assets with 10% or greater holders of our outstanding common stock and their affiliates or associates, unless the transaction has been approved by at least 80% of our Board, in which case approval by “a majority of the outstanding voting securities” (as defined in the 1940 Act) is required. Our certificate of incorporation further provides that stockholders may not take action by written consent in lieu of a meeting and our bylaws provide that any stockholder action required or permitted at an annual meeting or special meeting of stockholders may only be taken if it is properly brought before such meeting. These provisions may also discourage another person or entity from making a tender offer for our common stock, because such person or entity, even if it acquired a majority of our outstanding voting securities, would be able to take action as a stockholder (such as electing new directors or approving a merger) only at a duly called stockholders’ meeting and not by written consent. We also are subject to Section 203 of the DGCL, which generally prohibits us from engaging in mergers and other business combinations with stockholders that beneficially own 15% or more of our voting stock, or with their affiliates, unless our directors or stockholders approve the business combination in the prescribed manner. These measures may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders and could have the effect of depriving stockholders of an opportunity to sell their shares at a premium over prevailing market prices.

Certain investors are limited in their ability to make significant investments in us.

Investment companies registered under the 1940 Act are restricted from acquiring directly or through a controlled entity more than 3% of our total outstanding voting stock (measured at the time of the acquisition), unless these funds comply with an exemption under the 1940 Act as well as other limitations under the 1940 Act that would restrict the amount that they are able to invest in our securities. Private funds that are excluded from the definition of “investment company” either pursuant to Section 3(c)(1) or 3(c)(7) of the 1940 Act are also subject to this restriction. As a result, certain investors may be precluded from acquiring additional shares at a time that they might desire to do so.

The Company may be restricted from initiating transactions as a result of the receipt of material non-public information.

Sixth Street funds and investment platforms regularly obtain non-public information regarding various target companies and other investment opportunities. In general, Sixth Street imputes non-public information received by one investment team within Sixth Street to all other investment professionals. As Sixth Street and affiliated professionals may acquire confidential or material nonpublic information (“MNPI”), the Company and/or other affiliated funds may be restricted from initiating transactions in certain securities, including, as a result of the receipt of MNPI by another investment team or professional within Sixth Street.

Non-public information received by one investment team within Sixth Street is likely to restrict trading on a firm-wide basis. As a result, the Company may, in certain circumstances, decline to receive non-public information regarding a company.

Further, non-disclosure agreements associated with transactions (including transactions entered into by other affiliated funds) often contain contractual trading restrictions, including standstill and non-circumvent provisions, which could prevent the Company from acquiring or disposing of investments in an issuer, potentially for extended periods. Such agreements could also restrict the Company's ability to share certain information with stockholders relevant to the Company or its portfolio investments. Separately, certain counterparties may disqualify the Company from transacting with such counterparties or their affiliates as a result of the activities of other businesses of Sixth Street and its affiliates.

Cybersecurity risks and cyber incidents may adversely affect our business or those of our portfolio companies by causing a disruption to our operations, a compromise or corruption of confidential information and/or damage to business relationships, or those of our portfolio companies, all of which could negatively impact our business, results of operations or financial condition.

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to, use, alteration or destruction of our information systems for purposes of misappropriating assets, obtaining ransom payments, stealing confidential information, corrupting data or causing operational disruption, or may involve phishing. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. The costs related to cybersecurity incidents may not be fully insured or indemnified. As our and our portfolio companies’ reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by our Adviser and third-party service providers, and the information systems of our portfolio companies. We, our Adviser and its affiliates have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, may be ineffective and do not guarantee that a cyber incident will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

Third parties with which we do business (including, but not limited to, service providers, such as accountants, custodians, transfer agents and administrators, and the issuers of securities in which we invest) may also be sources or targets of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information and assets, as well as certain investor, counterparty, employee and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, we cannot control the cybersecurity plans and systems put in place by these third parties and ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above.

Moreover, cybersecurity has become a regulatory and enforcement priority in many jurisdictions around the world, with many jurisdictions having proposed or already enacted laws requiring companies to provide notifications of certain data security breaches. Privacy and information security laws and regulation changes, and compliance with those changes, and also result in cost increases due to system changes and the development of new administrative processes. The costs of monitoring, interpreting and, where applicable, complying with these laws could have a material adverse effect on the business, results of the operations and financial condition of the Company, Sixth Street and of our portfolio companies.

Additionally, investments of Sixth Street’s funds, including the Company, and other Sixth Street entities have involved and may in the future involve companies that have experienced cyber-events and that, given the rise of cybersecurity incidents, may become involved in future cyber events. Cybersecurity events also could affect other Sixth Street and/or affiliated entities. Such cyber security attacks are evolving and include, but are not limited to, malicious software, attempts to gain unauthorized access to data, and other electronic security breaches that could lead to disruptions in critical systems, unauthorized release of confidential or otherwise protected information and corruption of data.

A cybersecurity breach may cause the Company to lose proprietary information, suffer data corruption or expose information to misuse. Sensitive information which may be breached in the event of a cybersecurity threat includes, without limitation, information regarding the Company’s investment activities and shareholders. Cybersecurity breaches of Sixth Street’s and the Company’s third-party service providers or portfolio investments may also subject the Company to many of the same risks associated with direct cybersecurity breaches. If such events were to materialize, they could, among other things, (i) lead to losses of sensitive information or capabilities essential to Sixth Street’s, the Company’s, and/or the Company’s portfolio company’s operations, (ii) have a material adverse effect on Sixth Street’s, the Company’s and/or the portfolio company’s reputations, financial positions, results of operations or cash flows, (iii) lead to financial losses from remedial actions, loss of business or potential liability, or (iv) lead to the disclosure of Company shareholders’ personal information or other sensitive information.

