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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%2025-12-310001925309ck0001925309:TwoThousandTwentyNineNotesMember2024-06-100001925309us-gaap:FairValueInputsLevel3Memberck0001925309:FirstLienDebtInvestmentsMember2025-01-012025-12-310001925309us-gaap:CommonStockMember2024-01-012024-12-310001925309ck0001925309:TwoThousandTwentyNineAndTwoThousandThirtyNotesMember2024-01-012024-12-310001925309Debt Investments Healthcare Velocity Clinical Research, Inc. First-lien loan ($266,113 par, due 9/2031) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17%2025-01-012025-12-310001925309ck0001925309:TruckLiteCoLlcMemberck0001925309:DelayedDrawRevolverMember2025-12-310001925309ck0001925309:IncrementalTermLoanMember2024-05-230001925309Debt Investments Business Services Dye & Durham Corp. 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%2025-01-012025-12-310001925309ck0001925309:RisksRelatedToEconomicConditionsMember2025-01-012025-12-310001925309ck0001925309:O2024Q1BaseDividendsMember2024-05-060001925309ck0001925309:SubscriptionFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2025-01-012025-12-310001925309Debt Investments Manufacturing Avalara, Inc. First-lien loan ($136,364 par, due 10/2028) Initial Acquisition Date 10/19/2022 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.58%2024-12-310001925309us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310001925309ck0001925309:HMPOmnimediaLLCMemberck0001925309:DelayedDrawRevolverMember2025-12-310001925309us-gaap:RevolvingCreditFacilityMember2023-02-280001925309Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (7,882,736 units) Initial Acquisition Date 11/7/20232025-12-3100019253092023-06-300001925309Interest Rate Swap Maturity Date 7/15/20302025-01-012025-12-310001925309ck0001925309:ApteanIncMemberck0001925309:DelayedDrawRevolverMember2024-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:SkylarkUkDebtcoMember2024-12-310001925309ck0001925309:TransportationMember2024-12-310001925309Debt Investments Business Services Elements Finco Limited First-lien loan ($45,917 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 4.97% Interest Rate 9.33% (incl.1.97% PIK)2024-12-310001925309country:FIsrt:MaximumMember2025-12-310001925309Debt Investments Healthcare HMP Omnimedia, LLC First-lien revolving loan ($2,591 par, due 7/2030) Initial Acquisition Date 07/31/2025 Reference Rate and Spread P+ 4.25% Interest Rate 11.00%2025-12-310001925309Debt Investments Business Services Galileo Parent, Inc. First-lien loan ($15,481 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2025-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:HumanResourceSupportServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001925309Debt 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)2024-01-012024-12-310001925309ck0001925309:FirstLienDebtInvestmentsMember2024-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MinimumMemberck0001925309:EquityAndOtherInvestmentsMember2024-12-310001925309ck0001925309:RapidDataGmbhUnternehmensberatungMember2024-12-310001925309us-gaap:DomesticCountryMember2025-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:EquityAndOtherInvestmentsMember2024-01-012024-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (EUR 11,549 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 9.07%2025-01-012025-12-310001925309Debt Investments Financial Services Fullsteam Operations LLC First-lien loan ($97,412 par, due 11/2029) Initial Acquisition Date 11/27/2023 Reference Rate and Spread SOFR + 8.38% Interest Rate 12.89%2024-01-012024-12-310001925309ck0001925309:LynxBidcoMemberck0001925309:DelayedDrawRevolverMember2024-12-310001925309ck0001925309:SubscriptionFacilityMember2023-01-2700019253092024-06-300001925309Debt Investments Human Resource Support Services MadCap Software, Inc. First-lien loan ($2,475 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 10.35%2024-01-012024-12-310001925309srt:WeightedAverageMemberck0001925309:SecuredOvernightFinancingRateMemberck0001925309:TwoThousandTwentyNineNotesMember2025-01-012025-12-310001925309Debt Investments Internet Services Arrow Buyer, Inc. First-lien loan ($134,846 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2025-12-310001925309ck0001925309:OilGasAndConsumableFuelsMember2024-12-310001925309Debt Investments Business Services USA DeBusk, LLC First-lien loan ($103,491 par, due 4/2031) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.62%2024-12-310001925309ck0001925309:O2023Q4BaseDividendsMember2024-02-200001925309ck0001925309:FirstLienDebtInvestmentsMember2025-01-012025-12-310001925309ck0001925309:TransportationMember2025-12-310001925309Interest Rate Swap Company Pays SOFR + 2.55% Maturity Date 1/15/20302024-12-310001925309Debt Investments Hotel, Gaming, and Leisure Sport Alliance GmbH First-lien revolving loan (EUR 208 par, due 4/2030) Initial Acquisition Date 4/10/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.27%2025-12-310001925309Debt Investments Healthcare Eventus Buyer, LLC First-lien revolving loan ($873 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 10.03%2024-01-012024-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001925309:MezzanineDebtInvestmentsMember2024-12-310001925309Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (244 units) Initial Acquisition Date 11/21/20222025-12-310001925309Debt Investments Financial Services Volante Technologies, Inc. First-lien loan ($3,619 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate 16.50% Interest Rate 16.50% PIK2025-01-012025-12-310001925309Debt Investments Human Resource Support Services PayScale Holdings, Inc. First-lien loan ($72,084 par, due 10/2029) Initial Acquisition Date 10/31/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2025-12-310001925309ck0001925309:NortheastMember2024-12-310001925309country:FR2025-12-310001925309Debt Investments Healthcare Eventus Buyer, LLC First-lien loan ($48,106 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2025-12-310001925309Debt Investments Internet Services Hippo XPA Bidco AB First-lien revolving 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%2025-01-012025-12-310001925309us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2024-01-012024-12-310001925309ck0001925309:MezzanineDebtInvestmentsMember2025-12-310001925309ck0001925309:SecuredOvernightFinancingRateMemberck0001925309:JanuaryTwoThousandThirtyNotesMember2024-01-012024-12-310001925309Debt Investments Communications Aurelia Netherlands B.V. First lien loan (EUR 326,566 par, due 5/2031) Initial Acquisition Date 5/22/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.78%2025-12-310001925309Interest Rate Swap Company Receives 6.50% Company Pays SOFR + 2.22% Maturity Date 3/11/20292025-12-310001925309Debt Investments Retail and Consumer Products Commercehub, Inc. First-lien loan ($147,000 par, due 12/2027) Initial Acquisition Date 11/15/2022 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.90%2024-12-310001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:CoupaHoldingsLLCMember2025-12-310001925309us-gaap:InterestRateSwapMemberck0001925309:TwoThousandTwentyNineNotesMember2024-01-012024-12-310001925309Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($157,895 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:BusinessServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001925309ck0001925309:PharmaceuticalsMember2025-12-310001925309Debt Investments Electronics Sapphire Software Buyer, Inc. First-lien loan ($224,695 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.87%2025-12-310001925309Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($10,746 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 13.62%2025-12-310001925309Equity and Other Investments Healthcare Raptor US Buyer II Corp Ordinary Shares (83,408 shares) Initial Acquisition Date 3/24/20232025-01-012025-12-310001925309us-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberck0001925309:AlternativeBaseRateMember2025-01-012025-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001925309:HotelGamingAndLeisureMember2024-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001925309:SecondLienDebtInvestmentsMember2024-12-310001925309Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 32,304 par, due 12/2031) Acquisition Date 12/18/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.06% (incl. 3.25% PIK)2025-12-310001925309ck0001925309:SubscriptionFacilityMember2023-01-180001925309Debt Investments Human Resource Support Services HireVue, Inc. First-lien loan ($108,669 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.59%2025-12-310001925309ck0001925309:SecondLienDebtInvestmentsMember2025-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (EUR 7,239 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 10.06%2024-01-012024-12-310001925309Debt Investments Internet Services Flight Intermediate HoldCo, Inc. First-lien loan ($46,500 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate and Spread SOFR + 11.50% Interest Rate 11.50%2024-12-310001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:AlaskaBidcoOyMember2025-12-310001925309us-gaap:FairValueInputsLevel3Member2024-12-310001925309Interest Rate Swap Company Receives 6.50% Company Pays SOFR + 2.51% Maturity Date 3/11/20292025-12-310001925309Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (EUR 16,819 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread E + 5.66% Interest Rate 8.35%2024-01-012024-12-310001925309Debt Investments Other Sediver S.p.A. First-lien note (EUR 57,989 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.00% Interest Rate 7.02%2025-12-310001925309Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien revolving loan ($8,972 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.30%2024-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:InternetServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001925309us-gaap:RevolvingCreditFacilityMember2025-12-310001925309ck0001925309:O2025Q1BaseDividendsMember2025-03-312025-03-310001925309Debt Investments Business Services Lynx BidCo First-lien loan (EUR 16,816 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread E + 7.11% Interest Rate 10.38% (incl. 5.61% PIK)2024-01-012024-12-310001925309Debt Investments Transportation Ranger Intermediate II, LLC First-lien loan ($300,564 par, due 10/2031) Initial Acquisition Date 10/28/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.36%2025-01-012025-12-310001925309Debt Investments Business Services Artisan Bidco, Inc. First-lien loan ($112,992 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.94%2025-01-012025-12-310001925309ck0001925309:SubscriptionFacilityMember2024-07-032024-07-030001925309ck0001925309:JanuaryTwoThousandThirtyNotesMember2024-09-162024-09-160001925309us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001925309:SecondLienDebtInvestmentsMember2024-12-310001925309Debt Investments Healthcare Raptor US Buyer II Corp. First-lien loan ($114,842 par, due 3/2029) Initial Acquisition Date 3/24/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-01-012024-12-310001925309ck0001925309:InterestRateSwapOneMemberck0001925309:TwoThousandTwentyNineNotesMember2024-04-010001925309Debt Investments Internet Services Arrow Buyer, Inc. First-lien loan ($128,565 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-01-012024-12-3100019253092024-01-012024-03-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001925309:FirstLienDebtInvestmentsMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001925309ck0001925309:SecuredOvernightFinancingRateMemberck0001925309:JulyTwoThousandThirtyNotesMember2025-01-062025-01-060001925309ck0001925309:TwoThousandTwentyNineNotesMember2024-06-102024-06-100001925309Debt Investments Healthcare Eventus Buyer, LLC First-lien revolving loan ($873 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 10.03%2024-12-310001925309Debt Investments Hotel, Gaming, and Leisure Sport Alliance GmbH First-lien revolving loan (EUR 208 par, due 4/2030) Initial Acquisition Date 4/10/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.27%2025-01-012025-12-310001925309ck0001925309:JulyTwoThousandThirtyNotesMember2025-01-060001925309Debt 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)2024-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:CostModelMemberck0001925309:EquityAndOtherInvestmentsMember2025-12-310001925309Debt Investments Other Scorpio Bidco First-lien loan (EUR 75,326 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.77%2025-01-012025-12-310001925309Debt Investments Business Services Artisan Bidco, Inc. First-lien loan (EUR 51,863 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread E + 7.00% Interest Rate 10.45%2024-12-310001925309Debt Investments Human Resource Support Services Bswift, LLC First-lien loan ($211,448 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.64%2025-01-012025-12-310001925309ck0001925309:O2023Q1BaseDividendsMember2023-05-090001925309us-gaap:RevolvingCreditFacilityMember2025-03-042025-03-040001925309Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($12,825 par, due 6/2031) Initial Acquisition Date 6/25/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.50%2025-01-012025-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:BctoBluebillBuyerIncMember2024-12-310001925309Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien loan ($1,999 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2024-01-012024-12-310001925309ck0001925309:KryptonaBidCoUSLLCMemberck0001925309:RevolverMember2024-12-310001925309ck0001925309:TangoManagementConsultingLLCMemberck0001925309:DelayedDrawRevolverMember2025-12-310001925309ck0001925309:O2025Q1BaseDividendsMember2025-05-050001925309us-gaap:RealEstateSectorMember2024-12-310001925309Debt Investments Hotel, Gaming, and Leisure Equinox Holdings, Inc. First-lien loan ($198,362 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)2024-12-310001925309ck0001925309:InsuranceMember2024-12-310001925309Equity and Other Investments Human Resource Support Services Bswift, LLC Class A-1 Units (7,606,491 units) Initial Acquisition Date 11/7/20222025-12-310001925309Debt Investments Internet Services Flight Intermediate HoldCo, Inc. First-lien loan ($46,500 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate 11.50% Interest Rate 11.50%2025-01-012025-12-310001925309Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($31,921 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.32%2025-12-310001925309Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (2,170,139 units) Initial Acquisition Date 3/19/20242024-12-310001925309Debt Investments Education Kangaroo Bidco AS First-lien loan ($157,500 par, due 11/2030) Initial Acquisition Date 11/2/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 9.99%2025-12-3100019253092022-04-052022-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberck0001925309:EquityAndOtherInvestmentsMember2024-12-310001925309us-gaap:RevolvingCreditFacilityMember2025-03-040001925309Debt Investments Hotel, Gaming, and Leisure Equinox Holdings, Inc. Second-lien loan ($9,388 par, due 6/2027) Initial Acquisition Date 3/13/2024 Reference Rate and Spread 16.00% Interest Rate 16.00% PIK2024-01-012024-12-310001925309Debt Investments Human Resource Support Services HireVue, Inc. First-lien revolving loan ($14,113 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.57%2025-01-012025-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien revolving loan (GBP 592 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2025-01-012025-12-310001925309Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC Investment First-lien loan ($97,561 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 10.82%2025-01-012025-12-310001925309Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($31,009 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.01%2024-01-012024-12-310001925309us-gaap:FinancialServicesSectorMember2025-12-310001925309Interest Rate Swap Company Pays SOFR + 2.51% Maturity Date 3/11/20292025-12-310001925309Debt Investments Business Services Artisan Bidco, Inc. First-lien loan (EUR 51,339 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.03%2025-01-012025-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:SediverSPAMember2025-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:SecondLienDebtInvestmentsMember2025-12-310001925309Debt Investments Healthcare Edge Bidco B.V First-lien loan (EUR 5,947 par, due 2/2029) Initial Acquisition Date 2/24/2023 Reference Rate and Spread E + 6.75% Interest Rate 9.43%2024-01-012024-12-310001925309Debt Investments Business Services Artisan Bidco, Inc. First-lien loan ($114,848 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.39%2024-01-012024-12-3100019253092023-03-310001925309ck0001925309:CarlyleSecuredLendingIncMember2025-12-230001925309us-gaap:FairValueInputsLevel3Member2024-01-012024-12-310001925309Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 77,006 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 10.98%2025-12-310001925309us-gaap:InterestRateSwapMemberck0001925309:JulyTwoThousandThirtyNotesMember2025-01-012025-12-310001925309Debt Investments Hotel, Gaming, and Leisure Equinox Holdings, Inc. First-lien loan ($206,789 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)2025-01-012025-12-310001925309ck0001925309:VarinemGermanBidcoGmbhMemberck0001925309:DelayedDrawMember2025-12-310001925309us-gaap:CommonStockMember2022-12-310001925309srt:WeightedAverageMemberus-gaap:RevolvingCreditFacilityMemberck0001925309:AlternativeBaseRateMember2025-01-012025-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:MezzanineDebtInvestmentsMember2025-12-310001925309ck0001925309:O2025Q4BaseDividendsMember2025-01-290001925309Debt Investments Business Services Elements Finco Limited First-lien loan ($45,917 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 4.97% Interest Rate 9.33% (incl.1.97% PIK)2024-01-012024-12-310001925309ck0001925309:FirstLienDebtInvestmentsMember2024-01-012024-12-310001925309ck0001925309:InterestRateSwapOneMemberck0001925309:TwoThousandTwentyNineNotesMember2024-04-012024-04-010001925309Debt Investments Education Kangaroo Bidco AS First-lien loan ($157,500 par, due 11/2030) Initial Acquisition Date 11/2/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 9.99%2025-01-012025-12-310001925309us-gaap:UnfundedLoanCommitmentMember2024-12-3100019253092023-10-012023-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien revolving loan (GBP 592 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2025-12-310001925309ck0001925309:SportAllianceGmbhMemberck0001925309:RevolverMember2025-12-310001925309Debt Investments Hotel, Gaming, and Leisure Equinox Holdings, Inc. First-lien loan ($206,789 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)2025-12-310001925309ck0001925309:SubscriptionAgreementsMember2024-06-250001925309Debt Investments Business Services Azurite Intermediate Holdings, Inc. First-lien loan ($213,750 par, due 3/2031) Initial Acquisition Date 3/19/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.72%2025-01-012025-12-3100019253092023-07-012023-09-300001925309Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,546 par, due 7/2029) Initial Acquisition Date 07/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.51%2025-01-012025-12-310001925309ck0001925309:OilGasAndConsumableFuelsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001925309Debt Investments Communications Aurelia Netherlands Midco 2 B.V. First lien loan (EUR 201,909 par, due 5/2031) Initial Acquisition Date 5/22/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.93%2024-12-310001925309ck0001925309:O2023Q1BaseDividendsMember2023-03-312023-03-310001925309Debt Investments Internet Services Coupa Holdings, LLC First-lien loan ($128,925 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-12-310001925309Debt Investments Manufacturing Aptean, Inc. First-lien loan ($123,688 par, due 1/2031) Initial Acquisition Date 1/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.58%2024-01-012024-12-310001925309country:DE2024-12-310001925309ck0001925309:RevolverEquityMemberck0001925309:CrewlineBuyerIncMember2025-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:RetailAndConsumerProductsMemberus-gaap:DebtSecuritiesMember2024-12-310001925309Debt Investments Business Services Price Fx Inc. First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 12/19/2024 Reference Rate and Spread E + 6.25% Interest Rate 9.12%2024-12-310001925309Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($ 157,895 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR+ 5.75% Interest Rate 9.42%2025-12-310001925309Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (38,503,125 units) Initial Acquisition Date 12/11/20242025-01-012025-12-310001925309Debt Investments Business Services Lynx BidCo First-lien loan ($39,996 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread SOFR + 7.11% Interest Rate 11.75% (incl. 5.61% PIK)2024-12-310001925309Debt Investments Business Services Galileo Parent, Inc. First-lien loan ($149,549 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-12-310001925309Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($134,959 par, due 12/2031) Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.10%2024-01-012024-12-310001925309Debt Investments Other Sediver S.p.A. First-lien note ($160,437 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.68%2025-12-310001925309Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($130,358 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.09%2025-01-012025-12-310001925309ck0001925309:SecondLienDebtInvestmentsMember2024-12-310001925309Debt Investments Hotel, Gaming, and Leisure QSR Acquisition Co. First-lien loan ($10,000 par, due 10/2030) Initial Acquisition Date 10/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-12-310001925309Debt Investments Healthcare Eventus Buyer, LLC First-lien revolving loan ($3,493 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2025-12-310001925309ck0001925309:O2023Q4DividendsMember2023-12-292023-12-290001925309us-gaap:RevolvingCreditFacilityMember2025-09-230001925309Debt Investments Oil, Gas and Consumable Fuels Mach Natural Resources LP First-lien loan ($115,625 par, due 12/2026) Initial Acquisition Date 12/28/2023 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.98%2024-12-310001925309Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($ 157,895 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR+ 5.75% Interest Rate 9.42%2025-01-012025-12-3100019253092024-12-310001925309Interest Rate Swap Maturity Date 3/11/20292025-01-012025-12-310001925309ck0001925309:RaptorUsBuyerIiCorpMemberck0001925309:RevolverMember2025-12-310001925309Debt Investments Manufacturing Avalara, Inc. First-lien loan ($136,364 par, due 10/2028) Initial Acquisition Date 10/19/2022 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.58%2024-01-012024-12-310001925309ck0001925309:ManufacturingMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001925309Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (8,555,356 units) Initial Acquisition Date 11/8/20232024-12-310001925309Debt Investments Communications X Holdings. Inc. First-lien loan (29,710 par, due 10/2029) Initial Acquisition Date 4/28/2025 Reference Rate and Spread 9.50% Interest Rate 9.50%2025-12-310001925309Debt Investments Healthcare Velocity Clinical Research, Inc. First-lien revolving loan ($2,236 par, due 9/2031) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17%2025-12-310001925309us-gaap:FairValueInputsLevel2Memberck0001925309:MezzanineDebtInvestmentsMember2024-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001925309:MezzanineDebtInvestmentsMember2024-12-310001925309us-gaap:CommonStockMember2024-12-3100019253092024-09-242024-09-240001925309us-gaap:FairValueInputsLevel2Memberck0001925309:FirstLienDebtInvestmentsMember2024-12-310001925309country:FI2025-12-310001925309Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 32,304 par, due 12/2031) Acquisition Date 12/18/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.06% (incl. 3.25% PIK)2025-01-012025-12-310001925309Debt Investments Other Omnigo Software, LLC First-lien loan ($70,875 par, due 12/2030) Initial Acquisition Date 12/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.7%2025-01-012025-12-310001925309Debt Investments Internet Services Coupa Holdings, LLC First-lien loan ($128,925 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-01-012024-12-310001925309Debt Investments Healthcare Eventus Buyer, LLC First-lien revolving loan ($3,493 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2025-01-012025-12-3100019253092024-07-012024-09-300001925309Interest Rate Swap Company Receives 6.50% Company Pays SOFR + 2.22% Maturity Date 3/11/20292025-01-012025-12-310001925309ck0001925309:O2024Q4BaseDividendsMember2024-12-312024-12-310001925309Debt Investments Internet Services Hippo XPA Bidco AB First-lien loan (EUR 2,571 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.75% Interest Rate 8.77% (incl. 3.63% PIK)2025-01-012025-12-310001925309ck0001925309:O2024Q3DividendsMember2024-09-302024-09-300001925309Debt Investments Education Severin Acquisition, LLC First-lien loan ($ 216,386 par, due 10/2031) Initial Acquisition Date 10/1/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.36% (incl. 2.25% PIK)2024-01-012024-12-310001925309ck0001925309:WithManagementFeeWaiverMember2025-01-012025-12-310001925309Debt 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)2024-12-310001925309country:GB2025-12-310001925309us-gaap:RetainedEarningsMember2023-01-012023-12-310001925309us-gaap:AutomotiveSectorMember2024-12-310001925309Debt Investments Business Services BCTO Ignition Purchaser, Inc. First-lien holdco loan ($218,542 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.37% PIK2025-12-310001925309Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien loan ($1,999 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2024-12-310001925309us-gaap:RetainedEarningsMember2024-01-012024-12-310001925309Debt Investments Business Services Crewline Buyer, Inc. First-lien loan ($154,281 par, due 11/2030) Initial Acquisition Date 11/8/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.11%2024-01-012024-12-310001925309Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($182,813 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.82%2025-01-012025-12-310001925309Debt Investments Business Services Wrangler TopCo, LLC First-lien loan ($123,938 par, due 9/2029) Initial Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.38%2024-12-310001925309ck0001925309:O2024Q2BaseDividendsMember2024-06-282024-06-280001925309ck0001925309:SapphireSoftwareBuyerIncMemberck0001925309:RevolverMember2025-12-310001925309Debt Investments Business Services Price Fx Inc. 