UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2025

OR

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

For the transition period from to

Commission File Number 814-01543

Sixth Street Lending Partners

(Exact name of registrant as specified in its charter)

Delaware	88-1710161
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2100 McKinney Avenue, Suite 1500, Dallas, TX	75201
(Address of principal executive offices)	(Zip Code)

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

Not applicable

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

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

Title of each class	Trading Symbol	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

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

The number of common shares of beneficial interest, $.001 par value per share, outstanding at May 2, 2025 was 141,664,937.

1

Sixth Street Lending Partners

	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION	4
Item 1.	Financial Statements	4
	Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024	4
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	5
	Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	6
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)	18
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	19
	Notes to Consolidated Financial Statements (Unaudited)	20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	44
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 4.	Controls and Procedures	65
PART II.	OTHER INFORMATION	65
Item 1.	Legal Proceedings	65
Item 1A.	Risk Factors	65
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65
Item 3.	Defaults Upon Senior Securities	65
Item 4.	Mine Safety Disclosures	65
Item 5.	Other Information	65
Item 6.	Exhibits	66
SIGNATURES		67

2

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

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

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

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

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

•the risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in this report, in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 14, 2025, and elsewhere in our filings with the SEC.

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

3

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Sixth Street Lending Partners

Consolidated Balance Sheets

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

(Unaudited)

	March 31,		December 31,
	2025		2024
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $7,172,247 and $7,079,994, respectively)	$	7,356,032	$	7,244,282
Cash and cash equivalents (restricted cash of $121,688 and $43,371, respectively)		703,804		1,198,013
Interest receivable		74,281		67,896
Prepaid expenses and other assets		4,156		3,251
Total Assets	$	8,138,273	$	8,513,442
Liabilities
Debt (net of deferred financing costs of $43,154 and $28,306, respectively)	$	3,841,468	$	4,288,601
Management fees payable to affiliate		9,719		7,406
Incentive fees on net investment income payable to affiliate		21,359		16,232
Incentive fees on net capital gains accrued to affiliate		21,482		24,549
Other payables to affiliate		3,333		3,640
Dividends payable		94,916		93,939
Other liabilities		34,390		42,605
Total Liabilities		4,026,667		4,476,972
Commitments and contingencies (Note 7)
Net Assets
Common shares, $0.001 par value; unlimited shares authorized (141,664,937 and 140,208,028, shares issued and outstanding, respectively)		142		140
Additional paid-in capital		3,965,682		3,923,739
Distributable earnings		145,782		112,591
Total Net Assets		4,111,606		4,036,470
Total Liabilities and Net Assets	$	8,138,273	$	8,513,442
Net Asset Value Per Share	$	29.02	$	28.79

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

4

Sixth Street Lending Partners

Consolidated Statements of Operations

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

(Unaudited)

	Three Months Ended			Three Months Ended
	March 31, 2025			March 31, 2024
Income
Investment income from non-controlled, non-affiliated investments:
Interest from investments	$	219,163		$	113,879
Paid-in-kind interest income		14,746			5,791
Dividend income		1,987			—
Arranger Fees		—			9,990
Other income		4,632			1,932
Total Investment Income		240,528			131,592
Expenses
Interest		56,116			35,078
Management fees		25,684			11,242
Incentive fees on net investment income		21,359			10,835
Incentive fees on net capital gains (losses)		(3,050	)		3,128
Offering expense		—			478
Professional fees		1,975			1,219
Trustees’ fees		159			156
Other general and administrative		1,687			1,358
Total expenses		103,930			63,494
Management fees waived (Note 3)		(15,964	)		(6,784	)
Net Expenses		87,966			56,710
Net Investment Income Before Income Taxes		152,562			74,882
Income taxes, including excise taxes (1)		0			2,160
Net Investment Income		152,562			72,722
Unrealized and Realized Gains (Losses)
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments		19,497			18,534
Translation of other assets and liabilities in foreign currencies		(44,230	)		4,207
Total net change in unrealized gains (losses)		(24,733	)		22,741
Realized gains (losses):
Non-controlled, non-affiliated investments		458			2,342
Foreign currency transactions		(180	)		(80	)
Total net realized gains (losses)		278			2,262
Total Net Unrealized and Realized Gains (Losses)		(24,455	)		25,003
Increase (Decrease) in Net Assets Resulting from Operations	$	128,107		$	97,725
Earnings per common share—basic and diluted	$	0.91		$	1.40
Weighted average common shares outstanding—basic and diluted		141,179,301			69,647,897

(1) Amount rounds to less than $1 thousand.

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

5

Sixth Street Lending Partners

Consolidated Schedule of Investments as of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

6

Company (1)(9)	Investment	Initial Acquisition Date	Reference Rate and Spread		Interest Rate			Amortized Cost (2) (7)		Fair Value (6)		Percentage of Net Assets
Debt Investments
Automotive
Truck-Lite Co., LLC (3)	First-lien loan ($299,765 par, due 2/2031)	2/13/2024	SOFR + 5.75%			10.06	%	$	297,033	$	298,988		7.3	%
	First-lien revolving loan ($2,040 par, due 2/2030)	2/13/2024		SOFR + 5.75%		10.06	%	$	1,792	$	1,964		0.0	%
									298,825		300,952		7.3	%
Business Services
Artisan Bidco, Inc.(3)	First-lien loan ($113,857 par, due 11/2029)	11/7/2023	SOFR + 7.00%			11.39	%		112,023		113,857		2.8	%
	First-lien loan (EUR 51,732 par, due 11/2029)	11/7/2023		E + 7.00%		10.05	%		54,674	55,881  (EUR 51,732)			1.4	%
	First-lien revolving loan ($3,940 par, due 11/2029)	11/7/2023	SOFR + 7.00%			11.20	%		3,681		3,940		0.1	%
Azurite Intermediate Holdings, Inc. (3)	First-lien loan ($213,750 par, due 3/2031)	3/19/2024	SOFR + 6.50%			10.82	%		210,325		213,156		5.2	%
BCTO Ignition Purchaser, Inc. (3)	First-lien holdco loan ($202,286 par, due 10/2030)	4/18/2023	SOFR + 7.50%		11.79% PIK				198,507		204,815		5.0	%
Crewline Buyer, Inc. (3)	First-lien loan ($152,696 par, due 11/2030)	11/8/2023	SOFR + 6.75%			11.07	%		149,070		153,957		3.7	%
Dye & Durham Corp. (3)(4)(12)	First-lien loan ($952 par, due 4/2031)	4/4/2024	SOFR + 4.10%			8.40	%		939		952		0.0	%
Elements Finco Limited (3)(4)	First-lien loan ($25,184 par, due 4/2031)	4/29/2024	SOFR + 4.97%		9.30% (incl. 1.97% PIK)				25,007		25,373		0.6	%
	First-lien loan ($20,857 par, due 4/2031)	4/29/2024		SOFR + 4.75%		9.07	%		20,676		21,014		0.5	%
	First-lien loan (GBP 116,590 par, due 4/2031)	4/29/2024		S + 5.25%	9.71% (incl. 2.25% PIK)				144,997	151,617  (GBP 117,465)			3.7	%
Galileo Parent, Inc. (3)	First-lien loan ($149,171 par, due 5/2030)	5/3/2023	SOFR + 5.75%			10.05	%		145,919		149,171		3.6	%
	First-lien revolving loan ($12,788 par, due 5/2030)	5/3/2023	SOFR + 5.75%			10.05	%		12,307		12,789		0.3	%
Lynx BidCo (3)(4)	First-lien loan ($40,569 par, due 7/2031)	7/5/2024	SOFR + 7.11%		11.40% (incl. 5.61% PIK)				39,567		39,584		1.0	%
	First-lien loan (EUR 17,057 par, due 7/2031)	7/5/2024		E + 7.11%	9.90% (incl. 5.61% PIK)				18,081	18,149  (EUR 16,802)			0.4	%
Price Fx Inc. (3)(4)	First-lien loan (EUR 910 par, due 10/2029)	10/27/2023		E + 7.00%		9.64	%		967	998  (EUR 924)			0.0	%
	First-lien loan (EUR 910 par, due 10/2029)	12/19/2024		E + 6.25%		8.89	%		922	988  (EUR 915)			0.0	%
USA DeBusk, LLC (3)	First-lien loan ($104,367 par, due 4/2031)	4/30/2024	SOFR + 5.25%			9.54	%		102,752		104,367		2.5	%
	First-lien revolving loan ($9,160 par, due 4/2030)	4/30/2024	SOFR + 5.25%			9.56	%		8,986		9,160		0.2	%
Wrangler TopCo, LLC (3)	First-lien loan ($135,939 par, due 9/2029)	7/7/2023	SOFR + 6.00%			10.30	%		133,512		137,110		3.3	%
									1,382,912		1,416,878		34.3	%
Chemicals
Erling Lux Bidco SARL (3)(4)	First-lien loan (EUR 7,239 par, due 9/2028)	9/6/2022		E + 7.00%		9.61	%		6,971	7,927  (EUR 7,339)			0.2	%
	First-lien loan (GBP 19,592 par, due 9/2028)	9/6/2022		S + 7.00%		11.46	%		23,071	25,541  (GBP 19,787)			0.6	%
	First-lien loan (NOK 7,427 par, due 9/2028)	9/6/2022	N + 7.00%			11.56	%		711	712  (NOK 7,501)			0.0	%
									30,753		34,180		0.8	%
Communications
Aurelia Netherlands MidCo 2 B.V. (3)(4)	First-lien loan (EUR 201,909 par, due 5/2031)	5/22/2024		E + 5.75%		8.54	%		214,843	218,102  (EUR 201,909)			5.3	%
Babylon Finco Limited (3)(4)	First-lien loan ($89,521 par, due 1/2031)	1/26/2024	SOFR + 5.75%			10.05	%		86,988		90,581		2.2	%
X Holdings. Inc.(3)(12)	First-lien loan ($37,640 par, due 10/2029)	3/7/2025		SOFR + 6.65%		10.95	%		36,523		37,398		0.9	%
									338,354		346,081		8.4	%
Education
Kangaroo Bidco AS (3)(4)	First-lien loan ($157,500 par, due 11/2030)	11/2/2023	SOFR + 6.25%			10.66	%		153,459		158,850		3.9	%
Severin Acquisition, LLC (3)	First-lien loan ($181,863 par, due 10/2031)	10/1/2024	SOFR + 5.00%		9.32% (incl. 2.25% PIK)				181,850		181,321		4.4	%
	First-lien revolving loan ($3,368 par, due 10/2031)	10/1/2024		SOFR + 4.75%		9.07	%		3,152		3,312		0.1	%
									338,461		343,483		8.4	%
Electronics
Sapphire Software Buyer, Inc. (3)	First-lien loan ($226,368 par, due 9/2031)	9/30/2024	SOFR + 5.50%		9.72% (incl. 3.00% PIK)				224,023		224,467		5.5	%
Financial Services
Alaska Bidco Oy (3)(4)	First-lien loan (EUR 727 par, due 5/2030)	5/30/2023		E + 5.75%		8.11	%		760	796  (EUR 737)			0.0	%

7

Arlberg Bidco, LLC(3)(4)(5)	First-lien loan ($5,000 par, due 2/2031)	2/14/2025		SOFR + 6.00%		10.32% (incl. 2.50% PIK)			4,894		4,888	0.1	%
BCTO Bluebill Buyer, Inc. (3)(5)	First-lien loan ($7,637 par, due 7/2029)	7/20/2023	SOFR + 6.25%				10.54	%	7,426		7,675	0.2	%
CLGF HoldCo 2, LLC (3)(4)	First-lien loan ($97,902 par, due 11/2027)	11/7/2023	SOFR + 8.50%				12.80	%	96,615		103,776	2.5	%
	Second-lien loan ($83,916 par, due 11/2028)	11/7/2023	SOFR + 12.00%				16.30	%	79,000		90,839	2.2	%
Fullsteam Operations LLC (3)	First-lien loan ($91,919 par, due 11/2029)	11/27/2023	SOFR + 8.40%				12.71	%	89,568		92,874	2.3	%
	First-lien loan ($23,612 par, due 11/2029)	2/23/2024		SOFR + 7.15%			11.46	%	23,048		23,146	0.6	%
GreenShoot BidCo B.V. (3)(4)	First-lien loan (EUR 5,107 par, due 5/2030)	5/28/2024		E + 5.75%			8.25	%	5,417	5,457  (EUR 5,052)		0.1	%
Volante Technologies, Inc.	First-lien loan ($3,199 par, due 9/2028)	9/29/2023		16.50	%	16.50% PIK			3,190		3,295	0.1	%
									309,918		332,746	8.1	%
Healthcare
Edge Bidco B.V (3)(4)(5)	First-lien loan (EUR 5,947 par, due 2/2029)	2/24/2023		E + 6.50%			8.86	%	6,229	6,555  (EUR 6,068)		0.2	%
Eventus Buyer, LLC (3)	First-lien loan ($48,470 par, due 11/2030)	11/1/2024	SOFR + 5.50%				9.80	%	47,703		47,700	1.2	%
	First-lien revolving loan ($3,493 par, due 11/2030)	11/1/2024	SOFR + 5.50%				9.81	%	3,402		3,412	0.1	%
Raptor US Buyer II Corp. (3)(5)	First-lien loan ($114,551 par, due 3/2029)	3/24/2023	SOFR + 6.25%				10.57	%	111,937		115,442	2.8	%
SL Buyer Corp. (3)(5)	First-lien loan ($3,816 par, due 7/2029)	7/7/2023	SOFR + 7.75%				12.04	%	3,693		3,988	0.1	%
									172,964		177,097	4.4	%
Hotel, Gaming, and Leisure
AVSC Holding Corp. (3)	First-lien loan ($248,420 par, due 12/2031)	12/5/2024		SOFR + 5.00%			9.32	%	243,617		244,072	5.9	%
	First-lien revolving loan ($2,126 par, due 12/2029)	12/5/2024		SOFR + 5.00%			9.31	%	1,629		1,661	0.0	%
Equinox Holdings, Inc.	First-lien loan ($200,407 par, due 3/2029) (3)	3/8/2024	SOFR + 8.25%			12.55% (incl. 4.13% PIK)			197,864		203,413	4.9	%
	Second-lien loan ($9,759 par, due 6/2027)	3/13/2024		16.00	%	16.00% PIK			9,578		9,978	0.2	%
QSR Acquisition Co. (3)(5)	First-lien loan ($9,975 par, due 10/2030)	10/31/2024		SOFR + 5.25%			9.54	%	9,805		9,825	0.2	%
Sport Alliance GmbH (3)(4)	First-lien loan (EUR 4,509 par, due 4/2030)	4/10/2024		E + 7.25%		10.01% (incl. 3.88% PIK)			4,747	4,907  (EUR 4,543)		0.1	%
	First-lien revolving loan (EUR 208 par, due 4/2030)	4/10/2024		E + 6.75%			9.11	%	210	230  (EUR 213)		0.0	%
									467,450		474,086	11.3	%
Human Resource Support Services
bswift, LLC (3)(5)	First-lien loan ($173,390 par, due 11/2028)	11/7/2022	SOFR + 4.75%				9.04	%	170,269		172,956	4.2	%
HireVue, Inc. (3)	First-lien loan ($109,501 par, due 5/2029)	5/3/2023	SOFR + 6.75%				11.04	%	107,326		110,322	2.7	%
	First-lien revolving loan ($4,133 par, due 5/2029)	5/3/2023	SOFR + 6.75%				11.05	%	3,853		4,239	0.1	%
MadCap Software, Inc. (3)(5)	First-lien loan ($2,469 par, due 12/2026)	12/15/2023	SOFR + 6.10%				10.40	%	2,434		2,469	0.1	%
									283,882		289,986	7.1	%
Insurance
Disco Parent, Inc.(3)	First-lien loan ($67,583 par, due 3/2029)	3/30/2023	SOFR + 7.50%				11.81	%	66,346		67,950	1.7	%
Internet Services
Arrow Buyer, Inc. (3)	First-lien loan ($128,240 par, due 7/2030)	6/30/2023	SOFR + 5.75%				10.05	%	125,437		129,724	3.2	%
Coupa Holdings, LLC (3)	First-lien loan ($128,601 par, due 2/2030)	2/27/2023	SOFR + 5.25%				9.54	%	126,101		130,464	3.2	%
Flight Intermediate HoldCo, Inc.	First-lien loan ($46,500 par, due 4/2030)	10/3/2024		11.50	%		11.50	%	45,211		45,570	1.1	%
Hippo XPA Bidco AB (3)(4)	First-lien loan (SEK 80,919 par, due 2/2031)	2/20/2024	STIBOR + 6.25%			8.59% (incl. 3.38% PIK)			7,629	8,031  (SEK 80,670)		0.2	%
	First-lien loan (EUR 2,494 par, due 2/2031)	2/20/2024		E + 6.25%		8.73% (incl. 3.38% PIK)			2,661	2,687  (EUR 2,488)		0.1	%
Kryptona BidCo US, LLC (3)	First-lien loan ($136,098 par, due 12/2031)	12/18/2024	SOFR + 6.25%			10.55% (incl. 3.38% PIK)			133,204		135,344	3.3	%
	First-lien loan (EUR 31,496 par, due 12/2031)	12/18/2024	E + 6.25%			8.73% (incl. 3.38% PIK)			32,361	33,852  (EUR 31,339)		0.8	%
Merit Software Finance Holdings, LLC (3)	First-lien loan ($11,786 par, due 6/2029)	6/20/2024	SOFR + 7.50%				11.82	%	11,454		11,561	0.3	%
SMA Technologies Holdings, LLC (3)(5)	First-lien loan ($31,009 par, due 10/2028)	10/31/2022	SOFR + 6.50%				10.81	%	30,408		31,447	0.8	%
									514,466		528,680	13.0	%
Manufacturing