The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in Sixth Street’s, the Company’s and/or a portfolio company’s operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information of any shareholder (and, if applicable, its underlying investors or beneficial owners and/or control persons) or information relating to any portfolio company. Such a failure could result in reputational harm to Sixth Street, the Company and/or the affected portfolio investment, subject any such entity and its affiliates to legal claims and otherwise adversely affect its business and financial performance. Cybersecurity risks also require us to undertake ongoing preventative measures and to incur compliance costs.

Our Board may change our investment objective, operating policies and strategies without prior notice or stockholder approval.

Our Board has the authority to change our investment objective and modify or waive certain of our operating policies and strategies without prior notice (except as required by the 1940 Act) and without stockholder approval. However, absent stockholder approval, we may not change the nature of our business so as to cease to be a BDC and we may not withdraw our election as a BDC. We cannot predict the effect any changes to our current operating policies or strategies would have on our business, operating results and value of our common stock. Nevertheless, the effects may adversely affect our business and impact our ability to pay dividends.

Changes in tax laws may adversely affect our business.

Legislation has been proposed in the past that could result in significant tax increases and various other changes to U.S. tax rules. It is unclear whether any future legislation will be enacted into law or, if enacted, what form it would take, and it is also unclear whether there could be regulatory or administrative action that could affect U.S. tax rules. The impact of any potential tax changes on an investment in the Company is uncertain. Prospective investors should consult their own tax advisors regarding potential changes in tax laws and the impact on their investment in the Company and the impact on the Company and any potential investments.

We are subject to risks associated with artificial intelligence, including the application of various forms of artificial intelligence such as machine learning technology.

Recent technological advances in artificial intelligence, including machine learning technology (“Machine Learning Technology”), pose risks to us and our portfolio companies. We and our portfolio companies could be exposed to the risks of Machine Learning Technology if third-party service providers or any counterparties use Machine Learning Technology in their business activities. We and the Adviser are not in a position to control the use of Machine Learning Technology in third-party products or services. Use of Machine Learning Technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming partly accessible by other third-party Machine Learning Technology applications and users. Machine Learning Technology has the potential to result in significant and disruptive changes in companies, sectors or industries, including those in which we invest, and any such changes could create new and unpredictable operational, legal and/or regulatory risks. Machine Learning Technology and its applications continue to develop rapidly, and we cannot predict the risks that may arise from such developments.

Machine Learning Technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that Machine Learning Technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of Machine Learning Technology. To the extent we or our portfolio companies are exposed to the risks of Machine Learning Technology use, any such inaccuracies or errors could adversely impact us or our portfolio companies.

In the current period of technological and commercial innovation, startup and other companies have found success disrupting traditional approaches to industry or market practices, and the frequency of such disruptions is expected to increase. Such disruptions could negatively impact us and our investments, alter market practices on which our investment strategy depends to create investment returns, significantly disrupt the market in which we operate or subject us to increased competition.

Failure or alleged failure to comply with applicable data protection and privacy laws and regulations could subject us to ongoing costs and, in some cases, fines and reputational harm.

We and the Adviser and its affiliates are subject to numerous laws and regulations in various jurisdictions relating to privacy and the storage, sharing, use, processing, disclosure and protection of information that we and our affiliates hold. The EU’s General Data Protection Regulation, the Cayman Islands Data Protection Act (2021 Revision), and the California Consumer Privacy Act of 2018, as amended, are recent examples of such laws, and we anticipate new privacy and data protection laws and regulations will be passed in other jurisdictions in the future. For example, the SEC has adopted changes to Regulation S-P, which requires, among other things, that registered investment advisers notify affected individuals of a breach involving their personal information when there has been an incident that rises to the level of being a reportable breach. In general, these laws and regulations introduce many new obligations on us and create new rights for parties who have given any of us their personal information, such as investors and others. The scope of data protection and privacy laws and regulations is rapidly evolving, and such laws and regulations are subject to differing interpretations. Any inability or perceived inability to adequately address privacy concerns, or comply with applicable laws and regulations, even if unfounded, could result in regulatory and third-party liability, increased costs, disruption to our operations, and reputational damage. Obligations to which we are subject impose compliance costs and risks of penalties, which could increase as such laws and regulations evolve globally. Moreover, as data protection and privacy laws and regulations continue to develop, it could be more difficult and/or more costly for us to collect, store, use, transmit and process personal information.

The costs of monitoring, interpreting and, where applicable, complying with global data protection and privacy laws and regulations could have a material adverse effect on the business, results of the operations and financial condition of us and of our portfolio companies. The continued development of these laws and regulations and their interpretations could increase compliance costs, restrict our ability to offer services in certain locations, require changes to business practices, result in negative publicity or significant costs or penalties associated with litigation and/or regulatory action, all of which could adversely affect our business, financial condition and results of operations, including affecting investment returns.