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%2025-12-310001925309Debt 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)2024-12-310001925309ck0001925309:TwoZeroTwoNineJanuaryTwoZeroThreeZeroAndJulyTwoZeroThreeZeroNotesMember2025-01-012025-12-310001925309ck0001925309:FirstLienDebtInvestmentsMember2023-12-310001925309Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (2,170,139 units) Initial Acquisition Date 3/19/20242025-01-012025-12-310001925309srt:WeightedAverageMemberus-gaap:RevolvingCreditFacilityMemberck0001925309:AdjustedTermSimpleSecuredOvernightFinancingMember2025-01-012025-12-310001925309ck0001925309:IngenovisHealthFinanceLLCMemberck0001925309:RevolverMember2025-12-310001925309us-gaap:RevolvingCreditFacilityMemberck0001925309:SpecifiedRelevantRateMembersrt:MaximumMember2025-01-012025-12-310001925309Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 139,148 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 10.07%2024-01-012024-12-310001925309ck0001925309:MidwestMember2025-12-310001925309Debt Investments Business Services Crewline Buyer, Inc. First-lien loan ($152,696 par, due 11/2030) Initial Acquisition Date 11/8/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.59%2025-12-310001925309us-gaap:FairValueInputsLevel2Memberck0001925309:SecondLienDebtInvestmentsMember2024-12-310001925309ck0001925309:EquityAndOtherInvestmentsMember2024-01-012024-12-310001925309Debt Investments Business Services Lynx BidCo First-lien loan ($39,996 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread SOFR + 7.11% Interest Rate 11.75% (incl. 5.61% PIK)2024-01-012024-12-310001925309us-gaap:RevolvingCreditFacilityMemberck0001925309:AdjustedTermSimpleSecuredOvernightFinancingMembersrt:MinimumMember2025-01-012025-12-310001925309Debt Investments Internet Services Hippo XPA Bidco AB First-lien revolving 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%2025-12-310001925309Debt Investments Communications Babylon Finco Limited First lien loan ($89,521 par, due 1/2031) Initial Acquisition Date 1/26/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.37%2024-12-310001925309us-gaap:RevolvingCreditFacilityMember2023-01-090001925309us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberck0001925309:EquityAndOtherInvestmentsMember2025-12-310001925309Debt Investments Business Services Lynx BidCo First-lien loan (EUR 16,816 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread E + 7.11% Interest Rate 10.38% (incl. 5.61% PIK)2024-12-310001925309Debt 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%2025-01-012025-12-310001925309ck0001925309:ManufacturingMember2025-12-310001925309Debt Investments Financial Services CLGF HoldCo 2, LLC Second-lien loan ($83,916 par, due 11/2028) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 12.00% Interest Rate 16.33%2024-12-310001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:SeverinAcquisitionLLCMember2024-12-310001925309Debt Investments Electronics Sapphire Software Buyer, Inc. First-lien loan ($224,683 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.75% (incl. 3.0% PIK)2024-01-012024-12-310001925309ck0001925309:FirstLienDebtInvestmentsMember2024-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:ShiftmoveGmbhMember2025-12-310001925309us-gaap:HealthcareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001925309Debt Investments Business Services Elements Finco Limited First-lien loan ($25,620 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)2025-01-012025-12-310001925309Equity and Other Investments Transportation Ranger Parent I Inc. Warrants (16,643 warrants) Initial Acquisition Date 10/28/20252025-12-310001925309ck0001925309:JulyTwoThousandThirtyNotesMember2025-12-310001925309Debt Investments Education Severin Acquisition, LLC First-lien loan ($188,983 par, due 10/2031) Initial Acquisition Date 10/1/2024 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.47% (incl. 2.25% PIK)2025-01-012025-12-310001925309Debt Investments Business Services Galileo Parent, Inc. First-lien revolving loan ($10,769 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-01-012024-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:HotelGamingAndLeisureMemberus-gaap:DebtSecuritiesMember2025-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001925309Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 139,148 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 10.07%2024-12-310001925309ck0001925309:O2025Q3DividendsMember2025-09-302025-09-300001925309Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (173,048 units) Initial Acquisition Date 11/21/20222025-12-310001925309Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (7,882,736 units) Initial Acquisition Date 11/7/20232024-01-012024-12-310001925309ck0001925309:O2024Q3BaseDividendsMember2024-11-120001925309ck0001925309:ArcwoodEnvironmentalIncMemberck0001925309:DelayedDrawRevolverMember2024-12-310001925309Debt Investments Business Services Price Fx Inc. 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%2024-01-012024-12-310001925309ck0001925309:JanuaryTwoThousandThirtyNotesMember2025-01-012025-12-310001925309ck0001925309:HippoXpaBidcoAbMemberck0001925309:DelayedDrawRevolverMember2025-12-310001925309ck0001925309:RevolverMemberck0001925309:SMATechnologiesHoldingsLLCMember2024-12-310001925309Debt Investments Electronics Sapphire Software Buyer, Inc. First-lien loan ($224,695 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.87%2025-01-012025-12-310001925309Debt Investments Communications Banyan Software Holdings, LLC First-lien loan ($80,227 par, due 10/2026) Initial Acquisition Date 1/26/2024 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-12-310001925309ck0001925309:MezzanineDebtInvestmentsMember2024-01-012024-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (GBP 19,592 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2025-12-3100019253092023-09-300001925309Debt Investments Business Services BCTO Ignition Purchaser, Inc. First-lien holdco loan ($120,769 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 13.13% PIK2024-01-012024-12-310001925309ck0001925309:InterestRateSwapTwoMemberck0001925309:TwoThousandTwentyNineNotesMember2024-04-012024-04-010001925309us-gaap:CommonStockMember2022-06-240001925309Debt Investments Healthcare Aledade, Inc. First-lien revolving loan ($27,935 par, due 11/2028) Initial Acquisition Date 11/21/2025 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.54%2025-12-310001925309ck0001925309:SouthMember2024-12-3100019253092024-06-252024-06-250001925309Debt Investments Chemicals FGI Acquisition Corp First-lien loan (89,550 par, due 6/2032) Initial Acquisition Date 6/4/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.27%2025-01-012025-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberck0001925309:EquityAndOtherInvestmentsMember2025-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001925309Debt Investments Internet Services Coupa Holdings, LLC First-lien loan ($127,629 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.09%2025-12-310001925309us-gaap:RevolvingCreditFacilityMember2025-08-260001925309ck0001925309:DelayedDrawMemberck0001925309:SediverSPAMember2024-12-310001925309srt:AffiliatedEntityMember2024-12-310001925309Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($72,693 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.81%2024-01-012024-12-310001925309Debt Investments Healthcare Edge Bidco B.V First-lien loan (EUR 5,947 par, due 2/2029) Initial Acquisition Date 2/24/2023 Reference Rate and Spread E + 6.75% Interest Rate 9.43%2024-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:EducationMemberus-gaap:DebtSecuritiesMember2024-12-310001925309us-gaap:UnfundedLoanCommitmentMember2025-12-310001925309Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($192,563 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.51%2024-12-310001925309ck0001925309:CarlyleCreditSolutionsIncMember2025-12-230001925309Debt Investments Communications X Holdings. Inc. First-lien loan (29,710 par, due 10/2029) Initial Acquisition Date 4/28/2025 Reference Rate and Spread 9.50% Interest Rate 9.50%2025-01-012025-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberck0001925309:EquityAndOtherInvestmentsMembersrt:MaximumMember2025-12-310001925309ck0001925309:InvestmentAdvisoryAgreementMember2022-06-282022-06-280001925309Debt Investments Business Services Price Fx Inc. 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%2024-12-310001925309Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($192,563 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.51%2024-01-012024-12-310001925309ck0001925309:SubscriptionFacilityMember2022-09-0100019253092025-10-012025-12-310001925309Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (EUR 16,819 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread E + 5.66% Interest Rate 8.35%2024-12-310001925309Debt Investments Healthcare Eventus Buyer, LLC First-lien loan ($48,470 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.86%2024-01-012024-12-310001925309us-gaap:FinancialServicesSectorMember2024-12-310001925309Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($139,864 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2024-12-310001925309Debt 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)2024-12-310001925309Debt Investments Insurance Disco Parent, Inc. First-lien loan ($67,583 par, due 3/2029) Acquisition Date 3/30/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 12.01%2024-12-310001925309ck0001925309:AdviserMember2022-06-240001925309ck0001925309:RisksRelatedToOurSecuritiesMember2025-01-012025-12-310001925309us-gaap:AdditionalPaidInCapitalMember2024-12-310001925309ck0001925309:HippoXpaBidcoAbMemberck0001925309:DelayedDrawRevolverMember2024-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:ArrowheadPharmaceuticalsIncMember2025-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:HumanResourceSupportServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (EUR 7,239 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 10.06%2024-12-310001925309Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($31,009 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.01%2024-12-310001925309Debt Investments Financial Services BTRS Holdings, Inc. First-lien loan ($146,948 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.61%2024-12-310001925309Debt Investments Business Services Elements Finco Limited First-lien loan (GBP 115,946 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and S+ 5.25% Interest Rate 9.95% (incl.2.25% PIK)2024-12-310001925309Debt Investments Financial Services Green Shoot BidCo B.V. 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 8.66%2024-01-012024-12-310001925309Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ($97,561 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 11.46%2024-01-012024-12-310001925309Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership Units (337,024 units) Initial Acquisition Date 11/27/20232025-01-012025-12-310001925309ck0001925309:RisksRelatedToOurBusinessAndStructureMember2025-01-012025-12-310001925309ck0001925309:MezzanineDebtInvestmentsMember2025-01-012025-12-310001925309Debt Investments Business Services Elements Finco Limited First-lien loan (GBP 115,946 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and S+ 5.25% Interest Rate 9.95% (incl.2.25% PIK)2024-01-012024-12-310001925309Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($45,919 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.62% PIK2025-01-012025-12-310001925309Debt Investments Electronics Sapphire Software Buyer, Inc. First-lien loan ($224,683 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.75% (incl. 3.0% PIK)2024-12-310001925309ck0001925309:RaptorUsBuyerIiCorpMemberck0001925309:RevolverMember2024-12-310001925309Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (2,170,139 units) Initial Acquisition Date 3/19/20242025-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:CostModelMemberck0001925309:EquityAndOtherInvestmentsMember2024-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:ManufacturingMemberus-gaap:DebtSecuritiesMember2025-12-310001925309Debt Investments Transportation Rail Acquisitions LLC Second-lien note ($26,779 par, due 1/2031) Initial Acquisition Date 1/27/2025 Reference Rate and Spread 13.75%. Interest Rate 13.75% PIK2025-01-012025-12-310001925309country:SE2024-12-310001925309Interest Rate Swap Maturity Date 3/11/20292025-12-310001925309Debt Investments Other Sky Bidco S.p.A. First-lien note ($115,131 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.51%2024-12-310001925309Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($131,681 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-01-012024-12-310001925309us-gaap:FairValueInputsLevel2Memberck0001925309:FirstLienDebtInvestmentsMember2025-12-310001925309Debt Investments Human Resource Support Services MadCap Software, Inc. First-lien loan ($2,450 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 9.77%2025-12-310001925309ck0001925309:ChemicalsMember2024-12-310001925309Debt 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%2025-01-012025-12-310001925309Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($31,921 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.32%2025-01-012025-12-310001925309Debt Investments Business Services Lynx BidCo First-lien loan ($42,872 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2025-01-012025-12-3100019253092023-07-270001925309ck0001925309:SubscriptionFacilityMember2025-08-290001925309Total Hedge Accounting Swaps2024-12-3100019253092023-12-310001925309Debt Investments Healthcare Ingenovis Health Finance, LLC First-lien revolving loan ($10,000 par, due 5/2030) Initial Acquisition Date 5/13/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.82%2025-01-012025-12-310001925309Debt Investments Internet Services Arrow Buyer, Inc. First-lien loan ($134,846 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%2025-01-012025-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:CommunicationsMemberus-gaap:DebtSecuritiesMember2025-12-310001925309Debt Investments Communications Banyan Software Holdings, LLC First-lien loan ($80,227 par, due 10/2026) Initial Acquisition Date 1/26/2024 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-01-012024-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMemberck0001925309:TransportationMember2024-12-310001925309ck0001925309:SubscriptionAgreementsMember2025-12-310001925309Debt Investments Financial Services BTRS Holdings, Inc. First-lien loan ($146,948 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.61%2024-01-012024-12-310001925309Cash collateral2024-12-310001925309Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($7,251 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.26%2024-12-310001925309ck0001925309:O2023Q4BaseDividendsMember2023-12-292023-12-290001925309Debt Investments Healthcare Raptor US Buyer II Corp. First-lien loan ($113,676 par, due 3/2029) Initial Acquisition Date 3/24/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 9.97%2025-01-012025-12-310001925309us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001925309:SecondLienDebtInvestmentsMember2025-12-310001925309us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-12-310001925309Debt 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%2025-12-310001925309us-gaap:FairValueInputsLevel3Member2025-01-012025-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (NOK 7,427 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.69%2024-12-310001925309ck0001925309:MezzanineDebtInvestmentsMember2023-12-310001925309Debt 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)2024-01-012024-12-310001925309ck0001925309:ArtisanBidcoIncMemberck0001925309:RevolverMember2025-12-310001925309us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001925309:SecondLienDebtInvestmentsMember2025-12-310001925309Debt Investments Financial Services Green Shoot BidCo B.V. 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%2025-01-012025-12-310001925309us-gaap:InterestRateSwapMemberck0001925309:JulyTwoThousandThirtyNotesMember2025-01-060001925309Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($6,500 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.62%2025-01-012025-12-310001925309Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 14,167 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.68%2024-01-012024-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:RetailAndConsumerProductsMemberus-gaap:DebtSecuritiesMember2025-12-310001925309us-gaap:RetainedEarningsMember2024-12-310001925309Interest Rate Swap Company Pays SOFR + 2.55% Maturity Date 1/15/20302025-12-310001925309Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 14,167 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.68%2024-12-310001925309us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001925309:SecondLienDebtInvestmentsMember2024-12-310001925309ck0001925309:O2024Q1BaseDividendsMember2024-03-292024-03-290001925309Debt Investments Human Resource Support Services HireVue, Inc. First-lien loan ($108,669 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.59%2025-01-012025-12-310001925309Debt Investments Other Scorpio Bidco First-lien loan (EUR 75,326 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.43%2024-12-310001925309Equity and Other Investments Internet Services Bigtincan Holdings L.P. Class A Units (1,597,110 units) Initial Acquisition Date 4/16/20252025-01-012025-12-3100019253092024-03-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:InternetServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:SecondLienDebtInvestmentsMember2024-01-012024-12-3100019253092023-04-012023-06-300001925309us-gaap:RevolvingCreditFacilityMember2024-04-080001925309ck0001925309:AdjustedDailySimpleSecuredOvernightFinancingMemberck0001925309:SubscriptionFacilityMembersrt:MaximumMember2025-01-012025-12-310001925309ck0001925309:MezzanineDebtInvestmentsMember2024-12-310001925309Interest Rate Swap Company Receives 5.75% Company Pays SOFR + 2.55% Maturity Date 1/15/20302025-01-012025-12-310001925309Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($16,608 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33%2024-12-310001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:UsaDebuskLlcMember2024-12-310001925309ck0001925309:FirstLienDebtInvestmentsMember2025-12-310001925309Debt Investments Internet Services Arrow Buyer, Inc. First-lien loan ($128,565 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-12-310001925309ck0001925309:FullsteamOperationsLlcMemberck0001925309:DelayedDrawRevolverMember2024-12-310001925309ck0001925309:EducationMember2024-12-3100019253092025-01-012025-12-310001925309ck0001925309:AdviserMemberck0001925309:AdministrationAgreementMemberus-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-12-310001925309Debt Investments Hotel, Gaming, and Leisure Sport Alliance GmbH 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)2025-12-310001925309us-gaap:LetterOfCreditMember2025-12-310001925309Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($4,326 par, due 6/2027) Initial Acquisition Date 6/12/2025 Reference Rate and Spread SOFR + 8.65% Interest Rate 12.53%2025-01-012025-12-310001925309Equity and Other Investments Business Services Warrior TopCo LP Class A Units (9,576,271 units) Initial Acquisition Date 7/7/20232024-01-012024-12-310001925309Debt 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)2024-01-012024-12-310001925309ck0001925309:AdviserMemberck0001925309:AdministrationAgreementMemberus-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-12-310001925309Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership (337,024 units)2024-12-310001925309Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($4,326 par, due 6/2027) Initial Acquisition Date 6/12/2025 Reference Rate and Spread SOFR + 8.65% Interest Rate 12.53%2025-12-310001925309ck0001925309:DiscoParentIncMemberck0001925309:RevolverMember2024-12-310001925309us-gaap:CommonStockMember2023-12-310001925309Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($139,587 par, due 12/2031) Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.70% (incl. 3.25% PIK)2025-12-310001925309Debt Investments Internet Services Coupa Holdings, LLC First-lien loan ($127,629 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.09%2025-01-012025-12-310001925309Debt Investments Human Resource Support Services Bswift, LLC First-lien loan ($211,448 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.64%2025-12-310001925309Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (38,503,125 units) Initial Acquisition Date 12/11/20242024-12-310001925309Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($109,333 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2025-01-012025-12-310001925309Debt Investments Transportation Shiftmove GmbH First-lien loan (EUR 16,150 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.03%2025-12-310001925309ck0001925309:FirstLienDebtInvestmentsMember2025-01-012025-12-310001925309us-gaap:InterestRateSwapMember2024-12-310001925309ck0001925309:TwoThousandTwentyNineNotesMember2024-03-042024-03-040001925309Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($130,358 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.09%2025-12-310001925309ck0001925309:AzuriteIntermediateHoldingsIncMemberck0001925309:RevolverEquityMember2024-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:SlBuyerCorpMember2024-12-310001925309country:NL2024-12-310001925309ck0001925309:GreenshootBidcoBVMemberck0001925309:RevolverMember2024-12-310001925309Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,575 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)2025-01-012025-12-310001925309Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (173,048 units) Initial Acquisition Date 11/21/20222025-01-012025-12-310001925309Debt Investments Human Resource Support Services HireVue, Inc. First-lien loan ($109,778 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.34%2024-12-310001925309ck0001925309:SubscriptionAgreementsMember2024-12-170001925309Debt 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%2025-12-310001925309ck0001925309:O2025Q1DividendsMember2025-03-312025-03-310001925309ck0001925309:EquityAndOtherInvestmentsMember2024-12-310001925309us-gaap:DomesticCountryMember2024-12-310001925309Debt Investments Business Services Price Fx Inc. 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%2024-01-012024-12-3100019253092024-04-012024-06-300001925309ck0001925309:SubscriptionFacilityMember2023-04-270001925309ck0001925309:SubscriptionFacilityMember2024-12-310001925309ck0001925309:SubscriptionFacilityMember2025-01-012025-12-310001925309ck0001925309:GalileoParentincMemberck0001925309:RevolverMember2025-12-310001925309Equity and Other Investments Financial Services CLGF Holdings, L.P Warrants (8,358,075 warrants) Initial Acquisition Date 11/7/20232024-12-310001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:RailAcquisitionsLLCMember2025-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:EducationMemberus-gaap:DebtSecuritiesMember2025-12-310001925309ck0001925309:LIHAHoldcoBVMemberck0001925309:DelayedDrawRevolverMember2025-12-310001925309Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 139,148 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.27%2025-01-012025-12-310001925309Debt Investments Financial Services Arlberg Bidco, LLC 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%2025-01-012025-12-310001925309ck0001925309:S2024Q4DividendsMember2024-12-092024-12-090001925309Debt Investments Business Services Artisan Bidco, Inc. First-lien loan (EUR 51,339 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.03%2025-12-310001925309us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-12-310001925309Debt Investments Retail and Consumer Products Blazing Star Parent, LLC First-lien loan ($198,750 par, due 8/2030) Initial Acquisition Date 8/28/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.82%2025-01-012025-12-310001925309country:NO2024-12-310001925309Debt Investments Business Services Azurite Intermediate Holdings, Inc. First-lien loan ($213,750 par, due 3/2031) Initial Acquisition Date 3/19/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.72%2025-12-3100019253092025-06-300001925309Debt Investments Financial Services Arlberg Bidco, LLC 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%2025-12-310001925309country:FI2024-12-310001925309ck0001925309:JanuaryTwoThousandThirtyNotesMember2024-09-160001925309us-gaap:HealthcareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001925309Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan ($56,651 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread SOFR + 5.66% Interest Rate 9.99%2024-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:CordanceOperationsLlcMember2025-12-310001925309us-gaap:RevolvingCreditFacilityMember2024-12-180001925309us-gaap:RevolvingCreditFacilityMember2024-02-080001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:WranglerTopcoLlcMember2025-12-310001925309Interest Rate Swap Company Pays SOFR + 2.22% Maturity Date 3/11/20292024-12-310001925309Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($134,959 par, due 12/2031) Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.10%2024-12-310001925309ck0001925309:JanuaryTwoThousandThirtyNotesMember2024-12-310001925309ck0001925309:SubscriptionAgreementsMember2025-01-012025-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001925309:MezzanineDebtInvestmentsMember2025-12-310001925309ck0001925309:TwoThousandTwentyNineNotesMember2024-01-012024-12-310001925309country:GB2024-12-310001925309ck0001925309:OilGasAndConsumableFuelsMember2025-12-310001925309us-gaap:CommonStockMember2023-01-012023-12-310001925309Debt Investments Other Omnigo Software, LLC First-lien loan ($70,875 par, due 12/2030) Initial Acquisition Date 12/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.7%2025-12-310001925309Debt Investments Healthcare LIHA Holdco B.V 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%2025-01-012025-12-310001925309us-gaap:InterestRateSwapMemberck0001925309:JanuaryTwoThousandThirtyNotesMember2024-01-012024-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (GBP 19,592 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 11.70%2024-01-012024-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:MezzanineDebtInvestmentsMember2024-01-012024-12-310001925309Debt Investments Business Services Elements Finco Limited First-lien loan ($25,620 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)2025-12-310001925309Debt Investments Business Services BCTO Ignition Purchaser, Inc. First-lien holdco loan ($120,769 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 13.13% PIK2024-12-310001925309ck0001925309:O2023Q3BaseDividendsMember2023-11-150001925309ck0001925309:LIHAHoldcoBVMemberck0001925309:DelayedDrawRevolverMember2024-12-310001925309Debt Investments Healthcare LIHA Holdco B.V First-lien loan (EUR 318 par, due 2/2029) Initial Acquisition Date 2/24/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.52%2025-12-310001925309Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($163,683 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.34%2025-01-012025-12-310001925309ck0001925309:WranglerTopcoLlcMemberck0001925309:DelayedDrawRevolverMember2024-12-310001925309ck0001925309:AdviserMemberck0001925309:AdministrationAgreementMemberus-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-12-310001925309ck0001925309:InternetServicesMember2025-12-310001925309Debt Investments Financial Services Volante Technologies, Inc. First-lien loan ($3,072 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate 16.50% Interest Rate 16.50 % PIK2024-12-310001925309us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001925309Debt Investments Transportation Rail Acquisitions LLC Second-lien note ($26,779 par, due 1/2031) Initial Acquisition Date 1/27/2025 Reference Rate and Spread 13.75%. Interest Rate 13.75% PIK2025-12-310001925309Debt Investments Healthcare Raptor US Buyer II Corp. First-lien revolving loan ($518 par, due 3/2029) Initial Acquisition Date 3/24/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 9.97%2025-12-310001925309ck0001925309:HirevueIncMemberck0001925309:RevolverMember2024-12-310001925309country:CA2024-12-310001925309us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:EquityAndOtherInvestmentsMemberck0001925309:BusinessServicesMember2025-12-310001925309us-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberck0001925309:AlternativeBaseRateMember2025-01-012025-12-310001925309country:SE2025-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:EquityAndOtherInvestmentsMemberck0001925309:BusinessServicesMember2024-12-310001925309ck0001925309:SubscriptionFacilityMember2025-12-310001925309ck0001925309:SubscriptionFacilityMemberck0001925309:SterlingOvernightInterbankAverageRateMember2025-01-012025-12-310001925309Debt Investments Hotel, Gaming, and Leisure AVSC Holding Corp. First-lien loan ($246,557 par, due 12/2031) Initial Acquisition Date 12/5/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.72%2025-01-012025-12-310001925309us-gaap:AssetPledgedAsCollateralMember2024-12-310001925309ck0001925309:RisksRelatedToOurPortfolioCompanyInvestmentsMember2025-01-012025-12-310001925309Debt Investments Business Services Price Fx Inc. 