8

Aptean, Inc. (3)	First-lien loan ($125,817 par, due 1/2031)	1/30/2024	SOFR + 5.25%				9.55	%	124,626		125,817	3.1	%
ASP Unifrax Holdings, Inc. (12)	First-lien loan ($3,490 par, due 9/2029) (3)	9/30/2024	SOFR + 7.75%			12.05% (incl. 4.75% PIK)			3,420		3,362	0.1	%
	Second-lien note ($2,005 par, due 9/2029)	8/31/2023		7.10	%	7.10% (incl. 1.25% PIK)			1,537		1,003	0.0	%
Heritage Environmental Services, Inc. (3)	First-lien loan ($131,350 par, due 1/2031)	1/31/2024	SOFR + 5.25%				9.54	%	130,707		132,104	3.2	%
	First-lien loan ($14,243 par, due 1/2031)	9/27/2024	SOFR + 5.00%				9.30	%	14,151		14,205	0.3	%
Skylark UK DebtCo Limited (3)(4)	First-lien loan ($56,651 par, due 9/2030)	9/7/2023	SOFR + 5.66%				9.96	%	55,348		57,359	1.4	%
	First-lien loan (EUR 16,819 par, due 9/2030)	9/7/2023		E + 5.66%			8.02	%	17,595	18,395  (EUR 17,029)		0.4	%
	First-lien loan (GBP 76,921 par, due 9/2030)	9/7/2023		S + 5.66%			10.12	%	93,853	100,527  (GBP 77,883)		2.4	%
	First-lien loan (GBP 54,224 par, due 9/2030)	2/20/2025		S + 5.25%			9.71	%	66,987	68,900  (GBP 53,380)		1.7	%
Varinem German BidCo GmbH (3)(4)	First-lien loan (EUR 12,696 par, due 7/2031)	7/11/2024		E + 5.75%			8.40	%	13,625	13,897  (EUR 12,865)		0.3	%
									521,849		535,569	12.9	%
Oil, Gas and Consumable Fuels
Laramie Energy, LLC (3)	First-lien loan ($97,561 par, due 2/2027)	2/21/2023	SOFR + 7.10%				11.42	%	96,640		99,024	2.4	%
Northwind Midstream Partners LLC (3)	First-lien loan ($155,000 par, due 3/2029)	3/18/2025		SOFR + 6.40%			10.70	%	151,912		153,063	3.7	%
									248,552		252,087	6.1	%
Other
Boréal Bidco (3)(4)	First-lien note (EUR 125,232 par, due 3/2032)	3/24/2025		E + 7.25%		9.61% (incl. 5.75% PIK)			131,871	131,961  (EUR 122,164)		3.2	%
Cast & Crew, LLC (3)	First-lien loan (CAD 143,091 par, due 1/2029)	2/27/2025		C + 5.50%			8.22	%	96,265	98,178  (CAD 141,303)		2.4	%
Scorpio Bidco (3)(4)	First-lien loan (EUR 75,326 par, due 4/2031)	4/4/2024		E + 5.75%			8.11	%	80,206	80,638  (EUR 74,651)		2.0	%
Sky Bidco S.p.A. (3)(4)	First-lien note (EUR 52,053 par, due 10/2031)	10/29/2024		E + 5.25%			7.61	%	54,615	55,356  (EUR 51,246)		1.3	%
	First-lien note ($115,131 par, due 10/2031)	10/29/2024		SOFR + 5.25%			9.55	%	112,962		113,979	2.8	%
									475,919		480,112	11.7	%
Pharmaceuticals
Apellis Pharmaceuticals, Inc. (3)(4)	First-lien loan ($157,895 par, due 5/2030)	5/13/2024		SOFR + 5.75%			10.05	%	157,895		158,395	3.9	%
Arrowhead Pharmaceuticals, Inc. (4)	First-lien loan ($119,572 par, due 8/2031)	8/7/2024		15.00	%		15.00	%	118,551		144,084	3.5	%
Elysium BidCo Limited (3)(4)	First-lien loan (EUR 139,148 par, due 12/2030)	12/11/2024	E + 7.25%				9.61	%	142,422	146,174  (EUR 135,321)		3.6	%
	First-lien loan (GBP 77,006 par, due 12/2030)	12/11/2024	S + 7.25%				11.71	%	95,742	96,911  (GBP 75,081)		2.4	%
									514,610		545,564	13.4	%
Real Estate
Cirrus (BidCo) Limited (3)(4)(5)	First-lien loan (GBP 683 par, due 8/2030)	8/9/2024		S + 6.25%		10.71% (incl. 3.00% PIK)			847	878  (GBP 681)		0.0	%
Retail and Consumer Products
Acosta (3)(12)	First-lien loan ($139,650 par, due 8/2031)	8/20/2024		SOFR + 5.60%			9.93	%	137,074		136,857	3.3	%
Bed Bath and Beyond Inc. (3)(11)	ABL FILO term loan ($15,900 par, due 8/2027)	9/2/2022		SOFR + 9.90%			14.22	%	15,681		14,310	0.3	%
	Roll Up DIP term loan ($46,319 par)	4/24/2023		SOFR + 7.90%		12.22% PIK			46,319		41,687	1.0	%
	Super-Priority DIP term loan ($7,189 par)	4/24/2023		SOFR + 7.90%			12.22	%	7,189		6,470	0.2	%
Belk, Inc. (3)	First-lien loan ($190,125 par, due 7/2029)	7/22/2024		SOFR + 7.00%			11.33	%	187,357		188,699	4.6	%
Commercehub, Inc. (3)	First-lien loan ($146,625 par, due 12/2027)	11/15/2022		SOFR + 6.25%			10.56	%	140,366		145,525	3.5	%
PDI TA Holdings, Inc. (3)	First-lien loan ($159,247 par, due 2/2031)	2/1/2024		SOFR + 5.50%			9.79	%	157,168		159,247	3.9	%
	First-lien revolving loan ($1,765 par, due 2/2031)	2/1/2024		SOFR + 5.50%			9.79	%	1,599		1,765	0.0	%
Rapid Data GmbH Unternehmensberatung (3)(4)	First-lien loan (EUR 7,435 par, due 7/2029)	7/11/2023		E + 6.75%		9.54% (incl. 3.00% PIK)			7,952	8,079  (EUR 7,479)		0.2	%
									700,705		702,639	17.0	%
Transportation
Ben Nevis Midco Limited (3)(4)	First-lien loan ($72,693 par, due 3/2028)	3/26/2024		SOFR + 5.25%			9.55	%	71,678		72,193	1.8	%
Rail Acquisitions LLC	First-lien loan ($31,760 par, due 1/2030) (3)	1/27/2025	SOFR + 6.00%				10.30	%	31,093		31,078	0.8	%

9

	Second-lien note ($24,152 par, due 1/2031)	1/27/2025		13.75	%	13.75% PIK				19,852		20,219	0.5	%
Shiftmove GmbH (3)(4)(5)	First-lien loan (EUR 14,167 par, due 9/2030)	9/30/2024	E + 6.00%				8.36	%		15,365	14,925  (EUR 13,817)		0.4	%
										137,988		138,415	3.5	%
Total Debt Investments										7,028,824		7,191,850	174.9	%
Equity and Other Investments
Automotive
Clarience Technologies, LLC (8)	Class A Units (2,666 units)	2/12/2024								6,557		6,557	0.1	%
Business Services
Artisan Topco LP (8)	Class A Preferred Units (7,882,736 units)	11/7/2023								7,883		6,937	0.2	%
Insight Hideaway Aggregator, L.P. (8)	Partnership Interest (2,170,139 units)	3/19/2024								21,701		22,895	0.6	%
Newark FP Co-Invest, L.P. (8)	Partnership (8,555,356 units)	11/8/2023								8,572		8,164	0.2	%
Warrior TopCo LP (8)	Class A Units (9,576,271 units)	7/7/2023								9,576		14,293	0.3	%
										47,732		52,289	1.3	%
Financial Services
AF Eagle Parent, L.P. (8)	Partnership Units (337,024 units)	11/27/2023								11,364		12,784	0.3	%
CLGF Holdings, L.P. (4)(8)	Warrants (8,358,075 warrants)	11/7/2023								4,574		10,350	0.3	%
										15,938		23,134	0.6	%
Healthcare
Raptor US Buyer II Corp.(8)	Ordinary Shares (83,408 shares)	3/24/2023								12,876		12,876	0.3	%
Human Resource Support Services
bswift, LLC	Class A-1 Units (7,606,491 units)	11/7/2022								7,606		15,764	0.4	%
Internet Services
SMA Technologies Holdings, LLC (8)(10)	Class A Units (244 units)	11/21/2022								244		449	0.0	%
	Class B Units (173,048 units)	11/21/2022								10		19	0.0	%
										254		468	0.0	%
Pharmaceuticals
Elysium BidCo Limited (4)(8)(10)	Convertible Preference Shares (38,503,125 units)	12/11/2024								49,063	49,697  (GBP 38,502)		1.2	%
Transportation
Railtrac Holdings Inc.(8)(10)	Warrants (3,824 warrants)	1/27/2025								3,397		3,397	0.1	%
Total Equity and Other    Investments										143,423		164,182	4.0	%
Total Investments									$	7,172,247	$	7,356,032	178.9	%

	Interest Rate Swaps as of March 31, 2025
	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Market Value			Upfront (Payments) / Receipts		Change in Unrealized Gains / (Losses)
Interest rate swap (a)(b)	6.50%	SOFR + 2.51%	3/11/2029	$	600,000	$	6,001		$	—	$	8,209
Interest rate swap (a)(b)	6.50%	SOFR + 2.22%	3/11/2029		150,000		3,104			—		1,975
Interest rate swap (a)(b)	5.75%	SOFR + 2.55%	1/15/2030		600,000		(13,746	)		—		10,389
Interest rate swap (a)(b)	6.13%	SOFR + 2.01%	7/15/2030		750,000		14,243			—		14,243
Total Hedge Accounting Swaps					2,100,000		9,602			—		34,816
Cash collateral					—		112,086			—		—
Total derivatives				$	2,100,000	$	121,688		$	—	$	34,816

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

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

(1)Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company would “control” a portfolio company if the Company owned
more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of
such portfolio company. As of March 31, 2025, the Company does not “control” any of the portfolio companies. Also under the 1940 Act, the Company would be deemed to be an “Affiliated Person” of a portfolio company if the Company owns more than

10

5% of the portfolio company’s outstanding voting securities. As of March 31, 2025, the Company does not identify any of its portfolio companies as affiliates.

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

(3)Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that
may be determined by reference to either Canadian Overnight Repo Rate Average (“CORRA” or "C"), Euro Interbank Offer Rate (“EURIBOR” or “E”), Term Secured Overnight Financing Rate (“SOFR”), which may also contain a credit spread adjustment depending on the tenor election, Sterling Overnight Index Average Rate (“SONIA” or “S”), 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, 2025.

(4)This portfolio company is not a qualifying asset under Section 55(a) of 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 28.6% of total assets as of March 31, 2025.

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

(6)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.

(7)As of March 31, 2025, the estimated cost basis of investments for U.S. federal tax purposes was $7,197,615 resulting in estimated gross unrealized gains and losses of $200,607 and $61,591, respectfully.

(8)This investment is non-income producing.

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

(10)All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2025, the aggregate fair value of these securities is $53,178, or 1.3% of the Company’s net assets.

(11)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 $25.9 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.

(12)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.

11

Sixth Street Lending Partners

Consolidated Schedule of Investments as of December 31, 2024

(Amounts in thousands, except share amounts)

12

Company (1)(9)	Investment	Initial Acquisition Date	Reference Rate and Spread		Interest Rate			Amortized Cost (2) (7)		Fair Value (6)		Percentage of Net Assets
Debt Investments
Automotive
Truck-Lite Co., LLC (3)	First-lien loan ($280,937 par, due 2/2031)	2/13/2024	SOFR + 5.75%			10.27	%	$	277,851	$	281,792		7.0	%
Business Services
Artisan Bidco, Inc.(3)	First-lien loan ($114,848 par, due 11/2029)	11/7/2023	SOFR + 7.00%			11.39	%		112,663		114,848		2.8	%
	First-lien loan (EUR 51,863 par, due 11/2029)	11/7/2023		E + 7.00%		10.05	%		54,775	53,704  (EUR 51,863)			1.3	%
Azurite Intermediate Holdings, Inc. (3)	First-lien loan ($213,750 par, due 3/2031)	3/19/2024	SOFR + 6.50%			10.86	%		210,194		212,562		5.3	%
BCTO Ignition Purchaser, Inc. (3)	First-lien holdco loan ($120,769 par, due 10/2030)	4/18/2023	SOFR + 8.50%		13.13% PIK				118,441		123,184		3.1	%
Crewline Buyer, Inc. (3)	First-lien loan ($154,281 par, due 11/2030)	11/8/2023	SOFR + 6.75%			11.11	%		150,499		155,553		3.9	%
Dye & Durham Corp. (3)(4)(12)	First-lien loan ($955 par, due 4/2031)	4/4/2024	SOFR + 4.10%			8.43	%		941		964		0.0	%
Elements Finco Limited (3)(4)	First-lien loan ($45,917 par, due 4/2031)	4/29/2024	SOFR + 4.97%		9.33% (incl. 1.97% PIK)				45,546		45,917		1.1	%
	First-lien loan (GBP 115,946 par, due 4/2031)	4/29/2024		S + 5.25%	9.95% (incl. 2.25% PIK)				144,105	145,210  (GBP 115,946)			3.6	%
Galileo Parent, Inc. (3)	First-lien loan ($149,549 par, due 5/2030)	5/3/2023	SOFR + 5.75%			10.08	%		146,131		149,549		3.7	%
	First-lien revolving loan ($10,769 par, due 5/2030)	5/3/2023	SOFR + 5.75%			10.08	%		10,259		10,769		0.3	%
Lynx BidCo (3)(4)	First-lien loan ($39,996 par, due 7/2031)	7/5/2024	SOFR + 7.11%		11.75% (incl. 5.61% PIK)				38,963		39,182		1.0	%
	First-lien loan (EUR 16,816 par, due 7/2031)	7/5/2024		E + 7.11%	10.38% (incl. 5.61% PIK)				17,822	17,196  (EUR 16,606)			0.4	%
Price Fx Inc. (3)(4)	First-lien loan (EUR 910 par, due 10/2029)	10/27/2023		E + 7.00%		10.06	%		966	947  (EUR 915)			0.0	%
	First-lien loan (EUR 910 par, due 10/2029)	12/19/2024		E + 6.25%		9.12	%		921	919  (EUR 887)			0.0	%
USA DeBusk, LLC (3)	First-lien loan ($103,491 par, due 4/2031)	4/30/2024	SOFR + 5.25%			9.62	%		101,829		103,491		2.6	%
	First-lien revolving loan ($4,122 par, due 4/2030)	4/30/2024	SOFR + 5.25%			9.59	%		3,940		4,122		0.1	%
Wrangler TopCo, LLC (3)	First-lien loan ($123,938 par, due 9/2029)	7/7/2023	SOFR + 6.00%			10.38	%		121,342		125,501		3.1	%
									1,279,337		1,303,618		32.3	%
Chemicals
Erling Lux Bidco SARL (3)(4)	First-lien loan (EUR 7,239 par, due 9/2028)	9/6/2022		E + 7.00%		10.06	%		6,961	7,650  (EUR 7,388)			0.3	%
	First-lien loan (GBP 19,592 par, due 9/2028)	9/6/2022		S + 7.00%		11.70	%		23,039	24,904  (GBP 19,885)			0.6	%
	First-lien loan (NOK 7,427 par, due 9/2028)	9/6/2022	N + 7.00%			11.69	%		711	664  (NOK 7,538)			0.0	%
									30,711		33,218		0.9	%
Communications
Aurelia Netherlands MidCo 2 B.V. (3)(4)	First-lien loan (EUR 201,909 par, due 5/2031)	5/22/2024		E + 5.75%		8.93	%		214,655	209,599  (EUR 202,414)			5.2	%
Babylon Finco Limited (3)(4)	First-lien loan ($89,521 par, due 1/2031)	1/26/2024	SOFR + 5.75%			10.37	%		86,906		89,521		2.2	%
Banyan Software Holdings, LLC (3)(4)	First-lien loan ($78,771 par, due 10/2026)	1/27/2023	SOFR + 7.35%			11.71	%		77,563		80,347		2.0	%
	First-lien loan ($80,227 par, due 10/2026)	1/26/2024	SOFR + 6.25%			10.61	%		78,839		82,969		2.1	%
									457,963		462,436		11.5	%
Education
Kangaroo Bidco AS (3)(4)	First-lien loan ($157,500 par, due 11/2030)	11/2/2023	SOFR + 6.25%			10.66	%		153,281		158,400		3.9	%
Severin Acquisition, LLC (3)	First-lien loan ($216,386 par, due 10/2031)	10/1/2024	SOFR + 5.00%		9.36% (incl. 2.25% PIK)				216,124		216,386		5.4	%
									369,405		374,786		9.3	%
Electronics
Sapphire Software Buyer, Inc. (3)	First-lien loan ($224,683 par, due 9/2031)	9/30/2024	SOFR + 5.50%		9.75% (incl. 3.0% PIK)				222,271		223,424		5.5	%
Financial Services
Alaska Bidco Oy (3)(4)	First-lien loan (EUR 727 par, due 5/2030)	5/30/2023		E + 5.75%		8.51	%		759	765  (EUR 739)			0.0	%
BCTO Bluebill Buyer, Inc. (3)(5)	First-lien loan ($7,656 par, due 7/2029)	7/20/2023	SOFR + 6.25%			10.84	%		7,435		7,733		0.2	%

