0001193125-26-206313 | 10-Q | XBRL Viewer | Sixth Street Specialty Lending INC

^[1],[2]

$ 3,347,317

Non-controlled, Affiliated Investments

3,313,441

^[3],[4]

$ 3,347,317

^[1],[2]

^[5]

14,665

Controlled, Affiliated Investments

14,665

Dividend Income

223

$ 0

58,372

65,095

Net Change in Unrealized Gain/(Loss)

2,370

^[6]

11,630

^[7]

Gross Reductions

^[8]

(5,310)

(2,237)

3,266

Realized Gain/(Loss)

(16,309)

Investment, Identifier [Axis]: Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien loan ($38,340 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.65%

58,505

58,372

Interest Income

1,971

10,347

Dividend Income

Other Income

Investment, Identifier [Axis]: Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien loan ($38,438 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.94%

^[3],[4],[9]

37,666

^[1],[2],[10]

38,245

Investment, Identifier [Axis]: Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien loan (EUR 17,336 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.03%

^[1],[2],[10]

38,245

Investment, Identifier [Axis]: Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien loan (EUR 17,380 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread E + 7.00% Interest Rate 09.03%

^[3],[4],[9]

€ 17,033

19,625

^[1],[2],[10]

17,293

20,310

Investment, Identifier [Axis]: Debt Investments Business Services Artisan Bidco, Inc . Investment First-lien revolving loan ($4,287 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.66%

^[1],[2],[10]

20,310

^[3],[4],[9]

4,187

^[1],[2],[10]

4,259

Investment, Identifier [Axis]: Debt Investments Business Services Azurite Intermediate Holdings, Inc Investment First-lien loan ($42,750 par, due 3/2031) Initial Acquisition Date 3/19/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%

^[1],[2],[10]

4,259

^[3],[4],[9]

42,037

^[1],[2],[10]

42,988

Investment, Identifier [Axis]: Debt Investments Business Services BCTO Ignition Purchaser, Inc Investment First-lien holdco loan ($54,435 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.37% PIK

^[1],[2],[10]

42,988

^[1],[2],[10]

55,388

Investment, Identifier [Axis]: Debt Investments Business Services BCTO Ignition Purchaser, Inc Investment First-lien holdco loan ($56,017 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17% PIK

^[1],[2],[10]

55,388

Investment, Identifier [Axis]: Debt Investments Business Services Crewline Buyer, Inc Investment First-lien loan ($58,384 par, due 11/2030) Initial Acquisition Date 11/8/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.42%

^[3],[4],[9]

56,157

^[3],[4],[9]

57,099

^[1],[2],[10]

58,705

Investment, Identifier [Axis]: Debt Investments Business Services Dye & Durham Corp. Investment First-lien loan ($945 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread SOFR + 4.35% Interest Rate 8.02%

^[1],[2],[10]

58,705

^{[1],[2],[10],[11],[12]}

869

Investment, Identifier [Axis]: Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($1,848 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%

^{[1],[2],[10],[11],[12]}

869

^{[3],[4],[9],[13]}

1,821

^{[1],[2],[10],[12]}

1,858

Investment, Identifier [Axis]: Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($2,270 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.97% (incl. 2.25 % PIK)

^{[1],[2],[10],[12]}

1,858

^{[1],[2],[10],[12]}

2,293

Investment, Identifier [Axis]: Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($2,283 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92% (incl. 2.25% PIK)

^{[1],[2],[10],[12]}

2,293

Investment, Identifier [Axis]: Debt Investments Business Services Elements Finco Limited Investment First-lien loan (GBP 10,529 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread S + 5.50% Interest Rate 9.23% (incl. 2.50% PIK)

^{[3],[4],[9],[13]}

2,255

^{[1],[2],[10],[12]}

£ 10,660

14,338

Investment, Identifier [Axis]: Debt Investments Business Services Elements Finco Limited Investment First-lien loan (GBP 10,594 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread S + 5.50% Interest Rate 9.23% (incl. 2.50% PIK)

^{[1],[2],[10],[12]}

14,338

Investment, Identifier [Axis]: Debt Investments Business Services ExtraHop Networks, Inc Investment First-lien loan ($76,107 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.27%

^{[3],[4],[9],[13]}

10,514

13,865

Investment, Identifier [Axis]: Debt Investments Business Services ExtraHop Networks, Inc Investment First-lien loan ($76,301 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.32%

^{[3],[4],[9],[14]}

75,346

^{[1],[2],[10],[15]}

76,492

Investment, Identifier [Axis]: Debt Investments Business Services ExtraHop Networks, Inc Investment First-lien revolving loan ($669 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.33%

^{[1],[2],[10],[15]}

76,492

^{[1],[2],[10],[15]}

672

Investment, Identifier [Axis]: Debt Investments Business Services ExtraHop Networks, Inc Investment First-lien revolving loan ($892 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 6.60%

^{[1],[2],[10],[15]}

672

Investment, Identifier [Axis]: Debt Investments Business Services Galileo Parent, Inc. Investment First-lien loan ($63,444 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%

^{[3],[4],[9],[14]}

880

^[1],[2],[10]

64,078

Investment, Identifier [Axis]: Debt Investments Business Services Galileo Parent, Inc. Investment First-lien revolving loan ($6,635 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%

^[1],[2],[10]

64,078

^[1],[2],[10]

6,736

Investment, Identifier [Axis]: Debt Investments Business Services Lynx BidCo Investment First-lien loan ($1,523 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%

^[1],[2],[10]

6,736

^{[1],[2],[10],[12]}

1,467

Investment, Identifier [Axis]: Debt Investments Business Services Lynx BidCo Investment First-lien loan ($1,545 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread SOFR + 6.25% Interest Rate 9.95%

^{[1],[2],[10],[12]}

1,467

Investment, Identifier [Axis]: Debt Investments Business Services Lynx BidCo Investment First-lien loan (EUR 23,956 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread E + 6.50% Interest Rate 8.52%

^{[3],[4],[9],[13]}

1,381

^{[1],[2],[10],[12]}

23,735

27,875

Investment, Identifier [Axis]: Debt Investments Business Services Lynx BidCo Investment First-lien loan (EUR 24,300 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.38%

^{[1],[2],[10],[12]}

27,875

Investment, Identifier [Axis]: Debt Investments Business Services Mitnick Corporate Purchaser, Inc Investment First-lien loan ($322 par, due 5/2029) Initial Acquisition Date 5/2/2022 Reference Rate and Spread SOFR + 4.85% Interest Rate 8.52%

^{[3],[4],[9],[13]}

23,762

27,378

Investment, Identifier [Axis]: Debt Investments Business Services Mitnick Corporate Purchaser, Inc Investment First-lien loan ($323 par, due 5/2029) Initial Acquisition Date 5/2/2022 Reference Rate and Spread SOFR + 4.85% Interest Rate 8.69%

^{[3],[4],[9],[16]}

139

^{[1],[2],[10],[11]}

206

Investment, Identifier [Axis]: Debt Investments Business Services Price Fx Inc Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 10/27/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.04%

^{[1],[2],[10],[11]}

206

^{[3],[4],[9],[13]}

915

1,054

^{[1],[2],[10],[12]}

926

1,087

Investment, Identifier [Axis]: Debt Investments Business Services Price Fx Inc Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 12/19/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.29%

^{[1],[2],[10],[12]}

1,087

^{[3],[4],[9],[13]}

915

1,054

^{[1],[2],[10],[12]}

919

1,079

Investment, Identifier [Axis]: Debt Investments Business Services USA DeBusk, LLC Investment First-lien loan ($8,322 par, due 4/2031) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.00%

^{[1],[2],[10],[12]}

1,079

^[1],[2],[10]

8,374

Investment, Identifier [Axis]: Debt Investments Business Services USA DeBusk, LLC Investment First-lien loan ($9,469 par, due 4/2031) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%

^[1],[2],[10]

8,374

Investment, Identifier [Axis]: Debt Investments Business Services USA DeBusk, LLC Investment First-lien revolving loan ($1,023 par, due 4/2030) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%

^[3],[4],[9]

9,519

Investment, Identifier [Axis]: Debt Investments Business Services USA DeBusk, LLC Investment First-lien revolving loan ($901 par, due 4/2030) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.06%

^[3],[4],[9]

1,030

^[1],[2],[10]

908

Investment, Identifier [Axis]: Debt Investments Business Services Wrangler TopCo, LLC Investment First-lien loan ($5,955 par, due 9/2029) Initial Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.43%

^[1],[2],[10]

908

Investment, Identifier [Axis]: Debt Investments Business Services Wrangler TopCo, LLC Investment First-lien loan ($5,970 par, due 9/2029) Initial Acquisition Date 7/7/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.49%

^[3],[4],[9]

5,954

^[1],[2],[10]

6,038

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 11,549 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 9.03%

^[1],[2],[10]

6,038

^{[3],[4],[9],[13]}

11,467

13,212

^{[1],[2],[10],[12]}

11,758

13,809

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 19,592 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%

^{[1],[2],[10],[12]}

13,809

^{[1],[2],[10],[12]}

19,836

26,681

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 19,959 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%

^{[1],[2],[10],[12]}

26,681

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,427 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.11%

^{[3],[4],[9],[13]}

19,859

26,189

^{[3],[4],[9],[13]}

759

kr 7,390

^{[1],[2],[10],[12]}

745

kr 7,520

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien revolving loan (GBP 593 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%

^{[1],[2],[10],[12]}

745

^{[1],[2],[10],[12]}

600

807

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien revolving loan (GBP 636 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 10.73%

^{[1],[2],[10],[12]}

807

Investment, Identifier [Axis]: Debt Investments Communications Aurelia Netherlands B.V. Investment First-lien loan (EUR 32,904 par, due 5/2031) Initial Acquisition Date 5/22/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.77%

^{[3],[4],[9],[13]}

632

834

^{[3],[4],[9],[13]}

32,657

37,627

^{[1],[2],[10],[12]}

33,068

38,837

Investment, Identifier [Axis]: Debt Investments Communications X Holdings Inc. Investment First-lien loan ($9,338 par, due 10/2029) Initial Acquisition Date 2/5/2025 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.45%

^{[1],[2],[10],[12]}

38,837

^[1],[2],[11]

9,164

Investment, Identifier [Axis]: Debt Investments Communications X Holdings Inc. Investment First-lien loan ($988 par, due 10/2029) Initial Acquisition Date 4/28/2025 Reference Rate and Spread 9.50% Interest Rate 9.50%

^[1],[2],[11]

9,164

^[1],[2],[11]

984

Investment, Identifier [Axis]: Debt Investments Education EMS Linq, Inc. Investment First-lien loan ($56,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.02%

^[1],[2],[11]

984

^[3],[4],[9]

54,249

^[1],[2],[10]

55,232

Investment, Identifier [Axis]: Debt Investments Education EMS Linq, Inc. Investment First-lien revolving loan ($2,916 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.07%

^[1],[2],[10]

55,232

^[1],[2],[10]

2,762

Investment, Identifier [Axis]: Debt Investments Education EMS Linq, Inc. Investment First-lien revolving loan ($3,303 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.02%

^[1],[2],[10]

2,762

Investment, Identifier [Axis]: Debt Investments Education Kangaroo Bidco AS Investment First-lien loan ($30,625 par, due 11/2030) Initial Acquisition Date 11/02/2023 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.74%

^[3],[4],[9]

2,995

^{[3],[4],[9],[13]}

30,275

^{[1],[2],[10],[12]}

30,975

Investment, Identifier [Axis]: Debt Investments Education Severin Acquisition, LLC Investment First-lien loan ($15,905 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.47% (incl. 2.25% PIK)

^{[1],[2],[10],[12]}

30,975

^[1],[2],[10]

15,855

Investment, Identifier [Axis]: Debt Investments Education Severin Acquisition, LLC Investment First-lien loan ($16,049 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% (incl. 2.25% PIK)

^[1],[2],[10]

15,855

Investment, Identifier [Axis]: Debt Investments Education Severin Acquisition, LLC Investment First-lien revolving loan ($504 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.18%

^[3],[4],[9]

15,680

Investment, Identifier [Axis]: Debt Investments Electronics Sapphire Software Buyer, Inc. Investment First-lien loan ($26,897 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70%

^[3],[4],[9]

466

Investment, Identifier [Axis]: Debt Investments Electronics Sapphire Software Buyer, Inc. Investment First-lien loan ($26,963 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.87%

^[3],[4],[9]

26,068

^[1],[2],[10]

26,812

Investment, Identifier [Axis]: Debt Investments Financial Services Alaska Bidco Oy Investment First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 5/30/2023 Reference Rate and Spread E + 5.75% Interest Rate 7.77%

^[1],[2],[10]

26,812

^{[1],[2],[10],[12]}

732

860

^{[1],[2],[10],[12]}

860

Investment, Identifier [Axis]: Debt Investments Financial Services Arlberg Bidco LLC Investment First-lien loan ($5,000 par, due 2/2031) Initial Acquisition Date 2/14/2025 Reference Rate and Spread SOFR + 5.75%

^{[3],[4],[9],[13]}

732

843

^{[3],[4],[9],[13],[14]}

4,913

^{[1],[2],[10],[12],[15]}

4,962

Investment, Identifier [Axis]: Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien loan (EUR 5,107 par, due 5/2030) Initial Acquisition Date 5/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.76%

^{[1],[2],[10],[12],[15]}

4,962

^{[3],[4],[9],[13]}

4,979

5,737

^{[1],[2],[10],[12]}

5,038

5,917

Investment, Identifier [Axis]: Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien revolving loan (EUR 79 par, due 5/2030) Initial Acquisition Date 5/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.76%

^{[1],[2],[10],[12]}

5,917

Investment, Identifier [Axis]: Debt Investments Financial Services Ibis Intermediate Co. Investment First-lien loan ($1,166 par, due 5/2027) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 8.32%

^{[3],[4],[9],[13]}

Investment, Identifier [Axis]: Debt Investments Financial Services Ibis Intermediate Co. Investment First-lien loan ($1,170 par, due 5/2027) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 8.47%

^{[3],[4],[9],[14]}

1,169

^{[1],[2],[10],[15]}

1,184

Investment, Identifier [Axis]: Debt Investments Financial Services Ibis US Blocker Co. Investment First-lien loan ($20,790 par, due 5/2028) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.22% PIK

^{[1],[2],[10],[15]}

1,184

^[1],[2],[10]

20,946

Investment, Identifier [Axis]: Debt Investments Financial Services Ibis US Blocker Co. Investment First-lien loan ($21,697 par, due 5/2028) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 8.50% Interest Rate 12.13% PIK

^[1],[2],[10]

20,946

Investment, Identifier [Axis]: Debt Investments Financial Services Passport Labs, Inc. Investment Convertible Promissory Note A ($1,086 par, due 8/2026) Initial Acquisition Date 3/2/2023 Reference Rate and Spread 8.00% Interest Rate 8.00%

^[3],[4],[9]

21,534

^[1],[2]

1,167

Investment, Identifier [Axis]: Debt Investments Financial Services Payroc Buyer, LLC Investment Promissory Note ($6,000 par, due 9/2030) Initial Acquisition Date 9/30/2025 Reference Rate and Spread 5.50% Interest Rate 5.50%

2,348

^[3],[4]

1,167

^[1],[2]

^[1],[2]

5,070

Investment, Identifier [Axis]: Debt Investments Financial Services Payroc Buyer, LLC Investment Promissory Note ($6,086 par, due 9/2030) Initial Acquisition Date 9/30/2025 Reference Rate and Spread 5.50% Interest Rate 5.50% PIK

^[1],[2]

5,070

Investment, Identifier [Axis]: Debt Investments Financial Services TS Imagine, Inc. Investment First-lien loan ($54,818 par, due 4/2027) Initial Acquisition Date 4/30/2021 Reference Rate and Spread SOFR + 5.85% Interest Rate 9.52%

^[3],[4]

5,188

Investment, Identifier [Axis]: Debt Investments Financial Services TS Imagine, Inc. Investment First-lien loan ($54,960 par, due 4/2027) Initial Acquisition Date 4/30/2021 Reference Rate and Spread SOFR + 5.85% Interest Rate 9.69%

^{[3],[4],[9],[14]}

54,133

^{[1],[2],[10],[15]}

54,960

Investment, Identifier [Axis]: Debt Investments Financial Services TS Imagine, Inc. Investment First-lien revolving loan ($1,232 par, due 5/2027) Initial Acquisition Date 11/1/2024 Reference Rate and Spread P + 4.75% Interest Rate 11.50%

^{[1],[2],[10],[15]}

54,960

Investment, Identifier [Axis]: Debt Investments Financial Services TS Imagine, Inc. Investment First-lien revolving loan ($899 par, due 5/2027) Initial Acquisition Date 11/1/2024 Reference Rate and Spread P + 4.75% Interest Rate 11.50%

^{[3],[4],[9],[14]}

1,211

^[1],[2]

899

Investment, Identifier [Axis]: Debt Investments Financial Services Volante Technologies, Inc. Investment First-lien loan ($3,619 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate and Spread 16.50% Interest Rate 16.50% PIK

^[1],[2]

899

^[1],[2]

3,755

Investment, Identifier [Axis]: Debt Investments Financial Services Volante Technologies, Inc. Investment First-lien loan ($3,768 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate and Spread 16.50% Interest Rate 16.50% PIK

^[1],[2]

3,755

Investment, Identifier [Axis]: Debt Investments Healthcare Aledade Inc. Investment First-lien revolving loan ($10,864 par, due 11/2028) Initial Acquisition Date 11/21/2025, Reference Rate and Spread SOFR + 5.75% Interest Rate 9.54%

^[3],[4]

3,957

^[1],[2],[10]

10,513

Investment, Identifier [Axis]: Debt Investments Healthcare Aledade Inc. Investment First-lien revolving loan ($12,250 par, due 11/2028) Initial Acquisition Date 11/21/2025, Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%

^[1],[2],[10]

10,513

Investment, Identifier [Axis]: Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment First-lien loan ($69,942 par, due 11/2029) Initial Acquisition Date 11/23/2020, Reference Rate and Spread SOFR + 6.50% Interest Rate 10.32%

^[3],[4],[9]

11,725

^[1],[2],[10]

70,818

Investment, Identifier [Axis]: Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment First-lien loan ($71,888 par, due 11/2029) Initial Acquisition Date 11/23/2020, Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%

^[1],[2],[10]

70,818

Investment, Identifier [Axis]: Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment Second-lien loan ($7,665 par, due 1/2030) Initial Acquisition Date 1/23/2023, Reference Rate and Spread SOFR + 10.70% Interest Rate 15.02% PIK

^[3],[4],[9]

72,608

^[1],[2],[10]

7,856

Investment, Identifier [Axis]: Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment Second-lien loan ($7,956 par, due 1/2030) Initial Acquisition Date 1/23/2023, Reference Rate and Spread SOFR + 10.70% Interest Rate 14.37% PIK

^[1],[2],[10]

7,856

Investment, Identifier [Axis]: Debt Investments Healthcare Eventus Buyer, LLC . Investment First-lien loan ($25,706 par, due 11/2030) Initial Acquisition Date 11/1/2024, Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%

^[3],[4],[9]

8,354

^[1],[2],[10]

25,542

Investment, Identifier [Axis]: Debt Investments Healthcare Eventus Buyer, LLC . Investment First-lien loan ($28,667 par, due 11/2030) Initial Acquisition Date 11/1/2024, Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%

^[1],[2],[10]

25,542

Investment, Identifier [Axis]: Debt Investments Healthcare Eventus Buyer, LLC . Investment First-lien revolving loan ($1,867 par, due 11/2030) Initial Acquisition Date 11/1/2024, Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%

^[3],[4],[9]

28,577

^[1],[2],[10]

1,849

Investment, Identifier [Axis]: Debt Investments Healthcare Eventus Buyer, LLC . Investment First-lien revolving loan ($933 par, due 11/2030) Initial Acquisition Date 11/1/2024, Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%

^[1],[2],[10]

1,849

Investment, Identifier [Axis]: Debt Investments Healthcare HMP Omnimedia, LLC Investment First-lien loan ($19,674 par, due 7/2032) Initial Acquisition Date 7/31/2025, Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%

^[3],[4],[9]

922

Investment, Identifier [Axis]: Debt Investments Healthcare HMP Omnimedia, LLC. Investment First-lien loan ($19,723 par, due 7/2032) Initial Acquisition Date 7/31/2025, Reference Rate and Spread SOFR + 5.25 Interest Rate 8.97%