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%2025-01-012025-12-310001925309Equity and Other Investments Financial Services CLGF Holdings, L.P Warrants (8,358,075 warrants) Initial Acquisition Date 11/7/20232024-01-012024-12-310001925309ck0001925309:SMATechnologiesHoldingsLLCMemberck0001925309:RevolverMember2025-12-310001925309Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership (337,024 units)2024-01-012024-12-310001925309ck0001925309:SixthStreetLendingPartnersMember2025-12-230001925309Debt Investments Hotel, Gaming, and Leisure Sport Alliance GmbH 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)2025-01-012025-12-310001925309Debt Investments Financial Services Volante Technologies, Inc. First-lien loan ($3,072 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate 16.50% Interest Rate 16.50 % PIK2024-01-012024-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:ScorpioBidcoMember2024-12-310001925309ck0001925309:O2025Q4BaseDividendsMember2025-12-312025-12-310001925309Debt Investments Business Services USA DeBusk, LLC First-lien loan ($124,825 par, due 4/2031) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.00%2025-01-012025-12-310001925309ck0001925309:RetailAndConsumerProductsMember2024-12-310001925309ck0001925309:SixthStreetSpecialtyLendingIncMember2025-12-230001925309Debt Investments Business Services Wrangler TopCo, LLC First-lien loan ($134,915 par, due 9/2029) Initial Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.49%2025-01-012025-12-310001925309Debt Investments Hotel, Gaming, and Leisure AVSC Holding Corp. First-lien loan ($246,557 par, due 12/2031) Initial Acquisition Date 12/5/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.72%2025-12-310001925309ck0001925309:ElysiumBidCoLimitedMemberck0001925309:RevolverMember2024-12-310001925309us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001925309:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001925309Debt Investments Financial Services BTRS Holdings, Inc. First-lien revolving loan ($5,422 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.76%2024-01-012024-12-310001925309Interest Rate Swap Company Receives 5.75% Company Pays SOFR + 2.55% Maturity Date 1/15/20302025-12-310001925309ck0001925309:RetailAndConsumerProductsMember2025-12-310001925309ck0001925309:JanuaryTwoThousandThirtyNotesMember2024-01-012024-12-310001925309Debt Investments Internet Services Hippo XPA Bidco AB 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)2025-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:EquityAndOtherInvestmentsMember2025-01-012025-12-310001925309Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (GBP 57,691 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread S + 5.66% Interest Rate 10.36%2024-12-310001925309Debt Investments Internet Services Big Wombat Holdings, Inc. First-lien loan ($25,962 par, due 4/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.88%2025-01-012025-12-310001925309us-gaap:RealEstateSectorMembersrt:MaximumMember2025-12-310001925309ck0001925309:VelocityClinicalResearchIncMemberck0001925309:DelayedDrawRevolverMember2025-12-310001925309Debt Investments Internet Services Flight Intermediate HoldCo, Inc. First-lien loan ($46,500 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate and Spread SOFR + 11.50% Interest Rate 11.50%2024-01-012024-12-310001925309Debt Investments Education Severin Acquisition, LLC First-lien loan ($ 216,386 par, due 10/2031) Initial Acquisition Date 10/1/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.36% (incl. 2.25% PIK)2024-12-310001925309Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($100,000 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.33%2025-01-012025-12-310001925309Interest Rate Swap Company Receives 6.50% Company Pays SOFR + 2.51% Maturity Date 3/11/20292025-01-012025-12-310001925309ck0001925309:RevolverEquityMemberck0001925309:CrewlineBuyerIncMember2024-12-310001925309Debt Investments Business Services Dye & Durham Corp. First-lien loan ($955 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread SOFR + 4.10% Interest Rate 8.43%2024-01-012024-12-310001925309Debt Investments Business Services USA DeBusk, LLC First-lien revolving loan ($13,511 par, due 4/2030) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.06%2025-01-012025-12-310001925309Equity and Other Investments Human Resource Support Services Bswift, LLC Class A-1 Units (7,606,491 units) Initial Acquisition Date 11/7/20222024-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001925309:SecondLienDebtInvestmentsMember2025-12-310001925309Debt Investments Internet Services Merit Software Finance Holdings, LLC First-lien loan ($11,786 par, due 6/2029) Initial Acquisition Date 6/20/2024 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.85%2024-01-012024-12-310001925309us-gaap:RetainedEarningsMember2022-12-310001925309Debt Investments Hotel, Gaming, and Leisure QSR Acquisition Co. First-lien loan ($10,000 par, due 10/2030) Initial Acquisition Date 10/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-01-012024-12-310001925309us-gaap:FairValueInputsLevel2Member2024-12-310001925309Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 31,233 par, due 12/2031) Acquisition Date 12/18/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.61%2024-12-310001925309Debt Investments Business Services Wrangler TopCo, LLC First-lien loan ($134,915 par, due 9/2029) Initial Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.49%2025-12-310001925309Debt Investments Healthcare Eventus Buyer, LLC First-lien loan ($48,470 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.86%2024-12-310001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:SeverinAcquisitionLLCMember2025-12-310001925309ck0001925309:ArcwoodEnvironmentalIncMemberck0001925309:DelayedDrawRevolverMember2025-12-310001925309ck0001925309:O2023Q3BaseDividendsMember2023-09-292023-09-2900019253092024-03-262024-03-260001925309Total Hedge Accounting Swaps2024-01-012024-12-310001925309Debt Investments Transportation Rail Acquisitions LLC First-lien loan ($31,521 par, due 1/2030) Initial Acquisition Date 1/27/2025 Interest Rate 9.86%2025-01-012025-12-310001925309Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien revolving loan ($8,972 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.30%2024-01-012024-12-310001925309srt:AffiliatedEntityMember2025-12-310001925309ck0001925309:O2024Q4BaseDividendsMember2025-01-290001925309Debt Investments Education Kangaroo Bidco AS First-lien loan ($157,500 par, due 11/2030) Initial Acquisition Date 11/2/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.66%2024-12-310001925309ck0001925309:GreenshootBidcoBVMemberck0001925309:RevolverMember2025-12-310001925309us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001925309:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001925309ck0001925309:ChemicalsMember2025-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:ArrowbuyerIncMember2024-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:FirstLienDebtInvestmentsMember2025-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:EquityAndOtherInvestmentsMemberck0001925309:TransportationMember2025-12-310001925309Debt Investments Financial Services Alaska Bidco Oy 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%2025-12-3100019253092024-09-300001925309Equity and Other Investments Transportation Railtrac Holdings Inc. Warrants (3,824 warrants) Initial Acquisition Date 1/27/20252025-12-310001925309Debt Investments Other Boréal Bidco First-lien note (EUR 130,813 par, due 3/2032) Initial Acquisition Date 3/24/2025 Reference Rate and Spread E + 7.25% Interest Rate 9.27% (incl. 5.75% PIK)2025-12-310001925309ck0001925309:EquityAndOtherInvestmentsMember2025-01-012025-12-310001925309Debt Investments Human Resource Support Services PayScale Holdings, Inc. First-lien loan ($72,084 par, due 10/2029) Initial Acquisition Date 10/31/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%2025-01-012025-12-310001925309Equity and Other Investments Healthcare 83,408 Ordinary Shares Initial Acquisition Date 3/24/20232024-12-310001925309ck0001925309:RevolverMemberck0001925309:AVSCHoldingCorpMember2024-12-310001925309Debt Investments Healthcare Velocity Clinical Research, Inc. First-lien loan ($266,113 par, due 9/2031) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17%2025-12-310001925309Interest Rate Swap Company Receives 6.50% Company Pays SOFR + 2.51% Maturity Date 3/11/20292024-12-310001925309ck0001925309:WithManagementFeeWaiverMember2023-01-012023-12-310001925309us-gaap:AutomotiveSectorMember2025-12-310001925309Debt Investments Healthcare SL Buyer Corp. First-lien loan ($3,742 par, due 7/2029) Initial Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 7.75% Interest Rate 12.34%2024-12-310001925309Debt Investments Manufacturing Aptean, Inc. First-lien loan ($123,688 par, due 1/2031) Initial Acquisition Date 1/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.58%2024-12-310001925309ck0001925309:EducationMember2025-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:BlackScholesModelMemberck0001925309:EquityAndOtherInvestmentsMember2024-12-310001925309ck0001925309:LynxBidcoMemberck0001925309:DelayedDrawRevolverMember2025-12-310001925309Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($163,683 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.34%2025-12-310001925309ck0001925309:CommunicationsMember2025-12-310001925309ck0001925309:TwoThousandTwentyNineAndTwoThousandThirtyNotesMember2025-01-012025-12-310001925309Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,546 par, due 7/2029) Initial Acquisition Date 07/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.51%2025-12-310001925309Debt 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%2025-01-012025-12-310001925309Total Hedge Accounting Swaps2025-12-310001925309Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC Investment First-lien loan ($97,561 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 10.82%2025-12-310001925309us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001925309:MezzanineDebtInvestmentsMember2025-12-310001925309Debt Investments Business Services Price Fx Inc. 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%2025-12-310001925309ck0001925309:O2025Q4SpecialDividendsMember2025-12-312025-12-310001925309Debt Investments Human Resource Support Services HireVue, Inc. First-lien revolving loan ($14,113 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.57%2025-12-310001925309Debt Investments Transportation Rail Acquisitions LLC First-lien loan ($31,521 par, due 1/2030) Initial Acquisition Date 1/27/2025 Interest Rate 9.86%2025-12-310001925309Debt Investments Human Resource Support Services Bswift, LLC First-lien loan ($139,546 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 6.38% Interest Rate 11.05%2024-12-3100019253092024-12-172024-12-170001925309Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($16,352 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 14.26%2024-01-012024-12-310001925309Debt Investments Internet Services Hippo XPA Bidco AB 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)2025-01-012025-12-310001925309ck0001925309:WithoutManagementFeeWaiverMember2024-01-012024-12-310001925309Debt Investments Hotel, Gaming, and Leisure AVSC Holding Corp. First-lien loan ($316,171 par, due 12/2031) Initial Acquisition Date 12/5/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.36%2024-12-310001925309ck0001925309:ChemicalsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:MezzanineDebtInvestmentsMember2024-12-3100019253092025-07-012025-09-300001925309ck0001925309:DelayedDrawMemberck0001925309:ScorpioBidcoMember2025-12-310001925309ck0001925309:FirstLienDebtInvestmentsMember2025-12-310001925309ck0001925309:IncrementalTermLoanMember2024-12-180001925309Debt Investments Healthcare Aledade, Inc. First-lien revolving loan ($27,935 par, due 11/2028) Initial Acquisition Date 11/21/2025 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.54%2025-01-012025-12-310001925309country:FR2024-12-310001925309Debt Investments Other Scorpio Bidco First-lien loan (EUR 75,326 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.43%2024-01-012024-12-310001925309ck0001925309:O2024Q4SpecialDividendsMember2024-12-180001925309ck0001925309:ElectronicsMember2025-12-310001925309ck0001925309:O2024Q3BaseDividendsMember2024-09-302024-09-300001925309Debt Investments Financial Services CLGF HoldCo 2, LLC First-lien loan ($97,902 par, due 11/2027) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 12.83%2024-12-310001925309Debt Investments Business Services USA DeBusk, LLC First-lien revolving loan ($4,122 par, due 4/2030) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.59%2024-01-012024-12-310001925309ck0001925309:O2023Q2BaseDividendsMember2023-06-302023-06-300001925309Debt Investments Other Boréal Bidco First-lien note (EUR 130,813 par, due 3/2032) Initial Acquisition Date 3/24/2025 Reference Rate and Spread E + 7.25% Interest Rate 9.27% (incl. 5.75% PIK)2025-01-012025-12-310001925309us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001925309ck0001925309:LimitedLiabilityCompanyAgreementMemberck0001925309:StructuredCreditPartnersJVLLCMembersrt:MaximumMember2025-12-230001925309country:NL2025-12-310001925309Debt Investments Financial Services Alaska Bidco Oy 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%2025-01-012025-12-310001925309Debt Investments Oil, Gas and Consumable Fuels Mach Natural Resources LP First-lien loan ($115,625 par, due 12/2026) Initial Acquisition Date 12/28/2023 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.98%2024-01-012024-12-310001925309Debt Investments Education Severin Acquisition, LLC First-lien loan ($188,983 par, due 10/2031) Initial Acquisition Date 10/1/2024 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.47% (incl. 2.25% PIK)2025-12-310001925309Equity and Other Investments Healthcare Raptor US Buyer II Corp Ordinary Shares (83,408 shares) Initial Acquisition Date 3/24/20232025-12-310001925309Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($6,500 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.62%2025-12-310001925309ck0001925309:RapidDataGmbhUnternehmensberatungMember2025-12-310001925309Debt Investments Business Services Azurite Intermediate Holdings, Inc. First-lien loan ($213,750 par, due 3/2031) Initial Acquisition Date 3/19/2024 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.86%2024-12-310001925309ck0001925309:TwoThousandTwentyNineNotesMember2025-01-012025-12-310001925309ck0001925309:TwoThousandTwentyNineNotesMember2025-12-310001925309us-gaap:RealEstateSectorMember2025-12-3100019253092025-01-012025-03-310001925309Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($12,825 par, due 6/2031) Initial Acquisition Date 6/25/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.50%2025-12-310001925309Debt 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)2024-01-012024-12-310001925309Interest Rate Swap Maturity Date 7/15/20302025-12-310001925309ck0001925309:BusinessServicesMember2025-12-310001925309ck0001925309:OtherMember2025-12-310001925309Debt Investments Retail and Consumer Products Blazing Star Parent, LLC First-lien loan ($198,750 par, due 8/2030) Initial Acquisition Date 8/28/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.82%2025-12-310001925309ck0001925309:WithoutManagementFeeWaiverMember2023-01-012023-12-310001925309ck0001925309:EquityAndOtherInvestmentsMember2025-01-012025-12-310001925309ck0001925309:O2024Q2BaseDividendsMember2024-08-050001925309Debt Investments Financial Services CLGF HoldCo 2, LLC First-lien loan ($97,902 par, due 11/2027) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 12.83%2024-01-012024-12-310001925309ck0001925309:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001925309us-gaap:AdditionalPaidInCapitalMember2023-12-310001925309ck0001925309:BusinessServicesMember2024-12-310001925309Debt Investments Healthcare HMP Omnimedia, LLC First-lien loan ($124,914 par, due 7/2032) Initial Acquisition Date 07/31/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.97%2025-12-310001925309Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($139,864 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2024-01-012024-12-310001925309Interest Rate Swap Maturity Date 1/15/20302025-12-310001925309Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,575 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)2025-12-310001925309ck0001925309:SecondLienDebtInvestmentsMember2024-01-012024-12-310001925309ck0001925309:LimitedLiabilityCompanyAgreementMemberck0001925309:StructuredCreditPartnersJVLLCMember2025-12-230001925309Debt Investments Retail and Consumer Products Acosta First-lien loan ($194,460 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.22%2025-12-310001925309ck0001925309:FirstLienDebtInvestmentsMember2024-01-012024-12-310001925309Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ($97,561 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 11.46%2024-12-310001925309Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 77,006 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 10.98%2025-01-012025-12-310001925309Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 77,006 par, due 6/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 11.95%2024-01-012024-12-310001925309Debt Investments Communications Babylon Finco Limited First lien loan ($89,521 par, due 1/2031) Initial Acquisition Date 1/26/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.37%2024-01-012024-12-310001925309Debt Investments Financial Services CLGF HoldCo 2, LLC Second-lien loan ($83,916 par, due 11/2028) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 12.00% Interest Rate 16.33%2024-01-012024-12-310001925309Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($72,693 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.81%2024-12-310001925309Total Hedge Accounting Swaps2025-01-012025-12-310001925309Debt 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%2024-01-012024-12-310001925309ck0001925309:InternetServicesMember2024-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:KangarooBidcoASMember2025-12-310001925309ck0001925309:O2025Q4SpecialDividendsMember2025-01-270001925309ck0001925309:SubscriptionAgreementsMember2024-12-310001925309Debt Investments Internet Services Hippo XPA Bidco AB 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)2025-12-310001925309Debt Investments Human Resource Support Services MadCap Software, Inc. First-lien loan ($2,475 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 10.35%2024-12-310001925309ck0001925309:JulyTwoThousandThirtyNotesMember2025-01-062025-01-060001925309Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (8,555,356 units) Initial Acquisition Date 11/8/20232024-01-012024-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (GBP 19,592 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%2025-01-012025-12-310001925309Equity and Other Investments Human Resource Support Services Bswift, LLC Class A-1 Units (7,606,491 units) Initial Acquisition Date 11/7/20222025-01-012025-12-310001925309ck0001925309:IncrementalTermLoanMember2025-08-260001925309Debt Investments Automotive Truck-Lite Co., LLC First-lien loan ($303,927 par, due 2/2032) Initial Acquisition Date 2/13/2024 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.48%2025-12-310001925309us-gaap:RevolvingCreditFacilityMember2025-01-170001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:InternetServicesMemberck0001925309:EquityAndOtherInvestmentsMember2024-12-310001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:EventusBuyerLLCMember2025-12-310001925309Debt Investments Financial Services BCTO Bluebill Buyer, Inc. First-lien loan ($7,656 par, due 7/2029) Initial Acquisition Date 7/20/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.84%2024-12-310001925309Debt Investments Other Sky Bidco S.p.A. First-lien note ($115,131 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.51%2024-01-012024-12-310001925309Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($43,450 par, due 1/2031) Initial Acquisition Date 9/27/2024 Reference Rate and Spread Interest Rate 8.71%2025-12-310001925309Debt Investments Financial Services Volante Technologies, Inc. First-lien loan ($3,619 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate 16.50% Interest Rate 16.50% PIK2025-12-310001925309ck0001925309:ErlingLuxBidcoSarlMemberck0001925309:DelayedDrawRevolverMember2025-12-310001925309Debt Investments Hotel, Gaming, and Leisure Equinox Holdings, Inc. Second-lien loan ($10,983 par, due 6/2027) Initial Acquisition Date 3/13/2024 Reference Rate 16.00% Interest Rate 16.00% (PIK)2025-12-310001925309Debt Investments Insurance Disco Parent, Inc. First-lien loan ($67,583 par, due 3/2029) Acquisition Date 3/30/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 12.01%2024-01-012024-12-310001925309ck0001925309:WithoutManagementFeeWaiverMember2022-04-052022-12-310001925309ck0001925309:AdjustedTermSimpleSecuredOvernightFinancingMemberck0001925309:SubscriptionFacilityMember2025-01-012025-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:EDBParentLLCMember2025-12-310001925309Debt Investments Business Services Galileo Parent, Inc. First-lien loan ($148,035 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2025-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:ShiftmoveGmbhMember2024-12-310001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:AlaskaBidcoOyMember2024-12-310001925309Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($45,919 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.62% PIK2025-12-310001925309ck0001925309:AzuriteIntermediateHoldingsIncMemberck0001925309:RevolverEquityMember2025-12-310001925309Debt Investments Retail and Consumer Products Acosta First-lien loan ($194,460 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.22%2025-01-012025-12-310001925309ck0001925309:NortheastMember2025-12-310001925309ck0001925309:KryptonaBidCoUSLLCMemberck0001925309:RevolverMember2025-12-310001925309ck0001925309:HotelGamingAndLeisureMember2024-12-310001925309Debt Investments Business Services Galileo Parent, Inc. First-lien loan ($149,549 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-01-012024-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001925309ck0001925309:TwoZeroTwoNineJanuaryTwoZeroThreeZeroAndJulyTwoZeroThreeZeroNotesMember2024-01-012024-12-310001925309ck0001925309:PdiTaHoldingsIncMemberck0001925309:DelayedDrawRevolverMember2024-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001925309us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberck0001925309:EquityAndOtherInvestmentsMember2024-12-310001925309Debt Investments Healthcare Velocity Clinical Research, Inc. First-lien revolving loan ($2,236 par, due 9/2031) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17%2025-01-012025-12-310001925309us-gaap:RetainedEarningsMember2025-01-012025-12-310001925309Debt Investments Automotive Truck-Lite Co., LLC First-lien loan ($303,927 par, due 2/2032) Initial Acquisition Date 2/13/2024 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.48%2025-01-012025-12-310001925309Debt Investments Business Services Azurite Intermediate Holdings, Inc. First-lien loan ($213,750 par, due 3/2031) Initial Acquisition Date 3/19/2024 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.86%2024-01-012024-12-310001925309ck0001925309:TwoThousandTwentyNineNotesMember2024-12-310001925309Debt Investments Business Services Lynx BidCo First-lien loan (EUR 63,686 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread E + 6.50% Interest Rate 8.52%2025-12-3100019253092022-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:CirrusBidcoLtdMember2025-12-310001925309Debt Investments Business Services Artisan Bidco, Inc. First-lien loan ($114,848 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.39%2024-12-310001925309Debt Investments Healthcare Raptor US Buyer II Corp. First-lien revolving loan ($518 par, due 3/2029) Initial Acquisition Date 3/24/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 9.97%2025-01-012025-12-310001925309us-gaap:RevolvingCreditFacilityMember2024-12-310001925309Debt Investments Business Services Price Fx Inc. 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%2025-01-012025-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:BenNevisMidcoLimitedMember2024-12-310001925309ck0001925309:WithoutManagementFeeWaiverMember2025-01-012025-12-310001925309Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($16,352 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 14.26%2024-12-310001925309ck0001925309:FlightIntermediateHoldCoIncMemberck0001925309:DelayedDrawMember2025-12-310001925309us-gaap:HealthcareSectorMember2024-12-310001925309ck0001925309:JanuaryTwoThousandThirtyNotesMember2025-12-310001925309Debt Investments Internet Services Flight Intermediate HoldCo, Inc. First-lien loan ($46,500 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate 11.50% Interest Rate 11.50%2025-12-310001925309us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-12-310001925309us-gaap:RevolvingCreditFacilityMember2024-05-230001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:EquityAndOtherInvestmentsMember2024-12-310001925309ck0001925309:SubscriptionAgreementsMember2024-03-060001925309us-gaap:InterestRateSwapMemberck0001925309:JanuaryTwoThousandThirtyNotesMember2025-01-012025-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:FirstLienDebtInvestmentsMember2024-01-012024-12-310001925309Debt Investments Communications Banyan Software Holdings, LLC First-lien loan ($78,771 par, due 10/2026) Initial Acquisition Date 1/27/2023 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.71%2024-01-012024-12-310001925309ck0001925309:SapphireSoftwareBuyerIncMemberck0001925309:RevolverMember2024-12-310001925309srt:WeightedAverageMemberus-gaap:RevolvingCreditFacilityMemberck0001925309:SpecifiedRelevantRateMember2025-01-012025-12-310001925309Debt Investments Business Services Galileo Parent, Inc. First-lien loan ($15,481 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2025-01-012025-12-310001925309Debt Investments Communications Banyan Software Holdings, LLC First-lien loan ($78,771 par, due 10/2026) Initial Acquisition Date 1/27/2023 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.71%2024-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (GBP 19,592 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 11.70%2024-12-310001925309Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($10,746 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 13.62%2025-01-012025-12-310001925309ck0001925309:SecuredOvernightFinancingRateMemberck0001925309:JulyTwoThousandThirtyNotesMember2025-01-012025-12-310001925309ck0001925309:SubscriptionAgreementsMember2024-09-240001925309Debt Investments Education Kangaroo Bidco AS First-lien loan ($157,500 par, due 11/2030) Initial Acquisition Date 11/2/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.66%2024-01-012024-12-310001925309us-gaap:CommonStockMember2025-01-012025-12-310001925309us-gaap:InterestRateSwapMemberck0001925309:TwoThousandTwentyNineNotesMember2025-01-012025-12-310001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:UsaDebuskLlcMember2025-12-3100019253092026-02-130001925309ck0001925309:ErlingLuxBidcoSarlMemberck0001925309:DelayedDrawRevolverMember2024-12-310001925309Interest Rate Swap Company Receives 6.50% Company Pays SOFR + 2.22% Maturity Date 3/11/20292024-12-310001925309ck0001925309:InterestRateSwapTwoMemberck0001925309:TwoThousandTwentyNineNotesMember2024-04-010001925309us-gaap:FairValueInputsLevel3Memberck0001925309:FirstLienDebtInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001925309Interest Rate Swap Company Receives 6.50% Company Pays SOFR + 2.22% Maturity Date 3/11/20292024-01-012024-12-310001925309Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (7,882,736 units) Initial Acquisition Date 11/7/20232025-01-012025-12-310001925309ck0001925309:O2025Q2BaseDividendsMember2025-06-302025-06-300001925309ck0001925309:HumanResourceSupportServicesMember2025-12-310001925309Debt 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)2024-12-310001925309us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:EquityAndOtherInvestmentsMember2024-12-310001925309ck0001925309:TruckLiteCoLlcMemberck0001925309:DelayedDrawRevolverMember2024-12-310001925309Debt 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%2025-12-310001925309ck0001925309:EquityAndOtherInvestmentsMember2025-12-3100019253092024-03-062024-03-060001925309Debt Investments Healthcare LIHA Holdco B.V 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%2025-12-310001925309Interest Rate Swap Maturity Date 3/11/2029 One2024-01-012024-12-310001925309ck0001925309:SouthMember2025-12-310001925309ck0001925309:ChemicalsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001925309Debt Investments Financial Services BCTO Bluebill Buyer, Inc. First-lien loan ($7,656 par, due 7/2029) Initial Acquisition Date 