13

BTRS Holdings, Inc. (3)	First-lien loan ($146,948 par, due 12/2028)	12/16/2022	SOFR + 7.25%				11.61	%	144,062		148,418	3.7	%
	First-lien revolving loan ($5,422 par, due 12/2028)	12/16/2022	SOFR + 7.25%				11.76	%	5,136		5,566	0.1	%
CLGF HoldCo 2, LLC (3)(4)	First-lien loan ($97,902 par, due 11/2027)	11/7/2023	SOFR + 8.50%				12.83	%	96,512		98,147	2.4	%
	Second-lien loan ($83,916 par, due 11/2028)	11/7/2023	SOFR + 12.00%				16.33	%	78,758		83,916	2.1	%
Fullsteam Operations LLC (3)	First-lien loan ($97,412 par, due 11/2029)	11/27/2023	SOFR + 8.38%				12.89	%	94,446		98,367	2.4	%
GreenShoot BidCo B.V. (3)(4)	First-lien loan (EUR 5,107 par, due 5/2030)	5/28/2024		E + 5.75%			8.66	%	5,413	5,246  (EUR 5,066)		0.1	%
Volante Technologies, Inc.	First-lien loan ($3,072 par, due 9/2028)	9/29/2023		16.50	%	16.50% PIK			3,063		3,141	0.1	%
									435,584		451,299	11.1	%
Healthcare
Edge Bidco B.V (3)(4)(5)	First-lien loan (EUR 5,947 par, due 2/2029)	2/24/2023		E + 6.75%			9.43	%	6,219	6,284  (EUR 6,068)		0.2	%
Eventus Buyer, LLC (3)	First-lien loan ($48,470 par, due 11/2030)	11/1/2024	SOFR + 5.50%				9.86	%	47,668		47,854	1.2	%
	First-lien revolving loan ($873 par, due 11/2030)	11/1/2024	SOFR + 5.50%				10.03	%	778		808	0.0	%
Raptor US Buyer II Corp. (3)(5)	First-lien loan ($114,842 par, due 3/2029)	3/24/2023	SOFR + 6.25%				10.61	%	112,062		116,332	2.9	%
SL Buyer Corp. (3)(5)	First-lien loan ($3,742 par, due 7/2029)	7/7/2023	SOFR + 7.75%				12.34	%	3,613		3,719	0.1	%
									170,340		174,997	4.4	%
Hotel, Gaming, and Leisure
AVSC Holding Corp. (3)	First-lien loan ($316,171 par, due 12/2031)	12/5/2024		SOFR + 5.00%			9.36	%	309,228		310,046	7.7	%
Equinox Holdings, Inc.	First-lien loan ($198,362 par, due 3/2029) (3)	3/8/2024	SOFR + 8.25%			12.58% (incl. 4.13% PIK)			195,737		198,858	4.9	%
	Second-lien loan ($9,388 par, due 6/2027)	3/13/2024		16.00	%	16.00% PIK			9,191		9,553	0.2	%
QSR Acquisition Co. (3)(5)	First-lien loan ($10,000 par, due 10/2030)	10/31/2024		SOFR + 5.25%			9.84	%	9,820		9,850	0.2	%
Sport Alliance GmbH (3)(4)	First-lien loan (EUR 4,494 par, due 4/2030)	4/10/2024		E + 7.25%		10.15% (incl. 3.88% PIK)			4,712	4,601  (EUR 4,443)		0.1	%
									528,688		532,908	13.1	%
Human Resource Support Services
bswift, LLC (3)(5)	First-lien loan ($139,546 par, due 11/2028)	11/7/2022	SOFR + 6.38%				11.05	%	136,424		141,639	3.5	%
HireVue, Inc. (3)	First-lien loan ($109,778 par, due 5/2029)	5/3/2023	SOFR + 6.75%				11.34	%	107,466		111,150	2.8	%
	First-lien revolving loan ($8,972 par, due 5/2029)	5/3/2023	SOFR + 6.75%				11.30	%	8,675		9,148	0.2	%
MadCap Software, Inc. (3)(5)	First-lien loan ($2,475 par, due 12/2026)	12/15/2023	SOFR + 6.10%				10.35	%	2,435		2,475	0.1	%
									255,000		264,412	6.6	%
Insurance
Disco Parent, Inc.(3)	First-lien loan ($67,583 par, due 3/2029)	3/30/2023	SOFR + 7.50%				12.01	%	66,272		68,317	1.7	%
Internet Services
Arrow Buyer, Inc. (3)	First-lien loan ($128,565 par, due 7/2030)	6/30/2023	SOFR + 5.75%				10.08	%	125,651		130,424	3.2	%
Coupa Holdings, LLC (3)	First-lien loan ($128,925 par, due 2/2030)	2/27/2023	SOFR + 5.25%				9.84	%	126,291		131,165	3.2	%
Flight Intermediate HoldCo, Inc.	First-lien loan ($46,500 par, due 4/2030)	10/3/2024		11.50	%		11.50	%	45,164		45,221	1.1	%
Hippo XPA Bidco AB (3)(4)	First-lien loan (SEK 80,225 par, due 2/2031)	2/20/2024	STIBOR + 6.50%			9.16% (incl. 3.50% PIK)			7,557	7,238  (SEK 79,977)		0.2	%
	First-lien loan (EUR 2,472 par, due 2/2031)	2/20/2024		E + 6.50%		9.87% (incl. 3.50% PIK)			2,636	2,554  (EUR 2,466)		0.1	%
Kryptona BidCo US, LLC (3)	First-lien loan ($134,959 par, due 12/2031)	12/18/2024	SOFR + 5.75%				10.10	%	131,979		132,340	3.3	%
	First-lien loan (EUR 31,233 par, due 12/2031)	12/18/2024	E + 5.75%				8.61	%	32,055	31,775  (EUR 30,686)		0.8	%
Merit Software Finance Holdings, LLC (3)	First-lien loan ($11,786 par, due 6/2029)	6/20/2024	SOFR + 7.50%				11.85	%	11,438		11,561	0.3	%
SMA Technologies Holdings, LLC (3)(5)	First-lien loan ($31,009 par, due 10/2028)	10/31/2022	SOFR + 6.50%				11.01	%	30,371		31,447	0.8	%
									513,142		523,725	13.0	%
Manufacturing
Aptean, Inc. (3)	First-lien loan ($123,688 par, due 1/2031)	1/30/2024	SOFR + 5.00%				9.58	%	122,468		124,037	3.2	%
ASP Unifrax Holdings, Inc. (12)	First-lien loan ($3,449 par, due 9/2029) (3)	9/30/2024	SOFR + 7.75%			12.08% (incl. 4.75% PIK)			3,376		3,484	0.1	%
	Second-lien note ($1,999 par, due 9/2029)	8/31/2023		7.10	%	7.10% (incl. 1.25% PIK)			1,513		1,309	0.0	%

14

Avalara, Inc. (3)	First-lien loan ($136,364 par, due 10/2028)	10/19/2022	SOFR + 6.25%				10.58	%	133,991		137,489	3.4	%
Heritage Environmental Services, Inc. (3)	First-lien loan ($131,681 par, due 1/2031)	1/31/2024	SOFR + 5.25%				9.84	%	130,976		133,195	3.3	%
	First-lien loan ($16,608 par, due 1/2031)	1/31/2024	SOFR + 5.00%				9.33	%	16,529		16,608	0.4	%
Skylark UK DebtCo Limited (3)(4)	First-lien loan ($56,651 par, due 9/2030)	9/7/2023	SOFR + 5.66%				9.99	%	55,303		57,217	1.4	%
	First-lien loan (GBP 57,691 par, due 9/2030)	9/7/2023		S + 5.66%			10.36	%	69,740	73,215  (GBP 58,460)		1.8	%
	First-lien loan (EUR 16,819 par, due 9/2030)	9/7/2023		E + 5.66%			8.35	%	17,580	17,590  (EUR 16,987)		0.4	%
Varinem German BidCo GmbH (3)(4)	First-lien loan (EUR 12,696 par, due 7/2031)	7/11/2024		E + 5.75%			9.42	%	13,681	13,105  (EUR 12,656)		0.3	%
									565,157		577,249	14.3	%
Oil, Gas and Consumable Fuels
Laramie Energy, LLC (3)	First-lien loan ($97,561 par, due 2/2027)	2/21/2023	SOFR + 7.10%				11.46	%	96,519		98,537	2.4	%
Mach Natural Resources LP (3)(4)	First-lien loan ($115,625 par, due 12/2026)	12/28/2023	SOFR + 6.65%				10.98	%	114,031		116,492	3.0	%
									210,550		215,029	5.4	%
Other
Scorpio Bidco (3)(4)	First-lien loan (EUR 75,326 par, due 4/2031)	4/4/2024		E + 5.75%			8.43	%	80,131	77,534  (EUR 74,876)		1.9	%
Sky Bidco S.p.A. (3)(4)	First-lien note (EUR 52,053 par, due 10/2031)	10/29/2024		E + 5.75%			8.20	%	54,529	52,439  (EUR 50,641)		1.3	%
	First-lien note ($115,131 par, due 10/2031)	10/29/2024		SOFR + 5.25%			10.51	%	112,884		113,116	2.8	%
									247,544		243,089	6.0	%
Pharmaceuticals
Apellis Pharmaceuticals, Inc. (3)(4)	First-lien loan ($157,895 par, due 5/2030)	5/13/2024		SOFR + 5.75%			10.08	%	157,895		159,395	3.9	%
Arrowhead Pharmaceuticals, Inc. (4)	First-lien loan ($139,864 par, due 8/2031)	8/7/2024		15.00	%		15.00	%	138,589		186,719	4.6	%
Elysium BidCo Limited (3)(4)	First-lien loan (EUR 139,148 par, due 12/2030)	12/11/2024	E + 7.25%				10.07	%	142,331	140,846  (EUR 136,017)		3.5	%
	First-lien loan (GBP 77,006 par, due 12/2030)	12/11/2024	S + 7.25%				11.95	%	95,685	93,839  (GBP 74,927)		2.3	%
									534,500		580,799	14.3	%
Real Estate
Cirrus (BidCo) Limited (3)(4)(5)	First-lien loan (GBP 675 par, due 8/2030)	8/9/2024		S + 6.25%		10.95% (incl. 3.00% PIK)			836	836  (GBP 667)		0.0	%
Retail and Consumer Products
Acosta (3)(12)	First-lien loan ($140,000 par, due 8/2031)	8/20/2024		SOFR + 5.60%			10.12	%	137,318		138,950	3.4	%
Bed Bath and Beyond Inc. (3)(11)	ABL FILO term loan ($16,352 par, due 8/2027)	9/2/2022		SOFR + 9.90%			14.26	%	16,104		14,962	0.4	%
	Roll Up DIP term loan ($45,317 par)	4/24/2023		SOFR + 7.90%		12.26% PIK			45,317		41,465	1.0	%
	Super-Priority DIP term loan ($7,251 par)	4/24/2023		SOFR + 7.90%			12.26	%	7,251		6,635	0.2	%
Belk, Inc. (3)	First-lien loan ($192,563 par, due 7/2029)	7/22/2024		SOFR + 7.00%			11.51	%	189,683		191,118	4.7	%
Commercehub, Inc. (3)	First-lien loan ($147,000 par, due 12/2027)	11/15/2022		SOFR + 6.25%			10.90	%	140,246		143,325	3.6	%
PDI TA Holdings, Inc. (3)	First-lien loan ($146,333 par, due 2/2031)	2/1/2024		SOFR + 5.50%			10.09	%	144,076		147,197	3.6	%
Rapid Data GmbH Unternehmensberatung (3)(4)	First-lien loan (EUR 7,378 par, due 7/2029)	7/11/2023		E + 6.25%		9.47% (incl. 3.00% PIK)			7,885	7,685  (EUR 7,422)		0.2	%
									687,880		691,337	17.1	%
Transportation
Ben Nevis Midco Limited (3)(4)	First-lien loan ($72,693 par, due 3/2028)	3/26/2024		SOFR + 5.25%			9.81	%	71,599		72,193	1.8	%
Shiftmove GmbH (3)(4)(5)	First-lien loan (EUR 14,167 par, due 9/2030)	9/30/2024	E + 6.00%				8.68	%	15,337	14,307  (EUR 13,817)		0.4	%
									86,936		86,500	2.2	%
Total Debt Investments									6,939,967		7,089,771	175.7	%

15

Equity and Other Investments
Automotive
Clarience Technologies, LLC (8)(10)	Class A Units (2,666 units)	2/12/2024		6,557		6,557	0.2	%
Business Services
Artisan Topco LP (8)	Class A Preferred Units (7,882,736 units)	11/7/2023		7,883		6,602	0.2	%
Insight Hideaway Aggregator, L.P. (8)(10)	Partnership Interest (2,170,139 units)	3/19/2024		21,701		21,702	0.5	%
Newark FP Co-Invest, L.P. (8)	Partnership (8,555,356 units)	11/8/2023		8,572		7,629	0.2	%
Warrior TopCo LP	Class A Units (9,576,271 units)	7/7/2023		9,576		13,646	0.3	%
				47,732		49,579	1.2	%
Financial Services
AF Eagle Parent, L.P. (8)	Partnership Units (337,024 units)	11/27/2023		11,364		13,011	0.3	%
CLGF Holdings, L.P. (4)(8)	Warrants (8,358,075 warrants)	11/7/2023		4,575		8,257	0.2	%
				15,939		21,268	0.5	%
Healthcare
Raptor US Buyer II Corp.(8)	Ordinary Shares (83,408 shares)	3/24/2023		12,876		11,588	0.3	%
Human Resource Support Services
bswift, LLC (8)	Class A-1 Units (7,606,491 units)	11/7/2022		7,606		16,088	0.4	%
Internet Services
SMA Technologies Holdings, LLC (8)(10)	Class A Units (244 units)	11/21/2022		244		353	0.0	%
	Class B Units (173,048 units)	11/21/2022		10		15	0.0	%
				254		368	0.0	%
Pharmaceuticals
Elysium BidCo Limited (4)(8)(10)	Convertible Preference Shares (38,503,125 units)	12/11/2024		49,063	49,063  (GBP 39,175)		1.2	%
Total Equity and Other    Investments				140,027		154,511	3.8	%
Total Investments			$	7,079,994	$	7,244,282	179.5	%

	Interest Rate Swaps as of December 31, 2024
	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Market Value			Upfront (Payments) / Receipts		Change in Unrealized Gains / (Losses)
Interest rate swap (a)(b)	6.50%	SOFR + 2.51%	3/11/2029	$	600,000	$	(2,208	)	$	—	$	(2,208	)
Interest rate swap (a)(b)	6.50%	SOFR + 2.22%	3/11/2029		150,000		1,129			—		1,129
Interest rate swap (a)(b)	5.75%	SOFR + 2.55%	1/15/2030		600,000		(24,135	)		—		(24,135	)
Total Hedge Accounting Swaps					1,350,000		(25,214	)		—		(25,214	)
Cash collateral					—		68,585			—		—
Total derivatives				$	1,350,000	$	43,371		$	—	$	(25,214	)

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

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

(1)Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company would “control” a portfolio company if the Company owned
more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of
such portfolio company. As of December 31, 2024, the Company does not “control” any of the portfolio companies. Also under
the 1940 Act, the Company would be deemed to be an “Affiliated Person” of a portfolio company if the Company owns more
than 5% of the portfolio company's outstanding voting securities. As of December 31, 2024, the Company does not identify any of its portfolio companies as affiliates.

(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.

16

(3)Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that
may be determined by reference to either Euro Interbank Offer Rate (“Euribor” or “E”), Term Secured Overnight Financing
Rate (“SOFR”), which may also contain a credit spread adjustment depending on the tenor election, Sterling Overnight
Index Average Rate (“SONIA” or “S”), Stockholm Interbank Offered Rate ("STIBOR"), Norwegian Interbank Offered Rate ("NIBOR" or "N") or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”), all of which include an available tenor, selected at the borrower’s option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at December 31, 2024.

(4)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 27.8% of total assets as of December 31, 2024.

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

(6)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 4 for further information related to
investments at fair value.

(7)As of December 31, 2024, the estimated cost basis of investments for U.S. federal tax purposes was $7,102,780 resulting in estimated gross unrealized gains and losses of $222,515 and $56,184, respectfully.

(8)This investment is non-income producing.

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

(10)All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, as
amended (the “Securities Act”), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $77,388, or 1.9% of the Company's net assets.

(11)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 $25.0 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.

(12)This investment is valued using observable inputs and is considered a Level 2 investment. See Note 4 for further information related to investments at fair value.

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

17

Sixth Street Lending Partners

Consolidated Statements of Changes in Net Assets

(Amounts in thousands, except share amounts)

(Unaudited)

	Common Shares
	Shares		Par Amount		Paid in Capital in Excess of Par		Distributable Earnings			Total Net Assets
Balance at December 31, 2024		140,208,028	$	140	$	3,923,739	$	112,591		$	4,036,470
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)		—		—		—		152,562			152,562
Net change in unrealized gains (losses) on investments and    foreign currency translation		—		—		—		(24,733	)		(24,733	)
Net realized gains (losses) on investments and foreign    currency transactions		—		—		—		278			278
Dividends to shareholders:
Stock issued in connection with dividend reinvestment plan		1,456,909		2		41,943		—			41,945
Dividends declared from net investment income		—		—		—		(94,916	)		(94,916	)
Balance at March 31, 2025		141,664,937	$	142	$	3,965,682	$	145,782		$	4,111,606

	Common Shares
	Shares		Par Amount		Paid in Capital in Excess of Par		Distributable Earnings			Total Net Assets
Balance at December 31, 2023		65,478,775	$	65	$	1,734,426	$	82,576		$	1,817,067
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)		—		—		—		72,722			72,722
Net change in unrealized gains (losses) on investments and    foreign currency translation		—		—		—		22,741			22,741
Net realized gains (losses) on investments and foreign    currency transactions		—		—		—		2,262			2,262
Increase (decrease) in net assets resulting from capital share transactions:
Issuance of common shares		17,348,908		18		499,718		—			499,736
Dividends to shareholders:
Stock issued in connection with dividend reinvestment plan		795,040		1		22,061		—			22,062
Dividends declared from net investment income		—		—		—		(56,027	)		(56,027	)
Balance at March 31, 2024		83,622,723	$	84	$	2,256,205	$	124,274		$	2,380,563

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

18

Sixth Street Lending Partners

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	Three Months Ended			Three Months Ended
	March 31, 2025			March 31, 2024
Cash Flows from Operating Activities
Increase (Decrease) in net assets resulting from operations	$	128,107		$	97,725
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		(19,497	)		(18,534	)
Net change in unrealized (gains) losses on foreign currency transactions		44,230			(4,207	)
Net realized (gains) losses on investments		(458	)		(2,342	)
Net realized (gains) losses on foreign currency transactions		(78	)		67
Net amortization of discount on investments		(15,390	)		(4,212	)
Amortization of deferred financing costs		2,945			1,827
Amortization of discount on debt		522			62
Purchases and originations of investments, net		(812,814	)		(1,298,865	)
Proceeds from investments, net		109,750			140,558
Repayments on investments		640,773			11,026
Paid-in-kind interest		(14,122	)		(5,545	)
Changes in operating assets and liabilities:
Interest receivable		(5,762	)		(18,049	)
Interest receivable paid-in-kind		(623	)		(246	)
Prepaid expenses and other assets		(922	)		(598	)
Management fees payable to affiliate		2,313			1,563
Incentive fees on net investment income payable to affiliate		5,127			3,652
Incentive fees on net capital gains accrued to affiliate		(3,067	)		3,127
Other payables to affiliates		(307	)		(480	)
Other liabilities		24,099			(3,379	)
Net Cash Provided by (Used in) Operating Activities		84,826			(1,096,850	)
Cash Flows from Financing Activities
Borrowings on debt		1,299,493			1,690,700
Repayments on debt		(1,808,739	)		(1,005,600	)
Deferred financing costs		(17,794	)		(11,445	)
Dividends paid to shareholders		(51,995	)		(21,808	)
Capital calls		—			499,736
Net Cash Provided by (Used in) Financing Activities		(579,035	)		1,151,583
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		(494,209	)		54,733
Cash, cash equivalents and restricted cash, beginning of period		1,198,013			8,813
Cash, Cash Equivalents and Restricted Cash, End of Period	$	703,804		$	63,546
Supplemental Information:
Interest paid during the period	$	64,708		$	35,455
Excise and other taxes paid during the period (1)	$	0		$	3,485
Dividends declared during the period	$	94,916		$	56,027
Non-Cash Financing Activities:
Reinvestment of dividends during the period	$	41,945		$	22,062

(1) Amount rounds to less than $1 thousand.