^[4],[9],[17]

19,450

^[1],[2],[10]

19,537

Investment, Identifier [Axis]: Debt Investments Healthcare HMP Omnimedia, LLC. Investment First-lien revolving loan ($409 par, due 7/2030) Initial Acquisition Date 7/31/2025, Reference Rate and Spread P + 4.25% Interest Rate 11.00%

^[1],[2],[10]

19,537

^[1],[2],[10]

371

Investment, Identifier [Axis]: Debt Investments Healthcare Ingenovis Health Finance, LLC. Investment First-lien revolving loan ($32,500 par, due 5/2030) Initial Acquisition Date 5/13/2025, Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%

^[1],[2],[10]

371

^[3],[4],[9]

31,850

^[1],[2],[10]

32,013

Investment, Identifier [Axis]: Debt Investments Healthcare LIHA Holdco B.V. Investment First-lien loan (EUR 5,888 par, due 2/2029) Initial Acquisition Date 2/24/2023, Reference Rate and Spread E + 6.50% Interest Rate 8.63%

^[1],[2],[10]

32,013

Investment, Identifier [Axis]: Debt Investments Healthcare LIHA Holdco B.V. Investment First-lien loan (EUR 5,903 par, due 2/2029) Initial Acquisition Date 2/24/2023, Reference Rate and Spread E + 6.50% Interest Rate 8.52%

^{[3],[4],[9],[13],[14]}

5,829

6,716

^{[1],[2],[10],[12],[15]}

5,951

6,989

Investment, Identifier [Axis]: Debt Investments Healthcare LIHA Holdco B.V. Investment First-lien revolving loan (EUR 318 par, due 2/2029) Initial Acquisition Date 2/24/2023, Reference Rate and Spread E + 6.50% Interest Rate 8.52%

^{[1],[2],[10],[12],[15]}

6,989

^{[1],[2],[10],[12],[15]}

321

377

^{[1],[2],[10],[12],[15]}

377

Investment, Identifier [Axis]: Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien loan ($17,903 par, due 3/2029) Initial Acquisition Date 3/24/2023, Reference Rate and Spread SOFR + 6.25% Interest Rate 9.92%

^{[3],[4],[9],[13],[14]}

313

361

Investment, Identifier [Axis]: Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien loan ($17,949 par, due 3/2029) Initial Acquisition Date 3/24/2023, Reference Rate and Spread SOFR + 6.25% Interest Rate 9.97%

^{[3],[4],[9],[14]}

17,858

^{[1],[2],[10],[15]}

18,083

Investment, Identifier [Axis]: Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien revolving loan ($82 par, due 3/2029) Initial Acquisition Date 3/24/2023, Reference Rate and Spread SOFR + 6.25% Interest Rate 9.92%

^{[1],[2],[10],[15]}

18,083

^{[3],[4],[9],[14]}

^{[1],[2],[10],[15]}

Investment, Identifier [Axis]: Debt Investments Healthcare Symplr Software Inc. Investment First-lien loan ($633 par, due 12/2027) Initial Acquisition Date 4/4/2025, Reference Rate and Spread SOFR + 4.60% Interest Rate 8.27%

^{[1],[2],[10],[15]}

Investment, Identifier [Axis]: Debt Investments Healthcare Symplr Software Inc. Investment First-lien loan ($635 par, due 12/2027) Initial Acquisition Date 4/4/2025, Reference Rate and Spread SOFR + 4.60% Interest Rate 8.44%

^{[3],[4],[9],[16]}

443

^{[1],[2],[10],[11]}

537

Investment, Identifier [Axis]: Debt Investments Healthcare Velocity Clinical Research, Inc. Investment First-lien loan ($62,899 par, due 9/2031) Initial Acquisition Date 9/9/2025, Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17%

^{[1],[2],[10],[11]}

537

^[1],[2],[10]

62,585

Investment, Identifier [Axis]: Debt Investments Healthcare Velocity Clinical Research, Inc. Investment First-lien loan ($63,764 par, due 9/2031) Initial Acquisition Date 9/9/2025, Reference Rate and Spread SOFR + 7.50% Interest Rate 11.20%

^[1],[2],[10]

62,585

Investment, Identifier [Axis]: Debt Investments Healthcare Velocity Clinical Research, Inc. Investment First-lien revolving loan ($528 par, due 9/2031) Initial Acquisition Date 9/9/2025, Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17%

^[3],[4],[9]

62,808

^[1],[2],[10]

513

^[1],[2],[10]

513

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure ASG II, LLC . Investment First-lien loan ($65,000 par, due 5/2028) Initial Acquisition Date 5/25/2022, Reference Rate and Spread SOFR + 6.40% Interest Rate 10.07%

^[3],[4],[9]

481

^{[3],[4],[9],[14]}

62,887

^{[1],[2],[10],[15]}

64,025

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. Investment First-lien loan ($44,716 par, due 12/2031) Initial Acquisition Date 12/5/2024, Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%

^{[1],[2],[10],[15]}

64,025

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. Investment First-lien loan ($44,828 par, due 12/2031) Initial Acquisition Date 12/5/2024, Reference Rate and Spread SOFR + 5.00% Interest Rate 8.72%

^[3],[4],[9]

44,492

^[1],[2],[10]

44,704

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. Investment First-lien revolving loan ($870 par, due 12/2029) Initial Acquisition Date 12/5/2024, Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%

^[1],[2],[10]

44,704

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment First-lien loan ($51,697 par, due 3/2029) Initial Acquisition Date 3/8/2024, Reference Rate and Spread SOFR + 8.25% Interest Rate 11.92% (incl. 4.13% PIK)

^[3],[4],[9]

846

^[1],[2]

53,377

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment First-lien loan ($52,094 par, due 3/2029) Initial Acquisition Date 3/8/2024, Reference Rate and Spread SOFR + 7.25% Interest Rate 10.95%

^[1],[2]

53,377

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment Second-lien loan ($2,746 par, due 6/2027) Initial Acquisition Date 3/13/2024, Reference Rate and Spread 16.00% Interest Rate 16.00% PIK

^[3],[4]

53,396

^[1],[2]

3,240

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment Second-lien loan ($2,854 par, due 6/2027) Initial Acquisition Date 3/13/2024, Reference Rate and Spread 16.00% Interest Rate 16.00% PIK

^[1],[2]

3,240

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien loan ($30,261 par, due 6/2026) Initial Acquisition Date 12/21/2018, Reference Rate and Spread SOFR + 9.65% Interest Rate 13.32%

^[3],[4]

3,204

^{[1],[2],[10],[18]}

30,261

^{[1],[2],[10],[18]}

30,261

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien revolving loan ($27,943 par, due 6/2026) Initial Acquisition Date 12/21/2018, Reference Rate and Spread SOFR + 9.65% Interest Rate 13.44%

^{[3],[4],[9],[19]}

29,202

^{[1],[2],[10],[18]}

27,943

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien revolving loan ($30,313 par, due 6/2026) Initial Acquisition Date 12/21/2018, Reference Rate and Spread SOFR + 9.65% Interest Rate 13.33%

^{[1],[2],[10],[18]}

27,943

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure Mindbody, Inc. Investment First-lien loan ($28,889 par, due 3/2033) Initial Acquisition Date 3/30/2026, Reference Rate and Spread SOFR + 6.00% Interest Rate 9.70%

^{[3],[4],[9],[19]}

29,135

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH. Investment First-lien loan (EUR 208 par, due 4/2030) Initial Acquisition Date 4/10/2024, Reference Rate and Spread E + 7.25% Interest Rate 9.27%

^[4],[9]

28,401

^{[1],[2],[10],[12]}

218

256

^{[1],[2],[10],[12]}

256

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH. Investment First-lien loan (EUR 37,133 par, due 4/2030) Initial Acquisition Date 4/10/2024, Reference Rate and Spread E + 7.75% Interest Rate 9.77% (incl. 4.13% PIK)

^{[3],[4],[9],[13]}

207

238

^{[1],[2],[10],[12]}

37,041

43,502

Investment, Identifier [Axis]: Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH. Investment First-lien loan (EUR 37,525 par, due 4/2030) Initial Acquisition Date 4/10/2024, Reference Rate and Spread E + 7.75% Interest Rate 9.77% (incl. 4.13% PIK)

^{[1],[2],[10],[12]}

43,502

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services Axonify, Inc. Investment First-lien loan ($45,113 par, due 5/2027) Initial Acquisition Date 5/5/2021 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.31%

^{[3],[4],[9],[13]}

36,939

42,561

^{[3],[4],[9],[13],[14]}

44,550

^{[1],[2],[10],[12],[15]}

45,113

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien loan ($21,668 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread SOFR + 5.15% Interest Rate 8.85%

^{[1],[2],[10],[12],[15]}

45,113

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien loan ($21,745 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread SOFR + 5.15% Interest Rate 8.82%

^{[3],[4],[9],[13],[14]}

21,072

^{[1],[2],[10],[12],[15]}

21,691

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien revolving loan (GBP 1,055 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread S + 4.00% Interest Rate 7.73%

^{[1],[2],[10],[12],[15]}

21,691

^{[1],[2],[10],[12],[15]}

1,027

1,381

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien revolving loan (GBP 812 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread S + 4.00% Interest Rate 7.73%

^{[1],[2],[10],[12],[15]}

1,381

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien loan ($53,031 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.59%

^{[3],[4],[9],[13],[14]}

743

979

^[1],[2],[10]

50,909

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien loan ($55,044 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.42%

^[1],[2],[10]

50,909

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien revolving loan ($6,887 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 10.57%

^[3],[4],[9]

50,090

^[1],[2],[10]

6,612

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien revolving loan ($6,958 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.42%

^[1],[2],[10]

6,612

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services Madcap Software, Inc. Investment First-lien loan ($31,850 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 9.77%

^[3],[4],[9]

6,331

^{[1],[2],[10],[15]}

31,850

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services PayScale Holdings, Inc. Investment First-lien loan ($74,729 par, due 10/2029) Initial Acquisition Date 5/3/2019 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.95%

^{[1],[2],[10],[15]}

31,850

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services PayScale Holdings, Inc. Investment First-lien loan ($74,916 par, due 10/2029) Initial Acquisition Date 5/3/2019 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%

^{[3],[4],[9],[14]}

73,584

^{[1],[2],[10],[15]}

74,879

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services bswift, LLC Investment First-lien loan ($54,490 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.41%

^{[1],[2],[10],[15]}

74,879

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services bswift, LLC Investment First-lien loan ($54,630 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.64%

^{[3],[4],[9],[14]}

54,081

^{[1],[2],[10],[15]}

54,766

Investment, Identifier [Axis]: Debt Investments Internet Services Arrow Buyer, Inc. Investment First-lien loan ($36,558 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70%

^{[1],[2],[10],[15]}

54,766

Investment, Identifier [Axis]: Debt Investments Internet Services Arrow Buyer, Inc. Investment First-lien loan ($36,651 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%

^[3],[4],[9]

36,192

^[1],[2],[10]

36,834

Investment, Identifier [Axis]: Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien loan ($42,190 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.19% (incl. 3.00% PIK)

^[1],[2],[10]

36,834

^[1],[2],[10]

42,085

Investment, Identifier [Axis]: Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien loan ($42,489 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.18% (incl. 3.00% PIK)

^[1],[2],[10]

42,085

Investment, Identifier [Axis]: Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien revolving loan ($902 par, due 10/2027) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.69%

^[3],[4],[9]

41,639

^[1],[2],[10]

893

Investment, Identifier [Axis]: Debt Investments Internet Services Big Wombat Holdings, Inc. Investment First-lien loan ($47,070 par, due 4/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%

829

^[3],[4],[9]

893

^[1],[2],[10]

Investment, Identifier [Axis]: Debt Investments Internet Services Big Wombat Holdings, Inc. Investment First-lien loan ($47,188 par, due 4/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.88%

^{[3],[4],[9],[14]}

46,129

^{[1],[2],[10],[15]}

46,598

Investment, Identifier [Axis]: Debt Investments Internet Services Coupa Holdings, LLC Investment First-lien loan ($42,435 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%

^{[1],[2],[10],[15]}

46,598

Investment, Identifier [Axis]: Debt Investments Internet Services Coupa Holdings, LLC Investment First-lien loan ($42,543 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.09%

^[3],[4],[9]

41,450

^[1],[2],[10]

42,913

Investment, Identifier [Axis]: Debt Investments Internet Services EDB Parent, LLC Investment First-lien loan ($76,729 par, due 7/2028) Initial Acquisition Date 7/7/2022 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.84%

^[1],[2],[10]

42,913

^{[1],[2],[10],[15]}

76,729

Investment, Identifier [Axis]: Debt Investments Internet Services EDB Parent, LLC Investment First-lien loan ($78,710 par, due 7/2028) Initial Acquisition Date 7/7/2022 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%

^{[1],[2],[10],[15]}

76,729

Investment, Identifier [Axis]: Debt Investments Internet Services Flight Intermediate HoldCo, Inc. Investment First-lien loan ($40,000 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate and Spread 11.50% Interest Rate 11.50%

^{[3],[4],[9],[14]}

77,333

^[1],[2]

40,300

Investment, Identifier [Axis]: Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (EUR 2,571 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.75% Interest Rate 8.77% (incl. 3.63% PIK)

40,000

^{[3],[4],[9],[14]}

40,300

^[1],[2]

^{[1],[2],[10],[12]}

2,571

3,019

Investment, Identifier [Axis]: Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (EUR 2,594 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.75% Interest Rate 8.88% (incl. 3.63% PIK)

^{[1],[2],[10],[12]}

3,019

Investment, Identifier [Axis]: Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 214,115 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.75% Interest Rate 8.60% (incl. 3.63% PIK)

^{[3],[4],[9],[13]}

2,575

2,967

^{[1],[2],[10],[12]}

kr 214,115

23,226

Investment, Identifier [Axis]: Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 216,077 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.75% Interest Rate 8.94% (incl. 3.63% PIK)

^{[1],[2],[10],[12]}

23,226

Investment, Identifier [Axis]: Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 3,906 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.25% Interest Rate 8.00%

^{[3],[4],[9],[13]}

213,894

22,453

^{[1],[2],[10],[12]}

3,906

424

^{[1],[2],[10],[12]}

424

Investment, Identifier [Axis]: Debt Investments Internet Services Kaseware Intermediate Holding Company Investment First-lien loan ($43,251 par, due 10/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.23%

^{[3],[4],[9],[13]}

kr 3,789

398

^{[1],[2],[10],[15]}

42,501

Investment, Identifier [Axis]: Debt Investments Internet Services Kaseware Intermediate Holding Company Investment First-lien loan ($45,090 par, due 10/2031) Initial Acquisition Date 10/20/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%

^{[1],[2],[10],[15]}

42,501

Investment, Identifier [Axis]: Debt Investments Internet Services Khoros, LLC Investment First-lien loan ($11,682 par, due 5/2030) Initial Acquisition Date 5/23/2025 Reference Rate and Spread 10.00% Interest Rate 10.00%

^{[3],[4],[9],[14]}

43,590

^[1],[2]

11,711

Investment, Identifier [Axis]: Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($20,595 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.70% (incl. 3.25% PIK)

11,595

^[3],[4],[9]

11,711

^[1],[2]

^[1],[2],[10]

20,765

Investment, Identifier [Axis]: Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($20,762 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.44% (incl. 3.13% PIK)

^[1],[2],[10]

20,765

Investment, Identifier [Axis]: Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 4,766 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.06% (incl. 3.25% PIK)

^[3],[4],[9]

20,532

^[1],[2],[10]

802

5,640

Investment, Identifier [Axis]: Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 4,805 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.06% (incl. 3.13% PIK)

^[1],[2],[10]

5,640

Investment, Identifier [Axis]: Debt Investments Internet Services LeanTaaS Holdings, Inc. First-lien loan ($62,984 par, due 7/2028) Initial Acquisition Date 7/12/2022 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.42%

^[3],[4],[9]

4,757

5,481

^{[1],[2],[10],[15]}

62,827

Investment, Identifier [Axis]: Debt Investments Internet Services LeanTaaS Holdings, Inc. First-lien loan ($63,480 par, due 7/2028) Initial Acquisition Date 7/12/2022 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.45%

^{[1],[2],[10],[15]}

62,827

Investment, Identifier [Axis]: Debt Investments Internet Services RainFocus, LLC First-lien loan ($64,232 par, due 4/2031) Initial Acquisition Date 4/25/2025 Reference Rate and Spread SOFR + 6.38% Interest Rate 10.24%

^{[3],[4],[9],[14]}

62,210

^{[1],[2],[10],[15]}

64,072

Investment, Identifier [Axis]: Debt Investments Internet Services RainFocus, LLC First-lien loan ($65,802 par, due 4/2031) Initial Acquisition Date 4/25/2025 Reference Rate and Spread SOFR + 6.38% Interest Rate 10.12%

^{[1],[2],[10],[15]}

64,072

Investment, Identifier [Axis]: Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($55,579 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%

^{[3],[4],[9],[14]}

65,144

^{[3],[4],[9],[14]}

55,579

^{[1],[2],[10],[15]}

56,710

Investment, Identifier [Axis]: Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,619 par, due 9/2029) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.75% (incl. 4.75% PIK)

^{[1],[2],[10],[15]}

56,710

^[1],[2],[11]

2,877

Investment, Identifier [Axis]: Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,661 par, due 9/2029) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 7.75% Interest Rate 11.45% (incl. 4.75% PIK)

^[1],[2],[11]

2,877

Investment, Identifier [Axis]: Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($2,024 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread 7.10% Interest Rate 7.10% (incl. 1.25% PIK)

^[3],[4],[16]

2,002

^{[1],[11],[20],[21]}

223

Investment, Identifier [Axis]: Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($2,031 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread 7.10% Interest Rate 7.10% (incl. 1.25% PIK)

^{[1],[11],[20],[21]}

223

Investment, Identifier [Axis]: Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($12,130 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%

^[3],[4],[16]

122

Investment, Identifier [Axis]: Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($12,160 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.09%

^[3],[4],[9]

12,130

^[1],[2],[10]

12,231

Investment, Identifier [Axis]: Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($3,759 par, due 1/2031) Initial Acquisition Date 9/27/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.69%

^[1],[2],[10]

12,231

Investment, Identifier [Axis]: Debt Investments Manufacturing Arcwood Environmental, Inc. First-lien loan ($3,764 par, due 1/2031) Initial Acquisition Date 9/27/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.71%

^[3],[4],[9]

3,759

^[1],[2],[10]

3,764

Investment, Identifier [Axis]: Debt Investments Manufacturing Leg Purchaser, Inc. Investment First-lien loan ($57,522 par, due 1/2032) Initial Acquisition Date 1/12/2026 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.15%

^[1],[2],[10]

3,764

Investment, Identifier [Axis]: Debt 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%

^[3],[4],[9]

56,262

^{[1],[10],[12],[20],[21]}

12,855

15,097

^{[1],[10],[12],[20],[21]}

15,097

Investment, Identifier [Axis]: Debt 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%

^{[3],[4],[9],[13]}

12,791

14,738

^{[1],[2],[10],[12]}

4,392

5,158

Investment, Identifier [Axis]: Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 5,216 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.88%

^{[1],[2],[10],[12]}

5,158

Investment, Identifier [Axis]: Debt Investments Office Products USR Parent, Inc. ABL FILO term loan ($9,309 par, due 4/2027) Initial Acquisition Date 4/25/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%

^{[3],[4],[9],[13]}

5,173

5,960

Investment, Identifier [Axis]: Debt Investments Office Products USR Parent, Inc. ABL FILO term loan ($9,809 par, due 4/2027) Initial Acquisition Date 4/25/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.37%

^{[3],[4],[9],[14]}

9,263

^{[1],[2],[10],[15]}

9,809

Investment, Identifier [Axis]: Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ($27,317 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 10.77%

^{[1],[2],[10],[15]}

9,809

^[3],[4],[9]

27,522

^[1],[2],[10]

27,590

Investment, Identifier [Axis]: Debt Investments Oil, Gas and Consumable Fuels TRP Assets, LLC First-lien loan ($54,834 par, due 12/2029) Initial Acquisition Date 12/20/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%

^[1],[2],[10]

27,590

^[1],[2],[10]