7/20/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.84%2024-01-012024-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:FirstLienDebtInvestmentsMemberck0001925309:AssetValuationWaterfallMember2025-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:CirrusBidcoLtdMember2024-12-310001925309us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2025-01-012025-12-3100019253092022-04-0400019253092024-10-012024-12-310001925309ck0001925309:CarlyleAffiliatesMember2025-12-230001925309ck0001925309:HumanResourceSupportServicesMember2024-12-310001925309ck0001925309:O2024Q4DividendsMember2024-12-312024-12-310001925309ck0001925309:SubscriptionFacilityMember2023-03-280001925309Debt Investments Healthcare Eventus Buyer, LLC First-lien loan ($48,106 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%2025-01-012025-12-310001925309us-gaap:RevolvingCreditFacilityMemberck0001925309:AdjustedTermSimpleSecuredOvernightFinancingMembersrt:MaximumMember2025-01-012025-12-310001925309Debt Investments Internet Services Merit Software Finance Holdings, LLC First-lien loan ($11,786 par, due 6/2029) Initial Acquisition Date 6/20/2024 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.85%2024-12-310001925309ck0001925309:O2025Q2BaseDividendsMember2025-08-040001925309Debt Investments Business Services Elements Finco Limited First-lien loan ($20,857 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.72%2025-01-012025-12-310001925309Debt Investments Business Services Crewline Buyer, Inc. First-lien loan ($152,696 par, due 11/2030) Initial Acquisition Date 11/8/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.59%2025-01-012025-12-310001925309Debt Investments Financial Services Fullsteam Operations LLC First-lien loan ($97,412 par, due 11/2029) Initial Acquisition Date 11/27/2023 Reference Rate and Spread SOFR + 8.38% Interest Rate 12.89%2024-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001925309:SecondLienDebtInvestmentsMember2024-12-310001925309us-gaap:RetainedEarningsMember2023-12-310001925309ck0001925309:ElectronicsMember2024-12-310001925309ck0001925309:JanuaryTwoThousandThirtyNotesMemberck0001925309:SecuredOvernightFinancingRateMember2025-01-012025-12-310001925309Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($2,018 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2025-12-310001925309Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien revolving loan ($9,705 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.34%2025-12-310001925309Debt Investments Business Services Artisan Bidco, Inc. First-lien revolving loan ($12,664 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.95%2025-01-012025-12-310001925309ck0001925309:PdiTaHoldingsIncMemberck0001925309:DelayedDrawRevolverMember2025-12-310001925309Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (244 units) Initial Acquisition Date 11/21/20222025-01-012025-12-310001925309ck0001925309:SubscriptionFacilityMemberus-gaap:EurodollarMember2025-01-012025-12-310001925309ck0001925309:InvestmentAdvisoryAgreementMember2023-01-012023-12-310001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:CoupaHoldingsLLCMember2024-12-310001925309Debt Investments Communications X Holdings. Inc. First-lien loan ($37,351 par, due 10/2029) Initial Acquisition Date 2/5/2025 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.45%2025-01-012025-12-310001925309Debt Investments Retail and Consumer Products Acosta First-lien loan ($140,000 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 10.12%2024-01-012024-12-310001925309ck0001925309:AdviserMember2025-01-012025-12-310001925309Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($7,251 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.26%2024-01-012024-12-310001925309Debt Investments Transportation Ranger Intermediate II, LLC First-lien loan ($300,564 par, due 10/2031) Initial Acquisition Date 10/28/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.36%2025-12-310001925309Debt Investments Business Services USA DeBusk, LLC First-lien revolving loan ($13,511 par, due 4/2030) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.06%2025-12-310001925309Debt 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)2024-01-012024-12-310001925309Interest Rate Swap Maturity Date 3/11/2029 One2025-12-310001925309Debt Investments Hotel, Gaming, and Leisure AVSC Holding Corp. First-lien loan ($316,171 par, due 12/2031) Initial Acquisition Date 12/5/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.36%2024-01-012024-12-310001925309Debt Investments Other Scorpio Bidco First-lien loan (EUR 75,326 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.77%2025-12-310001925309ck0001925309:SecondLienDebtInvestmentsMember2025-01-012025-12-310001925309Debt Investments Financial Services Green Shoot BidCo B.V. 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%2025-12-310001925309Debt Investments Human Resource Support Services Bswift, LLC First-lien loan ($139,546 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 6.38% Interest Rate 11.05%2024-01-012024-12-310001925309Debt Investments Communications Aurelia Netherlands B.V. First lien loan (EUR 326,566 par, due 5/2031) Initial Acquisition Date 5/22/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.78%2025-01-012025-12-310001925309Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan ($56,651 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread SOFR + 5.66% Interest Rate 9.99%2024-01-012024-12-310001925309Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 139,148 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.27%2025-12-310001925309Debt Investments Business Services Elements Finco Limited First-lien loan ($20,857 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.72%2025-12-310001925309us-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberck0001925309:SpecifiedRelevantRateMember2025-01-012025-12-310001925309ck0001925309:InvestmentAdvisoryAgreementMember2025-01-012025-12-310001925309ck0001925309:O2025Q2DividendsMember2025-06-302025-06-300001925309us-gaap:FairValueInputsLevel3Memberck0001925309:SecondLienDebtInvestmentsMember2025-01-012025-12-310001925309Debt Investments Healthcare LIHA Holdco B.V First-lien loan (EUR 318 par, due 2/2029) Initial Acquisition Date 2/24/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.52%2025-01-012025-12-310001925309us-gaap:FairValueInputsLevel2Memberck0001925309:SecondLienDebtInvestmentsMember2025-12-310001925309Equity and Other Investments Automotive Clarience Technologies, LLC Class A Units (2,666 units) Initial Acquisition Date 2/12/20242024-01-012024-12-310001925309us-gaap:AccountingStandardsUpdate202309Member2025-12-310001925309us-gaap:AdditionalPaidInCapitalMember2022-12-310001925309ck0001925309:SubscriptionFacilityMemberus-gaap:PrimeRateMember2025-12-310001925309ck0001925309:SecondLienDebtInvestmentsMember2025-01-012025-12-310001925309Cash collateral2025-12-3100019253092023-01-012023-03-3100019253092025-04-012025-06-300001925309us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001925309Debt Investments Automotive Truck-Lite Co., LLC First-lien loan ($280,937 par, due 2/2031) Initial Acquisition Date 2/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.27%2024-01-012024-12-310001925309Equity and Other Investments Business Services Warrior TopCo LP Class A Units (9,576,271 units) Initial Acquisition Date 7/7/20232024-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:MezzanineDebtInvestmentsMember2025-01-012025-12-310001925309Debt Investments Healthcare HMP Omnimedia, LLC First-lien revolving loan ($2,591 par, due 7/2030) Initial Acquisition Date 07/31/2025 Reference Rate and Spread P+ 4.25% Interest Rate 11.00%2025-01-012025-12-310001925309Interest Rate Swap Maturity Date 3/11/2029 One2025-01-012025-12-310001925309Debt Investments Other Sky Bidco S.p.A. First-lien note (EUR 52,053 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.20%2024-01-012024-12-310001925309Debt Investments Healthcare SL Buyer Corp. First-lien loan ($3,742 par, due 7/2029) Initial Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 7.75% Interest Rate 12.34%2024-01-012024-12-310001925309ck0001925309:MezzanineDebtInvestmentsMember2024-01-012024-12-310001925309Interest Rate Swap Company Pays SOFR + 2.51% Maturity Date 3/11/20292024-12-310001925309Interest Rate Swap Company Pays SOFR + 2.22% Maturity Date 3/11/20292025-12-310001925309ck0001925309:SecuredOvernightFinancingRateMemberck0001925309:TwoThousandTwentyNineNotesMember2025-01-012025-12-310001925309Debt 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)2024-01-012024-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:InternetServicesMemberck0001925309:EquityAndOtherInvestmentsMember2025-12-310001925309Debt 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%2025-01-012025-12-310001925309ck0001925309:SubscriptionFacilityMember2025-08-292025-08-290001925309Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (38,503,125 units) Initial Acquisition Date 12/11/20242024-01-012024-12-310001925309ck0001925309:FlightIntermediateHoldCoIncMemberck0001925309:DelayedDrawMember2024-12-310001925309Debt 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%2025-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:BusinessServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001925309ck0001925309:O2023Q2BaseDividendsMember2023-08-150001925309Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($157,895 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-01-012024-12-310001925309Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership Units (337,024 units) Initial Acquisition Date 11/27/20232025-12-310001925309Debt Investments Other Cast & Crew, LLC First-lien loan (CAD 142,016 par, due 1/2029) Initial Acquisition Date 2/27/2025 Reference Rate and Spread C + 5.50% Interest Rate 7.77%2025-12-310001925309ck0001925309:S2024Q2DividendsMember2024-06-302024-06-300001925309ck0001925309:DelayedDrawMemberck0001925309:SkylarkUkDebtcoMember2025-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:BabylonFincoLimitedMember2024-12-310001925309ck0001925309:AdjustedDailySimpleSecuredOvernightFinancingMemberck0001925309:SubscriptionFacilityMember2025-01-012025-12-310001925309ck0001925309:OmnigoSoftwareLLCMemberck0001925309:DelayedDrawRevolverMember2025-12-310001925309us-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-310001925309ck0001925309:SportAllianceGmbhMemberck0001925309:RevolverMember2024-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:BanyanSoftwareHoldingLlcMember2024-12-310001925309Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($182,813 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.82%2025-12-310001925309ck0001925309:MezzanineDebtInvestmentsMember2025-12-310001925309ck0001925309:O2025Q3BaseDividendsMember2025-09-302025-09-300001925309Debt Investments Healthcare Ingenovis Health Finance, LLC First-lien revolving loan ($10,000 par, due 5/2030) Initial Acquisition Date 5/13/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.82%2025-12-310001925309ck0001925309:SecondLienDebtInvestmentsMember2025-12-310001925309Debt Investments Human Resource Support Services HireVue, Inc. First-lien loan ($109,778 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.34%2024-01-012024-12-310001925309Debt Investments Healthcare Symplr Software Inc. First-lien loan ($1,269 par, due 12/2027) Initial Acquisition Date 4/4/2025 Reference Rate 4.60% Interest Rate 8.44%2025-01-012025-12-310001925309ck0001925309:EquityAndOtherInvestmentsMember2024-01-012024-12-310001925309Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (7,882,736 units) Initial Acquisition Date 11/7/20232024-12-310001925309Debt Investments Business Services BCTO Ignition Purchaser, Inc. First-lien holdco loan ($218,542 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.37% PIK2025-01-012025-12-310001925309ck0001925309:ManufacturingMember2024-12-310001925309Equity and Other Investments Transportation Ranger Parent I, Inc. Series A-1 Preferred Shares (24,436 shares) Initial Acquisition Date 10/28/2025 Reference Rate and Spread 14.50% Interest Rate 14.50% PIK2025-12-310001925309Debt Investments Internet Services Rainfocus, LLC First-lien loan ($10,709 par, due 4/2031) Initial Acquisition Date 4/25/2025 Reference Rate and Spread SOFR + 6.38% Interest Rate 10.24%2025-01-012025-12-310001925309Debt Investments Automotive Truck-Lite Co., LLC First-lien loan ($280,937 par, due 2/2031) Initial Acquisition Date 2/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.27%2024-12-310001925309Interest Rate Swap Company Receives 6.13% Company Pays SOFR + 2.01% Maturity Date 7/15/20302025-01-012025-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (NOK 7,427 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.69%2024-01-012024-12-310001925309Debt Investments Hotel, Gaming, and Leisure Equinox Holdings, Inc. Second-lien loan ($10,983 par, due 6/2027) Initial Acquisition Date 3/13/2024 Reference Rate 16.00% Interest Rate 16.00% (PIK)2025-01-012025-12-3100019253092025-09-300001925309ck0001925309:GalileoParentincMemberck0001925309:RevolverMember2024-12-310001925309ck0001925309:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001925309Equity and Other Investments Transportation Railtrac Holdings Inc. Warrants (3,824 warrants) Initial Acquisition Date 1/27/20252025-01-012025-12-310001925309Debt 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%2024-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberck0001925309:EquityAndOtherInvestmentsMembersrt:MaximumMember2024-12-310001925309Interest Rate Swap Company Receives 5.75% Company Pays SOFR + 2.55% Maturity Date 1/15/20302024-12-310001925309Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($16,608 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33%2024-01-012024-12-310001925309Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($146,333 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 10.09%2024-01-012024-12-310001925309Debt Investments Other Cast & Crew, LLC First-lien loan (CAD 142,016 par, due 1/2029) Initial Acquisition Date 2/27/2025 Reference Rate and Spread C + 5.50% Interest Rate 7.77%2025-01-012025-12-310001925309us-gaap:FairValueInputsLevel2Member2025-12-310001925309Debt Investments Business Services Galileo Parent, Inc. First-lien revolving loan ($10,769 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-12-310001925309ck0001925309:OtherMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001925309Debt Investments Financial Services BTRS Holdings, Inc. First-lien revolving loan ($5,422 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.76%2024-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:ArrowheadPharmaceuticalsIncMember2024-12-310001925309Interest Rate Swap Company Pays SOFR + 2.01% Maturity Date 7/15/20302025-12-310001925309us-gaap:AdditionalPaidInCapitalMember2025-12-310001925309ck0001925309:O2025Q3BaseDividendsMember2025-11-100001925309us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001925309Debt Investments Healthcare Raptor US Buyer II Corp. First-lien loan ($113,676 par, due 3/2029) Initial Acquisition Date 3/24/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 9.97%2025-12-310001925309ck0001925309:SubscriptionFacilityMember2023-12-010001925309ck0001925309:ApellisPharmaceuticalsIncMemberck0001925309:DelayedDrawMember2024-12-310001925309Debt Investments Business Services Lynx BidCo First-lien loan ($42,872 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%2025-12-310001925309ck0001925309:MezzanineDebtInvestmentsMember2024-12-310001925309Debt Investments Business Services Galileo Parent, Inc. First-lien loan ($148,035 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%2025-01-012025-12-310001925309Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (38,503,125 units) Initial Acquisition Date 12/11/20242025-12-310001925309Debt Investments Business Services Elements Finco Limited First-lien loan (GBP 118,804 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread S + 5.50% Interest Rate 9.23% (incld. 2.50% PIK)2025-12-310001925309ck0001925309:MezzanineDebtInvestmentsMember2025-01-012025-12-310001925309Debt Investments Hotel, Gaming, and Leisure Equinox Holdings, Inc. Second-lien loan ($9,388 par, due 6/2027) Initial Acquisition Date 3/13/2024 Reference Rate and Spread 16.00% Interest Rate 16.00% PIK2024-12-310001925309us-gaap:RevolvingCreditFacilityMember2025-01-012025-12-310001925309srt:MaximumMember2025-01-012025-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001925309:SecondLienDebtInvestmentsMember2025-12-310001925309ck0001925309:SixthStreetAffiliatesMember2025-12-230001925309Debt Investments Business Services Artisan Bidco, Inc. First-lien revolving loan ($12,664 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.95%2025-12-310001925309us-gaap:AssetPledgedAsCollateralMember2025-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (EUR 11,549 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 9.07%2025-12-310001925309Debt Investments Financial Services Alaska Bidco Oy First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 5/30/2023 Reference Rate and Spread E + 5.75% Interest Rate 8.51%2024-01-012024-12-310001925309Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 77,006 par, due 6/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 11.95%2024-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001925309Debt Investments Internet Services EDB Parent, LLC First-lien loan ($17,830 par, due 7/2028) Initial Acquisition Date 08/06/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.84%2025-12-310001925309srt:WeightedAverageMemberck0001925309:SecuredOvernightFinancingRateMemberck0001925309:TwoThousandTwentyNineNotesMember2024-01-012024-12-310001925309us-gaap:InterestRateSwapMemberck0001925309:TwoThousandTwentyNineNotesMember2024-04-010001925309Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($43,450 par, due 1/2031) Initial Acquisition Date 9/27/2024 Reference Rate and Spread Interest Rate 8.71%2025-01-012025-12-310001925309Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (GBP 57,691 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread S + 5.66% Interest Rate 10.36%2024-01-012024-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001925309:MezzanineDebtInvestmentsMember2025-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001925309Debt Investments Communications Aurelia Netherlands Midco 2 B.V. First lien loan (EUR 201,909 par, due 5/2031) Initial Acquisition Date 5/22/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.93%2024-01-012024-12-310001925309Debt Investments Business Services Crewline Buyer, Inc. First-lien loan ($154,281 par, due 11/2030) Initial Acquisition Date 11/8/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.11%2024-12-3100019253092025-12-310001925309country:DE2025-12-310001925309ck0001925309:ArtisanBidcoIncMemberck0001925309:RevolverMember2024-12-310001925309Debt Investments Transportation Shiftmove GmbH First-lien loan (EUR 16,150 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.03%2025-01-012025-12-310001925309Equity and Other Investments Business Services Newark FP Co-Invest, L.P Partnership (8,555,356 units) Initial Acquisition Date 11/08/20232025-01-012025-12-310001925309Equity and Other Investments Business Services Warrior TopCo LP Class A Units (9,576,271 units) Initial Acquisition Date 7/7/20232025-01-012025-12-3100019253092024-01-012024-12-310001925309us-gaap:InvestmentUnaffiliatedIssuerMemberck0001925309:EquityAndOtherInvestmentsMember2025-12-310001925309Debt Investments Business Services Elements Finco Limited First-lien loan (GBP 118,804 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread S + 5.50% Interest Rate 9.23% (incld. 2.50% PIK)2025-01-012025-12-310001925309Debt Investments Internet Services Kaseware Intermediate Holding Company First-lien loan ($30,276 par, due 10/2031) Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.23%2025-01-012025-12-310001925309ck0001925309:SubscriptionFacilityMember2022-12-310001925309ck0001925309:SecondLienDebtInvestmentsMember2024-01-012024-12-310001925309ck0001925309:WestMember2025-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:RainFocusLLCMember2025-12-310001925309Debt Investments Healthcare Symplr Software Inc. First-lien loan ($1,269 par, due 12/2027) Initial Acquisition Date 4/4/2025 Reference Rate 4.60% Interest Rate 8.44%2025-12-310001925309Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (NOK 7,427 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.23%2025-12-310001925309Debt Investments Internet Services Big Wombat Holdings, Inc. First-lien loan ($25,962 par, due 4/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.88%2025-12-310001925309Debt Investments Business Services USA DeBusk, LLC First-lien loan ($103,491 par, due 4/2031) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.62%2024-01-012024-12-310001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:BtrsHoldingIncMember2024-12-310001925309ck0001925309:TwoThousandTwentyNineNotesMember2024-03-040001925309ck0001925309:WestMember2024-12-310001925309Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (2,170,139 units) Initial Acquisition Date 3/19/20242024-01-012024-12-310001925309Interest Rate Swap Maturity Date 3/11/20292024-01-012024-12-310001925309ck0001925309:EquityAndOtherInvestmentsMember2025-12-310001925309Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (244 units) Initial Acquisition Date 11/21/20222024-12-310001925309ck0001925309:GeneralRiskFactorsMember2025-01-012025-12-310001925309Interest Rate Swap Company Receives 5.75% Company Pays SOFR + 2.55% Maturity Date 1/15/20302024-01-012024-12-310001925309ck0001925309:O2024Q1DividendsMember2024-03-292024-03-290001925309ck0001925309:VarinemGermanBidcoGmbhMemberck0001925309:DelayedDrawMember2024-12-310001925309country:IT2025-12-310001925309ck0001925309:RevolverMemberck0001925309:AVSCHoldingCorpMember2025-12-310001925309ck0001925309:O2024Q4SpecialDividendsMember2024-12-092024-12-090001925309Debt Investments Business Services Wrangler TopCo, LLC First-lien loan ($123,938 par, due 9/2029) Initial Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.38%2024-01-012024-12-310001925309us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001925309:MezzanineDebtInvestmentsMember2024-12-310001925309ck0001925309:AdviserMember2024-01-012024-12-310001925309ck0001925309:SecondLienDebtInvestmentsMember2024-12-310001925309Debt Investments Other Sediver S.p.A. First-lien note ($160,437 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.68%2025-01-012025-12-310001925309us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001925309:MezzanineDebtInvestmentsMember2025-12-310001925309us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001925309:FirstLienDebtInvestmentsMember2025-12-310001925309ck0001925309:AledadeIncMemberck0001925309:RevolverMember2025-12-310001925309ck0001925309:MidwestMember2024-12-310001925309Interest Rate Swap Maturity Date 1/15/20302024-01-012024-12-310001925309Equity and Other Investments Transportation Ranger Parent I, Inc. Series A-1 Preferred Shares (24,436 shares) Initial Acquisition Date 10/28/2025 Reference Rate and Spread 14.50% Interest Rate 14.50% PIK2025-01-012025-12-310001925309us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310001925309Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 31,233 par, due 12/2031) Acquisition Date 12/18/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.61%2024-01-012024-12-310001925309Interest Rate Swap Maturity Date 1/15/20302025-01-012025-12-310001925309ck0001925309:WithManagementFeeWaiverMember2024-01-012024-12-310001925309ck0001925309:QSRAcquisitionCoMemberck0001925309:DelayedDrawMember2024-12-310001925309Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (173,048 units) Initial Acquisition Date 11/21/20222024-01-012024-12-310001925309ck0001925309:WithManagementFeeWaiverMember2022-04-052022-12-310001925309ck0001925309:MeritSoftwareFinanceHoldingsLlcMemberck0001925309:DelayedDrawRevolverMember2024-12-310001925309Equity and Other Investments Business Services Warrior TopCo LP Class A Units (9,576,271 units) Initial Acquisition Date 7/7/20232025-12-310001925309Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($131,681 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:FirstLienDebtInvestmentsMemberck0001925309:AssetValuationWaterfallMember2024-12-310001925309ck0001925309:HotelGamingAndLeisureMember2025-12-310001925309Debt Investments Internet Services Rainfocus, LLC First-lien loan ($10,709 par, due 4/2031) Initial Acquisition Date 4/25/2025 Reference Rate and Spread SOFR + 6.38% Interest Rate 10.24%2025-12-310001925309ck0001925309:FederalIncomeTaxRisksMember2025-01-012025-12-310001925309Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($146,333 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 10.09%2024-12-310001925309us-gaap:CommonStockMember2025-12-310001925309Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (244 units) Initial Acquisition Date 11/21/20222024-01-012024-12-310001925309Equity and Other Investments Automotive Clarience Technologies, LLC Class A Units (2,666 units) Initial Acquisition Date 2/12/20242024-12-310001925309Debt Investments Healthcare Raptor US Buyer II Corp. First-lien loan ($114,842 par, due 3/2029) Initial Acquisition Date 3/24/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-12-310001925309Debt 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)2024-12-310001925309ck0001925309:InsuranceMember2025-12-310001925309ck0001925309:DelayedDrawRevolverMemberck0001925309:EventusBuyerLLCMember2024-12-3100019253092025-03-310001925309Equity and Other Investments Internet Services Bigtincan Holdings L.P. Class A Units (1,597,110 units) Initial Acquisition Date 4/16/20252025-12-310001925309Debt Investments Hotel, Gaming, and Leisure Equinox Holdings, Inc. First-lien loan ($198,362 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)2024-01-012024-12-310001925309Debt Investments Human Resource Support Services MadCap Software, Inc. First-lien loan ($2,450 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 9.77%2025-01-012025-12-310001925309ck0001925309:EquityAndOtherInvestmentsMember2023-12-310001925309Equity and Other Investments Business Services Newark FP Co-Invest, L.P Partnership (8,555,356 units) Initial Acquisition Date 11/08/20232025-12-310001925309Debt Investments Business Services USA DeBusk, LLC First-lien revolving loan ($4,122 par, due 4/2030) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.59%2024-12-310001925309Debt Investments Business Services USA DeBusk, LLC First-lien loan ($124,825 par, due 4/2031) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.00%2025-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:SecondLienDebtInvestmentsMember2024-12-310001925309us-gaap:FairValueInputsLevel3Member2025-12-310001925309us-gaap:RevolvingCreditFacilityMember2024-06-270001925309Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($2,018 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2025-01-012025-12-310001925309ck0001925309:DelayedDrawMemberck0001925309:KangarooBidcoASMember2024-12-310001925309us-gaap:FairValueInputsLevel3Memberck0001925309:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001925309ck0001925309:StructuredCreditPartnersJVLLCMember2025-12-230001925309ck0001925309:AvalaraIncMemberck0001925309:RevolverMember2024-12-310001925309Debt Investments Business Services Artisan Bidco, Inc. First-lien loan (EUR 51,863 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread E + 7.00% Interest Rate 10.45%2024-01-012024-12-310001925309Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($45,317 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.26% PIK2024-12-310001925309Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($139,587 par, due 12/2031) Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.70% (incl. 3.25% PIK)2025-01-012025-12-310001925309Debt Investments Chemicals FGI Acquisition Corp First-lien loan (89,550 par, due 6/2032) Initial Acquisition Date 6/4/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.27%2025-12-310001925309Equity and Other Investments Healthcare 83,408 Ordinary Shares Initial Acquisition Date 3/24/20232024-01-012024-12-310001925309Interest Rate Swap Company Receives 6.50% Company Pays SOFR + 2.51% Maturity Date 3/11/20292024-01-012024-12-31iso4217:EURck0001925309:Swapxbrli:pureck0001925309:Segmentiso4217:SEKxbrli:sharesiso4217:CADiso4217:GBPiso4217:USDxbrli:sharesiso4217:USDiso4217:NOK