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

19

Sixth Street Lending Partners

Notes to Consolidated Financial Statements

(Unaudited)

(Amounts in thousands, unless otherwise indicated)

1. Organization and Basis of Presentation

Organization

Sixth Street Lending Partners (the “Company”) is a Delaware statutory trust formed on April 5, 2022 (“Inception”). The Company was formed primarily to lend to, and selectively invest in, upper 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 Lending Partners Advisers, LLC (the “Adviser”). On May 12, 2022, the Company formed a wholly-owned subsidiary, SSLP Lending, LLC, a Delaware limited liability company. On December 8, 2022, the Company formed a wholly-owned subsidiary, Sixth Street LP Holding II, LLC, a Delaware limited liability company. On December 21, 2023, the Company formed a wholly-owned subsidiary, Sixth Street Lending Partners Sub, LLC, a Cayman Islands limited liability company.

The Company is conducting a private offering (the “Private Offering”) of its Common Shares of beneficial interest (the “Common Shares”) to accredited investors, as defined in Regulation D under the Securities Act of 1933 (the “1933 Act”) in reliance on exemptions from the registration requirements of the 1933 Act. Common Shares will be offered for subscription continuously throughout an initial closing period and may be offered from time to time thereafter. Each investor in the Private Offering will make a capital commitment (a “Capital Commitment”) to purchase Common Shares of the Company pursuant to a subscription agreement entered into with the Company. Investors will be required to fund drawdowns to purchase the Company’s Common Shares up to the amount of their respective Capital Commitments on an as-needed basis each time the Company delivers a notice to the investors.

The Company completed its initial closing of Capital Commitments and commenced its loan origination and investment activities on August 31, 2022 (“Commencement of Operations”), the date of receipt of the initial drawdown from investors in the Private Offering.

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, 2024, which was filed with the Securities and Exchange Commission (“SEC”), on February 14, 2025.

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

Fiscal Year End

The Company’s fiscal year ends on December 31.

2. Significant Accounting Policies

Use of Estimates

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

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Cash and Cash Equivalents

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

Investments at Fair Value

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

Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by the Company’s Board of Trustees (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 its 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. At March 31, 2025, 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.

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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.

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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 Subscription Facility and Revolving Credit Facility (“Credit Facilities”) 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.

Organization and Offering Expenses

Organization and offering costs will be borne by the Company and have been advanced from the Adviser subject to recoupment. Costs associated with the organization of the Company have been expensed as incurred, subject to the limitation described below. These expenses consist primarily of legal fees and other costs of organizing the Company.

Costs associated with the offering of Common Shares of the Company will be capitalized as deferred offering expenses on the Consolidated Balance Sheet and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s private offering of its Common Shares.

The Company will not bear more than an amount equal to 0.10% of the aggregate Commitments of the Company for organization and offering expenses in connection with the offering of Common Shares. If actual organization and offering costs incurred exceed 0.10% of the Company’s total Capital Commitments, the Adviser or its affiliates will bear the excess costs. To the extent that the Company’s Capital Commitments later increase, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the Company’s behalf, provided that the total organization and offering costs borne by the Company do not exceed 0.10% of total Capital Commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement.

As of March 31, 2025 and March 31, 2024, there were no expenses borne by the Adviser subject to future recoupment. Any sales load, platform fees, servicing fees or similar fees or expenses charged directly to an investor in an offering by a placement agent or similar party will not be considered organization or offering expenses of the Company for purposes of the Company’s cap on organization and offering expenses.

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.

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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 Common Shares 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 Common Shares 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 Common Shares assuming all potential shares had been issued and the additional Common Shares 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 shareholders 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 shareholders, 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

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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, 2025 and 2024, the Company recorded a net expense of less than $0.1 million and $2.2 million, respectively, for U.S. federal excise tax and other taxes.

Dividends to Common Shareholders

Dividends to common shareholders 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 shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes and declares a cash dividend, then the shareholders 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 Shares, rather than receiving the cash dividend. The Company expects to use newly issued shares to satisfy the dividend reinvestment plan. See Note 11 for further information related to dividends.

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, 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 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),” which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company does not expect this update to have a material effect to the Company's consolidated financial statements.

In December 2024, the FASB issued ASU No. 2024-04, "Debt with Conversion 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

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effective for annual periods beginning after December 15, 2025, 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 our consolidated financial statements.

3. Agreements and Related Party Transactions

Administration Agreement

On June 28, 2022, 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 shareholders and reports filed with the SEC, and managing the payment of expenses and the oversight of the performance of administrative and professional services rendered by others. Certain of these services are reimbursable to the Adviser under the terms of the Administration Agreement. In 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 November 2024, the Board renewed the Administration Agreement. Unless earlier terminated as described below, the Administration Agreement will remain in effect until November 2025, 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, trustee or employee of the Adviser or its affiliates and who serves as a trustee of the Company receives any compensation from the Company for his or her services as a trustee. However, the Company reimburses the Adviser (or its affiliates) for the allocable portion of the costs of compensation, benefits, and related administrative expenses of our officers who provide operational and administrative services to us pursuant to the Administration Agreement, their respective staffs and other professionals who provide services to us (including, in each case, employees of the Adviser or an affiliate). Such reimbursable amounts include the allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s Chief Financial Officer, Chief Compliance Officer, and other professionals who provide operational and administrative services to us pursuant to the Administration Agreement, including individuals who provide “back office” or “middle office” financial, operational, legal and/or compliance services to us. 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. Trustees 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, 2025, the Company incurred $1.1 million 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. For the three months ended March 31, 2024, the Company incurred $1.0 million, for administrative services payable to the Adviser under the terms of the Administration Agreement.

Investment Advisory Agreement

On June 28, 2022, the Company entered into the Investment Advisory Agreement with the Adviser. 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 a base management fee (the “Management Fee”) and may also pay an incentive fee (the “Incentive Fee”).

In November 2024, the Board renewed the Investment Advisory Agreement. Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect until November 2025, 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 shall be calculated at an annual rate of 1.25% of the Company’s gross assets, payable quarterly in arrears. The Management Fee will be calculated based on the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. Management Fees for any partial month or quarter will be appropriately prorated.

For the three months ended March 31, 2025, Management Fees (gross of waivers) were $25.7 million. For the three months ended March 31, 2024, Management Fees (gross of waivers) were $11.2 million.

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Prior to any Exchange Listing that may occur, the Adviser will waive its right to receive Management Fees in excess of the sum of 1.00% of the Company’s average aggregate drawn capital (including capital drawn to pay Company expenses) as of the end of the two most recently completed calendar quarters, appropriately adjusted for any share issuances or repurchases during the relevant calendar quarter. The fee waiver will terminate if and when the Company consummates an Exchange Listing. For the three months ended March 31, 2025, Management Fees of $16.0 million have been waived. For the three months ended March 31, 2024, Management Fees of $6.8 million have been waived.

The Incentive Fee consists of two parts, as follows:

(i)The first component, payable at the end of each quarter in arrears, equals 100% of the excess of pre-Incentive Fee net investment income in excess of a 1.5% quarterly hurdle rate, until the Adviser has received 12.5% (17.5% subsequent to an Exchange Listing) of total net investment income for that quarter, and 12.5% (17.5% subsequent to an Exchange Listing) of all remaining pre-Incentive Fee net investment income for that quarter.

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

(ii)The second component, payable at the end of each fiscal year in arrears, prior to an Exchange Listing, equal 12.5% of cumulative realized capital gains from the inception of the Company to the end of such fiscal year, less the aggregate amount of any previously paid capital gain Incentive Fee for prior periods (the “Capital Gains Fee”). In the determination of the second component of the Incentive Fee, any unrealized gains/(losses) specifically related to the foreign currency denominated borrowings of non-US dollar denominated investments is offset against any associated unrealized gains/(losses) related to foreign currency denominated investments. Following an Exchange Listing, the Capital Gains Fee will equal a weighted percentage of the Company’s realized capital gains, if any, on a cumulative basis as between the inception of the Company to an Exchange Listing and from such Exchange Listing to the end of such fiscal year. The weighted percentage is intended to ensure that for each fiscal year following an Exchange Listing, the portion of the Company’s realized capital gains that accrued prior to an Exchange Listing will be subject to an Incentive Fee rate of 12.5% and the portion of the Company’s realized capital gains that accrued following an Exchange Listing will be subject to an Incentive Fee rate of 17.5%.

For purposes of determining whether pre-Incentive Fee net investment income exceeds the hurdle rate, pre-Incentive Fee net investment income is expressed as a rate of return on the average daily hurdle calculation value throughout the immediately preceding calendar quarter.

Section 205(b)(3) of the Investment Advisers Act of 1940, as amended, or 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.

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

For the three months ended March 31, 2025, Incentive Fees on net investment income were $21.4 million. For the three months ended March 31, 2025 Incentive Fees on Capital Gains were $(3.1) million. For the three months ended March 31, 2024, Incentive Fees on net investment income were $10.8 million. For the three months ended March 31, 2024, Incentive Fees on Capital Gains were $3.1 million. As of March 31, 2025, the Capital Gains Fees accrued are not contractually payable to the Adviser.

Expense Support Agreement

On June 28, 2022, the Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser. The Expense Support Agreement provides that, at such times as the Adviser determines, the Adviser may pay certain expenses of the Company, provided that no portion of the payment will be used to pay any interest (each an “Expense Payment”). Such Expense Payment will be made in any combination of cash or other immediately available funds no later than forty-five days after a written commitment from the Adviser to pay such expense, and/or by an offset against amounts due from us to the Adviser or its affiliates. Following any calendar quarter in which Available Operating Funds (as defined in the Expense Support Agreement) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (such amount referred to as the “Excess Operating Funds”), the Company shall pay

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such Excess Operating Funds, or a portion thereof (each, a “Reimbursement Payment”), to the Adviser until such time as all Expense Payments made by the Adviser to us within three years prior to the last business day of such calendar quarter have been reimbursed. The amount of the Reimbursement Payment for any calendar quarter shall equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to us within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by us to the Adviser. The Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar quarter, so that such Reimbursement Payment may be reimbursable in a future calendar quarter.

As of March 31, 2025 and December 31, 2024, the Adviser had not provided any written commitments for Expense Payments. The Company has not made any Reimbursement Payments to the Adviser. The Company may or may not reimburse remaining expenses in the future.

License Agreement

We have entered into a License Agreement with Austin IP, LLC that grants us a non-exclusive, royalty-free license to use the mark “Sixth Street” and any derivative thereof.

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, 2025 and December 31, 2024:

	March 31, 2025
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	6,720,350	$	6,864,996	$	144,646
Second-lien debt investments		109,967		122,039		12,072
Mezzanine debt investments		198,507		204,815		6,308
Equity and other investments		143,423		164,182		20,759
Total Investments	$	7,172,247	$	7,356,032	$	183,785

	December 31, 2024
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	6,732,065	$	6,871,809	$	139,744
Second-lien debt investments		89,461		94,778		5,317
Mezzanine debt investments		118,441		123,184		4,743
Equity and other investments		140,027		154,511		14,484
Total Investments	$	7,079,994	$	7,244,282	$	164,288

(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.

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The industry composition of investments at fair value at March 31, 2025 and December 31, 2024:

	March 31, 2025			December 31, 2024
Automotive		4.2	%		4.0	%
Business Services		20.0	%		18.7	%
Chemicals		0.5	%		0.5	%
Communications		4.7	%		6.4	%
Education		4.7	%		5.2	%
Electronics		3.1	%		3.1	%
Financial Services		4.8	%		6.5	%
Healthcare		2.6	%		2.5	%
Hotel, Gaming and Leisure		6.4	%		7.4	%
Human Resource Support Services		4.2	%		3.9	%
Insurance		0.9	%		0.9	%
Internet Services		7.2	%		7.2	%
Manufacturing		7.3	%		8.0	%
Oil, Gas and Consumable Fuels		3.3	%		2.9	%
Other		6.5	%		3.4	%
Pharmaceuticals		8.1	%		8.7	%
Real Estate (1)		0.0	%		0.0	%
Retail and Consumer Products		9.6	%		9.5	%
Transportation		1.9	%		1.2	%
Total		100.0	%		100.0	%

(1)Value rounds to less than 0.1%

The geographic composition of investments at fair value at March 31, 2025 and December 31, 2024:

	March 31, 2025			December 31, 2024
United States
Midwest		18.6	%		18.0	%
Northeast		15.1	%		17.3	%
South		16.2	%		14.2	%
West		25.2	%		26.8	%
Canada (1)		0.0	%		2.3	%
Finland (1)		0.0	%		0.0	%
France		3.8	%		1.8	%
Germany		0.6	%		0.6	%
Italy		2.3	%		2.4	%
Netherlands		0.2	%		0.2	%
Norway		5.6	%		5.5	%
Sweden		0.2	%		0.1	%
United Kingdom		12.2	%		10.8	%
Total		100.0	%		100.0	%

(1)Value rounds to less than 0.1%

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5. Derivatives

Interest Rate Swaps

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

Cash flows related to the Company's derivatives are included within operating activities on the Consolidated Statements of Cash Flows. The following table presents the amounts paid and received on the Company’s interest rate swap transactions, excluding upfront fees, for the three months ended March 31, 2025 and three months ended March 31, 2024:

				For the three months ended March 31, 2025
	Maturity Date	Notional Amount		Paid			Received		Net
Interest rate swap	3/11/2029	$	600,000	$	(10,193	)	$	9,750	$	(443	)
Interest rate swap	3/11/2029		150,000		(2,442	)		2,438		(4	)
Interest rate swap	1/15/2030		600,000		(10,245	)		8,625		(1,620	)
Interest rate swap	7/15/2030		750,000		(9,400	)		9,187		(213	)
Total		$	2,100,000	$	(32,280	)	$	30,000	$	(2,280	)

				For the three months ended March 31, 2024
	Maturity Date	Notional Amount		Paid			Received		Net
Interest rate swap	3/11/2029	$	600,000	$	(1,826	)	$	1,517	$	(309	)
Total		$	600,000	$	(1,826	)	$	1,517	$	(309	)

For the three months ended March 31, 2025, the Company recognized $34.8 million of unrealized gains on interest rate swaps designated as hedging instruments in the Consolidated Statements of Operations. For the three months ended March 31, 2025, this amount was offset by a $10.2 million increase in the carrying value of the 2029 Notes. For the three months ended March 31, 2025, this amount was offset by a $10.4 million increase in the carrying value of the January 2030 Notes. For the three months ended March 31, 2025, this amount was offset by a $14.2 million increase in the carrying value of the July 2030 Notes.

For the three months ended March 31, 2024, the Company recognized $0.9 million of unrealized losses on interest rate swaps designated as hedging instruments in the Consolidated Statements of Operations. For the three months ended March 31, 2024, this amount was offset by a $0.9 million decrease in the carrying value of the 2029 Notes.

As of March 31, 2025, the swap transaction had a fair value of $9.6 million which is netted against cash collateral of $112.1 million. As of December 31, 2024, the swap transaction had a fair value of $(25.2) million which is netted against cash collateral of $68.6 million on the Company's Consolidated Balance Sheet. Cash is pledged as collateral under the Company’s derivative agreements and is included in restricted cash as a component of cash and cash equivalents on the Company's Consolidated Balance Sheet.

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

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

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6. Fair Value of Financial Instruments

Investments

The following tables present fair value measurements of investments as of March 31, 2025 and December 31, 2024:

	Fair Value Hierarchy at March 31, 2025
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	178,569	$	6,686,427	$	6,864,996
Second-lien debt investments		—		1,003		121,036		122,039
Mezzanine debt investments		—		—		204,815		204,815
Equity and other investments		—		—		164,182		164,182
Total investments at fair value	$	—	$	179,572	$	7,176,460	$	7,356,032
Interest rate swaps		—		9,602		—		9,602
Total	$	—	$	189,174	$	7,176,460	$	7,365,634

	Fair Value Hierarchy at December 31, 2024
	Level 1		Level 2			Level 3		Total
First-lien debt investments	$	—	$	143,398		$	6,728,411	$	6,871,809
Second-lien debt investments		—		1,309			93,469		94,778
Mezzanine debt investments		—		—			123,184		123,184
Equity and other investments		—		—			154,511		154,511
Total investments at fair value	$	—	$	144,707		$	7,099,575	$	7,244,282
Interest rate swaps		—		(25,214	)		—		(25,214	)
Total	$	—	$	119,493		$	7,099,575	$	7,219,068

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, 2025:

	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	$	6,728,411		$	93,469	$	123,184	$	154,511	$	7,099,575
Purchases or originations		677,175			19,198		76,440		3,397		776,210
Repayments / redemptions		(640,324	)		—		—		—		(640,324	)
Sales proceeds		(109,761	)		—		—		—		(109,761	)
Paid-in-kind interest		9,621			938		3,517		—		14,076
Net change in unrealized gains (losses)		6,053			7,086		1,565		6,274		20,978
Net realized gains (losses)		460			—		—		—		460
Net amortization of discount on securities		14,792			345		109		—		15,246
Transfers within Level 3		—			—		—		—		—
Transfers into (out of) Level 3		—			—		—		—		—
Balance, End of Period	$	6,686,427		$	121,036	$	204,815	$	164,182	$	7,176,460

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The following table presents 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, 2024:

	As of and for the Three Months Ended
	March 31, 2024
	First-lien debt investments			Second-lien debt investments			Mezzanine  debt investments		Equity and other investments		Total
Balance, beginning of period	$	2,848,805		$	79,091		$	105,918	$	62,651	$	3,096,465
Purchases or originations		1,259,806			10,021			—		28,259		1,298,086
Repayments / redemptions		(11,023	)		—			—		—		(11,023	)
Sales proceeds		(140,558	)		—			—		—		(140,558	)
Paid-in-kind interest		2,285			—			3,260		—		5,545
Net change in unrealized gains (losses)		13,456			(227	)		1,803		3,483		18,515
Net realized gains (losses)		2,842			—			—		—		2,842
Net amortization of discount on securities		3,885			201			100		—		4,186
Transfers within Level 3		—			—			—		—		—
Transfers into (out of) Level 3		—			—			—		—		—
Balance, End of Period	$	3,979,498		$	89,086		$	111,081	$	94,393	$	4,274,058

The following tables present 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, 2025 and March 31, 2024:

	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, 2025 on		March 31, 2024 on
	Investments Held at		Investments Held at
	March 31, 2025		March 31, 2024
First-lien debt investments	$	23,712	$	13,833
Second-lien debt investments		7,086		(227	)
Mezzanine debt investments		1,564		1,804
Equity and other investments		6,275		3,483
Total	$	38,637	$	18,893

The following tables present the fair value of Level 3 Investments at fair value and the significant unobservable inputs used in the valuations as of March 31, 2025 and December 31, 2024. 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, 2025
			Valuation	Unobservable	Range (Weighted	Impact to Valuation from an
	Fair Value		Technique	Input	Average)	Increase to Input
First-lien debt investments	$	6,686,427	Income approach (1)	Discount rate	7.4% — 17.2% (10.5%)	Decrease
Second-lien debt investments		121,036	Income approach	Discount rate	14.6% — 18.9% (17.8%)	Decrease
Mezzanine debt investments		204,815	Income approach	Discount rate	11.6% — 11.6% (11.6%)	Decrease
Equity and other investments		164,182	Market Multiple (2)	Comparable multiple	4.8x — 20.0x (11.1x)	Increase
Total	$	7,176,460

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(1)Includes $62.5 million of first-lien debt investments valued using an asset waterfall.