55,485

^[1],[2],[10]

55,485

Investment, Identifier [Axis]: Debt Investments Other Boréal Bidco First-lien note (EUR 13,605 par, due 3/2032) Initial Acquisition Date 3/24/2025 Reference Rate and Spread E + 7.25% Interest Rate 9.27% (inclu. 5.75% PIK)

^[3],[4],[9]

55,809

^{[1],[2],[10],[12]}

13,503

15,858

Investment, Identifier [Axis]: Debt Investments Other Boréal Bidco First-lien note (EUR 13,741 par, due 3/2032) Initial Acquisition Date 3/24/2025 Reference Rate and Spread E + 7.00% Interest Rate 9.13% (inclu. 4.00% PIK)

^{[1],[2],[10],[12]}

15,858

Investment, Identifier [Axis]: Debt Investments Other Kahua, Inc. First-lien loan ($25,000 par, due 8/2030) Initial Acquisition Date 8/22/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.72%

^{[3],[4],[9],[13]}

13,535

15,594

^[1],[2],[10]

24,700

Investment, Identifier [Axis]: Debt Investments Other Kahua, Inc. First-lien loan ($30,000 par, due 8/2030) Initial Acquisition Date 8/22/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%

^[1],[2],[10]

24,700

Investment, Identifier [Axis]: Debt Investments Other Omnigo Software, LLC First-lien loan ($13,092 par, due 12/2030) Initial Acquisition Date 12/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%

^[3],[4],[9]

30,000

Investment, Identifier [Axis]: Debt Investments Other Omnigo Software, LLC First-lien loan ($13,125 par, due 12/2030) Initial Acquisition Date 12/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.70%

^[3],[4],[9]

12,793

^[1],[2],[10]

13,049

Investment, Identifier [Axis]: Debt Investments Other Scorpio Bidco First-lien loan (EUR 2,511 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.77%

^[1],[2],[10]

13,049

^{[1],[2],[10],[12]}

2,526

2,967

^{[1],[2],[10],[12]}

2,967

Investment, Identifier [Axis]: Debt Investments Other Sediver S.p.A. First-lien note (EUR 14,085 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%

^{[3],[4],[9],[13]}

2,488

2,867

^{[1],[2],[10],[12]}

14,085

^{[1],[2],[10],[12]}

14,085

Investment, Identifier [Axis]: Debt Investments Other Sediver S.p.A. First-lien note (EUR 6,368 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.00% Interest Rate 7.02%

^{[3],[4],[9],[13]}

14,049

^{[1],[2],[10],[12]}

6,368

7,479

^{[1],[2],[10],[12]}

7,479

Investment, Identifier [Axis]: Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($19,737 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%

^{[3],[4],[9],[13]}

6,343

7,309

^{[1],[2],[10],[12]}

19,786

^{[1],[2],[10],[12]}

19,786

Investment, Identifier [Axis]: Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($26,873 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%

^{[3],[4],[9],[13]}

20,428

^[1],[2],[12]

30,098

Investment, Identifier [Axis]: Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($27,177 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%

^[1],[2],[12]

30,098

Investment, Identifier [Axis]: Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 17,985 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.27%

^[3],[4],[13]

29,962

^{[1],[2],[10],[12]}

17,805

20,911

Investment, Identifier [Axis]: Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 40,905 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.38%

^{[1],[2],[10],[12]}

20,911

Investment, Identifier [Axis]: Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 9,953 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 10.98%

^{[3],[4],[9],[13]}

39,628

45,660

^{[1],[2],[10],[12]}

9,878

13,287

Investment, Identifier [Axis]: Debt 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%

9,779

^{[3],[4],[9],[13]}

12,895

^{[3],[4],[9],[13]}

13,287

^{[1],[2],[10],[12]}

^{[1],[2],[10],[12],[15]}

698

939

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Acosta First-lien loan ($13,855 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.22%

690

^{[3],[4],[9],[13],[14]}

910

^{[3],[4],[9],[13],[14]}

939

^{[1],[2],[10],[12],[15]}

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Acosta First-lien loan ($13,890 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.22%

^{[3],[4],[9],[16]}

13,483

^{[1],[2],[10],[11]}

13,566

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($1,323 par, due 9/2027) Initial Acquisition Date 6/10/2021 Reference Rate and Spread SOFR + 15.10 Interest Rate 18.77% (incl. 18.27% PIK)

^{[1],[2],[10],[11]}

13,566

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($1,327 par, due 9/2026) Initial Acquisition Date 6/10/2021 Reference Rate and Spread SOFR + 15.10 Interest Rate 18.97% (incl. 18.47% PIK)

^{[3],[4],[9],[22]}

^{[1],[2],[10],[23]}

100

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($26,611 par, due 9/2027) Initial Acquisition Date 9/30/2015 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.02% (incl. 10.52% PIK)

^{[1],[2],[10],[23]}

100

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($26,664 par, due 9/2026) Initial Acquisition Date 9/30/2015 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.22% (incl. 10.72% PIK)

^{[3],[4],[9],[22]}

19,626

^{[1],[2],[10],[23]}

19,665

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products American Achievement, Corp. Subordinated note ($4,740 par, due 9/2026) Initial Acquisition Date 3/16/2021 Reference Rate and Spread SOFR + 1.15% Interest Rate 5.14%

^{[1],[2],[10],[23]}

19,665

^{[1],[2],[10],[23]}

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products American Achievement, Corp. Subordinated note ($4,740 par, due 9/2027) Initial Acquisition Date 3/16/2021 Reference Rate and Spread SOFR + 1.15% Interest Rate 4.81%

^{[1],[2],[10],[23]}

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($5,910 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 13.57%

^{[3],[4],[9],[22]}

^{[3],[4],[9],[22],[24]}

4,684

^{[1],[2],[10],[23],[25]}

4,758

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($25,255 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.57% PIK

^{[1],[2],[10],[23],[25]}

4,758

^{[3],[4],[9],[22],[24]}

20,015

^{[1],[2],[10],[23],[25]}

20,331

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($3,575 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 11.57%

^{[1],[2],[10],[23],[25]}

20,331

^{[3],[4],[9],[22],[24]}

2,833

^{[1],[2],[10],[23],[25]}

2,878

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($45,921 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%

^{[1],[2],[10],[23],[25]}

2,878

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($46,875 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.82%

^[3],[4],[9]

45,806

^[1],[2],[10]

46,992

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Blazing Star Parent, LLC First-lien loan ($69,125 par, due 8/2030) Initial Acquisition Date 8/28/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%

^[1],[2],[10]

46,992

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Blazing Star Parent, LLC First-lien loan ($69,563 par, due 8/2030) Initial Acquisition Date 8/28/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.82%

^[3],[4],[9]

68,434

^[1],[2],[10]

68,693

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($64,906 par, due 7/2028) Initial Acquisition Date 7/25/2022 Reference Rate and Spread SOFR + 8.65% Interest Rate 12.53%

^[1],[2],[10]

68,693

^[1],[2],[10]

65,748

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($65,447 par, due 7/2028) Initial Acquisition Date 7/25/2022 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.07%

^[1],[2],[10]

65,748

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Neuintel, LLC First-lien loan ($53,648 par, due 12/2026) Initial Acquisition Date 12/20/2021 Reference Rate and Spread SOFR + 6.85% Interest Rate 10.52%

^[3],[4],[9]

65,187

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Neuintel, LLC First-lien loan ($53,926 par, due 12/2026) Initial Acquisition Date 12/20/2021 Reference Rate and Spread SOFR + 6.85% Interest Rate 10.57%

^{[3],[4],[9],[14]}

50,697

^{[1],[2],[10],[15]}

53,522

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($20,232 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67% (incl. 2.50% PIK)

^{[1],[2],[10],[15]}

53,522

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($20,284 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.34%

^[3],[4],[9]

19,777

^[1],[2],[10]

20,334

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien revolving loan ($1,203 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.34%

^[1],[2],[10]

20,334

^[1],[2],[10]

1,207

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien revolving loan ($1,531 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%

^[1],[2],[10]

1,207

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,546 par, due 7/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.51%

^[3],[4],[9]

1,494

^{[1],[2],[10],[12]}

7,546

8,862

^{[1],[2],[10],[12]}

8,862

Investment, Identifier [Axis]: Debt 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%

^[4]

7,401

8,528

^[3]

^{[1],[2],[10],[12]}

328

385

^{[1],[2],[10],[12]}

385

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($49,169 par, due 6/2031) Initial Acquisition Date 6/25/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.50%

^{[3],[4],[9],[13]}

316

364

^{[1],[2],[10],[15]}

48,312

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($50,898 par, due 6/2031) Initial Acquisition Date 6/25/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.16%

^{[1],[2],[10],[15]}

48,312

Investment, Identifier [Axis]: Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($5,000 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%

^{[3],[4],[9],[14]}

49,280

^{[3],[4],[9],[13]}

4,988

^{[1],[2],[10],[12]}

5,038

Investment, Identifier [Axis]: Debt Investments Transportation Marcura Equities LTD First-lien loan (GBP 1,107 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread S + 8.25% Interest Rate 11.98% (incl. 4.25% PIK)

^{[1],[2],[10],[12]}

5,038

^{[1],[2],[10],[12]}

1,115

1,500

Investment, Identifier [Axis]: Debt Investments Transportation Marcura Equities LTD First-lien loan (GBP 1,118 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread S + 8.25% Interest Rate 11.98% (incl. 4.25% PIK)

^{[1],[2],[10],[12]}

1,500

Investment, Identifier [Axis]: Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($1,667 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.17%

^[4],[9],[13]

1,113

1,467

^{[1],[2],[10],[12]}

1,692

^{[1],[2],[10],[12]}

1,692

Investment, Identifier [Axis]: Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($41,520 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 8.25% Interest Rate 11.92% (incl. 4.25% PIK)

^[4],[9],[13]

1,650

^{[1],[2],[10],[12]}

41,832

Investment, Identifier [Axis]: Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($41,962 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 8.25% Interest Rate 11.98% (incl. 4.25% PIK)

^{[1],[2],[10],[12]}

41,832

Investment, Identifier [Axis]: Debt Investments Transportation Project44, Inc First-lien loan ($54,481 par, due 11/2027) Initial Acquisition Date 11/12/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.02%

^{[3],[4],[9],[13]}

41,752

Investment, Identifier [Axis]: Debt Investments Transportation Project44, Inc First-lien loan ($54,549 par, due 11/2027) Initial Acquisition Date 11/12/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.07%

^[4],[9],[14]

53,527

^{[1],[2],[10],[15]}

54,140

Investment, Identifier [Axis]: Debt Investments Transportation Rail Acquisitions LLC First-lien loan ($22,530 par, due 1/2030) Initial Acquisition Date 1/27/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%

^{[1],[2],[10],[15]}

54,140

Investment, Identifier [Axis]: Debt Investments Transportation Rail Acquisitions LLC First-lien loan ($25,217 par, due 1/2030) Initial Acquisition Date 1/27/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.86%

^[4],[9],[14]

22,164

^[1],[2]

24,946

Investment, Identifier [Axis]: Debt Investments Transportation Rail Acquisitions LLC Second-lien note ($21,423 par, due 1/2031) Initial Acquisition Date 1/27/2025 Reference Rate and Spread 13.75% Interest Rate 13.75% PIK

^[1],[2]

24,946

^[1],[2]

19,360

Investment, Identifier [Axis]: Debt Investments Transportation Rail Acquisitions LLC Second-lien note ($22,160 par, due 1/2031) Initial Acquisition Date 1/27/2025 Reference Rate and Spread 13.75% Interest Rate 13.75% PIK

^[1],[2]

19,360

Investment, Identifier [Axis]: Debt Investments Transportation Ranger Intermediate II, LLC First-lien loan ($69,361 par, due 1/2030) Initial Acquisition Date 10/28/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%

^[4],[9],[14]

19,516

Investment, Identifier [Axis]: Debt Investments Transportation Ranger Intermediate II, LLC First-lien loan ($69,361 par, due 10/2031) Initial Acquisition Date 10/28/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.36%

^[4],[9]

68,320

^[1],[2],[10]

68,667

Investment, Identifier [Axis]: Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 36,338 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.03%

^[1],[2],[10]

68,667

^{[1],[2],[10],[12],[15]}

36,450

42,809

^{[1],[2],[10],[12],[15]}

42,809

Investment, Identifier [Axis]: Equity Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/2023

^{[4],[9],[13],[14]}

€ 36,000

41,479

Investment, Identifier [Axis]: Equity Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/2021

^[4],[26]

1,583

Investment, Identifier [Axis]: Equity Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/2024

^{[4],[13],[26],[27]}

$ 496

356

Investment, Identifier [Axis]: Equity Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/2022

^[4],[26]

3,331

Investment, Identifier [Axis]: Equity Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/2023

^[4],[26]

2,087

Investment, Identifier [Axis]: Equity Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/2021

^[4],[26]

1,792

Investment, Identifier [Axis]: Equity Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/2023

^{[4],[26],[27]}

1,701

Investment, Identifier [Axis]: Equity Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/2021

^[4],[26]

598

Investment, Identifier [Axis]: Equity Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/2021

^[4],[26]

1,387

Investment, Identifier [Axis]: Equity Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/2021

^[4],[26]

141

Investment, Identifier [Axis]: Equity Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/2021

^[4],[26]

154

Investment, Identifier [Axis]: Equity Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/2023

^[4],[26]

815

Investment, Identifier [Axis]: Equity Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/2020

^[4],[26]

3,815

Investment, Identifier [Axis]: Equity Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/2015

^[4],[26]

11,027

Investment, Identifier [Axis]: Equity Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/2021

^{[4],[13],[27]}

Investment, Identifier [Axis]: Equity Investments Financial Services TS Imagine, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/2021

^[3],[4]

1,223

Investment, Identifier [Axis]: Equity Investments Financial Services TS Imagine, Inc. Class AA Units (19,093 units) Initial Acquisition Date 11/1/2024 Reference Rate and Spread 20.00% Interest Rate 20.00%

^[4],[28]

611

Investment, Identifier [Axis]: Equity Investments Healthcare Caris Life Sciences, Inc. Common Shares (714,020 shares) Initial Acquisition Date 6/20/2025

^[4],[28]

Investment, Identifier [Axis]: Equity Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/2022

^{[3],[4],[26],[27]}

12,767

Investment, Identifier [Axis]: Equity Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/2023

^[4],[26]

13,880

Investment, Identifier [Axis]: Equity Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (50,140,171 units) Initial Acquisition Date 12/21/2018

^[3],[4],[26]

2,150

Investment, Identifier [Axis]: Equity Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/2018

^{[4],[19],[26]}

125

Investment, Identifier [Axis]: Equity Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/2021

^{[4],[19],[26]}

Investment, Identifier [Axis]: Equity Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/2020

^{[4],[13],[26],[28]}

2,325

Investment, Identifier [Axis]: Equity Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/2022

^[4],[26]

1,747

Investment, Identifier [Axis]: Equity Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/2022

^{[4],[13],[26]}

$ 5,970

4,089

Investment, Identifier [Axis]: Equity Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/2021

^[4],[26]

3,351

Investment, Identifier [Axis]: Equity Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/2021

^{[4],[26],[28]}

4,952

Investment, Identifier [Axis]: Equity Investments Internet Services Bigtincan Holdings L.P. Class A Units (2,902,890 Units) Initial Acquisition Date 4/16/2025

^{[4],[26],[28]}

12,526

Investment, Identifier [Axis]: Equity Investments Internet Services Khoros, LLC Earnout Interests Initial Acquisition Date 5/23/2025

^{[4],[26],[29]}

2,786

Investment, Identifier [Axis]: Equity Investments Internet Services Lucidworks, Inc. Series F Preferred Shares (199,054 shares) Initial Acquisition Date 8/2/2019

^{[4],[26],[28],[29]}

7,176

Investment, Identifier [Axis]: Equity Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/2021

^[4],[26]

454

Investment, Identifier [Axis]: Equity Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/2022

^[4],[26]

2,400

Investment, Identifier [Axis]: Equity Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/2022

^[4],[26]

316

Investment, Identifier [Axis]: Equity Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/2022

^[4],[26]

2,297

Investment, Identifier [Axis]: Equity Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/2018

^[4],[26]

Investment, Identifier [Axis]: Equity Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/2022

^[4],[26]

9,024

Investment, Identifier [Axis]: Equity Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/2024

^{[4],[26],[28]}

11,916

Investment, Identifier [Axis]: Equity Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/2021

^{[4],[13],[26]}

5,225

6,891

Investment, Identifier [Axis]: Equity Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/2021

^[4],[26]

Investment, Identifier [Axis]: Equity Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/2021

^[4],[16]

10,767

Investment, Identifier [Axis]: Equity Investments Transportation RailTrac Holdings Inc. Warrants (3,059 warrants) Initial Acquisition Date 1/27/2025

^{[4],[26],[28]}

Investment, Identifier [Axis]: Equity Investments Transportation Ranger Parent I, Inc. Series A-1 Preferred Shares (5,639 Shares) Initial Acquisition Date 10/28/2025 Reference Rate and Spread 14.50% Interest Rate 14.50% PIK

^[4],[26]

2,717

Investment, Identifier [Axis]: Equity Investments Transportation Ranger Parent I, Inc. Warrants (3,841 warrants) Initial Acquisition Date 10/28/2025

^[4],[29]

5,103

Investment, Identifier [Axis]: Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/2023

^[4]

312

^[1],[2],[30]

1,800

Investment, Identifier [Axis]: Equity and Other Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/2021

^[1],[2],[30]

1,800

^[1],[2],[12]

$ 386

282

Investment, Identifier [Axis]: Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/2024

^[1],[2],[12]

282

^[1],[2],[30]

3,835

Investment, Identifier [Axis]: Equity and Other Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/2022

^[1],[2],[30]

3,835

^[1],[2],[30]

3,176

Investment, Identifier [Axis]: Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/2023

^[1],[2],[30]

3,176

^[1],[2],[30]

2,399

Investment, Identifier [Axis]: Equity and Other Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/2021

^[1],[2],[30]

2,399

^{[1],[2],[30],[31]}

2,205

Investment, Identifier [Axis]: Equity and Other Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/2023

^{[1],[2],[30],[31]}

2,205

^[1],[2],[30]

661

Investment, Identifier [Axis]: Equity and Other Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/2021

^[1],[2],[30]

661

^[1],[2],[30]

1,578

Investment, Identifier [Axis]: Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/2021

^[1],[2],[30]

1,578

^[1],[2],[30]

309

Investment, Identifier [Axis]: Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/2021

^[1],[2],[30]

309

^[1],[2],[30]

329

Investment, Identifier [Axis]: Equity and Other Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/2021

^[1],[2],[30]

329

^[1],[2],[30]

1,602

Investment, Identifier [Axis]: Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/2023

^[1],[2],[30]

1,602

^[1],[2],[30]

5,717

Investment, Identifier [Axis]: Equity and Other Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/2020

^[1],[2],[30]

5,717

^[1],[2],[30]

9,972

Investment, Identifier [Axis]: Equity and Other Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/2015

^[1],[2],[30]

9,972

^{[1],[2],[12],[31]}

Investment, Identifier [Axis]: Equity and Other Investments Financial Services TS Imagine, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/2021

^{[1],[2],[12],[31]}

^[1],[2],[32]

723

Investment, Identifier [Axis]: Equity and Other Investments Financial Services TS Imagine, Inc. Class AA Units (19,093 units) Initial Acquisition Date 11/1/2024 Reference Rate and Spread 20.00% Interest Rate 20.00%

^[1],[2],[32]

723

^[1],[2],[32]

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Caris Life Sciences, Inc. Common Shares (962,195 shares) Initial Acquisition Date 6/20/2025

^[1],[2],[32]

^{[1],[2],[30],[31]}

25,960

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/2022

^{[1],[2],[30],[31]}

25,960

^[1],[2],[30]

14,128

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/2023

^[1],[2],[30]

14,128

^[1],[2],[30]

2,353

Investment, Identifier [Axis]: Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (50,140,171 units) Initial Acquisition Date 12/21/2018

^[1],[2],[30]

2,353

^{[1],[2],[18],[30]}

125

Investment, Identifier [Axis]: Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/2018

^{[1],[2],[18],[30]}

125

^{[1],[2],[18],[30]}

Investment, Identifier [Axis]: Equity and Other Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/2021

^{[1],[2],[18],[30]}

^{[1],[2],[12],[30],[32]}

3,497

Investment, Identifier [Axis]: Equity and Other Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/2020