While we, the Adviser and its affiliates take reasonable efforts to comply with data protection and privacy laws and regulations, it is possible that we will not be able to accurately anticipate the ways in which regulators and courts will apply or interpret these laws, and there can be no assurance that we will not be subject to regulatory or individual legal action, including fines, in the event of a security incident, alleged non-compliance with applicable data protection and privacy laws or regulations, or other claim that an individual’s privacy rights have been violated. Many regulators have indicated an intention to take more aggressive enforcement actions regarding data privacy matters, and private litigation resulting from such matters is increasing and resulting in large judgments and settlements.

Risks Related to Economic Conditions

Inflation may adversely affect our business.

Inflation and fluctuations in inflation rates have had in the past, and may in the future have, negative effects on economies and financial markets, particularly in emerging economies. For example, wages and prices of inputs increase during periods of inflation, which can negatively impact returns on investments. In an attempt to stabilize inflation, countries may impose wage and price controls or otherwise intervene in the economy. Governmental efforts to curb inflation often have negative effects on the level of economic activity. There can be no assurance that inflation will not become a serious problem in the future and have an adverse impact on the Company’s returns.

Economic activity has continued to accelerate across sectors and regions. Nevertheless, global supply chain issues have led, and may in the future lead, to a rise in energy prices. Inflation may continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy continues to tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

Trade negotiations and related government actions may create global supply chain issues and regulatory uncertainty for our portfolio companies and our investment strategy and adversely affect the profitability of our portfolio companies.

The U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by

current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions.

There is uncertainty as to further actions that may be taken under the current U.S. presidential administration with respect to U.S. trade policy. For the foreseeable future, the trade dispute will likely continue to be an ongoing source of instability, resulting in significant currency fluctuations, increased capital markets volatility, and other adverse effects on international markets, international trade agreements, and other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory or otherwise), which could present similar and additional potential risks and consequences for the Company and its portfolio investments. Further governmental actions related to the imposition of tariffs or other trade barriers, or changes to international trade agreements or policies, could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of companies whose businesses rely on goods imported from outside of the United States.

We are currently operating in a period of disruption, volatility and uncertainty in the capital markets and in the economy generally.

The U.S. capital markets have experienced extreme volatility and disruption in recent years. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. The federal government and the Federal Reserve, as well as foreign governments and central banks, have implemented, and may in the future implement, significant fiscal and monetary policies in response to these disruptions, and additional government and regulatory responses may be possible. These actions, future market disruptions and illiquidity could have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations and our ability to grow, and could have a material negative impact on our operating results and the fair values of our debt and equity investments.

We believe that attractive investment opportunities may present themselves during this volatile period as in other periods of market volatility, and we may have opportunities to make investments at compelling values. However, periods of market disruption and instability, like the one we are experiencing currently, may adversely affect our access to sufficient debt and equity capital in order to take advantage of attractive investment opportunities that are created during these periods. In addition, the debt capital that will be available in the future, if any, may be at a higher cost and on less favorable terms and conditions.

The current state of the economy and financial markets increases the likelihood of adverse effects on our financial position and results of operations.

The U.S. and global capital markets experienced extreme volatility and disruption in recent years, leading to periods of recessionary conditions and depressed levels of consumer and commercial spending. For instance, monetary policies of the Federal Reserve and political uncertainty resulting from recent events, including changes to U.S. trade policies, the provisional application of the EU-UK Trade and Cooperation Agreement and ongoing conflicts between Russia and Ukraine and in the Middle East and related responses, has led to, from time to time, disruption and instability in the global markets. Disruptions in the capital markets increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. We cannot assure you that these conditions will not worsen. If conditions worsen, a prolonged period of market illiquidity could have a material adverse effect on our business, financial condition and results of operations. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results.

In addition, to the extent that recessionary conditions return, the financial results of small to mid-sized companies, like those in which we invest, will likely experience deterioration, which could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults. Additionally, the end markets for certain of our portfolio companies’ products and services have experienced, and continue to experience, negative economic trends. The performances of certain of our portfolio companies have been, and may continue to be, negatively impacted by these economic or other conditions, which may ultimately result in:

•

our receipt of a reduced level of interest income from our portfolio companies;

•

decreases in the value of collateral securing some of our loans and the value of our equity investments; and

•

ultimately, losses or charge-offs related to our investments.

Uncertainty about financial stability could have a significant adverse effect on our business, results of operations and financial condition.

Due to federal budget deficit concerns, S&P downgraded the federal government’s credit rating from AAA to AA+ for the first time in history on August 5, 2011. Further, in 2023, Fitch downgraded the federal government’s credit rating from AAA to AA+, and, in 2025, Moody’s downgraded the federal government’s credit rating from Aaa (negative) to Aa1 (stable). Further downgrades or warnings by S&P, Moody’s or other rating agencies, and the government’s credit and deficit concerns in general, could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk associated with our debt portfolio and our ability to access the debt markets on favorable terms. In addition, a decreased credit rating could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our common stock.

Following a period of heightened inflation, the Federal Reserve raised the target rate four times in 2023, raising the fed funds rate by about three percentage points in a six month period. However, the Federal Reserve lowered the target rate three times in 2024 and three times in 2025. In 2026, it is possible that the Federal Reserve will lower the interest rates further. Further changes in key economic indicators, such as the unemployment rate or inflation, could lead to additional changes to the target range for the federal funds rate that may cause instability or may negatively impact our ability to access the debt markets on favorable terms.

