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Investment First-lien loan ($18,290 par, due 5/2028) Initial Acquisition Date 05/28/2021 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.91% PIK2024-01-012024-12-310001508655tslx:AdministrationAgreementMemberus-gaap:GeneralAndAdministrativeExpenseMembertslx:AdviserMember2025-01-012025-06-300001508655us-gaap:AssetPledgedAsCollateralMember2024-12-310001508655country:FIsrt:MaximumMember2025-06-300001508655us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2024-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentySixNotesMember2024-04-012024-06-300001508655tslx:MezzanineDebtInvestmentsMember2024-04-012024-06-300001508655Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/20242024-12-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 17,985 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 10.07%2024-12-310001508655Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 31,875 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 7.98%2025-01-012025-06-300001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Series C Preferred Shares (1,915,114 shares) Initial Acquisition Date 10/13/20202024-12-310001508655tslx:InterestRateSwapFiveMember2024-01-012024-06-300001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien loan (EUR 17,558 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread E + 7.00% Interest Rate 10.05%2024-01-012024-12-310001508655Debt Investments Education Kangaroo Bidco AS Investment First-lien loan ($30,625 par, due 11/2030) Initial Acquisition Date 11/02/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.66%2024-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($1,667 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.30%2025-06-300001508655Debt Investments Electronics Sapphire Software Buyer, Inc. Investment First-lien loan ($27,097 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.22%2025-06-300001508655Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/20292024-12-310001508655Equity and Other Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/20212025-01-012025-06-300001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,378 par, due 7/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.25% Interest Rate 9.47% (incl. 3.00% PIK)2024-12-310001508655tslx:PrimeRevenueIncMembertslx:RevolverMember2024-12-310001508655tslx:InternetServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001508655tslx:PharmaceuticalsMembertslx:EquityAndOtherInvestmentsMember2025-06-300001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan (GBP 10,275 par, due 4/2031) Initial Acquisition Date 04/29/2024 Reference Rate and Spread S + 5.25% Interest Rate 9.95% (incl. 2.25% PIK2024-12-310001508655Debt Investments Transportation Project44, Inc First-lien loan ($54,824 par, due 11/2027) Initial Acquisition Date 11/12/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.75%2024-01-012024-12-310001508655us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001508655Debt Investments Business Services Azurite Intermediate Holdings, Inc. Investment First-lien loan ($42,750 par, due 3/2031) Initial Acquisition Date 3/19/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.33%2025-01-012025-06-300001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 12,696 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 5.75% Interest Rate 9.42%2024-12-310001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan ($16,340 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread SOFR + 5.66% Interest Rate 9.96%2025-01-012025-06-300001508655Equity and Other Investments Transportation RailTrac Holdings Inc. Warrants (3,059 warrants) Initial Acquisition Date 1/27/2025Equity and Other Investments Transportation RailTrac Holdings Inc. Warrants (3,059 warrants) Initial Acquisition Date 1/27/20252025-06-300001508655tslx:PharmaceuticalsMember2025-06-300001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($2,333 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2024-12-310001508655us-gaap:FairValueInputsLevel2Membertslx:FirstLienDebtInvestmentsMember2025-06-300001508655Equity and Other Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/20212024-01-012024-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($1,848 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33%2025-01-012025-06-300001508655tslx:InterestRateSwapSixMember2024-04-012024-06-300001508655tslx:FirstLienDebtInvestmentsMember2025-01-012025-06-300001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. First-lien loan ($21,899 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread SOFR + 6.65% Interest Rate 11.28%2024-01-012024-12-310001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien loan ($38,830 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.39%2024-01-012024-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Series D Preferred Shares (1,240,740 shares) Initial Acquisition Date 5/11/20212024-01-012024-12-310001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien loan (EUR 17,469 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.36%2025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2024-04-012024-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2024-01-012024-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMembertslx:AssetValuationWaterfallMember2024-12-310001508655Debt Investments Business Services Price Fx Inc. Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 10/27/2023 Reference Rate and Spread E + 7.00% Interest Rate 10.06%2024-12-310001508655tslx:DelayedDrawMembertslx:BabylonFincoLimitedMember2024-12-310001508655us-gaap:CommonStockMember2025-01-012025-03-310001508655Debt Investments Education Kangaroo Bidco AS Investment First-lien loan ($30,625 par, due 11/2030) Initial Acquisition Date 11/02/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.66%2024-01-012024-12-310001508655Debt Investments Internet Services RainFocus, LLC First-lien loan ($61,099 par, due 4/2031) Initial Acquisition Date 4/25/2025 Reference Rate and Spread SOFR + 6.38% Interest Rate 10.49%2025-01-012025-06-300001508655Equity and Other Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/20222024-01-012024-12-310001508655Debt Investments Human Resource Support Services Hire Vue, Inc. First-lien revolving loan ($4,378 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.30%2024-01-012024-12-310001508655Debt Investments Transportation Rail Acquisitions LLC Second-lien note ($19,994 par, due 1/2031) Initial Acquisition Date 1/27/2025 Reference Rate and Spread 13.75% Interest Rate 13.75% PIK2025-06-300001508655Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($49,375 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.51%2024-12-310001508655us-gaap:OverAllotmentOptionMember2024-03-050001508655tslx:InvestmentAdvisoryAgreementMembertslx:FutureRealizedCapitalGainsPriorToAprilFirstTwoThousandFourteenMember2020-03-312020-03-310001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien loan ($18,133 par, due 3/2029) Initial Acquisition Date 03/24/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Member2024-01-012024-06-300001508655tslx:O2025Q2SupplementalDividendsMember2025-04-300001508655us-gaap:FairValueInputsLevel3Membertslx:AssetValuationWaterfallMembertslx:MezzanineDebtInvestmentsMember2024-12-310001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/20222025-01-012025-06-300001508655tslx:ElysiumBidCoLimitedMembertslx:RevolverMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2024-12-310001508655tslx:InterestRateSwapThreeMember2024-01-012024-06-300001508655tslx:PharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-06-300001508655tslx:MarketingServicesMember2024-12-310001508655Equity and Other Investments Internet Services Lucidworks, Inc. Class A Units (2,333,333 Units) Initial Acquisition Date 4/16/20252025-01-012025-06-300001508655tslx:ControlledAffiliatedInvestmentsMember2025-01-012025-06-300001508655Debt Investments Financial Services Fullsteam Operations, LLC Investment First-lien loan ($40,048 par, due 11/2029) Initial Acquisition Date 11/27/2023 Reference Rate and Spread SOFR + 8.38% Interest Rate 12.89%2024-12-310001508655us-gaap:TreasuryStockCommonMember2024-06-300001508655tslx:OilGasAndConsumableFuelsMemberus-gaap:DebtSecuritiesMember2024-12-310001508655us-gaap:CommonStockMember2024-04-012024-06-300001508655tslx:ControlledAffiliatedInvestmentsMember2025-06-300001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/20182024-01-012024-12-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH First-lien loan (EUR 4,494 par, due 4/2030) Initial Acquisition Date 4/10/2024 Reference Rate and Spread E + 7.25% Interest Rate 10.15% (incl. 3.88% PIK)2024-12-310001508655Debt Investments Internet Services EDB Parent, LLC First-lien loan ($69,873 par, due 7/2028) Initial Acquisition Date 7/7/2022 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.26%2024-12-310001508655Debt Investments Financial Services Passport Labs, Inc. Investment Convertible Promissory Note A ($1,086 par, due 8/2026) Initial Acquisition Date 3/2/2023 Reference Rate and Spread 8% Interest Rate 8%2025-01-012025-06-300001508655Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($1,329 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33%2024-12-310001508655Debt Investments Financial Services BTRS Holdings, Inc. Investment First-lien loan ($48,983 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.61%2024-12-310001508655Debt Investments Other Sky Bidco S.p.A. First-lien note ($14,085 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 10.51%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMember2025-04-012025-06-300001508655us-gaap:LetterOfCreditMember2025-06-300001508655tslx:AdministrationAgreementMember2024-11-012024-11-300001508655tslx:PharmaceuticalsMemberus-gaap:DebtSecuritiesMember2024-12-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH Investment First-lien revolving loan (EUR 208 par, due 4/2030) Initial Acquisition Date 4/10/2024 Reference Rate and Spread E + 6.75% Interest Rate 8.73%2025-01-012025-06-300001508655tslx:FirstLienDebtInvestmentsMember2024-01-012024-12-310001508655Equity and Other Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/20182025-06-300001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/20222025-01-012025-06-300001508655tslx:BusinessServicesMember2024-12-310001508655tslx:FirstLienDebtInvestmentsMember2024-01-012024-06-300001508655tslx:ErlingLuxBidcoSarlMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655Debt Investments Business Services ExtraHop Networks, Inc. Investment First-lien loan ($74,616 par, due 7/2027) Initial Acquisition Date 07/22/2021 Reference Rate and Spread SOFR + 7.60% Interest Rate 11.96%2024-01-012024-12-310001508655Debt Investments Financial Services BTRS Holdings, Inc. Investment First-lien revolving loan ($1,807 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.76%2024-01-012024-12-310001508655tslx:DelayedDrawMembertslx:VarinemGermanBidcoGmbhMember2024-12-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. First-lien loan ($40,663 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.77% (incl. 3.38% PIK)2024-01-012024-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($2,245 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33% (incl. 2.25% PIK)2025-06-300001508655country:FI2025-06-300001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MinimumMembertslx:EquityAndOtherInvestmentsMember2025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:HeritageEnvironmentalServicesIncMember2025-06-300001508655tslx:O2024Q2SupplementalDividendsMember2024-05-010001508655tslx:DelayedDrawMembertslx:VarinemGermanBidcoGmbhMember2025-06-300001508655Debt Investments Human Resource Support Services PrimePay Intermediate, LLC First-lien loan ($34,025 par, due 12/2026) Initial Acquisition Date 12/17/2021 Reference Rate and Spread SOFR + 7.15% Interest Rate 11.63%2024-12-310001508655tslx:TwoThousandTwentySixNotesMember2021-02-012021-02-280001508655Debt Investments Business Services ForeScout Technologies, Inc. Investment First-lien loan ($5,569 par, due 5/2031) Initial Acquisition Date 5/24/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33%2025-06-300001508655tslx:FirstLienDebtInvestmentsMember2024-04-012024-06-300001508655tslx:TwoThousandTwentyFourTwentySixTwentyEightTwentyNineAndTwentyThirtyNotesMember2024-04-012024-06-300001508655Debt Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Investment First-lien loan (AUD 60,000 par, due 12/2026) Initial Acquisition Date 12/6/2021 Reference Rate and Spread B + 6.25% Interest Rate 9.94%2025-01-012025-06-300001508655tslx:EquityAndOtherInvestmentsMember2025-03-310001508655Debt Investments Communications Celtra Technologies, Inc. Investment First-lien loan ($26,437 par, due 11/2026) Initial Acquisition Date 11/19/2021 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.34%2024-01-012024-12-310001508655Equity and Other Investments Healthcare Khoros, LLC Earnout Interests Initial Acquisition Date 5/23/20202025-06-300001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien loan ($64,093 par, due 5/2030) Initial Acquisition Date 05/03/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-12-310001508655us-gaap:DebtSecuritiesMembertslx:HotelGamingAndLeisureMember2025-06-300001508655Interest Rate Swap Company Pays SOFR + 2.44% Maturity Date 3/1/20292024-12-310001508655Equity and Other Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/20222025-01-012025-06-300001508655tslx:EquityAndOtherInvestmentsMembertslx:HotelGamingAndLeisureMember2024-12-310001508655us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2024-01-012024-06-300001508655us-gaap:DebtSecuritiesMember2025-06-300001508655Debt Investments Healthcare Eventus Buyer, LLC Investment First-lien revolving loan ($1,867 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.79%2025-06-300001508655us-gaap:CommonStockMember2024-03-310001508655tslx:TwoThousandTwentySixNotesMember2024-01-012024-12-310001508655tslx:FirstLienDebtInvestmentsMember2024-12-310001508655Debt Investments Healthcare Merative L.P. Investment First-lien loan ($70,103 par, due 6/2028) Initial Acquisition Date 06/30/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.58%2024-12-310001508655tslx:OilGasAndConsumableFuelsMember2024-12-310001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien revolving loan ($4,615 par, due 5/2030 Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-01-012024-12-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan (EUR 597 par, due 7/2031) Initial Acquisition Date 07/05/2024 Reference Rate and Spread E + 7.11% Interest Rate 10.38% (incl. 5.61% PIK)2024-12-310001508655tslx:OtherMemberus-gaap:DebtSecuritiesMember2024-12-310001508655tslx:EquityAndOtherInvestmentsMember2024-12-310001508655us-gaap:FairValueInputsLevel3Member2024-12-310001508655Debt Investments Communications Aurelia Netherlands MidCo 2 B.V. Investment First-lien loan (EUR 32,904 par, due 5/2031) Initial Acquisition Date 05/22/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.93%2024-01-012024-12-310001508655Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($12,222 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.53%2025-06-300001508655Debt Investments Human Resource Support Services bswift, LLC Investment First-lien loan ($44,684 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 4.75% Interest Rate 9.06%2025-06-300001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 9,953 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 11.47%2025-06-300001508655Equity and Other Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/20202024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2024-12-310001508655tslx:TwoThousandTwentyEightNotesMember2025-01-012025-06-300001508655tslx:EventusBuyerLLCMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655Equity and Other Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/20232025-06-300001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandThirtyNotesMember2025-01-012025-06-300001508655Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/20282024-01-012024-12-310001508655tslx:ElysiumBidCoLimitedMembertslx:RevolverMember2025-06-300001508655Equity and Other Investments Business Services ReliaQuest, LLC Class A-1 Units (637,713 units) Initial Acquisition Date 11/23/20212024-01-012024-12-310001508655Debt Investments Internet Services CrunchTime Information, Systems, Inc. First-lien loan ($58,898 par, due 6/2028) Initial Acquisition Date 6/17/2022 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.11%2024-12-310001508655tslx:MezzanineDebtInvestmentsMember2024-01-012024-12-310001508655tslx:FirstLienDebtInvestmentsMember2024-06-300001508655country:CA2025-06-300001508655Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/20282024-12-310001508655tslx:ControlledAffiliatedInvestmentsMember2024-12-310001508655Debt Investments Financial Services Passport Labs, Inc. Investment First-lien loan ($24,995, par, due 4/2026) Initial Acquisition Date 04/28/2021 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.91%2024-12-310001508655us-gaap:AdditionalPaidInCapitalMember2024-12-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. First-lien loan ($21,899 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread SOFR + 6.65% Interest Rate 11.28%2024-12-310001508655Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($33,059 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2024-12-310001508655us-gaap:RetainedEarningsMember2025-03-310001508655tslx:MezzanineDebtInvestmentsMember2025-01-012025-06-300001508655us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001508655Debt Investments Financial Services Passport Labs, Inc. Investment Convertible Promissory Note A ($1,086 par, due 8/2026) Initial Acquisition Date 03/02/2023 Reference Rate and Spread 8.00% Interest Rate 8.00%2024-12-310001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 84,719 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.25% Interest Rate 8.59% (incl. 3.38% PIK)2025-01-012025-06-300001508655us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001508655Debt Investments Business Services ExtraHop Networks, Inc. Investment First-lien loan ($76,690 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.93%2025-06-300001508655Debt Investments Business Services Wrangler TopCo, LLC Investment First-lien loan ($6,001 par, due 9/2029) Initial Acquisition Date 7/7/2023? Reference Rate and Spread SOFR + 6.00% Interest Rate 10.32%2025-01-012025-06-300001508655tslx:ControlledAffiliatedInvestmentsMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMember2025-06-300001508655Debt Investments Healthcare Eventus Buyer, LLC Investment First-lien loan ($25,900 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.86%2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:ApteanIncMember2024-12-310001508655tslx:ControlledAffiliatedInvestmentsMember2024-01-012024-12-310001508655tslx:SouthMember2024-12-310001508655us-gaap:RevolvingCreditFacilityMember2025-06-300001508655tslx:TwentyTwentyNineNotesMember2024-01-082024-01-080001508655tslx:WestMember2024-12-310001508655Debt Investments Financial Services BlueSnap, Inc. Investment First-lien loan ($49,331 par, due 8/2025) Initial Acquisition Date 10/25/2019 Reference Rate and Spread SOFR + 9.15% Interest Rate 13.45%2025-06-300001508655tslx:StructuredCreditInvestmentsMember2024-01-012024-12-310001508655us-gaap:RealEstateMembersrt:MaximumMember2024-12-310001508655Debt Investments Oil, Gas and Consumable Fuels TRP Assets, LLC First-lien loan ($54,834 par, due 12/2029) Initial Acquisition Date 12/20/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2024-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment First-lien loan ($70,048 par, due 11/2029) Initial Acquisition Date 11/23/2020 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.83%2025-01-012025-06-300001508655tslx:NonControlledNonAffiliatedInvestmentsMember2024-04-012024-06-300001508655Debt Investments Healthcare Edge Bidco B.V. Investment First-lien loan (EUR 5,947 par, due 2/2029) Initial Acquisition Date 02/24/2023 Reference Rate and Spread E + 6.75% Interest Rate 9.43%2024-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Class A-3 Units (16,957 units) Initial Acquisition Date 11/10/20232024-12-310001508655Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($63,002 par, due 7/2028) Initial Acquisition Date 7/25/2022 Reference Rate and Spread SOFR + 9.10% Interest Rate 13.43%2025-06-300001508655tslx:RaptorUsBuyerIiCorpMembertslx:RevolverMember2025-06-300001508655tslx:GreenshootBidcoBVMembertslx:RevolverMember2024-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Warrants (633,376 warrants) Initial Acquisition Date 9/21/20182024-12-310001508655us-gaap:AdditionalPaidInCapitalMember2025-03-3100015086552025-01-012025-03-310001508655tslx:TwoThousandTwentyNineNotesMember2024-01-012024-01-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyFourNotesMember2024-04-012024-06-300001508655tslx:TransportationMemberus-gaap:DebtSecuritiesMember2025-06-300001508655tslx:ManufacturingMember2025-06-300001508655tslx:TruckLiteCoLlcMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($4,069 par, due 4/2031) Initial Acquisition Date 04/29/2024 Reference Rate and Spread SOFR + 4.97% Interest Rate 9.33% (incl. 1.97% PIK)2024-12-310001508655tslx:DelayedDrawMembertslx:TRPAssetsLLCMember2025-06-300001508655tslx:EMSLinqIncMembertslx:RevolverMember2025-06-300001508655Debt Investments Transportation Project44, Inc First-lien loan ($54,824 par, due 11/2027) Initial Acquisition Date 11/12/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.75%2024-12-310001508655tslx:InterestRateSwapOneMember2025-01-012025-06-300001508655tslx:SlBuyerCorpMembertslx:DelayedDrawMember2024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:WranglerTopcoLlcMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:BlackScholesModelMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($19,912 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.10%2024-12-310001508655tslx:BigWombatHoldingIncMembertslx:RevolverMember2025-06-300001508655us-gaap:FairValueInputsLevel1Member2024-12-310001508655Debt Investments Human Resource Support Services Madcap Software, Inc. Investment First-lien loan ($32,013 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 10.40%2025-06-300001508655Debt Investments Healthcare Eventus Buyer, LLC Investment First-lien loan ($25,835 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.80%2025-01-012025-06-300001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($69,218 par, due 6/2031) Initial Acquisition Date 6/25/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.82%2025-01-012025-06-300001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien revolving loan ($397 par, due 4/2030) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.58%2025-06-300001508655tslx:EducationMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655tslx:OilGasAndConsumableFuelsMemberus-gaap:DebtSecuritiesMember2025-06-300001508655tslx:DelayedDrawMembertslx:SkylarkUkDebtcoLimitedMember2025-06-300001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-12-310001508655tslx:TwoThousandTwentyFourNotesMember2019-11-300001508655Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien loan ($53,301 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.03%2025-06-300001508655Debt Investments Transportation Rail Acquisitions LLC Second-lien note ($19,994 par, due 1/2031) Initial Acquisition Date 1/27/2025 Reference Rate and Spread 13.75% Interest Rate 13.75% PIK2025-01-012025-06-300001508655us-gaap:TreasuryStockCommonMember2024-03-310001508655Debt Investments Financial Services TradingScreen, Inc. Investment First-lien loan ($55,528 par, due 4/2027) Initial Acquisition Date 04/30/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.93%2024-12-310001508655tslx:InternetServicesMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($1,341 par, due 9/2026) Initial Acquisition Date 6/10/2021 Reference Rate and Spread SOFR + 15.10% Interest Rate 19.65% (incl. 19.15% PIK)2024-12-310001508655Equity and Other Investments Financial Services TradingScreen, Inc. Class AA Units (19,093 units) Initial Acquisition Date 11/1/2024 Reference Rate and Spread 20.00% Interest Rate 20.00%2025-01-012025-06-300001508655tslx:FullsteamOperationsLlcMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655tslx:O2024Q1BaseDividendsMember2024-02-150001508655Debt Investments Oil, Gas and Consumable Fuels TRP Assets, LLC First-lien loan ($54,834 par, due 12/2029) Initial Acquisition Date 12/20/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.30%2025-01-012025-06-300001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($8,994 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 14.26%2024-01-012024-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Warrants (569,991 warrants) Initial Acquisition Date 4/2/20202024-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($24,924 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.26% PIK2024-12-310001508655us-gaap:AdditionalPaidInCapitalMember2024-06-300001508655Debt Investments Education EMS Linq, Inc. Investment First-lien loan ($4,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.81%2024-12-310001508655Debt Investments Internet Services EDB Parent, LLC Investment First-lien loan ($74,047 par, due 7/2028) Initial Acquisition Date 7/7/2022 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.08%2025-01-012025-06-300001508655Debt Investments Healthcare Ingenovis Health Finance, LLC Investment First-lien revolving loan ($32,500 par, due 5/2030) Initial Acquisition Date 5/13/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.31%2025-01-012025-06-300001508655tslx:HotelGamingAndLeisureMember2024-12-310001508655tslx:InterestRateSwapFourMember2024-04-012024-06-300001508655Debt Investments Human Resource Support Services PayScale Holdings, Inc. First-lien loan ($70,465 par, due 5/2027) Initial Acquisition Date 5/3/2019 Reference Rate and Spread SOFR + 5.85% Interest Rate 10.18%2024-01-012024-12-310001508655Debt Investments Internet Services Lithium Technologies, LLC First-lien loan ($61,483 par, due 1/2025) Initial Acquisition Date 10/3/2017 Reference Rate and Spread SOFR + 11.00% Interest Rate 15.59%2024-01-012024-12-310001508655Equity and Other Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/20182024-12-3100015086552024-01-012024-06-300001508655Debt Investments Hotel, Gaming and Leisure ASG II, LLC First-lien loan ($65,000 par, due 5/2028) Initial Acquisition Date 5/25/2022 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.99%2024-01-012024-12-310001508655IRGSE Holding Corp2024-12-310001508655tslx:TwoThousandThirtyNotesMember2025-01-012025-06-300001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien revolving loan ($2,191 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.17%2025-01-012025-06-300001508655Debt Investments Business Services Wrangler TopCo, LLC Investment First-lien loan ($5,484 par, due 9/2029) Initial Acquisition Date 07/07/2023 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.38%2024-01-012024-12-310001508655us-gaap:CommonStockMember2024-03-050001508655Debt Investments Financial Services Ibis US Blocker Co. Investment First-lien loan ($19,555 par, due 5/2028) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 9.50% Interest Rate 13.83% PIK2025-01-012025-06-300001508655tslx:AxonifyIncMembertslx:DelayedDrawMember2025-06-300001508655Debt Investments Office Products USR Parent, Inc. ABL FILO term loan ($15,000 par, due 4/2027) Initial Acquisition Date 4/25/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.05%2024-01-012024-12-310001508655Debt Investments Real Estate Cirrus (BidCo) Limited First-lien loan (GBP 691 par, due 8/2030) Initial Acquisition Date 8/9/2024 Reference Rate and Spread S + 6.25% Interest Rate 10.47% (incl. 3.00% PIK)2025-01-012025-06-300001508655Debt Investments Business Services Alpha Midco, Inc. Investment First-lien loan ($69,624 par, due 8/2028) Initial Acquisition Date 08/15/2019 Reference Rate and Spread SOFR + 6.88% Interest Rate 11.20%2024-01-012024-12-310001508655Debt Investments Financial Services Ibis Intermediate Co. Investment First-lien loan ($1,177 par, due 5/2027) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 8.98%2025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-06-300001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH Investment First-lien loan (EUR 4,553 par, due 4/2030) Initial Acquisition Date 4/10/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.50% (incl. 3.88% PIK)2025-06-300001508655tslx:TwoThousandTwentyNineNotesMember2025-06-300001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/20212025-01-012025-06-300001508655tslx:SecondLienDebtInvestmentsMember2024-01-012024-12-310001508655Equity and Other Investments Pharmaceuticals TherapeuticsMD, Inc. Warrants (14,256 warrants) Initial Acquisition Date 8/5/20202025-06-300001508655tslx:InvestmentAdvisoryAgreementMember2025-04-012025-06-300001508655Debt Investments Healthcare Eventus Buyer, LLC Investment First-lien revolving loan ($467 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 10.03%2024-12-310001508655Debt Investments Human Resource Support Services Madcap Software, Inc. First-lien loan ($32,175 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 10.35%2024-01-012024-12-310001508655tslx:CordanceOperationsLlcMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMember2025-06-300001508655Interest Rate Swap Company Pays SOFR + 2.99% Maturity Date 8/14/20282024-12-310001508655tslx:StructuredCreditInvestmentsMember2024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/20212025-06-300001508655tslx:HumanResourceSupportServicesMember2025-06-300001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMembersrt:MaximumMember2025-06-300001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien loan ($6,940 par, due 4/2031) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.53%2025-01-012025-06-300001508655Debt Investments Human Resource Support Services Axonify, Inc. First-lien loan ($44,419 par, due 5/2026) Initial Acquisition Date 5/5/2021 Reference Rate and Spread SOFR + 7.65% Interest Rate 12.20%2024-12-310001508655Equity and Other Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/20212024-12-310001508655Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($5,000 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.81%2025-06-300001508655Interest Rate Swap Company Receives 2.50% Company Pays SOFR + 2.17% Maturity Date 8/1/20262024-01-012024-12-310001508655tslx:ElectronicsMember2025-06-300001508655Debt Investments Human Resource Support Services bswift, LLC Investment First-lien loan ($44,684 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 4.75% Interest Rate 9.06%2025-01-012025-06-300001508655tslx:HirevueIncMembertslx:RevolverMember2024-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-01-012025-06-300001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment Second-lien loan ($6,596 par, due 1/2030) Initial Acquisition Date 01/23/2023 Reference Rate and Spread SOFR + 10.70% Interest Rate 15.33% PIK2024-01-012024-12-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($20,253 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.56% (incl. 3.38% PIK)2025-06-300001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien loan ($63,768 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.05%2025-06-300001508655Debt Investments Office Products USR Parent, Inc. ABL FILO term loan ($10,809 par, due 4/2027) Initial Acquisition Date 4/25/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.82%2025-01-012025-06-300001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien loan (EUR 17,469 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.36%2025-01-012025-06-300001508655us-gaap:OverAllotmentOptionMember2024-03-052024-03-050001508655Debt Investments Financial Services BCTO Bluebill Buyer, Inc. Investment First-lien loan ($29,384 par, due 7/2029) Initial Acquisition Date 7/20/2023 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.28%2025-01-012025-06-300001508655tslx:InvestmentAdvisoryAgreementMember2011-04-152011-04-150001508655tslx:DelayedDrawAndRevolverMembertslx:LynxBidcoMember2025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:AlphaMidcoIncMember2024-12-310001508655tslx:InterestRateSwapTwoMember2024-04-012024-06-300001508655Debt Investments Healthcare SL Buyer Corp. Investment First-lien loan ($33,416 par, due 7/2029) Initial Acquisition Date 07/07/2023 Reference Rate and Spread SOFR + 7.75% Interest Rate 12.34%2024-01-012024-12-310001508655us-gaap:CommonStockMember2024-12-310001508655Debt Investments Business Services Price Fx Inc. Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 10/27/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.17%2025-01-012025-06-300001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($23,849 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.23% PIK2025-06-300001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/20212025-01-012025-06-300001508655tslx:SecondLienDebtInvestmentsMember2024-03-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentySixNotesMember2025-01-012025-06-300001508655Debt Investments Retail and Consumer Products American Achievement, Corp. Subordinated note ($4,740 par, due 9/2026) Initial Acquisition Date 3/16/2021 Reference Rate and Spread SOFR + 1.15% Interest Rate 5.74%2024-12-310001508655Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien loan (EUR 5,107 par, due 5/2030) Initial Acquisition Date 5/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.76%2025-01-012025-06-300001508655Debt Investments Business Services Crewline Buyer, Inc. Investment First-lien loan ($58,384 par, due 11/2030) Initial Acquisition Date 11/8/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.08%2025-01-012025-06-300001508655Debt Investments Other Omnigo Software, LLC First-lien loan ($39,533 par, due 3/2027) Initial Acquisition Date 3/31/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.86%2024-12-310001508655Debt Investments Financial Services Arlberg Bidco LLC Investment First-lien loan ($5,000 par, due 2/2031) Initial Acquisition Date 2/14/2025 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.06%2025-01-012025-06-300001508655Debt Investments Other Boréal Bidco First-lien loan (EUR 13,213 par, due 3/2032) Initial Acquisition Date 3/24/2025 Reference Rate and Spread E + 7.25% Interest Rate 9.23% (incl. 5.75% PIK)2025-06-300001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan (GBP 10,275 par, due 4/2031) Initial Acquisition Date 04/29/2024 Reference Rate and Spread S + 5.25% Interest Rate 9.95% (incl. 2.25% PIK2024-01-012024-12-310001508655us-gaap:UnfundedLoanCommitmentMember2024-12-310001508655Debt Investments Communications Banyan Software Holdings, LLC Investment First-lien loan ($39,386 par, due 10/2026) Initial Acquisition Date 01/27/2023 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.71%2024-01-012024-12-310001508655Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($3,635 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.81%2024-01-012024-12-310001508655Debt Investments Oil, Gas and Consumable Fuels Northwind Midstream Partners LLC First-lien loan ($25,000 par, due 3/2029) Initial Acquisition Date 3/18/2025 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.70%2025-06-300001508655Equity and Other Investments Pharmaceuticals TherapeuticsMD, Inc. Warrants (14,256 warrants) Initial Acquisition Date 8/5/20202024-12-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($2,012 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2025-01-012025-06-300001508655Debt Investments Business Services BCTO Ignition Purchaser, Inc. Investment First-lien holdco loan ($51,430 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.77% PIK2025-06-300001508655tslx:FirstLienDebtInvestmentsMember2025-03-310001508655tslx:TwoThousandTwentySixNotesMember2021-02-280001508655tslx:RevolverMembertslx:IRGSEHoldingCorpMember2024-12-310001508655tslx:DelayedDrawMembertslx:ApellisPharmaceuticalsIncMember2024-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-01-012025-06-300001508655tslx:BtrsHoldingIncMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 17,985 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.23%2025-06-300001508655us-gaap:RevolvingCreditFacilityMember2024-12-310001508655Debt Investments Education Astra Acquisition Corp. Investment Second-lien loan ($40,302 par, due 10/2029) Initial Acquisition Date 10/22/2021 Reference Rate and Spread P + 9.88% Interest Rate 17.38%2025-06-300001508655tslx:NonControlledNonAffiliatedInvestmentsMember2025-06-300001508655us-gaap:RetainedEarningsMember2024-01-012024-03-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:RealizedCapitalGainsAccruedBeginningAprilFirstTwoThousandFourteenMember2011-04-152011-04-150001508655tslx:EquityAndOtherInvestmentsMember2025-06-300001508655tslx:InterestRateSwapOneMember2025-04-012025-06-300001508655Controlled Affiliated Investments IRGSE Holding Corp.2023-12-310001508655tslx:MezzanineDebtInvestmentsMember2024-01-012024-06-300001508655Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($19,737 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-01-012024-12-310001508655tslx:InterestRateSwapTwoMember2024-01-012024-06-300001508655Debt Investments Retail and Consumer Products Neuintel, LLC First-lien loan ($55,038 par, due 12/2026) Initial Acquisition Date 12/20/2021 Reference Rate and Spread SOFR + 6.85% Interest Rate 11.21%2024-01-012024-12-310001508655Debt Investments Insurance Disco Parent, Inc. First-lien loan ($5,319 par, due 3/2029) Initial Acquisition Date 3/30/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 12.01%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2024-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMembersrt:MaximumMember2024-12-310001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (GBP 643 par, due 9/2030) Initial Acquisition Date 2/20/2025 Reference Rate and Spread S + 5.25% Interest Rate 9.47%2025-06-300001508655Debt Investments Internet Services Coupa Holdings, LLC First-lien loan ($42,975 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-01-012024-12-310001508655Debt Investments Financial Services BlueSnap, Inc. Investment First-lien loan ($49,331 par, due 8/2025) Initial Acquisition Date 10/25/2019 Reference Rate and Spread SOFR + 9.15% Interest Rate 13.45%2025-01-012025-06-300001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien loan ($18,133 par, due 3/2029) Initial Acquisition Date 03/24/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-12-310001508655Debt Investments Internet Services Flight Intermediate HoldCo, Inc. Investment First-lien loan ($40,000 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate and Spread 11.50% Interest Rate 11.50%2025-01-012025-06-300001508655Debt Investments Internet Services Arrow Buyer, Inc. Investment First-lien loan ($36,838 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.30%2025-01-012025-06-300001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/20212024-12-310001508655Hedge Accounting Swaps2024-12-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien revolving loan ($397 par, due 4/2030) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.58%2025-01-012025-06-300001508655tslx:InterestRateSwapFourMember2025-04-012025-06-300001508655tslx:EquityAndOtherInvestmentsMember2024-04-012024-06-300001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (GBP 16,640 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread S + 5.66% Interest Rate 10.36%2024-12-310001508655Equity and Other Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/20152024-12-310001508655Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien loan ($53,301 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.03%2025-01-012025-06-300001508655tslx:EquityAndOtherInvestmentsMembertslx:HotelGamingAndLeisureMember2025-06-300001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan ($1,461 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread SOFR + 7.11% Interest Rate 11.32% (incl. 5.61% PIK)2025-01-012025-06-300001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/20212025-06-300001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($69,218 par, due 12/2027) Initial Acquisition Date 12/1/2021 Reference Rate and Spread SOFR + 6.90% Interest Rate 11.56%2024-01-012024-12-310001508655tslx:IRGSEHoldingCorpMembertslx:RevolverMember2025-06-300001508655tslx:TangoManagementConsultingTwoMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien revolving loan (GBP 280 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 11.22%2025-06-300001508655tslx:HumanResourceSupportServicesMemberus-gaap:DebtSecuritiesMember2025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:PdiTaHoldingsIncMember2024-12-310001508655Debt Investments Business Services BCTO Ignition Purchaser, Inc. Investment First-lien holdco loan ($51,430 par, due 10/2030) Initial Acquisition Date 4/18/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.77% PIK2025-01-012025-06-300001508655tslx:TwoThousandTwentyNineNotesMember2025-01-012025-06-300001508655tslx:MezzanineDebtInvestmentsMember2024-03-310001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,491 par, due 7/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.77% (incl. 3.00% PIK)2025-01-012025-06-300001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. First-lien loan ($40,663 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.77% (incl. 3.38% PIK)2024-12-310001508655Debt Investments Real Estate Cirrus (BidCo) Limited First-lien loan (GBP 691 par, due 8/2030) Initial Acquisition Date 8/9/2024 Reference Rate and Spread S + 6.25% Interest Rate 10.47% (incl. 3.00% PIK)2025-06-300001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien loan (EUR 17,558 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread E + 7.00% Interest Rate 10.05%2024-12-310001508655Debt Investments Financial Services TradingScreen, Inc. Investment First-lien revolving loan ($1,232 par, due 5/2027) Initial Acquisition Date 11/1/2024 Reference Rate and Spread P + 5.25% Interest Rate 12.75%2025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMembersrt:MaximumMember2025-06-300001508655tslx:ElysianFincoLtdMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655Equity and Other Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/20212024-01-012024-12-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien revolving loan ($436 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.06%2025-01-012025-06-300001508655Debt Investments Financial Services Fullsteam Operations, LLC Investment First-lien loan ($3,568 par, due 11/2029) Initial Acquisition Date 2/23/2024 Reference Rate and Spread SOFR + 7.15% Interest Rate 11.48%2025-06-300001508655Debt Investments Business Services Crewline Buyer, Inc. Investment First-lien loan ($58,384 par, due 11/2030) Initial Acquisition Date 11/08/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.11%2024-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentySixNotesMember2025-04-012025-06-300001508655Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($48,125 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2025-06-300001508655Debt Investments Internet Services Coupa Holdings, LLC Investment First-lien loan ($42,759 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.53%2025-06-300001508655us-gaap:FinancialServicesSectorMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655tslx:O2024Q1SupplementalDividendsMember2024-02-150001508655Debt Investments Education EMS Linq, Inc. Investment First-lien revolving loan ($5,095 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.68%2025-06-300001508655Equity and Other Investments Financial Services TradingScreen, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/20212025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-06-300001508655Equity and Other Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/20222024-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Second-lien loan ($2,347 par, due 6/2027) Initial Acquisition Date 3/13/2024 Reference Rate and Spread 16.00% Interest Rate 16.00% PIK2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MinimumMembersrt:ObligorGroupMember2025-06-300001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($1,334 par, due 9/2026) Initial Acquisition Date 6/10/2021 Reference Rate and Spread SOFR + 15.10% Interest Rate 19.42% (incl. 18.92% PIK)2025-01-012025-06-300001508655Equity and Other Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/20212025-01-012025-06-300001508655Debt Investments Communications Aurelia Netherlands MidCo 2 B.V. Investment First-lien loan (EUR 32,904 par, due 5/2031) Initial Acquisition Date 5/22/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.83%2025-01-012025-06-300001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (EUR 2,515 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.73% (incl. 3.38% PIK)2025-06-300001508655Debt Investments Other Sky Bidco S.p.A. First-lien note (EUR 6,368 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.25% Interest Rate 8.20%2024-01-012024-12-310001508655tslx:O2025Q1BaseDividendsMember2025-02-132025-02-130001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 4,608 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.61%2024-12-310001508655tslx:BigWombatHoldingIncMembertslx:RevolverMember2024-12-310001508655tslx:PharmaceuticalsMember2024-12-310001508655Debt Investments Education Kangaroo Bidco AS Investment First-lien loan ($30,625 par, due 11/2030) Initial Acquisition Date 11/2/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.43%2025-06-300001508655Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/20292025-01-012025-06-300001508655tslx:ManufacturingMemberus-gaap:DebtSecuritiesMember2025-06-300001508655tslx:SapphireSoftwareBuyerIncMembertslx:RevolverMember2025-06-300001508655Debt Investments Financial Services Fullsteam Operations, LLC Investment First-lien revolving loan ($758 par, due 11/2029) Initial Acquisition Date 11/27/2023 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.71%2025-06-300001508655tslx:HirevueIncMembertslx:RevolverMember2025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:ApteanIncMember2025-06-300001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan (EUR 597 par, due 7/2031) Initial Acquisition Date 07/05/2024 Reference Rate and Spread E + 7.11% Interest Rate 10.38% (incl. 5.61% PIK)2024-01-012024-12-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($19,912 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.10%2024-01-012024-12-310001508655tslx:ScorpioBidcoMembertslx:DelayedDrawMember2025-06-300001508655tslx:RevolvingCreditFacilityMaturityOnApril232027Member2025-03-042025-03-040001508655tslx:InterestRateSwapFourMember2025-01-012025-06-300001508655Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/20242024-01-012024-12-310001508655tslx:BenNevisMidcoLimitedMembertslx:DelayedDrawMember2025-06-300001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 9,374 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 11.22%2025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655tslx:EquityAndOtherInvestmentsMembertslx:CommunicationsMember2024-12-310001508655tslx:AVSCHoldingCorpMembertslx:RevolverMember2025-06-300001508655Debt Investments Communications X Holdings Inc. Investment First-lien loan ($9,386 par, due 10/2029) Initial Acquisition Date 3/7/2025 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.93%2025-06-300001508655Derivative Interest Rate Swap2024-12-310001508655tslx:DelayedDrawMembertslx:KangarooBidcoASMember2024-12-310001508655us-gaap:HealthcareSectorMemberus-gaap:DebtSecuritiesMember2025-06-300001508655Equity and Other Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/20212025-06-300001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/20212025-01-012025-06-300001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (GBP 22,186 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread S + 5.66% Interest Rate 9.88%2025-01-012025-06-300001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/20182025-06-300001508655Debt Investments Financial Services TradingScreen, Inc. Investment First-lien revolving loan ($899 par, due 5/2027) Initial Acquisition Date 11/01/2024 Reference Rate and Spread P + 5.25% Interest Rate 12.75%2024-12-310001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien loan ($63,768 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.05%2025-01-012025-06-300001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($3,590 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.23%2025-06-300001508655Equity and Other Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/20212025-01-012025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:ForeScoutTechnologiesIncMember2025-06-300001508655tslx:ChemicalsMember2025-06-300001508655Equity and Other Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/20232024-12-310001508655tslx:RevolvingCreditFacilityMaturityOnMarch42025Member2025-03-040001508655Debt Investments Retail and Consumer Products American Achievement, Corp. Subordinated note ($4,740 par, due 9/2026) Initial Acquisition Date 3/16/2021 Reference Rate and Spread SOFR + 1.15% Interest Rate 5.74%2024-01-012024-12-310001508655Debt Investments Financial Services Fullsteam Operations, LLC Investment First-lien loan ($39,394 par, due 11/2029) Initial Acquisition Date 11/27/2023 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.73%2025-06-300001508655Equity and Other Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/20212024-01-012024-12-310001508655Debt Investments Internet Services Hippo XPA Bidco AB First-lien loan (SEK 80,225 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.50% Interest Rate 9.16% (incl. 3.50% PIK)2024-12-310001508655tslx:BusinessServicesMembertslx:EquityAndOtherInvestmentsMember2025-06-300001508655country:NO2024-12-310001508655Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($5,000 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.81%2025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2025-01-012025-06-300001508655Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($60,781 par, due 7/2028) Initial Acquisition Date 7/25/2022 Reference Rate and Spread SOFR + 9.25% Interest Rate 13.51%2024-12-310001508655tslx:EquityAndOtherInvestmentsMembertslx:BusinessServicesMember2024-12-310001508655us-gaap:FairValueInputsLevel2Membertslx:SecondLienDebtInvestmentsMember2024-12-310001508655Debt Investments Education EMS Linq, Inc. Investment First-lien loan ($56,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.86%2024-12-310001508655Equity and Other Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/20232024-01-012024-12-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 4,647 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.25% (incl. 3.38% PIK)2025-06-300001508655us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001508655Interest Rate Swap Company Receives 5.625% Company Pays SOFR + 1.53% Maturity Date 8/15/20302025-01-012025-06-300001508655tslx:ScorpioBidcoMembertslx:DelayedDrawMember2024-12-310001508655us-gaap:DomesticCountryMember2025-01-012025-06-300001508655Debt Investments Financial Services BlueSnap, Inc. Investment First-lien loan ($45,106 par, due 8/2025) Initial Acquisition Date 10/25/2019 Reference Rate and Spread SOFR + 9.15% Interest Rate 13.48%2024-01-012024-12-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($18,133 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 10.09%2024-01-012024-12-310001508655country:FR2024-12-310001508655Equity and Other Investments Healthcare Khoros, LLC Earnout Interests Initial Acquisition Date 5/23/20202025-01-012025-06-300001508655Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($12,284 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-01-012024-12-310001508655tslx:BusinessServicesMemberus-gaap:DebtSecuritiesMember2025-06-300001508655tslx:InternetServicesMember2025-06-300001508655Debt Investments Other Sky Bidco S.p.A. First-lien note ($14,085 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.30%2025-06-300001508655tslx:OfficeProductsMember2025-06-300001508655tslx:InvestmentAdvisoryAgreementMember2024-04-012024-06-300001508655Debt Investments Business Services Price Fx Inc. Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 12/19/2024 Reference Rate and Spread E + 6.25% Interest Rate 9.12%2024-01-012024-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels Murchison Oil and Gas, LLC Preferred Units (13,355 units) Initial Acquisition Date 6/30/20222025-06-300001508655tslx:FirstLienDebtInvestmentsMember2024-12-310001508655Debt Investments Internet Services CrunchTime Information, Systems, Inc. First-lien loan ($58,898 par, due 6/2028) Initial Acquisition Date 6/17/2022 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.11%2024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:ForeScoutTechnologiesIncMember2024-12-310001508655Debt Investments Hotel, Gaming and Leisure ASG II, LLC First-lien loan ($65,000 par, due 5/2028) Initial Acquisition Date 5/25/2022 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.99%2024-12-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,532 par, due 9/2029) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 7.75% Interest Rate 12.05% (incl. 4.75% PIK)2025-01-012025-06-300001508655Equity and Other Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/20212025-06-300001508655tslx:AlaskaBidcoOyMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655tslx:TwentyTwentyEightNotesMember2025-01-012025-06-3000015086552024-06-300001508655Equity and Other Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/20182025-01-012025-06-300001508655tslx:RevolvingCreditFacilityMaturityOnApril232027Member2024-04-240001508655Equity and Other Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/20202025-01-012025-06-300001508655Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien revolving loan ($3,493 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.04%2025-06-300001508655Debt Investments Human Resource Support Services HireVue, Inc. First-lien loan ($53,572 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.34%2024-12-310001508655tslx:ControlledAffiliatedInvestmentsMember2024-01-012024-06-300001508655us-gaap:TreasuryStockCommonMember2024-12-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/20222024-01-012024-12-310001508655tslx:InvestmentAdvisoryAgreementMembertslx:RealizedCapitalGainsAccruedPriorToMarchThirtyFirstTwoThousandFourteenMember2011-04-152011-04-150001508655Equity and Other Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/20212025-06-300001508655Debt Investments Financial Services Volante Technologies, Inc. Investment First-lien loan ($3,072 par, due 9/2028) Initial Acquisition Date 09/29/2023 Reference Rate and Spread 16.50% Interest Rate 16.50% PIK2024-01-012024-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-03-042025-03-040001508655Debt Investments Oil, Gas and Consumable Fuels Mach Natural Resources LP First-lien loan ($4,625 par, due 12/2026) Initial Acquisition Date 12/28/2023 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.98%2024-01-012024-12-310001508655tslx:AdministrationAgreementMemberus-gaap:GeneralAndAdministrativeExpenseMembertslx:AdviserMember2024-01-012024-06-300001508655Equity and Other Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/20232025-06-300001508655tslx:EducationMemberus-gaap:DebtSecuritiesMember2024-12-310001508655Debt Investments Other Sky Bidco S.p.A. First-lien note (EUR 6,368 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.00% Interest Rate 6.98%2025-01-012025-06-300001508655Debt Investments Retail and Consumer Products Acosta First-lien loan ($13,950 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.92%2025-06-300001508655Debt Investments Financial Services BTRS Holdings, Inc. Investment First-lien revolving loan ($1,807 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.76%2024-12-310001508655Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ($27,317 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 11.46%2024-01-012024-12-310001508655tslx:EquityAndOtherInvestmentsMember2024-01-012024-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2024-01-012024-06-300001508655Equity and Other Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/20212024-01-012024-12-310001508655Debt Investments Transportation Rail Acquisitions LLC First-lien loan ($25,344 par, due 1/2030) Initial Acquisition Date 1/27/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.28%2025-06-300001508655tslx:EquityAndOtherInvestmentsMember2025-06-300001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 125,000 par, due 2/2031) Initial Acquisition Date 6/12/2025 Reference Rate and Spread STIBOR + 6.50% Interest Rate 8.74% (incl. 3.50% PIK)2025-06-300001508655tslx:InvestmentAdvisoryAgreementMembertslx:CapitalGainsAccrueFollowingMarchThirtyFirstTwoThousandFourteenMember2011-04-152011-04-150001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Series C Preferred Shares (1,915,114 shares) Initial Acquisition Date 10/13/20202024-01-012024-12-310001508655Debt Investments Healthcare Merative L.P. Investment First-lien loan ($70,103 par, due 6/2028) Initial Acquisition Date 6/30/2022 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.55%2025-01-012025-06-300001508655Debt Investments Education EMS Linq, Inc. Investment First-lien loan ($56,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.86%2024-01-012024-12-310001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 4,392 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 4.75% Interest Rate 7.10%2025-06-300001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien loan ($15,046 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.36% (incl. 2.25% PIK)2024-01-012024-12-310001508655tslx:ControlledAffiliatedInvestmentsMember2023-12-310001508655tslx:ArtisanBidcoIncMembertslx:RevolverMember2025-06-300001508655Debt Investments Internet Services Arrow Buyer, Inc. First-lien loan ($34,944 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-01-012024-12-310001508655tslx:MezzanineDebtInvestmentsMember2023-12-310001508655Debt Investments Financial Services Passport Labs, Inc. Investment Convertible Promissory Note A ($1,086 par, due 8/2026) Initial Acquisition Date 3/2/2023 Reference Rate and Spread 8% Interest Rate 8%2025-06-300001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (33,790,171 units) Initial Acquisition Date 12/21/20182025-01-012025-06-300001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 4,608 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.61%2024-01-012024-12-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. First-lien revolving loan ($37,972 par, due 6/2025) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 14.14%2024-12-310001508655tslx:InterestRateSwapTwoMember2025-04-012025-06-300001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien revolving loan ($6,635 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.05%2025-01-012025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:UsaDebuskLlcMember2024-12-310001508655tslx:RevolvingCreditFacilityMaturityOnApril232027Member2025-03-040001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment First-lien loan ($70,154 par, due 11/2029) Initial Acquisition Date 11/23/2020 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.01%2024-01-012024-12-310001508655Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($33,059 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2024-04-012024-06-300001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. First-lien revolving loan ($37,972 par, due 6/2025) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 14.14%2024-01-012024-12-310001508655us-gaap:CommonStockMember2024-01-012024-03-310001508655tslx:BenNevisMidcoLimitedMembertslx:DelayedDrawMember2024-12-310001508655Equity and Other Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/20202024-01-012024-12-310001508655Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. Investment First-lien loan ($45,054 par, due 12/2031) Initial Acquisition Date 12/5/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33%2025-06-300001508655tslx:TwoThousandTwentyNineNotesMemberus-gaap:InterestRateSwapMember2024-01-012024-06-300001508655tslx:InterestRateSwapSixMember2024-01-012024-06-300001508655tslx:DelayedDrawMembertslx:TRPAssetsLLCMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMember2024-01-012024-06-300001508655Debt Investments Real Estate Cirrus (BidCo) Limited First-lien loan (GBP 675 par, due 8/2030) Initial Acquisition Date 8/9/2024 Reference Rate and Spread S + 6.25% Interest Rate 10.95% (incl. 3.00% PIK)2024-01-012024-12-310001508655country:FIsrt:MaximumMember2024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Warrants (106,592 warrants) Initial Acquisition Date 4/8/20212024-12-310001508655Debt Investments Business Services Mitnick Corporate Purchaser, Inc. Investment First-lien loan ($324 par, due 5/2029) Initial Acquisition Date 5/2/2022 Reference Rate and Spread SOFR + 4.60% Interest Rate 8.88%2025-01-012025-06-300001508655Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($12,222 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.53%2025-01-012025-06-300001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($2,012 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2025-06-300001508655tslx:NonControlledNonAffiliatedInvestmentsMember2025-01-012025-06-300001508655Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/20242025-01-012025-06-300001508655us-gaap:HealthcareSectorMember2024-12-310001508655us-gaap:FairValueInputsLevel2Membertslx:FirstLienDebtInvestmentsMember2024-12-310001508655Debt Investments Business Services Price Fx Inc. Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 12/19/2024 Reference Rate and Spread E + 6.25% Interest Rate 9.12%2024-12-310001508655tslx:MarcuraEquitiesLtdMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655Equity and Other Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/20152025-06-300001508655us-gaap:RetainedEarningsMember2025-01-012025-03-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($26,767 par, due 9/2026) Initial Acquisition Date 9/30/2015 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.67% (incl. 11.17% PIK)2025-06-300001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($6,023 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 14.23%2025-06-300001508655tslx:DelayedDrawMembertslx:CirrusBidcoLtdMember2024-12-310001508655Equity and Other Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/20212024-12-310001508655tslx:RevolverAndEquityMembertslx:CrewlineBuyerIncMember2025-06-300001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/20222024-01-012024-12-310001508655Debt Investments Retail and Consumer Products Neuintel, LLC First-lien loan ($54,482 par, due 12/2026) Initial Acquisition Date 12/20/2021 Reference Rate and Spread SOFR + 6.85% Interest Rate 11.18%2025-06-300001508655Debt Investments Education EMS Linq, Inc. Investment First-lien loan ($56,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.68%2025-01-012025-06-300001508655Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ($27,317 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 11.43%2025-01-012025-06-3000015086552015-08-042015-08-040001508655Debt Investments Internet Services Lithium Technologies, LLC First-lien loan ($61,483 par, due 1/2025) Initial Acquisition Date 10/3/2017 Reference Rate and Spread SOFR + 11.00% Interest Rate 15.59%2024-12-310001508655tslx:TwentyTwentyFourNotesMember2019-11-012019-11-300001508655tslx:ArrowheadPharmaceuticalsIncMembertslx:DelayedDrawMember2024-12-310001508655tslx:TwoThousandTwentyEightNotesMember2023-08-310001508655tslx:OfficeProductsMember2024-12-310001508655tslx:RevolvingCreditFacilityMaturityOnApril242029Member2024-04-242024-04-240001508655tslx:DelayedDrawAndRevolverMembertslx:RapidDataGmbhUnternehmensberatungMember2025-06-300001508655Debt Investments Internet Services RainFocus, LLC First-lien loan ($61,099 par, due 4/2031) Initial Acquisition Date 4/25/2025 Reference Rate and Spread SOFR + 6.38% Interest Rate 10.49%2025-06-300001508655tslx:InvestmentAdvisoryAgreementMembertslx:LeverageWaiverMember2024-01-012024-06-300001508655Debt Investments Communications Babylon Finco Limited Investment First-lien loan ($1,557 par, due 1/2031) Initial Acquisition Date 01/26/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.37%2024-12-310001508655tslx:TwoThousandThirtyNotesMember2025-02-280001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien revolving loan ($6,635 par, due 5/2030) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.05%2025-06-300001508655Debt Investments Automotive Truck-Lite Co., LLC Investment First-lien loan ($40,134 par, due 2/2031) Initial Acquisition Date 02/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.27%2024-12-310001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien loan ($38,634 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.21%2025-06-300001508655Equity and Other Investments Financial Services TradingScreen, Inc. Class AA Units (19,093 units) Initial Acquisition Date 11/1/2024 Reference Rate and Spread 20.00% Interest Rate 20.00%2024-12-310001508655tslx:EDBParentLLCMembertslx:DelayedDrawMember2024-12-310001508655Equity and Other Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/20212024-01-012024-12-310001508655Debt Investments Business Services ForeScout Technologies, Inc. Investment First-lien loan ($5,569 par, due 5/2031) Initial Acquisition Date 5/24/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33%2025-01-012025-06-300001508655Controlled Affiliated Investments IRGSE Holding Corp.2024-01-012024-12-310001508655tslx:IngenovisHealthFinanceLLCMembertslx:RevolverMember2025-06-300001508655Equity and Other Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/20212025-06-300001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 19,591 par, due 9/2028) Initial Acquisition Date 09/06/2022 Reference Rate and Spread S + 7.00% Interest Rate 11.70%2024-12-310001508655Debt Investments Internet Services Khoros, LLC Investment First-lien loan ($11,682 par, due 5/2030) Initial Acquisition Date 5/23/2025 Reference Rate and Spread 10.00% Interest Rate 10.00%2025-01-012025-06-300001508655Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ($27,317 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 11.46%2024-12-310001508655Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. First-lien loan ($45,167 par, due 12/2031) Initial Acquisition Date 12/5/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.36%2024-01-012024-12-310001508655tslx:EquityAndOtherInvestmentsMember2025-04-012025-06-300001508655Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($1,325 par, due 1/2031) Initial Acquisition Date 9/27/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.30%2025-06-300001508655Debt Investments Internet Services LeanTaaS Holdings, Inc. First-lien loan ($60,263 par, due 7/2028) Initial Acquisition Date 7/12/2022 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.80%2025-01-012025-06-300001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandTwentySixNotesMember2024-01-012024-12-310001508655Equity and Other Investments Financial Services TradingScreen, Inc. Class AA Units (19,093 units) Initial Acquisition Date 11/1/2024 Reference Rate and Spread 20.00% Interest Rate 20.00%2024-01-012024-12-310001508655Debt Investments Financial Services Alaska Bidco Oy Investment First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 5/30/2023 Reference Rate and Spread E + 5.75% Interest Rate 7.8%2025-01-012025-06-300001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($1,999 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2024-12-310001508655Equity and Other Investments Structured Credit Dryden Senior Loan Fund, Series 2020-86A Structured Credit ($1,500 par, due 7/2034) Initial Acquisition Date 8/17/2022 Reference Rate and Spread SOFR + 6.76% Interest Rate 11.41%2024-12-310001508655Debt Investments Education Destiny Solutions Parent Holding Company Investment First-lien loan ($58,950 par, due 6/2026) Initial Acquisition Date 06/08/2021 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.96%2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMembertslx:AssetValuationWaterfallMember2024-12-310001508655Debt Investments Other Omnigo Software, LLC First-lien loan ($39,328 par, due 3/2027) Initial Acquisition Date 3/31/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.83%2025-06-300001508655Debt Investments Education Astra Acquisition Corp. Investment Second-lien loan ($40,302 par, due 10/2029) Initial Acquisition Date 10/22/2021 Reference Rate and Spread P + 9.88% Interest Rate 17.38%2025-01-012025-06-300001508655Debt Investments Communications Banyan Software Holdings, LLC Investment First-lien loan ($16,045 par, due 10/2026) Initial Acquisition Date 01/26/2024 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-12-310001508655tslx:OtherMemberus-gaap:DebtSecuritiesMember2025-06-300001508655Debt Investments Human Resource Support Services PrimePay Intermediate, LLC First-lien loan ($34,025 par, due 12/2026) Initial Acquisition Date 12/17/2021 Reference Rate and Spread SOFR + 7.15% Interest Rate 11.63%2024-01-012024-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/20222025-01-012025-06-300001508655Debt Investments Financial Services Fullsteam Operations, LLC Investment First-lien revolving loan ($758 par, due 11/2029) Initial Acquisition Date 11/27/2023 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.71%2025-01-012025-06-300001508655us-gaap:RealEstateSectorMember2025-06-300001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Warrants (280,000 warrants) Initial Acquisition Date 2/28/20202024-01-012024-12-310001508655tslx:AvalaraIncMembertslx:RevolverMember2024-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien loan (GBP 1,083 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread S + 7.00% Interest Rate 11.22%2025-01-012025-06-300001508655Equity and Other Investments Business Services ReliaQuest, LLC Warrants (90,634 warrants) Initial Acquisition Date 12/20/20232024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Warrants (106,592 warrants) Initial Acquisition Date 4/8/20212025-06-300001508655Equity and Other Investments Automotive Clarience Technologies, LLC Class A Units (333 units) Initial Acquisition Date 2/12/20242025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001508655Debt Investments Other Scorpio Bidco First-lien loan (EUR 2,511 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.43%2024-12-310001508655Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 31,875 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 7.98%2025-06-300001508655Debt Investments Education Astra Acquisition Corp. Investment Second-lien loan ($40,302 par, due 10/2029) Initial Acquisition Date 10/22/2021 Reference Rate and Spread SOFR + 9.14% Interest Rate 13.47%2024-12-310001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (EUR 4,851 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread E + 5.66% Interest Rate 8.35%2024-12-310001508655tslx:PharmaceuticalsMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655country:FI2024-12-310001508655Debt Investments Education Destiny Solutions Parent Holding Company Investment First-lien loan ($58,950 par, due 6/2026) Initial Acquisition Date 06/08/2021 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.96%2024-01-012024-12-310001508655Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($19,737 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-06-300001508655us-gaap:CommonStockMember2025-03-310001508655tslx:DelayedDrawMembertslx:LeantaasHoldingsIncMember2025-06-300001508655tslx:AVSCHoldingCorpMembertslx:RevolverMember2024-12-310001508655us-gaap:HealthcareSectorMember2025-06-300001508655Equity and Other Investments Oil, Gas and Consumable Fuels Murchison Oil and Gas, LLC Preferred Units (13,355 units) Initial