^{[1],[2],[12],[30],[32]}

3,497

^[1],[2],[30]

2,259

Investment, Identifier [Axis]: Equity and Other Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/2022

^[1],[2],[30]

2,259

^{[1],[2],[12],[30]}

$ 6,120

4,081

Investment, Identifier [Axis]: Equity and Other Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/2022

^{[1],[2],[12],[30]}

4,081

^[1],[2]

4,727

Investment, Identifier [Axis]: Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/2021

^[1],[2]

4,727

^{[1],[2],[30],[32]}

5,092

Investment, Identifier [Axis]: Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/2021

^{[1],[2],[30],[32]}

5,092

^{[1],[2],[30],[32]}

12,880

Investment, Identifier [Axis]: Equity and Other Investments Internet Services Bigtincan Holdings L.P. Class A Units (2,902,890 Units) Initial Acquisition Date 4/16/2025

^{[1],[2],[30],[32]}

12,880

^{[1],[2],[30],[33]}

3,020

Investment, Identifier [Axis]: Equity and Other Investments Internet Services Khoros, LLC Earnout Interests Initial Acquisition Date 5/23/2025

^{[1],[2],[30],[33]}

3,020

^{[1],[2],[32],[33]}

7,233

Investment, Identifier [Axis]: Equity and Other Investments Internet Services Lucidworks, Inc. Series F Preferred Shares (199,054 shares) Initial Acquisition Date 8/2/2019

^{[1],[2],[32],[33]}

7,233

^[1],[2],[30]

530

Investment, Identifier [Axis]: Equity and Other Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/2021

^[1],[2],[30]

530

^[1],[2],[30]

2,400

Investment, Identifier [Axis]: Equity and Other Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/2022

^[1],[2],[30]

2,400

^[1],[2],[30]

316

Investment, Identifier [Axis]: Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/2022

^[1],[2],[30]

316

^[1],[2],[30]

2,752

Investment, Identifier [Axis]: Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/2022

^[1],[2],[30]

2,752

^[1],[2],[30]

119

Investment, Identifier [Axis]: Equity and Other Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/2018

^[1],[2],[30]

119

^[1],[2],[30]

9,600

Investment, Identifier [Axis]: Equity and Other Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/2022

^[1],[2],[30]

9,600

^{[1],[2],[30],[32]}

9,496

Investment, Identifier [Axis]: Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/2024

^{[1],[2],[30],[32]}

9,496

^{[1],[2],[12],[30]}

£ 5,636

7,581

Investment, Identifier [Axis]: Equity and Other Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/2021

^{[1],[2],[12],[30]}

7,581

^[1],[2],[30]

Investment, Identifier [Axis]: Equity and Other Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/2021

^[1],[2],[30]

^[1],[2],[11]

11,016

Investment, Identifier [Axis]: Equity and Other Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/2021

^[1],[2],[11]

11,016

^{[1],[2],[30],[32]}

413

Investment, Identifier [Axis]: Equity and Other Investments Transportation RailTrac Holdings Inc. Warrants (3,059 warrants) Initial Acquisition Date 1/27/2025

^{[1],[2],[30],[32]}

413

^{[1],[2],[30],[33]}

2,717

Investment, Identifier [Axis]: Equity and Other Investments Transportation Ranger Parent I, Inc. Series A-1 Preferred Shares (5,639 Shares) Initial Acquisition Date 10/28/2025 Reference Rate and Spread 14.50% Interest Rate 14.50%

^{[1],[2],[30],[33]}

2,717

^[1],[2],[33]

5,245

Investment, Identifier [Axis]: Equity and Other Investments Transportation Ranger Parent I, Inc. Warrants (3,841 warrants) Initial Acquisition Date 10/28/2025

^[1],[2],[33]

5,245

^[1],[2],[30]

312

Investment, Identifier [Axis]: IRGSE Holding Corp

^[1],[2],[30]

312

58,372

$ 65,095

65,095

Net Change in Unrealized Gain/(Loss)

2,370

^[6]

11,630

^[7]

Gross Reductions

^[8]

(5,310)

(2,237)

3,266

Realized Gain/(Loss)

(16,309)

Investment, Identifier [Axis]: Other Investments Apidos CLO, Series 2015-23A Investment Structured Credit ($4,000 par, due 4/2033) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 5.20% Interest Rate 9.10%

58,505

58,372

Interest Income

1,971

10,347

Other Income

^{[1],[2],[10],[11],[12]}

4,002

Investment, Identifier [Axis]: Other Investments Ares CLO Ltd, Series 2022-63A Investment Structured Credit ($2,500 par, due 10/2038) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.28%

^{[1],[2],[10],[11],[12]}

4,002

^{[1],[2],[10],[11],[12]}

2,501

Investment, Identifier [Axis]: Other Investments Ares CLO Ltd, Series 2022-64A Investment Structured Credit ($2,000 par, due 10/2039) Initial Acquisition Date 9/4/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.40%

^{[1],[2],[10],[11],[12]}

2,501

^{[1],[2],[10],[11],[12]}

2,018

Investment, Identifier [Axis]: Other Investments Ares CLO Ltd, Series 2024-72A Investment Structured Credit ($3,500 par, due 7/2036) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.90%

^{[1],[2],[10],[11],[12]}

2,018

^{[1],[2],[10],[11],[12]}

3,510

Investment, Identifier [Axis]: Other Investments Benefit Street Partners CLO Ltd, Series 2025-39A Investment Structured Credit ($1,725 par, due 4/2038) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.40%

^{[1],[2],[10],[11],[12]}

3,510

^{[1],[2],[10],[11],[12]}

1,711

Investment, Identifier [Axis]: Other Investments Birch Grove CLO Ltd, Series 2025-14A Investment Structured Credit ($1,250 par, due 7/2037) Initial Acquisition Date 9/2/2025 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.98%

^{[1],[2],[10],[11],[12]}

1,711

^{[1],[2],[10],[11],[12]}

1,261

Investment, Identifier [Axis]: Other Investments CIFC Funding Ltd, Series 2020 -4A Structured Credit ($4,000 par, due 1/2040) Initial Acquisition Date 7/29/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.80%

^{[1],[2],[10],[11],[12]}

1,261

^{[1],[2],[10],[11],[12]}

4,007

Investment, Identifier [Axis]: Other Investments CIFC Funding Ltd, Series 2021 -7A Structured Credit ($2,800 par, due 1/2035) Initial Acquisition Date 9/8/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.76%

^{[1],[2],[10],[11],[12]}

4,007

^{[1],[2],[10],[11],[12]}

2,779

Investment, Identifier [Axis]: Other Investments CIFC Funding Ltd, Series 2022 -4A Structured Credit ($3,000 par, due 7/2035) Initial Acquisition Date 8/27/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.14%

^{[1],[2],[10],[11],[12]}

2,779

^{[1],[2],[10],[11],[12]}

3,005

Investment, Identifier [Axis]: Other Investments Canyon CLO Ltd, Series 2025 -1A Structured Credit ($1,125 par, due 4/2038) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.65%

^{[1],[2],[10],[11],[12]}

3,005

^{[1],[2],[10],[11],[12]}

1,102

Investment, Identifier [Axis]: Other Investments CarVal CLO Ltd, Series 2021 -2A Investment Structured Credit ($2,000 par, due 10/2034) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 7.01% Interest Rate 10.92%

^{[1],[2],[10],[11],[12]}

1,102

^{[1],[2],[10],[11],[12]}

1,996

Investment, Identifier [Axis]: Other Investments CarVal CLO Ltd, Series 2023 -1A Structured Credit ($3,000 par, due 7/2037) Initial Acquisition Date 8/13/2025 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.23%

^{[1],[2],[10],[11],[12]}

1,996

^{[1],[2],[10],[11],[12]}

2,973

Investment, Identifier [Axis]: Other Investments Carlyle US CLO Ltd, Series 2017 -2A Investment Structured Credit ($2,500 par, due 7/2037) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 7.56% Interest Rate 11.44%

^{[1],[2],[10],[11],[12]}

2,973

^{[1],[2],[10],[11],[12]}

2,528

Investment, Identifier [Axis]: Other Investments Carlyle US CLO Ltd, Series 2021 -1A Structured Credit ($3,225 par, due 1/2040) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 7.30% Interest Rate 11.20%

^{[1],[2],[10],[11],[12]}

2,528

^{[1],[2],[10],[11],[12]}

3,290

Investment, Identifier [Axis]: Other Investments Diameter Capital CLO Ltd, Series 2025 -9A Structured Credit ($3,500 par, due 4/2038) Initial Acquisition Date 9/2/2025 Reference Rate and Spread SOFR + 4.70% Interest Rate 8.58%

^{[1],[2],[10],[11],[12]}

3,290

^{[1],[2],[10],[11],[12]}

3,519

Investment, Identifier [Axis]: Other Investments Goldentree Loan Management US CLO Ltd, Series 2022 -16A Structured Credit ($5,000 par, due 1/2038) Initial Acquisition Date 9/16/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.38%

^{[1],[2],[10],[11],[12]}

3,519

^{[1],[2],[10],[11],[12]}

4,956

Investment, Identifier [Axis]: Other Investments Goldentree Loan Management US CLO Ltd, Series 2023 -17A Structured Credit ($3,000 par, due 1/2039) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 5.40% Interest Rate 9.28%

^{[1],[2],[10],[11],[12]}

4,956

^{[1],[2],[10],[11],[12]}

3,018

Investment, Identifier [Axis]: Other Investments Lake George Park CLO Ltd, Series 2025 -1A Structured Credit ($4,500 par, due 4/2038) Initial Acquisition Date 8/27/2025 Reference Rate and Spread SOFR + 4.60% Interest Rate 8.50%

^{[1],[2],[10],[11],[12]}

3,018

^{[1],[2],[10],[11],[12]}

4,507

Investment, Identifier [Axis]: Other Investments Madison Park Funding Ltd, Series 2025 -65A Structured Credit ($4,400 par, due 7/2038) Initial Acquisition Date 8/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.32%

^{[1],[2],[10],[11],[12]}

4,507

^{[1],[2],[10],[11],[12]}

4,407

Investment, Identifier [Axis]: Other Investments Madison Park Funding Ltd, Series 2025 -72A Structured Credit ($4,500 par, due 7/2038) Initial Acquisition Date 8/18/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.37%

^{[1],[2],[10],[11],[12]}

4,407

^{[1],[2],[10],[11],[12]}

4,535

Investment, Identifier [Axis]: Other Investments Neuberger Berman CLO Ltd, Series 2015 -20A Structured Credit ($1,150 par, due 4/2039) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.65%

^{[1],[2],[10],[11],[12]}

4,535

^{[1],[2],[10],[11],[12]}

1,144

Investment, Identifier [Axis]: Other Investments Neuberger Berman CLO Ltd, Series 2017 -16SA Structured Credit ($4,000 par, due 4/2039) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.80%

^{[1],[2],[10],[11],[12]}

1,144

^{[1],[2],[10],[11],[12]}

3,947

Investment, Identifier [Axis]: Other Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2017 -24A Structured Credit ($1,000 par, due 10/2038) Initial Acquisition Date 8/25/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.88%

^{[1],[2],[10],[11],[12]}

3,947

^{[1],[2],[10],[11],[12]}

1,017

Investment, Identifier [Axis]: Other Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2019 -33A Structured Credit ($2,000 par, due 4/2039) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.39%

^{[1],[2],[10],[11],[12]}

1,017

^{[1],[2],[10],[11],[12]}

2,013

Investment, Identifier [Axis]: Other Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2021 -44A Structured Credit ($1,000 par, due 10/2035) Initial Acquisition Date 8/15/2025 Reference Rate and Spread SOFR + 5.15% Interest Rate 9.04%

^{[1],[2],[10],[11],[12]}

2,013

^{[1],[2],[10],[11],[12]}

1,001

Investment, Identifier [Axis]: Other Investments Oaktree CLO Ltd, Series 2022 -2A Structured Credit ($3,500 par, due 10/2037) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.30%

^{[1],[2],[10],[11],[12]}

1,001

^{[1],[2],[10],[11],[12]}

3,516

Investment, Identifier [Axis]: Other Investments Octagon 67 Ltd, Series 2023 -1A Structured Credit ($3,000 par, due 7/2038) Initial Acquisition Date 9/4/2025 Reference Rate and Spread SOFR + 7.41% Interest Rate 11.27%

^{[1],[2],[10],[11],[12]}

3,516

^{[1],[2],[10],[11],[12]}

3,057

Investment, Identifier [Axis]: Other Investments Oha Credit Funding Ltd, Series 2025 -22A Structured Credit ($1,250 par, due 7/2038) Initial Acquisition Date 7/24/2025 Reference Rate and Spread SOFR + 5.55% Interest Rate 9.83%

^{[1],[2],[10],[11],[12]}

3,057

^{[1],[2],[10],[11],[12]}

1,261

Investment, Identifier [Axis]: Other Investments Palmer Square CLO Ltd, Series 2021 -4 Structured Credit ($4,000 par, due 7/2038) Initial Acquisition Date 9/16/2025 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.65%

^{[1],[2],[10],[11],[12]}

1,261

^{[1],[2],[10],[11],[12]}

4,010

Investment, Identifier [Axis]: Other Investments Palmer Square CLO Ltd, Series 2025 -1A Structured Credit ($2,250 par, due 4/2038) Initial Acquisition Date 8/21/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.38%

^{[1],[2],[10],[11],[12]}

4,010

^{[1],[2],[10],[11],[12]}

2,250

Investment, Identifier [Axis]: Other Investments Pikes Peak CLO Ltd, Series 2023 -14A Structured Credit ($3,000 par, due 7/2038) Initial Acquisition Date 7/30/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.88%

^{[1],[2],[10],[11],[12]}

2,250

^{[1],[2],[10],[11],[12]}

2,992

Investment, Identifier [Axis]: Other Investments RR Ltd, Series 2021 -19A Structured Credit ($1,000 par, due 4/2040) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 4.70% Interest Rate 8.60%

^{[1],[2],[10],[11],[12]}

2,992

^{[1],[2],[10],[11],[12]}

995

Investment, Identifier [Axis]: Other Investments Regatta Funding Ltd, Series 2020 -1A Structured Credit ($1,000 par, due 10/2037) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.40%

^{[1],[2],[10],[11],[12]}

995

^{[1],[2],[10],[11],[12]}

1,011

Investment, Identifier [Axis]: Other Investments Riverbank Park CLO Ltd, Series 2024 -1A Structured Credit ($4,500 par, due 1/2038) Initial Acquisition Date 7/29/2025 Reference Rate and Spread SOFR + 4.80% Interest Rate 8.66%

^{[1],[2],[10],[11],[12]}

1,011

^{[1],[2],[10],[11],[12]}

4,502

Investment, Identifier [Axis]: Other Investments Texas Debt Capital CLO Ltd, Series 2023 -1A Structured Credit ($2,000 par, due 7/2038) Initial Acquisition Date 8/12/2025 Reference Rate and Spread SOFR + 4.95% Interest Rate 8.83%

^{[1],[2],[10],[11],[12]}

4,502

^{[1],[2],[10],[11],[12]}

2,017

Investment, Identifier [Axis]: Other Investments Whitebox CLO Ltd, Series 2023 -4A Structured Credit ($1,500 par, due 4/2036) Initial Acquisition Date 8/20/2025 Reference Rate and Spread SOFR + 6.48% Interest Rate 10.36%

^{[1],[2],[10],[11],[12]}

2,017

^{[1],[2],[10],[11],[12]}

1,514

Investment, Identifier [Axis]: Structured Credit Investments Apidos CLO, Series 2015-23A Investment Structured Credit ($4,000 par, due 4/2033) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 5.20% Interest Rate 8.87%

^{[1],[2],[10],[11],[12]}

$ 1,514

Investment, Identifier [Axis]: Structured Credit Investments Ares CLO Ltd, Series 2022-63A Investment Structured Credit ($2,500 par, due 10/2038) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%

^{[4],[9],[13],[16]}

3,931

Investment, Identifier [Axis]: Structured Credit Investments Ares CLO Ltd, Series 2022-64A Investment Structured Credit ($2,000 par, due 10/2039) Initial Acquisition Date 9/4/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%

^{[4],[9],[13],[16]}

2,325

Investment, Identifier [Axis]: Structured Credit Investments Ares CLO Ltd, Series 2024-72A Investment Structured Credit ($3,500 par, due 7/2036) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%

^{[4],[9],[13],[16]}

1,912

Investment, Identifier [Axis]: Structured Credit Investments Benefit Street Partners CLO Ltd, Series 2025-39A Investment Structured Credit ($1,725 par, due 4/2038) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.17%

^{[4],[9],[13],[16]}

3,255

Investment, Identifier [Axis]: Structured Credit Investments Birch Grove CLO Ltd, Series 2025-14A Investment Structured Credit ($1,250 par, due 7/2037) Initial Acquisition Date 9/2/2025 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.32%

^{[4],[9],[13],[16]}

1,670

Investment, Identifier [Axis]: Structured Credit Investments CIFC Funding Ltd, Series 2020 -4A Structured Credit ($4,000 par, due 1/2040) Initial Acquisition Date 7/29/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.57%

^{[4],[9],[13],[16]}

1,250

Investment, Identifier [Axis]: Structured Credit Investments CIFC Funding Ltd, Series 2021 -7A Structured Credit ($2,800 par, due 1/2035) Initial Acquisition Date 9/8/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.57%

^{[3],[4],[9],[13],[16]}

3,856

Investment, Identifier [Axis]: Structured Credit Investments CIFC Funding Ltd, Series 2022 -4A Structured Credit ($3,000 par, due 7/2035) Initial Acquisition Date 8/27/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%

^{[3],[4],[9],[13],[16]}

2,684

Investment, Identifier [Axis]: Structured Credit Investments Canyon CLO Ltd, Series 2025 -1A Structured Credit ($1,125 par, due 4/2038) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42%

^{[3],[4],[9],[13],[16]}

2,873

Investment, Identifier [Axis]: Structured Credit Investments CarVal CLO Ltd, Series 2021 -2A Investment Structured Credit ($2,000 par, due 10/2034) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 7.01% Interest Rate 10.68%

^{[4],[9],[13],[16]}

1,090

Investment, Identifier [Axis]: Structured Credit Investments CarVal CLO Ltd, Series 2023 -1A Structured Credit ($3,000 par, due 7/2037) Initial Acquisition Date 8/13/2025 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.02%

^{[3],[4],[9],[13],[16]}

1,853

Investment, Identifier [Axis]: Structured Credit Investments Carlyle US CLO Ltd, Series 2017 -2A Investment Structured Credit ($2,500 par, due 7/2037) Initial Acquisition Date 9/3/2025 Reference Rate and Spread SOFR + 7.56% Interest Rate 11.23%

^{[3],[4],[9],[13],[16]}

2,805

Investment, Identifier [Axis]: Structured Credit Investments Carlyle US CLO Ltd, Series 2021 -1A Structured Credit ($3,225 par, due 1/2040) Initial Acquisition Date 8/7/2025 Reference Rate and Spread SOFR + 7.30% Interest Rate 10.97%

^{[4],[9],[13],[16]}

2,394

Investment, Identifier [Axis]: Structured Credit Investments Diameter Capital CLO Ltd, Series 2025 -9A Structured Credit ($3,500 par, due 4/2038) Initial Acquisition Date 9/2/2025 Reference Rate and Spread SOFR + 4.70% Interest Rate 8.37%

^{[3],[4],[9],[13],[16]}

3,134

Investment, Identifier [Axis]: Structured Credit Investments Goldentree Loan Management US CLO Ltd, Series 2022 -16A Structured Credit ($5,000 par, due 1/2038) Initial Acquisition Date 9/16/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.17%

^{[3],[4],[9],[13],[16]}

3,407

Investment, Identifier [Axis]: Structured Credit Investments Goldentree Loan Management US CLO Ltd, Series 2023 -17A Structured Credit ($3,000 par, due 1/2039) Initial Acquisition Date 7/16/2025 Reference Rate and Spread SOFR + 5.40% Interest Rate 9.07%

^{[3],[4],[9],[13],[16]}

4,843

Investment, Identifier [Axis]: Structured Credit Investments Lake George Park CLO Ltd, Series 2025 -1A Structured Credit ($4,500 par, due 4/2038) Initial Acquisition Date 8/27/2025 Reference Rate and Spread SOFR + 4.60% Interest Rate 8.27%