The election of a new U.S. president for a term that commenced in 2025, coupled with a consolidation of party control of both chambers of Congress, has led to new legislative and regulatory initiatives and the roll-back of certain initiatives of the previous presidential administration, which may impact our business and our clients’ businesses in unpredictable ways. Areas subject to potential change or amendment include the Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, and the authority of the Federal Reserve and the Financial Stability Oversight Council. Additionally, under the narrowly divided control of the Congress, the likelihood of a failure to increase the debt ceiling and a default by the federal government is increased. The United States may also increase tariffs and potentially withdraw from, renegotiate or enter into various trade agreements and take other actions that would change current trade policies of the United States. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a significant adverse effect on our business, financial condition and results of operations.

Economic recessions or downturns could impair our portfolio companies and harm our operating results.

Many of the portfolio companies in which we make investments may be susceptible to economic slowdowns or recessions and during these periods may be unable to repay the loans we made to them. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record our investments at their current fair value. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our and our portfolio companies’ funding costs, limit our and our portfolio companies’ access to the capital markets or result in a decision by lenders not to extend credit to us or our portfolio companies. These events could prevent us from increasing investments and harm our operating results.

A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the portfolio company’s ability to meet its obligations under the debt that we hold. We may incur additional expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of our claim to that of other creditors.

Risks Related to Our Portfolio Company Investments

Our investments are very risky and highly speculative.

We primarily invest in first-lien debt, second-lien debt, mezzanine and unsecured debt or equity or other securities issued by middle-market companies. The companies in which we intend to invest are typically highly leveraged, and, in most cases, our investments in these companies are not rated by any rating agency. If these instruments were rated, we believe that they would likely receive a rating of below investment grade (that is, below BBB- or Baa3, which is often referred to as “junk”). Exposure to below investment grade instruments involves certain risks, including speculation with respect to the borrower’s capacity to pay interest and repay principal.

First-Lien Debt. When we make a first-lien loan, we generally take a security interest in the available assets of the portfolio company, including the equity interests of its subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely

manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, our lien is, or could become, subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or at all, or that we will be able to collect on the loan should we need to enforce our remedies. In addition, in connection with our “last out” first-lien loans, we enter into agreements among lenders. Under these agreements, our interest in the collateral of the first-lien loans may rank junior to those of other lenders in the loan under certain circumstances. This may result in greater risk and loss of principal on these loans.

Second-Lien and Mezzanine Debt. Our investments in second-lien and mezzanine debt generally are subordinated to senior loans and will either have junior security interests or be unsecured. As such, other creditors may rank senior to us in the event of insolvency. This may result in greater risk and loss of principal.

Equity and Other Investments. When we invest in first-lien debt, second-lien debt or mezzanine debt, we may acquire equity securities, such as warrants, options and convertible instruments. In addition, we may invest directly in the equity securities of portfolio companies. We seek to dispose of these equity interests and realize gains upon our disposition of these interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

Preferred Stock. To the extent we invest in preferred securities, we may incur particular risks, including:

•

preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for U.S. federal income tax purposes before we receive such distributions;

•

preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and liquidation payments, and therefore are subject to greater credit risk than more senior debt instruments; and

•

generally, preferred security holders have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board; generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights.

In addition, our investments generally involve a number of significant risks, including:

•

the companies in which we invest may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

•

the companies in which we invest typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns;

•

the companies in which we invest are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

•

the companies in which we invest generally have less predictable operating results, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;

•

the debt investments in our portfolio generally have a significant portion of principal due at the maturity of the investment, which would result in a substantial loss to us if such borrowers are unable to refinance or repay their debt at maturity;

•

our executive officers, directors and Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies;

•

the companies in which we invest generally have less publicly available information about their businesses, operations and financial condition and, if we are unable to uncover all material information about these companies, we may not make a fully informed investment decision; and

•

the companies in which we invest may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

Investments are valued at the end of each fiscal quarter. The majority of our investments are expected to be in loans that do not have readily ascertainable market prices. The fair value of investments that are not publicly traded or whose market prices are not readily available are determined in good faith by the Board, which is supported by the valuation committee of our Adviser and by the audit committee of our Board. The Board has retained independent third-party valuation firms to perform certain limited third-party valuation services that the Board identified and requested them to perform. In accordance with our valuation policy, our Investment Team prepares portfolio company valuations using sources or proprietary models depending on the availability of information on our investments and the type of asset being valued. The participation of the Adviser in our valuation process could result in a conflict of interest, since the Management Fee is based on the value of our gross assets.

Factors that we may consider in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company’s earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to similar publicly traded companies, discounted cash flow and other relevant factors. Because fair valuations, and particularly fair valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information, our determinations of fair value may differ materially from the values that would have been determined if a ready market for these securities existed. This could make it more difficult for investors to value accurately our portfolio investments and could lead to undervaluation or overvaluation of our common stock. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility.

Decreases in the market values or fair values of our investments are recorded as unrealized losses. The effect of all of these factors on our portfolio can reduce our net asset value by increasing net unrealized losses in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer unrealized losses, which could have a material adverse impact on our business, financial condition and results of operations.

The lack of liquidity in our investments may adversely affect our business.

We generally make loans to private companies. There may not be a ready market for our loans and certain loans may contain transfer restrictions, which may also limit liquidity. The illiquidity of these investments may make it difficult for us to sell positions if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. In addition, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we hold a significant portion of a company’s equity or if we have material nonpublic information regarding that company.