Acquisition Date 6/30/20222025-01-012025-06-300001508655tslx:OtherMember2025-06-300001508655us-gaap:RevolvingCreditFacilityMember2025-01-012025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:EmploymentHeroHoldingsPtyLtdMember2025-06-300001508655tslx:HumanResourceSupportServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001508655tslx:DelayedDrawMembertslx:ShiftmoveGmbhMember2024-12-310001508655country:NO2025-06-300001508655tslx:ArtisanBidcoIncMembertslx:RevolverMember2024-12-310001508655Debt Investments Financial Services CLGF Holdco 2, LLC Investment Second-lien loan ($3,357 par, due 11/2028) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 12.00% Interest Rate 16.33%2024-01-012024-12-310001508655tslx:DiscoParentIncMembertslx:RevolverMember2025-06-300001508655Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/20242025-06-300001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($3,988 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.26%2024-12-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($20,388 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.78%2025-01-012025-06-300001508655tslx:DelayedDrawMembertslx:LeantaasHoldingsIncMember2024-12-310001508655Debt Investments Healthcare SL Buyer Corp. Investment First-lien loan ($33,416 par, due 7/2029) Initial Acquisition Date 07/07/2023 Reference Rate and Spread SOFR + 7.75% Interest Rate 12.34%2024-12-310001508655tslx:AvalaraIncMembertslx:RevolverMember2025-06-300001508655tslx:InternetServicesMember2024-12-310001508655Debt Investments Financial Services Volante Technologies, Inc. Investment First-lien loan ($3,332 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate and Spread 16.50% Interest Rate 16.50% PIK2025-06-300001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/20212024-01-012024-12-310001508655us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-06-300001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/20212024-12-3100015086552024-01-012024-03-310001508655Equity and Other Investments Education Astra 2L Holdings II LLC Membership Interest (10.17% ownership) Initial Acquisition Date 1/13/20222025-06-300001508655tslx:TwoThousandTwentyEightNotesMember2023-08-012023-08-310001508655tslx:TwentyThirtyNotesMember2025-01-012025-06-300001508655tslx:EquityAndOtherInvestmentsMembertslx:CommunicationsMember2025-06-300001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($23,849 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.23% PIK2025-01-012025-06-300001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/20222024-01-012024-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/20222025-06-3000015086552025-07-300001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2025-06-300001508655country:FR2025-06-300001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($1,334 par, due 9/2026) Initial Acquisition Date 6/10/2021 Reference Rate and Spread SOFR + 15.10% Interest Rate 19.42% (incl. 18.92% PIK)2025-06-300001508655Debt Investments Real Estate Cirrus (BidCo) Limited First-lien loan (GBP 675 par, due 8/2030) Initial Acquisition Date 8/9/2024 Reference Rate and Spread S + 6.25% Interest Rate 10.95% (incl. 3.00% PIK)2024-12-310001508655Equity and Other Investments Business Services Insight Hideaway Aggregator, L.P. Partnership Interest (329,861 units) Initial Acquisition Date 3/19/20242025-01-012025-06-300001508655tslx:ExtraHopNetworksIncMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 9,953 par, due 6/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 11.95%2024-01-012024-12-310001508655Equity and Other Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/20222024-12-310001508655Debt Investments Financial Services CLGF Holdco 2, LLC Investment First-lien loan ($3,916 par, due 11/2027) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 12.83%2024-12-310001508655tslx:EquityAndOtherInvestmentsMember2024-03-310001508655Equity and Other Investments Financial Services TradingScreen, Inc. Class AA Units (19,093 units) Initial Acquisition Date 11/1/2024 Reference Rate and Spread 20.00% Interest Rate 20.00%2025-06-300001508655Equity and Other Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/20232024-12-310001508655tslx:DelayedDrawMembertslx:KangarooBidcoASMember2025-06-300001508655country:GB2025-06-300001508655tslx:TwoThousandTwentyFourNotesMember2025-01-012025-06-300001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 23,477 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 9.1%2025-06-300001508655tslx:InsuranceMember2024-12-310001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMember2025-03-040001508655country:SE2024-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien loan ($33,874 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2024-12-310001508655Debt Investments Healthcare Symplr Software Inc. Investment First-lien loan ($638 par, due 12/2027) Initial Acquisition Date 4/15/2025 Reference Rate and Spread SOFR + 4.60% Interest Rate 8.88%2025-01-012025-06-300001508655tslx:SecondLienDebtInvestmentsMember2024-04-012024-06-300001508655Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien loan (EUR 5,107 par, due 5/2030) Initial Acquisition Date 05/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.66%2024-12-310001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien loan ($15,046 par, due 10/2031) Initial Acquisition Date 10/01/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.36% (incl. 2.25% PIK)2024-12-310001508655us-gaap:FinancialServicesSectorMember2024-12-310001508655Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/20232025-06-300001508655Debt Investments Internet Services Arrow Buyer, Inc. First-lien loan ($34,944 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-12-310001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Warrants (633,376 warrants) Initial Acquisition Date 9/21/20182024-01-012024-12-310001508655tslx:AmericanAchievementCorpMembertslx:RevolverMember2025-06-300001508655Debt Investments Education EMS Linq, Inc. Investment First-lien loan ($56,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.68%2025-06-300001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. First-lien loan ($30,261 par, due 6/2025) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 13.98%2024-12-310001508655Equity and Other Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/20222024-01-012024-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($3,988 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.26%2024-01-012024-12-310001508655Debt Investments Retail and Consumer Products Acosta First-lien loan ($10,000 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 10.12%2024-12-310001508655Cash collateral2025-06-300001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/20212025-01-012025-06-300001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (GBP 22,186 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread S + 5.66% Interest Rate 9.88%2025-06-300001508655Interest Rate Swap Company Receives 2.5% Company Pays SOFR + 2.17% Maturity Date 8/1/20262025-01-012025-06-300001508655Debt Investments Financial Services Passport Labs, Inc. Investment Convertible Promissory Note A ($1,086 par, due 8/2026) Initial Acquisition Date 03/02/2023 Reference Rate and Spread 8.00% Interest Rate 8.00%2024-01-012024-12-310001508655tslx:InterestRateSwapThreeMember2025-01-012025-06-300001508655Debt Investments Financial Services TradingScreen, Inc. Investment First-lien revolving loan ($1,232 par, due 5/2027) Initial Acquisition Date 11/1/2024 Reference Rate and Spread P + 5.25% Interest Rate 12.75%2025-06-300001508655Equity and Other Investments Automotive Clarience Technologies, LLC Class A Units (333 units) Initial Acquisition Date 2/12/20242025-06-300001508655tslx:CommunicationsMember2024-12-310001508655Debt Investments Internet Services Coupa Holdings, LLC First-lien loan ($42,975 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-12-310001508655tslx:DelayedDrawMembertslx:CirrusBidcoLtdMember2025-06-300001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien revolving loan ($43,742 par, due 6/2026) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 13.96%2025-01-012025-06-300001508655Equity and Other Investments Financial Services CLGF Holdings, L.P. Warrants (334,682 warrants) Initial Acquisition Date 11/7/20232024-12-310001508655tslx:DelayedDrawMembertslx:SkylarkUkDebtcoLimitedMember2024-12-310001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/20212025-06-300001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH First-lien loan (EUR 4,494 par, due 4/2030) Initial Acquisition Date 4/10/2024 Reference Rate and Spread E + 7.25% Interest Rate 10.15% (incl. 3.88% PIK)2024-01-012024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/20212024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMembertslx:AssetValuationWaterfallMember2025-06-300001508655Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($19,737 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.05%2025-06-300001508655country:NL2025-06-300001508655us-gaap:RevolvingCreditFacilityMember2025-03-042025-03-040001508655tslx:TwentyTwentyEightNotesMember2023-08-142023-08-140001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan (GBP 10,396 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread S + 5.50% Interest Rate 9.72% (incl. 2.50% PIK)2025-06-300001508655Debt Investments Financial Services BCTO Bluebill Buyer, Inc. Investment First-lien loan ($29,532 par, due 7/2029) Initial Acquisition Date 07/20/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.84%2024-01-012024-12-310001508655tslx:EquityDistributionAgreementMember2025-01-012025-06-300001508655country:CA2024-12-310001508655Interest Rate Swap Company Pays SOFR + 2.99% Maturity Date 8/14/20282025-06-300001508655Debt Investments Retail and Consumer Products Acosta First-lien loan ($13,950 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 9.92%2025-01-012025-06-300001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Super-Priority DIP term loan ($3,590 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.23%2025-01-012025-06-300001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien loan ($18,041 par, due 3/2029) Initial Acquisition Date 3/24/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.58%2025-01-012025-06-300001508655tslx:TwoThousandTwentyNineNotesMember2024-01-310001508655Debt Investments Healthcare Edge Bidco B.V. Investment First-lien loan (EUR 5,932 par, due 2/2029) Initial Acquisition Date 2/24/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.48%2025-06-300001508655Debt Investments Human Resource Support Services Madcap Software, Inc. First-lien loan ($32,175 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 10.35%2024-12-310001508655us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001508655tslx:AdministrationAgreementMemberus-gaap:GeneralAndAdministrativeExpenseMembertslx:AdviserMember2025-04-012025-06-300001508655us-gaap:TreasuryStockCommonMember2025-06-300001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($1,341 par, due 9/2026) Initial Acquisition Date 6/10/2021 Reference Rate and Spread SOFR + 15.10% Interest Rate 19.65% (incl. 19.15% PIK)2024-01-012024-12-310001508655Debt Investments Retail and Consumer Products Neuintel, LLC First-lien loan ($55,038 par, due 12/2026) Initial Acquisition Date 12/20/2021 Reference Rate and Spread SOFR + 6.85% Interest Rate 11.21%2024-12-310001508655Debt Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. First-lien loan (AUD 60,000 par, due 12/2026) Initial Acquisition Date 12/6/2021 Reference Rate and Spread B + 6.25% Interest Rate 10.73%2024-01-012024-12-310001508655country:DE2025-06-300001508655Equity and Other Investments Business Services ReliaQuest, LLC Series A Preferred Stock (1,667 Units) Initial Acquisition Date 12/20/2023 Reference Rate and Spread SOFR+12.00% Interest Rate 16.60% PIK2024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/20212024-12-310001508655Debt Investments Retail and Consumer Products Neuintel, LLC First-lien loan ($54,482 par, due 12/2026) Initial Acquisition Date 12/20/2021 Reference Rate and Spread SOFR + 6.85% Interest Rate 11.18%2025-01-012025-06-300001508655tslx:InvestmentAdvisoryAgreementMembertslx:LeverageWaiverMember2025-04-012025-06-300001508655Debt Investments Business Services Alpha Midco, Inc. Investment First-lien loan ($69,606 par, due 8/2028) Initial Acquisition Date 8/15/2019 Reference Rate and Spread SOFR + 6.88% Interest Rate 11.17%2025-01-012025-06-300001508655Debt Investments Internet Services Flight Intermediate HoldCo, Inc. Investment First-lien loan ($40,000 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate and Spread 11.50% Interest Rate 11.50%2025-06-300001508655tslx:RetailAndConsumerProductsMember2025-06-300001508655us-gaap:InterestRateSwapMember2025-06-300001508655IRGSE Holding Corp2025-01-012025-06-300001508655tslx:TwentyThirtyNotesMember2025-02-282025-02-280001508655Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($60,781 par, due 7/2028) Initial Acquisition Date 7/25/2022 Reference Rate and Spread SOFR + 9.25% Interest Rate 13.51%2024-01-012024-12-310001508655Debt Investments Internet Services Coupa Holdings, LLC Investment First-lien loan ($42,759 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.53%2025-01-012025-06-300001508655Interest Rate Swap Company Receives 5.625% Company Pays SOFR + 1.53% Maturity Date 8/15/20302025-06-300001508655tslx:NortheastMember2025-06-300001508655tslx:InternetServicesMembertslx:EquityAndOtherInvestmentsMember2025-06-300001508655tslx:SlBuyerCorpMembertslx:DelayedDrawMember2025-06-300001508655Equity and Other Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/20152025-01-012025-06-300001508655Equity and Other Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/20212024-01-012024-12-310001508655tslx:InterestRateSwapThreeMember2024-04-012024-06-300001508655tslx:AxonifyIncMembertslx:DelayedDrawMember2024-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment Second-lien loan ($7,112 par, due 1/2030) Initial Acquisition Date 1/23/2023 Reference Rate and Spread SOFR + 10.70% Interest Rate 14.98% PIK2025-06-300001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Preferred Shares (1,598,874 shares) Initial Acquisition Date 4/8/20212024-01-012024-12-310001508655Debt Investments Financial Services Ibis Intermediate Co. Investment First-lien loan ($1,177 par, due 5/2027) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 8.98%2025-06-300001508655Debt Investments Internet Services Hippo XPA Bidco AB First-lien loan (SEK 80,225 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.50% Interest Rate 9.16% (incl. 3.50% PIK)2024-01-012024-12-310001508655tslx:OilGasAndConsumableFuelsMember2025-06-300001508655tslx:EDBParentLLCMembertslx:DelayedDrawMember2025-06-300001508655Equity and Other Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/20212024-12-310001508655us-gaap:RetainedEarningsMember2023-12-310001508655Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/20292024-01-012024-12-310001508655Debt Investments Financial Services Ibis US Blocker Co. Investment First-lien loan ($18,290 par, due 5/2028) Initial Acquisition Date 05/28/2021 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.91% PIK2024-12-310001508655Debt Investments Business Services Price Fx Inc. Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 10/27/2023 Reference Rate and Spread E + 7.00% Interest Rate 9.17%2025-06-300001508655Debt Investments Insurance Disco Parent, Inc. Investment First-lien loan ($5,319 par, due 3/2029) Initial Acquisition Date 3/30/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2025-06-300001508655tslx:EquityAndOtherInvestmentsMembertslx:StructuredCreditMember2024-12-310001508655Debt Investments Electronics Sapphire Software Buyer, Inc. Investment First-lien loan ($26,962 par, due 9/2031) Initial Acquisition Date 09/30/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.75% (incl. 3.0% PIK)2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-06-300001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,532 par, due 9/2029) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 7.75% Interest Rate 12.05% (incl. 4.75% PIK)2025-06-300001508655tslx:RevolvingCreditFacilityMaturityOnFebruary42026Member2024-04-242024-04-240001508655tslx:InterestRateSwapFiveMember2024-04-012024-06-300001508655tslx:MidwestMember2024-12-310001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien revolving loan ($2,191 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.17%2025-06-300001508655tslx:FirstLienDebtInvestmentsMember2023-12-310001508655Equity and Other Investments Structured Credit Dryden Senior Loan Fund, Series 2020-86A Structured Credit ($1,500 par, due 7/2034) Initial Acquisition Date 8/17/2022 Reference Rate and Spread SOFR + 6.76% Interest Rate 11.41%2024-01-012024-12-310001508655tslx:SecondLienDebtInvestmentsMemberus-gaap:FairValueInputsLevel2Member2025-06-300001508655us-gaap:FinancialServicesSectorMembertslx:EquityAndOtherInvestmentsMember2025-06-300001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. First-lien loan ($49,590 par, due 3/2029) Initial Acquisition Date 3/8/2024 Reference Rate and Spread SOFR + 8.25% Interest Rate 12.58% (incl. 4.13% PIK)2024-01-012024-12-310001508655us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2025-06-300001508655Equity and Other Investments Education Astra 2L Holdings II LLC Membership Interest (10.17% ownership) Initial Acquisition Date 1/13/20222024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:PdiTaHoldingsIncMember2025-06-300001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($4,069 par, due 4/2031) Initial Acquisition Date 04/29/2024 Reference Rate and Spread SOFR + 4.97% Interest Rate 9.33% (incl. 1.97% PIK)2024-01-012024-12-310001508655Equity and Other Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/20212024-12-310001508655Debt Investments Human Resource Support Services Axonify, Inc. First-lien loan ($44,419 par, due 5/2026) Initial Acquisition Date 5/5/2021 Reference Rate and Spread SOFR + 7.65% Interest Rate 12.20%2024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:MeritSoftwareFinanceHoldingsLlcMember2025-06-300001508655Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/20232024-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment Second-lien loan ($2,537 par, due 6/2027) Initial Acquisition Date 3/13/2024 Reference Rate and Spread 16.00% Interest Rate 16.00% PIK2025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655us-gaap:CommonStockMember2024-06-300001508655Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($1,329 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33%2024-01-012024-12-3100015086552024-04-012024-06-300001508655tslx:PrimePayIntermediateLLCMembertslx:DelayedDrawMember2025-06-300001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2025-06-300001508655Derivative Interest Rate Swap2025-06-300001508655Debt Investments Internet Services Big Wombat Holdings, Inc. Investment First-lien loan ($30,621 par, due 4/2031) Initial Acquisition Date 4/16/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.26%2025-06-300001508655Debt Investments Internet Services Flight Intermediate HoldCo, Inc. First-lien loan ($40,000 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate and Spread 11.50% Interest Rate 11.50%2024-12-310001508655Debt Investments Business Services Alpha Midco, Inc. Investment First-lien loan ($69,624 par, due 8/2028) Initial Acquisition Date 08/15/2019 Reference Rate and Spread SOFR + 6.88% Interest Rate 11.20%2024-12-310001508655Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ($27,317 par, due 2/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 11.43%2025-06-300001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandTwentyEightNotesMember2025-01-012025-06-300001508655Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/20232024-01-012024-12-310001508655Debt Investments Human Resource Support Services Axonify, Inc. Investment First-lien loan ($45,113 par, due 5/2027) Initial Acquisition Date 5/5/2021 Reference Rate and Spread SOFR + 7.65% Interest Rate 11.91%2025-06-300001508655tslx:TwoThousandTwentyNineNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:RapidDataGmbhUnternehmensberatungMember2024-12-310001508655Equity and Other Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/20222025-01-012025-06-3000015086552024-03-052024-03-050001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 9,374 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 11.22%2025-06-300001508655Debt Investments Business Services ForeScout Technologies, Inc. Investment First-lien loan ($5,597 par, due 5/2031) Initial Acquisition Date 05/24/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.52%2024-12-310001508655tslx:SportAllianceGmbhMembertslx:RevolverMember2025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:UsaDebuskLlcMember2025-06-300001508655Equity and Other Investments Oil, Gas and Consumable Fuels Murchison Oil and Gas, LLC Preferred Units (13,355 units) Initial Acquisition Date 6/30/20222024-01-012024-12-310001508655tslx:EquityAndOtherInvestmentsMember2024-01-012024-12-310001508655tslx:MezzanineDebtInvestmentsMember2025-04-012025-06-300001508655tslx:AutomotiveMember2025-06-300001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Warrants (569,991 warrants) Initial Acquisition Date 4/2/20202024-01-012024-12-310001508655country:AU2025-06-300001508655tslx:TwoThousandTwentySixNotesMember2025-01-012025-06-300001508655tslx:RevolvingCreditFacilityMaturityOnApril242029Member2024-04-240001508655tslx:MezzanineDebtInvestmentsMember2024-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment First-lien loan ($50,624 par, due 3/2029)(3) Initial Acquisition Date 3/8/2024 Reference Rate and Spread SOFR + 8.25% Interest Rate 12.55% (incl. 4.13% PIK)2025-01-012025-06-300001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment Second-lien loan ($7,112 par, due 1/2030) Initial Acquisition Date 1/23/2023 Reference Rate and Spread SOFR + 10.70% Interest Rate 14.98% PIK2025-01-012025-06-300001508655Debt Investments Healthcare Eventus Buyer, LLC Investment First-lien loan ($25,900 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.86%2024-01-012024-12-310001508655Debt Investments Business Services ExtraHop Networks, Inc. Investment First-lien loan ($74,616 par, due 7/2027) Initial Acquisition Date 07/22/2021 Reference Rate and Spread SOFR + 7.60% Interest Rate 11.96%2024-12-310001508655Equity and Other Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/20212024-12-310001508655tslx:DelayedDrawMembertslx:BabylonFincoLimitedMember2025-06-300001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,428 par, due 9/2028) Initial Acquisition Date 09/06/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.69%2024-12-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/20212024-01-012024-12-310001508655tslx:MezzanineDebtInvestmentsMember2025-06-300001508655Derivative Interest Rate Swap2025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-06-300001508655Equity and Other Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/20222024-12-310001508655tslx:FirstLienDebtInvestmentsMember2024-03-310001508655tslx:TwoThousandTwentySixNotesMember2024-12-310001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan ($16,340 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread SOFR + 5.66% Interest Rate 9.99%2024-01-012024-12-310001508655tslx:GalileoParentincMembertslx:RevolverMember2024-12-310001508655tslx:ElysianFincoLtdMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655tslx:CoupaHoldingsLLCMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($26,767 par, due 9/2026) Initial Acquisition Date 9/30/2015 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.67% (incl. 11.17% PIK)2025-01-012025-06-300001508655Debt Investments Human Resource Support Services PayScale Holdings, Inc. Investment First-lien loan ($70,099 par, due 5/2027) Initial Acquisition Date 5/3/2019 Reference Rate and Spread SOFR + 5.85% Interest Rate 10.15%2025-01-012025-06-300001508655tslx:TwoThousandTwentyNineNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-01-012025-06-300001508655Equity and Other Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/20202024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001508655Equity and Other Investments Education RMCF IV CIV XXXV, LP. Partnership Interest (11.94% ownership) Initial Acquisition Date 6/8/20212024-01-012024-12-310001508655Debt Investments Financial Services Alaska Bidco Oy Investment First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 05/30/2023 Reference Rate and Spread E + 5.75% Interest Rate 8.51%2024-01-012024-12-310001508655Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/20232025-06-300001508655us-gaap:InterestRateSwapMember2024-12-310001508655Equity and Other Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/20222025-06-300001508655tslx:ElectronicsMember2024-12-310001508655Equity and Other Investments Financial Services Oxford Square Capital Corp. Common Shares (1,620 shares) Initial Acquisition Date 8/5/20152024-01-012024-12-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($18,133 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 10.09%2024-12-310001508655tslx:ErlingLuxBidcoSarlMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655tslx:TwentyTwentyFourNotesMember2020-02-052020-02-050001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan ($16,340 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread SOFR + 5.66% Interest Rate 9.99%2024-12-310001508655Debt Investments Hotel, Gaming and Leisure QSR Acquisition Co. First-lien loan ($30,000 par, due 10/2030) Initial Acquisition Date 10/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-12-310001508655Debt Investments Business Services Wrangler TopCo, LLC Investment First-lien loan ($5,484 par, due 9/2029) Initial Acquisition Date 07/07/2023 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.38%2024-12-310001508655tslx:O2025Q2SupplementalDividendsMember2025-04-302025-04-300001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2025-04-012025-06-300001508655Equity and Other Investments Education Astra 2L Holdings II LLC Membership Interest (10.17% ownership) Initial Acquisition Date 1/13/20222024-12-310001508655Equity and Other Investments Automotive Clarience Technologies, LLC Class A Units (333 units) Initial Acquisition Date 2/12/20242024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:HeritageEnvironmentalServicesIncMember2024-12-310001508655country:SE2025-06-300001508655Equity and Other Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/20222024-12-310001508655Debt Investments Human Resource Support Services Hire Vue, Inc. First-lien revolving loan ($4,378 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.30%2024-12-310001508655tslx:MezzanineDebtInvestmentsMember2025-01-012025-06-300001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($1,848 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33%2025-06-300001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Warrants (106,592 warrants) Initial Acquisition Date 4/8/20212025-01-012025-06-300001508655Interest Rate Swap Company Pays SOFR + 1.53% Maturity Date 8/15/20302025-06-300001508655Debt Investments Manufacturing Avalara, Inc. First-lien loan ($38,636 par, due 10/2028) Initial Acquisition Date 10/19/2022 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.58%2024-01-012024-12-310001508655Debt Investments Retail and Consumer Products Acosta First-lien loan ($10,000 par, due 8/2031) Initial Acquisition Date 8/20/2024 Reference Rate and Spread SOFR + 5.60% Interest Rate 10.12%2024-01-012024-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan (GBP 10,396 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread S + 5.50% Interest Rate 9.72% (incl. 2.50% PIK)2025-01-012025-06-300001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/20222025-06-300001508655Equity and Other Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/20212025-01-012025-06-300001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien loan ($38,830 par, due 11/2029) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.39%2024-12-310001508655Equity and Other Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/20222025-01-012025-06-300001508655Debt Investments Communications Aurelia Netherlands MidCo 2 B.V. Investment First-lien loan (EUR 32,904 par, due 5/2031) Initial Acquisition Date 05/22/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.93%2024-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyEightNotesMember2024-04-012024-06-300001508655tslx:CommunicationsMemberus-gaap:DebtSecuritiesMember2024-12-310001508655Equity and Other Investments Education Astra 2L Holdings II LLC Membership Interest (10.17% ownership) Initial Acquisition Date 1/13/20222025-01-012025-06-300001508655tslx:BlueSnapIncMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655Debt Investments Internet Services Merit Software Finance Holdings, LLC First-lien loan ($43,214 par, due 6/2029) Initial Acquisition Date 6/20/2024 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.83%2025-06-300001508655us-gaap:FinancialServicesSectorMember2025-06-300001508655us-gaap:UnfundedLoanCommitmentMember2025-06-300001508655Debt Investments Other Sky Bidco S.p.A. First-lien note (EUR 6,368 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.25% Interest Rate 8.20%2024-12-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. Subordinated note ($4,740 par, due 9/2026) Initial Acquisition Date 3/16/2021 Reference Rate and Spread SOFR + 1.15% Interest Rate 5.45%2025-06-300001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan ($16,340 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread SOFR + 5.66% Interest Rate 9.96%2025-06-300001508655Debt Investments Financial Services CLGF Holdco 2, LLC Investment Second-lien loan ($3,357 par, due 11/2028) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 12.00% Interest Rate 16.33%2024-12-310001508655country:IT2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001508655Debt Investments Other Sky Bidco S.p.A. First-lien note (EUR 6,368 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread E + 5.00% Interest Rate 6.98%2025-06-300001508655Equity and Other Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/20212024-12-310001508655us-gaap:RealEstateMembersrt:MaximumMember2025-06-300001508655Equity and Other Investments Automotive Clarience Technologies, LLC Class A Units (333 units) Initial Acquisition Date 2/12/20242024-01-012024-12-310001508655Debt Investments Internet Services Lucidworks, Inc. First-lien loan ($9,477 par, due 2/2027) Initial Acquisition Date 2/11/2022 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.86% (incl. 3.50% PIK)2024-12-310001508655tslx:SportAllianceGmbhMembertslx:RevolverMember2024-12-310001508655tslx:RailAcquisitionsLLCMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655us-gaap:TreasuryStockCommonMember2023-12-310001508655Debt Investments Business Services Dye & Durham Corp. Investment First-lien loan ($950 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread SOFR + 4.35% Interest Rate 8.65%2025-06-300001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandTwentySixNotesMember2025-01-012025-06-300001508655Debt Investments Financial Services TradingScreen, Inc. Investment First-lien loan ($55,244 par, due 4/2027) Initial Acquisition Date 4/30/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.63%2025-06-300001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (EUR 17,985 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread E + 7.25% Interest Rate 10.07%2024-01-012024-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment First-lien loan ($70,154 par, due 11/2029) Initial Acquisition Date 11/23/2020 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.01%2024-12-310001508655tslx:HippoXpaBidcoAbMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 7,239 par, due 9/2028) Initial Acquisition Date 09/06/2022 Reference Rate and Spread E + 7.00% Interest Rate 10.06%2024-01-012024-12-310001508655tslx:InterestRateSwapOneMember2024-01-012024-06-300001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien loan ($30,261 par, due 6/2026) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 13.95%2025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-06-3000015086552023-12-310001508655Derivative Interest Rate Swap2024-01-012024-12-310001508655us-gaap:HealthcareSectorMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655tslx:SecondLienDebtInvestmentsMember2023-12-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien loan ($30,261 par, due 6/2026) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 13.95%2025-01-012025-06-300001508655Debt Investments Education EMS Linq, Inc. Investment First-lien loan ($4,216 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.81%2024-01-012024-12-310001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,491 par, due 7/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.77% (incl. 3.00% PIK)2025-06-300001508655us-gaap:DomesticCountryMember2024-12-310001508655tslx:WestMember2025-06-300001508655Debt Investments Internet Services Merit Software Finance Holdings, LLC First-lien loan ($43,214 par, due 6/2029) Initial Acquisition Date 6/20/2024 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.85%2024-01-012024-12-310001508655Debt Investments Retail and Consumer Products Rapid Data GmbH Unternehmensberatung First-lien loan (EUR 7,378 par, due 7/2029) Initial Acquisition Date 7/11/2023 Reference Rate and Spread E + 6.25% Interest Rate 9.47% (incl. 3.00% PIK)2024-01-012024-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,428 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.59%2025-01-012025-06-300001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien revolving loan ($656 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.78%2025-06-300001508655Debt Investments Office Products USR Parent, Inc. ABL FILO term loan ($10,809 par, due 4/2027) Initial Acquisition Date 4/25/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.82%2025-06-300001508655Interest Rate Swap, Cash collateral2024-12-310001508655Debt Investments Internet Services Khoros, LLC Investment First-lien loan ($11,682 par, due 5/2030) Initial Acquisition Date 5/23/2025 Reference Rate and Spread 10.00% Interest Rate 10.00%2025-06-300001508655country:GB2024-12-310001508655Debt Investments Business Services Price Fx Inc. Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 12/19/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.42%2025-06-300001508655tslx:TwoThousandThirtyNotesMember2025-02-012025-02-280001508655Debt Investments Business Services Dye & Durham Corp. Investment First-lien loan ($950 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread SOFR + 4.35% Interest Rate 8.65%2025-01-012025-06-300001508655Debt Investments Communications Celtra Technologies, Inc. Investment First-lien loan ($26,437 par, due 11/2026) Initial Acquisition Date 11/19/2021 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.34%2024-12-310001508655Equity and Other Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/20222025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:SeverinAcquisitionLLCMember2024-12-310001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 125,000 par, due 2/2031) Initial Acquisition Date 6/12/2025 Reference Rate and Spread STIBOR + 6.50% Interest Rate 8.74% (incl. 3.50% PIK)2025-01-012025-06-300001508655country:NL2024-12-310001508655Debt Investments Financial Services Volante Technologies, Inc. Investment First-lien loan ($3,332 par, due 9/2028) Initial Acquisition Date 9/29/2023 Reference Rate and Spread 16.50% Interest Rate 16.50% PIK2025-01-012025-06-300001508655tslx:FirstLienDebtInvestmentsMember2025-04-012025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:SeverinAcquisitionLLCMember2025-06-300001508655Debt Investments Financial Services BCTO Bluebill Buyer, Inc. Investment First-lien loan ($29,532 par, due 7/2029) Initial Acquisition Date 07/20/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.84%2024-12-310001508655Equity and Other Investments Financial Services TradingScreen, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/20212025-06-300001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($6,023 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 14.23%2025-01-012025-06-300001508655Debt Investments Transportation Rail Acquisitions LLC First-lien loan ($25,344 par, due 1/2030) Initial Acquisition Date 1/27/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.28%2025-01-012025-06-300001508655Equity and Other Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/20232025-01-012025-06-300001508655tslx:SMATechnologiesHoldingsLLCMembertslx:RevolverMember2024-12-310001508655tslx:SecondLienDebtInvestmentsMember2024-12-310001508655Debt Investments Other Omnigo Software, LLC First-lien loan ($39,533 par, due 3/2027) Initial Acquisition Date 3/31/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.86%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMembersrt:MaximumMember2024-12-310001508655Equity and Other Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/20212025-01-012025-06-300001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. Roll Up DIP term loan ($24,924 par) Initial Acquisition Date 4/24/2023 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.26% PIK2024-01-012024-12-310001508655us-gaap:DebtSecuritiesMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:AssetValuationWaterfallMembertslx:MezzanineDebtInvestmentsMember2025-06-300001508655tslx:RevolverAndEquityMembertslx:CrewlineBuyerIncMember2024-12-310001508655tslx:MezzanineDebtInvestmentsMember2025-03-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien loan ($6,940 par, due 4/2031) Initial Acquisition Date 4/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.53%2025-06-300001508655Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien loan (EUR 5,107 par, due 5/2030) Initial Acquisition Date 05/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.66%2024-01-012024-12-310001508655tslx:FlightIntermediateHoldCoIncMembertslx:DelayedDrawMember2024-12-310001508655Debt Investments Internet Services Higher Logic, LLC First-lien loan ($50,054 par, due 1/2025) Initial Acquisition Date 6/18/2018 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-01-012024-12-310001508655us-gaap:CommonStockMember2025-04-012025-06-300001508655Debt Investments Manufacturing Aptean, Inc. First-lien loan ($8,835 par, due 1/2031) Initial Acquisition Date 1/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.58%2024-01-012024-12-3100015086552025-03-310001508655IRGSE Holding Corp2025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMember2024-04-012024-06-300001508655us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2025-01-012025-06-300001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (33,790,171 units) Initial Acquisition Date 12/21/20182024-01-012024-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,428 par, due 9/2028) Initial Acquisition Date 09/06/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.69%2024-01-012024-12-310001508655tslx:SecondLienDebtInvestmentsMember2025-01-012025-06-300001508655Equity and Other Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/20222024-12-310001508655tslx:EducationMemberus-gaap:DebtSecuritiesMember2025-06-300001508655Debt Investments Other Sky Bidco S.p.A. First-lien note ($14,085 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 10.51%2024-12-310001508655us-gaap:FairValueInputsLevel3Member2025-06-300001508655tslx:EquityAndOtherInvestmentsMember2024-06-300001508655tslx:ControlledAffiliatedInvestmentsMember2024-04-012024-06-300001508655tslx:SkyBidcoSPAMembertslx:DelayedDrawMember2025-06-3000015086552025-06-300001508655us-gaap:InterestRateSwapMembertslx:TwoThousandAndThirtyNotesMember2025-04-012025-06-300001508655Debt Investments Other Sky Bidco S.p.A. First-lien note ($14,085 par, due 10/2031) Initial Acquisition Date 10/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.30%2025-01-012025-06-300001508655Debt Investments Human Resource Support Services PayScale Holdings, Inc. Investment First-lien loan ($70,099 par, due 5/2027) Initial Acquisition Date 5/3/2019 Reference Rate and Spread SOFR + 5.85% Interest Rate 10.15%2025-06-300001508655tslx:BlueSnapIncMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655tslx:InterestRateSwapFourMember2024-01-012024-06-300001508655Interest Rate Swap Company Receives 2.5% Company Pays SOFR + 2.17% Maturity Date 8/1/20262025-06-300001508655Equity and Other Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/20222025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2025-06-300001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (33,790,171 units) Initial Acquisition Date 12/21/20182024-12-310001508655us-gaap:RetainedEarningsMember2024-06-300001508655tslx:TwoThousandTwentyFourTwentySixTwentyEightTwentyNineAndTwentyThirtyNotesMember2024-01-012024-06-300001508655Equity and Other Investments Internet Services Lucidworks, Inc. Series F Preferred Shares (199,054 shares) Initial Acquisition Date 8/2/20192024-12-310001508655us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:MeritSoftwareFinanceHoldingsLlcMember2024-12-310001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien revolving loan ($819 par, due 10/2031) Initial Acquisition Date 10/1/2024 Reference Rate and Spread SOFR + 4.75% Interest Rate 9.08%2025-01-012025-06-300001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (GBP 16,640 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread S + 5.66% Interest Rate 10.36%2024-01-012024-12-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 9,953 par, due 12/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 11.47%2025-01-012025-06-300001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Series D Preferred Shares (1,240,740 shares) Initial Acquisition Date 5/11/20212024-12-310001508655tslx:MidwestMember2025-06-300001508655tslx:DelayedDrawMembertslx:BanyanSoftwareHoldingsLlcMember2024-12-310001508655us-gaap:CommonStockMember2023-12-310001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH Investment First-lien loan (EUR 4,553 par, due 4/2030) Initial Acquisition Date 4/10/2024 Reference Rate and Spread E + 7.25% Interest Rate 9.50% (incl. 3.88% PIK)2025-01-012025-06-300001508655Debt Investments Education EMS Linq, Inc. Investment First-lien revolving loan ($5,095 par, due 12/2027) Initial Acquisition Date 12/22/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.68%2025-01-012025-06-300001508655tslx:MarcuraEquitiesLtdMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/20242025-06-300001508655us-gaap:HealthcareSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001508655Debt Investments Business Services ForeScout Technologies, Inc. Investment First-lien loan ($5,597 par, due 5/2031) Initial Acquisition Date 05/24/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.52%2024-01-012024-12-310001508655tslx:RevolverMembertslx:TradingScreenIncMember2025-06-300001508655Equity and Other Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/20212024-01-012024-12-310001508655tslx:TwoThousandTwentyFourNotesMember2020-01-012020-12-310001508655Debt Investments Healthcare Symplr Software Inc. Investment First-lien loan ($638 par, due 12/2027) Initial Acquisition Date 4/15/2025 Reference Rate and Spread SOFR + 4.60% Interest Rate 8.88%2025-06-300001508655tslx:ControlledAffiliatedInvestmentsMember2025-04-012025-06-300001508655tslx:ControlledAffiliatedInvestmentsMember2025-06-300001508655tslx:GalileoParentincMembertslx:RevolverMember2025-06-300001508655Equity and Other Investments Business Services Warrior TopCo LP Class A Units (423,729 units) Initial Acquisition Date 7/7/20232024-01-012024-12-310001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien loan ($15,557 par, due 10/2031) Initial Acquisition Date 10/1/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33% (incl. 2.25% PIK)2025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2025-06-300001508655Controlled Affiliated Investments IRGSE Holding Corp.2024-12-310001508655Debt Investments Other Scorpio Bidco First-lien loan (EUR 2,511 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.73%2025-06-300001508655tslx:EducationMember2025-06-300001508655Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($53,991 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.83%2025-01-012025-06-300001508655Debt Investments Business Services Crewline Buyer, Inc. Investment First-lien loan ($58,384 par, due 11/2030) Initial Acquisition Date 11/8/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.08%2025-06-300001508655us-gaap:CommonStockMember2025-06-300001508655Equity and Other Investments Business Services Dye & Durham, Ltd. Common Shares (126,968 shares) Initial Acquisition Date 12/3/20212025-06-300001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($1,667 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.30%2025-01-012025-06-300001508655Debt Investments Transportation Marcura Equities LTD First-lien loan (GBP 1,083 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread S + 7.00% Interest Rate 11.22%2025-06-300001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-03-040001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001508655tslx:SouthMember2025-06-300001508655tslx:SecondLienDebtInvestmentsMember2025-01-012025-06-300001508655Debt Investments Internet Services Lucidworks, Inc. First-lien loan ($9,740 par, due 2/2027) Initial Acquisition Date 2/11/2022 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.82% (incl. 3.50% PIK)2025-06-300001508655us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-03-042025-03-040001508655tslx:EquityAndOtherInvestmentsMember2025-01-012025-06-300001508655us-gaap:DebtSecuritiesMembertslx:RetailAndConsumerProductsMember2025-06-300001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan ($1,421 par, due 7/2031) Initial Acquisition Date 07/05/2024 Reference Rate and Spread SOFR + 7.11% Interest Rate 11.75% (incl. 5.61% PIK)2024-01-012024-12-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/20182025-01-012025-06-300001508655us-gaap:TreasuryStockCommonMember2025-03-310001508655tslx:CordanceOperationsLlcMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655tslx:PrimeRevenueIncMembertslx:RevolverMember2025-06-300001508655Debt Investments Financial Services Alaska Bidco Oy Investment First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 05/30/2023 Reference Rate and Spread E + 5.75% Interest Rate 8.51%2024-12-310001508655us-gaap:FairValueInputsLevel3Member2025-04-012025-06-300001508655tslx:BtrsHoldingIncMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655tslx:DelayedDrawMembertslx:ApellisPharmaceuticalsIncMember2025-06-300001508655tslx:O2025Q1SupplementalDividendsMember2025-02-132025-02-130001508655tslx:TwoThousandTwentyNineNotesMemberus-gaap:InterestRateSwapMember2025-04-012025-06-300001508655Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($1,325 par, due 1/2031) Initial Acquisition Date 9/27/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.30%2025-01-012025-06-300001508655Debt Investments Business Services Price Fx Inc. Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 10/27/2023 Reference Rate and Spread E + 7.00% Interest Rate 10.06%2024-01-012024-12-310001508655Equity and Other Investments Marketing Services Validity, Inc. Series A Preferred Shares (3,840,000 shares) Initial Acquisition Date 5/31/20182024-01-012024-12-310001508655Equity and Other Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/20202024-01-012024-12-310001508655Debt Investments Electronics Sapphire Software Buyer, Inc. Investment First-lien loan ($26,962 par, due 9/2031) Initial Acquisition Date 09/30/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.75% (incl. 3.0% PIK)2024-12-310001508655Debt Investments Financial Services BCTO Bluebill Buyer, Inc. Investment First-lien loan ($29,384 par, due 7/2029) Initial Acquisition Date 7/20/2023 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.28%2025-06-300001508655tslx:TwoThousandTwentyFourNotesMember2020-02-290001508655tslx:MezzanineDebtInvestmentsMember2024-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputComparabilityAdjustmentMembersrt:MinimumMembertslx:EquityAndOtherInvestmentsMember2024-12-310001508655Equity and Other Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/20212025-01-012025-06-300001508655Debt Investments Internet Services Lucidworks, Inc. First-lien loan ($9,740 par, due 2/2027) Initial Acquisition Date 2/11/2022 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.82% (incl. 3.50% PIK)2025-01-012025-06-300001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan (EUR 4,647 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.25% (incl. 3.38% PIK)2025-01-012025-06-300001508655Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($53,991 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.01%2024-01-012024-12-310001508655Equity and Other Investments Financial Services TradingScreen, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/20212024-01-012024-12-310001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/20222025-06-300001508655Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/20282025-06-300001508655tslx:RevolvingCreditFacilityMaturityOnMarch42025Member2025-03-042025-03-040001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (EUR 4,851 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread E + 5.66% Interest Rate 7.64%2025-01-012025-06-300001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien revolving loan ($275 par, due 4/2030) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.59%2024-01-012024-12-310001508655us-gaap:AdditionalPaidInCapitalMember2023-12-310001508655Debt Investments Healthcare Edge Bidco B.V. Investment First-lien loan (EUR 5,932 par, due 2/2029) Initial Acquisition Date 2/24/2023 Reference Rate and Spread E + 6.50% Interest Rate 8.48%2025-01-012025-06-300001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment Second-lien loan ($2,537 par, due 6/2027) Initial Acquisition Date 3/13/2024 Reference Rate and Spread 16.00% Interest Rate 16.00% PIK2025-06-300001508655tslx:EdgeBidcoBVMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyEightNotesMember2025-04-012025-06-300001508655Hedge Accounting Swaps2025-01-012025-06-3000015086552025-04-012025-06-300001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($26,864 par, due 9/2026) Initial Acquisition Date 9/30/2015 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.90% (incl. 11.40% PIK)2024-01-012024-12-310001508655Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($27,388 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2025-01-012025-06-300001508655tslx:ChemicalsMember2024-12-310001508655Debt Investments Financial Services BlueSnap, Inc. Investment First-lien loan ($45,106 par, due 8/2025) Initial Acquisition Date 10/25/2019 Reference Rate and Spread SOFR + 9.15% Interest Rate 13.48%2024-12-310001508655Debt Investments Office Products USR Parent, Inc. ABL FILO term loan ($15,000 par, due 4/2027) Initial Acquisition Date 4/25/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.05%2024-12-310001508655tslx:TwentyTwentyFourNotesMember2025-01-012025-06-300001508655tslx:TangoManagementConsultingLLCMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655tslx:EMSLinqIncMembertslx:RevolverMember2024-12-3100015086552015-08-040001508655tslx:TwoThousandTwentyFourTwentySixTwentyEightAndTwentyNineMember2024-04-012024-06-300001508655Debt Investments Communications Aurelia Netherlands MidCo 2 B.V. Investment First-lien loan (EUR 32,904 par, due 5/2031) Initial Acquisition Date 5/22/2024 Reference Rate and Spread E + 4.75% Interest Rate 6.83%2025-06-300001508655tslx:DelayedDrawMembertslx:QSRAcquisitionCoMember2025-06-300001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Common Shares (1,210,369 shares) Initial Acquisition Date 10/13/20202025-01-012025-06-300001508655Debt Investments Hotel, Gaming and Leisure Sport Alliance GmbH Investment First-lien revolving loan (EUR 208 par, due 4/2030) Initial Acquisition Date 4/10/2024 Reference Rate and Spread E + 6.75% Interest Rate 8.73%2025-06-300001508655Interest Rate Swap Company Receives 6.95% Company Pays SOFR + 2.99% Maturity Date 8/14/20282025-01-012025-06-300001508655tslx:AutomotiveMember2024-12-310001508655Equity and Other Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/20202025-06-300001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien loan ($6,899 par, due 4/2031) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.62%2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001508655Debt Investments Internet Services Lucidworks, Inc. First-lien loan ($9,477 par, due 2/2027) Initial Acquisition Date 2/11/2022 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.86% (incl. 3.50% PIK)2024-01-012024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series D Warrants (106,592 warrants) Initial Acquisition Date 4/8/20212024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2024-12-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan ($1,461 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread SOFR + 7.11% Interest Rate 11.32% (incl. 5.61% PIK)2025-06-300001508655tslx:ArrowheadPharmaceuticalsIncMembertslx:DelayedDrawMember2025-06-300001508655Debt Investments Human Resource Support Services HireVue, Inc. Investment First-lien revolving loan ($3,493 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.04%2025-01-012025-06-300001508655tslx:InterestRateSwapTwoMember2025-01-012025-06-300001508655Debt Investments Healthcare Eventus Buyer, LLC Investment First-lien revolving loan ($1,867 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.79%2025-01-012025-06-300001508655Debt Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Investment First-lien loan (AUD 60,000 par, due 12/2026) Initial Acquisition Date 12/6/2021 Reference Rate and Spread B + 6.25% Interest Rate 9.94%2025-06-300001508655tslx:EquityAndOtherInvestmentsMembertslx:HumanResourceSupportServicesMember2024-12-310001508655us-gaap:RevolvingCreditFacilityMember2024-04-240001508655Debt Investments Human Resource Support Services bswift, LLC First-lien loan ($43,910 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 6.38% Interest Rate 11.05%2024-12-310001508655Debt Investments Internet Services EDB Parent, LLC Investment First-lien loan ($74,047 par, due 7/2028) Initial Acquisition Date 7/7/2022 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.08%2025-06-300001508655tslx:O2025Q2BaseDividendsMember2025-04-302025-04-300001508655Interest Rate Swap Company Receives 2.50% Company Pays SOFR + 2.17% Maturity Date 8/1/20262024-12-310001508655tslx:ExtraHopNetworksIncMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655Debt Investments Hotel, Gaming and Leisure ASG II, LLC Investment First-lien loan ($65,000 par, due 5/2028) Initial Acquisition Date 5/25/2022 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.68%2025-01-012025-06-300001508655tslx:BanyanSoftwareHoldingsLlcMembertslx:DelayedDrawMember2025-06-300001508655us-gaap:AdditionalPaidInCapitalMember2024-03-310001508655tslx:SkyBidcoSPAMembertslx:DelayedDrawMember2024-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 23,477 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 7.00% Interest Rate 9.1%2025-01-012025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:WranglerTopcoLlcMember2025-06-300001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentySixNotesMember2024-01-012024-06-300001508655tslx:RevolvingCreditFacilityMaturityOnFebruary42026Member2024-04-240001508655tslx:InvestmentAdvisoryAgreementMembertslx:LeverageWaiverMember2024-04-012024-06-300001508655tslx:HippoXpaBidcoAbMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMember2025-06-300001508655Debt Investments Internet Services Merit Software Finance Holdings, LLC First-lien loan ($43,214 par, due 6/2029) Initial Acquisition Date 6/20/2024 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.83%2025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMember2025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001508655tslx:EventusBuyerLLCMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655Debt Investments Manufacturing Heritage Environmental Services, Inc. First-lien loan ($12,284 par, due 1/2031) Initial Acquisition Date 1/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-12-310001508655Debt Investments Business Services Mitnick Corporate Purchaser, Inc. Investment First-lien loan ($326 par, due 5/2029) Initial Acquisition Date 05/02/2022 Reference Rate and Spread SOFR + 4.50% Interest Rate 9.19%2024-12-310001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-03-040001508655Debt Investments Business Services Mitnick Corporate Purchaser, Inc. Investment First-lien loan ($324 par, due 5/2029) Initial Acquisition Date 5/2/2022 Reference Rate and Spread SOFR + 4.60% Interest Rate 8.88%2025-06-300001508655tslx:TwoThousandTwentyNineNotesMemberus-gaap:InterestRateSwapMember2025-01-012025-06-300001508655Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/20232025-01-012025-06-300001508655Equity and Other Investments Retail and Consumer Products Copper Bidco, LLC Trust Certificates (996,958 Certificates) Initial Acquisition Date 1/30/20212025-06-300001508655tslx:RetailAndConsumerProductsMember2024-12-310001508655Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($8,994 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 9.90% Interest Rate 14.26%2024-12-310001508655Equity and Other Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/20212025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2025-06-300001508655tslx:TwoThousandTwentyFourSwapTransactionMember2025-01-012025-06-300001508655tslx:BusinessServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,449 par, due 9/2029) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 7.75% Interest Rate 12.08% (incl. 4.75% PIK)2024-12-310001508655Debt Investments Financial Services Ibis Intermediate Co. Investment First-lien loan ($1,185 par, due 5/2027) Initial Acquisition Date 05/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 9.16%2024-01-012024-12-310001508655tslx:HumanResourceSupportServicesMember2024-12-310001508655Hedge Accounting Swaps2024-01-012024-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyEightNotesMember2024-01-012024-06-300001508655Equity and Other Investments Financial Services Newport Parent Holdings, L.P. Class A-2 Units (131,569 units) Initial Acquisition Date 12/10/20202025-01-012025-06-300001508655us-gaap:DomesticCountryMember2025-06-300001508655tslx:TwoThousandTwentyEightNotesMember2025-06-300001508655Debt Investments Education Astra Acquisition Corp. Investment Second-lien loan ($40,302 par, due 10/2029) Initial Acquisition Date 10/22/2021 Reference Rate and Spread SOFR + 9.14% Interest Rate 13.47%2024-01-012024-12-3100015086552024-03-310001508655Debt Investments Business Services Azurite Intermediate Holdings, Inc. Investment First-lien loan ($42,750 par, due 3/2031) Initial Acquisition Date 3/19/2024 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.33%2025-06-300001508655us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2025-06-300001508655tslx:CommunicationsMember2025-06-300001508655tslx:KryptonaBidCoUSLLCMembertslx:RevolverMember2025-06-300001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (1,124,813 units) Initial Acquisition Date 11/21/20222024-12-310001508655tslx:BCTOAcePurchaserIncMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655tslx:O2024Q2BaseDividendsMember2024-05-010001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($2,333 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel2Member2025-06-3000015086552025-01-012025-06-300001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien revolving loan ($436 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.06%2025-06-300001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (EUR 2,515 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.73% (incl. 3.38% PIK)2025-01-012025-06-300001508655Debt Investments Oil, Gas and Consumable Fuels Northwind Midstream Partners LLC First-lien loan ($25,000 par, due 3/2029) Initial Acquisition Date 3/18/2025 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.70%2025-01-012025-06-300001508655Debt Investments Pharmaceuticals Apellis Pharmaceuticals, Inc. First-lien loan ($19,737 par, due 5/2030) Initial Acquisition Date 5/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.05%2025-01-012025-06-300001508655tslx:EquityAndOtherInvestmentsMembertslx:RetailAndConsumerProductsMember2024-12-310001508655Debt Investments Retail and Consumer Products Belk, Inc. First-lien loan ($48,125 par, due 7/2029) Initial Acquisition Date 7/22/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2025-01-012025-06-300001508655tslx:EquityAndOtherInvestmentsMember2024-12-310001508655tslx:SecondLienDebtInvestmentsMember2025-06-300001508655Equity and Other Investments Pharmaceuticals TherapeuticsMD, Inc. Warrants (14,256 warrants) Initial Acquisition Date 8/5/20202025-01-012025-06-300001508655Debt Investments Communications Banyan Software Holdings, LLC Investment First-lien loan ($16,045 par, due 10/2026) Initial Acquisition Date 01/26/2024 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-01-012024-12-310001508655tslx:DelayedDrawAndRevolverMembertslx:LynxBidcoMember2024-12-310001508655us-gaap:AdditionalPaidInCapitalMember2025-06-300001508655country:AU2024-12-310001508655us-gaap:FairValueInputsLevel3Member2024-04-012024-06-300001508655tslx:O2024Q2BaseDividendsMember2024-05-012024-05-010001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Second-lien loan ($2,347 par, due 6/2027) Initial Acquisition Date 3/13/2024 Reference Rate and Spread 16.00% Interest Rate 16.00% PIK2024-12-310001508655Equity and Other Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/20212024-01-012024-12-310001508655Interest Rate Swap Company Receives 6.125% Company Pays SOFR + 2.44% Maturity Date 3/1/20292025-06-300001508655Debt Investments Business Services Wrangler TopCo, LLC Investment First-lien loan ($6,001 par, due 9/2029) Initial Acquisition Date 7/7/2023? Reference Rate and Spread SOFR + 6.00% Interest Rate 10.32%2025-06-300001508655Interest Rate Swap Company Pays SOFR + 2.44% Maturity Date 3/1/20292025-06-300001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. Investment First-lien loan ($50,624 par, due 3/2029)(3) Initial Acquisition Date 3/8/2024 Reference Rate and Spread SOFR + 8.25% Interest Rate 12.55% (incl. 4.13% PIK)2025-06-300001508655Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 31,875 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.68%2024-12-310001508655Debt Investments Pharmaceuticals Elysium BidCo Limited First-lien loan (GBP 9,953 par, due 6/2030) Initial Acquisition Date 12/11/2024 Reference Rate and Spread S + 7.25% Interest Rate 11.95%2024-12-310001508655tslx:SMATechnologiesHoldingsLLCMembertslx:RevolverMember2025-06-300001508655Debt Investments Transportation Project44, Inc First-lien loan ($54,687 par, due 11/2027) Initial Acquisition Date 11/12/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.67%2025-06-300001508655tslx:O2025Q1SupplementalDividendsMember2025-02-130001508655country:IT2025-06-300001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment First-lien loan ($70,048 par, due 11/2029) Initial Acquisition Date 11/23/2020 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.83%2025-06-300001508655tslx:InvestmentAdvisoryAgreementMembertslx:LeverageWaiverMember2025-01-012025-06-300001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/20222025-06-300001508655tslx:BusinessServicesMember2025-06-300001508655tslx:RaptorUsBuyerIiCorpMembertslx:RevolverMember2024-12-310001508655Debt Investments Internet Services Hippo XPA Bidco AB First-lien loan (EUR 2,472 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.50% Interest Rate 9.87% (incl. 3.50% PIK)2024-12-310001508655Debt Investments Healthcare Merative L.P. Investment First-lien loan ($70,103 par, due 6/2028) Initial Acquisition Date 6/30/2022 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.55%2025-06-300001508655Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/20232025-06-300001508655Equity and Other Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/20212024-12-310001508655tslx:AmericanAchievementCorpMembertslx:RevolverMember2024-12-310001508655tslx:DelayedDrawMembertslx:ShiftmoveGmbhMember2025-06-300001508655tslx:TwoThousandTwentyFourNotesMember2019-11-012019-11-300001508655tslx:FirstLienDebtInvestmentsMember2025-06-300001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien revolving loan (GBP 487 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread S + 4.00% Interest Rate 8.22%2025-01-012025-06-300001508655tslx:ArrowbuyerIncMembertslx:DelayedDrawMember2025-06-300001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Warrants (280,000 warrants) Initial Acquisition Date 2/28/20202024-12-310001508655tslx:RainFocusLLCMembertslx:DelayedDrawMember2024-12-310001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien revolving loan ($656 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.78%2025-01-012025-06-300001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($33,874 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.30%2025-06-300001508655tslx:EquityAndOtherInvestmentsMembertslx:HumanResourceSupportServicesMember2025-06-300001508655tslx:CoupaHoldingsLLCMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655Equity and Other Investments Pharmaceuticals TherapeuticsMD, Inc. Warrants (14,256 warrants) Initial Acquisition Date 8/5/20202024-01-012024-12-310001508655Debt Investments Business Services BCTO Ignition Purchaser, Inc. Investment First-lien holdco loan ($36,231 par, due 10/2030) Initial Acquisition Date 04/18/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 13.13% PIK2024-12-310001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan ($1,421 par, due 7/2031) Initial Acquisition Date 07/05/2024 Reference Rate and Spread SOFR + 7.11% Interest Rate 11.75% (incl. 5.61% PIK)2024-12-310001508655Equity and Other Investments Financial Services TradingScreen, Inc. Class A Units (600,000 units) Initial Acquisition Date 5/14/20212024-12-310001508655tslx:EquityAndOtherInvestmentsMembertslx:RetailAndConsumerProductsMember2025-06-300001508655tslx:PrimePayIntermediateLLCMembertslx:DelayedDrawMember2024-12-310001508655Debt Investments Internet Services Higher Logic, LLC First-lien loan ($50,054 par, due 1/2025) Initial Acquisition Date 6/18/2018 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.61%2024-12-310001508655tslx:DelayedDrawMembertslx:BctoBluebillBuyerIncMember2025-06-300001508655Debt Investments Retail and Consumer Products PDI TA Holdings, Inc. First-lien loan ($20,388 par, due 2/2031) Initial Acquisition Date 2/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.78%2025-06-300001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (GBP 19,591 par, due 9/2028) Initial Acquisition Date 09/06/2022 Reference Rate and Spread S + 7.00% Interest Rate 11.70%2024-01-012024-12-310001508655Equity and Other Investments Healthcare Raptor US Buyer II Corp. Ordinary Shares (13,176 shares) Initial Acquisition Date 3/24/20232025-01-012025-06-300001508655tslx:ManufacturingMemberus-gaap:DebtSecuritiesMember2024-12-310001508655Debt Investments Business Services Crewline Buyer, Inc. Investment First-lien loan ($58,384 par, due 11/2030) Initial Acquisition Date 11/08/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.11%2024-01-012024-12-310001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. First-lien revolving loan (GBP 325 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread S + 5.00% Interest Rate 9.70%2024-01-012024-12-310001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 12,696 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 5.50% Interest Rate 8.15%2025-01-012025-06-300001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyEightNotesMember2025-01-012025-06-300001508655tslx:TangoManagementConsultingTwoMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655tslx:KryptonaBidCoUSLLCMembertslx:RevolverMember2024-12-310001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/20222024-12-310001508655tslx:FirstLienDebtInvestmentsMember2025-06-300001508655Debt Investments Education Kangaroo Bidco AS Investment First-lien loan ($30,625 par, due 11/2030) Initial Acquisition Date 11/2/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.43%2025-01-012025-06-300001508655Debt Investments Business Services ExtraHop Networks, Inc. Investment First-lien loan ($76,690 par, due 7/2027) Initial Acquisition Date 7/22/2021 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.93%2025-01-012025-06-300001508655tslx:TransportationMember2025-06-300001508655tslx:ArrowbuyerIncMembertslx:DelayedDrawMember2024-12-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-2 Preferred Shares (27,588 shares) Initial Acquisition Date 11/18/20222024-12-310001508655tslx:EdgeBidcoBVMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655Debt Investments Healthcare Merative L.P. Investment First-lien loan ($70,103 par, due 6/2028) Initial Acquisition Date 06/30/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.58%2024-01-012024-12-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. First-lien loan ($30,261 par, due 6/2025) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 13.98%2024-01-012024-12-310001508655Hedge Accounting Swaps2025-06-300001508655Debt Investments Financial Services BTRS Holdings, Inc. Investment First-lien loan ($48,983 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.61%2024-01-012024-12-310001508655tslx:RevolvingCreditFacilityMaturityOnApril232027Member2024-04-242024-04-240001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-06-300001508655tslx:TwoThousandTwentyFourTwentySixTwentyEightTwentyNineAndTwentyThirtyNotesMember2025-01-012025-06-300001508655Debt Investments Financial Services Alaska Bidco Oy Investment First-lien loan (EUR 727 par, due 5/2030) Initial Acquisition Date 5/30/2023 Reference Rate and Spread E + 5.75% Interest Rate 7.8%2025-06-300001508655Debt Investments Business Services Artisan Bidco, Inc. Investment First-lien loan ($38,634 par, due 11/2029) Initial Acquisition Date 11/7/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.21%2025-01-012025-06-300001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (EUR 4,851 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread E + 5.66% Interest Rate 7.64%2025-06-300001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/20212025-06-300001508655Debt Investments Business Services BCTO Ignition Purchaser, Inc. Investment First-lien holdco loan ($36,231 par, due 10/2030) Initial Acquisition Date 04/18/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 13.13% PIK2024-01-012024-12-310001508655tslx:MezzanineDebtInvestmentsMember2025-06-300001508655Debt Investments Internet Services Hippo XPA Bidco AB Investment First-lien loan (SEK 84,719 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread STIBOR + 6.25% Interest Rate 8.59% (incl. 3.38% PIK)2025-06-300001508655tslx:OtherMember2024-12-310001508655Equity and Other Investments Healthcare Merative Topco L.P. Class A-1 Units (989,691 units) Initial Acquisition Date 6/30/20222025-06-300001508655Equity and Other Investments Internet Services Bigtincan Holdings L.P. Class A Units (2,333,333 Units) Initial Acquisition Date 4/16/20252025-01-012025-06-300001508655tslx:EducationMember2024-12-310001508655Debt Investments Business Services Alpha Midco, Inc. Investment First-lien loan ($69,606 par, due 8/2028) Initial Acquisition Date 8/15/2019 Reference Rate and Spread SOFR + 6.88% Interest Rate 11.17%2025-06-300001508655Debt Investments Oil, Gas and Consumable Fuels TRP Assets, LLC First-lien loan ($54,834 par, due 12/2029) Initial Acquisition Date 12/20/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.30%2025-06-300001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. First-lien