^{[3],[4],[9],[13],[16]}

2,942

Investment, Identifier [Axis]: Structured Credit Investments Madison Park Funding Ltd, Series 2025 -65A Structured Credit ($4,400 par, due 7/2038) Initial Acquisition Date 8/19/2025 Reference Rate and Spread SOFR + 5.00% Interest Rate 8.67%

^{[3],[4],[9],[13],[16]}

4,357

Investment, Identifier [Axis]: Structured Credit Investments Madison Park Funding Ltd, Series 2025 -72A Structured Credit ($2,500 par, due 7/2038) Initial Acquisition Date 8/18/2025 Reference Rate and Spread SOFR + 5.25% Interest Rate 8.92%

^{[3],[4],[9],[13],[16]}

4,219

Investment, Identifier [Axis]: Structured Credit Investments Neuberger Berman CLO Ltd, Series 2015 -20A Structured Credit ($1,150 par, due 4/2039) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42%

^{[3],[4],[9],[13],[16]}

4,359

Investment, Identifier [Axis]: Structured Credit Investments Neuberger Berman CLO Ltd, Series 2017 -16SA Structured Credit ($4,000 par, due 4/2039) Initial Acquisition Date 7/28/2025 Reference Rate and Spread SOFR + 4.90% Interest Rate 8.57%

^{[3],[4],[9],[13],[16]}

1,113

Investment, Identifier [Axis]: Structured Credit Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2017 -24A Structured Credit ($1,000 par, due 10/2038) Initial Acquisition Date 8/25/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 10.67%

^{[3],[4],[9],[13],[16]}

3,859

Investment, Identifier [Axis]: Structured Credit Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2019 -33A Structured Credit ($2,000 par, due 4/2039) Initial Acquisition Date 9/9/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.17%

^{[3],[4],[9],[13],[16]}

961

Investment, Identifier [Axis]: Structured Credit Investments Neuberger Berman Loan Advisers CLO Ltd, Series 2021 -44A Structured Credit ($1,000 par, due 10/2035) Initial Acquisition Date 8/15/2025 Reference Rate and Spread SOFR + 5.15% Interest Rate 8.82%

^{[3],[4],[9],[13],[16]}

1,955

Investment, Identifier [Axis]: Structured Credit Investments Oaktree CLO Ltd, Series 2022 -2A Structured Credit ($3,500 par, due 10/2037) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.07%

^{[3],[4],[9],[13],[16]}

956

Investment, Identifier [Axis]: Structured Credit Investments Octagon 67 Ltd, Series 2023 -1A Structured Credit ($3,000 par, due 7/2038) Initial Acquisition Date 9/4/2025 Reference Rate and Spread SOFR + 7.41% Interest Rate 11.08%

^{[3],[4],[9],[13],[16]}

3,411

Investment, Identifier [Axis]: Structured Credit Investments Oha Credit Funding Ltd, Series 2025 -22A Structured Credit ($1,250 par, due 7/2038) Initial Acquisition Date 7/24/2025 Reference Rate and Spread SOFR + 5.55% Interest Rate 9.22%

^{[3],[4],[9],[13],[16]}

2,896

Investment, Identifier [Axis]: Structured Credit Investments Palmer Square CLO Ltd, Series 2021 -4 Structured Credit ($4,000 par, due 7/2038) Initial Acquisition Date 9/16/2025 Reference Rate and Spread SOFR + 5.75% Interest Rate 9.42%

^{[3],[4],[9],[13],[16]}

1,234

Investment, Identifier [Axis]: Structured Credit Investments Palmer Square CLO Ltd, Series 2025 -1A Structured Credit ($2,250 par, due 4/2038) Initial Acquisition Date 8/21/2025 Reference Rate and Spread SOFR + 4.50% Interest Rate 8.17%

^{[3],[4],[9],[13],[16]}

3,722

Investment, Identifier [Axis]: Structured Credit Investments Pikes Peak CLO Ltd, Series 2023 -14A Structured Credit ($3,000 par, due 7/2038) Initial Acquisition Date 7/30/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 9.67%

^{[3],[4],[9],[13],[16]}

2,178

Investment, Identifier [Axis]: Structured Credit Investments RR Ltd, Series 2021 -19A Structured Credit ($1,000 par, due 4/2040) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 4.70% Interest Rate 8.37%

^{[3],[4],[9],[13],[16]}

2,832

Investment, Identifier [Axis]: Structured Credit Investments Regatta Funding Ltd, Series 2020 -1A Structured Credit ($1,000 par, due 10/2037) Initial Acquisition Date 7/17/2025 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.17%

^{[3],[4],[9],[13],[16]}

980

Investment, Identifier [Axis]: Structured Credit Investments Riverbank Park CLO Ltd, Series 2024 -1A Structured Credit ($4,500 par, due 1/2038) Initial Acquisition Date 7/29/2025 Reference Rate and Spread SOFR + 4.80% Interest Rate 8.47%

^{[3],[4],[9],[13],[16]}

964

Investment, Identifier [Axis]: Structured Credit Investments Texas Debt Capital CLO Ltd, Series 2023 -1A Structured Credit ($2,000 par, due 7/2038) Initial Acquisition Date 8/12/2025 Reference Rate and Spread SOFR + 4.95% Interest Rate 8.62%

^{[3],[4],[9],[13],[16]}

4,121

Investment, Identifier [Axis]: Structured Credit Investments Whitebox CLO Ltd, Series 2023 -4A Structured Credit ($1,500 par, due 4/2036) Initial Acquisition Date 8/20/2025 Reference Rate and Spread SOFR + 6.48% Interest Rate 10.15%

^{[3],[4],[9],[13],[16]}

1,973

Investment, Identifier [Axis]: Structured Credit Partners JV, LLC

^{[3],[4],[9],[13],[16]}

1,491

^[5]

14,665

14,665

Dividend Income

$ 223

[1]

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

[2]

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

[3]

[4]

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

[5]

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

[6]

[7]

[8]

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

[9]

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

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

[10]

[11]

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

[12]

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

[13]

[14]

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

[15]

[16]

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

[17]

[18]

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

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


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

[19]

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

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


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

[20]

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

[21]

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

[22]

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

[23]

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

[24]

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

[25]

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

[26]

This investment is non-income producing.

[27]

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

[28]

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

[29]

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

[30]

This investment is non-income producing.

[31]

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

[32]

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

[33]

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

Debt - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Interest expense	$ 23,399	$ 26,780
Commitment fees	873	624
Accretion of original issue discount	495	395
Amortization of deferred financing costs	1,718	1,494
Swap settlement	1,773	3,678
Total Interest Expense	28,258	32,971
Average debt outstanding (in millions)	$ 1,830,900	$ 1,908,100
Weighted average interest rate	5.50%	6.40%
2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes
Debt Instrument [Line Items]
Interest expense	$ 16,666	$ 14,134
Accretion of original issue discount	495	395
Amortization of deferred financing costs	824	711
Total Interest Expense	$ 17,985	$ 15,240

Net Assets - Schedule of Shares Issued to Stockholders (Details) - shares	Feb. 12, 2026	Feb. 13, 2025
Class Of Stock [Line Items]
Shares issued	314,450	302,922
O 2026 Q1 Supplemental Dividends [Member]
Class Of Stock [Line Items]
Dividends date declared	Feb. 12, 2026
Dividends record date	Feb. 27, 2026
Dividends date shares issued	Mar. 20, 2026
Shares issued	6,241
O 2026 Q1 Base Dividends [Member]
Class Of Stock [Line Items]
Dividends date declared	Feb. 12, 2026
Dividends record date	Mar. 16, 2026
Dividends date shares issued	Mar. 31, 2026
Shares issued	308,209
O2025 Q1 Supplemental Dividends [Member]
Class Of Stock [Line Items]
Dividends date declared		Feb. 13, 2025
Dividends record date		Feb. 28, 2025
Dividends date shares issued		Mar. 20, 2025
Shares issued		39,839
O2025 Q1 Base Dividends [Member]
Class Of Stock [Line Items]
Dividends date declared		Feb. 13, 2025
Dividends record date		Mar. 14, 2025
Dividends date shares issued		Mar. 31, 2025
Shares issued		263,083

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Investment Company, Financial Highlights [Abstract]

Fair Value of Financial Instruments - Fair Value Measurements of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investment	$ 150,992	$ 172,582
Structured credit investments	93,805	97,872
Joint Venture Investments	14,665
Total investments at fair value	3,313,441	3,347,317
Interest rate swaps	4,728	10,301
Total	3,318,169	3,357,618
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investment	14,826	28,169
Total investments at fair value	14,826	28,169
Total	14,826	28,169
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investment	10,767	11,016
Structured credit investments	93,805	97,872
Total investments at fair value	120,761	137,314
Interest rate swaps	4,728	10,301
Total	125,489	147,615
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investment	125,399	133,397
Joint Venture Investments	14,665
Total investments at fair value	3,177,854	3,181,834
Total	3,177,854	3,181,834
First-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	2,959,032	2,984,501
First-lien Debt Investments \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	16,067	28,204
First-lien Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	2,942,965	2,956,297
Second-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	31,195	30,678
Second-lien Debt Investments \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	122	222
Second-lien Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	31,073	30,456
Mezzanine Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	63,752	61,684
Mezzanine Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments	$ 63,752	$ 61,684

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Organization Sixth Street Specialty Lending, Inc. (the “Company”) is a Delaware corporation formed on July 21, 2010. The Company was formed primarily to lend to, and selectively invest in, middle-market companies in the United States. The Company has elected to be regulated as a business development company (“BDC”) under the 1940 Act. In addition, for tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is managed by Sixth Street Specialty Lending Advisers, LLC (the “Adviser”). On June 1, 2011, the Company formed a wholly-owned subsidiary, TC Lending, LLC, a Delaware limited liability company. On March 22, 2012, the Company formed a wholly-owned subsidiary, Sixth Street SL SPV, LLC, a Delaware limited liability company. On May 19, 2014, the Company formed a wholly-owned subsidiary, Sixth Street SL Holding, LLC, a Delaware limited liability company. On December 9, 2020, the Company formed a wholly-owned subsidiary, Sixth Street Specialty Lending Sub, LLC, a Cayman Islands limited liability company. On March 21, 2014, the Company completed its initial public offering (“IPO”) and the Company’s shares began trading on the New York Stock Exchange (“NYSE”) under the symbol “TSLX.” On December 23, 2025, affiliates of Sixth Street, including the Company, and affiliates of Carlyle Group Inc. (“Carlyle”) entered into an amended and restated limited liability company agreement, as amended from time to time (the “Limited Liability Company Agreement”) to co-manage Structured Credit Partners JV, LLC (“SCP”), a joint venture focused on investing in broadly syndicated first lien senior secured loans, financed with long-term, non-mark-to-market, and predominantly investment grade rated CLO debt. The Company has 25.0% voting ownership in SCP and has commitments to fund, from time to time, capital of up to $200.0 million. Refer to Note 6, Fair Value of Financial Instruments, to these consolidated financial statements for further details. Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the accounts of the Company and its subsidiaries. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements for the periods presented have been included. The results of operations for interim periods are not indicative of results to be expected for the full year. All intercompany balances and transactions have been eliminated in consolidation. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with U.S. GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission (“SEC”), on February 12, 2026. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. Fiscal Year End The Company’s fiscal year ends on December 31.

Financial Highlights

3 Months Ended

Mar. 31, 2026

Financial Highlights

12. Financial Highlights

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


	Three Months Ended			Three Months Ended
	March 31, 2026			March 31, 2025
Per Share Data (8)
Net asset value, beginning of period	$	16.98		$	17.16

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

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

The ratios reflect an annualized amount.

(7)

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

(8)

Table may not sum due to rounding.

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements of Investments

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


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


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

Changes in Fair Value of Investments Using Level 3 Inputs

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


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

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


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

Net Change in Unrealized Gains or Losses on Investments for Which Level 3 Inputs were Used in Determining Fair Value

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


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

Fair Value of Level 3 Investments at Fair Value and Significant Unobservable Inputs Used in Valuations

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

          
         March 31, 2026

          
         Valuation

         Unobservable

         Range (Weighted

         Impact to Valuation
from an

          
         Fair Value

         Technique

         Input

         Average)

         Increase to Input

First-lien debt investments

2,942,965

Income approach (1)

Discount rate

7.1% — 25.0% (12.2%)

Decrease

Second-lien debt investments

31,073

Income approach

Discount rate

12.4% — 15.7% (14.8%)

Decrease

Mezzanine debt investments

63,752

Income approach (2)

Discount rate

8.0% — 12.1% (11.4%)

Decrease

Equity investments

125,399

Market Multiple (3)

Comparable multiple

1.5x — 20.0x (10.9x)

Increase

Joint venture investments

14,665

Income approach (4)

Discount rate

—

Decrease

Total

3,177,854

(1)

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

(2)

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

(3)

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

(4)

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

          
         December 31, 2025

          
         Valuation

         Unobservable

         Range (Weighted

         Impact to Valuation
from an

          
         Fair Value

         Technique

         Input

         Average)

         Increase to Input

First-lien debt investments

2,956,297

Income approach (1)

Discount rate

6.6% — 17.5% (11.0%)

Decrease

Second-lien debt investments

30,456

Income approach

Discount rate

12.5% — 15.3% (14.2%)

Decrease

Mezzanine debt investments

61,684

Income approach (2)

Discount rate

10.8% — 20.0% (11.1%)

Decrease

Equity and other investments

133,397

Market Multiple (3)

Comparable multiple

1.8x — 25.0x (10.4x)

Increase

Total

3,181,834

(1)

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

(2)

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

(3)

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

Schedule of Contributed Capital and Unfunded Commitments

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


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

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

Schedule of Financial Highlights of Joint Venture

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


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

(1)

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

(2)

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

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


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

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


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

Summary of Industry Composition of SCP's Portfolio at Fair value

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


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

Summary of Geographic Composition of SCP's Portfolio at Fair Value

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


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

Fair Value of Company's 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes

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


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

(1)

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

Investments at Fair Value - Summary of Industry Composition of Investments at Fair Value (Parenthetical) (Details)

Mar. 31, 2026

Dec. 31, 2025

Debt Securities, Available-for-Sale [Line Items]

Debt Securities, Available-for-Sale [Line Items]

100.00%

Real Estate | Maximum

^[1]

0.10%

[1]	Value sums to less than 0.1%.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Summary of Dividends Declared

Dividends (Tables)

3 Months Ended

Mar. 31, 2026

Dividends [Abstract]

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


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


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

Investments at Fair Value - Additional Information (Details)	Mar. 31, 2026
Affiliated
Debt Securities, Available-for-Sale [Line Items]
Non-controlling investments percentage	5.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Investment Company, Financial Highlights [Abstract]

Organization and Basis of Presentation (Additional Information) (Details) - Structured Credit Partners JV, LLC - USD ($) $ in Millions	Mar. 31, 2026	Dec. 23, 2025
Organization and Basis of Presentation [Line Items]
Voting percentage		25.00%
Capital amount	$ 600.0	$ 200.0

Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2026

Summary Of Financial Highlights


	Three Months Ended			Three Months Ended
	March 31, 2026			March 31, 2025
Per Share Data (8)
Net asset value, beginning of period	$	16.98		$	17.16

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

(1)

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

(2)

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

(3)

(4)

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

(5)

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

(6)

The ratios reflect an annualized amount.

(7)

(8)

Table may not sum due to rounding.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities
Increase (decrease) in net assets resulting from operations	$ (26,025)	$ 36,955
Adjustments to reconcile increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (gains) losses on investments	34,925	10,817
Net change in unrealized (gains) losses on foreign currency transactions	(8,401)	11,043
Net realized (gains) losses on investments	39,257	(1,115)
Net realized (gains) losses on foreign currency transactions	3	(25)
Net amortization of discount on investments	(4,637)	(6,159)
Amortization of deferred financing costs	1,718	1,494
Amortization of discount on debt	495	395
Purchases and originations of investments, net	(162,769)	(183,742)
Proceeds from investments, net	8,173	3,721
Repayments on investments	125,650	288,163
Paid-in-kind interest	(6,719)	(5,281)
Changes in operating assets and liabilities:
Interest receivable	(164)	(561)
Interest receivable paid-in-kind	(251)	(80)
Prepaid expenses and other assets	(996)	(2,090)
Management fees payable to affiliate	(519)	(279)
Incentive fees on net investment income payable to affiliate	(1,885)	(497)
Incentive fees on net capital gains accrued to affiliate	0	(3,686)
Payable to affiliate	(358)	(934)
Other liabilities	(20,851)	1,780
Net Cash Provided by (Used in) Operating Activities	(23,354)	149,919
Cash Flows from Financing Activities
Borrowings on debt	310,289	530,044
Repayments on debt	(238,395)	(609,518)
Deferred financing costs	0	(7,303)
Dividends paid to stockholders	(39,024)	(43,201)
Net Cash Provided by (Used in) Financing Activities	32,870	(129,978)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	9,516	19,941
Cash, cash equivalents, and restricted cash, beginning of period	19,662	27,328
Cash, Cash Equivalents, and Restricted Cash, End of Period	29,178	47,269
Supplemental Information:
Interest paid during the period	43,841	45,459
Excise and other taxes paid during the period	4,604	4,500
Dividends declared during the period	44,511	49,641
Non-Cash Financing Activities:
Reinvestment of dividends during the period	$ 5,488	$ 6,440

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments To Fund Investments In Current Portfolio Companies

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


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


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

(1)

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

(2)

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

Investments at Fair Value - Summary of Investments at Fair Value (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Schedule Of Available For Sale Securities [Line Items]

^[1]

$ 3,324,332

$ 3,323,282

3,313,441

3,347,317

First-lien Debt Investments

(10,891)

24,035

Schedule Of Available For Sale Securities [Line Items]

^[1]

2,963,245

2,934,162

2,959,032

2,984,501

Second-lien Debt Investments

(4,213)

50,339

Schedule Of Available For Sale Securities [Line Items]

^[1]

31,369

69,631

31,195

30,678

Mezzanine Debt Investments

(174)

(38,953)

Schedule Of Available For Sale Securities [Line Items]

^[1]

62,852

61,150

63,752

61,684

Schedule Of Available For Sale Securities [Line Items]

900

534

Equity Investments

^[1]

153,647

150,992

Equity and Other Investments

(2,655)

Schedule Of Available For Sale Securities [Line Items]

^[1]

159,782

172,582

Structured Credit Investments

12,800

Schedule Of Available For Sale Securities [Line Items]

^[1]

98,554

98,557

93,805

97,872

Joint Venture Investments

(4,749)

$ (685)

Schedule Of Available For Sale Securities [Line Items]

^[1]

14,665

Derivative Instruments and Hedging Activities Disclosure [Abstract]

$ 14,665

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

Derivatives - Summary of Amounts Paid and Received on Interest Rate Swap Transactions, Excluding Upfront Fees (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative [Line Items]
Notional Amount	$ 1,250,000,000	$ 1,250,000,000
Paid	(18,309,000)	(17,489,000)
Received	16,536,000	13,811,000
Net	$ (1,773,000)	$ (3,678,000)
Interest Rate Swap One
Derivative [Line Items]
Maturity Date	Aug. 01, 2026	Aug. 01, 2026
Notional Amount	$ 300,000,000	$ 300,000,000
Paid	(4,195,000)	(4,788,000)
Received	1,792,000	1,833,000
Net	$ (2,403,000)	$ (2,955,000)
Interest Rate Swap Two
Derivative [Line Items]
Maturity Date	Aug. 14, 2028	Aug. 14, 2028
Notional Amount	$ 300,000,000	$ 300,000,000
Paid	(4,952,000)	(5,453,000)
Received	5,213,000	5,213,000
Net	$ 261,000	$ (240,000)
Interest Rate Swap Three
Derivative [Line Items]
Maturity Date	Mar. 01, 2029	Mar. 01, 2029
Notional Amount	$ 350,000,000	$ 350,000,000
Paid	(5,297,000)	(5,881,000)
Received	5,359,000	5,359,000
Net	$ 62,000	$ (522,000)
Interest Rate Swap Four
Derivative [Line Items]
Maturity Date	Aug. 15, 2030	Aug. 15, 2030
Notional Amount	$ 300,000,000	$ 300,000,000
Paid	(3,865,000)	(1,367,000)
Received	4,172,000	1,406,000
Net	$ 307,000	$ 39,000