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 814-01543

Sixth Street Lending Partners

(Exact Name of Registrant as Specified in Its Charter)


Delaware	88-1710161
(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
None	None	None

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

Common shares of beneficial interest, par value $0.001 per share

(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 number of shares of the registrant’s common shares of beneficial interest, $0.001 par value per share (the "Common Shares"), outstanding at February 13, 2026 was 150,578,335.

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

SIXTH STREET LENDING PARTNERS

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	28
ITEM 1B.	Unresolved Staff Comments	60
ITEM 1C.	Cybersecurity	60
ITEM 2.	Properties	61
ITEM 3.	Legal Proceedings	61
ITEM 4.	Mine Safety Disclosures	61

PART II
ITEM 5.	Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	62
ITEM 6.	Reserved	63
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	64
ITEM 7A.	Quantitative and Qualitative Disclosures About Market Risk	87
ITEM 8.	Consolidated Financial Statements and Supplementary Data	F-1
ITEM 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	91
ITEM 9A.	Controls and Procedures	91
ITEM 9B.	Other Information	91
ITEM 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	91
PART III
ITEM 10.	Trustees, Executive Officers and Corporate Governance	92
ITEM 11.	Executive Compensation	98
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	99
ITEM 13.	Certain Relationships and Related Transactions, and Trustee Independence	100
ITEM 14.	Principal Accountant Fees and Services	101

PART IV
ITEM 15.	Exhibits and Financial Statement Schedules	104
ITEM 16.	Form 10-K Summary	106

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 Lending Partners, has filed with the Securities and Exchange Commission (the “SEC”), the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

•

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

•

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

•

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

•

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

•

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

•

changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of trade policies 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.

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

•

Our Board of Trustees may amend our Declaration of Trust without prior shareholder approval.

•

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. Any new investment advisory
agreement would require shareholder approval.

•

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.

•

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 shareholder
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.

•

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

•

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.

•

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

•

Our portfolio investments may present special tax issues.

•

If we are not treated as a publicly offered regulated investment company, certain non-corporate U.S. shareholders will be
treated as having received a dividend from us in the amount of such U.S. shareholders’ allocable share of the Management
and Incentive Fees paid to our investment adviser and certain of our other expenses, and these fees and expenses will be
treated as miscellaneous itemized deductions of such U.S. shareholders. Under current law, miscellaneous itemized
deductions are generally not deductible by any such shareholder.

•

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

Risks Related to Our Securities

•

An investment in our Common Shares will have limited liquidity.

•

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

•

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

•

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

General Risk Factors

•

We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in
turn, negatively affect our ability to pay dividends.

•

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 “we,” “us,”, “our,” and “the Company” refer to Sixth Street Lending Partners. The term “Adviser” refers to Sixth Street Lending Partners Advisers, LLC, a Delaware limited liability company. The term “Sixth Street” refers to Sixth Street Partners, LLC.

ITEM 1. BUSINESS

General

Our Company

We are organized as a Delaware statutory trust named Sixth Street Lending Partners. The Company was formed on April 5, 2022. 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 August 2022, through December 31, 2025, we have originated approximately $29.2 billion aggregate principal amount of investments and retained approximately $9.8 billion aggregate principal amount of these investments on our balance sheet prior to any subsequent exits and repayments. We seek to generate current income and long-term capital appreciation primarily by investing in U.S.-domiciled upper 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, equity securities, and other instruments.

By “upper middle-market companies,” we mean companies that have annual EBITDA (as defined below), which we believe is a useful proxy for cash flow, of greater than $75 million, although we may invest in smaller companies on occasion. “EBITDA” means a company’s earnings before interest, tax, depreciation and amortization. As of December 31, 2025, our core portfolio companies, which exclude certain investments that fall outside of our typical borrower profile and represent 88.9% of our total investments based on fair value, had weighted average annual revenue of $870.9 million and weighted average annual EBITDA of $261.6 million. As of December 31, 2025, our core portfolio companies had a median annual revenue of $201.9 million and median annual EBITDA of $67.5 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 August 2022. In conducting our investment activities, we believe that we benefit from the significant scale and resources of our Adviser and its affiliates.

The companies in which we invest use our capital to support organic growth, acquisitions, market or product expansion and recapitalizations (including restructurings). 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. As of December 31, 2025, based on fair value our portfolio consisted of 94.5% first-lien debt investments, 0.5% second-lien debt investments, 2.7% mezzanine debt investments and 2.3% equity and other investments. As of December 31, 2025, 96.9% of our debt investments based on fair value bore interest at floating rates, with 100% of these subject to interest rate floors, which we believe helps act as a portfolio-wide hedge against inflation. As of December 31, 2025, we had investments in 74 portfolio companies, with an average investment size of approximately $109.6 million based on fair value. As of December 31, 2025, the largest single investment based on fair value represented 4.8% of our total investment portfolio.