loan ($3,449 par, due 9/2029) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 7.75% Interest Rate 12.08% (incl. 4.75% PIK)2024-01-012024-12-310001508655tslx:FullsteamOperationsLlcMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655Interest Rate Swap Company Pays SOFR + 2.17% Maturity Date 8/1/20262024-12-310001508655Debt Investments Internet Services EDB Parent, LLC First-lien loan ($69,873 par, due 7/2028) Initial Acquisition Date 7/7/2022 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.26%2024-01-012024-12-310001508655tslx:ManufacturingMember2024-12-310001508655Debt Investments Automotive Truck-Lite Co., LLC Investment First-lien loan ($40,134 par, due 2/2031) Initial Acquisition Date 02/13/2024 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.27%2024-01-012024-12-310001508655us-gaap:RetainedEarningsMember2024-04-012024-06-300001508655Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($53,991 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.83%2025-06-300001508655Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/20232025-01-012025-06-300001508655Debt Investments Financial Services Ibis US Blocker Co. Investment First-lien loan ($19,555 par, due 5/2028) Initial Acquisition Date 5/28/2021 Reference Rate and Spread SOFR + 9.50% Interest Rate 13.83% PIK2025-06-300001508655tslx:TwoThousandTwentySixNotesMember2025-06-300001508655Equity and Other Investments Financial Services CLGF Holdings, L.P. Warrants (334,682 warrants) Initial Acquisition Date 11/7/20232024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Member2025-01-012025-06-300001508655tslx:BayshoreIntermediate2LPMembertslx:RevolverMember2025-06-3000015086552024-01-012024-12-310001508655us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2025-04-012025-06-300001508655Equity and Other Investments Internet Services Bigtincan Holdings L.P. Class A Units (2,333,333 Units) Initial Acquisition Date 4/16/20252025-06-300001508655Equity and Other Investments Business Services ReliaQuest, LLC Series A Preferred Stock (1,667 Units) Initial Acquisition Date 12/20/2023 Reference Rate and Spread SOFR+12.00% Interest Rate 16.60% PIK2024-01-012024-12-310001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyFourNotesMember2024-01-012024-06-300001508655Equity and Other Investments Communications Celtra Technologies, Inc. Class A Units (1,250,000 units) Initial Acquisition Date 11/19/20212025-01-012025-06-300001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (EUR 4,851 par, due 9/2030) Initial Acquisition Date 9/7/2023 Reference Rate and Spread E + 5.66% Interest Rate 8.35%2024-01-012024-12-310001508655Debt Investments Financial Services Fullsteam Operations, LLC Investment First-lien loan ($40,048 par, due 11/2029) Initial Acquisition Date 11/27/2023 Reference Rate and Spread SOFR + 8.38% Interest Rate 12.89%2024-01-012024-12-310001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien revolving loan ($819 par, due 10/2031) Initial Acquisition Date 10/1/2024 Reference Rate and Spread SOFR + 4.75% Interest Rate 9.08%2025-06-300001508655tslx:TwoThousandTwentyNineNotesMember2024-12-310001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 12,696 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 5.50% Interest Rate 8.15%2025-06-300001508655tslx:RevolverAndEquityMembertslx:AzuriteIntermediateHoldingsIncMember2025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2025-01-012025-06-300001508655us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertslx:TwoThousandTwentyEightNotesMember2024-01-012024-12-310001508655Debt Investments Retail and Consumer Products Cordance Operations, LLC First-lien loan ($63,002 par, due 7/2028) Initial Acquisition Date 7/25/2022 Reference Rate and Spread SOFR + 9.10% Interest Rate 13.43%2025-01-012025-06-300001508655us-gaap:InterestRateSwapMembertslx:TwoThousandAndThirtyNotesMember2025-01-012025-06-300001508655us-gaap:DebtSecuritiesMembertslx:RetailAndConsumerProductsMember2024-12-310001508655Debt Investments Business Services Price Fx Inc. Investment First-lien loan (EUR 910 par, due 10/2029) Initial Acquisition Date 12/19/2024 Reference Rate and Spread E + 6.25% Interest Rate 8.42%2025-01-012025-06-300001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (NOK 7,428 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread N + 7.00% Interest Rate 11.59%2025-06-300001508655Debt Investments Healthcare Eventus Buyer, LLC Investment First-lien revolving loan ($467 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 10.03%2024-01-012024-12-310001508655Equity and Other Investments Internet Services Lucidworks, Inc. Class A Units (2,333,333 Units) Initial Acquisition Date 4/16/20252025-06-300001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien revolving loan (GBP 487 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread S + 4.00% Interest Rate 8.22%2025-06-300001508655tslx:BayshoreIntermediate2LPMembertslx:RevolverMember2024-12-310001508655tslx:TwentyTwentySixNotesMember2025-01-012025-06-300001508655tslx:InterestRateSwapThreeMember2025-04-012025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2024-01-012024-06-300001508655tslx:ControlledAffiliatedInvestmentsMember2025-01-012025-06-300001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. First-lien revolving loan (GBP 325 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread S + 5.00% Interest Rate 9.70%2024-12-310001508655Debt Investments Internet Services Hippo XPA Bidco AB First-lien loan (EUR 2,472 par, due 2/2031) Initial Acquisition Date 2/20/2024 Reference Rate and Spread E + 6.50% Interest Rate 9.87% (incl. 3.50% PIK)2024-01-012024-12-310001508655tslx:SecondLienDebtInvestmentsMember2024-06-300001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien loan ($21,822 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread SOFR + 5.15% Interest Rate 9.47%2025-06-300001508655tslx:NortheastMember2024-12-310001508655Debt Investments Retail and Consumer Products American Achievement, Corp. First-lien loan ($26,864 par, due 9/2026) Initial Acquisition Date 9/30/2015 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.90% (incl. 11.40% PIK)2024-12-310001508655tslx:MezzanineDebtInvestmentsMember2024-06-300001508655tslx:TwoThousandTwentyNineNotesMember2024-01-012024-12-310001508655us-gaap:AssetPledgedAsCollateralMember2025-06-300001508655tslx:TransportationMemberus-gaap:DebtSecuritiesMember2024-12-310001508655Debt Investments Manufacturing Avalara, Inc. First-lien loan ($38,636 par, due 10/2028) Initial Acquisition Date 10/19/2022 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.58%2024-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien loan ($33,874 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2024-01-012024-12-310001508655Debt Investments Other Omnigo Software, LLC First-lien loan ($39,328 par, due 3/2027) Initial Acquisition Date 3/31/2021 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.83%2025-01-012025-06-300001508655Debt Investments Business Services Dye & Durham Corp. Investment First-lien loan ($955 par, due 4/2031) Initial Acquisition Date 04/04/2024 Reference Rate and Spread SOFR + 4.10% Interest Rate 8.43%2024-12-310001508655Debt Investments Financial Services Passport Labs, Inc. Investment First-lien loan ($24,995, par, due 4/2026) Initial Acquisition Date 04/28/2021 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.91%2024-01-012024-12-310001508655Debt Investments Manufacturing Skylark UK DebtCo Limited First-lien loan (GBP 643 par, due 9/2030) Initial Acquisition Date 2/20/2025 Reference Rate and Spread S + 5.25% Interest Rate 9.47%2025-01-012025-06-300001508655Debt Investments Manufacturing Aptean, Inc. First-lien loan ($8,835 par, due 1/2031) Initial Acquisition Date 1/30/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.58%2024-12-310001508655us-gaap:HealthcareSectorMembertslx:EquityAndOtherInvestmentsMember2025-06-3000015086552024-03-050001508655tslx:RainFocusLLCMembertslx:DelayedDrawMember2025-06-300001508655Debt Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. First-lien loan (AUD 60,000 par, due 12/2026) Initial Acquisition Date 12/6/2021 Reference Rate and Spread B + 6.25% Interest Rate 10.73%2024-12-310001508655us-gaap:RealEstateSectorMember2024-12-310001508655Debt Investments Other Boréal Bidco First-lien loan (EUR 13,213 par, due 3/2032) Initial Acquisition Date 3/24/2025 Reference Rate and Spread E + 7.25% Interest Rate 9.23% (incl. 5.75% PIK)2025-01-012025-06-300001508655Debt Investments Business Services Lynx BidCo Investment First-lien loan (EUR 614 par, due 7/2031) Initial Acquisition Date 7/5/2024 Reference Rate and Spread E + 7.11% Interest Rate 9.47% (incl. 5.61% PIK)2025-06-300001508655Debt Investments Internet Services Flight Intermediate HoldCo, Inc. First-lien loan ($40,000 par, due 4/2030) Initial Acquisition Date 10/3/2024 Reference Rate and Spread 11.50% Interest Rate 11.50%2024-01-012024-12-310001508655Debt Investments Financial Services Fullsteam Operations, LLC Investment First-lien loan ($3,568 par, due 11/2029) Initial Acquisition Date 2/23/2024 Reference Rate and Spread SOFR + 7.15% Interest Rate 11.48%2025-01-012025-06-300001508655Equity and Other Investments Education RMCF IV CIV XXXV, LP. Partnership Interest (11.94% ownership) Initial Acquisition Date 6/8/20212024-12-310001508655Debt Investments Communications X Holdings Inc. Investment First-lien loan ($988 par, due 10/2029) Initial Acquisition Date 5/6/2025 Reference Rate and Spread 9.50% Interest Rate 9.50%2025-01-012025-06-300001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien revolving loan ($2,454 par, due 12/2027) Initial Acquisition Date 12/1/2021 Reference Rate and Spread P + 6.75% Interest Rate 14.25%2024-12-310001508655tslx:DelayedDrawMembertslx:BctoBluebillBuyerIncMember2024-12-310001508655tslx:TwoThousandTwentyFourTwentySixTwentyEightAndTwentyNineMember2024-01-012024-06-300001508655tslx:InvestmentAdvisoryAgreementMembertslx:LeverageWaiverMember2011-04-152011-04-150001508655tslx:InvestmentAdvisoryAgreementMember2025-01-012025-06-300001508655tslx:DelayedDrawAndRevolverMembertslx:EmploymentHeroHoldingsPtyLtdMember2024-12-310001508655Debt Investments Human Resource Support Services HireVue, Inc. First-lien loan ($53,572 par, due 5/2029) Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.34%2024-01-012024-12-310001508655us-gaap:DomesticCountryMember2024-01-012024-12-310001508655Debt Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Investment First-lien revolving loan ($43,742 par, due 6/2026) Initial Acquisition Date 12/21/2018 Reference Rate and Spread SOFR + 9.65% Interest Rate 13.96%2025-06-300001508655tslx:InterestRateSwapOneMember2024-04-012024-06-300001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest 2 Common Units (3,493,701 units) Initial Acquisition Date 10/1/20212024-12-310001508655tslx:TradingScreenIncMembertslx:RevolverMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001508655Equity and Other Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/20212025-06-300001508655tslx:TwoThousandThirtyNotesMember2024-12-310001508655tslx:NonControlledNonAffiliatedInvestmentsMember2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:EquityAndOtherInvestmentsMembertslx:AssetValuationWaterfallMember2025-06-300001508655Equity and Other Investments Pharmaceuticals Elysium BidCo Limited Convertible Preference Shares (4,976,563 Shares) Initial Acquisition Date 12/11/20242024-12-310001508655tslx:NonControlledNonAffiliatedInvestmentsMember2025-04-012025-06-300001508655us-gaap:InterestRateSwapMembertslx:TwoThousandTwentyNineNotesMember2024-04-012024-06-300001508655tslx:EquityAndOtherInvestmentsMember2025-01-012025-06-300001508655us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-06-300001508655Equity and Other Investments Human Resource Support Services Axonify, Inc. Class A-1 Units (3,780,000 units) Initial Acquisition Date 5/5/20212025-01-012025-06-300001508655tslx:FirstLienDebtInvestmentsMember2025-01-012025-06-300001508655Debt Investments Insurance Disco Parent, Inc. First-lien loan ($5,319 par, due 3/2029) Initial Acquisition Date 3/30/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 12.01%2024-12-310001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class A Units (33,790,171 units) Initial Acquisition Date 12/21/20182025-06-300001508655Equity and Other Investments Business Services ReliaQuest, LLC Class A-2 Units (10,611 units) Initial Acquisition Date 6/21/20222024-12-310001508655Debt Investments Business Services Elements Finco Limited Investment First-lien loan ($2,245 par, due 4/2031) Initial Acquisition Date 4/29/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33% (incl. 2.25% PIK)2025-01-012025-06-300001508655tslx:AdministrationAgreementMemberus-gaap:GeneralAndAdministrativeExpenseMembertslx:AdviserMember2024-04-012024-06-300001508655Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/20232024-01-012024-12-310001508655Equity and Other Investments Internet Services Piano Software, Inc. Series C-1 Preferred Shares (418,527 shares) Initial Acquisition Date 12/22/20212024-12-310001508655tslx:InternetServicesMemberus-gaap:DebtSecuritiesMember2025-06-300001508655Debt Investments Communications X Holdings Inc. Investment First-lien loan ($9,386 par, due 10/2029) Initial Acquisition Date 3/7/2025 Reference Rate and Spread SOFR + 6.60% Interest Rate 10.93%2025-01-012025-06-300001508655Equity and Other Investments Retail and Consumer Products Neuintel, LLC Class A Units (1,176,494 units) Initial Acquisition Date 12/20/20212024-12-310001508655Equity and Other Investments Transportation RailTrac Holdings Inc. Warrants (3,059 warrants) Initial Acquisition Date 1/27/2025Equity and Other Investments Transportation RailTrac Holdings Inc. Warrants (3,059 warrants) Initial Acquisition Date 1/27/20252025-01-012025-06-300001508655Equity and Other Investments Business Services Artisan Topco LP Class A Preferred Units (2,117,264 units) Initial Acquisition Date 11/7/20232024-12-310001508655Debt Investments Communications Banyan Software Holdings, LLC Investment First-lien loan ($39,386 par, due 10/2026) Initial Acquisition Date 01/27/2023 Reference Rate and Spread SOFR + 7.35% Interest Rate 11.71%2024-12-310001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien revolving loan (GBP 280 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 7.00% Interest Rate 11.22%2025-01-012025-06-300001508655us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001508655Debt Investments Human Resource Support Services PayScale Holdings, Inc. First-lien loan ($70,465 par, due 5/2027) Initial Acquisition Date 5/3/2019 Reference Rate and Spread SOFR + 5.85% Interest Rate 10.18%2024-12-310001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($69,218 par, due 12/2027) Initial Acquisition Date 12/1/2021 Reference Rate and Spread SOFR + 6.90% Interest Rate 11.56%2024-12-310001508655Debt Investments Manufacturing ASP Unifrax Holdings, Inc. Second-lien note ($1,999 par, due 9/2029) Initial Acquisition Date 8/31/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 7.10% (incl. 1.25% PIK)2024-01-012024-12-310001508655tslx:DelayedDrawMembertslx:QSRAcquisitionCoMember2024-12-310001508655tslx:TwoThousandTwentyEightNotesMember2024-01-012024-12-310001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien revolving loan ($4,615 par, due 5/2030 Initial Acquisition Date 5/3/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-12-310001508655tslx:InvestmentAdvisoryAgreementMember2024-01-012024-06-300001508655Equity and Other Investments Hotel, Gaming and Leisure IRGSE Holding Corp. Class C-1 Units (8,800,000 units) Initial Acquisition Date 12/21/20182024-12-310001508655tslx:SecondLienDebtInvestmentsMember2024-01-012024-06-300001508655Debt Investments Human Resource Support Services Axonify, Inc. Investment First-lien loan ($45,113 par, due 5/2027) Initial Acquisition Date 5/5/2021 Reference Rate and Spread SOFR + 7.65% Interest Rate 11.91%2025-01-012025-06-300001508655Debt Investments Chemicals Erling Lux Bidco SARL Investment First-lien loan (EUR 7,239 par, due 9/2028) Initial Acquisition Date 09/06/2022 Reference Rate and Spread E + 7.00% Interest Rate 10.06%2024-12-310001508655Debt Investments Oil, Gas and Consumable Fuels Mach Natural Resources LP First-lien loan ($4,625 par, due 12/2026) Initial Acquisition Date 12/28/2023 Reference Rate and Spread SOFR + 6.65% Interest Rate 10.98%2024-12-310001508655tslx:SecondLienDebtInvestmentsMember2025-06-300001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien loan ($69,218 par, due 6/2031) Initial Acquisition Date 6/25/2025 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.82%2025-06-300001508655Debt Investments Internet Services Merit Software Finance Holdings, LLC First-lien loan ($43,214 par, due 6/2029) Initial Acquisition Date 6/20/2024 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.85%2024-12-310001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 4,392 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 4.75% Interest Rate 7.10%2025-01-012025-06-300001508655Equity and Other Investments Business Services ReliaQuest, LLC Warrants (90,634 warrants) Initial Acquisition Date 12/20/20232024-01-012024-12-310001508655Debt Investments Other Scorpio Bidco First-lien loan (EUR 2,511 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 8.43%2024-01-012024-12-310001508655tslx:DiscoParentIncMembertslx:RevolverMember2024-12-310001508655Debt Investments Human Resource Support Services bswift, LLC First-lien loan ($43,910 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 6.38% Interest Rate 11.05%2024-01-012024-12-310001508655tslx:TwoThousandThirtyNotesMember2025-06-300001508655tslx:O2025Q1BaseDividendsMember2025-02-130001508655Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($53,991 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.01%2024-12-310001508655tslx:MarketingServicesMember2025-06-300001508655Debt Investments Education Severin Acquisition, LLC Investment First-lien loan ($15,557 par, due 10/2031) Initial Acquisition Date 10/1/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33% (incl. 2.25% PIK)2025-06-300001508655tslx:TwoThousandTwentyEightNotesMember2024-12-310001508655Debt Investments Transportation Marcura Equities LTD First-lien revolving loan ($33,874 par, due 8/2029) Initial Acquisition Date 8/11/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.30%2025-01-012025-06-300001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/20212025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMember2025-01-012025-06-300001508655Debt Investments Business Services Mitnick Corporate Purchaser, Inc. Investment First-lien loan ($326 par, due 5/2029) Initial Acquisition Date 05/02/2022 Reference Rate and Spread SOFR + 4.50% Interest Rate 9.19%2024-01-012024-12-310001508655Debt Investments Financial Services Ibis Intermediate Co. Investment First-lien loan ($1,185 par, due 5/2027) Initial Acquisition Date 05/28/2021 Reference Rate and Spread SOFR + 4.65% Interest Rate 9.16%2024-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Class A-1 Units (637,713 units) Initial Acquisition Date 11/23/20212024-12-310001508655Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/20232024-12-310001508655Debt Investments Business Services Dye & Durham Corp. Investment First-lien loan ($955 par, due 4/2031) Initial Acquisition Date 04/04/2024 Reference Rate and Spread SOFR + 4.10% Interest Rate 8.43%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMember2024-04-012024-06-300001508655Interest Rate Swap Company Pays SOFR + 2.17% Maturity Date 8/1/20262025-06-300001508655tslx:AlaskaBidcoOyMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655Equity and Other Investments Healthcare Caris Life Sciences, Inc. Common Shares (1,210,369 shares) Initial Acquisition Date 10/13/20202025-06-300001508655Equity and Other Investments Human Resource Support Services DaySmart Holdings, LLC Class A Units (166,811 units) Initial Acquisition Date 12/18/20202025-06-300001508655tslx:TwoThousandTwentyFourTwentySixTwentyEightTwentyNineAndTwentyThirtyNotesMember2025-04-012025-06-300001508655Debt Investments Internet Services Arrow Buyer, Inc. Investment First-lien loan ($36,838 par, due 7/2030) Initial Acquisition Date 6/30/2023 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.30%2025-06-300001508655us-gaap:DebtSecuritiesMembertslx:HotelGamingAndLeisureMember2024-12-310001508655Equity and Other Investments Business Services Sprinklr, Inc. Common Shares (283,499 shares) Initial Acquisition Date 6/24/20212024-12-310001508655tslx:SecondLienDebtInvestmentsMember2025-04-012025-06-300001508655Equity and Other Investments Oil, Gas and Consumable Fuels TRP Assets, LLC Partnership Interest (1.89% ownership) Initial Acquisition Date 8/25/20222024-01-012024-12-310001508655Equity and Other Investments Business Services Mitnick TA Aggregator, L.P. Membership Interest (0.43% ownership) Initial Acquisition Date 5/2/20222025-06-300001508655tslx:SapphireSoftwareBuyerIncMembertslx:RevolverMember2024-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Class A-3 Units (16,957 units) Initial Acquisition Date 11/10/20232024-01-012024-12-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien loan ($6,899 par, due 4/2031) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.62%2024-01-012024-12-310001508655tslx:NonControlledNonAffiliatedInvestmentsMember2024-01-012024-06-300001508655us-gaap:RetainedEarningsMember2025-06-300001508655Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (1,584 units) Initial Acquisition Date 11/21/20222025-01-012025-06-300001508655Debt Investments Retail and Consumer Products American Achievement, Corp. Subordinated note ($4,740 par, due 9/2026) Initial Acquisition Date 3/16/2021 Reference Rate and Spread SOFR + 1.15% Interest Rate 5.45%2025-01-012025-06-300001508655Debt Investments Internet Services Big Wombat Holdings, Inc. Investment First-lien loan ($30,621 par, due 4/2031) Initial Acquisition Date 4/16/2025 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.26%2025-01-012025-06-300001508655tslx:TwoThousandTwentyFourNotesMember2020-02-012020-02-290001508655tslx:TangoManagementConsultingLLCMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655Debt Investments Other Scorpio Bidco First-lien loan (EUR 2,511 par, due 4/2031) Initial Acquisition Date 4/4/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.73%2025-01-012025-06-300001508655us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2025-06-300001508655Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. Investment First-lien loan ($45,054 par, due 12/2031) Initial Acquisition Date 12/5/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.33%2025-01-012025-06-300001508655us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembertslx:MezzanineDebtInvestmentsMember2024-12-310001508655tslx:O2025Q2BaseDividendsMember2025-04-300001508655Equity and Other Investments Business Services Newark FP Co-Invest, L.P. Partnership (2,527,719 units) Initial Acquisition Date 11/8/20232024-01-012024-12-310001508655Equity and Other Investments Financial Services Passport Labs, Inc. Warrants (17,534 warrants) Initial Acquisition Date 4/28/20212025-06-300001508655Debt Investments Healthcare Eventus Buyer, LLC Investment First-lien loan ($25,835 par, due 11/2030) Initial Acquisition Date 11/1/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.80%2025-06-300001508655us-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2025-06-300001508655Debt Investments Internet Services LeanTaaS Holdings, Inc. First-lien loan ($56,156 par, due 7/2028) Initial Acquisition Date 7/12/2022 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.83%2024-01-012024-12-310001508655tslx:GreenshootBidcoBVMembertslx:RevolverMember2025-06-300001508655tslx:O2024Q1SupplementalDividendsMember2024-02-152024-02-150001508655Debt Investments Transportation Project44, Inc First-lien loan ($54,687 par, due 11/2027) Initial Acquisition Date 11/12/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.67%2025-01-012025-06-300001508655Debt Investments Financial Services TradingScreen, Inc. Investment First-lien loan ($55,244 par, due 4/2027) Initial Acquisition Date 4/30/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.63%2025-01-012025-06-300001508655Debt Investments Financial Services Volante Technologies, Inc. Investment First-lien loan ($3,072 par, due 9/2028) Initial Acquisition Date 09/29/2023 Reference Rate and Spread 16.50% Interest Rate 16.50% PIK2024-12-310001508655Equity and Other Investments Internet Services Lucidworks, Inc. Series F Preferred Shares (199,054 shares) Initial Acquisition Date 8/2/20192024-01-012024-12-310001508655Equity and Other Investments Business Services ReliaQuest, LLC Class A-2 Units (10,611 units) Initial Acquisition Date 6/21/20222024-01-012024-12-310001508655Debt Investments Transportation Shiftmove GMBH First-lien loan (EUR 31,875 par, due 9/2030) Initial Acquisition Date 9/30/2024 Reference Rate and Spread E + 6.00% Interest Rate 8.68%2024-01-012024-12-310001508655us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2024-04-012024-06-300001508655Equity and Other Investments Internet Services Bayshore Intermediate #2, L.P. Co-Invest Common Units (8,837,008 units) Initial Acquisition Date 10/1/20212024-01-012024-12-310001508655Equity and Other Investments Human Resource Support Services bswift, LLC Class A-1 Units (2,393,509 units) Initial Acquisition Date 11/7/20222024-01-012024-12-310001508655Debt Investments Internet Services LeanTaaS Holdings, Inc. First-lien loan ($56,156 par, due 7/2028) Initial Acquisition Date 7/12/2022 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.83%2024-12-310001508655tslx:HotelGamingAndLeisureMember2025-06-300001508655tslx:CommunicationsMemberus-gaap:DebtSecuritiesMember2025-06-300001508655Debt Investments Internet Services LeanTaaS Holdings, Inc. First-lien loan ($60,263 par, due 7/2028) Initial Acquisition Date 7/12/2022 Reference Rate and Spread SOFR + 7.50% Interest Rate 11.80%2025-06-300001508655Debt Investments Financial Services TradingScreen, Inc. Investment First-lien revolving loan ($899 par, due 5/2027) Initial Acquisition Date 11/01/2024 Reference Rate and Spread P + 5.25% Interest Rate 12.75%2024-01-012024-12-310001508655Debt Investments Financial Services TradingScreen, Inc. Investment First-lien loan ($55,528 par, due 4/2027) Initial Acquisition Date 04/30/2021 Reference Rate and Spread SOFR + 6.35% Interest Rate 10.93%2024-01-012024-12-310001508655tslx:RevolverAndEquityMembertslx:AzuriteIntermediateHoldingsIncMember2024-12-310001508655Debt Investments Hotel, Gaming and Leisure QSR Acquisition Co. First-lien loan ($30,000 par, due 10/2030) Initial Acquisition Date 10/31/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.84%2024-01-012024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-06-300001508655Equity and Other Investments Human Resource Support Services Employment Hero Holdings Pty Ltd. Series E Preferred Shares (113,250 shares) Initial Acquisition Date 3/1/20222024-01-012024-12-310001508655Debt Investments Internet Services Kryptona BidCo US, LLC First-lien loan ($20,253 par, due 12/2031) Initial Acquisition Date 12/18/2024 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.56% (incl. 3.38% PIK)2025-01-012025-06-300001508655Equity and Other Investments Financial Services AF Eagle Parent, L.P. Partnership Units (121,329 units) Initial Acquisition Date 11/27/20232025-01-012025-06-300001508655Debt Investments Financial Services Arlberg Bidco LLC Investment First-lien loan ($5,000 par, due 2/2031) Initial Acquisition Date 2/14/2025 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.06%2025-06-300001508655Debt Investments Insurance Disco Parent, Inc. Investment First-lien loan ($5,319 par, due 3/2029) Initial Acquisition Date 3/30/2023 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2025-01-012025-06-300001508655Debt Investments Financial Services GreenShoot BidCo B.V Investment First-lien loan (EUR 5,107 par, due 5/2030) Initial Acquisition Date 5/28/2024 Reference Rate and Spread E + 5.75% Interest Rate 7.76%2025-06-300001508655Debt Investments Communications X Holdings Inc. Investment First-lien loan ($988 par, due 10/2029) Initial Acquisition Date 5/6/2025 Reference Rate and Spread 9.50% Interest Rate 9.50%2025-06-300001508655Debt Investments Pharmaceuticals Arrowhead Pharmaceuticals, Inc. First-lien loan ($27,388 par, due 8/2031) Initial Acquisition Date 8/7/2024 Reference Rate and Spread 15.00% Interest Rate 15.00%2025-06-300001508655us-gaap:RetainedEarningsMember2024-03-310001508655us-gaap:FairValueInputsLevel2Member2024-12-310001508655Debt Investments Hotel, Gaming and Leisure ASG II, LLC Investment First-lien loan ($65,000 par, due 5/2028) Initial Acquisition Date 5/25/2022 Reference Rate and Spread SOFR + 6.40% Interest Rate 10.68%2025-06-300001508655us-gaap:FairValueInputsLevel3Membertslx:FirstLienDebtInvestmentsMembertslx:AssetValuationWaterfallMember2025-06-300001508655Debt Investments Business Services Azurite Intermediate Holdings, Inc. Investment First-lien loan ($42,750 par, due 3/2031) Initial Acquisition Date 03/19/2024 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.86%2024-01-012024-12-310001508655country:DE2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:SecondLienDebtInvestmentsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001508655Debt Investments Business Services Azurite Intermediate Holdings, Inc. Investment First-lien loan ($42,750 par, due 3/2031) Initial Acquisition Date 03/19/2024 Reference Rate and Spread SOFR + 6.50% Interest Rate 10.86%2024-12-310001508655Debt Investments Electronics Sapphire Software Buyer, Inc. Investment First-lien loan ($27,097 par, due 9/2031) Initial Acquisition Date 9/30/2024 Reference Rate and Spread SOFR + 5.50% Interest Rate 9.22%2025-01-012025-06-300001508655tslx:TwentyTwentyNineNotesMember2025-01-012025-06-300001508655Debt Investments Financial Services Fullsteam Operations, LLC Investment First-lien loan ($39,394 par, due 11/2029) Initial Acquisition Date 11/27/2023 Reference Rate and Spread SOFR + 8.40% Interest Rate 12.73%2025-01-012025-06-300001508655tslx:RailAcquisitionsLLCMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655tslx:IngenovisHealthFinanceLLCMembertslx:RevolverMember2024-12-310001508655tslx:OilGasAndConsumableFuelsMembertslx:EquityAndOtherInvestmentsMember2025-06-300001508655us-gaap:RetainedEarningsMember2025-04-012025-06-3000015086552024-12-310001508655Debt Investments Hotel, Gaming and Leisure AVSC Holding Corp. First-lien loan ($45,167 par, due 12/2031) Initial Acquisition Date 12/5/2024 Reference Rate and Spread SOFR + 5.00% Interest Rate 9.36%2024-12-310001508655tslx:BCTOAcePurchaserIncMembertslx:DelayedDrawAndRevolverMember2025-06-300001508655tslx:O2024Q1BaseDividendsMember2024-02-152024-02-150001508655tslx:TruckLiteCoLlcMembertslx:DelayedDrawAndRevolverMember2024-12-310001508655tslx:O2024Q2SupplementalDividendsMember2024-05-012024-05-010001508655Equity and Other Investments Oil, Gas and Consumable Fuels Murchison Oil and Gas, LLC Preferred Units (13,355 units) Initial Acquisition Date 6/30/20222024-12-310001508655Debt Investments Oil, Gas and Consumable Fuels TRP Assets, LLC First-lien loan ($54,834 par, due 12/2029) Initial Acquisition Date 12/20/2024 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.33%2024-01-012024-12-310001508655tslx:FlightIntermediateHoldCoIncMembertslx:DelayedDrawMember2025-06-300001508655tslx:TransportationMember2024-12-310001508655tslx:SecondLienDebtInvestmentsMember2025-03-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien loan ($41,356 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.55% (incl. 3.38% PIK)2025-06-300001508655Equity and Other Investments Retail and Consumer Products American Achievement, Corp. Class A Units (687 units) Initial Acquisition Date 3/16/20212025-06-300001508655Debt Investments Human Resource Support Services Elysian Finco Ltd. Investment First-lien loan ($21,822 par, due 1/2028) Initial Acquisition Date 1/31/2021 Reference Rate and Spread SOFR + 5.15% Interest Rate 9.47%2025-01-012025-06-300001508655Debt Investments Human Resource Support Services Madcap Software, Inc. Investment First-lien loan ($32,013 par, due 12/2026) Initial Acquisition Date 12/15/2023 Reference Rate and Spread SOFR + 6.10% Interest Rate 10.40%2025-01-012025-06-300001508655Debt Investments Financial Services CLGF Holdco 2, LLC Investment First-lien loan ($3,916 par, due 11/2027) Initial Acquisition Date 11/07/2023 Reference Rate and Spread SOFR + 8.50% Interest Rate 12.83%2024-01-012024-12-310001508655tslx:TwentyTwentySixNotesMember2021-02-032021-02-030001508655Debt Investments Manufacturing Varinem German BidCo GMBH First-lien loan (EUR 12,696 par, due 7/2031) Initial Acquisition Date 7/11/2024 Reference Rate and Spread E + 5.75% Interest Rate 9.42%2024-01-012024-12-310001508655Debt Investments Business Services USA DeBusk, LLC Investment First-lien revolving loan ($275 par, due 4/2030) Initial Acquisition Date 04/30/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.59%2024-12-310001508655Debt Investments Healthcare Raptor US Buyer II Corp. Investment First-lien loan ($18,041 par, due 3/2029) Initial Acquisition Date 3/24/2023 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.58%2025-06-300001508655Equity and Other Investments Education EMS Linq, Inc. Class B Units (5,522,526 units) Initial Acquisition Date 12/22/20212024-01-012024-12-310001508655Debt Investments Healthcare Edge Bidco B.V. Investment First-lien loan (EUR 5,947 par, due 2/2029) Initial Acquisition Date 02/24/2023 Reference Rate and Spread E + 6.75% Interest Rate 9.43%2024-01-012024-12-310001508655Debt Investments Internet Services Bayshore Intermediate #2, L.P. Investment First-lien loan ($41,356 par, due 10/2028) Initial Acquisition Date 10/1/2021 Reference Rate and Spread SOFR + 6.25% Interest Rate 10.55% (incl. 3.38% PIK)2025-01-012025-06-300001508655tslx:EducationMembertslx:EquityAndOtherInvestmentsMember2025-06-300001508655us-gaap:RetainedEarningsMember2024-12-310001508655Debt Investments Retail and Consumer Products Tango Management Consulting, LLC First-lien revolving loan ($2,454 par, due 12/2027) Initial Acquisition Date 12/1/2021 Reference Rate and Spread P + 6.75% Interest Rate 14.25%2024-01-012024-12-310001508655Equity and Other Investments Communications IntelePeer Holdings, Inc. Series C Preferred Shares (1,816,295 shares) Initial Acquisition Date 4/8/20212025-06-300001508655Debt Investments Business Services Galileo Parent, Inc. Investment First-lien loan ($64,093 par, due 5/2030) Initial Acquisition Date 05/03/2023 Reference Rate and Spread SOFR + 5.75% Interest Rate 10.08%2024-01-012024-12-310001508655Debt Investments Hotel, Gaming and Leisure Equinox Holdings, Inc. First-lien loan ($49,590 par, due 3/2029) Initial Acquisition Date 3/8/2024 Reference Rate and Spread SOFR + 8.25% Interest Rate 12.58% (incl. 4.13% PIK)2024-12-310001508655tslx:SecondLienDebtInvestmentsMember2024-12-310001508655Debt Investments Healthcare BCTO Ace Purchaser, Inc. Investment Second-lien loan ($6,596 par, due 1/2030) Initial Acquisition Date 01/23/2023 Reference Rate and Spread SOFR + 10.70% Interest Rate 15.33% PIK2024-12-310001508655us-gaap:FairValueInputsLevel3Membertslx:MezzanineDebtInvestmentsMember2025-04-012025-06-300001508655tslx:InsuranceMember2025-06-300001508655Debt Investments Healthcare Ingenovis Health Finance, LLC Investment First-lien revolving loan ($32,500 par, due 5/2030) Initial Acquisition Date 5/13/2025 Reference Rate and Spread SOFR + 6.00% Interest Rate 10.31%2025-06-300001508655Debt Investments Transportation Ben Nevis Midco Limited First-lien loan ($3,635 par, due 3/2028) Initial Acquisition Date 3/26/2024 Reference Rate and Spread SOFR + 5.25% Interest Rate 9.81%2024-12-31iso4217:AUDiso4217:EURxbrli:pureiso4217:SEKxbrli:sharesiso4217:CADiso4217:GBPiso4217:USDxbrli:sharesiso4217:USDiso4217:NOK