Derivatives (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Amounts Paid and Received on Interest Rate Swap Transactions, Excluding Upfront Fees

The following tables present the amounts paid and received on the Company’s interest rate swap transactions for the three months ended March 31, 2026 and 2025:


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


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

Debt - Additional Information (Details)
€ in Millions, £ in Millions, kr in Millions, $ in Millions, $ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

May 01, 2026

USD ($)

Mar. 04, 2025

USD ($)

Feb. 28, 2025

USD ($)

Jan. 31, 2024

USD ($)

Aug. 31, 2023

USD ($)

Feb. 28, 2021

USD ($)

Mar. 31, 2026

USD ($)

Mar. 31, 2025

USD ($)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Mar. 31, 2026

AUD ($)

Mar. 31, 2026

EUR (€)

Mar. 31, 2026

SEK (kr)

Mar. 31, 2026

CAD ($)

Mar. 31, 2026

GBP (£)

Mar. 31, 2026

USD ($)

Dec. 31, 2025

AUD ($)

Dec. 31, 2025

EUR (€)

Dec. 31, 2025

SEK (kr)

Dec. 31, 2025

CAD ($)

Dec. 31, 2025

GBP (£)

Dec. 31, 2025

USD ($)

Asset coverage percentage

184.70%

191.50%

Line of credit facility, remaining borrowing capacity

$ 2,925,000,000

1,074,795,000

^[1]

1,139,337,000

^[2]

Stockholders' equity

$ 1,601,283,000

$ 1,607,529,000

1,542,673,000

1,607,721,000

1,250,000,000

2026 Notes

$ 300,000,000

2.50%

Proceeds from issuance of debt, net of underwriting discount, offering costs and original issue discount

Aug. 01, 2026

$ 293,700,000

$ 300,000,000

Aug. 01, 2026

$ (3,700,000)

$ (5,800,000)

(5,800,000)

2026 Notes | SOFR

Debt instrument, description of variable rate basis

SOFR

2.17%

2028 Notes

$ 300,000,000

6.95%

Proceeds from issuance of debt, net of underwriting discount, offering costs and original issue discount

Aug. 14, 2028

$ 293,900,000

$ 300,000,000

Aug. 14, 2028

$ 2,100,000

$ 4,500,000

4,500,000

2028 Notes | SOFR

Debt instrument, description of variable rate basis

SOFR

2.99%

2029 Notes

$ 350,000,000

6.125%

6.13%

Proceeds from issuance of debt, net of underwriting discount, offering costs and original issue discount

Mar. 01, 2029

$ 341,600,000

$ 350,000,000

Mar. 01, 2029

$ 600,000

$ 3,300,000

3,300,000

2029 Notes | SOFR

Debt instrument, description of variable rate basis

SOFR

2.44%

2030 Notes

$ 300,000,000

5.625%

5.63%

Proceeds from issuance of debt, net of underwriting discount, offering costs and original issue discount

Aug. 15, 2030

$ 293,400,000

$ 300,000,000

Aug. 15, 2030

$ 5,700,000

$ 8,300,000

2030 Notes | SOFR

Debt instrument, description of variable rate basis

SOFR

2024 Notes, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes

1.53%

Proceeds from settlements of interest rate swaps excluding upfront fees

$ 16,500,000

13,800,000

Payments for settlements of interest rate swaps excluding upfront fees

$ 18,300,000

$ 17,500,000

Revolving Credit Facility

$ 1,675,000,000

Line of credit facility, remaining borrowing capacity

1,675,000,000

1,074,795,000

^[1]

1,139,337,000

^[2]

Line of credit, outstanding amount

$ 3.0

€ 270.7

kr 220.0

$ 5.0

£ 48.7

$ 3.0

€ 245.9

kr 218.0

$ 5.0

£ 48.5

Issuance of letters of credit

22,800,000

$ 21,700,000

Interest amount

1.525%

Line of credit facility, undrawn amount percentage

0.325%

Percentage of net proceeds of sale of equity interests

25.00%

Revolving Credit Facility | Base Rate

Line of credit facility, base rate percentage

0.525%

Revolving Credit Facility | Maximum

Revolving Credit Facility | Maximum | Base Rate

$ 2,500,000,000

Interest amount

1.775%

1.875%

Asset coverage ratio

Line of credit facility, base rate percentage

0.775%

0.875%

Revolving Credit Facility | Minimum

Revolving Credit Facility | Minimum | Obligor Group

Interest amount

1.65%

1.75%

Stockholders' equity

$ 650,000,000

Revolving Credit Facility | Minimum | Base Rate

Asset coverage ratio

1.5

Line of credit facility, base rate percentage

0.65%

0.75%

Revolving Credit Facility Maturity on April 23, 2027

$ 150,000,000

Letter of Credit

Revolving Credit Facility Maturity On March 4, 2025

$ 75,000,000

Revolving Credit Facility Maturity On May 1 2026

$ 1,525,000,000

Line of credit facility, extended date

$ 1,525,000,000

May 01, 2030

Line of credit facility, stated maturity date

May 01, 2031

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

Debt - Schedule of Debt Obligations (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
2026 Notes
Debt Instrument [Line Items]
Deferred financing costs and original issue discounts	$ 0.4		$ 0.7
Adjustment in carrying value result from hedge accounting	(3.7)	$ (5.8)	(5.8)
2028 Notes
Debt Instrument [Line Items]
Deferred financing costs and original issue discounts	3.0		3.3
Adjustment in carrying value result from hedge accounting	2.1	4.5	4.5
2029 Notes
Debt Instrument [Line Items]
Deferred financing costs and original issue discounts	4.9		5.3
Adjustment in carrying value result from hedge accounting	0.6	3.3	3.3
2030 Notes
Debt Instrument [Line Items]
Deferred financing costs and original issue discounts	6.2		6.6
Adjustment in carrying value result from hedge accounting	5.7	$ 8.3	8.3
Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs and original issue discounts	$ 14.2		$ 15.1

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Dividends

3 Months Ended

Mar. 31, 2026

Dividends [Abstract]

Dividends

11. Dividends

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

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


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


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

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

Agreements and Related Party Transactions - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended
	Mar. 31, 2020	Apr. 15, 2011	Nov. 30, 2025	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Management fees				$ 12,593,000	$ 13,083,000
Administration Agreement
Related Party Transaction [Line Items]
Agreement termination period			60 days
Administration Agreement \| Adviser \| Other General and Administrative Expenses
Related Party Transaction [Line Items]
Expenses incurred				900,000	1,000,000
Investment Advisory Agreement
Related Party Transaction [Line Items]
Agreement termination period			60 days
Percentage of management fee on gross assets		1.50%
Management fees				12,600,000	13,100,000
Percentage of excess pre-incentive fee net investment income for immediate preceding calendar quarter		100.00%
Percentage of hurdle rate		1.50%
Percentage of total pre-Incentive fee net investment income payable quarterly		17.50%
Percentage of excess pre-Incentive Fee net investment income quarterly		1.82%
Percentage of all remaining pre-Incentive Fee net investment income quarterly		17.50%
Percentage of excess catch-up provision for pre-Incentive Fee net investment income		100.00%
Percentage of all pre-Incentive Fee net investment income		17.50%
Percentage of pre-Incentive Fee net investment income annualized		7.28%
Percentage of excess pre-Incentive Fee net investment income		17.50%
Percentage of pre-Incentive Fee net investment income payable in any quarter		1.82%
Percentage of weighted cumulative realized capital gains less cumulative realized capital losses and unrealized capital losses		15.00%
Incentive fees				8,500,000	7,800,000
Incentive fees realized and payable to advisor				8,500,000	11,500,000
Incentive fees accrued related to expense (reversal) of capital gains fees				0	(3,700,000)
Investment Advisory Agreement \| Capital Gains Accrue Following March 31, 2014
Related Party Transaction [Line Items]
Percentage of incentive fee rate		17.50%
Investment Advisory Agreement \| Realized Capital Gains Accrued Prior to March 31, 2014
Related Party Transaction [Line Items]
Percentage of incentive fee rate		15.00%
Investment Advisory Agreement \| Realized Capital Gains Accrued Beginning April 1, 2014
Related Party Transaction [Line Items]
Percentage of incentive fee rate		17.50%
Investment Advisory Agreement \| Future Realized Capital Gains Prior to April 1, 2014
Related Party Transaction [Line Items]
Remaining investments	$ 0
Incentive fee rate	17.50%
Investment Advisory Agreement \| Leverage Waiver
Related Party Transaction [Line Items]
Management fees				$ 300,000	$ 400,000
Percentage of asset coverage		200.00%
Percentage of management fee in excess of annual rate on gross assets		1.00%
Percentage of management fee in excess of quarter rate on gross assets		0.25%

Debt - Schedule of Component of Carrying Value of Convertible Notes and Interest Rates (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Feb. 28, 2025

Jan. 31, 2024

Aug. 31, 2023

Feb. 28, 2021

$ 1,827,432

$ 1,763,915

(22,693)

(24,411)

1,803,391

^[1],[2]

1,743,234

^[3],[4]

2026 Notes

300,000

(143)

(249)

(252)

(436)

(3,675)

(5,785)

$ 295,930

^[1],[2]

$ 293,530

^[3],[4]

2.50%

2028 Notes

$ 300,000

(928)

(1,015)

(2,051)

(2,264)

2,047

4,495

$ 299,068

^[1],[2]

$ 301,216

^[3],[4]

6.95%

2029 Notes

$ 350,000

(2,050)

(2,207)

(2,873)

(3,115)

616

3,307

$ 345,693

^[1],[2]

$ 347,985

^[3],[4]

6.13%

6.125%

2030 Notes

$ 300,000

(2,954)

(3,099)

(3,276)

(3,461)

5,740

8,284

$ 299,510

^[1],[2]

$ 301,724

^[3],[4]

5.63%

5.625%

[1]	The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(3.7) million, $2.1 million, $0.6 million and $5.7 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.
[2]	The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $14.2 million, $0.4 million, $3.0 million, $4.9 million and $6.2 million, respectively.
[3]	The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(5.8) million, $4.5 million, $3.3 million and $8.3 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.
[4]	The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $15.1 million, $0.7 million, $3.3 million, $5.3 million and $6.6 million, respectively.

Fair Value of Financial Instruments - Net Change in Unrealized Gains or Losses on Investments for Which Level 3 Inputs were Used in Determining Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain (Loss)	$ (10,891)		$ 24,035
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain (Loss)	(55,615)	$ (5,427)
Level 3 \| First-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain (Loss)	(50,872)	(2,959)
Level 3 \| Second-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain (Loss)	(640)	(2,486)
Level 3 \| Mezzanine Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain (Loss)	367	(728)
Level 3 \| Equity and Other Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain (Loss)	(4,470)	$ 746
Level 3 \| Joint Venture Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain (Loss)	$ 0

Investments, Debt and Equity Securities [Abstract]

Amount of unrealized gain (loss) on investment in debt and equity securities.

+ References + Details

Investments at Fair Value

3 Months Ended

Mar. 31, 2026

Investments at Fair Value

4. Investments at Fair Value

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

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


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


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

(1)

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

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


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

(1)

Includes structured credit and joint venture investments.

(2)

Value sums to less than 0.1%.

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


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

(1)

Value sums to less than 0.1%.

Investments at Fair Value - Summary of Geographic Composition of Investments at Fair Value (Details)

Mar. 31, 2026

Dec. 31, 2025

Schedule Of Available For Sale Securities [Line Items]

Schedule Of Available For Sale Securities [Line Items]

100.00%

United States - Midwest

United States - Northeast

12.50%

Schedule Of Available For Sale Securities [Line Items]

Schedule Of Available For Sale Securities [Line Items]

18.00%

18.60%

United States - South

Schedule Of Available For Sale Securities [Line Items]

22.90%

23.20%

United States - West

Schedule Of Available For Sale Securities [Line Items]

28.50%

29.80%

Australia

Schedule Of Available For Sale Securities [Line Items]

0.10%

0.20%

Canada

Schedule Of Available For Sale Securities [Line Items]

3.10%

1.50%

Finland

Schedule Of Available For Sale Securities [Line Items]

^[1]

0.00%

France

Schedule Of Available For Sale Securities [Line Items]

1.60%

Germany

Schedule Of Available For Sale Securities [Line Items]

3.50%

Italy

Schedule Of Available For Sale Securities [Line Items]

0.60%

Netherlands

Schedule Of Available For Sale Securities [Line Items]

0.40%

Norway

Schedule Of Available For Sale Securities [Line Items]

3.30%

Sweden

Schedule Of Available For Sale Securities [Line Items]

0.80%

United Kingdom

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

4.70%

4.00%

[1]	Value sums to less than 0.1%.

Fair Value of Financial Instruments - Summary of Industry Composition of SCP's Portfolio at Fair Value (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

^[5]

$ 3,324,332

^[1],[2],[3]

$ 3,323,282

^[4],[6]

$ 3,313,441

^[3],[7]

$ 3,347,317

^[8]

Structured Credit Partners JV, LLC

214.80%

^[3]

208.20%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 1,033,006

$ 1,028,239

Structured Credit Partners JV, LLC | Aerospace & Defense

100.00%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 40,712

$ 40,659

Structured Credit Partners JV, LLC | Auto Aftermarket & Services

3.90%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 30,623

$ 30,497

Structured Credit Partners JV, LLC | Beverage & Food

3.00%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 32,615

$ 32,606

Structured Credit Partners JV, LLC | Business Services

3.20%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 130,746

$ 130,199

Structured Credit Partners JV, LLC | Capital Equipment

12.60%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 59,961

$ 59,813

Structured Credit Partners JV, LLC | Chemicals, Plastics & Rubber

5.80%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 21,009

$ 20,809

Structured Credit Partners JV, LLC | Construction & Building

2.00%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 41,280

$ 40,894

Structured Credit Partners JV, LLC | Consumer goods: Durable

4.00%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 16,495

$ 16,416

Structured Credit Partners JV, LLC | Consumer goods: Non-durable

1.60%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 13,240

$ 13,156

Structured Credit Partners JV, LLC | Consumer Services

1.30%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 84,546

$ 84,303

Structured Credit Partners JV, LLC | Containers, Packaging & Glass

8.20%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 30,493

$ 30,035

Structured Credit Partners JV, LLC | Diversified Financial Services

2.90%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 121,301

$ 120,611

Structured Credit Partners JV, LLC | Energy: Electricity

11.70%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 5,451

$ 5,436

Structured Credit Partners JV, LLC | Energy: Oil & Gas

0.50%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 15,418

$ 15,414

Structured Credit Partners JV, LLC | Environmental Industries

1.50%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 8,720

$ 8,742

Structured Credit Partners JV, LLC | Forest Products & Paper

0.90%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 5,386

$ 5,130

Structured Credit Partners JV, LLC | Healthcare & Pharmaceuticals

0.50%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 60,156

$ 60,096

Structured Credit Partners JV, LLC | High Tech Industries

5.80%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 72,970

$ 72,589

Structured Credit Partners JV, LLC | Leisure Products & Services

7.10%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 66,587

$ 66,372

Structured Credit Partners JV, LLC | Media: Advertising, Printing & Publishing

6.50%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 12,110

$ 12,118

Structured Credit Partners JV, LLC | Media: Broadcasting & Subscription

1.20%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 2,723

$ 2,717

Structured Credit Partners JV, LLC | Media: Diversified & Production

0.30%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 21,050

$ 21,072

Structured Credit Partners JV, LLC | Metals & Mining

2.00%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 3,981

$ 3,975

Structured Credit Partners JV, LLC | Retail

0.40%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 22,661

$ 22,493

Structured Credit Partners JV, LLC | Telecommunications

2.20%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 10,481

$ 10,454

Structured Credit Partners JV, LLC | Transportation: Cargo

1.00%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 5,198

$ 5,184

Structured Credit Partners JV, LLC | Transportation: Consumer

0.50%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 19,309

$ 19,194

Structured Credit Partners JV, LLC | Utilities: Electric

1.90%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 3,187

$ 3,202

Structured Credit Partners JV, LLC | Utilities: Oil & Gas

0.30%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 1,954

$ 1,948

Structured Credit Partners JV, LLC | Wholesale

0.20%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 72,643

$ 72,105

Agreements and Related Party Transactions

7.00%

[1]	As of March 31, 2026, the estimated cost basis of investments for U.S. federal tax purposes was $3,334,261 resulting in estimated gross unrealized gains and losses of $243,959 and $283,761, respectively.
[2]	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
[3]	Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.
[4]	As of December 31, 2025, the estimated cost basis of investments for U.S. federal tax purposes was $3,332,367 resulting in estimated gross unrealized gains and losses of $219,540 and $231,975, respectively.
[5]	Certain portfolio company investments are subject to contractual restrictions on sales.
[6]	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
[7]	In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to investments at fair value.
[8]	In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to investments at fair value.

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 23, 2025
Schedule of Equity Method Investments [Line Items]
Dividends declared from distributable earnings	$ 44,511	$ 49,641
Structured Credit Partners JV, LLC
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage			50.00%
Capital amount	600,000		$ 200,000
Voting percentage			25.00%
Dividend income	200
Dividends declared from distributable earnings	$ 700
Weighted average yield on principal amount of outstanding debt investments	10.70%
Sixth Street Specialty Lending, Inc
Schedule of Equity Method Investments [Line Items]
Capital amount	$ 200,000
Sixth Street Lending Partners
Schedule of Equity Method Investments [Line Items]
Capital amount	100,000
Carlyle Group
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage			50.00%
Voting percentage			25.00%
Carlyle Secured Lending, Inc
Schedule of Equity Method Investments [Line Items]
Capital amount	150,000
Carlyle Credit Solutions, Inc
Schedule of Equity Method Investments [Line Items]
Capital amount	$ 150,000

Fair Value of Financial Instruments - Schedule of Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investment Income	$ 93,397	$ 116,349
Expenses
Interest expense	28,258	32,971
Total expenses	52,668	57,430
Net Investment Income	39,842	57,978
Net change in unrealized gains (losses) on investments	(26,524)	(21,860)
Net Realized gains (losses) on investments	(39,343)	837
Increase (Decrease) in Net Assets Resulting from Operations	(26,025)	$ 36,955
Structured Credit Partners JV, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investment Income	1,450
Expenses
Interest expense	531
Other expenses	800
Total expenses	1,331
Net Investment Income	119
Net change in unrealized gains (losses) on investments	(4,767)
Net Realized gains (losses) on investments	30
Increase (Decrease) in Net Assets Resulting from Operations	$ (4,618)

Fair Value of Financial Instruments - Fair Value of Level 3 Investments at Fair Value and Significant Unobservable Inputs Used in Valuations (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity investment	$ 150,992	$ 172,582
Joint venture investments	14,665
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity investment	125,399	133,397
Joint venture investments	14,665
First-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments	2,959,032	2,984,501
First-lien Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments	2,942,965	2,956,297
Second-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments	31,195	30,678
Second-lien Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments	31,073	30,456
Mezzanine Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments	63,752	61,684
Mezzanine Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments	63,752	61,684
Asset Valuation Waterfall \| First-lien Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments	105,600	105,900
Asset Valuation Waterfall \| Second-lien Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments	100	100
Asset Valuation Waterfall \| Equity Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity investment	15,100
Asset Valuation Waterfall \| Equity and Other Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity investment		13,100
Discounted Cash Flow Model \| Equity Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity investment	20,400
Discounted Cash Flow Model \| Equity and Other Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity investment		$ 20,100
Cost of Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Joint venture investments	$ 14,700

Agreements and Related Party Transactions

3 Months Ended

Mar. 31, 2026

3. Agreements and Related Party Transactions

Administration Agreement

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

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

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

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

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

Investment Advisory Agreement

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

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

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

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

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

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

The Incentive Fee consists of two parts, as follows:

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

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

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

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

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

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

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

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

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

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

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Fair Value of Financial Instruments

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 05, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Trading Symbol	TSLX
Entity Registrant Name	Sixth Street Specialty Lending, Inc.
Entity Central Index Key	0001508655
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-36364
Entity Tax Identification Number	27-3380000
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2100 McKinney Avenue
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	469
Local Phone Number	621-3001
Entity Common Stock, Shares Outstanding		95,019,600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE

Fair Value of Financial Instruments - Changes in Fair Value of Investments Using Level 3 Inputs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 3,181,834	$ 3,485,041
Purchases or originations	162,769	174,590
Repayments / redemptions	(116,146)	(287,890)
Sales Proceeds	10	(1,557)
Paid-in-kind interest	6,676	5,233
Net change in unrealized gains (losses)	$ (18,644)	$ (10,792)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction, Operating, after Tax	Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction, Operating, after Tax
Net realized gains (losses)	$ (42,739)	$ 399
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction, Operating, after Tax	Realized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction, Operating, after Tax
Net amortization of discount on securities	$ 4,376	$ 6,205
Transfers into (out of) Level 3	(282)
Balance, End of Period	3,177,854	3,371,229
First-lien Debt Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	2,956,297	3,287,829
Purchases or originations	148,095	143,772
Repayments / redemptions	(116,146)	(287,890)
Sales Proceeds	10
Paid-in-kind interest	3,873	3,292
Net change in unrealized gains (losses)	(53,390)	(8,324)
Net realized gains (losses)	5	24
Net amortization of discount on securities	4,221	6,095
Balance, End of Period	2,942,965	3,144,798
Second-lien Debt Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	30,456	18,535
Purchases or originations		15,357
Paid-in-kind interest	1,136	805
Net change in unrealized gains (losses)	38,849	(2,486)
Net realized gains (losses)	(39,489)
Net amortization of discount on securities	121	89
Balance, End of Period	31,073	32,300
Mezzanine Debt Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	61,684	39,091
Purchases or originations		12,740
Paid-in-kind interest	1,667	1,055
Net change in unrealized gains (losses)	367	(728)
Net amortization of discount on securities	34	21
Balance, End of Period	63,752	52,179
Equity and Other Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period		139,586
Purchases or originations		2,721
Sales Proceeds		(1,557)
Paid-in-kind interest		81
Net change in unrealized gains (losses)		746
Net realized gains (losses)		375
Balance, End of Period		$ 141,952
Equity and Structured Credit Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	133,397
Purchases or originations	9
Net change in unrealized gains (losses)	(4,470)
Net realized gains (losses)	(3,255)
Transfers into (out of) Level 3	(282)
Balance, End of Period	125,399
Joint Venture Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases or originations	14,665
Balance, End of Period	$ 14,665

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

6. Fair Value of Financial Instruments

Investments

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


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


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

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

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


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


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


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

          
         March 31, 2026

          
         Valuation

         Unobservable

         Range (Weighted

         Impact to Valuation
from an

          
         Fair Value

         Technique

         Input

         Average)

         Increase to Input

First-lien debt investments

2,942,965

Income approach (1)

Discount rate

7.1% — 25.0% (12.2%)

Decrease

Second-lien debt investments

31,073

Income approach

Discount rate

12.4% — 15.7% (14.8%)

Decrease

Mezzanine debt investments

63,752

Income approach (2)

Discount rate

8.0% — 12.1% (11.4%)

Decrease

Equity investments

125,399

Market Multiple (3)

Comparable multiple

1.5x — 20.0x (10.9x)

Increase

Joint venture investments

14,665

Income approach (4)

Discount rate

—

Decrease

Total

3,177,854

(1)

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

(2)

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

(3)

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

(4)

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

          
         December 31, 2025

          
         Valuation

         Unobservable

         Range (Weighted

         Impact to Valuation
from an

          
         Fair Value

         Technique

         Input

         Average)

         Increase to Input

First-lien debt investments

2,956,297

Income approach (1)

Discount rate

6.6% — 17.5% (11.0%)

Decrease

Second-lien debt investments

30,456

Income approach

Discount rate

12.5% — 15.3% (14.2%)

Decrease

Mezzanine debt investments

61,684

Income approach (2)

Discount rate

10.8% — 20.0% (11.1%)

Decrease

Equity and other investments

133,397

Market Multiple (3)

Comparable multiple

1.8x — 25.0x (10.4x)

Increase

Total

3,181,834

(1)

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

(2)

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

(3)

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

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

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

Structured Credit Partners JV, LLC (“SCP”)

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

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

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

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

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


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

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


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

(1)

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

(2)

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

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


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

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

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


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

(1)

At par amount

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


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

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


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

Financial Instruments Not Carried at Fair Value

Debt

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

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


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

(1)

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

Other Financial Assets and Liabilities

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

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Schedule Of Available For Sale Securities [Line Items]

Fair Value of Financial Instruments - Fair Value of Level 3 Investments at Fair Value and Significant Unobservable Inputs Used in Valuations (Details) - Level 3 $ in Thousands	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 3,177,854	$ 3,181,834
Income Approach \| First-lien Debt Investments \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 2,942,965	$ 2,956,297
Income Approach \| First-lien Debt Investments \| Discount Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.071	0.066
Income Approach \| First-lien Debt Investments \| Discount Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.25	0.175
Income Approach \| First-lien Debt Investments \| Discount Rate \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.122	0.11
Income Approach \| Second-lien Debt Investments \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 31,073	$ 30,456
Income Approach \| Second-lien Debt Investments \| Discount Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.124	0.125
Income Approach \| Second-lien Debt Investments \| Discount Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.157	0.153
Income Approach \| Second-lien Debt Investments \| Discount Rate \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.148	0.142
Income Approach \| Mezzanine Debt Investments \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 63,752	$ 61,684
Income Approach \| Mezzanine Debt Investments \| Discount Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.08	0.108
Income Approach \| Mezzanine Debt Investments \| Discount Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.121	0.20
Income Approach \| Mezzanine Debt Investments \| Discount Rate \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.114	0.111
Market Multiple \| Equity and Other Investments \| Comparable Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 133,397
Market Multiple \| Equity and Other Investments \| Comparable Multiple \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input		0.018
Market Multiple \| Equity and Other Investments \| Comparable Multiple \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input		0.25
Market Multiple \| Equity and Other Investments \| Comparable Multiple \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input		0.104
Market Multiple \| Equity Investments \| Comparable Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 125,399
Market Multiple \| Equity Investments \| Comparable Multiple \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.015
Market Multiple \| Equity Investments \| Comparable Multiple \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.20
Market Multiple \| Equity Investments \| Comparable Multiple \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.109
Market Multiple \| Joint Venture Investments \| Comparable Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 14,665

Earnings per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings per Share

10. Earnings per share

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


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

Investments at Fair Value - Summary of Industry Composition of Investments at Fair Value (Details)

Mar. 31, 2026

Dec. 31, 2025

Schedule Of Available For Sale Securities [Line Items]

100.00%

Business Services

Schedule Of Available For Sale Securities [Line Items]

11.20%

13.40%

Chemicals

Schedule Of Available For Sale Securities [Line Items]

1.20%

Communications

Schedule Of Available For Sale Securities [Line Items]

1.20%

1.50%

Education

Schedule Of Available For Sale Securities [Line Items]

3.20%

3.10%

Electronics

Schedule Of Available For Sale Securities [Line Items]

0.80%

Financial Services

Schedule Of Available For Sale Securities [Line Items]

3.60%

3.50%

Healthcare

Hotel, Gaming and Leisure

8.80%

9.00%

Schedule Of Available For Sale Securities [Line Items]

Human Resource Support Services

8.90%

8.00%

Schedule Of Available For Sale Securities [Line Items]

Schedule Of Available For Sale Securities [Line Items]

7.90%

9.00%

Internet Services

Schedule Of Available For Sale Securities [Line Items]

18.30%

Manufacturing

Schedule Of Available For Sale Securities [Line Items]

2.70%

1.20%

Marketing Services

Schedule Of Available For Sale Securities [Line Items]

0.30%

Office Products

Oil, Gas and Consumable Fuels

0.30%

Schedule Of Available For Sale Securities [Line Items]

Schedule Of Available For Sale Securities [Line Items]

2.90%

2.80%

Other

Schedule Of Available For Sale Securities [Line Items]

^[1]

5.80%

5.30%

Pharmaceuticals

Schedule Of Available For Sale Securities [Line Items]

3.50%

2.70%

Real Estate

Retail and Consumer Products

^[2]

0.00%

Schedule Of Available For Sale Securities [Line Items]

Schedule Of Available For Sale Securities [Line Items]

11.50%

11.60%

Transportation

Debt Securities, Available-for-Sale [Line Items]

7.90%

8.00%

[1]	Includes structured credit and joint venture investments.
[2]	Value sums to less than 0.1%.

Investments at Fair Value - Summary of Geographic Composition of Investments at Fair Value (Parenthetical) (Details)

Mar. 31, 2026

Dec. 31, 2025

Debt Securities, Available-for-Sale [Line Items]

100.00%

Finland

Debt Securities, Available-for-Sale [Line Items]

^[1]

0.00%

Maximum | Finland

0.10%

[1]	Value sums to less than 0.1%.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

7. Debt

Revolving Credit Facility

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

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

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

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

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

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

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

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

•

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

•

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

•

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

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

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

2026 Notes

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

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

2028 Notes

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

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

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

2029 Notes

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

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

2030 Notes

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

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

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


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

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

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

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


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

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


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

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

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

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

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


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

(1)

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

(2)

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

(3)

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


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

(1)

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

(2)

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

(3)

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

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


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

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Schedule of Components of Interest Expense

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

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


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

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


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

Schedule of Component of Carrying Value of Convertible Notes and Interest Rate

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


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

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


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

Schedule of Debt Obligations

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


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

(1)

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

(2)

(3)


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

(1)

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

(2)

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

(3)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Debt - Schedule of Debt Obligations (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Feb. 28, 2025

Jan. 31, 2024

Aug. 31, 2023

Feb. 28, 2021

$ 2,925,000

1,827,432

1,763,915

Amount Available

1,074,795

^[1]

1,139,337

^[2]

1,803,391

^[3],[4]

1,743,234

^[5],[6]

2026 Notes

300,000

$ 300,000

300,000

295,930

^[3],[4]

293,530

^[5],[6]

2028 Notes

300,000

$ 300,000

300,000

299,068

^[3],[4]

301,216

^[5],[6]

2029 Notes

350,000

$ 350,000

350,000

345,693

^[3],[4]

347,985

^[5],[6]

2030 Notes

300,000

$ 300,000

300,000

Revolving Credit Facility

299,510

^[3],[4]

301,724

^[5],[6]

1,675,000

577,432

513,915

Amount Available

1,074,795

^[1]

1,139,337

^[2]

$ 563,190

^[3],[4]

$ 498,779

^[5],[6]

[1]	The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements.
[2]	The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements.
[3]	The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(3.7) million, $2.1 million, $0.6 million and $5.7 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.
[4]	The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $14.2 million, $0.4 million, $3.0 million, $4.9 million and $6.2 million, respectively.
[5]	The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(5.8) million, $4.5 million, $3.3 million and $8.3 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.
[6]	The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $15.1 million, $0.7 million, $3.3 million, $5.3 million and $6.6 million, respectively.

Fair Value of Financial Instruments - Schedule of Financial Highlights of Joint Venture (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Ownership interest in members' equity	$ 150,992	$ 172,582
Structured Credit Partners JV, LLC [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Ownership interest in members' equity	$ 14,665

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 100
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(b))
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Commitments and Contingencies - Schedule of Commitments To Fund Investments In Current Portfolio Companies (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Alaska Bidco Oy | Delayed Draw & Revolver

^[1],[2]

$ 512,397

$ 338,507

241

246

Aledade, Inc. | Revolver

American Achievement Corp | Revolver

22,750

24,136

Arcwood Environmental, Inc. | Revolver

2,403

Arrowhead Pharmaceuticals, Inc. | Delayed Draw

1,815

Artisan Bidco, Inc. | Revolver

26,645

27,643

AVSC Holding Corp | Revolver

1,429

Azurite Intermediate Holdings, Inc. | Revolver & Equity

3,963

4,833

Bayshore Intermediate #2, LP | Revolver

5,575

BCTO Ace Purchaser, Inc. | Delayed Draw & Revolver

2,734

Cirrus (Bidco) Ltd | Delayed Draw

324

Cordance Operations, LLC | Delayed Draw & Revolver

440

448

Coupa Holdings, LLC | Delayed Draw & Revolver

2,053

2,594

Crewline Buyer, Inc. | Revolver & Equity

6,809

EDB Parent, LLC | Delayed Draw

6,148

Elysian Finco Ltd. | Revolver

3,621

5,603

EMS Linq, Inc. | Revolver

1,070

764

Erling Lux Bidco SARL | Delayed Draw & Revolver

5,481

5,868

Eventus Buyer, LLC | Delayed Draw & Revolver

5,466

6,134

ExtraHop Networks Inc. | Revolver

10,733

8,633

Flight Intermediate HoldCo, Inc. | Delayed Draw

223

446

Galileo Parent, Inc. | Revolver

30,893

32,131

Greenshoot Bidco B.V | Revolver

3,462

Hippo XPA Bidco AB | Delayed Draw & Revolver

362

461

HireVue, Inc. | Delayed Draw

9,103

9,407

HMP Omnimedia, LLC | Delayed Draw & Revolver

7,643

Ingenovis Health Finance, LLC | Revolver

10,227

9,818

IRGSE Holding Corp. | Revolver

32,500

Kahua, Inc. | Delayed Draw

3,337

5,707

Kangaroo Bidco AS | Delayed Draw

5,000

Kaseware Intermediate Holding Company | Delayed Draw & Revolver

4,375

Kryptona BidCo US, LLC | Revolver

4,910

6,749

LeanTaaS Holdings, Inc. | Delayed Draw

2,165

Leg Purchaser Inc. | Revolver

11,520

12,015

LIHA Holdco B.V. | Delayed Draw & Revolver

5,478

Lynx BidCo | Delayed Draw & Revolver

157

753

Marcura Equities LTD | Revolver

6,733

MindBody, Inc. | Revolver

1,667

Omnigo Software, LLC | Delayed Draw & Revolver

3,611

PDI TA Holdings, Inc. | Revolver

1,875

Rail Acquisitions LLC | Delayed Draw & Revolver

109

437

RainFocus, LLC | Delayed Draw

5,660

Rapid Data GmbH Unternehmensberatung | Delayed Draw & Revolver

3,752

5,322

Raptor US Buyer II Corp | Revolver

1,208

1,231

Sapphire Software Buyer, Inc | Revolver

600

Scorpio Bidco | Delayed Draw

3,243

Sediver S.p.A. | Delayed Draw

564

575

Severin Acquisition, LLC | Delayed Draw & Revolver

4,035

4,113

Shiftmove GmbH | Delayed Draw

3,783

4,380

SMA Technologies Holdings, LLC | Revolver

9,981

10,174

Sport Alliance GmbH | Revolver

1,009

Structured Credit Partners JV, LLC | Equity

480

489

Tango Management Consulting, LLC | Delayed Draw & Revolver

185,336

TRP Assets, LLC | Delayed Draw

22,070

23,799

TS Imagine Inc. | Revolver

10,166

USA Debusk LLC | Delayed Draw & Revolver

434

768

Varinem German Bidco GmbH | Delayed Draw

1,038

2,519

Velocity Clinical Research, Inc. | Delayed Draw & Revolver

3,875

4,917

Wrangler Topco, LLC | Delayed Draw & Revolver

7,949

8,814

Investments at fair value (amortized cost of $1,033,006)

$ 626

$ 888

[1]	Represents the full amount of the Company’s commitments to fund investments on such date. Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.
[2]	The Company’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

Fair Value of Financial Instruments - Schedule of Contributed Capital and Unfunded Commitments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unfunded Commitments	$ 556,004
Capital contributed	44,000
Structured Credit Partners JV, LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unfunded Commitments	185,336
Capital contributed	14,665
Sixth Street Lending Partners
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unfunded Commitments	92,666
Capital contributed	7,335
Carlyle
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unfunded Commitments	278,002
Capital contributed	$ 22,000

Fair Value of Financial Instruments - Schedule of Consolidated Balance Sheet Information (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Assets

$ 3,313,441

^[1],[2]

$ 3,347,317

^[3],[4]

Cash and cash equivalents

29,178

19,662

Prepaid expenses and other assets

15,983

20,544

Total Assets

3,393,149

3,421,655

Liabilities and Members' Equity

Accrued expenses and other liabilities

23,551

44,404

Total Liabilities and Net Assets

3,393,149

$ 3,421,655

Structured Credit Partners JV, LLC

Assets

Investments at fair value (amortized cost of $1,033,006)

1,028,239

Cash and cash equivalents

^[5]

12,389

Prepaid expenses and other assets

4,042

Total Assets

1,044,670

Liabilities and Members' Equity

Secured borrowings

320,581

Dividend payable

670

Accrued expenses and other liabilities

684,707

Members equity

^[6]

38,712

Total Liabilities and Net Assets

$ 1,044,670

[1]	In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to investments at fair value.
[2]	Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.
[3]	Certain portfolio company investments are subject to contractual restrictions on sales.
[4]	In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to investments at fair value.
[5]	As of March 31, 2026, none of SCP’s cash and cash equivalents was restricted.
[6]	As of March 31, 2026, the fair value of the Company’s ownership interest in the members’ equity was $14,665.

Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Assets

Cash and cash equivalents (restricted cash of $28,072 and $16,727, respectively)

$ 3,313,441

^[1],[2]

$ 3,347,317

^[3],[4]

29,178

19,662

Interest receivable

34,547

34,132

Prepaid expenses and other assets

15,983

20,544

Total Assets

3,393,149

3,421,655

Liabilities

Debt (net of deferred financing costs of $22,693 and $24,411, respectively)

1,803,391

^[5],[6]

1,743,234

^[7],[8]

Management fees payable to affiliate

12,275

12,794

Incentive fees on net investment income payable to affiliate

8,451

10,336

Incentive fees on net capital gains accrued to affiliate

Other liabilities

23,551

44,404

Total Liabilities

1,850,476

1,813,934

Commitments and contingencies (Note 8)

Net Assets

Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares issued and outstanding

Common stock, $0.01 par value; 400,000,000 shares authorized, 95,683,850 and 95,369,400 shares issued, respectively; and 95,019,600 and 94,705,150 shares outstanding, respectively

957

954

Additional paid-in capital

1,541,068

1,535,583

Treasury stock at cost; 664,250 and 664,250 shares held, respectively

(10,459)

Distributable earnings

11,107

81,643

Total Net Assets

1,542,673

1,607,721

Total Liabilities and Net Assets

$ 3,393,149

$ 3,421,655

Net Asset Value Per Share

$ 16.24

$ 16.98

Affiliated Entity

Liabilities

Other payables to affiliate

$ 2,808

$ 3,166

Non-controlled, Non-affiliated Investments

Assets

Non-controlled, Affiliated Investments

3,240,271

3,288,945

Assets

Controlled, Affiliated Investments

14,665

Assets

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 58,505

$ 58,372

[1]	In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to investments at fair value.
[2]	Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.
[3]	Certain portfolio company investments are subject to contractual restrictions on sales.
[4]	In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to investments at fair value.
[5]	The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(3.7) million, $2.1 million, $0.6 million and $5.7 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.
[6]	The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $14.2 million, $0.4 million, $3.0 million, $4.9 million and $6.2 million, respectively.
[7]	The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(5.8) million, $4.5 million, $3.3 million and $8.3 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.
[8]	The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $15.1 million, $0.7 million, $3.3 million, $5.3 million and $6.6 million, respectively.