As of December 31, 2025, our portfolio was invested across eighteen (18) different industries. The largest industry in our portfolio as of December 31, 2025 was business services, which represents, as a percentage of our portfolio, 19.7%, based on fair value.

We are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended, (the “1940 Act”). In addition, for U.S. federal income tax purposes, we elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, which we refer to as the Code. As a consequence of our BDC and RIC elections, our portfolio is and will continue to be subject to diversification and other requirements to maintain such status elections.

We borrow money from time to time within the levels permitted by the 1940 Act to fund investments and for general corporate purposes. Under the 1940 Act, we can incur borrowings, issue debt securities or issue preferred shares if immediately after the

borrowing or issuance our ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred shares is at least 150%. In determining whether to borrow money, we analyze the maturity, covenant package and rate structure of the proposed borrowings, as well as the risks of those borrowings compared to our investment outlook. The use of borrowed funds or the proceeds of preferred shares offerings to make investments has its own specific set of benefits and risks, and all of the costs of borrowing funds or issuing preferred shares are borne by us, and ultimately the holders of our Common Shares. 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.” See also “Regulation as a Business Development Company—Senior Securities.”

Our operations comprise only a single reportable segment.

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 affiliates of 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.

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

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 shareholders 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 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 August 2022, we have sought to generate current income primarily in U.S.-domiciled upper 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 $8,108.7 million and $7,244.3 million, respectively, in 74 and 67 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	$	7,483.9	$	7,659.9	$	176.0
Second-lien debt investments		35.3		37.4		2.1
Mezzanine debt investments		215.2		222.4		7.2
Equity and other investments		158.5		189.0		30.5
Total Investments	$	7,892.9	$	8,108.7	$	215.8


	December 31, 2024
					Net Unrealized
($ in millions)	Amortized Cost (1)		Fair Value		Gain (Loss)
First-lien debt investments	$	6,732.1	$	6,871.8	$	139.7
Second-lien debt investments		89.5		94.8		5.3
Mezzanine debt investments		118.4		123.2		4.8
Equity and other investments		140.0		154.5		14.5
Total Investments	$	7,080.0	$	7,244.3	$	164.3

(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.

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		3.8	%		4.0	%
Business Services		19.7	%		18.7	%
Chemicals		1.6	%		0.5	%
Communications		5.6	%		6.4	%
Education		4.3	%		5.2	%
Electronics		2.8	%		3.1	%
Financial Services		0.4	%		6.5	%
Healthcare		7.6	%		2.5	%
Hotel, Gaming and Leisure		6.4	%		7.4	%
Human Resource Support Services		5.2	%		3.9	%
Insurance	—				0.9	%
Internet Services		7.8	%		7.2	%
Manufacturing		2.4	%		8.0	%
Oil, Gas and Consumable Fuels		1.2	%		2.9	%
Other		7.4	%		3.4	%
Pharmaceuticals		7.5	%		8.7	%
Real Estate (1)		0.0	%		0.0	%
Retail and Consumer Products		10.1	%		9.5	%
Transportation		6.2	%		1.2	%
Total		100.0	%		100.0	%

(1)

Value rounds to less than 0.1%.

We classify the industries of our portfolio companies by end-market (such as Business Services and Retail and Consumer Products) 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		21.0	%		18.0	%
Northeast		10.5	%		17.3	%
South		19.1	%		14.2	%
West		24.2	%		26.8	%
Canada (1)		0.0	%		2.3	%
Finland (1)		0.0	%		0.0	%
France		4.5	%		1.8	%
Germany		1.3	%		0.6	%
Italy		2.8	%		2.4	%
Netherlands		0.2	%		0.2	%
Norway		7.2	%		5.5	%
Sweden		0.3	%		0.1	%
United Kingdom		8.9	%		10.8	%
Total		100.0	%		100.0	%

(1)

Value rounds 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		62.1		—
Apellis Pharmaceuticals, Inc. - Delayed Draw		—		42.1
Aptean, Inc. - Delayed Draw & Revolver		—		15.8
Arcwood Environmental Inc. - Delayed Draw & Revolver		19.5		28.5
Arrow Buyer, Inc. - Delayed Draw		—		20.2
Arrowhead Pharmaceuticals, Inc. - Delayed Draw		116.9		135.2
Artisan Bidco, Inc. - Revolver		4.2		16.9
Avalara, Inc. - Revolver		—		13.6
AVSC Holding Corp. - Revolver		26.6		33.8
Azurite Intermediate Holdings, Inc. - Revolver & Equity		29.2		29.2
Babylon Finco Limited - Delayed Draw		—		16.5
Banyan Software Holdings, LLC - Delayed Draw		—		19.5
BCTO Bluebill Buyer, Inc. - Delayed Draw		—		1.1
Ben Nevis Midco Limited - Delayed Draw		—		27.3
BTRS Holdings, Inc. - Delayed Draw & Revolver		—		9.1
Cirrus (Bidco) Ltd - Delayed Draw		0.4		0.4
Cordance Operations LLC - Delayed Draw		45.7		—
Coupa Holdings, LLC - Delayed Draw & Revolver		20.4		20.4
Crewline Buyer, Inc. - Revolver & Equity		16.3		16.3
Disco Parent, Inc. - Revolver		—		5.8
EDB Parent, LLC - Delayed Draw		1.1		—
Elysium BidCo Limited - Revolver		—		19.3
Erling Lux Bidco SARL - Delayed Draw & Revolver		6.1		2.8
Eventus Buyer, LLC - Delayed Draw & Revolver		16.2		18.8
Flight Intermediate HoldCo, Inc. - Delayed Draw		37.4		44.0
Fullsteam Operations, LLC - Delayed Draw & Revolver		—		70.3
Galileo Parent, Inc. - Revolver		8.1		12.8
Greenshoot Bidco B.V. - Revolver		0.5		0.4


Hippo XPA Bidco AB - Delayed Draw & Revolver		9.4		1.7
HireVue, Inc. - Revolver		—		5.1
HMP Omnimedia, LLC - Delayed Draw & Revolver		62.2		—
Ingenovis Health Finance, LLC - Revolver		10.0		—
Kangaroo Bidco AS - Delayed Draw		22.5		22.5
Kaseware Intermediate Holding Company - Delayed Draw & Revolver		4.7		—
Kryptona BidCo US, LLC - Revolver		14.7		14.7
LIHA Holdco B.V. - Delayed Draw & Revolver		0.8		1.0
Lynx BidCo - Delayed Draw & Revolver		15.7		25.1
Merit Software Finance Holdings, LLC - Delayed Draw & Revolver		—		3.2
Omnigo Software, LLC - Delayed Draw & Revolver		10.1		—
PDI TA Holdings, Inc. - Delayed Draw & Revolver		3.5		26.5
QSR Acquisition Co. - Delayed Draw		—		5.0
Rail Acquisitions LLC - Delayed Draw & Revolver		7.1		—
RainFocus, LLC - Delayed Draw		0.9		—
Rapid Data GmbH Unternehmensberatung - Delayed Draw & Revolver		1.2		1.4
Raptor US Buyer II Corp. - Revolver		3.8		4.3
Sapphire Software Buyer, Inc. - Revolver		27.0		27.0
Scorpio Bidco - Delayed Draw		17.2		15.2
Sediver S.p.A. - Delayed Draw		33.6		29.6
Severin Acquisition, LLC - Delayed Draw & Revolver		52.0		72.5
Shiftmove GmbH - Delayed Draw		4.5		6.0
SkyLark UK DebtCo Limited - Delayed Draw		—		24.1
SL Buyer Corp. - Delayed Draw		—		1.3
SMA Technologies Holdings, LLC - Revolver		4.0		4.0
Sport Alliance GmbH - Revolver		0.5		0.6
Tango Management Consulting, LLC - Delayed Draw & Revolver		6.2		—
Truck-Lite Co., LLC - Delayed Draw & Revolver		35.2		61.2
USA Debusk, LLC - Delayed Draw & Revolver		37.8		42.1
Varinem German Bidco GmbH - Delayed Draw		4.9		3.6
Velocity Clinical Research, Inc. - Delayed Draw & Revolver		37.3		—
Wrangler Topco, LLC - Delayed Draw & Revolver		20.1		32.4
Total Portfolio Company Commitments (1)(2)	$	857.8	$	1,050.4

(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 as 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 Shares.

Additionally, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our Common Shares 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 200.8% and 193.0%, 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 shareholders (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.

Our 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) (1)	Amount Committed		Principal		Available (2)		Value (3)(4)
Subscription Facility	$	500.0	$	22.4	$	477.6	$	21.5
Revolving Credit Facility		2,675.0		2,025.9		617.1		2,010.4
2029 Notes		750.0		750.0		—		754.2
January 2030 Notes		600.0		600.0		—		588.3
July 2030 Notes		750.0		750.0		—		758.5
Total Debt	$	5,275.0	$	4,148.3	$	1,094.7	$	4,132.8

(1)

Table may not sum due to rounding.

(2)

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

(3)

The carrying values of the Subscription Facility, Revolving Credit Facility, 2029 Notes, January 2030 Notes and July 2030 Notes are presented net of deferred financing costs and original issue discounts totaling $1.0 million, $15.5 million, $11.0 million, $6.6 million and $12.4 million, respectively.

(4)

The carrying values of the 2029 Notes, January 2030 Notes and July 2030 Notes are presented inclusive of an incremental $15.1 million, $(5.2) million and $21.0 million, respectively, which represents an adjustment in the carrying values of the 2029 Notes, January 2030 Notes and July 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)
Subscription Facility	$	1,500.0	$	1,496.7	$	3.2	$	1,493.7
Revolving Credit Facility		1,550.0		1,502.0		42.1		1,492.9
2029 Notes		750.0		750.0		—		734.7
January 2030 Notes		600.0		600.0		—		567.3
Total Debt	$	4,400.0	$	4,348.7	$	45.3	$	4,288.6

(1)

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

(2)

The carrying values of the Subscription Facility, Revolving Credit Facility, 2029 Notes and January 2030 Notes are presented
net of deferred financing costs and original issue discounts totaling $3.0 million, $9.1 million, $14.2 million and $8.6 million,
respectively.

(3)

The carrying values of the 2029 Notes and January 2030 Notes are presented inclusive of an incremental $(1.1) million and $(24.1) million, respectively, which represents an adjustment in the carrying values of the 2029 Notes and January 2030 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)	December 31, 2025			December 31, 2024			December 31, 2023
Interest expense	$	202.9		$	169.8		$	64.1
Commitment fees		6.0			3.2			3.1
Amortization of deferred financing costs		11.9			8.3			5.2
Accretion of original issue discount		2.1			1.0			—
Swap settlement		11.0			9.7			—
Total Interest Expense	$	233.9		$	192.0		$	72.4
Average debt outstanding	$	3,687.3		$	2,519.0		$	876.9
Weighted average interest rate		5.8	%		7.1	%		7.3	%

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 shareholders. 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.”

Dividend Reinvestment Plan

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

Administration

Each of our 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 June 28, 2022, we entered into the Investment Advisory Agreement with our Adviser.

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 1.25% 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 the years ended December 31, 2025, December 31, 2024, and December 31, 2023, Management Fees (gross of waivers) were $108.0 million, $67.8 million and $25.2 million, respectively.

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, Management Fees of $67.9 million, $43.8 million and $16.7 million were waived, respectively.

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

Prior to any Exchange Listing (as defined below) that may occur, the Adviser will waive its right to receive Management Fees in excess of the sum of 1.00% of the Company’s average aggregate drawn capital (including capital drawn to pay Company expenses) as of the end of the two most recently completed calendar quarters, appropriately adjusted for any share issuances or repurchases during the relevant calendar quarter. The fee waiver will terminate if and when the Company consummates an Exchange Listing.

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 excess of pre-Incentive Fee net investment income in excess of a 1.5% quarterly hurdle rate, until the Adviser has received 12.5% (17.5% subsequent to an Exchange Listing) of total net investment income for that quarter, and 12.5% (17.5% subsequent to an Exchange Listing) of all remaining pre-Incentive Fee net investment income for that quarter.

Pre-Incentive Fee net investment income means dividends (including reinvested dividends), interest and fee income accrued by the Company during the calendar quarter, minus the Company’s operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement to the Administrator, and any interest expense and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee). Pre-Incentive Fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Adviser will not be obligated to return cash to the Company if the Incentive Fee it receives on investments with deferred interest are later determined to be uncollectible. Pre-Incentive Fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

(ii)

The second component, payable at the end of each fiscal year in arrears, prior to an Exchange Listing, equal 12.5% of cumulative realized capital gains from the inception of the Company to the end of such fiscal year, less the aggregate amount of any previously paid capital gain Incentive Fee for prior periods (the “Capital Gains Fee”). 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. Following an Exchange Listing, the Capital Gains Fee will equal a weighted percentage of the Company’s realized capital gains, if any, on a cumulative basis as between the inception of the Company to an Exchange Listing and from such Exchange Listing to the end of such fiscal year. The weighted percentage is intended to ensure that for each fiscal year following an Exchange Listing, the portion of the Company’s realized capital gains that accrued prior to an Exchange Listing will be subject to an Incentive Fee rate of 12.5% and the portion of the Company’s realized capital gains that accrued following an Exchange Listing will be subject to an Incentive Fee rate of 17.5%.

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.

An “Exchange Listing” is a quotation or listing of the Company’s securities on a national securities exchange (including through an initial public offering) or a sale of all or substantially all of our assets to, or a merger or other liquidity transaction with, an entity in which the Company’s shareholders receive shares of a publicly-traded company which continues to be managed by the Adviser or an affiliate thereof.

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, Incentive Fees on net investment income were $82.4 million, $54.7 million and $19.3 million, respectively. For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, $(9.6) million, $17.8 million, and $6.7 million, respectively, were accrued related to Capital Gains (Losses) Fees.

In November 2025, the Board renewed the Investment Advisory Agreement. Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect until November 2026, and may be extended subject to required approvals. The Investment Advisory Agreement 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 June 28, 2022, 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 shareholders 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 for certain expenses incurred by any such affiliates or third parties for work done on its behalf. For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, we incurred expenses of $4.3 million, $4.0 million and $2.7 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.

No person who is an officer, trustee or employee of the Adviser or its affiliates and who serves as our trustee receives any compensation from us for his or her services as a trustee. 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. Trustees 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 V of the Declaration of Trust.

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:

•

organizational and offering expenses related to the Company’s initial private offering of Common Shares (up to an aggregate of 0.10% of total capital commitments to the Company, it being understood and agreed that the Adviser shall bear all such organizational and offering expenses related to the Company’s initial private offering of Common Shares in excess of such amount);

•

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

•

fees and 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 the Company’s rights with respect to investments in existing portfolio companies, including, among others, professional fees (including, without

limitation, the fees and expenses of consultants and experts) and fees and expenses relating to, or associated with, evaluating, monitoring, researching and performing due diligence on investments and prospective investments;

•

due diligence and research expenses (including an allocable portion of any research or other service that may deemed to be bundled for the benefit of the Company), as well as the information technology systems used to obtain such research and other information;

•

the costs of any public offerings of our Common Shares 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 Common Shares;

•

administration fees payable under our Administration Agreement with the Adviser;

•

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 derivatives and hedging;

•

commissions and other compensation payable to brokers or dealers;

•

taxes and governmental fees;

•

Independent Trustee 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 and chief compliance officer and their respective staffs;

•

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

•

our fidelity bond;

•

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

•

indemnification payments;

•

information technology and related costs, including costs related to software, hardware and other technological systems (including specialty and custom software);

•

costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with the business of the Company and the amount of any judgment or settlement paid in connection therewith;

•

all fees, costs and expenses, if any, incurred by or on behalf of the Company in developing, negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation any reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments, including expenses relating to unconsummated investments that may have been attributable to co-investors had such investments been consummated;

•

investment costs, including all fees, costs and expenses incurred in sourcing, evaluating, developing, negotiating, structuring, trading (including trading errors), settling, monitoring and holding prospective or actual investments or investment strategies including, without limitation, any financing, legal, filing, auditing, tax, accounting, compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith (to the extent the Adviser is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction);

•

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.

The Company bears its allocable portion of the costs of the compensation, benefits, and related administrative expenses (including travel expenses) of its officers who provide operational and administrative services under the Administration Agreement, their respective staffs and other professionals who provide services to the Company (including, in each case, employees of the Administrator or an affiliate) who assist with the preparation, coordination, and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company. The Company reimburses the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates) to such individuals (based on a percentage of time such individuals devote, on an estimated basis, to the business and affairs of the Company and in acting on behalf of the Company). Although the Investment Advisory Agreement and Administration Agreement do not specify a timeframe by which the Adviser or its affiliates must be so reimbursed, the Company expects that it would generally reimburse the Adviser or its affiliates by the end of following quarter in which the expense is recognized.

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 trustees 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 Trustees). 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 declaration of trust. 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 Trustees, and holders of a majority of our outstanding securities, approved our Investment Advisory Agreement in June 2022. In its consideration of the Investment Advisory Agreement at the time of approval, 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 shareholders;

•

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 Trustees, 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 shareholders 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 trustees 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 trustee or officer against any liability to us or our shareholders 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 Shares 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 shares or publicly traded debt securities are outstanding, we may be prohibited from making distributions to our shareholders 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 200.8% and 193.0%, 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 shareholders 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 Shares 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 Shares at a price below the then-current net asset value of our Common Shares if our Board determines that the sale is in our best interests and the best interests of our shareholders, and our shareholders have approved our policy and practice of making these sales within the preceding 12 months. In addition we may elect to issue and sell warrants, options and rights to acquire our Common Shares at a price below the then-current net asset value of our Common Shares if our Board approves the issuance of such warrants, option and rights and shareholders approve such issuance as well. We may in the future seek such approval; 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 such securities (less any distribution commission or discount). In addition, we may generally issue new Common Shares at a price below net asset value in rights offerings to existing shareholders, 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, trustees, 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).

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.

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:

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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:

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

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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

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satisfies any of the following:

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

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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 trustee of the eligible portfolio company; or

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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.

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Securities of any eligible portfolio company that we control;

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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;

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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;

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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;

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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 trustees, 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 Shares 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 shares or publicly-traded debt securities are outstanding, we may be prohibited from making distributions to our shareholders 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 shares, 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 200.8% and 193.0%, 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, trustees 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.

Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act of 2002 imposes a wide variety of regulatory requirements on certain publicly held companies and their insiders. Assuming certain requirements are met, many of these requirements affect us. For example:

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pursuant to Rule 13a-14 of the Exchange Act, our Chief Executive Officer and Chief Financial Officer certify the accuracy of the financial statements contained in our periodic reports;

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pursuant to Item 307 of Regulation S-K, our periodic reports disclose our conclusions about the effectiveness of our disclosure controls and procedures;

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pursuant to Rule 13a-15 of the Exchange Act, subject to certain assumptions, our management is required to prepare an annual report regarding its assessment of our internal control over financial reporting, and if we cease to be an emerging growth company and non-accelerated filer, such report will be subject to auditor attestation requirements; and

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pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, our periodic reports disclose whether there were significant changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires us to review our policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and take actions necessary to ensure that we are in compliance therewith.

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 Trustees, 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 shareholders’ 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 shareholders or if the circumstances make such an abstention or withholding otherwise advisable and in the best interest of the relevant shareholder(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 shareholders who purchase Common Shares. 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 shareholders 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.sixthstreetlendingpartners.com) 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.

Shareholders and the public may access the Company's public filings at www.sec.gov or obtain information by calling the SEC at (202) 551-8090.

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:

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

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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

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

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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

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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.”

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

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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

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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:

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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.

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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 shareholders, and distributions will be taxable to our shareholders 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 shareholder’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 shareholders 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

Our Board of Trustees may amend our Declaration of Trust without prior shareholder approval.

Our Board of Trustees may, without shareholder vote, subject to certain exceptions, amend or otherwise supplement the Declaration of Trust by making an amendment, a Declaration of Trust supplemental thereto or an amended and restated Declaration of Trust, including without limitation to classify the Board of Trustees, to impose advance notice provisions for Trustee nominations or for shareholder proposals and to require super-majority approval of transactions with significant shareholders or other provisions that may be characterized as anti-takeover in nature.