(2)Includes $10.3 million of equity investments valued using a Black-Scholes model and $49.7 million of equity investments valued using a discounted cash flow analysis.

	December 31, 2024
			Valuation	Unobservable	Range (Weighted	Impact to Valuation from an
	Fair Value		Technique	Input	Average)	Increase to Input
First-lien debt investments	$	6,728,411	Income approach (1)	Discount rate	7.7% — 17.1% (10.6%)	Decrease
Second-lien debt investments		93,469	Income approach	Discount rate	14.7% — 18.1% (17.8%)	Decrease
Mezzanine debt investments		123,184	Income approach	Discount rate	12.2% — 12.2% (12.2%)	Decrease
Equity and other investments		154,511	Market Multiple (2)	Comparable multiple	4.8x — 20.0x (11.0x)	Increase
Total	$	7,099,575

(1)Includes $226.4 million of first-lien debt investments valued using an asset waterfall.

(2)Includes $8.3 million of equity investments valued using a Black-Scholes model and $49.1 million of equity investments valued 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.

Financial Instruments Not Carried at Fair Value

Debt

The fair value of the Company’s Credit Facilities, which are categorized as Level 3 within the fair value hierarchy, as of March 31, 2025 and December 31, 2024, approximates their carrying value as the outstanding balance is callable at carrying value.

The following table presents the fair value of the Company’s 2029 Notes, January 2030 Notes and July 2030 Notes, as of March 31, 2025 and December 31, 2024.

	March 31, 2025				December 31, 2024
	Outstanding Principal		Fair Value (1)		Outstanding Principal		Fair Value (1)
2029 Notes	$	750,000	$	766,445	$	750,000	$	759,645
January 2030 Notes		600,000		592,786		600,000		588,680
July 2030 Notes		750,000		754,170		—		—
Total	$	2,100,000	$	2,113,401	$	1,350,000	$	1,348,325

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

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Other Financial Assets and Liabilities

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 the Credit Facilities, are classified as Level 2.

7. Debt

Subscription Facility

On September 1, 2022, the Company entered into a revolving credit agreement (the “Subscription Facility”) with Wells Fargo Bank, National Association, as administrative agent (the “Administrative Agent”), letter of credit issuer, lead arranger, as a lender and aggregate commitments under the Subscription Facility were $400 million.

Pursuant to an amendment to the Subscription Facility dated as of December 21, 2022 (the “Subscription Facility First Amendment”), the aggregate commitments under the Subscription Facility were upsized to $700 million. Pursuant to lender joinder agreements dated January 18, 2023 and January 27, 2023, the aggregate commitments under the Subscription Facility were upsized to $800 million and $850 million, respectively. Pursuant to lender joinder agreements dated March 28, 2023, the aggregate commitments under the Subscription Facility were upsized to $1.3 billion. Pursuant to a lender joinder agreement dated April 27, 2023, the aggregate commitments under the Subscription Facility were upsized to $1.35 billion. Pursuant to a lender joinder agreement dated December 1, 2023, the aggregate commitments under the Subscription Facility were upsized to $1.5 billion (the “Maximum Commitment”).

On July 3, 2024, the Company exercised its option to extend the stated maturity date to August 29, 2025. The Subscription Facility will mature upon the earliest of: (i) August 29, 2025; (ii) the date upon which the Administrative Agent declares the obligations under the Subscription Facility due and payable after the occurrence of an event of default; (iii) forty-five (45) days prior to the date on which the Company’s ability to call capital commitments for purposes of repaying the obligations under the Subscription Facility is terminated; and (iv) the date the Company terminates the commitments pursuant to the Subscription Facility.

Borrowings under the Subscription Facility bear interest, at our election at the time of drawdown, at a rate per annum equal to (i) in the case of loans denominated in dollars, at our option (a) an adjusted Daily Simple SOFR rate plus 1.95%, (b) an adjusted Term SOFR rate for the applicable interest period plus 1.95% and (c) in the case of reference rate loans, 0.95% plus the greatest of (1) a prime rate, (2) the federal funds rate plus 0.50% and (3) the adjusted Daily Simple SOFR plus 1.00%, (ii) in the case of loans denominated in euros or other alternative currencies (other than sterling), the adjusted Eurocurrency Rate for the applicable interest period plus 1.95% or (iii) in the case of loans denominated in sterling, the adjusted SONIA rate plus 1.95%. SOFR loans are subject to a credit spread adjustment ranging from 0.10% to 0.25% and SONIA loans are subject to a credit spread adjustment of 0.0326%. Loans denominated in dollars may be converted from one rate applicable to dollar denominated loans to another at any time at our election, subject to certain conditions. The Company also will pay an unused commitment fee of 0.25% per annum on the unused commitments.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. As of March 31, 2025, the Company had outstanding debt denominated in British pounds (GBP) of 10.3 million and Euros (EUR) of 7.3 million on its Subscription Facility, included in the outstanding principal amount in the table below. As of December 31, 2024, the Company had outstanding debt denominated in British pounds (GBP) of 10.3 million, and Euros (EUR) of 7.3 million on its Subscription Facility, included in the outstanding principal amount in the table below.

The Subscription Facility also provides for the issuance of letters of credit up to an aggregate amount of 10% of the Maximum Commitment. As of March 31, 2025 and December 31, 2024, the Company had no outstanding letters of credit issued through the Subscription Facility. The amount available for borrowing under the Subscription Facility is reduced by any letters of credit issued through the Subscription Facility.

The Subscription Facility includes customary events of default, as well as customary covenants, including restrictions on certain distributions and financial covenants.

As of March 31, 2025 and December 31, 2024, the Company was in compliance with the terms of the Subscription Facility.

Revolving Credit Facility

On January 19, 2023, the Company entered into a senior secured revolving credit agreement (the “Revolving Credit Facility”) with Truist Bank, as administrative agent, JPMorgan Chase Bank, N.A., Royal Bank of Canada, State Street Bank and Trust Company and Wells Fargo Bank, N.A., as joint lead arrangers, and certain other lenders.

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The aggregate commitments under the Revolving Credit Facility were $600 million and included an uncommitted accordion feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility up to $1 billion. On February 28, 2023, the aggregate commitments under the Revolving Credit Facility were upsized to $700 million. On July 27, 2023, the aggregate commitments under the Revolving Credit Facility were upsized to $725 million. Pursuant to the first amendment to the Revolving Credit Facility dated February 8, 2024, the aggregate commitments under the Revolving Credit Facility were upsized to $1.0 billion and the stated maturity date was extended to February 8, 2029. On April 8, 2024, the aggregate commitments under the Revolving Credit Facility were upsized to $1.2 billion. On May 23, 2024, pursuant to the second amendment, the aggregate commitments under the Revolving Credit Facility were upsized to $1.375 billion, which included a term loan commitment of $100 million, due at the stated maturity. On June 27, 2024, the aggregate commitments under the Revolving Credit Facility were upsized to $1.425 billion. On December 18, 2024, the aggregate commitments under the Revolving Credit Facility were upsized to $1.55 billion, which included a term loan commitment of $50 million, due at the stated maturity. On January 17, 2025, the aggregate commitments under the Revolving Credit Facility were upsized to $1.65 billion, due at the stated maturity. On March 4, 2025, pursuant to the third amendment, the aggregate commitments under the Revolving Credit Facility were upsized to $2.28 billion the stated maturity was extended to March 4, 2030. 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 $3.42 billion. The Revolving Credit Facility will mature on March 4, 2030.

Borrowings under the Revolving Credit Facility, including amounts drawn in respect of letters of credit, bear interest, at our election at the time of drawdown, at a rate per annum equal to (i) in the case of loans denominated in dollars, at our option (a) adjusted Term SOFR plus 1.525%, 1.65%, or 1.775%, based on certain borrowing base conditions and (b) an alternative base rate plus 0.525%, 0.65% or 0.775%, based on certain borrowing base conditions, (ii) in the case of loans denominated in other permitted currencies at the relevant rate specified plus 0.525%, 0.65% or 1.775%, based on certain borrowing base conditions, plus in the case of amounts denominated in certain other permitted currencies, an adjustment. We also will pay an unused commitment fee of 0.325% per annum on the unused commitments.

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

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 Revolving Credit Agreement, the financial covenants require:

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

•shareholders’ equity of at least $2.4 billion plus 25% of the net proceeds of the sale of equity interests after March 4, 2025; and

•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 (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.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. As of March 31, 2025, the Company had outstanding debt denominated in British pounds (GBP) of 299.6 million, Euros (EUR) 765.6 million and Swedish Krona (SEK) 80.9 million on its Revolving Credit Facility, included in the outstanding principal amount in the table below. As of December 31, 2024, the Company had outstanding debt denominated in British pounds (GBP) of 299.2 million, Euros (EUR) 640.1 million and Swedish Krona (SEK) 80.2 million on its Revolving Credit Facility, included in the outstanding principal amount in the table below.

The Revolving Credit Facility also provides for the issuance of letters of credit up to an aggregate amount of $100 million. As of March 31, 2025, the Company had $28.6 million in outstanding letters of credit issued through the Revolving Credit Facility. As of December 31, 2024, the Company had $5.9 million in outstanding letters of credit issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit issued through the Revolving Credit Facility.

The Revolving Credit Facility includes customary events of default (with customary cure and notice provisions).

As of March 31, 2025 and December 31, 2024, the Company was in compliance with the terms of the Revolving Credit Facility.

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2029 Notes

In March 2024, the Company issued $600 million aggregate principal amount of unsecured notes that mature on March 11, 2029 (the “2029 Notes”). The principal amount of the 2029 Notes is payable at maturity. The 2029 Notes bear interest at a rate of 6.50% per year, payable semi-annually commencing on September 11, 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 $586.0 million. The Company used the net proceeds of the 2029 Notes to repay outstanding indebtedness under the Revolving Credit Facility and Subscription Facility.

In June 2024, the Company issued an additional $150 million aggregate principal amount of unsecured notes that mature on March 11, 2029. The additional 2029 Notes are a further issuance of, fungible with, rank equally in right of payment with and have the same terms (other than the issue date and the public offering price) as the initial issuance of the 2029 Notes. Total proceeds from the issuance of the additional 2029 Notes, net of underwriting discounts, offering costs and original issue premium were $147.8 million. The Company used the net proceeds of the 2029 Notes to repay outstanding indebtedness under the Revolving Credit Facility and Subscription Facility.

The Company entered into two interest rate swaps 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 two interest rates swaps is $600.0 million and $150.0 million, respectively, each of which matures on March 11, 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 2.45% (on a weighted average basis). 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, 2025, the effective hedge interest rate swaps had a fair value of $(9.1) million which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2029 Notes.

January 2030 Notes

In September 2024, the Company issued $600 million aggregate principal amount of unsecured notes that mature on January 15, 2030 (the “January 2030 Notes”). The principal amount of the January 2030 Notes is payable at maturity. The January 2030 Notes bear interest at a rate of 5.75% per year, payable semi-annually commencing on January 15, 2025, 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 January 2030 Notes, net of underwriting discounts, offering costs and original issue discount, were $591.7 million. The Company used the net proceeds of the January 2030 Notes to repay outstanding indebtedness under the Revolving Credit Facility and Subscription Facility.

In connection with the issuance of the January 2030 Notes, the Company entered into an interest rate swap to align the interest rate of its liability with the Company’s investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $600.0 million which matures on January 15, 2030, matching the maturity date of the January 2030 Notes. As a result of the swap, the Company’s effective interest rate on the January 2030 Notes is SOFR plus 2.55%. The interest expense related to the January 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, 2025, the effective hedge interest rate swaps had a fair value of $ $13.7 million which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the January 2030 Notes.

July 2030 Notes

In January 2025, the Company issued $750 million aggregate principal amount of unsecured notes that mature on July 15, 2030 (the “July 2030 Notes”). The principal amount of the July 2030 Notes is payable at maturity. The July 2030 Notes bear interest at a rate of 6.125% per year, payable semi-annually commencing on July 15, 2025, 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 July 2030 Notes, net of underwriting discounts, offering costs and original issue discount, were $737.6 million. The Company used the net proceeds of the July 2030 Notes to repay outstanding indebtedness under the Revolving Credit Facility and Subscription Facility.

In connection with the issuance of the July 2030 Notes, the Company entered into an interest rate swap to align the interest rate of its liability with the Company's investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $750.0 million which matures on July 15, 2030, matching the maturity date of the July 2030 Notes. As a result of the swap, the Company's effective interest rate on the July 2030 Notes is SOFR plus 2.01%. The interest expense related to the July 2030 Notes is offset by proceeds received from the interest rate swaps designed 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, 2025, the effective hedge interest rate swaps had a fair value of $(14.2) million which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the July 2030 Notes.

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For the three months ended March 31, 2025 and three months ended March 31, 2024, the components of interest expense related to the 2029 Notes, January 2030 Notes and July 2030 Notes are as follows.

	For the Three Months Ended
	March 31, 2025		March 31, 2024
Interest expense	$	30,766	$	2,167
Accretion of original issue discount		522		62
Amortization of deferred financing costs		1,257		112
Total Interest Expense	$	32,545	$	2,341

Total interest expense in the table above does not include the effect of the interest rate swaps related to the 2029 Notes, January 2030 Notes and July 2030 Notes. During the three months ended March 31, 2025, the Company received $30.0 million and paid $32.3 million, related to the settlements of its interest expense in the Company's Consolidated Statement of Operations. During the three months ended March 31, 2024, the Company received $1.5 million and paid $1.8 million related to the settlements of its interest expense in the Company's Consolidated Statement of Operations. See Note 5 for further information about the Company's interest rate swap.

As of March 31, 2025, the components of the carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes and the stated interest rates were as follows.

	March 31, 2025
	2029 Notes			January 2030 Notes			July 2030 Notes
Principal amount of debt	$	750,000		$	600,000		$	750,000
Original issue discount, net of accretion		(5,402	)		(870	)		(4,707	)
Deferred financing costs		(8,022	)		(7,328	)		(9,458	)
Fair value of an effective hedge		9,104			(13,745	)		14,243
Carrying value of debt	$	745,680		$	578,057		$	750,078
Stated interest rate		6.50	%		5.75	%		6.13	%

As of December 31, 2024, the components of the carrying value of the 2029 Notes and January 2030 Notes and the stated interest rates were as follows.

	December 31, 2024
	2029 Notes			January 2030 Notes
Principal amount of debt	$	750,000		$	600,000
Original issue discount, net of accretion		(5,695	)		(909	)
Deferred financing costs		(8,486	)		(7,680	)
Fair value of an effective hedge		(1,079	)		(24,135	)
Carrying value of debt	$	734,740		$	567,276
Stated interest rate		6.50	%		5.75	%

The stated interest rate in the table above does not include the effect of the interest rate swaps. As of March 31, 2025, the Company's swap-adjusted interest rate on the 2029 Notes, January 2030 Notes and July 2030 Notes was SOFR plus 2.45% (on a weighted average basis), 2.55% and 2.01%, respectively. As of December 31, 2024, the Company's swap-adjusted interest rate on the 2029 Notes and January 2030 Notes was SOFR plus 2.45% (on a weighted average basis) and 2.55%, respectively.

As of March 31, 2025, the Company was in compliance with the terms of the indentures governing the 2029 Notes, January 2030 Notes and July 2030 Notes. As of December 31, 2024, the Company was in compliance with the terms of the indentures governing the 2029 Notes and January 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, 2025 and December 31, 2024, the Company's asset coverage was 206.1% and 193.0%, respectively.

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

	March 31, 2025
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Subscription Facility	$	1,500,000	$	21,180	$	1,478,820	$	19,288
Revolving Credit Facility		2,280,000		1,764,819		486,541		1,748,365
2029 Notes		750,000		750,000		—		745,680
January 2030 Notes		600,000		600,000		—		578,057
July 2030 Notes		750,000		750,000		—		750,078
Total Debt	$	5,880,000	$	3,885,999	$	1,965,361	$	3,841,468

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

(2)The carrying values of the Subscription Facility, Revolving Credit Facility, the 2029 Notes, January 2030 Notes and July 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $1.9 million, $16.5 million, $13.4 million, $8.2 million and $14.2 million, respectively.

(3)The carrying value of the 2029 Notes, January 2030 Notes, and July 2030 Notes are presented inclusive of an incremental $(9.1) million, $13.7 million and $(14.2) million, respectively, which represents an adjustment in the carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes, resulting from a hedge accounting relationship.