Fair Value of Financial Instruments - Summary of Portfolio Information (Details) - Structured Credit Partners JV, LLC

Mar. 31, 2026

USD ($)

Portfolio

Senior secured loans | $

$ 1,044,693

^[1]

Weighted average yield on senior secured loans at amortized cost

6.92%

Weighted average yield on senior secured loans at fair value

6.95%

Weighted average spread on senior secured loans

2.89%

Number of portfolio companies in SCP | Portfolio

334

Percentage of loans at floating interest rates

100.00%

[1]	At par amount

Net Assets - Additional Information (Details) - USD ($)		3 Months Ended
Net Assets - Additional Information (Details) - USD ($)	Aug. 04, 2015	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Class Of Stock [Line Items]
Common stock, shares issued		95,683,850		95,369,400
Percentage of current market price per share		95.00%
Stock repurchase program, authorized amount	$ 50,000,000	$ 50,000,000
Stock repurchase program period	6 months
Share repurchase program, approval date		Nov. 04, 2025
Stock repurchase program, expiration date		May 31, 2026
Number of shares repurchased		0	0
Equity Distribution Agreement
Class Of Stock [Line Items]
Stock offering value shares authorized to be sold		$ 100,000,000
Stock issued during period value of remained		$ 100,000,000

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income
Total Investment Income	$ 93,397	$ 116,349
Expenses
Interest	28,258	32,971
Management fees	12,593	13,083
Incentive fees on net investment income	8,451	11,516
Incentive fees on net capital gains	0	(3,686)
Professional fees	1,743	1,961
Directors’ fees	254	248
Other general and administrative	1,369	1,337
Total expenses	52,668	57,430
Management and incentive fees waived (Note 3)	(317)	(409)
Net Expenses	52,351	57,021
Net Investment Income Before Income Taxes	41,046	59,328
Income taxes, including excise taxes	1,204	1,350
Net Investment Income	39,842	57,978
Net change in unrealized gains (losses):
Net Unrealized gains (losses) on investments	(34,925)	(10,817)
Translation of other assets and liabilities in foreign currencies	8,401	(11,043)
Total net change in unrealized gains (losses)	(26,524)	(21,860)
Realized gains (losses):
Realized gains (losses) on investments	(39,257)	1,115
Foreign currency transactions	(86)	(278)
Total net realized gains (losses)	(39,343)	837
Total Net Unrealized and Realized Gains (Losses)	(65,867)	(21,023)
Increase (Decrease) in Net Assets Resulting from Operations	$ (26,025)	$ 36,955
Earnings per common share—basic	$ (0.27)	$ 0.39
Weighted average shares of common stock outstanding—basic	94,709,407	93,669,671
Earnings per common share - diluted	$ (0.27)	$ 0.39
Weighted average shares of common stock outstanding - diluted	94,709,407	93,669,671
Non-controlled, Non-affiliated Investments
Income
Interest from investments	$ 81,807	$ 104,192
Paid-in-kind interest income	6,969	5,360
Dividend income	237	908
Other income	2,181	3,459
Total Investment Income	91,194	113,919
Net change in unrealized gains (losses):
Net Unrealized gains (losses) on investments	(32,688)	(9,438)
Realized gains (losses):
Realized gains (losses) on investments	(39,257)	1,115
Non-controlled, Affiliated Investments
Income
Dividend income	223	0
Total Investment Income	223	0
Controlled, Affiliated Investments
Income
Interest from investments	1,971	2,429
Dividend income	0
Other income	9	1
Total Investment Income	1,980	2,430
Net change in unrealized gains (losses):
Net Unrealized gains (losses) on investments	$ (2,237)	$ (1,379)

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material. Cash and Cash Equivalents Cash and cash equivalents may consist of demand deposits, highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less, and restricted cash pledged as collateral for certain centrally cleared derivative instruments. Cash and cash equivalents denominated in U.S. dollars are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. Investments at Fair Value Loan originations are recorded on the date of the binding commitment, which is generally the funding date. Investment transactions purchased through the secondary markets are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board”), based on, among other things, the input of the Adviser, the Company’s Audit Committee and independent third-party valuation firms engaged at the direction of the Board. As part of the valuation process, the Board takes into account relevant factors in determining the fair value of our investments, including and in combination of: the estimated enterprise value of a portfolio company (that is, the total value of the portfolio company’s net debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board considers whether the pricing indicated by the external event corroborates its valuation. The Board undertakes a multi-step valuation process, which includes, among other procedures, the following: • The valuation process begins with each investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team. • The Adviser’s management reviews the preliminary valuations with the investment professionals. Agreed upon valuation recommendations are presented to the Audit Committee. • The Audit Committee reviews the valuations presented and recommends values for each investment to the Board. • The Board reviews the recommended valuations and determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith based on, among other things, the input of the Adviser, Audit Committee and, where applicable, other third parties including independent third-party valuation firms engaged at the direction of the Board. The Company conducts this valuation process on a quarterly basis. The Board has engaged independent third-party valuation firms to perform certain limited procedures that the Board has identified and requested them to perform in connection with the valuation process of investments for which no market quotations are readily available. At March 31, 2026, the independent third-party valuation firms performed their procedures over substantially all of the Company’s investments. Upon completion of such limited procedures, the third-party valuation firms concluded that the fair value, as determined by the Board, of those investments subjected to their limited procedures, appeared reasonable. The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurement (“ASC Topic 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC Topic 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC Topic 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC Topic 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC Topic 820, these levels are summarized below: • Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC Topic 820. Consistent with the valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company’s position. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment including the impact of changes in broader market indices and credit spreads and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Financial and Derivative Instruments The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements, pursuant to ASC Topic 815 Derivatives and Hedging, further clarified by the FASB’s issuance of the Accounting Standards Update (“ASU”) No. 2017-12, Derivatives and Hedging, which was adopted in 2019 by the Company. For all derivative instruments designated in a hedge accounting relationship, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company uses certain interest rate swaps as derivative instruments to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. For derivative contracts entered into by the Company that are not designated in a hedge accounting relationship, the Company presents changes in the fair value through current period earnings. In the normal course of business, the Company has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Company’s derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. Derivatives, including the Company’s interest rate swaps, for which broker quotes are available are typically valued at those broker quotes. Offsetting Assets and Liabilities Foreign currency forward contract and interest rate swap receivables or payables pending settlement are offset, and the net amount is included with receivable or payable for foreign currency forward contracts or interest rate swaps in the Consolidated Balance Sheets when, and only when, they are with the same counterparty, the Company has the legal right to offset the recognized amounts, and it intends to either settle on a net basis or realize the asset and settle the liability simultaneously. Foreign Currency Foreign currency amounts are translated into U.S. dollars on the following basis: • cash and cash equivalents, market value of investments, outstanding debt on revolving credit facilities, other assets and liabilities: at the spot exchange rate on the last business day of the period; and • purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions. Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company’s Revolving Credit Facility to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Equity Offering Expenses The Company records expenses related to equity offerings as a reduction of capital upon completion of an offering of registered securities. The costs associated with renewals of the Company’s shelf registration statement are expensed as incurred. Debt Issuance Costs The Company records origination and other expenses related to its debt obligations as deferred financing costs, which are presented as a direct deduction from the carrying value of the related debt liability. These expenses are deferred and amortized using the effective interest method, or straight-line method, over the stated maturity of the debt obligation. Interest and Dividend Income Recognition Interest income is recorded on an accrual basis and includes the amortization of discounts and premiums. Discounts and premiums to par value on securities purchased or originated are amortized into interest income over the contractual life of the respective security using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of discounts and premiums, if any. Unless providing services in connection with an investment, such as syndication, structuring or diligence, all or a portion of any loan fees received by the Company will be deferred and amortized over the investment’s life using the effective interest method. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when management has reasonable doubt that the borrower will pay principal or interest in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest has been paid and, in management’s judgment, the borrower is likely to make principal and interest payments in the future. Management may determine to not place a loan on non-accrual status if, notwithstanding any failure to pay, the loan has sufficient collateral value and is in the process of collection. Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Other Income From time to time, the Company may receive fees for services provided to portfolio companies by the Adviser. The services that the Adviser provides vary by investment, but may include syndication, structuring, arranger, diligence fees, or other service-based fees and fees for providing managerial assistance to our portfolio companies and are recognized as revenue when earned. Earnings per share The Company's earnings per share (“EPS”) amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued and the additional shares of common stock were dilutive. Diluted EPS reflects the potential dilution, using the if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised. Reimbursement of Transaction-Related Expenses The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are expected to be reimbursed by third parties, are typically deferred until the transaction is consummated and are recorded in Prepaid expenses and other assets on the date incurred. The transaction-related costs of pursuing investments not otherwise reimbursed are borne by the Company and for successfully completed investments included as a component of the investment’s cost basis. Cash advances received in respect of transaction-related expenses are recorded as Cash and cash equivalents with an offset to Other liabilities or Other payables to affiliates. Other liabilities or Other payables to affiliates are relieved as reimbursable expenses are incurred. Income Taxes, Including Excise Taxes The Company has elected to be treated as a RIC under Subchapter M of the Code, and the Company intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must, among other things, distribute to its stockholders in each taxable year generally at least 90% of its investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain its RIC status, the Company, among other things, has made and intends to continue to make the requisite distributions to its stockholders, which generally relieves the Company from corporate-level U.S. federal income taxes. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income. For the three months ended March 31, 2026 and 2025, the Company recorded a net expense of $1.2 million and $1.4 million, respectively, for U.S. federal excise tax and other taxes. Dividends to Common Stockholders Dividends to common stockholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board and is generally based upon the earnings estimated by the Adviser. Net realized long-term capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains. The Company has adopted a dividend reinvestment plan that provides for reinvestment of any dividends declared in cash on behalf of stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes, and it declares, a cash dividend, then the stockholders who have not “opted out” of the dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash dividend. The Company expects to use newly issued shares to satisfy the dividend reinvestment plan. Segment Reporting The Company has one reportable segment: Investment Activity. The Investment Activity segment generates revenue primarily in the form of interest income from the investments it holds. In addition, the Company may generate income from dividends on equity investments, capital gains on the sale of investments and various loan origination and other fees. The Company’s chief operating decision maker (the “CODM”) is comprised of the senior executive committee that includes the Chief Executive Officer, President, Chief Financial Officer, and the Deputy Chief Financial Officer. The CODM uses the net increase (decrease) in net assets resulting from operations to evaluate income generated from segment investment activities. The evaluation and assessment of this metric is used in implementing investment policy decisions, strategic initiatives, managing the Company’s portfolio, evaluation of the Company’s distribution policy and assessing the performance of the portfolio. The accounting policies of the Investment Activity segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the segment and determines how to allocate resources based on the net increase (decrease) in net assets resulting from operations that also is reported on the Consolidated Statement of Operations. Significant segment expenses are reported as total expenses on the Consolidated Statement of Operations. The measure of segment assets is reported on the Consolidated Balance Sheet as total assets. Recent Accounting Standards and Regulatory Updates In December 2024, the FASB issued ASU No. 2024-04, “Debt with Conversion and Other Options (Subtopic 470): Induced Conversions of Convertible Debt Instruments”, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. The Company adopted ASU 2024-04, effective March 31, 2026, and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. In November 2025, the FASB issued ASU No. 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements”, which intends to more closely align hedge accounting with the economics of an entity’s risk management activities. This update is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years, though early adoption is permitted. The Company does not expect this update to have a material effect on the Company’s consolidated financial statements. In March 2026, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”)”, which intends to improve the guidance in Topic 270, Interim Reporting, in order to improve navigability of required interim disclosures and clarify when that guidance is applicable. This update is effective for interim periods in fiscal years beginning after December 15, 2027. The Company does not expect this update to have a material effect on the Company’s consolidated financial statements. In March 2026, the FASB issued ASU No. 2025-12, “Codification Improvements”, which is part of a standing project to address suggestions received from stakeholders that intends to clarify accounting guidance, correct errors and make technical corrections to the Accounting Standards Codification. This update is effective for interim periods in fiscal years beginning after December 15, 2026, though early adoption is permitted. The Company does not expect this update to have a material effect on the Company’s consolidated financial statements.

Financial Highlights - Summary of Financial Highlights for One Share Common Stock Outstanding (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investment Company, Financial Highlights [Abstract]
Ratio of net expenses to average net asset, excluding waiver	13.68%	14.65%

N-2 - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

Feb. 28, 2025

Jan. 08, 2024

Aug. 14, 2023

Feb. 03, 2021

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Dec. 31, 2024

Cover [Abstract]

Entity Central Index Key

0001508655

Amendment Flag

false

Securities Act File Number

001-36364

Document Type

10-Q

Entity Registrant Name

Sixth Street Specialty Lending, Inc.

Entity Address, Address Line One

2100 McKinney Avenue

Entity Address, Address Line Two

Suite 1500

Entity Address, City or Town

Dallas

Entity Address, State or Province

Entity Address, Postal Zip Code

75201

City Area Code

469

Local Phone Number

621-3001

Entity Emerging Growth Company

false

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Our Investment Framework

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Risk Factors [Table Text Block]

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

NAV Per Share

$ 16.24

$ 16.98

$ 17.04

$ 17.16

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

2026 Notes

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

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

2028 Notes

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

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

2029 Notes

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

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

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

2030 Notes

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

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

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


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

(1)

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

(2)

(3)

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


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

(1)

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

(2)

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

(3)

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

2026 Notes [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

2026 Notes

$ 300.0

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

The 2026 Notes bear interest at a rate of 2.50% per year, payable semi-annually commencing on August 1, 2021, and may be redeemed in whole or in part at our option at any time at par plus a “make whole” premium

2028 Notes [Member]

the “2028 Notes

$ 300.0

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

The 2028 Notes bear interest at a rate of 6.95% per year, payable semi-annually commencing on February 14, 2024, and may be redeemed in whole or in part at our option at any time at par plus a “make whole” premium.

2029 Notes [Member]

the “2029 Notes

$ 350.0

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

The 2029 Notes bear interest at a rate of 6.125% per year, payable semi-annually commencing on September 1, 2024, and may be redeemed in whole or in part at our option at any time at par plus a “make whole” premium.

2030 Notes [Member]

the “2030 Notes

$ 300.0

The 2030 Notes bear interest at a rate of 5.625% per year, payable semi-annually commencing on August 15, 2025, and may be redeemed in whole or in part at our option at any time at par plus a “make whole” premium

Net Assets

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Net Assets

9. Net Assets

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

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


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


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

(1)

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

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

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

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

At the Market Offerings

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

The entire disclosure for equity.

Fair Value of Financial Instruments - Fair Value of Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Outstanding Principal	$ 1,250,000	$ 1,250,000
Fair Value	1,249,833	1,275,677
2026 Notes
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Outstanding Principal	300,000	300,000
Fair Value	297,152	296,659
2028 Notes
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Outstanding Principal	300,000	300,000
Fair Value	306,794	314,473
2029 Notes
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Outstanding Principal	350,000	350,000
Fair Value	351,822	361,359
2030 Notes
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Outstanding Principal	300,000	300,000
Fair Value	$ 294,065	$ 303,186

Fair value portion of notes payable.

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Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Significant Accounting Policies [Line Items]
Minimum percentage of investment company taxable income distribute to stockholders in each taxable year to qualify as RIC	90.00%
Nondeductible U.S. federal excise tax percentage	4.00%
Net expense for U.S. federal excise tax and other taxes	$ 1.2	$ 1.4
ASU 2024-04
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Mar. 31, 2026
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

Indicates (true false) whether accounting standards update was adopted.

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Computation of Basic and Diluted Earnings Per Common Share

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

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


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

Fair Value of Financial Instruments - Summary of Geographic Composition of SCP's Portfolio at Fair Value (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

^[5]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 3,324,332

^[1],[2],[3]

$ 3,323,282

^[4],[6]

$ 3,313,441

^[3],[7]

$ 3,347,317

^[8]

Structured Credit Partners JV, LLC

214.80%

^[3]

208.20%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 1,033,006

$ 1,028,239

Structured Credit Partners JV, LLC | Australia

100.00%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 1,855

$ 1,849

Structured Credit Partners JV, LLC | Bermuda

0.20%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 1,359

$ 1,386

Structured Credit Partners JV, LLC | Canada

0.10%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 11,106

$ 11,021

Structured Credit Partners JV, LLC | Denmark

1.10%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 589

$ 587

Structured Credit Partners JV, LLC | Germany

0.10%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 15,050

$ 15,048

Structured Credit Partners JV, LLC | Hong Kong

1.40%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 3,210

$ 3,174

Structured Credit Partners JV, LLC | Luxembourg

0.30%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 19,525

$ 19,446

Structured Credit Partners JV, LLC | Netherlands

1.90%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 13,418

$ 13,314

Structured Credit Partners JV, LLC | United Kingdom

1.30%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 15,189

$ 15,126

Structured Credit Partners JV, LLC | United States

1.50%

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 951,705

$ 947,288

92.10%

[1]	As of March 31, 2026, the estimated cost basis of investments for U.S. federal tax purposes was $3,334,261 resulting in estimated gross unrealized gains and losses of $243,959 and $283,761, respectively.
[2]	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
[3]	Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.
[4]	As of December 31, 2025, the estimated cost basis of investments for U.S. federal tax purposes was $3,332,367 resulting in estimated gross unrealized gains and losses of $219,540 and $231,975, respectively.
[5]	Certain portfolio company investments are subject to contractual restrictions on sales.
[6]	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
[7]	In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to investments at fair value.
[8]	In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to investments at fair value.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (26,025)	$ 36,955

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Consolidated Schedule of Investments (Interest Rate Swaps) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Open Swap Contract, Identifier [Axis]: Cash collateral

$ 1,250,000,000

Open Swap Contract, Identifier [Axis]: Derivative Interest Rate Swap

$ 16,727,000

Cash collateral

28,072,000

1,250,000,000

32,800,000

27,028,000

Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

$ (5,573,000)

34,539,000

Interest Expense, Operating

Open Swap Contract, Identifier [Axis]: Hedge Accounting Swaps

$ 1,250,000,000

1,250,000,000

4,728,000

10,301,000

Open Swap Contract, Identifier [Axis]: Interest Rate Swap Company Pays SOFR + 1.53% Maturity Date 8/15/2030

$ (5,573,000)

$ 34,539,000

1.53%

^[1],[2]

1.53%

^[3],[4]

Open Swap Contract, Identifier [Axis]: Interest Rate Swap Company Pays SOFR + 2.17% Maturity Date 8/1/2026

1.53%

^[1],[2]

1.53%

^[3],[4]

2.17%

^[1],[2]

2.17%

^[3],[4]

Open Swap Contract, Identifier [Axis]: Interest Rate Swap Company Pays SOFR + 2.44% Maturity Date 3/1/2029

2.17%

^[1],[2]

2.17%

^[3],[4]

2.44%

^[1],[2]

2.44%

^[3],[4]

Open Swap Contract, Identifier [Axis]: Interest Rate Swap Company Pays SOFR + 2.99% Maturity Date 8/14/2028

2.44%

^[1],[2]

2.44%

^[3],[4]

2.99%

^[1],[2]

2.99%

^[3],[4]

Open Swap Contract, Identifier [Axis]: Interest Rate Swap Company Receives 2.5% Company Pays SOFR + 2.17% Maturity Date 8/1/2026

2.99%

^[1],[2]

2.99%

^[3],[4]

2.50%

^[1],[2]

2.50%

^[3],[4]

Aug. 01, 2026

^[1],[2]

Aug. 01, 2026

^[3],[4]

$ 300,000,000

^[1],[2]

$ 300,000,000

^[3],[4]

(3,675,000)

^[1],[2]

(5,785,000)

^[3],[4]

$ 2,110,000

^[1],[2]

$ 11,833,000

^[3],[4]

Open Swap Contract, Identifier [Axis]: Interest Rate Swap Company Receives 5.625% Company Pays SOFR + 1.53% Maturity Date 8/15/2030

2.50%

^[1],[2]

2.50%

^[3],[4]

5.625%

^[1],[2]

5.625%

^[3],[4]

Aug. 15, 2030

^[1],[2]

Aug. 15, 2030

^[3],[4]

$ 300,000,000

^[1],[2]

$ 300,000,000

^[3],[4]

5,740,000

^[1],[2]

8,284,000

^[3],[4]

$ (2,544,000)

^[1],[2]

$ 8,284,000

^[3],[4]

Open Swap Contract, Identifier [Axis]: Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/2029

5.625%

^[1],[2]

5.625%

^[3],[4]

6.125%

^[1],[2]

6.125%

^[3],[4]

Mar. 01, 2029

^[1],[2]

Mar. 01, 2029

^[3],[4]

$ 350,000,000

^[1],[2]

$ 350,000,000

^[3],[4]

616,000

^[1],[2]

3,307,000

^[3],[4]

$ (2,691,000)

^[1],[2]

$ 8,550,000

^[3],[4]

Open Swap Contract, Identifier [Axis]: Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/2028

6.125%

^[1],[2]

6.125%

^[3],[4]

6.95%

^[1],[2]

6.95%

^[3],[4]

Aug. 14, 2028

^[1],[2]

Aug. 14, 2028

^[3],[4]

$ 300,000,000

^[1],[2]

$ 300,000,000

^[3],[4]

2,047,000

^[1],[2]

4,495,000

^[3],[4]

$ (2,448,000)

^[1],[2]

$ 5,872,000

^[3],[4]