Our portfolio is currently invested in a limited number of portfolio companies and industries and may continue to be in the near future. Beyond the asset diversification requirements associated with our qualification as a RIC for U.S. federal income tax purposes, we do not have fixed guidelines for diversification. While we are not targeting any specific industries, our investments may be focused on relatively few industries. For example, although 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, many of our portfolio companies principally provide software products or services, which exposes us to downturns in that sector. As a result, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could significantly affect our aggregate returns.

We may securitize certain of our investments, which may subject us to certain structured financing risks.

Although we have not done so to date, we may securitize certain of our investments in the future, including through the formation of one or more collateralized loan obligations, or CLOs, while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity, and selling debt interests in that entity on a non-recourse or limited-recourse basis to purchasers.

If we were to create a CLO or other securitization vehicle, we would depend on distributions from the vehicle to pay dividends to our stockholders. The ability of a CLO or other securitization vehicle to make distributions will be subject to various limitations,

including the terms and covenants of the debt it issues. For example, tests (based on interest coverage or other financial ratios or other criteria) may restrict our ability, as holder of a CLO or other securitization vehicle equity interest, to receive cash flow from these investments. We cannot assure you that any such performance tests would be satisfied. Also, a CLO or other securitization vehicle may take actions that delay distributions to preserve ratings and to keep the cost of present and future financings lower or the financing vehicle may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of its debt. As a result, there may be a lag, which could be significant, between the repayment or other realization on a loan or other assets in, and the distribution of cash out of, a CLO or other securitization vehicle, or cash flow may be completely restricted for the life of the CLO or other securitization vehicle.

In addition, a decline in the credit quality of loans in a CLO or other securitization vehicle due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force the sale of certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to us for distribution to our stockholders. If we were to form a CLO or other securitization vehicle, to the extent that any losses were incurred by the financing vehicle in respect of any collateral, these losses would be borne first by us as owners of its equity interests. Any equity interests that we were to retain in a CLO or other securitization vehicle would not be secured by its assets and we would rank behind all of its creditors.

A CLO or other securitization vehicle, if created, also would likely be consolidated in our financial statements and consequently affect our asset coverage ratio, which may limit our ability to incur additional leverage. See “ITEM 1. BUSINESS – Regulation as a Business Development Company.”

We are a lender, and loans (and any equity investments we make) typically will be non-controlling investments, meaning we will not be in a position to control the management, operation and strategic decision-making of the companies we invest in (outside of, potentially, the context of a restructuring, insolvency or similar event). As a result, we will be subject to the risk that a portfolio company we do not control, or in which we do not have a majority ownership position, may make business decisions with which we disagree, and the equity holders and management of such a portfolio company may take risks or otherwise act in ways that are adverse to our interests. We may not be able to dispose of our investments in the event that we disagree with the actions of a portfolio company, and may therefore suffer a decrease in the value of our investments.

We are exposed to risks associated with changes in interest rates.

The majority of our debt investments are based on floating rates, such as SOFR, EURIBOR, SONIA, the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. On one hand, a reduction in the interest rates on new investments relative to interest rates on current investments could have an adverse impact on our net interest income, which also could be negatively impacted by our borrowers making prepayments on their loans. On the other hand, an increase in interest rates could increase the interest repayment obligations of our borrowers and result in challenges to their financial performance and ability to repay their obligations.

We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. See “—Risks Related to Our Portfolio Company Investments—We expose ourselves to risks when we engage in hedging transactions.”

We may not be able to realize expected returns on our invested capital.

We may not realize expected returns on our investment in a portfolio company due to changes in the portfolio company’s financial position or due to an acquisition of the portfolio company. If a portfolio company repays our loans prior to their maturity, we may not receive our expected returns on our invested capital. Many of our investments are structured to provide a disincentive for the borrower to pre-pay or call the security, but this call protection may not cover the full expected value of an investment if that investment is repaid prior to maturity.

Middle-market companies operate in a highly acquisitive market with frequent mergers and buyouts. If a portfolio company is acquired or merged with another company prior to drawing on our commitment, we would not realize our expected return. Similarly, in many cases companies will seek to restructure or repay their debt investments or buy our other equity ownership positions as part of an acquisition or merger transaction, which may result in a repayment of debt or other reduction of our investment.

By originating loans to companies that are experiencing significant financial or business difficulties, we may be exposed to distressed lending risks.

As part of our lending activities, we may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to us, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. We cannot assure you that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower.

Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in those companies.

Our portfolio companies may have, or may be permitted to incur, other debt, or issue other equity securities that rank equally with, or senior to, our investments. By their terms, those instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt instruments would usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under the debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically would be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying those holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

The rights we may have with respect to the collateral securing certain loans we make to our portfolio companies may also be limited pursuant to the terms of one or more intercreditor agreements or agreements among lenders. Under these agreements, we may forfeit certain rights with respect to the collateral to holders with prior claims. These rights may include the right to commence enforcement proceedings against the collateral, the right to control the conduct of those enforcement proceedings, the right to approve amendments to collateral documents, the right to release liens on the collateral and the right to waive past defaults under collateral documents. We may not have the ability to control or direct such actions, even if as a result our rights as lenders are adversely affected.

We may be exposed to special risks associated with bankruptcy cases.

One or more of our portfolio companies may be involved in bankruptcy or other reorganization or liquidation proceedings. Many of the events within a bankruptcy case are adversarial and often beyond the control of the creditors. While creditors generally are afforded an opportunity to object to significant actions, we cannot assure you that a bankruptcy court would not approve actions that may be contrary to our interests. There also are instances where creditors can lose their ranking and priority if they are considered to have taken over management of a borrower. If one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of our claim to that of other creditors.