	December 31, 2024
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)(3)
Subscription Facility	$	1,500,000	$	1,496,759	$	3,241	$	1,493,740
Revolving Credit Facility		1,550,000		1,501,965		42,095		1,492,845
2029 Notes		750,000		750,000		-		734,740
January 2030 Notes		600,000		600,000		-		567,276
Total Debt	$	4,400,000	$	4,348,724	$	45,336	$	4,288,601

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

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

(3)The carrying value of the 2029 Notes and January 2030 Notes are presented inclusive of an incremental $1.1 million and $24.1 million, respectively, which represents an adjustment in the carrying value of the 2029 Notes and January 2030 Notes, resulting from a hedge accounting relationship.

For the three months ended March 31, 2025 and three months ended March 31, 2024, the components of interest expense were as follows:

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Interest expense	$	48,936		$	32,242
Commitment fees		1,433			638
Amortization of deferred financing costs		2,945			1,827
Accretion of original issue discount		522			62
Swap settlement		2,280			309
Total Interest Expense	$	56,116		$	35,078
Average debt outstanding (in millions)	$	3,345.7		$	1,774.7
Weighted average interest rate		6.1	%		7.3	%

8. Commitments and Contingencies

Portfolio Company Commitments

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

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

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	March 31, 2025		December 31, 2024
Alaska Bidco Oy - Delayed Draw & Revolver	$	226	$	217
Apellis Pharmaceuticals, Inc. - Delayed Draw		42,105		42,105
Aptean, Inc. - Delayed Draw & Revolver		13,340		15,757
Arrow Buyer, Inc. - Delayed Draw		20,157		20,157
Arrowhead Pharmaceuticals, Inc. - Delayed Draw		130,285		135,222
Artisan Bidco, Inc. - Revolver		12,946		16,886
Avalara, Inc. - Revolver		—		13,636
AVSC Holding Corp. - Revolver		24,454		33,830
Azurite Intermediate Holdings, Inc. - Revolver & Equity		29,175		29,175
Babylon Finco Limited - Delayed Draw		16,527		16,527
Banyan Software Holdings, LLC - Delayed Draw		—		19,491
BCTO Bluebill Buyer, Inc. - Delayed Draw		1,074		1,074
Ben Nevis Midco Limited - Delayed Draw		27,307		27,307
Boréal Bidco - Delayed Draw		12,024		—
BTRS Holdings, Inc. - Delayed Draw & Revolver		—		9,086
Cirrus (Bidco) Ltd - Delayed Draw		430		417
Coupa Holdings, LLC - Delayed Draw & Revolver		20,428		20,428
Crewline Buyer, Inc. - Revolver & Equity		16,295		16,295
Disco Parent, Inc. - Revolver		5,776		5,776
Edge Bidco B.V. - Delayed Draw & Revolver		1,036		993
Elysium BidCo Limited - Revolver		—		19,289
Erling Lux Bidco SARL - Delayed Draw & Revolver		2,901		2,772
Eventus Buyer, LLC - Delayed Draw & Revolver		16,157		18,777
Flight Intermediate HoldCo, Inc. - Delayed Draw		41,671		44,012
Fullsteam Operations, LLC - Delayed Draw & Revolver		47,325		70,282
Galileo Parent, Inc. - Revolver		10,769		12,788
Greenshoot Bidco B.V. - Revolver		424		407
Heritage Environmental Services, Inc. - Delayed Draw & Revolver		27,020		28,485
Hippo XPA Bidco AB - Delayed Draw & Revolver		1,867		1,697
HireVue, Inc. - Revolver		9,980		5,141
Kangaroo Bidco AS - Delayed Draw		22,500		22,500
Kryptona BidCo US, LLC - Revolver		14,674		14,674
Lynx BidCo - Delayed Draw & Revolver		25,077		25,077
Merit Software Finance Holdings, LLC - Delayed Draw & Revolver		3,214		3,214
PDI TA Holdings, Inc. - Delayed Draw & Revolver		11,470		26,516
QSR Acquisition Co. - Delayed Draw		5,000		5,000
Rail Acquisitions LLC - Delayed Draw & Revolver		7,075		—
Rapid Data GmbH Unternehmensberatung - Delayed Draw & Revolver		1,486		1,425
Raptor US Buyer II Corp. - Revolver		4,318		4,318
Sapphire Software Buyer, Inc. - Revolver		27,027		27,027
Scorpio Bidco - Delayed Draw		15,851		15,195
Severin Acquisition, LLC - Delayed Draw & Revolver		53,979		72,475
Shiftmove GmbH - Delayed Draw		6,301		6,040
Sky Bidco S.p.A. - Delayed Draw		30,925		29,645
SkyLark UK DebtCo Limited - Delayed Draw		38,883		24,084
SL Buyer Corp. - Delayed Draw		1,184		1,258
SMA Technologies Holdings, LLC - Revolver		3,991		3,991
Sport Alliance GmbH - Revolver		450		647
Truck-Lite Co., LLC - Delayed Draw & Revolver		39,577		61,202
USA Debusk, LLC - Delayed Draw & Revolver		35,954		42,137
Varinem German Bidco GmbH - Delayed Draw		9,266		3,553
Wrangler Topco, LLC - Delayed Draw & Revolver		20,065		32,377
Total Portfolio Company Commitments (1)(2)	$	909,966	$	1,050,384

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

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

Other Commitments and Contingencies

As of March 31, 2025 and December 31, 2024, the Company did not have any unfunded commitments to fund investments to new borrowers that were not current portfolio companies as of such date.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025 and December 31, 2024, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

9. Net Assets

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares of beneficial interest at $0.001 per share par value. On June 24, 2022, our Adviser purchased $30 thousand of Common Shares of the Company at a price of $25.00 per Common Share as our initial capital. These Common Shares were issued and sold in reliance upon Section 4(a)(2) of the Securities Act, which provides an exemption from the registration requirements of the Securities Act.

The Company has entered into subscription agreements (the “Subscription Agreements”) with investors providing for the private placement of the Company’s Common Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s Common Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. As of March 31, 2025, the Company had received Capital Commitments totaling $7.4 billion ($3.7 billion remaining undrawn). As of December 31, 2024, the Company had received Capital Commitments totaling $7.4 billion ($3.7 billion remaining undrawn).

The Company has a dividend reinvestment plan, whereby the Company may issue Common Shares in order to satisfy dividend reinvestment requests. The number of Common Shares to be issued to a shareholder is determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the price per share of the Company’s Common Shares at the close of the payment date of a distribution. However, if the 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 price per share (or such lesser discount to the current price per share that still exceeds the most recently computed net asset value per share).

Pursuant to the Company’s dividend reinvestment plan, the following table summarizes the Common Shares issued to shareholders who have not opted out of the Company’s dividend reinvestment plan for the three months ended March 31, 2025 and 2024. All shares issued to shareholders in the tables below are newly issued shares.

	For the Three Months Ended
	March 31, 2025
		Date
Date Declared	Record Date	Shares Issued	Shares Issued
December 31, 2024	December 31, 2024	January 30, 2025		1,456,909
Total Common Shares Issued				1,456,909

	For the Three Months Ended
	March 31, 2024
		Date
Date Declared	Record Date	Shares Issued	Shares Issued
December 29, 2023	December 31, 2023	February 21, 2024		795,040
Total Common Shares Issued				795,040

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During the three months ended March 31, 2025, the Company issued 1,456,909 Common Shares to investors who have not opted out of our dividend reinvestment plan for proceeds of $41.9 million. During the three months ended March 31, 2024, the Company issued 795,040 Common Shares to investors who have not opted out of our dividend reinvestment plan for proceeds of $22.1 million.

There were no common shares issued and proceeds received related to the Company's capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2025. The following table summarizes the total common shares issued and proceeds received related to the Company’s capital drawdowns delivered for the three months ended March 31, 2024:

Common Share Issuance Date	Number of Common Shares Issued		Proceeds Received
March 6, 2024		12,174,753	$	349,736
March 26, 2024		5,174,155		150,000
		17,348,908	$	499,736

10. Earnings per Share

The following tables set forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31, 2025		March 31, 2024
Earnings (loss) per common share—basic
Increase (decrease) in net assets resulting from operations	$	128,107	$	97,725
Weighted average Common Shares outstanding—basic and diluted		141,179,301		69,647,897
Earnings (loss) per common share—basic and diluted	$	0.91	$	1.40

11. Dividends

The following table summarizes dividends declared during the three months ended March 31, 2025 and 2024:

	For the Three Months Ended
	March 31, 2025
Date Declared	Record Date	Payment Date	Dividend per Share
March 31, 2025	March 31, 2025	May 5, 2025	$	0.67
Total Dividends Declared			$	0.67

	For the Three Months Ended
	March 31, 2024
Date Declared	Record Date	Payment Date	Dividend per Share
March 29, 2024	March 31, 2024	May 6, 2024	$	0.67
Total Dividends Declared			$	0.67

The dividends declared during the three months ended March 31, 2025 and 2024 were derived from net investment income, determined on a tax basis.

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

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12. Financial Highlights

The following per share data and ratios have been derived from information provided in the Consolidated Financial Statements. The following are the financial highlights for one share of Common Shares outstanding for the three months ended March 31, 2025 and 2024:

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Per Share Data (1)
Net asset value, beginning of period	$	28.79		$	27.75
Net investment income (2)		1.08			1.04
Net realized and unrealized gain (loss) (2)		(0.17	)		0.36
Total from operations		0.91			1.40
Net Common Share Issuance (3)		—			(0.01	)
Dividends declared (4)		(0.67	)		(0.67	)
Total increase (decrease) in net assets		0.24			0.72
Net Asset Value, End of Period	$	29.02		$	28.47
Total return based on net asset value (5)		3.14	%		5.07	%
Common shares outstanding, end of period		141,664,937			83,622,723
Ratios / Supplemental Data (6)
Ratio of gross expenses to average net assets without management fee waiver		10.20	%		12.44	%
Ratio of net expenses to average net assets with management fee waiver		8.64	%		11.15	%
Ratio of net investment income to average net assets without management fee waiver		13.41	%		12.57	%
Ratio of net investment income to average net assets with management fee waiver		14.98	%		13.86	%
Portfolio turnover		41.12	%		16.44	%
Net assets, end of period	$	4,111,606		$	2,380,563

(1)Table may not sum due to rounding.

(2)The per share data was derived by using the weighted average Common Shares outstanding during the period.

(3)The amount shown at this caption is the balancing amount derived from share issuances. The amount shown for share issuance will fluctuate due to the timing of share issuances and the weighting of average shares over the period.

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

(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, assuming reinvestment of dividends, divided by the beginning net asset value per share.

(6)The ratios, excluding nonrecurring expenses, such as organization costs, are annualized.

13. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the Consolidated Financial Statements included herein. There have been no subsequent events, except as already disclosed, that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the Consolidated Financial Statements as of and for the three months ended March 31, 2025.

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

The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward-Looking Statements” set forth on page 3 of this Quarterly Report on Form 10-Q.

Overview

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

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

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

•source of income limitations;

•asset diversification requirements; and

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

Our Investment Framework

Our investment objective is to generate current income by targeting investments with favorable “risk-adjusted returns,” which are expected returns that are adjusted based on the levels of risk associated with the investments. Since we began our investment activities in August 2022, through March 31, 2025, we have originated approximately $22.8 billion aggregate principal amount of investments and retained approximately $8.1 billion aggregate principal amount of these investments on our balance sheet prior to any subsequent exits and repayments. We seek to generate current income and long-term capital appreciation primarily by investing in U.S.-domiciled upper middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds, equity securities, and other instruments.

By “upper middle-market companies,” we mean companies that have annual EBITDA, which we believe is a useful proxy for cash flow, of greater than $75 million, although we may invest in smaller companies on occasion. “EBITDA” means a company’s earnings before interest, tax, depreciation and amortization. As of March 31, 2025, our core portfolio companies had a weighted average annual revenue of $697.4 million and weighted average annual EBITDA of $218.4 million. As of March 31, 2025, our core portfolio companies had a median annual revenue of $223.5 million and median annual EBITDA of $76.2 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.

We seek to create a portfolio over time that includes primarily senior secured investments by investing approximately $125 million to $300 million of capital, on average, across our core positions of upper middle-market companies.

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”.

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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, 2025, the largest investment in a single issuer based on fair value represented 4.2% of our total investment portfolio.

As of March 31, 2025, the average investment size in each of our portfolio companies was approximately $106.6 million based on fair value.

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 values above $750 million. When reviewing potential investments, we will seek to invest in businesses with high marginal cash flow, recurring revenue streams and where we believe credit quality will improve over time. We will look for portfolio companies that we think have a sustainable competitive advantage in growing industries or distressed situations. We will 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.

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, 2025, the largest industry represented 20.0% 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, 2025, approximately 95.0% of our portfolio was invested in secured debt, including 93.3% 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, 2025, the weighted average term on new debt investment commitments in new portfolio companies was 5.1 years.

Deal Dynamics. We focus on, among other deal dynamics, direct origination of investments, where we identify and lead the investment transaction. We seek transactions that are too small for the traditional high yield market. We look to invest in companies that value our commitment and ability to originate an investment that meets their goals and fits within their existing capital structure.

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, 2025, we had call protection on 96.4% of our debt investments based on fair value, with weighted average call prices of 108.5% for the first year, 104.2% for the second year and 102.0% for the third year, in each case from the date of the initial investment. As of March 31, 2025, 96.9% of our debt investments based on fair value bore interest at floating rates, with 100% of these subject to interest rate floors, which we believe helps act as a portfolio-wide hedge against inflation.

Relationship with our Adviser and Sixth Street

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

Sixth Street is a global investment business with over $100 billion of assets under management as of March 31, 2025. Sixth Street’s direct lending platforms include Sixth Street Specialty Lending and Sixth Street Lending Partners, which are aimed at U.S. upper middle-market loan originations, Sixth Street Specialty Lending Europe, which is aimed at European middle-market loan originations. Additional Sixth Street core platforms include Sixth Street TAO, which has the flexibility to invest across all of Sixth Street’s private credit market investments, Sixth Street Opportunities, which focuses on actively managed opportunistic investments across the credit cycle, Sixth Street Credit Market Strategies, which is the firm’s “public-side” credit investment platform focused on investment opportunities in broadly syndicated leveraged loan markets, Sixth Street Growth, which provides financing solutions to growing companies, Sixth Street Fundamental Strategies, which primarily invests in secondary credit, and Sixth Street Agriculture, which invests in niche agricultural opportunities. Sixth Street has a long-term oriented, highly flexible capital base that allows it to invest

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across industries, geographies, capital structures and asset classes. Sixth Street has extensive experience with highly complex, global public and private investments executed through primary originations, secondary market purchases and restructurings, and has a team of over 650 investment and operating professionals. As of March 31, 2025, seventy-three (73) of these personnel are dedicated to direct lending, including fifty-eight (58) investment professionals.

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

On August 3, 2022, we, the Adviser and certain of our affiliates were granted an exemptive order from the SEC that allows us to co-invest, subject to certain conditions and to the extent the size of an investment opportunity exceeds the amount our Adviser has independently determined is appropriate to invest, with certain of our affiliates (including affiliates of Sixth Street) in middle-market loan origination activities for companies domiciled in the United States and certain “follow-on” investments in companies in which we have already co-invested pursuant to the order and remain invested.

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

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

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

General Economic Conditions

To date, 2025 has been marked by continued uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, ongoing political and regulatory uncertainty, including potential shifts in U.S. trade policy and the imposition of new tariffs, as well as geopolitical instability stemming from the conflicts in Ukraine and the Middle East.

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

Key Components of Our Results of Operations

Investments

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

Our level of investment activity (both the number of investments and the size of each investment) can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital generally available to

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middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

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

Revenues

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on direct equity investments, capital gains on the sale of investments and various loan origination and other fees. Our debt investments typically have a term of two to seven years, and, as of March 31, 2025, 96.9% of these investments based on fair value bore interest at a floating rate, with 100% of these subject to interest rate floors. Interest on debt investments is generally payable monthly or quarterly. Some of our investments provide for deferred interest payments or PIK interest. For the three months ended March 31, 2025 and three months ended March 31, 2024, 6.1% and 4.4%, respectively, of our total investment income was comprised of PIK interest.

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

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

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

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

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

Expenses

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

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

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organizational and offering expenses related to the Company’s initial private offering of Common Shares in excess of such amount);

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

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

•the costs of any public offerings of our Common Shares and other securities, including registration and listing fees;

•the Management Fee and any Incentive Fee;

•certain costs and expenses relating to distributions paid on our Common Shares;

•administration fees payable under our Administration Agreement;

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

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

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

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

•transfer agent and custodial fees;

•costs of hedging;

•commissions and other compensation payable to brokers or dealers;

•taxes;

•Independent Trustees fees and expenses;

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

•our fidelity bond;

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

•indemnification payments;

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

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

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

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Leverage

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

Market Trends

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

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

This market dynamic is further exacerbated by the specialized due diligence and underwriting capabilities, as well as extensive ongoing monitoring, required for middle-market lending. We believe middle-market lending is generally more labor-intensive than lending to larger companies due to smaller investment sizes and the lack of publicly available information on these companies. As a result, the opportunities for dedicated private lenders such as us has continued to expand.

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

Portfolio and Investment Activity

As of March 31, 2025, our portfolio based on fair value consisted of 93.3% first-lien debt investments, 1.7% second-lien debt investments, 2.8% mezzanine investments and 2.2% equity and other investments. As of December 31, 2024, our portfolio based on fair value consisted of 94.9% first-lien debt investments, 1.3% second-lien debt investments, 1.7% mezzanine investments and 2.1% equity and other investments.

As of March 31, 2025 and December 31, 2024, our weighted average total yield of debt and income-producing securities at fair value (which includes interest income and amortization of fees and discounts) was 10.8% and 11.0% respectively, and our weighted average total yield of debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 11.0% and 11.3%, respectively.

As of March 31, 2025 and December 31, 2024, we had investments in 69 and 67 portfolio companies, respectively, with an aggregate fair value of $7,356.0 million and $7,244.3 million.

For the three months ended March 31, 2025, the principal amount of new investments funded was $671.8 million in six new portfolio companies and three existing portfolio companies. For this period, we had $699.8 million aggregate principal amount in exits, sales and repayments.

For the three months ended March 31, 2024, the principal amount of new investments funded was $1,247.8 million in nine new portfolio companies and two existing portfolio companies. For this period, we had $147.0 million aggregate principal amount in exits, sales and repayments.

Our investment activity for the three months ended March 31, 2025 and March 31, 2024, is presented below (information presented herein is at par value unless otherwise indicated).