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 shareholders. The 1940 Act limits our ability to incur borrowings and issue debt securities and preferred shares, 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 shares, 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 shareholders. 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 shares, the preferred shares would rank senior to Common Shares in our capital structure. Preferred shareholders would have separate voting rights on certain matters and may have other rights, preferences or privileges more favorable than those of our common shareholders. The issuance of preferred shares 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 Shares or otherwise be in the best interest of holders of our Common Shares. Holders of our Common Shares will directly or indirectly bear all of the costs associated with offering and servicing any preferred shares that we issue. In addition, any interests of preferred shareholders may not necessarily align with the interests of holders of our Common Shares and the rights of holders of shares of preferred shares to receive dividends would be senior to those of holders of our Common Shares.

Our Board may decide to issue additional Common Shares to finance our operations rather than issuing debt or other senior securities. However, we generally are not able to issue and sell our Common Shares at a price below net asset value per share. We may, however, elect to issue and sell our Common Shares, or warrants, options or rights to acquire our Common Shares, at a price below the then-current net asset value of our Common Shares if our Board determines that the sale is in the Company’s best interest and the best interests of the Company’s shareholders, and the Company’s shareholders have approved our policy and practice of making these sales within the preceding 12 months. We may in the future seek such approval; 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 our Common Shares at a price below net asset value per share, existing shareholders 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 and would cause a proportionately greater decrease in the shareholders’ 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 price per share may decline. Because the number of Common Shares 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 shareholders. 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 Shares. 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 $4,148.3 million principal amount of outstanding indebtedness, which had an annualized interest cost of 5.8% under the terms of our debt, excluding fees (such as fees on undrawn amounts and amortization of upfront fees).

For us to cover these annualized interest payments on indebtedness, we must achieve annual returns on our investments of at least 3.0%. 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 Shares assuming various annual returns, net of expenses. Leverage generally magnifies the return of shareholders 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 shareholder (2)	(26.6%)	(16.2%)	(5.8%)	4.6%	15.1%

(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 shareholder,” 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 5.8% by the approximately $4,148.3 million of principal debt outstanding) is subtracted to determine the return available to shareholders. The return available to shareholders is then divided by the total value of our net assets as of December 31, 2025 to determine the “Corresponding return to shareholder.”

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 shareholders 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 shares unless immediately after the borrowing or issuance the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred shares 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 shareholder approvals under the SBCAA and satisfaction of certain other conditions.

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 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 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. However, prior to any Exchange Listing that may occur, the Adviser has waived its right to receive management fees in excess of the sum or 1.00% of the Company's average aggregate drawn capital (including capital drawn to pay Company expenses) as of the end of the two most recently completed calendar quarters, appropriately adjusted for any Common Share issuances or repurchases during the current calendar quarter. The fee waiver will terminate if and when the Company consummates an Exchange Listing. 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 Shares. 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 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.

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 shareholders 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 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 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:

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

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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

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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.

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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.

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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, we retained $3.8 million of undistributed income that is not subject to federal excise tax. As of December 31, 2024, there was no undistributed income. For the year ended December 31, 2025, we recorded no expense related to U.S. federal excise tax. For the year ended December 31, 2024, we recorded an expense of $2.2 million, 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 Shares 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 Shares less attractive if we are not able to increase our dividend rate, which could reduce the value of our Common Shares. 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.

For example, our Revolving Credit Facility is subject to variable rates that expose us to interest rate risk.

U.S. dollar borrowings under our Revolving Credit Facility bear interest at a rate derived from SOFR, which 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.

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.

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, trustees 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 shareholders.

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 Trustees 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 Trustees. 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 Trustees 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 trustees 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 trustees 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.

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. Any new investment advisory agreement would require shareholder approval.

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 shareholders 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 Shares may decline.

Any new Investment Advisory Agreement would be subject to approval by our shareholders. 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’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.

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.

We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our securities less attractive to investors.

We are and we will remain an “emerging growth company” as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the completion of the initial offering, (ii) in which we have total annual gross revenue of at least $1.235 billion, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our Common Shares that is held by non-affiliates exceeds $700 million as of the prior June 30th, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as we remain an “emerging growth company” we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. Also, because we are not a large accelerated filer or an accelerated filer under
Section 12b-2 of the Exchange Act, and will not be for so long as our Common Shares are not traded on a securities exchange, we will
not be subject to auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act even once we are no longer an
emerging growth company. We cannot predict if investors will find our Common Shares less attractive because we will rely on some or all of these exemptions.

In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”) for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take advantage of such extended transition periods.

Our status as an “emerging growth company” under the JOBS Act may make it more difficult to raise capital as and when we need it.

Because of the exemptions from various reporting requirements provided to us as an “emerging growth company” and because we will have an extended transition period for complying with new or revised financial accounting standards, we may be less attractive to investors and it may be difficult for us to raise additional capital as and when we need it. Investors may be unable to compare our business with other companies in our industry if they believe that our financial accounting is not as transparent as other companies in our industry. If we are unable to raise additional capital as and when we need it, our financial condition and results of operations may be materially and adversely affected.

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 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.

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.

We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Under the 1940 Act, a “diversified” investment company is required to invest at least 75% of the value of its total assets in cash and cash items, government securities, securities of other investment companies and other securities limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of such company and no more than 10% of the outstanding voting securities of such issuer. As a non-diversified investment company, we are not subject to this requirement. To the extent that we assume large positions in the securities of a small number of issuers, or within a particular industry, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company or to a general downturn in the economy.

The Adviser will endeavor to build and manage a diversified portfolio of investments with representation in various industries and economic sectors, geographic regions and deal types which may include growth financings and recapitalizations. Despite the foregoing objectives, the Company may be concentrated in certain industries and/or economic sectors, geographic regions and/or deal types. The Company also may be more concentrated than other funds with similar diversification objectives.

However, we will be subject to the diversification requirements applicable to RICs under Subchapter M of the Code, which include single issuer concentration limits.

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 shareholders 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, may 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 of Trustees may change our investment objective, operating policies and strategies without prior notice or shareholder approval.

Our Board of Trustees 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 shareholder approval. However, absent shareholder 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 Shares. 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.

Compliance with the SEC’s Regulation Best Interest may negatively impact our ability to raise capital, which would harm our ability to achieve our investment objectives.

Broker-dealers must comply with Regulation Best Interest, which, among other requirements, enhances the prior standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when recommending to a retail customer any securities transaction or investment strategy involving securities to a retail customer. The impact of Regulation Best Interest on broker-dealers participating in our private offering of Common Shares cannot be determined at this time, but it may negatively impact whether broker-dealers and their associated persons recommend the offering to retail customers. If Regulation Best Interest reduces our ability to raise capital in the offering, it would harm our ability to create a diversified portfolio of investments and achieve our investment objectives and would result in our fixed operating costs representing a larger percentage of our gross income.

Our Declaration of Trust includes exclusive forum and jury trial waiver provisions that could limit a shareholder’s ability to bring a claim, make it more expensive or inconvenient for a shareholder to bring a claim, or, if such provisions are deemed inapplicable or unenforceable by a court, cause the Company to incur additional costs associated with such action.

Our Declaration of Trust provides that, to the fullest extent permitted by law, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a duty owed by any trustee, officer or other agent of the Company to the Company or our

shareholders, (iii) any action asserting a claim arising pursuant to any provision of Title 12 of the Delaware Code, Delaware statutory or common law, our Declaration of Trust, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction. As a result, there is a risk that investors in the Company may find it inconvenient or expensive to bring a claim against us or our trustees, officers or other agents. However, these exclusive forum provisions do not apply to claims arising under the federal securities laws.

In addition, our Declaration of Trust provides that no shareholder may maintain a derivative action on behalf of the Company unless holders of a certain percentage of the outstanding shares, as disclosed in our Declaration of Trust, join in the bringing of such action. These provisions of our Declaration of Trust may make it more difficult for shareholders to bring a derivative action than a company without such provisions.

Our Declaration of Trust also includes an irrevocable waiver of the right to trial by jury in all such claims, suits, actions and proceedings. Any person purchasing or otherwise acquiring any of our Common Shares shall be deemed to have notice of and to have consented to these provisions of our Declaration of Trust. These provisions may limit a shareholder’s ability to bring a claim in a judicial forum or in a manner that it finds favorable for disputes with the Company or the Company’s trustees or officers, which may discourage such lawsuits. Alternatively, if a court were to find the exclusive forum provision or the jury trial waiver provision to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions or in other manners, which could have a material adverse effect on our business, financial condition and results of operations.

Notwithstanding any of the foregoing, neither we nor any of our investors are permitted to waive compliance with any provision of the U.S. federal securities laws and the rules and regulations promulgated thereunder.

No shareholder approval is required for certain mergers.

Our Board of Trustees may undertake to approve mergers between us and certain other funds or vehicles. Subject to the requirements of the 1940 Act, such mergers will not require shareholder approval so investors will not be given an opportunity to vote on these matters unless such mergers are reasonably anticipated to result in a material dilution of the NAV per share of the Company. These mergers may involve funds managed by affiliates of the Adviser. The Board of Trustees may also convert the form and/or jurisdiction of organization, including to take advantage of laws that are more favorable to maintaining board control in the face of dissident shareholders.

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:

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

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

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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 Shares.

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

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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;

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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

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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 trustees 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:

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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;

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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;

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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;

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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;

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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;

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

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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

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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.

Subordinated Debt. Our subordinated debt investments will generally rank junior in priority of payment to senior debt and will generally be unsecured. This may result in a heightened level of risk and volatility or a loss of principal, which could lead to the loss of the entire investment. These investments may involve additional risks that could adversely affect our investment returns. To the

extent interest payments associated with such debt are deferred, such debt may be subject to greater fluctuations in valuations, and such debt could subject us and our shareholders to non-cash income. Because we will not receive any principal repayments prior to the maturity of some of our subordinated debt investments, such investments will be of greater risk than amortizing loans.

Non-U.S. Securities. We may invest in non-U.S. securities, which may include securities denominated in U.S. dollars or in non-U.S. currencies, to the extent permitted by the 1940 Act. Because evidence of ownership of such securities usually is held outside the United States, we would be subject to additional risks if we invested in non-U.S. securities, which include possible adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions, which might adversely affect or restrict the payment of principal and interest on the non-U.S. securities to shareholders located outside the country of the issuer, whether from currency blockage or otherwise. Because non-U.S. securities may be purchased with and payable in foreign currencies, the value of these assets as measured in U.S. dollars may be affected unfavorably by changes in currency rates and exchange control regulations.

Junior, Unsecured Securities. Our strategy may entail acquiring securities that are junior or unsecured instruments. While this approach can facilitate obtaining control and then adding value through active management, it also means that certain of the Company’s investments may be unsecured. If a portfolio company becomes financially distressed or insolvent and does not successfully reorganize, we will have no assurance (compared to those distressed securities investors that acquire only fully collateralized positions) that we will recover any of the principal that we have invested. Similarly, investments in “last out” pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same unitranche loan with respect to payment of principal, interest and other amounts. Consequently, the fact that debt is secured does not guarantee that we will receive principal and interest payments according to the debt’s terms, or at all, or that we will be able to collect on the debt should it be forced to enforce its remedies.

While such junior or unsecured investments may benefit from the same or similar financial and other covenants as those enjoyed by the indebtedness ranking more senior to such investments and may benefit from cross-default provisions and security over the issuer’s assets, some or all of such terms may not be part of particular investments. Moreover, our ability to influence an issuer’s affairs, especially during periods of financial distress or following insolvency, is likely to be substantially less than that of senior creditors. For example, under typical subordination terms, senior creditors are able to block the acceleration of the junior debt or the exercise by junior debt holders of other rights they may have as creditors. Accordingly, we may not be able to take steps to protect investments in a timely manner or at all, and there can be no assurance that our rate of return objectives or any particular investment will be achieved. In addition, the debt securities in which we will invest may not be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity and are not expected to be rated by a credit rating agency.

Early repayments of our investments may have a material adverse effect on our investment objectives. In addition, depending on fluctuations of the equity markets and other factors, warrants and other equity investments may become worthless.

There can be no assurance that attempts to provide downside protection through contractual or structural terms with respect to our investments will achieve their desired effect and potential investors should regard an investment in us as being speculative and having a high degree of risk. Furthermore, we have limited flexibility to negotiate terms when purchasing newly issued investments in connection with a syndication of mezzanine or certain other junior or subordinated investments or in the secondary market.

“Covenant-lite” Obligations. We may invest in, or obtain exposure to, obligations that may be “covenant- lite,” which means such obligations lack certain financial maintenance covenants. While these loans may still contain other collateral protections, a covenant-lite loan may carry more risk than a covenant-heavy loan made by the same borrower, as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan agreement. Should a loan we hold begin to deteriorate in quality, our ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay our ability to seek to recover its investment.

Restructurings. Investments in companies operating in workout or bankruptcy modes present additional legal risks, including fraudulent conveyance, voidable preference and equitable subordination risks. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties is unusually high. There is no assurance that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action.

Investing in upper middle-market companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.

Investments in upper middle-market companies involve the same risks that apply generally to investments in larger, more established companies. However, such investments have more pronounced risks in that upper middle-market companies:

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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 on any guarantees we may have obtained in connection with our investment;

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have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tends to render them more vulnerable to competitors’ actions and changing market conditions, as well as general economic downturns;

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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;

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generally have less predictable operating results, may from time to time be parties to litigation, 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. In addition, our officers, Trustees and members of the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies; and

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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.

An investment strategy focused primarily on privately-held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.

We intend to invest primarily in privately-held companies. Investments in private companies may pose greater risks than investments in public companies. First, private companies have reduced access to the capital markets, resulting in diminished capital resources and the ability to withstand financial distress. Second, the depth and breadth of experience of management in private companies tends to be less than that at public companies, which makes such companies more likely to depend on the management talents and efforts of a smaller group of persons and/or persons with less depth and breadth of experience. Therefore, the decisions made by such management teams and/or the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our investments and, in turn, on us. Third, the investments themselves tend to be less liquid. As such, we may have difficulty exiting an investment promptly or at a desired price prior to maturity or outside of a normal repayment schedule. As a result, the relative lack of liquidity and the potential diminished capital resources of our target portfolio companies may affect our investment returns. Fourth, little public information generally exists about private companies. Further, these companies may not have third-party debt ratings or audited financial statements. We must therefore rely on the ability of the Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. The Adviser would typically assess an investment in a portfolio company based on the Adviser’s estimate of the portfolio company’s earnings and enterprise value, among other factors, and these estimates may be based on limited information and may otherwise be inaccurate, causing the Adviser to make different investment decisions than it may have made with more complete information. These companies and their financial information will generally not be subject to the Sarbanes-Oxley Act and other rules that govern public companies. If we are unable to determine all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.

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.

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 Shares. 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 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.

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 shareholders. 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 shareholders. 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.”

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 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 Shares 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:

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

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

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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. shareholders 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 and Wells Fargo Bank, National Association, as administrative agent, and certain lenders, which we refer to as the Subscription Facility (as defined below). 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 and Subscription 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, such as currency exchange rate risk and interest rate risk related to specific portfolio companies. We may enter into fixed-to-floating interest rate swaps to continue to align the interest rates of our liabilities with our investment portfolio, which we expect to consist 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. shareholders 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, in the past, 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 the Company could enter into in connection with certain investments in portfolio companies) 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:

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continue to be regulated by the SEC as a BDC;

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

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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 shareholders 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 shareholders. 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.

If we are not treated as a publicly offered regulated investment company, certain non-corporate U.S. shareholders will be treated as having received a dividend from us in the amount of such U.S. shareholders’ allocable share of the Management and Incentive Fees paid to our investment adviser and certain of our other expenses, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholders. Under current law, miscellaneous itemized deductions are generally not deductible by any such shareholder.

We expect to be treated as a “publicly offered regulated investment company” as a result of shares of our Common Shares being treated as regularly traded on an established securities market. However, we cannot assure you that we will be treated as a publicly offered regulated investment company for all years. For example, if our shares are not treated as regularly traded and we are not held by more than 500 persons at all times during the taxable year, we might not be treated as a publicly offered regulated investment company. If we are not treated as a publicly offered regulated investment company for any calendar year, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. shareholder’s allocable share of the Management Fees and Incentive Fees paid to our Adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder. Miscellaneous itemized deductions generally are not deductible by individuals, trusts or estates.

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 shareholders 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 Shares. As a result, despite the fact that a dividend representing OID income could be paid out of amounts invested by our shareholders, the 1940 Act does not require that shareholders 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

An investment in our Common Shares will have limited liquidity.

Our Common Shares constitute illiquid investments for which there is not a secondary market and, unless we consummate an Exchange Listing, none is expected to develop. Investment in the Company is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Company. A shareholder generally may not sell, assign or transfer its Common Shares without prior written consent of the Adviser, which the Adviser may grant or withhold in its sole discretion. Except in limited circumstances for legal or regulatory purposes, shareholders are not entitled to redeem their shares. Shareholders must be prepared to bear the economic risk of an investment in our Common Shares for an extended period of time.

There is a risk that investors in our Common Shares 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 shareholders 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 shareholders 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 shareholder’s tax basis in his or her shares and then as capital gain. Reducing a shareholder’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 upper 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 shareholders.

Our distributions to shareholders may be funded from expense reimbursements or waivers of investment advisory fees, some of which are subject to repayment pursuant to our Expense Support and Conditional Reimbursement Agreement.

Substantial portions of our distributions may be funded through the reimbursement of certain expenses by our Adviser and its affiliates, including through the waiver of certain investment advisory fees by our Adviser. Any such distributions funded through expense reimbursements or waivers of advisory fees will not be based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or our Adviser and its affiliates continue to make such reimbursements or waivers of such fees. Our future repayments of amounts reimbursed or waived by our Adviser or its affiliates will reduce the

distributions that shareholders would otherwise receive in the future. There can be no assurance that we will achieve the performance necessary to be able to pay distributions at a specific rate or at all. Our Adviser and its affiliates have no obligation to waive advisory fees or otherwise reimburse expenses in future periods, except as otherwise disclosed under the terms of this offering.

Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.

As a BDC, we are required to carry our investments at the fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, our Board of Trustees. Decreases in the fair value of our investments relative to amortized cost will be recorded as unrealized depreciation. Any unrealized losses in our portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods. In addition, decreases in the fair value of our investments will reduce our NAV.

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.

There are severe economic consequences for defaulting investors.

If shareholders fail to fund their commitment obligations or to make required capital contributions when due, the Company’s ability to complete its investment program or otherwise continue operations may be substantially impaired. A shareholder’s failure to fund such amounts when due causes that shareholder to become a defaulting shareholder. A defaulting shareholder will have ten business days to cure its deficiency following the required funding date, after which the defaulting shareholder will forfeit its right to participate in future investments and 50% of its Common Shares will be transferred to the non-defaulting shareholders on a pro rata basis. If a substantial number of shareholders become defaulting shareholders, this may severely limit opportunities for investment diversification and would likely reduce returns to the Company and restrict the Company’s ability to meet loan obligations. Any single defaulting shareholder could cause substantial costs to be incurred by the Company if such default causes the Company to fail to meet its contractual obligations or if the Company must pursue remedial action against such shareholder.

If the Company fails to meet its contractual obligations related to a portfolio investment due to a defaulting shareholder, the relevant portfolio company may have a cause of action against the Company, which may include a claim against assets of the Company other than the Company’s interest in such portfolio company. A creditor of the Company (including a portfolio company with respect to which the Company has failed to meet its contractual obligations) will not be bound to satisfy its claims from the assets attributable to a particular portfolio investment and such creditor generally may seek to satisfy its claims from the assets of the Company as a whole. As a result, if a creditor’s claims relating to a particular portfolio investment exceed the net assets attributable to that portfolio investment, the remaining assets of the Company will likely be subject to such claim.

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

We have adopted a dividend reinvestment plan, pursuant to which we will reinvest all cash dividends and distributions declared by the Board on behalf of investors who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our dividend reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving the cash dividend or other distribution. See “ITEM 1. BUSINESS—Dividend Policy” and “ITEM 1. BUSINESS—Dividend Reinvestment Plan” for a description of our dividend policy and obligations.

In addition, the number of shares issued pursuant to the dividend reinvestment plan after an Exchange Listing will be determined based on the market price of our Common Shares, except in circumstances where the market price exceeds our most recently computed net asset value per share, in which case 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 exceeds the most recently computed net asset value per share. Accordingly, participants in the dividend reinvestment plan may receive a greater number of our Common Shares than the number of shares associated with the market price of our Common Shares, resulting in dilution for other shareholders. Shareholders that opt out of our dividend reinvestment plan will experience dilution in their ownership percentage of our Common Shares over time.

Special considerations for certain benefit plan investors.