The reorganization of a company can involve substantial legal, professional and administrative costs to a lender and the borrower. It is subject to unpredictable and lengthy delays, and during the process a company’s competitive position may erode, key management may depart and a company may not be able to invest adequately. In some cases, the debtor company may not be able to

reorganize and may be required to liquidate assets. The debt of companies in financial reorganization will, in most cases, not pay current interest, may not accrue interest during reorganization and may be adversely affected by an erosion of the issuer’s fundamental value.

In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower’s business or exercise control over the borrower. For example, we could become subject to a lender liability claim (alleging that we misused our influence on the borrower for the benefit of its lenders), if, among other things, the borrower requests significant managerial assistance from us and we provide that assistance.

Our failure to make follow-on investments in our portfolio companies could impair the value of our investments.

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments to:

•

increase or maintain in whole or in part our equity ownership percentage;

•

exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

•

attempt to preserve or enhance the value of our investment.

We may elect not to make follow-on investments, may be constrained in our ability to employ available funds, or otherwise may lack sufficient funds to make those investments. We have the discretion to make any follow-on investments, subject to the availability of capital resources. However, doing so could be placing even more capital at risk in existing portfolio companies.

The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements or the desire to maintain our tax status.

Any acquisitions or strategic investments that we pursue are subject to risks and uncertainties.

We have pursued and may continue to pursue growth through acquisitions or strategic investments in new businesses. Completion and timing of any such acquisitions or strategic investments may be subject to a number of contingencies, including the uncertainty in reaching a commercial agreement with our counterparty, our ability to obtain required board, shareholder and regulatory approvals, as well as any required financing (or the risk that these are obtained subject to terms and conditions that are not anticipated). The announcement or consummation of any transaction also may adversely impact our business relationships or engender competitive responses.

Acquisitions could involve numerous additional risks, such as unanticipated litigation, unexpected costs, liabilities, charges or expenses resulting from a transaction, the inability to generate sufficient revenue to offset acquisition costs and any changes in general economic or industry specific conditions. There can be no assurance that the integration of an acquired business will be successful or that an acquired business will prove to be profitable or sustainable. The failure to integrate successfully or to manage the challenges presented by an integration process may adversely impact our financial results. In addition, the proposal and negotiation of acquisitions or strategic investments, whether or not completed, as well as the integration of those businesses into our existing portfolio, could result in substantial expenses and the diversion of our Adviser’s time, attention and resources from our day-to-day operations.

Our ability to manage our growth through acquisitions or strategic investments will depend, in part, on our success in addressing these risks. Any failure to effectively implement our acquisition or strategic investment strategies could have a material adverse effect on our business, financial condition or results of operations.

We cannot guarantee that we will be able to obtain various required licenses in U.S. states or in any other jurisdiction where they may be required in the future.

We are required to have and may be required in the future to obtain various state licenses to, among other things, originate commercial loans, and may be required to obtain similar licenses from other authorities, including outside of the United States, in the future in connection with one or more investments. Applying for and obtaining required licenses can be costly and take several months. We cannot assure you that we will maintain or obtain all of the licenses that we need on a timely basis. We also are and will be subject to various information and other requirements to maintain and obtain these licenses, and we cannot assure you that we will satisfy those requirements. Our failure to maintain or obtain licenses that we require, now or in the future, might restrict investment options and have other adverse consequences.

Our investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.

Our investment strategy may include potential investments in foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, U.S. trade policy, political and social instability, expropriation, imposition of foreign taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Uncertainty in the wake of Russia’s invasion of Ukraine and conflict in the Middle East, among other current events, could also have negative impacts on the economies of countries in Europe and elsewhere. In addition, interest income derived from loans to foreign companies is not eligible to be distributed to our non-U.S. stockholders free from withholding taxes.

Although most of our investments will be U.S. dollar-denominated, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital gains and political developments. 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 expose ourselves to risks when we engage in hedging transactions.

We have entered, and may in the future enter, into hedging transactions, which may expose us to risks associated with such transactions. We may seek to utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates and the relative value of certain debt securities from changes in market interest rates. Use of these hedging instruments may include counterparty credit risk. To the extent we have non-U.S. investments, particularly investments denominated in non-U.S. currencies, our hedging costs will increase.

We also have the ability to borrow in certain foreign currencies under the second amended and restated senior secured revolving credit agreement, as amended, with Truist Bank (as a successor by merger to SunTrust Bank), as administrative agent, and certain lenders, which we refer to as the 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.

Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions were to decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions were to increase. It also may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.

The success of our hedging strategy will depend on our ability to correctly identify appropriate exposures for hedging. To date, we have entered into hedging transactions to seek to reduce currency exchange rate risk and interest rate risk related to specific portfolio companies. In addition, 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 to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. However, unanticipated changes in currency exchange rates or other exposures that we might hedge may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price

movements in the portfolio positions being hedged may vary, as may the time period in which the hedge is effective relative to the time period of the related exposure.

For a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the positions being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. Income derived from hedging transactions also is not eligible to be distributed to non-U.S. stockholders free from withholding taxes. Changes to the regulations applicable to the financial instruments we use to accomplish our hedging strategy could affect the effectiveness of that strategy. For additional information on these regulatory changes, see “—Risks Related to Our Portfolio Company Investments—The market structure applicable to derivatives imposed by the Dodd-Frank Act may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes.” See also “—Risks Related to Our Portfolio Company Investments—We are exposed to risks associated with changes in interest rates” and “ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS—Results of Operations—Interest Rate and Foreign Currency Hedging.”