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	Three Months Ended
($ in millions)	March 31, 2025			March 31, 2024
New investment commitments:
Gross originations (1)	$	1,270.8		$	5,087.5
Less: Syndications/sell downs (1)		536.4			3,185.8
Total new investment commitments	$	734.4		$	1,901.7
Principal amount of investments funded:
First-lien	$	566.8		$	1,208.1
Second-lien		23.6			10.3
Mezzanine		78.0			1.1
Equity and other		3.4			28.3
Total	$	671.8		$	1,247.8
Principal amount of investments sold or repaid:
First-lien	$	699.8		$	147.0
Second-lien		—			—
Mezzanine		—			—
Equity and other		—			—
Total	$	699.8		$	147.0
Number of new investment commitments in    new portfolio companies		6			9
Average new investment commitment amount in    new portfolio companies	$	85.1		$	193.2
Weighted average term for new investment    commitments in new portfolio companies    (in years)		5.1			5.6
Percentage of new debt investment commitments    at floating rates		96.1	%		99.3	%
Percentage of new debt investment commitments    at fixed rates		3.9	%		0.7	%
Weighted average interest rate of new    investment commitments		10.1	%		11.6	%
Weighted average spread over reference rate of    new floating rate investment commitments		6.3	%		6.3	%
Weighted average interest rate on investments    fully sold or paid down		11.1	%		10.5	%

(1)Includes affiliates of Sixth Street.

As of March 31, 2025 and December 31, 2024, our investments consisted of the following:

	March 31, 2025				December 31, 2024
($ in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien debt investments	$	6,720.4	$	6,865.0	$	6,732.1	$	6,871.8
Second-lien debt investments		110.0		122.0		89.5		94.8
Mezzanine debt investments		198.5		204.8		118.4		123.2
Equity and other investments		143.4		164.2		140.0		154.5
Total	$	7,172.3	$	7,356.0	$	7,080.0	$	7,244.3

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We have no non-accrual investments as of March 31, 2025 and December 31, 2024.

The weighted average yields and interest rates of our performing debt investments at fair value as of March 31, 2025 and December 31, 2024 were as follows:

	March 31, 2025			December 31, 2024
Weighted average total yield of debt and income    producing securities (1)		10.8	%		11.0	%
Weighted average interest rate of debt and income    producing securities		10.5	%		10.7	%
Weighted average spread over reference rate of all    floating rate investments		6.1	%		6.1	%

(1)Weighted average total portfolio yield at fair value was 10.6% at March 31, 2025 and 10.8% at December 31, 2024.

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

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

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

•comparisons to other companies in the industry;

•attendance at, and participation in, board meetings; and

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

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

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

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

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

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

•A rating of 5 indicates an investment is in default on its interest and/or principal payments. For these investments, our Adviser reviews the investments on a bi-monthly basis and, where possible, pursues workouts that achieve an early resolution to avoid further deterioration of our investment. The Adviser retains legal counsel and takes actions to preserve our rights, which may include working with the portfolio company to have the default cured, to have the investment restructured or to have the investment repaid through a consensual workout.

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The following table shows the distribution of our investments on the 1 to 5 investment performance rating scale at fair value as of March 31, 2025 and December 31, 2024. Investment performance ratings are accurate only as of those dates and may change due to subsequent developments relating to a portfolio company’s business or financial condition, market conditions or developments, and other factors.

	March 31, 2025					December 31, 2024
Investment	Investments at					Investments at
Performance	Fair Value		Percentage of			Fair Value		Percentage of
Rating	($ in millions)		Total Portfolio			($ in millions)		Total Portfolio
1	$	7,148.0		97.2	%	$	7,037.9		97.1	%
2		145.5		2.0			143.3		2.0
3		62.5		0.8			63.1		0.9
4		—		—			—		—
5		—		—			—		—
Total	$	7,356.0		100.0	%	$	7,244.3		100.0	%

Results of Operations

Operating results for the three months ended March 31, 2025 and March 31, 2024, were as follows:

	Three Months Ended
($ in millions)	March 31, 2025			March 31, 2024
Total investment income	$	240.5		$	131.6
Less: Net expenses		87.9			56.7
Net investment income before income taxes		152.6			74.9
Less: Income taxes, including excise taxes (1)		0.0			2.2
Net investment income		152.6			72.7
Net realized gains (losses) (2)		0.2			2.3
Net change in unrealized gains (losses) (2)		(24.7	)		22.7
Net increase (decrease) in net assets resulting from operations	$	128.1		$	97.7

(1)Amount round to less than $0.1 million.

(2)Includes foreign exchange hedging activity.

Investment Income

	Three Months Ended
($ in millions)	March 31, 2025		March 31, 2024
Interest from investments	$	219.2	$	113.9
Arranger Fees		—		10.0
Paid-in-kind interest income		14.7		5.8
Dividend income		2.0		—
Other income		4.6		1.9
Total investment income	$	240.5	$	131.6

Interest from investments, which includes amortization of upfront fees and prepayment fees, increased from $113.9 million for the three months ended March 31, 2024 to $219.2 million for the three months ended March 31, 2025. The increase in interest from investments was primarily the result of growth in our investment portfolio. Arranger fees decreased from $10.0 million for the three months ended March 31, 2024 to $0.0 million for the three months ended March 31, 2025. Paid-in-kind interest income increased from $5.8 million for the three months ended March 31, 2024 to $14.7 million for the three months ended March 31, 2025, primarily due to increased PIK elections. For the three months ended March 31, 2024, there was no dividend income. For the three months ended March 31, 2025, we had a dividend income of $2.0 million. Other income increased from $1.9 million for the three months ended March 31, 2024 to $4.6 million for the three months ended March 31, 2025, primarily due to interest from cash and cash equivalents.

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Expenses

Operating expenses for the three months ended March 31, 2025 and March 31, 2024, were as follows:

	Three Months Ended
($ in millions)	March 31, 2025			March 31, 2024
Interest	$	56.0		$	35.1
Management fees (net of waivers)		9.7			4.5
Incentive fees on net investment income		21.4			10.8
Incentive fees on net capital gains (losses)		(3.1	)		3.1
Organizational and offering expense		—			0.5
Professional fees		2.0			1.2
Trustees fees		0.2			0.2
Other general and administrative		1.7			1.3
Net Expenses	$	87.9		$	56.7

Interest

Interest expense, including other debt financing costs, increased from $35.1 million for the three months ended March 31, 2024 to $56.0 million for the three months ended March 31, 2025. This increase was primarily due to an increase in average debt outstanding from $1.8 billion for the three months ended March 31, 2024 to $3.3 billion for the three months ended March 31, 2025.

Management Fees

Management Fees (gross of waivers) increased from $11.2 million for the three months ended March 31, 2024 to $25.7 million for the three months ended March 31, 2025 due to an increase in average assets for the three months ended March 31, 2025 compared to the same period in 2024. Management Fees (net of waivers) increased from $4.5 million for the three months ended March 31, 2024 to $9.7 million for the three months ended March 31, 2025. For the three months ended March 31, 2025 and March 31, 2024, the Adviser waived Management Fees of $16.0 million and $6.8 million, respectively.

Incentive Fees

Incentive Fees related to pre-incentive net investment income increased from $10.8 million for the three months ended March 31, 2024 to $21.4 million three months ended March 31, 2025. This increase resulted from an increase in the portfolio size for the three months ended March 31, 2025. For the three months ended March 31, 2025 and 2024, $(3.1) million and $3.1 million were accrued related to Capital Gains Fees, respectively. As of March 31, 2025, these accrued Incentive Fees are not contractually payable to the Adviser.

Organizational and Offering Expense

Organizational and offering expenses were $0.5 million for the three months ended March 31, 2024 and none for the three months ended March 31, 2025.

Professional Fees and Other General and Administrative Expenses

Professional fees increased from $1.2 million for the three months ended March 31, 2024 to $2.0 million for the three months ended March 31, 2025. Trustees Fees were $0.2 million for the three months ended March 31, 2024 and $0.2 million for the three months ended March 31, 2025. Other general and administrative expenses increased from $1.3 million for the three months ended March 31, 2024 to $1.7 million for the three months ended March 31, 2025.

Income Taxes, Including Excise Taxes

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

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

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For the three months ended March 31, 2025 and 2024, we recorded a net expense of less than $0.1 million and $2.2 million, respectively, for U.S. federal excise tax and other taxes.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended March 31, 2025 and 2024:

	Three Months Ended
($ in millions)	March 31, 2025			March 31, 2024
Net realized gains (losses) on investments	$	0.4		$	2.3
Net realized gains (losses) on foreign currency investments (1)	(0.0)				0.5
Net realized gains (losses) on foreign currency transactions (1)(2)	(0.0)				(0.0	)
Net realized gains (losses) on foreign currency borrowings		(0.2	)		(0.5	)
Net Realized Gains (Losses)	$	0.2		$	2.3
Change in unrealized gains on investments	$	76.3		$	23.6
Change in unrealized (losses) on investments		(56.8	)		(5.1	)
Net Change in Unrealized Gains (Losses) on    Investments	$	19.5		$	18.5
Unrealized gains (losses) on foreign currency transactions (1)(2)	$	(2.6	)	$	0.0
Unrealized gains (losses) on foreign currency borrowings		(41.6	)	4.2
Net Change in Unrealized Gains (Losses) on Foreign    Currency Transactions	$	(44.2	)	$	4.2
Net Change in Unrealized Gains (Losses)	$	(24.7	)	$	22.7

(1)Amounts round to less than $0.1 million.

(2)Includes foreign exchange hedging activity.

For the three months ended March 31, 2025, we had net realized gains on investments of $0.4 million. For the three months ended March 31, 2024, we had a net realized gains on investments of $2.3 million. For the three months ended March 31, 2025, we had net realized losses on foreign currency investments of less than $0.1 million. For the three months ended March 31, 2024, we had a net realized gains on foreign currency investments of $0.5 million. For the three months ended March 31, 2025, we had net realized losses of less than $0.1 million on foreign currency transactions. For the three months ended March 31, 2024, we had net realized losses of less than $0.1 million on foreign currency transactions, primarily as a result of translating foreign currency related to our non-USD denominated investments. For the three months ended March 31, 2025, we had net realized losses of $0.2 million on foreign currency borrowings. For the three months ended March 31, 2024, we had a net realized losses of $0.5 million on foreign currency borrowings.

For the three months ended March 31, 2025, we had $76.3 million in unrealized gains on 40 portfolio company investments, which was offset by $56.8 million in unrealized losses on 33 portfolio company investments. Unrealized gains primarily resulted from positive portfolio company specific developments. Unrealized losses primarily resulted from the reversal of prior period unrealized gains due to the realization of the investments, negative portfolio company specific developments and widening of credit spreads. For the three months ended March 31, 2024, we had $23.6 million in unrealized gains on 32 portfolio company investments, which was offset by $5.1 million in unrealized losses on 14 portfolio company investments. Unrealized gains were driven by an increase in fair value and primarily due to tightening credit spreads.

For the three months ended March 31, 2025, we had $41.6 million in unrealized losses on foreign currency borrowings, primarily as a result of fluctuations in the GBP, EUR, and SEK exchange rates. For the three months ended March 31, 2024, we had $4.2 million in unrealized gains on foreign currency borrowings, primarily as a result of fluctuations in EUR, GBP and SEK exchange rates.

Realized Gross Internal Rate of Return

Since we began investing in 2022 through March 31, 2025, weighted by capital invested, our exited investments have generated an average realized gross internal rate of return to us of 17.1% (based on total capital invested of $0.8 billion and total proceeds from

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these exited investments of 1.0 billion). One hundred percent of these exited investments resulted in a realized gross internal rate of return to us of 10% or greater.

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

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

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

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

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

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

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

Interest Rate and Foreign Currency Hedging

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

Our current approach to hedging the foreign currency exposure in our non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under our Credit Facilities to fund these investments. For the three months ended March 31, 2025, we had $41.6 million in unrealized losses on the translation of our non-U.S. dollar denominated debt into U.S. dollars; such amounts approximate the corresponding unrealized losses on the translation of our non-U.S. dollar denominated investments into U.S. dollars for the three months ended March 31, 2025. For the three months ended March 31, 2024, we had $4.2 million of unrealized gains on the translation of our non-U.S. dollar denominated debt into U.S. dollars; such amounts approximate the corresponding unrealized gains on the translation of our non-U.S. dollar denominated investments into U.S. dollars for the three months ended March 31, 2024. See Note 2 for additional disclosure regarding our accounting for foreign currency. See our Consolidated Schedule of Investments for additional disclosure regarding the foreign currency amounts (in both par and fair value) of our non-U.S. dollar denominated investments.

Financial Condition, Liquidity and Capital Resources

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

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

•the cost of operations (including paying our Adviser);

•debt service, repayment, and other financing costs; and

•cash dividends to the holders of our shares.

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We intend to continue to generate cash primarily from cash flows from operations, future borrowings and future offerings of securities. We may from time to time enter into additional debt facilities, increase the size of existing facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred shares if immediately after the borrowing or issuance our ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred shares, is at least 150%. For more information, see “Key Components of Our Results of Operations —Leverage” above. As of March 31, 2025 and December 31, 2024, our asset coverage ratio was 206.1% and 193.0%, respectively. We carefully consider our unfunded commitments for the purpose of planning our capital resources and ongoing liquidity including our financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation under the 1940 Act and the asset coverage limitation under our Credit Facilities to cover any outstanding unfunded commitments we are required to fund.

Cash and cash equivalents as of March 31, 2025 taken together with cash available under our Credit Facilities, and cash available from undrawn Capital Commitments, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of March 31, 2025, we had approximately $1,478.8 million and $486.5 million of availability on our Subscription Facility and Revolving Credit Facility, respectively, subject to asset coverage limitations.

As of March 31, 2025, we had $703.8 million in cash and cash equivalents, including $121.7 million of restricted cash. For the three months ended March 31, 2025, cash provided by operating activities was $84.8 million, primarily attributable to repayments and proceeds from investments of $750.5 million, an increase in net assets resulting from operations of $128.1 million and other net operating activities of $38.5 million, which was partially offset by funding portfolio investments of $812.8 million and net change in unrealized gains on investments of $19.5 million. Cash used in financing activities was $579.0 million during the period due to paydowns on debt of $1,808.7 million and other financing activities of $69.8 million, which were partially offset by borrowings of $1,299.5 million.

As of March 31, 2024, we had $63.5 million in cash and cash equivalents, including $23.1 million of restricted cash. For the three months ended March 31, 2024, cash used in operating activities was $1,096.9 million, primarily attributable to funding portfolio investments of $1,298.9 million and other net operating activities of $47.3 million which was offset by repayments and proceeds from investments of $151.6 million and an increase in net assets resulting from operations of $97.7. Cash provided by financing activities was $1,151.6 million during the period due to borrowings of $1,690.7 million and proceeds from the capital calls of $499.7 million, which were partially offset by paydowns on debt of $1,005.6 million and other financing activities of $33.2 million.

Equity

We have entered into subscription agreements (the “Subscription Agreements”) with investors providing for the private placement of our Common Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase our Common Shares up to the amount of their respective Capital Commitment on an as-needed basis each time we deliver a drawdown notice to our investors. As of March 31, 2025, we had received Capital Commitments totaling $7.4 billion ($3.7 billion remaining undrawn). As of December 31, 2024, we had received Capital Commitments totaling $7.4 billion ($3.7 billion remaining undrawn).

There were no common shares issued and proceeds received related to the Company's capital drawdowns delivered pursuant to the Subscription Agreements for the three months ended March 31, 2025. The following table summarizes the total common shares issued and proceeds received related to the Company’s capital drawdowns delivered for the three months ended March 31, 2024:

Common Share Issuance Date	Number of Common Shares Issued		Proceeds Received  ($ in millions)
March 6, 2024		12,174,753	$	349.7
March 26, 2024		5,174,155		150.0
		17,348,908		499.7

During the three months ended March 31, 2025, we issued 1,456,909 Common Shares to investors who have not opted out of our dividend reinvestment plan for proceeds of $41.9 million. During the three months ended March 31, 2024, we issued 795,040 Common Shares to investors who have not opted out of our dividend reinvestment plan for proceeds of $22.1 million.

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Debt

Subscription Facility

On September 1, 2022, we entered into a revolving credit agreement (the “Subscription Facility”) with Wells Fargo Bank, National Association, as administrative agent (the “Administrative Agent”), letter of credit issuer, lead arranger, as a lender and aggregate commitments under the Subscription Facility were $400 million.

Pursuant to an amendment to the Subscription Facility dated as of December 21, 2022 (the “Subscription Facility First Amendment”), the aggregate commitments under the Subscription Facility were upsized to $700 million. Pursuant to lender joinder agreements dated January 18, 2023 and January 27, 2023, the aggregate commitments under the Subscription Facility were upsized to $800 million and $850 million, respectively. Pursuant to lender joinder agreements dated March 28, 2023, the aggregate commitments under the Subscription Facility were upsized to $1.3 billion. Pursuant to a lender joinder agreement dated April 27, 2023, the aggregate commitments under the Subscription Facility were upsized to $1.35 billion. Pursuant to a lender joinder agreement dated December 1, 2023, the aggregate commitments under the Subscription Facility were upsized to $1.5 billion (the “Maximum Commitment”).

On July 3, 2024, we exercised our option to extend the stated maturity date to August 29, 2025. The Subscription Facility will mature upon the earliest of: (i) August 29, 2025; (ii) the date upon which the Administrative Agent declares the obligations under the Subscription Facility due and payable after the occurrence of an event of default; (iii) forty-five (45) days prior to the date on which our ability to call capital commitments for purposes of repaying the obligations under the Subscription Facility is terminated; and (iv) the date we terminate the commitments pursuant to the Subscription Facility.

Borrowings under the Subscription Facility bear interest, at our election at the time of drawdown, at a rate per annum equal to (i) in the case of loans denominated in dollars, at our option (a) an adjusted Daily Simple SOFR rate plus 1.95%, (b) an adjusted Term SOFR rate for the applicable interest period plus 1.95% and (c) in the case of reference rate loans, 0.95% plus the greatest of (1) a prime rate, (2) the federal funds rate plus 0.50% and (3) the adjusted Daily Simple SOFR plus 1.00%, (ii) in the case of loans denominated in euros or other alternative currencies (other than sterling), the adjusted Eurocurrency Rate for the applicable interest period plus 1.95% or (iii) in the case of loans denominated in sterling, the adjusted SONIA rate plus 1.95%. SOFR loans are subject to a credit spread adjustment ranging from 0.10% to 0.25% and SONIA loans are subject to a credit spread adjustment of 0.0326%. Loans denominated in dollars may be converted from one rate applicable to dollar denominated loans to another at any time at our election, subject to certain conditions. The Company also will pay an unused commitment fee of 0.25% per annum on the unused commitments.