 

 

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 June 30, 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 001-36364

 

Sixth Street Specialty Lending, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

27-3380000

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

2100 McKinney Avenue, Suite 1500,

Dallas, TX

75201

(Address of principal executive offices)

(Zip Code)

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

Not applicable

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

 

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

TSLX

The New York Stock Exchange

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

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

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

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

Emerging growth company

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

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

The number of shares of the registrant’s common stock, $.01 par value per share, outstanding at July 30, 2025 was 94,240,348.

 

 

 

 

 


 

SIXTH STREET SPECIALTY LENDING, INC.

 

 

INDEX

 

PAGE

NO.

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements

 

4

 

 

 

 

 

 

 

Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024

 

6

 

 

 

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited)

 

24

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)

 

26

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

27

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

52

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

73

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

74

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

75

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

75

 

 

 

 

 

Item 1A.

 

Risk Factors

 

75

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

75

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

75

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

75

 

 

 

 

 

Item 5.

 

Other Information

 

75

 

 

 

 

 

Item 6.

 

Exhibits

 

76

 

 

 

 

 

SIGNATURES

 

77

 

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 Specialty Lending, Inc. (the "Company", "we", "us", or "our") has filed with the Securities and Exchange Commission, or SEC, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

an economic downturn, 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 13, 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.

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

 

 

 

3


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Sixth Street Specialty Lending, Inc.

Consolidated Balance Sheets

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

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $3,161,381 and $3,450,644, respectively)

 

$

3,228,407

 

 

$

3,453,317

 

Controlled, affiliated investments (amortized cost of $94,279 and $88,509, respectively)

 

 

66,498

 

 

 

65,095

 

Total investments at fair value (amortized cost of $3,255,660 and $3,539,153, respectively)

 

 

3,294,905

 

 

 

3,518,412

 

Cash and cash equivalents (restricted cash of $35,256 and $22,362, respectively)

 

 

39,169

 

 

 

27,328

 

Interest receivable

 

 

24,741

 

 

 

30,518

 

Prepaid expenses and other assets

 

 

57,033

 

 

 

5,967

 

Total Assets

 

$

3,415,848

 

 

$

3,582,225

 

Liabilities

 

 

 

 

 

 

Debt (net of deferred financing costs of $27,924 and $23,837, respectively)

 

$

1,726,557

 

 

$

1,901,142

 

Management fees payable to affiliate

 

 

12,620

 

 

 

12,953

 

Incentive fees on net investment income payable to affiliate

 

 

11,089

 

 

 

12,013

 

Incentive fees on net capital gains accrued to affiliate

 

 

2,822

 

 

 

5,071

 

Other payables to affiliate

 

 

5,360

 

 

 

3,635

 

Other liabilities

 

 

39,754

 

 

 

39,882

 

Total Liabilities

 

 

1,798,202

 

 

 

1,974,696

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares
   issued and outstanding

 

 

 

 

 

 

Common stock, $0.01 par value; 400,000,000 shares authorized, 94,904,598
   and
94,325,686 shares issued, respectively; and 94,240,348 and 93,661,436
   shares outstanding, respectively

 

 

949

 

 

 

943

 

Additional paid-in capital

 

 

1,531,993

 

 

 

1,519,337

 

Treasury stock at cost; 664,250 and 664,250 shares held, respectively

 

 

(10,459

)

 

 

(10,459

)

Distributable earnings

 

 

95,163

 

 

 

97,708

 

Total Net Assets

 

 

1,617,646

 

 

 

1,607,529

 

Total Liabilities and Net Assets

 

$

3,415,848

 

 

$

3,582,225

 

Net Asset Value Per Share

 

$

17.17

 

 

$

17.16

 

 

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

4


 

Sixth Street Specialty Lending, Inc.

Consolidated Statements of Operations

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

(Unaudited)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

$

98,684

 

 

$

102,707

 

 

$

202,877

 

 

$

205,114

 

Paid-in-kind interest income

 

 

5,783

 

 

 

9,435

 

 

 

11,143

 

 

 

17,543

 

Dividend income

 

 

387

 

 

 

1,815

 

 

 

1,295

 

 

 

2,596

 

Other income

 

 

7,609

 

 

 

5,533

 

 

 

11,068

 

 

 

9,787

 

Total investment income from non-controlled, non-affiliated investments

 

 

112,463

 

 

 

119,490

 

 

 

226,383

 

 

 

235,040

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

2,549

 

 

 

2,320

 

 

 

4,977

 

 

 

4,551

 

Other income

 

 

3

 

 

 

5

 

 

 

4

 

 

 

8

 

Total investment income from controlled, affiliated investments

 

 

2,552

 

 

 

2,325

 

 

 

4,981

 

 

 

4,559

 

Total Investment Income

 

 

115,015

 

 

 

121,815

 

 

 

231,364

 

 

 

239,599

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

33,647

 

 

 

39,234

 

 

 

66,617

 

 

 

78,266

 

Management fees

 

 

12,918

 

 

 

12,765

 

 

 

26,001

 

 

 

25,361

 

Incentive fees on net investment income

 

 

11,089

 

 

 

11,414

 

 

 

22,606

 

 

 

22,342

 

Incentive fees on net capital gains

 

 

1,438

 

 

 

(1,335

)

 

 

(2,248

)

 

 

(2,179

)

Professional fees

 

 

2,561

 

 

 

2,115

 

 

 

4,521

 

 

 

3,866

 

Directors’ fees

 

 

248

 

 

 

207

 

 

 

496

 

 

 

428

 

Other general and administrative

 

 

1,280

 

 

 

1,343

 

 

 

2,617

 

 

 

2,627

 

Total expenses

 

 

63,181

 

 

 

65,743

 

 

 

120,610

 

 

 

130,711

 

Management and incentive fees waived (Note 3)

 

 

(297

)

 

 

(297

)

 

 

(706

)

 

 

(694

)

Net Expenses

 

 

62,884

 

 

 

65,446

 

 

 

119,904

 

 

 

130,017

 

Net Investment Income Before Income Taxes

 

 

52,131

 

 

 

56,369

 

 

 

111,460

 

 

 

109,582

 

Income taxes, including excise taxes

 

 

1,291

 

 

 

1,226

 

 

 

2,642

 

 

 

2,076

 

Net Investment Income

 

 

50,840

 

 

 

55,143

 

 

 

108,818

 

 

 

107,506

 

Unrealized and Realized Gains (Losses)

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

73,790

 

 

 

(7,852

)

 

 

64,352

 

 

 

(17,166

)

Controlled, affiliated investments

 

 

(2,987

)

 

 

 

 

 

(4,366

)

 

 

(2,381

)

Translation of other assets and liabilities in foreign currencies

 

 

(25,764

)

 

 

(1,641

)

 

 

(36,807

)

 

 

3,085

 

Total net change in unrealized gains (losses)

 

 

45,039

 

 

 

(9,493

)

 

 

23,179

 

 

 

(16,462

)

Realized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(36,803

)

 

 

1,630

 

 

 

(35,688

)

 

 

3,863

 

Foreign currency transactions

 

 

(73

)

 

 

121

 

 

 

(352

)

 

 

12

 

Total net realized gains (losses)

 

 

(36,876

)

 

 

1,751

 

 

 

(36,040

)

 

 

3,875

 

Total Net Unrealized and Realized Gains (Losses)

 

 

8,163

 

 

 

(7,742

)

 

 

(12,861

)

 

 

(12,587

)

Increase (Decrease) in Net Assets Resulting from Operations

 

$

59,003

 

 

$

47,401

 

 

$

95,957

 

 

$

94,919

 

Earnings per common share—basic and diluted

 

$

0.63

 

 

$

0.51

 

 

$

1.02

 

 

$

1.04

 

Weighted average shares of common stock outstanding—basic and diluted

 

 

93,971,164

 

 

 

92,734,320

 

 

 

93,821,251

 

 

 

90,883,350

 

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

5


 

Sixth Street Specialty Lending, Inc.

Consolidated Schedule of Investments as of June 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

 

 


 

Company (1)

 

Investment

 

Initial
Acquisition
Date

 

Reference
Rate and
Spread

 

 

Interest Rate

 

 

 

Amortized
Cost
(2)(7)

 

 

 

Fair Value (8)

 

 

Percentage
of Net Assets

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpha Midco, Inc. (3)(5)

 

First-lien loan ($69,606 par, due 8/2028)

 

8/15/2019

 

SOFR + 6.88%

 

 

 

11.17

%

 

 

 

69,541

 

 

 

 

70,480

 

 

 

4.4

%

Artisan Bidco, Inc.(3)

 

First-lien loan ($38,634 par, due 11/2029)

 

11/7/2023

 

SOFR + 7.00%

 

 

 

11.21

%

 

 

 

38,041

 

 

 

 

38,730

 

 

 

2.4

%

 

 

First-lien loan (EUR 17,469 par, due 11/2029)

 

11/7/2023

 

 

E + 7.00%

 

 

 

9.36

%

 

 

 

18,477

 

 

 

20,557
 (EUR
17,513)

 

 

 

1.3

%

 

 

First-lien revolving loan ($2,191 par, due 11/2029)

 

11/7/2023

 

SOFR + 7.00%

 

 

 

11.17

%

 

 

 

2,108

 

 

 

 

2,206

 

 

 

0.1

%

Azurite Intermediate Holdings, Inc. (3)

 

First-lien loan ($42,750 par, due 3/2031)

 

3/19/2024

 

SOFR + 6.00%

 

 

 

10.33

%

 

 

 

42,082

 

 

 

 

42,988

 

 

 

2.7

%

BCTO Ignition Purchaser, Inc. (3)

 

First-lien holdco loan ($51,430 par, due 10/2030)

 

4/18/2023

 

SOFR + 7.50%

 

 

11.77% PIK

 

 

 

 

50,449

 

 

 

 

52,330

 

 

 

3.2

%

Crewline Buyer, Inc.(3)

 

First-lien loan ($58,384 par, due 11/2030)

 

11/8/2023

 

SOFR + 6.75%

 

 

 

11.08

%

 

 

 

57,046

 

 

 

 

59,026

 

 

 

3.6

%

Dye & Durham Corp. (3)(4)(9)

 

First-lien loan ($950 par, due 4/2031)

 

4/4/2024

 

SOFR + 4.35%

 

 

 

8.65

%

 

 

 

937

 

 

 

 

956

 

 

 

0.1

%

Elements Finco Limited (3)(4)

 

First-lien loan ($2,245 par, due 4/2031)

 

4/29/2024

 

SOFR + 5.00%

 

 

9.33% (incl. 2.25% PIK)

 

 

 

 

2,229

 

 

 

 

2,267

 

 

 

0.1

%

 

 

First-lien loan ($1,848 par, due 4/2031)

 

4/29/2024

 

SOFR + 5.00%

 

 

 

9.33

%

 

 

 

1,841

 

 

 

 

1,867

 

 

 

0.1

%

 

 

First-lien loan (GBP 10,396 par, due 4/2031)

 

4/29/2024

 

S + 5.50%

 

 

9.72% (incl. 2.50% PIK)

 

 

 

 

12,915

 

 

 

14,424
 (GBP
10,526)

 

 

 

0.9

%

ExtraHop Networks, Inc. (3)(5)

 

First-lien loan ($76,690 par, due 7/2027)

 

7/22/2021

 

SOFR + 6.60%

 

 

 

10.93

%

 

 

 

76,090

 

 

 

 

76,885

 

 

 

4.8

%

ForeScout Technologies, Inc. (3)

 

First-lien loan ($5,569 par, due 5/2031)

 

5/24/2024

 

SOFR + 5.00%

 

 

 

9.33

%

 

 

 

5,516

 

 

 

 

5,553

 

 

 

0.3

%

Galileo Parent, Inc. (3)

 

First-lien loan ($63,768 par, due 5/2030)

 

5/3/2023

 

SOFR + 5.75%

 

 

 

10.05

%

 

 

 

62,292

 

 

 

 

64,406

 

 

 

4.0

%

 

 

First-lien revolving loan ($6,635 par, due 5/2030)

 

5/3/2023

 

SOFR + 5.75%

 

 

 

10.05

%

 

 

 

6,441

 

 

 

 

6,736

 

 

 

0.4

%

Lynx BidCo (3)(4)

 

First-lien loan ($1,461 par, due 7/2031)

 

7/5/2024

 

SOFR + 7.11%

 

 

11.32% (incl. 5.61% PIK)

 

 

 

 

1,423

 

 

 

 

1,444

 

 

 

0.1

%

 

 

First-lien loan (EUR 614 par, due 7/2031)

 

7/5/2024

 

E + 7.11%

 

 

9.47% (incl. 5.61% PIK)

 

 

 

 

652

 

 

 

716
 (EUR
610)

 

 

 

0.0

%

Mitnick Corporate Purchaser, Inc. (3)(9)

 

First-lien loan ($324 par, due 5/2029)

 

5/2/2022

 

SOFR + 4.60%

 

 

 

8.88

%

 

 

 

324

 

 

 

 

217

 

 

 

0.0

%

Price Fx Inc. (3)(4)

 

First-lien loan (EUR 910 par, due 10/2029)

 

10/27/2023

 

 

E + 7.00%

 

 

 

9.17

%

 

 

 

968

 

 

 

1,084
 (EUR
924)

 

 

 

0.1

%

 

 

First-lien loan (EUR 910 par, due 10/2029)

 

12/19/2024

 

E + 6.25%

 

 

 

8.42

%

 

 

 

923

 

 

 

1,095
 (EUR
933)

 

 

 

0.1

%

USA DeBusk, LLC (3)

 

First-lien loan ($6,940 par, due 4/2031)

 

4/30/2024

 

SOFR + 5.25%

 

 

 

9.53

%

 

 

 

6,836

 

 

 

 

6,940

 

 

 

0.4

%

 

 

First-lien revolving loan ($397 par, due 4/2030)

 

4/30/2024

 

SOFR + 5.25%

 

 

 

9.58

%

 

 

 

386

 

 

 

 

397

 

 

 

0.0

%

Wrangler TopCo, LLC (3)

 

First-lien loan ($6,001 par, due 9/2029)

 

7/7/2023

 

SOFR + 6.00%

 

 

 

10.32

%

 

 

 

5,898

 

 

 

 

6,087

 

 

 

0.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

463,415

 

 

 

 

477,391

 

 

 

29.5

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Erling Lux Bidco SARL(3)(4)

 

First-lien loan (EUR 23,477 par, due 9/2028)

 

9/6/2022

 

 

E + 7.00%

 

 

 

9.10

%

 

 

 

22,909

 

 

 

28,240
 (EUR
24,057)

 

 

 

1.7

%

 

 

First-lien loan (GBP 9,374 par, due 9/2028)

 

9/6/2022

 

 

S + 7.00%

 

 

 

11.22

%

 

 

 

11,724

 

 

 

13,103
 (GBP
9,562)

 

 

 

0.8

%

 

 

First-lien loan (NOK 7,428 par, due 9/2028)

 

9/6/2022

 

N + 7.00%

 

 

 

11.59

%

 

 

 

711

 

 

 

749
 (NOK
7,575)

 

 

 

0.0

%

 

 

First-lien revolving loan (GBP 280 par, due 9/2028)

 

9/6/2022

 

 

S + 7.00%

 

 

 

11.22

%

 

 

 

367

 

 

 

392
 (GBP
286)

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,711

 

 

 

 

42,484

 

 

 

2.5

%

Communications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aurelia Netherlands MidCo 2 B.V. (3)(4)

 

First-lien loan (EUR 32,904 par, due 5/2031)

 

5/22/2024

 

 

E + 4.75%

 

 

 

6.83

%

 

 

 

34,964

 

 

 

38,720
 (EUR
32,986)

 

 

 

2.4

%

X Holdings Inc. (3)(9)

 

First-lien loan ($9,386 par, due 10/2029)

 

3/7/2025

 

 

SOFR + 6.60%

 

 

 

10.93

%

 

 

 

9,119

 

 

 

 

9,159

 

 

 

0.6

%

 

 

First-lien loan ($988 par, due 10/2029)

 

5/6/2025

 

 

9.50

%

 

 

9.50

%

 

 

 

969

 

 

 

 

960

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,052

 

 

 

 

48,839

 

 

 

3.1

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Astra Acquisition Corp. (3)(14)

 

Second-lien loan ($40,302 par, due 10/2029)

 

10/22/2021

 

P + 9.88%

 

 

 

17.38

%

 

 

 

39,703

 

 

 

 

1,511

 

 

 

0.1

%

EMS Linq, Inc. (3)

 

First-lien loan ($56,216 par, due 12/2027)

 

12/22/2021

 

SOFR + 6.35%

 

 

 

10.68

%

 

 

 

55,673

 

 

 

 

55,794

 

 

 

3.4

%

 

 

First-lien revolving loan ($5,095 par, due 12/2027)

 

12/22/2021

 

SOFR + 6.35%

 

 

 

10.68

%

 

 

 

5,022

 

 

 

 

5,029

 

 

 

0.3

%

7


 

Kangaroo Bidco AS (3)(4)

 

First-lien loan ($30,625 par, due 11/2030)

 

11/2/2023

 

SOFR + 6.25%

 

 

 

10.43

%

 

 

 

29,874

 

 

 

 

31,238

 

 

 

1.9

%

Severin Acquisition, LLC (3)

 

First-lien loan ($15,557 par, due 10/2031)

 

10/1/2024

 

SOFR + 5.00%

 

 

9.33% (incl. 2.25% PIK)

 

 

 

 

15,555

 

 

 

 

15,557

 

 

 

1.0

%

 

 

First-lien revolving loan ($819 par, due 10/2031)

 

10/1/2024

 

SOFR + 4.75%

 

 

 

9.08

%

 

 

 

802

 

 

 

 

819

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

146,629

 

 

 

 

109,948

 

 

 

6.8

%

Electronics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sapphire Software Buyer, Inc. (3)

 

First-lien loan ($27,097 par, due 9/2031)

 

9/30/2024

 

SOFR + 5.50%

 

 

 

9.22

%

 

 

 

26,826

 

 

 

 

27,021

 

 

 

1.7

%

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alaska Bidco Oy (3)(4)

 

First-lien loan (EUR 727 par, due 5/2030)

 

5/30/2023

 

 

E + 5.75%

 

 

 

7.80

%

 

 

 

761

 

 

 

859
 (EUR
732)

 

 

 

0.1

%

Arlberg Bidco LLC (3)(4)(5)

 

First-lien loan ($5,000 par, due 2/2031)

 

2/14/2025

 

SOFR + 5.75%

 

 

 

10.06

%

 

 

 

4,897

 

 

 

 

4,938

 

 

 

0.3

%

BCTO Bluebill Buyer, Inc. (3)(5)

 

First-lien loan ($29,384 par, due 7/2029)

 

7/20/2023

 

SOFR + 6.00%

 

 

 

10.28

%

 

 

 

28,617

 

 

 

 

29,898

 

 

 

1.8

%

BlueSnap, Inc. (3)(5)

 

First-lien loan ($49,331 par, due 8/2025)

 

10/25/2019

 

SOFR + 9.15%

 

 

 

13.45

%

 

 

 

49,262

 

 

 

 

49,331

 

 

 

3.1

%

Fullsteam Operations, LLC(3)

 

First-lien loan ($39,394 par, due 11/2029)

 

11/27/2023

 

SOFR + 8.40%

 

 

 

12.73

%

 

 

 

38,470

 

 

 

 

40,280

 

 

 

2.5

%

 

 

First-lien loan ($3,568 par, due 11/2029)

 

2/23/2024

 

SOFR + 7.15%

 

 

 

11.48

%

 

 

 

3,502

 

 

 

 

3,725

 

 

 

0.2

%

 

 

First-lien revolving loan ($758 par, due 11/2029)

 

11/27/2023

 

SOFR + 8.40%

 

 

 

12.71

%

 

 

 

725

 

 

 

 

792

 

 

 

0.0

%

GreenShoot BidCo B.V (3)(4)

 

First-lien loan (EUR 5,107 par, due 5/2030)

 

5/28/2024

 

 

E + 5.75%

 

 

 

7.76

%

 

 

 

5,422

 

 

 

5,930
 (EUR
5,052)

 

 

 

0.4

%

Ibis Intermediate Co. (3)(5)

 

First-lien loan ($1,177 par, due 5/2027)

 

5/28/2021

 

SOFR + 4.65%

 

 

 

8.98

%

 

 

 

1,152

 

 

 

 

1,186

 

 

 

0.1

%

Ibis US Blocker Co. (3)

 

First-lien loan ($19,555 par, due 5/2028)

 

5/28/2021

 

SOFR + 9.50%

 

 

13.83% PIK

 

 

 

 

19,398

 

 

 

 

19,750

 

 

 

1.2

%

Passport Labs, Inc.

 

Convertible Promissory Note A ($1,086 par, due 8/2026)

 

3/2/2023

 

 

8.00

%

 

 

8.00

%

 

 

 

1,086

 

 

 

 

1,178

 

 

 

0.1

%

TradingScreen, Inc. (3)(5)

 

First-lien loan ($55,244 par, due 4/2027)

 

4/30/2021

 

SOFR + 6.35%

 

 

 

10.63

%

 

 

 

54,655

 

 

 

 

55,244

 

 

 

3.4

%

 

 

First-lien revolving loan ($1,232 par, due 5/2027)

 

11/1/2024

 

P + 5.25%

 

 

 

12.75

%

 

 

 

1,214

 

 

 

 

1,232

 

 

 

0.1

%

Volante Technologies, Inc.

 

First-lien loan ($3,332 par, due 9/2028)

 

9/29/2023

 

 

16.50

%

 

16.50% PIK

 

 

 

 

3,312

 

 

 

 

3,457

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

212,473

 

 

 

 

217,800

 

 

 

13.5

%

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCTO Ace Purchaser, Inc. (3)

 

First-lien loan ($70,048 par, due 11/2029)

 

11/23/2020

 

SOFR + 6.50%

 

 

 

10.83

%

 

 

 

69,493

 

 

 

 

71,100

 

 

 

4.5

%

 

 

Second-lien loan ($7,112 par, due 1/2030)

 

1/23/2023

 

SOFR + 10.70%

 

 

14.98% PIK

 

 

 

 

7,014

 

 

 

 

7,272

 

 

 

0.4

%

Edge Bidco B.V. (3)(4)(5)

 

First-lien loan (EUR 5,932 par, due 2/2029)

 

2/24/2023

 

 

E + 6.50%

 

 

 

8.48

%

 

 

 

6,223

 

 

 

7,085
 (EUR
6,036)

 

 

 

0.4

%

Eventus Buyer, LLC (3)

 

First-lien loan ($25,835 par, due 11/2030)

 

11/1/2024

 

SOFR + 5.50%

 

 

 

9.80

%

 

 

 

25,446

 

 

 

 

25,507

 

 

 

1.6

%

 

 

First-lien revolving loan ($1,867 par, due 11/2030)

 

11/1/2024

 

SOFR + 5.50%

 

 

 

9.79

%

 

 

 

1,820

 

 

 

 

1,832

 

 

 

0.1

%

Ingenovis Health Finance, LLC (3)

 

First-lien revolving loan ($32,500 par, due 5/2030)

 

5/13/2025

 

SOFR + 6.00%

 

 

 

10.31

%

 

 

 

31,235

 

 

 

 

31,525

 

 

 

1.9

%

Merative L.P. (3)(5)

 

First-lien loan ($70,103 par, due 6/2028)

 

6/30/2022

 

SOFR + 6.25%

 

 

 

10.55

%

 

 

 

68,730

 

 

 

 

70,278

 

 

 

4.3

%

Raptor US Buyer II Corp. (3)(5)

 

First-lien loan ($18,041 par, due 3/2029)

 

3/24/2023

 

SOFR + 6.25%

 

 

 

10.58

%

 

 

 

17,655

 

 

 

 

18,228

 

 

 

1.1

%

Symplr Software Inc. (3)

 

First-lien loan ($638 par, due 12/2027)

 

4/15/2025

 

SOFR + 4.60%

 

 

 

8.88

%

 

 

 

545

 

 

 

 

580

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

228,161

 

 

 

 

233,407

 

 

 

14.3

%

Hotel, Gaming and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASG II, LLC (3)(5)

 

First-lien loan ($65,000 par, due 5/2028)

 

5/25/2022

 

SOFR + 6.40%

 

 

 

10.68

%

 

 

 

64,114

 

 

 

 

64,187

 

 

 

4.0

%

AVSC Holding Corp. (3)

 

First-lien loan ($45,054 par, due 12/2031)

 

12/5/2024

 

 

SOFR + 5.00%

 

 

 

9.33

%

 

 

 

44,122

 

 

 

 

44,431

 

 

 

2.7

%

Equinox Holdings, Inc.

 

First-lien loan ($50,624 par, due 3/2029)(3)

 

3/8/2024

 

SOFR + 8.25%

 

 

12.55% (incl. 4.13% PIK)

 

 

 

 

50,009

 

 

 

 

51,890

 

 

 

3.2

%

 

 

Second-lien loan ($2,537 par, due 6/2027)

 

3/13/2024

 

 

16.00

%

 

16.00% PIK

 

 

 

 

2,496

 

 

 

 

2,664

 

 

 

0.2

%

IRGSE Holding Corp. (3)(6)

 

First-lien loan ($30,261 par, due 6/2026)

 

12/21/2018

 

SOFR + 9.65%

 

 

 

13.95

%

 

 

 

28,594

 

 

 

 

27,159

 

 

 

1.7

%

 

 

First-lien revolving loan ($43,742 par, due 6/2026)

 

12/21/2018

 

SOFR + 9.65%

 

 

 

13.96

%

 

 

 

43,742

 

 

 

 

39,212

 

 

 

2.4

%

Sport Alliance GmbH (3)(4)

 

First-lien loan (EUR 4,553 par, due 4/2030)

 

4/10/2024

 

 

E + 7.25%

 

 

9.50% (incl. 3.88% PIK)

 

 

 

 

4,801

 

 

 

5,424
 (EUR
4,621)

 

 

 

0.3

%

8


 

 

 

First-lien revolving loan (EUR 208 par, due 4/2030)

 

4/10/2024

 

 

E + 6.75%

 

 

 

8.73

%

 

 

 

211

 

 

 

256
 (EUR
218)

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

238,089

 

 

 

 

235,223

 

 

 

14.5

%

Human Resource Support Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Axonify, Inc. (3)(4)(5)

 

First-lien loan ($45,113 par, due 5/2027)

 

5/5/2021

 

SOFR + 7.65%

 

 

 

11.91

%

 

 

 

44,760

 

 

 

 

45,226

 

 

 

2.8

%

bswift, LLC (3)(5)

 

First-lien loan ($44,684 par, due 11/2028)

 

11/7/2022

 

SOFR + 4.75%

 

 

 

9.06

%

 

 

 

43,915

 

 

 

 

44,684

 

 

 

2.8

%

Elysian Finco Ltd. (3)(4)(5)

 

First-lien loan ($21,822 par, due 1/2028)

 

1/31/2021

 

SOFR + 5.15%

 

 

 

9.47

%

 

 

 

21,581

 

 

 

 

21,877

 

 

 

1.4

%

 

 

First-lien revolving loan (GBP 487 par, due 1/2028)

 

1/31/2021

 

S + 4.00%

 

 

 

8.22

%

 

 

 

585

 

 

 

639
 (GBP
467)

 

 

 

0.0

%

Employment Hero Holdings Pty Ltd. (3)(4)

 

First-lien loan (AUD 60,000 par, due 12/2026)

 

12/6/2021

 

 

B + 6.25%

 

 

 

9.94

%

 

 

 

41,482

 

 

 

39,424
 (AUD
60,158)

 

 

 

2.4

%

HireVue, Inc.(3)

 

First-lien loan ($53,301 par, due 5/2029)

 

5/3/2023

 

SOFR + 6.75%

 

 

 

11.03

%

 

 

 

52,184

 

 

 

 

53,834

 

 

 

3.3

%

 

 

First-lien revolving loan ($3,493 par, due 5/2029)

 

5/3/2023

 

SOFR + 6.75%

 

 

 

11.04

%

 

 

 

3,364

 

 

 

 

3,562

 

 

 

0.2

%

Madcap Software, Inc.(3)(5)

 

First-lien loan ($32,013 par, due 12/2026)

 

12/15/2023

 

SOFR + 6.10%

 

 

 

10.40

%

 

 

 

31,616

 

 

 

 

32,173

 

 

 

2.0

%

PayScale Holdings, Inc. (3)(5)

 

First-lien loan ($70,099 par, due 5/2027)

 

5/3/2019

 

SOFR + 5.85%

 

 

 

10.15

%

 

 

 

69,884

 

 

 

 

70,800

 

 

 

4.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

309,371

 

 

 

 

312,219

 

 

 

19.3

%

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disco Parent, Inc. (3)

 

First-lien loan ($5,319 par, due 3/2029)

 

3/30/2023

 

SOFR + 7.00%

 

 

 

11.33

%

 

 

 

5,227

 

 

 

 

5,362

 

 

 

0.3

%

Internet Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arrow Buyer, Inc. (3)

 

First-lien loan ($36,838 par, due 7/2030)

 

6/30/2023

 

SOFR + 5.00%

 

 

 

9.30

%

 

 

 

36,112

 

 

 

 

37,022

 

 

 

2.3

%

Bayshore Intermediate #2, L.P. (3)

 

First-lien loan ($41,356 par, due 10/2028)

 

10/1/2021

 

SOFR + 6.25%

 

 

10.55% (incl. 3.38% PIK)

 

 

 

 

40,989

 

 

 

 

41,356

 

 

 

2.6

%

 

 

First-lien revolving loan ($436 par, due 10/2028)

 

10/1/2021

 

SOFR + 5.75%

 

 

 

10.06

%

 

 

 

416

 

 

 

 

436

 

 

 

0.0

%

Big Wombat Holdings, Inc. (3)

 

First-lien loan ($30,621 par, due 4/2031)

 

4/16/2025

 

SOFR + 7.00%

 

 

 

11.26

%

 

 

 

29,976

 

 

 

 

30,042

 

 

 

1.9

%

Coupa Holdings, LLC (3)

 

First-lien loan ($42,759 par, due 2/2030)

 

2/27/2023

 

SOFR + 5.25%

 

 

 

9.53

%

 

 

 

41,970

 

 

 

 

43,503

 

 

 

2.7

%

EDB Parent, LLC (3)(5)

 

First-lien loan ($74,047 par, due 7/2028)

 

7/7/2022

 

SOFR + 7.00%

 

 

 

11.33

%

 

 

 

73,099

 

 

 

 

74,047

 

 

 

4.6

%

Flight Intermediate HoldCo, Inc.