We intend to conduct our affairs so that our assets should not be deemed to constitute “plan assets” under ERISA and the Plan Asset Regulations. In this regard, until such time, if any, as our Common Shares are considered “publicly-offered securities” within the meaning of the Plan Asset Regulations, we intend to limit investment in our Common Shares by “benefit plan investors” (“Benefit Plan Investors”) to less than 25% of the total value of our Common Shares (within the meaning of the Plan Asset Regulations).

If, notwithstanding our intent, the assets of the Company were deemed to constitute “plan assets” of any shareholder that is a Benefit Plan Investor under ERISA or the Plan Asset Regulations, this would result, among other things, in (i) the application of the prudence and other fiduciary responsibility standards of ERISA to investments made by the Company, and (ii) the possibility that certain transactions in which the Company might seek to engage could constitute “prohibited transactions” under ERISA and the Code. If a prohibited transaction occurs for which no exemption is available, the Adviser and/or any other fiduciary that has engaged in the prohibited transaction could be required to (i) restore to the Benefit Plan Investor any profit realized on the transaction and (ii) reimburse the Benefit Plan Investor for any losses suffered by the Benefit Plan Investor as a result of the investment. In addition, each disqualified person (within the meaning of Section 4975 of the Code) involved could be subject to an excise tax equal to 15% of the amount involved in the prohibited transaction for each year the transaction continues and, unless the transaction is corrected within statutorily required periods, to an additional tax of 100%. The fiduciary of a benefit plan investor who decides to invest in the Company could, under certain circumstances, be liable for prohibited transactions or other violations as a result of their investment in the Company or as co-fiduciaries for actions taken by or on behalf of the Company or the Adviser. With respect to a benefit plan investor that is an individual retirement account (an “IRA”) that invests in the Company, the occurrence of a prohibited transaction involving the individual who established the IRA, or his or her beneficiaries, would cause the IRA to lose its tax-exempt status. In addition, to the extent that the Company represents and/or covenants to any contractual counterparty that (1) the assets of the Company are not assets of the Benefit Plan Investors that invest in the Company and/or (2) the transactions entered into between the Company and the Benefit Plan Investor that invest in the Company do not constitute “prohibited transactions” under ERISA and the Code, and the applicable representation is untrue and/or the applicable covenant is not met, additional liabilities may be incurred, including as a result of the unwinding of the applicable contract.

Accordingly, until such time, if any, as our Common Shares constitute “publicly traded securities” within the meaning of the Plan Asset Regulations, we have the power, among other things, to (a) reject, in whole or in part, the subscription of any prospective investor to the Company; (b) withhold consent to the transfer of Common Shares, including in circumstances where the Adviser determines necessary or desirable in order to facilitate compliance with ERISA or the Plan Asset Regulations; (c) restrict participation in the dividend reinvestment program such that Benefit Plan Investors are not permitted to participate, and (c) call Drawdown Purchases on a non-pro rata basis, and all Common Shares of the Company shall be subject to such terms and conditions.

General Risk Factors

We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, have a material adverse effect on our operating results and negatively affect our ability to pay dividends.

Our business is highly dependent on the communications and information systems of the Adviser, its affiliates and third parties. Further, in the ordinary course of our business we or the Adviser engage certain third-party service providers to provide us with services necessary for our business. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

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sudden electrical or telecommunications outages;

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natural disasters such as earthquakes, tornadoes and hurricanes;

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disease pandemics;

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events arising from local or larger scale political or social matters, including wars or terrorist acts;

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outages due to idiosyncratic issues at specific providers; and

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cyber-attacks.

These events, in turn, could have a material adverse effect on our operating results and negatively affect our ability to pay dividends to our shareholders.

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

We and our portfolio companies are subject to regulation by laws and regulations at the local, state, federal and, in some cases, foreign levels. These laws and regulations, as well as their interpretation, may be changed from time to time, and new laws and regulations may be enacted. Accordingly, any change in these laws or regulations, changes in their interpretation, or newly enacted laws or regulations and any failure by us or our portfolio companies to comply with these laws or regulations, could require changes to certain business practices of us or our portfolio companies, negatively impact the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. In particular, changes to the laws and regulations governing BDCs or the interpretation of these laws and regulations by the staff of the SEC could disrupt our business model. For example, tax reform legislation could have an adverse impact on us, the credit markets and our portfolio companies, to the extent the reduction in corporate tax rates or limitations on interest expense deductibility impact the credit markets and our portfolio companies. Any changes to the laws and regulations governing our operations or the U.S. federal income tax treatment of our assets may cause us to alter our investment strategy to avail ourselves of new or different opportunities. For more information on tax regulatory risks, see “Risks Related to our Portfolio Company Investments.”

Over the last several years, there has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulation. While it cannot be known at this time whether these regulations will be implemented or what form they will take, increased regulation of non-bank credit extension could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business.

Economic and trade sanctions could make it more difficult or costly for us to conduct our operations or achieve our business objectives.

Economic and trade sanctions laws in the United States and other jurisdictions may prohibit us from transacting with or in certain countries and with certain individuals, companies and industry sectors. In the United States, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), administers and enforces laws, Executive Orders and regulations establishing U.S. sanctions. Such sanctions prohibit, among other things, transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals. These entities and individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs. In addition, certain sanctions programs prohibit dealing with individuals or entities in certain countries, or certain securities and certain industry sectors regardless of whether relevant individuals or entities appear on the lists maintained by OFAC, which may make it more difficult for us to comply with applicable sanctions. These types of sanctions may significantly restrict or limit our investment activities in certain countries (in particular, certain emerging market countries). We may from time to time be subject to trade sanctions laws and regulations of other jurisdictions, which may be inconsistent with or even seek to prohibit compliance with certain sanctions programs administered by OFAC. The legal uncertainties arising from those conflicts may make it more difficult or costly for us to navigate investment activities that are subject to sanctions administered by OFAC or the laws and regulations of other jurisdictions. Some jurisdictions where the Company or its portfolio companies do business from time to time have adopted measures prohibiting compliance with certain U.S. sanctions programs, which may make compliance with all applicable sanctions impossible.

At the same time, the Company may be obligated to comply with certain anti-boycott laws and regulations that prevent us from engaging in certain discriminatory practices that may be allowed or required in certain jurisdictions. The Company’s refusal to discriminate in this manner could make it more difficult for us to pursue certain investments and engage in certain business activities, and any compliance with such practices could subject us to fines, penalties, and adverse legal and reputational consequences.

The ongoing armed conflicts as a result of the Russian invasion of Ukraine and the conflict in the Middle East may have a material adverse impact on us and our portfolio companies.

The Russian invasion of Ukraine and the conflict in the Middle East have led, are currently leading, and for an unknown period of time may continue to lead to disruptions in local, regional, national, and global markets and economies affected thereby and could have a negative impact on the economy and business activity globally (including in the countries in which the Company invests), and therefore could adversely affect the performance of the Company’s investments. Furthermore, the aforementioned conflicts and the varying involvement of the United States and other NATO countries could preclude prediction as to their ultimate adverse impact on global economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Company and the performance of its investments or operations, and the ability of the Company to achieve its investment objectives. Additionally, to the extent that third parties, investors, or related customer bases have material operations or assets in such conflict zones, they may have adverse consequences related to the ongoing conflict.

We are subject to risks related to sustainability matters.

Rules, regulations and stakeholder expectations concerning sustainability matters have been subject to increased attention and shifting focus in recent years. Some of these changes have resulted in, and are likely to continue to result in, increased general and
administrative expenses and increased management time and attention spent complying with or meeting such regulations and
expectations. If we fail or are perceived to fail to comply with applicable rules, regulations and stakeholder expectations, it could
negatively impact our reputation and our business results.

In evaluating potential investments, the Adviser considers opportunities and risk related to material sustainability factors. In particular, this analysis includes risks associated with climate change including risks related to the impact of climate-and sustainability-related legislation and regulation (both domestically and internationally), risks related to climate-related business trends, and risks stemming from the physical impacts of climate change. Although the Adviser’s consideration of sustainability factors is intended to aid the Adviser in evaluating the return and risk profile of a given investment and is not expected to by itself determine an investment decision for us, the Adviser’s consideration of sustainability factors could, to the extent material economic risks or opportunities associated with an investment are identified, cause the Adviser to consider taking a different action than may have been taken in the absence of such consideration, which could cause us to perform differently compared to funds or other investors that do not consider such risks and opportunities. Further, although the Adviser views application of its sustainability framework to be an opportunity to potentially enhance or protect the performance of investments over the long-term, the Adviser cannot guarantee that any consideration of sustainability factors or engagement with portfolio companies on sustainability, which depends in part on skill and qualitative judgments, will positively impact the performance of any individual portfolio company or us.

If our practices with respect to our business and the businesses of our portfolio investments do not meet the standards set by investors, they may choose not to invest in our Common Shares. Relatedly, adverse performance or incidents with respect to sustainability matters or negative ratings or assessments could impact the value of our brand, or the cost of our operations and
relationships with investors, all of which could adversely affect our business and results of operations. Conversely, some stakeholders
and regulators have increasingly expressed or pursued opposing views, legislation and investment expectations with respect to
sustainability initiatives. This divergence increases the risk that any action or lack thereof with respect to sustainability matters will be
perceived negatively by at least some stakeholders and adversely impact our reputation and business.

Federal Income Tax Risks

We will be subject to corporate-level income tax if we are unable to qualify as a RIC under Subchapter M of the Code or to satisfy RIC distribution requirements.

To obtain and maintain RIC tax treatment under Subchapter M of the Code, we must, among other things, meet annual distribution, income source and asset diversification requirements. If we do not qualify for or maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

We may have difficulty paying our required distributions if we recognize income before or without receiving cash and representing such income.

For federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as zero coupon securities, debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock, or we may engage in transactions, including debt modifications or exchanges, that require us to recognize income without the corresponding receipt of cash. We anticipate that a portion of our income may constitute original issue discount or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discount and include such amounts in our taxable income in the current year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expenses for tax purposes.

Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the annual distribution requirement, even though we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the

annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus become subject to corporate-level income tax.

If we do not qualify as a “publicly offered regulated investment company,” as defined in the Code, a non-corporate shareholder will be taxed as though it received a distribution of some of our expenses.

A “publicly offered regulated investment company” or “publicly offered RIC” is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the 1933 Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. While we generally expect to qualify as a RIC, we anticipate that we will not qualify as a publicly offered RIC immediately after the commencement of the Private Offering, although we may qualify as a publicly offered RIC upon the completion of the Private Offering. If we are a RIC that is not a publicly offered RIC for any period, a non-corporate shareholder’s allocable portion of our affected expenses, including our Management Fees, will be treated as an additional distribution to the shareholder and will be treated as miscellaneous itemized deductions. Miscellaneous itemized deductions generally are not deductible for individuals, trusts or estates.

Some of our investments may be subject to corporate-level income tax.

We may invest in certain debt and equity investments through taxable subsidiaries and the taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. We may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).

Our portfolio investments may present special tax issues.

The Company expects to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues for the Company. U.S. federal income tax rules are not entirely clear about issues such as when the Company may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Company, to the extent necessary, to preserve its status as a RIC and to distribute sufficient income to not become subject to U.S. federal income tax.

Legislative or regulatory tax changes could adversely affect investors.

At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any of those new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our Common Shares or the value or the resale potential of our investments.

Certain shareholders may be subject to U.S. dividend withholding tax on our distributions.

A shareholder will be subject to U.S. federal dividend withholding tax on our distributions unless a withholding tax exemption applies. A shareholder may also be subject to U.S. federal withholding tax if it does not comply with applicable U.S. tax requirements to certify its status for U.S. tax purposes. Amounts that are withheld, to the extent in excess of the shareholder’s U.S. federal income tax liability, can generally be recovered by filing a U.S. federal income tax return; however, the administrative burden and cost of filing such a U.S. federal income tax return may outweigh the benefit of recovering such amounts.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Cybersecurity Risk Management and Strategy

As an externally managed closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act, our day-to-day operations are managed by the Adviser, Administrator and our officers under the oversight of our Board of Trustees. Our officers are senior professionals of the Adviser and Sixth Street and each of the Adviser and Administrator is a subsidiary of Sixth Street. As such, we are reliant on Sixth Street for assessing, identifying and managing material risks to our business from cybersecurity threats. Below are details Sixth Street has provided to us regarding its cybersecurity program that are relevant to us.

Sixth Street maintains a comprehensive cybersecurity program, including policies and procedures designed to protect its systems, operations, and the data utilized and entrusted to it, including by us, from anticipated threats or hazards. Sixth Street utilizes a variety of protective measures as a part of its cybersecurity program. These measures include, where appropriate, physical and digital access controls, patch management, identity verification and mobile device management software, employee cybersecurity awareness and best practices training programs, security baselines and tools to report anomalous activity, and monitoring of data usage, hardware and software, among others.

Sixth Street tests its cybersecurity defenses regularly through automated and manual vulnerability scanning, to identify and remediate critical vulnerabilities. In addition, it conducts annual “white hat” penetration tests to validate its security posture. Further, Sixth Street engages in cyber incident tabletop exercises and scenario planning exercises involving hypothetical cybersecurity incidents to test its cyber incident response processes. Tabletop exercises are conducted by Sixth Street’s Technology Risk team in collaboration with outside service providers as appropriate and includes members of Sixth Street’s senior management and Legal/ Compliance team. Learnings from these tabletop exercises and any events that Sixth Street experiences are reviewed, discussed, and incorporated into its cybersecurity framework as appropriate.

In addition to Sixth Street’s internal exercises to test aspects of its cybersecurity program, Sixth Street periodically engages independent third parties to assess the risks associated with its information technology resources and information assets. Among other matters, these third parties analyze data on the interactions of users of Sixth Street’s information technology resources, including employees, and conduct penetration tests and scanning exercises to assess the performance of the cybersecurity systems and processes.

Sixth Street has a comprehensive Security Incident Response Plan (the “IRP”) designed to inform the proper escalation (including, as appropriate, to our officers and other representatives of the Adviser or its affiliates) of non-routine suspected or confirmed information security or cybersecurity events based on the expected risk an event presents. As appropriate, a team composed of individuals from several internal technical and managerial functions may be formed to investigate and remediate the event and determine the extent of external advisor support required, including from external counsel, forensic investigators, and/or law enforcement. The IRP sets out ongoing monitoring or remediating actions to be taken after resolution of an incident. The IRP is reviewed at least annually.

Sixth Street maintains a cybersecurity risk management process to identify and mitigate risks that impact the firm. Sixth Street’s Head of Technology Risk periodically discusses and reviews cybersecurity risks and related mitigants with Sixth Street’s Cybersecurity Committee and incorporates relevant cybersecurity risk updates and metrics.

Sixth Street employs a process designed to assess the cybersecurity risks associated with the engagement of third-party vendors. This assessment is conducted on the basis of, among other factors, the types of services provided and the extent and type of data accessed or processed by a third-party vendor.

In the last three fiscal years, we have not experienced a material information security breach incident and the expenses we have incurred from information security breach incidents have been immaterial. However, future incidents could have a material impact on our business strategy, results of operations or financial condition. For a discussion of how risks from cybersecurity threats affect our business, and our reliance on the Sixth Street and its affiliates in managing these risks, see “Part 1. Item 1A. Risk Factors – Risk Related to our Business – 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” in this Annual Report on Form 10-K.

Cybersecurity Governance

Sixth Street has a dedicated cybersecurity team, led by its Head of Technology Risk, who works closely with Sixth Street’s Cybersecurity Committee, to develop and advance the firm’s cybersecurity strategy, which applies to us. Sixth Street’s Cybersecurity Committee includes its Chief Operating Officer and Chief Information Officer, Chief Risk Officer, General Counsel, Chief Compliance Officer, as well as our Chief Financial Officer and Chief Compliance Officer.

The Head of Technology Risk has extensive experience in cybersecurity and technology and is responsible for all aspects of cybersecurity across Sixth Street. He has a B.S in Computer Science from University of Washington and has over 18 years of experience contributing to cybersecurity related workflows, processes, policies, system designs, program management, and vulnerability discovery, exploitation, mitigation, and remediation.

Sixth Street conducts periodic cybersecurity risk assessments, including assessments or audits of third-party vendors, and assists with the management and mitigation of identified cybersecurity risks. The Head of Technology Risk reviews the cybersecurity framework annually as well as on an event-driven basis as necessary. The Head of Technology Risk also reviews the scope of the cybersecurity measures periodically, including in the event of a change in business practices that may implicate the security or integrity of Sixth Street’s information and systems.

Our Board of Trustees is responsible for understanding the primary risks to our business, including any cybersecurity risks. The Board of Trustees/ is responsible for reviewing periodically our and the Adviser’s information technology security controls and related compliance matters, with management. Sixth Street’s Head of Technology Risk reports to the Board of Trustees at least annually on cybersecurity matters, including risks facing us and the Adviser and, as applicable, certain incidents. In addition to such periodic reports, the Board of Trustees may receive updates from management as to our and the Adviser’s cybersecurity risks and Sixth Street cybersecurity program developments.

ITEM 2. PROPERTIES

We maintain our principal executive office at 2100 McKinney Avenue, Suite 1500, Dallas, Texas 75201. We do not own any real estate.

ITEM 3. LEGAL PROCEEDINGS

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

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Until an Exchange Listing, our outstanding Common Shares will be offered and sold in transactions exempt from registration under the Securities Act under section 4(a)(2), Regulation D thereunder, and/or Regulation S thereunder. There is not currently a public market for our Common Shares, nor can we give any assurance that one will develop.

Because our Common Shares are being acquired by investors in one or more transactions “not involving a public offering,” they are “restricted securities” and may be required to be held indefinitely. Our Common Shares may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) our consent is granted; and, (ii) the Common Shares are registered under applicable securities laws or specifically exempted from registration (in which case the shareholder may, at our option, be required to provide us with a legal opinion, in form and substance satisfactory to us, that registration is not required). Accordingly, an investor must be willing to bear the economic risk of investment in the Common Shares until we are liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the Common Shares may be made except by registration of the transfer on our books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Common Shares and to execute such other instruments or certifications as are reasonably required by us.

Holders

As of February 13, 2026, there were approximately 99 holders of record of our Common Shares.

Issuer Purchases of Equity Securities

None.

SENIOR SECURITIES

Information about our senior securities is shown in the following table as of the end of the last fiscal year. The report of our independent registered public accounting firm, KPMG LLP, on the senior securities table as of December 31, 2025 is attached as an exhibit to this annual report on Form 10-K. The "-" indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.


	Total Amount Outstanding Exclusive of Treasury Securities (1) ($ in millions)		Asset Coverage Per Unit		Involuntary Liquidating Preference Per Unit	Average Market Value Per Unit
Class and Year/Period
Revolving Credit Facility
December 31, 2025	$	2,025.9	$	2,007.6	−	N/A
December 31, 2024		1,502.0		1,929.6	−	N/A
December 31, 2023		193.3		2,456.0	−	N/A
December 31, 2022		538.0		2,016.2	−	N/A
Subscription Facility
December 31, 2025	$	22.4	$	2,007.6	−	N/A
December 31, 2024		1,496.8		1,929.6	−	N/A
December 31, 2023		1,054.7		2,456.0	−	N/A
2029 Notes
December 31, 2025	$	745.5	$	2,007.6	−	N/A
December 31, 2024		744.3		1,929.6	−	N/A
January 2030 Notes
December 31, 2025	$	599.3	$	2,007.6	−	N/A
December 31, 2024		599.1		1,929.6	−	N/A
July 2030 Notes
December 31, 2025	$	745.8	$	2,007.6	−	N/A

(1) Total amount of each class of senior securities outstanding at carrying value, excluding the impact of deferred financing costs and hedge accounting relationships, at the end of the period presented.

ITEM 6. RESERVED

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Introduction

Management’s Discussion and Analysis should be read in conjunction with ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in “ITEM 1A. RISK FACTORS.” Actual results may differ materially from those contained in any forward-looking statements.

Overview

Sixth Street Lending Partners is a Delaware statutory trust formed on April 5, 2022. The Adviser is our external manager. We have three wholly owned subsidiaries, SSLP Lending, LLC, a Delaware limited liability company, which holds a California finance lender and broker license, Sixth Street LP Holding, LLC, Sixth Street LP Holding II, LLC and Sixth Street Lending Partners Sub, LLC in which we may hold certain investments. Sixth Street LP Holding, LLC has legally dissolved as of December 31, 2023.

We have elected to be regulated as a BDC under the 1940 Act and have elected to be treated as a RIC under the Code. As a result, we are required to comply with various statutory and regulatory requirements, such as:

•

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

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Sixth Street Lending Partners 10-K