Finally, Rule 18f-4 constrains our ability to use swaps and other derivatives. Among other requirements, the rule would force us to reduce our use of derivatives, unless we were to qualify as a limited derivatives user under the rule, if the value-at-risk of our investment portfolio including our swap or derivative positions, exceeds 200 percent of a “designated reference portfolio,” which is a designated index that is unleveraged and reflects the market or asset classes in which we invest or our securities portfolio. If we could not identify a suitable reference portfolio, our value-at-risk would not be permitted to exceed 20% of our net assets. In addition, we are required under the final rule to establish a risk management program for our use of swaps or other derivative positions. Based on our current use of derivatives primarily for interest rate hedging purposes, we believe that we qualify, and will continue to qualify, as a limited derivatives user under the rule. However, we cannot assure you that we will be treated as a limited derivatives user or that our approach to our use of derivatives will not change.

The market structure applicable to derivatives imposed by the Dodd-Frank Act may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes.

The Dodd-Frank Act enacted, and the Commodity Futures Trading Commission, or CFTC, and SEC have issued or proposed rules to implement, both broad new regulatory requirements and broad new structural requirements applicable to OTC derivatives markets and, to a lesser extent, listed commodity futures (and futures options) markets. Similar changes are in the process of being implemented in other major financial markets.

Recent and anticipated regulatory changes require that certain types of OTC derivatives, including those that we may use for hedging activities such as interest rate and credit default swaps, be cleared and traded on regulated platforms, and these regulatory changes are expected to apply to foreign exchange transactions in the future. Our cleared OTC derivatives (such as the interest rate swaps we entered into in connection with certain investments in portfolio companies and our 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes) are subject to margin requirements established by regulated clearinghouses, including daily exchanges of cash variation (or mark-to-market) margin and an upfront posting of cash or securities initial margin to cover the clearinghouse’s potential future exposure to the default of a party to a particular OTC derivatives transaction. U.S. regulators have also adopted rules imposing margin requirements for OTC derivatives executed with registered swap dealers or security-based swap dealers that are not cleared. The margin requirements for cleared and uncleared OTC derivatives may require that our Adviser, in order to maintain its exclusion from commodity pool operator (“CPO”) registration under CFTC Rule 4.5, limit our ability to enter into hedging transactions or to obtain synthetic investment exposures, in either case adversely affecting our ability to mitigate risk. Furthermore, any failure by us to fulfill any collateral requirement (e.g., a so-called “margin call”) may result in a default and could have a material adverse impact on our business, financial condition and results of operations.

The Dodd-Frank Act and the rules adopted by the CFTC and SEC thereunder also imposed requirements relating to real-time public and regulatory reporting of OTC derivative transactions, enhanced documentation requirements, position limits on an expanded array of derivatives, and recordkeeping requirements. Taken as a whole, these changes could significantly increase the cost of using uncleared OTC derivatives to hedge risks, including interest rate and foreign exchange risk; reduce the level of exposure we are able to obtain for risk management purposes through OTC derivatives (including as the result of the CFTC imposing position limits on additional products); reduce the amounts available to us to make non-derivatives investments; impair liquidity in certain OTC derivatives; and adversely affect the quality of execution pricing obtained by us, all of which could adversely impact our investment returns.

If we cease to be eligible for an exemption from regulation as a commodity pool operator, our compliance expenses could increase substantially.

Our Adviser has filed with the National Futures Association a notice of exclusion from registration with the CFTC as a commodity pool operator (“CPO”) pursuant to CFTC Rule 4.5. CFTC Rule 4.5 relieves our Adviser from registering with the CFTC as the CPO of us, so long as we:

•

continue to be regulated by the SEC as a BDC;

•

confine our trading in CFTC-regulated derivatives within specified thresholds; and

•

are not marketed to the public as a commodity pool or as a vehicle for trading in CFTC-regulated derivatives.

If we were unable to satisfy the conditions of CFTC Rule 4.5 in the future, our Adviser may be subject to registration with the CFTC as a CPO, unless it can rely on a different exclusion, exemption or no-action relief. Registered CPOs must comply with numerous substantive regulations related to disclosure, reporting and recordkeeping, and are required to become members of the NFA, and be subject to the NFA’s rules and bylaws. Compliance with these additional registration and regulatory requirements could increase our expenses and impact performance.

Our portfolio investments may present special tax issues.

Investments in below-investment grade debt instruments and certain equity securities may present special tax issues for us. U.S. federal income tax rules are not entirely clear about certain issues, including when we may cease to accrue interest, original issue discount or market discount, when and to what extent certain deductions may be taken for bad debts or worthless equity securities, how payments received on obligations in default should be allocated between principal and interest income, as well as whether exchanges of debt instruments in a bankruptcy or workout context are taxable. These matters could cause us to recognize taxable income for U.S. federal income tax purposes, even in the absence of cash or economic gain, and require us to make taxable distributions to our stockholders to maintain our RIC status or preclude the imposition of either U.S. federal corporate income or excise taxation. Additionally, because such taxable income may not be matched by corresponding cash received by us, we may be required to borrow money or dispose of other investments to be able to make distributions to our stockholders. These and other issues will be considered by us, to the extent determined necessary, so that we aim to minimize the level of any U.S. federal income or excise tax that we would otherwise incur. See “ITEM 1. BUSINESS—Regulation as a Business Development Company—Regulated Investment Company Classification” for more information.