 

First-lien loan ($40,000 par, due 4/2030)

 

10/3/2024

 

 

11.50

%

 

 

11.50

%

 

 

 

38,933

 

 

 

 

39,600

 

 

 

2.4

%

Hippo XPA Bidco AB (3)(4)

 

First-lien loan (SEK 84,719 par, due 2/2031)

 

2/20/2024

 

STIBOR + 6.50%

 

 

8.84% (incl. 3.50% PIK)

 

 

 

 

8,008

 

 

 

8,942
 (SEK
85,221)

 

 

 

0.6

%

 

 

First-lien loan (SEK 125,000 par, due 2/2031)

 

6/12/2025

 

STIBOR + 6.50%

 

 

8.74% (incl. 3.50% PIK)

 

 

 

 

12,760

 

 

 

13,221
 (SEK
126,000)

 

 

 

0.8

%

 

 

First-lien loan (EUR 2,515 par, due 2/2031)

 

2/20/2024

 

 

E + 6.50%

 

 

8.98% (incl. 3.50% PIK)

 

 

 

 

2,686

 

 

 

2,966
 (EUR
2,527)

 

 

 

0.2

%

Khoros, LLC

 

First-lien loan ($11,682 par, due 5/2030)

 

5/23/2025

 

 

10.00

%

 

 

10.00

%

 

 

 

11,682

 

 

 

 

11,682

 

 

 

0.7

%

Kryptona BidCo US, LLC (3)

 

First-lien loan ($20,253 par, due 12/2031)

 

12/18/2024

 

SOFR + 6.25%

 

 

10.56% (incl. 3.38% PIK)

 

 

 

 

19,840

 

 

 

 

20,421

 

 

 

1.3

%

 

 

First-lien loan (EUR 4,687 par, due 12/2031)

 

12/18/2024

 

E + 6.25%

 

 

8.25% (incl. 3.38% PIK)

 

 

 

 

4,824

 

 

 

5,543
 (EUR
4,722)

 

 

 

0.3

%

LeanTaaS Holdings, Inc. (3)(5)

 

First-lien loan ($60,263 par, due 7/2028)

 

7/12/2022

 

SOFR + 7.50%

 

 

 

11.80

%

 

 

 

59,586

 

 

 

 

60,414

 

 

 

3.7

%

Lucidworks, Inc. (3)(5)

 

First-lien loan ($9,740 par, due 2/2027)

 

2/11/2022

 

SOFR + 7.50%

 

 

11.83% (incl. 3.50% PIK)

 

 

 

 

9,740

 

 

 

 

9,764

 

 

 

0.6

%

Merit Software Finance Holdings, LLC (3)

 

First-lien loan ($43,214 par, due 6/2029)

 

6/20/2024

 

SOFR + 7.50%

 

 

 

11.83

%

 

 

 

42,060

 

 

 

 

42,939

 

 

 

2.7

%

RainFocus, LLC (3)(5)

 

First-lien loan ($61,099 par, due 4/2031)

 

4/25/2025

 

SOFR + 6.38%

 

 

 

10.49

%

 

 

 

60,517

 

 

 

 

60,793

 

 

 

3.8

%

SMA Technologies Holdings, LLC(3)(5)

 

First-lien loan ($53,991 par, due 10/2028)

 

10/31/2022

 

SOFR + 6.50%

 

 

 

10.83

%

 

 

 

52,699

 

 

 

 

54,816

 

 

 

3.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

545,897

 

 

 

 

557,507

 

 

 

34.6

%

Manufacturing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASP Unifrax Holdings, Inc. (9)

 

First-lien loan ($3,532 par, due 9/2029)(3)

 

9/30/2024

 

SOFR + 7.75%

 

 

12.05% (incl. 4.75% PIK)

 

 

 

 

3,464

 

 

 

 

3,286

 

 

 

0.2

%

 

 

Second-lien note ($2,012 par, due 9/2029)

 

8/31/2023

 

 

7.10

%

 

7.10% (incl. 1.25% PIK)

 

 

 

 

1,562

 

 

 

 

905

 

 

 

0.1

%

Heritage Environmental Services, Inc. (3)

 

First-lien loan ($12,222 par, due 1/2031)

 

1/31/2024

 

SOFR + 5.50%

 

 

 

9.78

%

 

 

 

12,167

 

 

 

 

12,363

 

 

 

0.8

%

 

 

First-lien loan ($1,325 par, due 1/2031)

 

9/27/2024

 

SOFR + 5.00%

 

 

 

9.30

%

 

 

 

1,318

 

 

 

 

1,325

 

 

 

0.1

%

Skylark UK DebtCo Limited (3)(4)

 

First-lien loan ($16,340 par, due 9/2030)

 

9/7/2023

 

SOFR + 5.66%

 

 

 

9.96

%

 

 

 

15,977

 

 

 

 

16,503

 

 

 

1.0

%

9


 

 

 

First-lien loan (EUR 4,851 par, due 9/2030)

 

9/7/2023

 

 

E + 5.66%

 

 

 

7.64

%

 

 

 

5,079

 

 

 

5,751
 (EUR
4,900)

 

 

 

0.4

%

 

 

First-lien loan (GBP 22,186 par, due 9/2030)

 

9/7/2023

 

 

S + 5.66%

 

 

 

9.88

%

 

 

 

27,083

 

 

 

30,707
 (GBP
22,408)

 

 

 

1.9

%

 

 

First-lien loan (GBP 643 par, due 9/2030)

 

2/20/2025

 

 

S + 5.25%

 

 

 

9.47

%

 

 

 

796

 

 

 

874
 (GBP
638)

 

 

 

0.1

%

Varinem German BidCo GMBH (3)(4)

 

First-lien loan (EUR 12,696 par, due 7/2031)

 

7/11/2024

 

 

E + 5.50%

 

 

 

8.15

%

 

 

 

13,689

 

 

 

15,127
 (EUR
12,887)

 

 

 

0.9

%

 

 

First-lien loan (EUR 4,392 par, due 7/2031)

 

7/11/2024

 

 

E + 4.75%

 

 

 

7.10

%

 

 

 

4,676

 

 

 

5,131
 (EUR
4,371)

 

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85,811

 

 

 

 

91,972

 

 

 

5.8

%

Office Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

USR Parent, Inc. (3)(5)

 

ABL FILO term loan ($10,809 par, due 4/2027)

 

4/25/2022

 

SOFR + 6.50%

 

 

 

10.82

%

 

 

 

10,681

 

 

 

 

10,809

 

 

 

0.7

%

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Laramie Energy, LLC (3)

 

First-lien loan ($27,317 par, due 2/2027)

 

2/21/2023

 

SOFR + 7.10%

 

 

 

11.43

%

 

 

 

27,093

 

 

 

 

27,590

 

 

 

1.7

%

Northwind Midstream Partners LLC (3)

 

First-lien loan ($25,000 par, due 3/2029)

 

3/18/2025

 

SOFR + 6.40%

 

 

 

10.70

%

 

 

 

24,514

 

 

 

 

24,938

 

 

 

1.5

%

TRP Assets, LLC (3)

 

First-lien loan ($54,834 par, due 12/2029)

 

12/20/2024

 

SOFR + 7.00%

 

 

 

11.30

%

 

 

 

53,696

 

 

 

 

54,997

 

 

 

3.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

105,303

 

 

 

 

107,525

 

 

 

6.6

%

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boréal Bidco (3)(4)

 

First-lien note (EUR 13,213 par, due 3/2032)

 

3/24/2025

 

 

E + 7.25%

 

 

9.23% (incl. 5.75% PIK)

 

 

 

 

13,976

 

 

 

15,355
 (EUR
13,081)

 

 

 

0.9

%

Omnigo Software, LLC (3)(5)

 

First-lien loan ($39,328 par, due 3/2027)

 

3/31/2021

 

SOFR + 5.50%

 

 

 

9.83

%

 

 

 

39,152

 

 

 

 

39,328

 

 

 

2.4

%

Scorpio Bidco (3)(4)

 

First-lien loan (EUR 2,511 par, due 4/2031)

 

4/4/2024

 

 

E + 5.75%

 

 

 

7.73

%

 

 

 

2,676

 

 

 

2,965
 (EUR
2,526)

 

 

 

0.2

%

Sky Bidco S.p.A.(3)(4)

 

First-lien note (EUR 6,368 par, due 10/2031)

 

10/29/2024

 

 

E + 5.00%

 

 

 

6.98

%

 

 

 

6,693

 

 

 

7,591
 (EUR
6,467)

 

 

 

0.5

%

 

 

First-lien note ($14,085 par, due 10/2031)

 

10/29/2024

 

SOFR + 5.00%

 

 

 

9.30

%

 

 

 

13,830

 

 

 

 

14,225

 

 

 

0.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

76,327

 

 

 

 

79,464

 

 

 

4.9

%

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apellis Pharmaceuticals, Inc. (3)(4)

 

First-lien loan ($19,737 par, due 5/2030)

 

5/13/2024

 

SOFR + 5.75%

 

 

 

10.05

%

 

 

 

19,737

 

 

 

 

19,924

 

 

 

1.2

%

Arrowhead Pharmaceuticals, Inc. (4)

 

First-lien loan ($27,388 par, due 8/2031)

 

8/7/2024

 

 

15.00

%

 

 

15.00

%

 

 

 

27,169

 

 

 

 

31,633

 

 

 

2.0

%

Elysium BidCo Limited (3)(4)

 

First-lien loan (EUR 17,985 par, due 12/2030)

 

12/11/2024

 

E + 7.25%

 

 

 

9.23

%

 

 

 

18,422

 

 

 

20,795
 (EUR
17,715)

 

 

 

1.3

%

 

 

First-lien loan (GBP 9,953 par, due 12/2030)

 

12/11/2024

 

S + 7.25%

 

 

 

11.47

%

 

 

 

12,383

 

 

 

13,469
 (GBP
9,829)

 

 

 

0.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77,711

 

 

 

 

85,821

 

 

 

5.3

%

Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cirrus (BidCo) Limited (3)(4)(5)

 

First-lien loan (GBP 691 par, due 8/2030)

 

8/9/2024

 

 

S + 6.25%

 

 

10.47% (incl. 3.00% PIK)

 

 

 

 

859

 

 

 

940
 (GBP
686)

 

 

 

0.1

%

Retail and Consumer Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acosta (3)(9)

 

First-lien loan ($13,950 par, due 8/2031)

 

8/20/2024

 

SOFR + 5.60%

 

 

 

9.92

%

 

 

 

13,668

 

 

 

 

13,880

 

 

 

0.9

%

American Achievement, Corp. (3)(14)

 

First-lien loan ($26,767 par, due 9/2026)

 

9/30/2015

 

SOFR + 7.35%

 

 

11.67% (incl. 11.17% PIK)

 

 

 

 

25,948

 

 

 

 

19,741

 

 

 

1.2

%

 

 

First-lien loan ($1,334 par, due 9/2026)

 

6/10/2021

 

SOFR + 15.10%

 

 

19.42% (incl. 18.92% PIK)

 

 

 

 

1,334

 

 

 

 

100

 

 

 

0.0

%

 

 

Subordinated note ($4,740 par, due 9/2026)

 

3/16/2021

 

SOFR + 1.15%

 

 

 

5.45

%

 

 

 

545

 

 

 

 

59

 

 

 

0.0

%

Bed Bath and Beyond Inc. (3)(15)

 

ABL FILO term loan ($6,023 par, due 8/2027)

 

9/2/2022

 

SOFR + 9.90%

 

 

 

14.23

%

 

 

 

5,946

 

 

 

 

5,361

 

 

 

0.3

%

 

 

Roll Up DIP term loan ($23,849 par)

 

4/24/2023

 

SOFR + 7.90%

 

 

12.23% PIK

 

 

 

 

23,849

 

 

 

 

21,226

 

 

 

1.3

%

 

 

Super-Priority DIP term loan ($3,590 par)

 

4/24/2023

 

SOFR + 7.90%

 

 

 

12.23

%

 

 

 

3,590

 

 

 

 

3,195

 

 

 

0.2

%

Belk, Inc. (3)

 

First-lien loan ($48,125 par, due 7/2029)

 

7/22/2024

 

SOFR + 7.00%

 

 

 

11.33

%

 

 

 

47,444

 

 

 

 

48,005

 

 

 

3.0

%

Cordance Operations, LLC (3)

 

First-lien loan ($63,002 par, due 7/2028)

 

7/25/2022

 

SOFR + 9.10%

 

 

 

13.43

%

 

 

 

62,146

 

 

 

 

63,502

 

 

 

3.9

%

Neuintel, LLC (3)(5)

 

First-lien loan ($54,482 par, due 12/2026)

 

12/20/2021

 

SOFR + 6.85%

 

 

 

11.18

%

 

 

 

54,089

 

 

 

 

54,482

 

 

 

3.4

%

PDI TA Holdings, Inc. (3)

 

First-lien loan ($20,388 par, due 2/2031)

 

2/1/2024

 

SOFR + 5.50%

 

 

 

9.78

%

 

 

 

20,140

 

 

 

 

20,439

 

 

 

1.3

%

 

 

First-lien revolving loan ($656 par, due 2/2031)

 

2/1/2024

 

SOFR + 5.50%

 

 

 

9.78

%

 

 

 

636

 

 

 

 

660

 

 

 

0.0

%

10


 

Rapid Data GmbH Unternehmensberatung (3)(4)

 

First-lien loan (EUR 7,491 par, due 7/2029)

 

7/11/2023

 

 

E + 6.50%

 

 

8.77% (incl. 3.00% PIK)

 

 

 

 

8,028

 

 

 

8,846
 (EUR
7,535)

 

 

 

0.5

%

Tango Management Consulting, LLC (3)(5)

 

First-lien loan ($47,588 par, due 6/2031)

 

6/25/2025

 

SOFR + 5.50%

 

 

 

9.82

%

 

 

 

46,479

 

 

 

 

46,477

 

 

 

2.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

313,842

 

 

 

 

305,973

 

 

 

18.9

%

Transportation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ben Nevis Midco Limited (3)(4)

 

First-lien loan ($5,000 par, due 3/2028)

 

3/26/2024

 

SOFR + 5.50%

 

 

 

9.81

%

 

 

 

4,955

 

 

 

 

5,025

 

 

 

0.3

%

Marcura Equities LTD (3)(4)

 

First-lien loan ($33,874 par, due 8/2029)

 

8/11/2023

 

SOFR + 7.00%

 

 

 

11.30

%

 

 

 

33,130

 

 

 

 

34,382

 

 

 

2.1

%

 

 

First-lien loan (GBP 1,083 par, due 8/2029)

 

8/11/2023

 

 

S + 7.00%

 

 

 

11.22

%

 

 

 

1,347

 

 

 

1,503
 (GBP
1,097)

 

 

 

0.1

%

 

 

First-lien revolving loan ($1,667 par, due 8/2029)

 

8/11/2023

 

SOFR + 7.00%

 

 

 

11.30

%

 

 

 

1,610

 

 

 

 

1,708

 

 

 

0.1

%

Project44, Inc. (3)(5)

 

First-lien loan ($54,687 par, due 11/2027)

 

11/12/2021

 

SOFR + 6.35%

 

 

 

10.67

%

 

 

 

54,032

 

 

 

 

54,550

 

 

 

3.4

%

Rail Acquisitions LLC

 

First-lien loan ($25,344 par, due 1/2030) (3)

 

1/27/2025

 

SOFR + 6.00%

 

 

 

10.28

%

 

 

 

24,830

 

 

 

 

25,004

 

 

 

1.5

%

 

 

Second-lien note ($19,994 par, due 1/2031)

 

1/27/2025

 

 

13.75

%

 

13.75% PIK

 

 

 

 

16,652

 

 

 

 

17,288

 

 

 

1.1

%

Shiftmove GMBH (3)(4)(5)

 

First-lien loan (EUR 31,875 par, due 9/2030)

 

9/30/2024

 

E + 6.00%

 

 

 

7.98

%

 

 

 

34,641

 

 

 

37,152
 (EUR
31,650)

 

 

 

2.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

171,197

 

 

 

 

176,612

 

 

 

10.9

%

Total Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

3,098,582

 

 

 

 

3,126,317

 

 

 

193.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity and Other Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clarience Technologies, LLC

 

Class A Units (333 units)

 

2/12/2024

 

 

 

 

 

 

 

 

 

820

 

 

 

 

1,400

 

 

 

0.1

%

Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Artisan Topco LP(11)

 

Class A Preferred Units (2,117,264 units)

 

11/7/2023

 

 

 

 

 

 

 

 

 

2,117

 

 

 

 

1,779

 

 

 

0.1

%

Dye & Durham, Ltd. (4)(10)

 

Common Shares (126,968 shares)

 

12/3/2021

 

 

 

 

 

 

 

 

 

3,909

 

 

 

893
 (CAD
1,219)

 

 

 

0.1

%

Insight Hideaway Aggregator, L.P. (11)

 

Partnership Interest (329,861 units)

 

3/19/2024

 

 

 

 

 

 

 

 

 

3,299

 

 

 

 

3,530

 

 

 

0.2

%

Mitnick TA Aggregator, L.P. (11)

 

Membership Interest (0.43% ownership)

 

5/2/2022

 

 

 

 

 

 

 

 

 

5,249

 

 

 

 

3,202

 

 

 

0.2

%

Newark FP Co-Invest, L.P.(11)

 

Partnership (2,527,719 units)

 

11/8/2023

 

 

 

 

 

 

 

 

 

2,533

 

 

 

 

1,450

 

 

 

0.1

%

Sprinklr, Inc. (10)(11)

 

Common Shares (283,499 shares)

 

6/24/2021

 

 

 

 

 

 

 

 

 

2,445

 

 

 

 

2,398

 

 

 

0.1

%

Warrior TopCo LP (11)

 

Class A Units (423,729 units)

 

7/7/2023

 

 

 

 

 

 

 

 

 

424

 

 

 

 

661

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,976

 

 

 

 

13,913

 

 

 

0.8

%

Communications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Celtra Technologies, Inc. (11)

 

Class A Units (1,250,000 units)

 

11/19/2021

 

 

 

 

 

 

 

 

 

1,250

 

 

 

 

1,563

 

 

 

0.1

%

IntelePeer Holdings, Inc. (11)

 

Series C Preferred Shares (1,816,295 shares)

 

4/8/2021

 

 

 

 

 

 

 

 

 

1,816

 

 

 

 

372

 

 

 

0.0

%

 

 

Series D Preferred Shares (1,598,874 shares)

 

4/8/2021

 

 

 

 

 

 

 

 

 

2,925

 

 

 

 

402

 

 

 

0.0

%

 

 

Series D Warrants (106,592 warrants)

 

4/8/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,991

 

 

 

 

2,337

 

 

 

0.1

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Astra 2L Holdings II LLC (11)

 

Membership Interest (10.17% ownership)

 

1/13/2022

 

 

 

 

 

 

 

 

 

3,255

 

 

 

 

 

 

 

0.0

%

EMS Linq, Inc. (11)

 

Class B Units (5,522,526 units)

 

12/22/2021

 

 

 

 

 

 

 

 

 

5,523

 

 

 

 

1,602

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,778

 

 

 

 

1,602

 

 

 

0.1

%

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AF Eagle Parent, L.P.(11)

 

Partnership Units (121,329 units)

 

11/27/2023

 

 

 

 

 

 

 

 

 

4,091

 

 

 

 

4,520

 

 

 

0.3

%

Newport Parent Holdings, L.P. (11)

 

Class A-2 Units (131,569 units)

 

12/10/2020

 

 

 

 

 

 

 

 

 

4,177

 

 

 

 

10,390

 

 

 

0.6

%

Oxford Square Capital Corp. (4)(10)

 

Common Shares (1,620 shares)

 

8/5/2015

 

 

 

 

 

 

 

 

 

6

 

 

 

 

4

 

 

 

0.0

%

Passport Labs, Inc. (11)

 

Warrants (17,534 warrants)

 

4/28/2021

 

 

 

 

 

 

 

 

 

192

 

 

 

 

 

 

 

0.0

%

TradingScreen, Inc. (13)

 

Class A Units (600,000 units) (11)

 

5/14/2021

 

 

 

 

 

 

 

 

 

600

 

 

 

 

668

 

 

 

0.0

%

 

 

Class AA Units (19,093 units) (12)

 

11/1/2024

 

 

20.00

%

 

 

20.00

%

 

 

 

38

 

 

 

 

38

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,104

 

 

 

 

15,620

 

 

 

0.9

%

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Caris Life Sciences, Inc. (10)(11)(12)

 

Common Shares (1,210,369 shares)

 

6/20/2025

 

 

 

 

 

 

 

 

 

13,991

 

 

 

 

32,341

 

 

 

2.0

%

Khoros, LLC (12)

 

Earnout Interests

 

5/23/2025

 

 

 

 

 

 

 

 

 

7,533

 

 

 

 

7,533

 

 

 

0.5

%

Merative Topco L.P. (11)

 

Class A-1 Units (989,691 units)

 

6/30/2022

 

 

 

 

 

 

 

 

 

9,897

 

 

 

 

10,639

 

 

 

0.7

%

11


 

Raptor US Buyer II Corp. (11)

 

Ordinary Shares (13,176 shares)

 

3/24/2023

 

 

 

 

 

 

 

 

 

2,033

 

 

 

 

2,094

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,454

 

 

 

 

52,607

 

 

 

3.3

%

Hotel, Gaming and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRGSE Holding Corp. (6)(11)

 

Class A Units (33,790,171 units)

 

12/21/2018

 

 

 

 

 

 

 

 

 

21,842

 

 

 

 

84

 

 

 

0.0

%

 

 

Class C-1 Units (8,800,000 units)

 

12/21/2018

 

 

 

 

 

 

 

 

 

100

 

 

 

 

43

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,942

 

 

 

 

127

 

 

 

0.0

%

Human Resource Support Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Axonify, Inc. (4)(11)(13)

 

Class A-1 Units (3,780,000 units)

 

5/5/2021

 

 

 

 

 

 

 

 

 

3,780

 

 

 

 

4,848

 

 

 

0.3

%

bswift, LLC

 

Class A-1 Units (2,393,509 units)

 

11/7/2022

 

 

 

 

 

 

 

 

 

2,394

 

 

 

 

4,835

 

 

 

0.4

%

DaySmart Holdings, LLC (11)

 

Class A Units (166,811 units)

 

12/18/2020

 

 

 

 

 

 

 

 

 

1,347

 

 

 

 

2,209

 

 

 

0.1

%

Employment Hero Holdings Pty Ltd. (4)(11)

 

Series E Preferred Shares (113,250 shares)

 

3/1/2022

 

 

 

 

 

 

 

 

 

2,134

 

 

 

3,573
 (AUD
5,452)

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,655

 

 

 

 

15,465

 

 

 

1.0

%

Internet Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bayshore Intermediate #2, L.P. (11)(13)

 

Co-Invest Common Units (8,837,008 units)

 

10/1/2021

 

 

 

 

 

 

 

 

 

8,837

 

 

 

 

11,996

 

 

 

0.8

%

 

 

Co-Invest 2 Common Units (3,493,701 units)

 

10/1/2021

 

 

 

 

 

 

 

 

 

3,494

 

 

 

 

4,743

 

 

 

0.4

%

Bigtincan Holdings L.P. (11)(12)

 

Class A Units (2,333,333 Units)

 

4/16/2025

 

 

 

 

 

 

 

 

 

2,333

 

 

 

 

2,333

 

 

 

0.1

%

Lucidworks, Inc. (11)

 

Series F Preferred Shares (199,054 shares)

 

8/2/2019

 

 

 

 

 

 

 

 

 

800

 

 

 

 

650

 

 

 

0.0

%

Piano Software, Inc. (11)

 

Series C-1 Preferred Shares (418,527 shares)

 

12/22/2021

 

 

 

 

 

 

 

 

 

3,000

 

 

 

 

2,400

 

 

 

0.1

%

 

 

Series C-2 Preferred Shares (27,588 shares)

 

11/18/2022

 

 

 

 

 

 

 

 

 

198

 

 

 

 

316

 

 

 

0.0

%

SMA Technologies Holdings, LLC (11)(12)

 

Class A Units (1,584 units)

 

11/21/2022

 

 

 

 

 

 

 

 

 

1,584

 

 

 

 

2,530

 

 

 

0.2

%

 

 

Class B Units (1,124,813 units)

 

11/21/2022

 

 

 

 

 

 

 

 

 

68

 

 

 

 

109

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,314

 

 

 

 

25,077

 

 

 

1.6

%

Marketing Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Validity, Inc. (11)

 

Series A Preferred Shares (3,840,000 shares)

 

5/31/2018

 

 

 

 

 

 

 

 

 

3,840

 

 

 

 

10,176

 

 

 

0.6

%

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Murchison Oil and Gas, LLC (11)(13)

 

Preferred Units (13,355 units)

 

6/30/2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.0

%

TRP Assets, LLC (13)

 

Partnership Interest (1.89% ownership)

 

8/25/2022

 

 

 

 

 

 

 

 

 

8,855

 

 

 

 

8,014

 

 

 

0.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,855

 

 

 

 

8,014

 

 

 

0.5

%

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TherapeuticsMD, Inc. (4)(11)

 

Warrants (14,256 warrants)

 

8/5/2020

 

 

 

 

 

 

 

 

 

1,029

 

 

 

 

 

 

 

0.0

%

Elysium BidCo Limited (4)(11)(12)

 

Convertible Preference Shares (4,976,563 Shares)

 

12/11/2024

 

 

 

 

 

 

 

 

 

6,341

 

 

 

6,820
 (GBP
4,977)

 

 

 

0.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,370

 

 

 

 

6,820

 

 

 

0.4

%

Retail and Consumer Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Achievement, Corp. (11)

 

Class A Units (687 units)

 

3/16/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

50

 

 

 

0.0

%

Copper Bidco, LLC (9)

 

Trust Certificates (996,958 Certificates)

 

1/30/2021

 

 

 

 

 

 

 

 

 

1,262

 

 

 

 

12,213

 

 

 

0.8

%

Neuintel, LLC (11)(13)

 

Class A Units (1,176,494 units)

 

12/20/2021

 

 

 

 

 

 

 

 

 

3,000

 

 

 

 

450

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,262

 

 

 

 

12,713

 

 

 

0.8

%

Transportation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RailTrac Holdings Inc. (11)(12)

 

Warrants (3,059 warrants)

 

1/27/2025

 

 

 

 

 

 

 

 

 

2,717

 

 

 

 

2,717

 

 

 

0.2

%

Total Equity and Other Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

157,078

 

 

 

 

168,588

 

 

 

10.4

%

Total Investments

 

 

 

 

 

 

 

 

 

 

 

$

 

3,255,660

 

 

$

 

3,294,905

 

 

 

203.7

%

12


 

 

 

 

Interest Rate Swaps as of June 30, 2025

 

 

 

Company
Receives

 

Company
Pays

 

Maturity Date

 

Notional
Amount

 

 

Fair
Market
Value

 

 

Upfront
(Payments) /
Receipts

 

 

Change in
Unrealized
Gains / (Losses)

 

Interest rate swap (a)(b)

 

2.50%

 

SOFR + 2.17%

 

8/1/2026

 

$

300,000

 

 

$

(11,422

)

 

$

 

 

$

6,196

 

Interest rate swap (a)(b)

 

6.95%

 

SOFR + 2.99%

 

8/14/2028

 

 

300,000

 

 

 

4,470

 

 

 

 

 

 

5,847

 

Interest rate swap (a)(b)

 

6.125%

 

SOFR + 2.44%

 

3/1/2029

 

 

350,000

 

 

 

3,005

 

 

 

 

 

 

8,248

 

Interest rate swap (a)(b)

 

5.625%

 

SOFR + 1.53%

 

8/15/2030

 

 

300,000

 

 

 

8,869

 

 

 

 

 

 

8,869

 

Total Hedge Accounting Swaps

 

 

 

 

 

 

 

 

1,250,000

 

 

 

4,922

 

 

 

 

 

 

29,160

 

Cash collateral

 

 

 

 

 

 

 

 

 

 

 

35,256

 

 

 

 

 

 

 

Total derivatives

 

 

 

 

 

 

 

$

1,250,000

 

 

$

40,178

 

 

$

 

 

$

29,160

 

 

(a)
Contains a variable rate structure. Bears interest at a rate determined by SOFR.
(b)
Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedged item within interest expense.

 

(1)
Certain portfolio company investments are subject to contractual restrictions on sales.
(2)
The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(3)
Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to either Euro Interbank Offer Rate (“Euribor” or “E”), Sterling Overnight Index Average ("SONIA"), Secured Overnight Financing Rate (“SOFR”) which may also contain a credit spread adjustment depending on the tenor election, Bank Bill Swap Bid Rate (“BBSY” or “B”), Stockholm Interbank Offered Rate (“STIBOR”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), Canadian Overnight Repo Rate Average ("CORRA" or "C") 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 June 30, 2025.
(4)
This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 17.5% of total assets as of June 30, 2025.
(5)
In addition to the interest earned based on the stated interest rate of this investment, which is the amount reflected in this schedule, the Company may be entitled to receive additional interest as a result of an arrangement with other members in the syndicate to the extent an investment has been allocated to “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any amounts due thereunder and the Company holds the “last out” tranche.
(6)
Under the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control,” as such terms are defined in the 1940 Act, this portfolio company, as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). Transactions during the six months ended June 30, 2025 in which the issuer was an Affiliated Person of and was deemed to Control a portfolio company are as follows:

 

Controlled, Affiliated Investments during the six months ended June 30, 2025

 

Company

 

Fair
Value at
December 31,
2024

 

 

Gross
Additions (a)

 

 

Gross
Reductions
(b)

 

 

Net Change
In Unrealized
Gain/(Loss)

 

 

Realized
Gain/(Loss)

 

 

Transfers

 

 

Fair
Value at
June 30,
2025

 

 

Other
Income

 

 

Interest
Income

 

IRGSE Holding Corp.

 

$

65,095

 

 

$

5,769

 

 

$

 

 

$

(4,366

)

 

$

 

 

$

 

 

$

66,498

 

 

$

4

 

 

$

4,977

 

Total

 

$

65,095

 

 

$

5,769

 

 

$

 

 

$

(4,366

)

 

$

 

 

$

 

 

$

66,498

 

 

$

4

 

 

$

4,977

 

 

(a)
Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)
Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on debt investments, as applicable. When an investment is placed on non-accrual status, any cash flows received by the Company are applied to the outstanding principal balance.

13


 

(7)
As of June 30, 2025, the estimated cost basis of investments for U.S. federal tax purposes was $3,255,929 resulting in estimated gross unrealized gains and losses of $230,523 and $220,344, respectively.
(8)
In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to investments at fair value.
(9)
This investment is valued using observable inputs and is considered a Level 2 investment. See Note 6 for further information related to investments at fair value.
(10)
This investment is valued using observable inputs and is considered a Level 1 investment. See Note 6 for further information related to investments at fair value.
(11)
This investment is non-income producing.
(12)
All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2025, the aggregate fair value of these securities is $52,256, or 3.2% of the Company’s net assets.
(13)
Ownership of equity investments may occur through a holding company or partnership.
(14)
Investment is on non-accrual status as of June 30, 2025.
(15)
In addition to the principal amount outstanding and accrued interest owed on this investment, the Company is entitled to a separate Make-Whole Amount (the “Make-Whole”) of $14.8 million. The Make-Whole is a contractual obligation of the borrower and accrues interest on the balance outstanding. The Make-Whole is included on the Company’s Consolidated Balance Sheet within other assets, net of any valuation allowance. Given uncertainty relating to collectability of the Make-Whole, the Company has applied a full valuation allowance against the amount of the Make-Whole balance outstanding.