We may borrow amounts in U.S. dollars or certain other permitted currencies. As of March 31, 2025, we had outstanding debt denominated in British pounds of (GBP) 10.3 million, and Euros (EUR) of 7.3 million on our Subscription Facility, included in the outstanding principal amount in the table below. As of December 31, 2024, the Company had outstanding debt denominated in British pounds (GBP) of 10.3 million, and Euros (EUR) of 7.3 million on its Subscription Facility, included in the outstanding principal amount in the table below.

The Subscription Facility also provides for the issuance of letters of credit up to an aggregate amount of 10% of the Maximum Commitment. As of March 31, 2025 and December 31, 2024, we had no outstanding letters of credit issued through the Subscription Facility. The amount available for borrowing under the Subscription Facility is reduced by any letters of credit issued through the Subscription Facility.

The Subscription Facility includes customary events of default, as well as customary covenants, including restrictions on certain distributions and financial covenants.

As of March 31, 2025 and December 31, 2024, the Company was in compliance with the terms of the Subscription Facility.

Revolving Credit Facility

On January 19, 2023, we entered into a senior secured revolving credit agreement (the “Revolving Credit Facility”) with Truist Bank, as administrative agent, JPMorgan Chase Bank, N.A., Royal Bank of Canada, State Street Bank and Trust Company and Wells Fargo Bank, N.A., as joint lead arrangers, and certain other lenders.

The aggregate commitments under the Revolving Credit Facility were $600 million and included an uncommitted accordion feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility up to $1 billion. On February 28, 2023, the aggregate commitments under the Revolving Credit Facility were upsized to $700 million. On July 27, 2023, the aggregate commitments under the Revolving Credit Facility were upsized to $725 million. Pursuant to the first amendment to the Revolving Credit Facility dated February 8, 2024, the aggregate commitments under the Revolving Credit Facility were upsized to

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$1.0 billion and the stated maturity date was extended to February 8, 2029. On April 8, 2024, the aggregate commitments under the Revolving Credit Facility were upsized to $1.2 billion. On May 23, 2024, pursuant to the second amendment, the aggregate commitments under the Revolving Credit Facility were upsized to $1.375 billion, which included a term loan commitment of $100 million, due at the stated maturity. On June 27, 2024, the aggregate commitments under the Revolving Credit Facility were upsized to $1.425 billion. On December 18, 2024, the aggregate commitments under the Revolving Credit Facility were upsized to $1.55 billion, which included a term loan commitment of $50 million, due at the stated maturity. On January 17, 2025, the aggregate commitments under the Revolving Credit Facility were upsized to $1.65 billion, due at the stated maturity. On March 4, 2025, pursuant to the third amendment, the aggregate commitments under the Revolving Credit Facility were upsized to $2.28 billion and the stated maturity was extended to March 4, 2030. 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 $3.42 billion. The Revolving Credit Facility will mature on March 4, 2030.

Borrowings under the Revolving Credit Facility, including amounts drawn in respect of letters of credit, bear interest at our election at the time of drawdown, at a rate per annum equal to (i) in the case of loans denominated in dollars, at our option (a) adjusted Term SOFR plus 1.525%, 1.65% or 1.775%, based on certain borrowing base conditions and (b) an alternative base rate plus 0.525%, 0.65% or 0.775%, based on certain borrowing base conditions, (ii) in the case of loans denominated in other permitted currencies at the relevant rate specified plus 0.525%, 0.65% or 0.775%, based on certain borrowing base conditions, plus in the case of amounts denominated in certain other permitted currencies, an adjustment. We also will pay an unused commitment fee of 0.325% per annum on the unused commitments.

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

We may borrow amounts in U.S. dollars or certain other permitted currencies. As of March 31, 2025, we had outstanding debt denominated in British pounds (GBP) of 299.6 million, Euros (EUR) 765.6 million and Swedish Krona (SEK) 80.9 million on its Revolving Credit Facility, included in the outstanding principal amount in the table below. As of December 31, 2024, we had outstanding debt denominated in British pounds (GBP) of 299.2 million, Euros (EUR) 640.1 million and Swedish Krona (SEK) 80.2 million on our Revolving Credit Facility, included in the outstanding principal amount in the table below.

The Revolving Credit Facility also provides for the issuance of letters of credit up to an aggregate amount of $100 million. As of March 31, 2025, we had $28.6 million in outstanding letters of credit issued through the Revolving Credit Facility. As of December 31, 2024, the Company had $5.9 million in outstanding letters of credit issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit issued through the Revolving Credit Facility.

The Revolving Credit Facility includes customary events of default (with customary cure and notice provisions).

For further details, see Note 7 "Debt - Revolving Credit Facility" to our consolidated financial statements included in this Annual Report.

2029 Notes

In March 2024, we issued $600 million aggregate principal amount of unsecured notes that mature on March 11, 2029 (the “2029 Notes”). The principal amount of the 2029 Notes is payable at maturity. The 2029 Notes bear interest at a rate of 6.50% per year, payable semi-annually commencing on September 11, 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 $586.0 million. We used the net proceeds of the 2029 Notes to repay outstanding indebtedness under the Revolving Credit Facility and Subscription Facility.

In June 2024, we issued an additional $150 million aggregate principal amount of unsecured notes that mature on March 11, 2029. The additional 2029 Notes are a further issuance of, fungible with, rank equally in right of payment with and have the same terms (other than the issue date and the public offering price) as the initial issuance of the 2029 Notes. Total proceeds from the issuance of the additional 2029 Notes, net of underwriting discounts, offering costs and original issue premium were $147.8 million. We used the net proceeds of the 2029 Notes to repay outstanding indebtedness under the Revolving Credit Facility and Subscription Facility.

We entered into two interest rate swaps to align the interest rates of its liabilities with our investment portfolio, which consists of predominately floating rate loans. The notional amount of the two interest rates swaps are $600.0 million and $150.0 million, respectively, each of which matures on March 11, 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 2.45% (on a weighted average basis). The interest expense related

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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, 2025, the effective hedge interest rate swaps had a fair value of $(9.1) million which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2029 Notes.

January 2030 Notes

In September 2024, we issued $600 million aggregate principal amount of unsecured notes that mature on January 15, 2030 (the “January 2030 Notes”). The principal amount of the January 2030 Notes is payable at maturity. The January 2030 Notes bear interest at a rate of 5.75% per year, payable semi-annually commencing on January 15, 2025, 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 January 2030 Notes, net of underwriting discounts, offering costs and original issue discount, were $591.7 million. We used the net proceeds of the January 2030 Notes to repay outstanding indebtedness under the Revolving Credit Facility and Subscription Facility.

In connection with the issuance of the January 2030 Notes, we entered into an interest rate swap to align the interest rate of its liability with our investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $600.0 million which matures on January 15, 2030, matching the maturity date of the January 2030 Notes. As a result of the swap, the Company’s effective interest rate on the January 2030 Notes is SOFR plus 2.55%. The interest expense related to the January 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, 2025, the effective hedge interest rate swaps had a fair value of $13.7 million which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the January 2030 Notes.

July 2030 Notes

In January 2025, we issued $750 million aggregate principal amount of unsecured notes that mature on July 15, 2030 (the “July 2030 Notes”). The principal amount of the July 2030 Notes is payable at maturity. The July 2030 Notes bear interest at a rate of 6.125% per year, payable semi-annually commencing on July 15, 2025, 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 July 2030 Notes, net of underwriting discounts, offering costs and original issue discount, were $737.6 million. We used the net proceeds of the July 2030 Notes to repay outstanding indebtedness under the Revolving Credit Facility and Subscription Facility.

In connection with the issuance of the July 2030 Notes, we entered into an interest rate swap to align the interest rate of its liability with our investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $750.0 million which matures on July 15, 2030, matching the maturity date of the July 2030 Notes. As a result of the swap, the Company's effective interest rate on the July 2030 Notes is SOFR plus 2.01%. The interest expense related to the July 2030 Notes is offset by proceeds received from the interest rate swaps designed 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, 2025, the effective hedge interest rate swaps had a fair value of $(14.2) million which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the July 2030 Notes.

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

	March 31, 2025
	Aggregate Principal		Outstanding		Amount		Carrying
($ in millions)	Amount Committed		Principal		Available (1)		Value (2)(3)
Subscription Facility	$	1,500.0	$	21.2	$	1,478.8	$	19.3
Revolving Credit Facility		2,280.0		1,764.8		486.6		1,748.4
2029 Notes		750.0		750.0		—		745.6
January 2030 Notes		600.0		600.0		—		578.1
July 2030 Notes		750.0		750.0		—		750.1
Total Debt	$	5,880.0	$	3,886.0	$	1,965.4	$	3,841.5

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

(2)The carrying values of the Subscription Facility, the Revolving Credit Facility, the 2029 Notes, January 2030 Notes and July 2030 Notes are presented net of deferred financing costs and original issue discounts of $1.9 million, $16.5 million, $13.4 million, $8.2 million and $14.2 million, respectively.

(3)The carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes are presented inclusive of an incremental $(9.1) million, $13.7 million and $(14.2) million respectively, which represents an adjustment in the carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes, each resulting from a hedge accounting relationship.

	December 31, 2024
	Aggregate Principal		Outstanding		Amount		Carrying
($ in millions)	Amount Committed		Principal		Available (1)		Value (2)
Subscription Facility	$	1,500.0	$	1,496.7	$	3.2	$	1,493.7
Revolving Credit Facility		1,550.0		1,502.0		42.1		1,492.9
2029 Notes		750.0		750.0		—		734.7
January 2030 Notes		600.0		600.0		—		567.3
Total Debt	$	4,400.0	$	4,348.7	$	45.3	$	4,288.6

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

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

(3)The carrying value of the 2029 Notes and January 2030 Notes are presented inclusive of an incremental $1.1 million and $24.1 million, respectively, which represents an adjustment in the carrying value of the 2029 Notes and January 2030 Notes, each resulting from a hedge accounting relationship.

The Revolving Credit Facility includes customary events of default, as well as customary covenants, including restrictions on

certain distributions and financial covenants.

As of March 31, 2025 and December 31, 2024, we were in compliance with the terms of our debt arrangements. We intend to continue to utilize our Credit Facilities to fund investments and for other general corporate purposes.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

From time to time, we may enter into commitments to fund investments. We incorporate these commitments into our assessment of our liquidity position. Our senior secured revolving loan commitments are generally available on a borrower’s demand and may remain outstanding until the maturity date of the applicable loan. Our senior secured delayed draw term loan commitments are generally available on a borrower’s demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement. As of March 31, 2025 and December 31, 2024, we had the following commitments to fund investments in current portfolio companies:

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($ in millions)	March 31, 2025		December 31, 2024
Alaska Bidco Oy - Delayed Draw & Revolver	$	0.2	$	0.2
Apellis Pharmaceuticals, Inc. - Delayed Draw		42.1		42.1
Aptean, Inc. - Delayed Draw & Revolver		13.3		15.8
Arrow Buyer, Inc. - Delayed Draw		20.2		20.2
Arrowhead Pharmaceuticals, Inc. - Delayed Draw		130.3		135.2
Artisan Bidco, Inc. - Revolver		12.9		16.9
Avalara, Inc. - Revolver		—		13.6
AVSC Holding Corp. - Revolver		24.5		33.8
Azurite Intermediate Holdings, Inc. - Revolver & Equity		29.2		29.2
Babylon Finco Limited - Delayed Draw		16.5		16.5
Banyan Software Holdings, LLC - Delayed Draw		—		19.5
BCTO Bluebill Buyer, Inc. - Delayed Draw		1.1		1.1
Ben Nevis Midco Limited - Delayed Draw		27.3		27.3
Boréal Bidco - Delayed Draw		12.0		—
BTRS Holdings, Inc. - Delayed Draw & Revolver		—		9.1
Cirrus (Bidco) Ltd - Delayed Draw		0.4		0.4
Coupa Holdings, LLC - Delayed Draw & Revolver		20.4		20.4
Crewline Buyer, Inc. - Revolver & Equity		16.3		16.3
Disco Parent, Inc. - Revolver		5.8		5.8
Edge Bidco B.V. - Delayed Draw & Revolver		1.0		1.0
Elysium BidCo Limited - Revolver		—		19.3
Erling Lux Bidco SARL - Delayed Draw & Revolver		2.9		2.8
Eventus Buyer, LLC - Delayed Draw & Revolver		16.2		18.8
Flight Intermediate HoldCo, Inc. - Delayed Draw		41.7		44.0
Fullsteam Operations, LLC - Delayed Draw & Revolver		47.3		70.3
Galileo Parent, Inc. - Revolver		10.8		12.8
Greenshoot Bidco B.V. - Revolver		0.4		0.4
Heritage Environmental Services, Inc. - Delayed Draw & Revolver		27.0		28.5
Hippo XPA Bidco AB - Delayed Draw & Revolver		1.9		1.7
HireVue, Inc. - Revolver		9.9		5.1
Kangaroo Bidco AS - Delayed Draw		22.5		22.5
Kryptona BidCo US, LLC - Revolver		14.7		14.7
Lynx BidCo - Delayed Draw & Revolver		25.1		25.1
Merit Software Finance Holdings, LLC - Delayed Draw & Revolver		3.2		3.2
PDI TA Holdings, Inc. - Delayed Draw & Revolver		11.5		26.5
QSR Acquisition Co. - Delayed Draw		5.0		5.0
Rail Acquisitions LLC - Delayed Draw & Revolver		7.1		—
Rapid Data GmbH Unternehmensberatung - Delayed Draw & Revolver		1.5		1.4
Raptor US Buyer II Corp. - Revolver		4.3		4.3
Sapphire Software Buyer, Inc. - Revolver		27.0		27.0
Scorpio Bidco - Delayed Draw		15.9		15.2
Severin Acquisition, LLC - Delayed Draw & Revolver		53.9		72.5
Shiftmove GmbH - Delayed Draw		6.3		6.0
Sky Bidco S.p.A. - Delayed Draw		30.9		29.6
SkyLark UK DebtCo Limited - Delayed Draw		38.9		24.1
SL Buyer Corp. - Delayed Draw		1.2		1.3
SMA Technologies Holdings, LLC - Revolver		4.0		4.0
Sport Alliance GmbH - Revolver		0.5		0.6
Truck-Lite Co., LLC - Delayed Draw & Revolver		39.6		61.2
USA Debusk, LLC - Delayed Draw & Revolver		36.0		42.1
Varinem German Bidco GmbH - Delayed Draw		9.2		3.6
Wrangler Topco, LLC - Delayed Draw & Revolver		20.1		32.4
Total Portfolio Company Commitments (1)(2)	$	910.0	$	1,050.4

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

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

Other Commitments and Contingencies

As of March 31, 2025 and December 31, 2024, we did not have any unfunded commitments to fund investments to new borrowers that were not current portfolio companies as of such date.

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of March 31, 2025 and December 31, 2024, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

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

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

Contractual Obligations

A summary of our contractual payment obligations as of March 31, 2025 is as follows:

	Payments Due by Period
			Less than
($ in millions)	Total		1 year		1-3 years		3-5 years		After 5 years
Subscription Facility	$	21.2	$	21.2	$	—	$	—	$	—
Revolving Credit Facility		1,764.8		—		—		1,764.8		—
2029 Notes		750.0		—		—		750.0		—
January 2030 Notes		600.0		—		—		600.0		—
July 2030 Notes		750.0		—		—		—		750.0
Total Contractual Obligations	$	3,886.0	$	21.2	$	—	$	3,114.8	$	750.0

Distributions

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

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

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

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

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

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

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

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

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

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

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

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

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

Related-Party Transactions

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

•the Investment Advisory Agreement; and

•the Administration Agreement

Critical Accounting Estimates

Our critical accounting policies and estimates, including those relating to the valuation of our investment portfolio, are described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 14, 2025, and elsewhere in our filings with the SEC. The critical accounting policies and estimates should be read in connection with our risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by our Board in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair

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value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We also fund portions of our investments with borrowings. Our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

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

As of March 31, 2025, 96.9% of our debt investments based on fair value in our portfolio bore interest at floating rates, with 100% of these subject to interest rate floors. Our credit facilities also bear interest at floating rates, and in connection with our 2029 Notes, January 2030 Notes and July 2030 Notes, which bear interest at fixed rates, we entered into fixed-to-floating interest rate swaps in order to align the interest rates of our liabilities with our investment portfolio.

Assuming that our Consolidated Balance Sheet as of March 31, 2025 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):

($ in millions)
Basis Point Change	Interest Income			Interest Expense			Net Interest Income
Up 300 basis points	$	209.2		$	116.6		$	92.6
Up 200 basis points	$	139.5		$	77.7		$	61.8
Up 100 basis points	$	69.7		$	38.9		$	30.8
Down 25 basis points	$	(17.4	)	$	(4.5	)	$	(12.9	)
Down 50 basis points	$	(34.5	)	$	(19.4	)	$	(15.1	)

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

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

Currency Risk

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

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ITEM 4. CONTROLS AND PROCEDURES

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

Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. Legal Proceedings.

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

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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

None.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits.

3.1	Second Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10, filed on August 22, 2022)
3.2	Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 10, filed on June 28, 2022)
4.1	Fourth Supplemental Indenture, dated as of January 13, 2025, between Sixth Street Lending Partners and U.S. Bank Trust Company, National Association, as Trustee(incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed on January 17, 2025)
4.2	Form of 6.125% Note due 2030 (included in Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed on January 17, 2025 and incorporated by reference)
4.3	Registration Rights Agreement, dated as of January 13, 2025, relating to the 6.125% Notes due 2030, by and among Sixth Street Lending Partners and BofA Securities, Inc. as representative of the initial purchasers (incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K, filed on January 17, 2025)
10.1	Third Amendment to Senior Secured Revolving Credit Agreement, dated as of March 4, 2025, among Sixth Street Lending Partners, as Borrower, the Lenders and Issuing Banks party thereto and Truist Bank, as Administrative Agent
31.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32	Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Sixth Street Lending Partners
Date: May 2, 2025	By:	/s/ Joshua Easterly
		Joshua Easterly
		Chief Executive Officer
		(Principal Executive Officer)
Date: May 2, 2025	By:	/s/ Ian Simmonds
		Ian Simmonds
		Chief Financial Officer
		(Principal Financial Officer)

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