There are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.

Original issue discount, or OID, may arise if we hold securities issued at a discount, receive warrants in connection with the making of a loan, or in certain other circumstances. OID creates the risk that Incentive Fees will be paid to the Adviser based on non-cash accruals that ultimately may not be realized, while the Adviser will be under no obligation to reimburse us for these fees.

The higher interest rates of OID instruments reflect the payment deferral and increased credit risk associated with these instruments, and OID instruments generally represent a significantly higher credit risk than coupon loans. Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation.

OID instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. OID income may also create uncertainty about the source of our cash dividends.

For accounting purposes, any cash dividends to stockholders representing OID income are not treated as coming from paid-in capital, even if the cash to pay them comes from the proceeds of issuances of our common stock. As a result, despite the fact that a dividend representing OID income could be paid out of amounts invested by our stockholders, the 1940 Act does not require that stockholders be given notice of this fact by reporting it as a return of capital.

Payment-in-kind, or PIK, interest has the effect of generating investment income at a compounding rate, thereby further increasing the Incentive Fees payable to the Adviser. Similarly, all things being equal, the deferral associated with PIK interest also increases the loan-to-value ratio at a compounding rate.

Risks Related to Our Securities

There is a risk that investors in our common stock may not receive dividends or that our dividends may not grow over time.

We intend to continue paying dividends on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results or maintain a tax status that will allow or require any specified level of cash dividends or year-to-year increases in cash dividends. Our ability to pay dividends might be adversely affected by the impact of one or more of the risk factors described in this Annual Report. Due to the asset coverage test applicable to us under the 1940 Act as a BDC or restrictions under our credit facilities, we may be limited in our ability to pay dividends. Although a portion of our expected earnings and dividend distributions will be attributable to net interest income, we do not expect to generate capital gains from the sale of our portfolio investments on a level or uniform basis from quarter to quarter. This may result in substantial fluctuations in our quarterly dividend payments.

In some cases where we receive certain upfront fees in connection with loans we originate, we treat the loan as having OID under applicable accounting and tax regulations, even though we have received the corresponding cash. In other cases, however, we may recognize income before or without receiving the corresponding cash, including in connection with the accretion of OID. For other risks associated with debt obligations treated as having OID, see “—Risks Related to Our Portfolio Company Investments—There are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.”

Therefore, we may be required to make a distribution to our stockholders in order to satisfy the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code, even though we may not have received the corresponding cash amount. Accordingly, we may have to sell investments at times we would not otherwise consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify as a RIC and thereby be subject to corporate-level income tax.

To the extent that the amounts distributed by us exceed our current and accumulated earnings and profits, these excess distributions will be treated first as a return of capital to the extent of a stockholder’s tax basis in his or her shares and then as capital gain. Reducing a stockholder’s tax basis will have the effect of increasing his or her gain (or reducing loss) on a subsequent sale of shares.

The part of the Incentive Fee payable by us that relates to our net investment income is computed and paid on income that may include interest that has been accrued but not yet received in cash. If a portfolio company defaults on a loan, it is possible that accrued interest previously used in the calculation of the Incentive Fee will become uncollectible. Consequently, while we may make Incentive Fee payments on income accruals that we may not collect in the future and with respect to which we do not have a clawback right against our Adviser, the amount of accrued income written off in any period will reduce the income in the period in which the write-off is taken and thereby reduce that period’s Incentive Fee payment, if any.

In addition, the middle-market companies in which we intend to invest may be more susceptible to economic downturns than larger operating companies, and therefore may be more likely to default on their payment obligations to us during recessionary periods. Any such defaults could substantially reduce our net investment income available for distribution in the form of dividends to our stockholders.

Investing in our securities may involve a high degree of risk.

The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our securities may not be suitable for someone with lower risk tolerance.

The market price of our common stock may fluctuate significantly.

The market price and liquidity of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

•

significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which is not necessarily related to the operating performance of these companies;

•

changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

•

the exclusion of BDC common stock from certain market indices, which could reduce the ability of certain investment funds to own our common stock and put short term selling pressure on our common stock;

•

loss of RIC or BDC status;

•

changes or perceived changes in earnings or variations in operating results;

•

changes in our portfolio of investments;

•

changes or perceived changes in the value of our portfolio of investments;

•

changes in accounting guidelines governing valuation of our investments;

•

any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

•

any downgrades to our credit rating or placement on a negative watch status by a credit rating agency;

•

departure of the Adviser’s or any of its affiliates’ key personnel;

•

operating performance of companies comparable to us;

•

short-selling pressure with respect to shares of our common stock or BDCs generally;

•

future sales of our securities convertible into or exchangeable or exercisable for our common stock or the conversion of such securities;

•

uncertainty surrounding the strength of the U.S. economy;

•

concerns regarding European sovereign debt;

•

concerns regarding volatility in the Chinese stock market and Chinese currency;

•

concerns regarding U.S. and global tariffs and trade policy;

•

the impact of the large-scale invasion of Ukraine by Russia that began in February 2022 and conflict in the Middle East, related sanctions and other potential retaliatory actions or responses;

•

fluctuations in base interest rates, such as SOFR, EURIBOR, SONIA, the Federal Funds Rate or the Prime Rate;

Sixth Street Specialty Lending, Inc. 10-K