 

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

14


 

Sixth Street Specialty Lending, Inc.

Consolidated Schedule of Investments as of December 31, 2024

(Amounts in thousands, except share amounts)

15


 

Company (1)

 

Investment

 

Initial
Acquisition
Date

 

Reference
Rate and
Spread

 

 

Interest Rate

 

 

 

Amortized
Cost (2)(7)

 

 

 

Fair Value (8)

 

 

Percentage
of Net Assets

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truck-Lite Co., LLC (3)

 

First-lien loan ($40,134 par, due 2/2031)

 

2/13/2024

 

SOFR + 5.75%

 

 

 

10.27

%

 

 

$

39,707

 

 

 

$

40,256

 

 

 

2.5

%

Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpha Midco, Inc. (3)(5)

 

First-lien loan ($69,624 par, due 8/2028)

 

8/15/2019

 

SOFR + 6.88%

 

 

 

11.20

%

 

 

 

69,361

 

 

 

 

69,975

 

 

 

4.4

%

Artisan Bidco, Inc.(3)

 

First-lien loan ($38,830 par, due 11/2029)

 

11/7/2023

 

SOFR + 7.00%

 

 

 

11.39

%

 

 

 

38,090

 

 

 

 

38,830

 

 

 

2.5

%

 

 

First-lien loan (EUR 17,558 par, due 11/2029)

 

11/7/2023

 

 

E + 7.00%

 

 

 

10.05

%

 

 

 

18,544

 

 

 

18,181
 (EUR
17,558)

 

 

 

1.1

%

Azurite Intermediate Holdings, Inc. (3)

 

First-lien loan ($42,750 par, due 3/2031)

 

3/19/2024

 

SOFR + 6.50%

 

 

 

10.86

%

 

 

 

42,029

 

 

 

 

42,513

 

 

 

2.6

%

BCTO Ignition Purchaser, Inc. (3)

 

First-lien holdco loan ($36,231 par, due 10/2030)

 

4/18/2023

 

SOFR + 8.50%

 

 

13.13% PIK

 

 

 

 

35,456

 

 

 

 

36,955

 

 

 

2.3

%

Crewline Buyer, Inc. (3)

 

First-lien loan ($58,384 par, due 11/2030)

 

11/8/2023

 

SOFR + 6.75%

 

 

 

11.11

%

 

 

 

56,953

 

 

 

 

58,866

 

 

 

3.7

%

Dye & Durham Corp. (3)(4)(9)

 

First-lien loan ($955 par, due 4/2031)

 

4/4/2024

 

SOFR + 4.10%

 

 

 

8.43

%

 

 

 

941

 

 

 

 

964

 

 

 

0.1

%

Elements Finco Limited (3)(4)

 

First-lien loan ($4,069 par, due 4/2031)

 

4/29/2024

 

SOFR + 4.97%

 

 

9.33% (incl. 1.97% PIK)

 

 

 

 

4,045

 

 

 

 

4,069

 

 

 

0.3

%

 

 

First-lien loan (GBP 10,275 par, due 4/2031)

 

4/29/2024

 

 

S + 5.25%

 

 

9.95% (incl. 2.25% PIK)

 

 

 

 

12,748

 

 

 

12,869
 (GBP
10,275)

 

 

 

0.8

%

ExtraHop Networks, Inc. (3)(5)

 

First-lien loan ($74,616 par, due 7/2027)

 

7/22/2021

 

SOFR + 7.60%

 

 

 

11.96

%

 

 

 

73,874

 

 

 

 

74,616

 

 

 

4.6

%

ForeScout Technologies, Inc. (3)

 

First-lien loan ($5,597 par, due 5/2031)

 

5/24/2024

 

SOFR + 5.00%

 

 

 

9.52

%

 

 

 

5,541

 

 

 

 

5,565

 

 

 

0.3

%

Galileo Parent, Inc. (3)

 

First-lien loan ($64,093 par, due 5/2030)

 

5/3/2023

 

SOFR + 5.75%

 

 

 

10.08

%

 

 

 

62,493

 

 

 

 

64,093

 

 

 

4.0

%

 

 

First-lien revolving loan ($4,615 par, due 5/2030)

 

5/3/2023

 

SOFR + 5.75%

 

 

 

10.08

%

 

 

 

4,397

 

 

 

 

4,615

 

 

 

0.3

%

Lynx BidCo (3)(4)

 

First-lien loan ($1,421 par, due 7/2031)

 

7/5/2024

 

SOFR + 7.11%

 

 

11.75% (incl. 5.61% PIK)

 

 

 

 

1,385

 

 

 

 

1,392

 

 

 

0.1

%

 

 

First-lien loan (EUR 597 par, due 7/2031)

 

7/5/2024

 

 

E + 7.11%

 

 

10.38% (incl. 5.61% PIK)

 

 

 

 

633

 

 

 

611
 (EUR
590)

 

 

 

0.0

%

Mitnick Corporate Purchaser, Inc. (3)(9)

 

First-lien loan ($326 par, due 5/2029)

 

5/2/2022

 

SOFR + 4.50%

 

 

 

9.19

%

 

 

 

326

 

 

 

 

302

 

 

 

0.0

%

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)

 

 

 

0.1

%

 

 

First-lien loan (EUR 910 par, due 10/2029)

 

12/19/2024

 

E + 6.25%

 

 

 

9.12

%

 

 

 

921

 

 

 

919
 (EUR
887)

 

 

 

0.1

%

USA DeBusk, LLC (3)

 

First-lien loan ($6,899 par, due 4/2031)

 

4/30/2024

 

SOFR + 5.25%

 

 

 

9.62

%

 

 

 

6,789

 

 

 

 

6,899

 

 

 

0.4

%

 

 

First-lien revolving loan ($275 par, due 4/2030)

 

4/30/2024

 

SOFR + 5.25%

 

 

 

9.59

%

 

 

 

263

 

 

 

 

275

 

 

 

0.0

%

Wrangler TopCo, LLC (3)

 

First-lien loan ($5,484 par, due 9/2029)

 

7/7/2023

 

SOFR + 6.00%

 

 

 

10.38

%

 

 

 

5,369

 

 

 

 

5,553

 

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

441,124

 

 

 

 

449,009

 

 

 

28.0

%

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

%

 

 

 

6,928

 

 

 

7,650
 (EUR
7,388)

 

 

 

0.6

%

 

 

First-lien loan (GBP 19,591 par, due 9/2028)

 

9/6/2022

 

 

S + 7.00%

 

 

 

11.70

%

 

 

 

23,020

 

 

 

24,904
 (GBP
19,885)

 

 

 

1.5

%

 

 

First-lien loan (NOK 7,428 par, due 9/2028)

 

9/6/2022

 

N + 7.00%

 

 

 

11.69

%

 

 

 

711

 

 

 

664
 (NOK
7,538)

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,659

 

 

 

 

33,218

 

 

 

2.1

%

Communications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aurelia Netherlands MidCo 2 B.V. (3)(4)

 

First-lien loan (EUR 32,904 par, due 5/2031)

 

5/22/2024

 

 

E + 5.75%

 

 

 

8.93

%

 

 

 

34,915

 

 

 

34,157
 (EUR
32,986)

 

 

 

2.1

%

Babylon Finco Limited (3)(4)

 

First-lien loan ($1,557 par, due 1/2031)

 

1/26/2024

 

SOFR + 5.75%

 

 

 

10.37

%

 

 

 

1,511

 

 

 

 

1,557

 

 

 

0.1

%

Banyan Software Holdings, LLC (3)(4)

 

First-lien loan ($39,386 par, due 10/2026)

 

1/27/2023

 

SOFR + 7.35%

 

 

 

11.71

%

 

 

 

38,748

 

 

 

 

40,173

 

 

 

2.5

%

 

 

First-lien loan ($16,045 par, due 10/2026)

 

1/26/2024

 

SOFR + 6.25%

 

 

 

10.61

%

 

 

 

15,768

 

 

 

 

16,594

 

 

 

1.0

%

Celtra Technologies, Inc. (3)(5)

 

First-lien loan ($26,437 par, due 11/2026)

 

11/19/2021

 

 

SOFR + 5.75%

 

 

 

10.34

%

 

 

 

26,075

 

 

 

 

26,503

 

 

 

1.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

117,017

 

 

 

 

118,984

 

 

 

7.4

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Astra Acquisition Corp. (3)(14)

 

Second-lien loan ($40,302 par, due 10/2029)

 

10/22/2021

 

SOFR + 9.14%

 

 

 

13.47

%

 

 

 

39,703

 

 

 

 

6,045

 

 

 

0.4

%

16


 

Destiny Solutions Parent Holding Company (3)(5)

 

First-lien loan ($58,950 par, due 6/2026)

 

6/8/2021

 

SOFR + 5.60%

 

 

 

9.96

%

 

 

 

58,535

 

 

 

 

58,950

 

 

 

3.7

%

EMS Linq, Inc. (3)

 

First-lien loan ($56,216 par, due 12/2027)

 

12/22/2021

 

SOFR + 6.35%

 

 

 

10.86

%

 

 

 

55,578

 

 

 

 

55,935

 

 

 

3.5

%

 

 

First-lien revolving loan ($4,216 par, due 12/2027)

 

12/22/2021

 

SOFR + 6.35%

 

 

 

10.81

%

 

 

 

4,129

 

 

 

 

4,172

 

 

 

0.3

%

Kangaroo Bidco AS (3)(4)

 

First-lien loan ($30,625 par, due 11/2030)

 

11/2/2023

 

SOFR + 6.25%

 

 

 

10.66

%

 

 

 

29,804

 

 

 

 

30,800

 

 

 

1.8

%

Severin Acquisition, LLC (3)

 

First-lien loan ($15,046 par, due 10/2031)

 

10/1/2024

 

SOFR + 5.00%

 

 

9.36% (incl. 2.25% PIK)

 

 

 

 

15,028

 

 

 

 

15,046

 

 

 

0.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

202,777

 

 

 

 

170,948

 

 

 

10.6

%

Electronics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sapphire Software Buyer, Inc. (3)

 

First-lien loan ($26,962 par, due 9/2031)

 

9/30/2024

 

SOFR + 5.50%

 

 

9.75% (incl. 3.0% PIK)

 

 

 

 

26,672

 

 

 

 

26,811

 

 

 

1.7

%

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 ($29,532 par, due 7/2029)

 

7/20/2023

 

SOFR + 6.25%

 

 

 

10.84

%

 

 

 

28,681

 

 

 

 

29,827

 

 

 

1.9

%

BlueSnap, Inc. (3)(5)

 

First-lien loan ($45,106 par, due 8/2025)

 

10/25/2019

 

SOFR + 9.15%

 

 

 

13.48

%

 

 

 

44,928

 

 

 

 

44,749

 

 

 

2.8

%

BTRS Holdings, Inc. (3)

 

First-lien loan ($48,983 par, due 12/2028)

 

12/16/2022

 

SOFR + 7.25%

 

 

 

11.61

%

 

 

 

48,089

 

 

 

 

49,473

 

 

 

3.1

%

 

 

First-lien revolving loan ($1,807 par, due 12/2028)

 

12/16/2022

 

SOFR + 7.25%

 

 

 

11.76

%

 

 

 

1,712

 

 

 

 

1,855

 

 

 

0.1

%

CLGF Holdco 2, LLC (3)(4)

 

First-lien loan ($3,916 par, due 11/2027)

 

11/7/2023

 

SOFR + 8.50%

 

 

 

12.83

%

 

 

 

3,860

 

 

 

 

3,926

 

 

 

0.2

%

 

 

Second-lien loan ($3,357 par, due 11/2028)

 

11/7/2023

 

SOFR + 12.00%

 

 

 

16.33

%

 

 

 

3,150

 

 

 

 

3,357

 

 

 

0.2

%

Fullsteam Operations, LLC (3)

 

First-lien loan ($40,048 par, due 11/2029)

 

11/27/2023

 

SOFR + 8.38%

 

 

 

12.89

%

 

 

 

38,946

 

 

 

 

40,457

 

 

 

2.5

%

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)

 

 

 

0.3

%

Ibis Intermediate Co. (3)(5)

 

First-lien loan ($1,185 par, due 5/2027)

 

5/28/2021

 

SOFR + 4.65%

 

 

 

9.16

%

 

 

 

1,154

 

 

 

 

1,191

 

 

 

0.1

%

Ibis US Blocker Co. (3)

 

First-lien loan ($18,290 par, due 5/2028)

 

5/28/2021

 

SOFR + 8.40%

 

 

12.91% PIK

 

 

 

 

18,111

 

 

 

 

18,290

 

 

 

1.1

%

Passport Labs, Inc.

 

First-lien loan ($24,995, par, due 4/2026) (3)

 

4/28/2021

 

SOFR + 8.40%

 

 

 

12.91

%

 

 

 

24,914

 

 

 

 

25,058

 

 

 

1.6

%

 

 

Convertible Promissory Note A ($1,086 par, due 8/2026)

 

3/2/2023

 

 

8.00

%

 

 

8.00

%

 

 

 

1,086

 

 

 

 

2,076

 

 

 

0.1

%

TradingScreen, Inc. (3)(5)

 

First-lien loan ($55,528 par, due 4/2027)

 

4/30/2021

 

SOFR + 6.35%

 

 

 

10.93

%

 

 

 

54,788

 

 

 

 

55,528

 

 

 

3.5

%

 

 

First-lien revolving loan ($899 par, due 5/2027)

 

11/1/2024

 

P + 5.25%

 

 

 

12.75

%

 

 

 

876

 

 

 

 

899

 

 

 

0.1

%

Volante Technologies, Inc.

 

First-lien loan ($3,072 par, due 9/2028)

 

9/29/2023

 

 

16.50

%

 

16.50% PIK

 

 

 

 

3,049

 

 

 

 

3,141

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

279,516

 

 

 

 

285,838

 

 

 

17.8

%

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCTO Ace Purchaser, Inc. (3)

 

First-lien loan ($70,154 par, due 11/2029)

 

11/23/2020

 

SOFR + 6.50%

 

 

 

11.01

%

 

 

 

69,484

 

 

 

 

71,208

 

 

 

4.4

%

 

 

Second-lien loan ($6,596 par, due 1/2030)

 

1/23/2023

 

SOFR + 10.70%

 

 

15.33% PIK

 

 

 

 

6,488

 

 

 

 

6,745

 

 

 

0.4

%

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)

 

 

 

0.4

%

Eventus Buyer, LLC (3)

 

First-lien loan ($25,900 par, due 11/2030)

 

11/1/2024

 

SOFR + 5.50%

 

 

 

9.86

%

 

 

 

25,472

 

 

 

 

25,571

 

 

 

1.6

%

 

 

First-lien revolving loan ($467 par, due 11/2030)

 

11/1/2024

 

SOFR + 5.50%

 

 

 

10.03

%

 

 

 

416

 

 

 

 

432

 

 

 

0.0

%

Merative L.P. (3)(5)

 

First-lien loan ($70,103 par, due 6/2028)

 

6/30/2022

 

SOFR + 7.25%

 

 

 

11.58

%

 

 

 

68,543

 

 

 

 

69,928

 

 

 

4.4

%

Raptor US Buyer II Corp. (3)(5)

 

First-lien loan ($18,133 par, due 3/2029)

 

3/24/2023

 

SOFR + 6.25%

 

 

 

10.61

%

 

 

 

17,695

 

 

 

 

18,368

 

 

 

1.1

%

SL Buyer Corp. (3)(5)

 

First-lien loan ($33,416 par, due 7/2029)

 

7/7/2023

 

SOFR + 7.75%

 

 

 

12.34

%

 

 

 

32,264

 

 

 

 

33,215

 

 

 

2.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

226,581

 

 

 

 

231,751

 

 

 

14.4

%

Hotel, Gaming and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASG II, LLC (3)(5)

 

First-lien loan ($65,000 par, due 5/2028)

 

5/25/2022

 

SOFR + 6.40%

 

 

 

10.99

%

 

 

 

63,983

 

 

 

 

65,162

 

 

 

4.1

%

AVSC Holding Corp. (3)

 

First-lien loan ($45,167 par, due 12/2031)

 

12/5/2024

 

 

SOFR + 5.00%

 

 

 

9.36

%

 

 

 

44,175

 

 

 

 

44,292

 

 

 

2.8

%

Equinox Holdings, Inc.

 

First-lien loan ($49,590 par, due 3/2029)(3)

 

3/8/2024

 

SOFR + 8.25%

 

 

12.58% (incl. 4.13% PIK)

 

 

 

 

48,934

 

 

 

 

49,714

 

 

 

3.1

%

 

 

Second-lien loan ($2,347 par, due 6/2027)

 

3/13/2024

 

 

16.00

%

 

16.00% PIK

 

 

 

 

2,297

 

 

 

 

2,388

 

 

 

0.1

%

17


 

IRGSE Holding Corp. (3)(6)

 

First-lien loan ($30,261 par, due 6/2025)

 

12/21/2018

 

SOFR + 9.65%

 

 

 

13.98

%

 

 

 

28,594

 

 

 

 

28,823

 

 

 

1.8

%

 

 

First-lien revolving loan ($37,972 par, due 6/2025)

 

12/21/2018

 

SOFR + 9.65%

 

 

 

14.14

%

 

 

 

37,972

 

 

 

 

36,144

 

 

 

2.2

%

QSR Acquisition Co. (3)(5)

 

First-lien loan ($30,000 par, due 10/2030)

 

10/31/2024

 

 

SOFR + 5.25%

 

 

 

9.84

%

 

 

 

29,461

 

 

 

 

29,550

 

 

 

1.8

%

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)

 

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

260,128

 

 

 

 

260,674

 

 

 

16.2

%

Human Resource Support Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Axonify, Inc. (3)(4)(5)

 

First-lien loan ($44,419 par, due 5/2026)

 

5/5/2021

 

SOFR + 7.65%

 

 

 

12.20

%

 

 

 

43,982

 

 

 

 

44,532

 

 

 

2.7

%

bswift, LLC (3)(5)

 

First-lien loan ($43,910 par, due 11/2028)

 

11/7/2022

 

SOFR + 6.38%

 

 

 

11.05

%

 

 

 

43,029

 

 

 

 

44,569

 

 

 

2.8

%

Elysian Finco Ltd. (3)(4)(5)

 

First-lien loan ($21,899 par, due 1/2028)

 

1/31/2021

 

SOFR + 6.65%

 

 

 

11.28

%

 

 

 

21,616

 

 

 

 

21,954

 

 

 

1.4

%

 

 

First-lien revolving loan (GBP 325 par, due 1/2028)

 

1/31/2021

 

S + 5.00%

 

 

 

9.70

%

 

 

 

361

 

 

 

396
 (GBP
316)

 

 

 

0.0

%

Employment Hero Holdings Pty Ltd. (3)(4)

 

First-lien loan (AUD 60,000 par, due 12/2026)

 

12/6/2021

 

 

B + 6.25%

 

 

 

10.73

%

 

 

 

41,424

 

 

 

37,247
 (AUD
60,158)

 

 

 

2.3

%

HireVue, Inc. (3)

 

First-lien loan ($53,572 par, due 5/2029)

 

5/3/2023

 

SOFR + 6.75%

 

 

 

11.34

%

 

 

 

52,335

 

 

 

 

54,240

 

 

 

3.4

%

 

 

First-lien revolving loan ($4,378 par, due 5/2029)

 

5/3/2023

 

SOFR + 6.75%

 

 

 

11.30

%

 

 

 

4,233

 

 

 

 

4,464

 

 

 

0.3

%

Madcap Software, Inc. (3)(5)

 

First-lien loan ($32,175 par, due 12/2026)

 

12/15/2023

 

SOFR + 6.10%

 

 

 

10.35

%

 

 

 

31,657

 

 

 

 

32,175

 

 

 

2.0

%

PayScale Holdings, Inc. (3)(5)

 

First-lien loan ($70,465 par, due 5/2027)

 

5/3/2019

 

SOFR + 5.85%

 

 

 

10.18

%

 

 

 

70,196

 

 

 

 

71,170

 

 

 

4.4

%

PrimePay Intermediate, LLC (3)(5)

 

First-lien loan ($34,025 par, due 12/2026)

 

12/17/2021

 

SOFR + 7.15%

 

 

 

11.63

%

 

 

 

33,466

 

 

 

 

34,025

 

 

 

2.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

342,299

 

 

 

 

344,772

 

 

 

21.4

%

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disco Parent, Inc. (3)

 

First-lien loan ($5,319 par, due 3/2029)

 

3/30/2023

 

SOFR + 7.50%

 

 

 

12.01

%

 

 

 

5,216

 

 

 

 

5,377

 

 

 

0.3

%

Internet Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arrow Buyer, Inc. (3)

 

First-lien loan ($34,944 par, due 7/2030)

 

6/30/2023

 

SOFR + 5.75%

 

 

 

10.08

%

 

 

 

34,152

 

 

 

 

35,449

 

 

 

2.2

%

Bayshore Intermediate #2, L.P. (3)

 

First-lien loan ($40,663 par, due 10/2028)

 

10/1/2021

 

SOFR + 6.25%

 

 

10.77% (incl. 3.38% PIK)

 

 

 

 

40,222

 

 

 

 

40,774

 

 

 

2.5

%

Coupa Holdings, LLC (3)

 

First-lien loan ($42,975 par, due 2/2030)

 

2/27/2023

 

SOFR + 5.25%

 

 

 

9.84

%

 

 

 

42,097

 

 

 

 

43,722

 

 

 

2.7

%

CrunchTime Information, Systems, Inc. (3)(5)

 

First-lien loan ($58,898 par, due 6/2028)

 

6/17/2022

 

SOFR + 5.75%

 

 

 

10.11

%

 

 

 

58,078

 

 

 

 

58,898

 

 

 

3.7

%

EDB Parent, LLC (3)(5)

 

First-lien loan ($69,873 par, due 7/2028)

 

7/7/2022

 

SOFR + 6.75%

 

 

 

11.26

%

 

 

 

68,832

 

 

 

 

69,349

 

 

 

4.3

%

Flight Intermediate HoldCo, Inc.

 

First-lien loan ($40,000 par, due 4/2030)

 

10/3/2024

 

 

11.50

%

 

 

11.50

%

 

 

 

38,851

 

 

 

 

38,900

 

 

 

2.4

%

Higher Logic, LLC (3)(5)

 

First-lien loan ($50,054 par, due 1/2025)

 

6/18/2018

 

SOFR + 6.25%

 

 

 

10.61

%

 

 

 

50,047

 

 

 

 

50,054

 

 

 

3.1

%

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)

 

 

 

0.5

%

 

 

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)

 

 

 

0.2

%

Kryptona BidCo US, LLC (3)

 

First-lien loan ($19,912 par, due 12/2031)

 

12/18/2024

 

SOFR + 5.75%

 

 

 

10.10

%

 

 

 

19,472

 

 

 

 

19,526

 

 

 

1.2

%

 

 

First-lien loan (EUR 4,608 par, due 12/2031)

 

12/18/2024

 

E + 5.75%

 

 

 

8.61

%

 

 

 

4,729

 

 

 

4,688
 (EUR
4,527)

 

 

 

0.3

%

LeanTaaS Holdings, Inc. (3)(5)

 

First-lien loan ($56,156 par, due 7/2028)

 

7/12/2022

 

SOFR + 7.50%

 

 

 

11.83

%

 

 

 

55,388

 

 

 

 

56,437

 

 

 

3.5

%

Lithium Technologies, LLC (3)(14)

 

First-lien loan ($61,483 par, due 1/2025)

 

10/3/2017

 

SOFR + 11.00%

 

 

 

15.59

%

 

 

 

61,483

 

 

 

 

22,287

 

 

 

1.4

%

Lucidworks, Inc. (3)(5)

 

First-lien loan ($9,477 par, due 2/2027)

 

2/11/2022

 

SOFR + 7.50%

 

 

11.86% (incl. 3.5% PIK)

 

 

 

 

9,477

 

 

 

 

9,501

 

 

 

0.6

%

Merit Software Finance Holdings, LLC (3)

 

First-lien loan ($43,214 par, due 6/2029)

 

6/20/2024

 

SOFR + 7.50%

 

 

 

11.85

%

 

 

 

41,939

 

 

 

 

42,389

 

 

 

2.7

%

SMA Technologies Holdings, LLC (3)(5)

 

First-lien loan ($53,991 par, due 10/2028)

 

10/31/2022

 

SOFR + 6.50%

 

 

 

11.01

%

 

 

 

52,542

 

 

 

 

54,678

 

 

 

3.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

587,502

 

 

 

 

556,444

 

 

 

34.7

%

Manufacturing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aptean, Inc. (3)

 

First-lien loan ($8,835 par, due 1/2031)

 

1/30/2024

 

SOFR + 5.00%

 

 

 

9.58

%

 

 

 

8,748

 

 

 

 

8,860

 

 

 

0.6

%

18


 

ASP Unifrax Holdings, Inc. (9)

 

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

 

 

 

0.2

%

 

 

Second-lien note ($1,999 par, due 9/2029)

 

8/31/2023

 

 

7.10

%

 

7.10% (incl. 1.25% PIK)

 

 

 

 

1,513

 

 

 

 

1,309

 

 

 

0.1

%

Avalara, Inc. (3)

 

First-lien loan ($38,636 par, due 10/2028)

 

10/19/2022

 

SOFR + 6.25%

 

 

 

10.58

%

 

 

 

37,889

 

 

 

 

38,955

 

 

 

2.4

%

Heritage Environmental Services, Inc. (3)

 

First-lien loan ($12,284 par, due 1/2031)

 

1/31/2024

 

SOFR + 5.25%

 

 

 

9.84

%

 

 

 

12,221

 

 

 

 

12,425

 

 

 

0.8

%

 

 

First-lien loan ($1,329 par, due 1/2031)

 

1/31/2024

 

SOFR + 5.00%

 

 

 

9.33

%

 

 

 

1,323

 

 

 

 

1,329

 

 

 

0.1

%

Skylark UK DebtCo Limited (3)(4)

 

First-lien loan ($16,340 par, due 9/2030)

 

9/7/2023

 

SOFR + 5.66%

 

 

 

9.99

%

 

 

 

15,951

 

 

 

 

16,503

 

 

 

1.0

%

 

 

First-lien loan (EUR 4,851 par, due 9/2030)

 

9/7/2023

 

 

E + 5.66%

 

 

 

8.35

%

 

 

 

5,071

 

 

 

5,074
 (EUR
4,900)

 

 

 

0.3

%

 

 

First-lien loan (GBP 16,640 par, due 9/2030)

 

9/7/2023

 

 

S + 5.66%

 

 

 

10.36

%

 

 

 

20,115

 

 

 

21,117
 (GBP
16,861)

 

 

 

1.3

%

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)

 

 

 

0.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

119,888

 

 

 

 

122,161

 

 

 

7.6

%

Office Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

USR Parent, Inc. (3)(5)

 

ABL FILO term loan ($15,000 par, due 4/2027)

 

4/25/2022

 

SOFR + 6.50%

 

 

 

11.05

%

 

 

 

14,781

 

 

 

 

15,000

 

 

 

0.9

%

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Laramie Energy, LLC (3)

 

First-lien loan ($27,317 par, due 2/2027)

 

2/21/2023

 

SOFR + 7.10%

 

 

 

11.46

%

 

 

 

27,025

 

 

 

 

27,590

 

 

 

1.7

%

Mach Natural Resources LP (3)(4)

 

First-lien loan ($4,625 par, due 12/2026)

 

12/28/2023

 

SOFR + 6.65%

 

 

 

10.98

%

 

 

 

4,561

 

 

 

 

4,660

 

 

 

0.3

%

TRP Assets, LLC (3)

 

First-lien loan ($54,834 par, due 12/2029)

 

12/20/2024

 

SOFR + 7.00%

 

 

 

11.33

%

 

 

 

53,540

 

 

 

 

54,834

 

 

 

3.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85,126

 

 

 

 

87,084

 

 

 

5.4

%

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Omnigo Software, LLC (3)(5)

 

First-lien loan ($39,533 par, due 3/2027)

 

3/31/2021

 

SOFR + 5.50%

 

 

 

9.86

%

 

 

 

39,244

 

 

 

 

39,533

 

 

 

2.5

%

Scorpio Bidco (3)(4)

 

First-lien loan (EUR 2,511 par, due 4/2031)

 

4/4/2024

 

 

E + 5.75%

 

 

 

8.43

%

 

 

 

2,671

 

 

 

2,584
 (EUR
2,496)

 

 

 

0.2

%

Sky Bidco S.p.A. (3)(4)

 

First-lien note (EUR 6,368 par, due 10/2031)

 

10/29/2024

 

 

E + 5.25%

 

 

 

8.20

%

 

 

 

6,671

 

 

 

6,415
 (EUR
6,195)

 

 

 

0.4

%

 

 

First-lien note ($14,085 par, due 10/2031)

 

10/29/2024

 

SOFR + 5.25%

 

 

 

10.51

%

 

 

 

13,810

 

 

 

 

13,838

 

 

 

0.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,396

 

 

 

 

62,370

 

 

 

3.9

%

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apellis Pharmaceuticals, Inc. (3)(4)

 

First-lien loan ($19,737 par, due 5/2030)

 

5/13/2024

 

SOFR + 5.75%

 

 

 

10.08

%

 

 

 

19,737

 

 

 

 

19,924

 

 

 

1.2

%

Arrowhead Pharmaceuticals, Inc. (4)

 

First-lien loan ($33,059 par, due 8/2031)

 

8/7/2024

 

 

15.00

%

 

 

15.00

%

 

 

 

32,758

 

 

 

 

44,133

 

 

 

2.7

%

Elysium BidCo Limited (3)(4)

 

First-lien loan (EUR 17,985 par, due 12/2030)

 

12/11/2024

 

E + 7.25%

 

 

 

10.07

%

 

 

 

18,396

 

 

 

18,204
 (EUR
17,580)

 

 

 

1.1

%

 

 

First-lien loan (GBP 9,953 par, due 6/2030)

 

12/11/2024

 

S + 7.25%

 

 

 

11.95

%

 

 

 

12,367

 

 

 

12,129
 (GBP
9,684)

 

 

 

0.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

83,258

 

 

 

 

94,390

 

 

 

5.9

%

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)

 

 

 

0.1

%

Retail and Consumer Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acosta (3)(9)

 

First-lien loan ($10,000 par, due 8/2031)

 

8/20/2024

 

SOFR + 5.60%

 

 

 

10.12

%

 

 

 

9,806

 

 

 

 

9,925

 

 

 

0.6

%

American Achievement, Corp. (3)(14)

 

First-lien loan ($26,864 par, due 9/2026)

 

9/30/2015

 

SOFR + 7.35%

 

 

11.90% (incl. 11.40% PIK)

 

 

 

 

26,042

 

 

 

 

20,551

 

 

 

1.3

%

 

 

First-lien loan ($1,341 par, due 9/2026)

 

6/10/2021

 

SOFR + 15.10%

 

 

19.65% (incl. 19.15% PIK)

 

 

 

 

1,341

 

 

 

 

101

 

 

 

0.0

%

 

 

Subordinated note ($4,740 par, due 9/2026)

 

3/16/2021

 

SOFR + 1.15%

 

 

 

5.74

%

 

 

 

545

 

 

 

 

59

 

 

 

0.0

%

Bed Bath and Beyond Inc. (3)(15)

 

ABL FILO term loan ($8,994 par, due 8/2027)

 

9/2/2022

 

SOFR + 9.90%

 

 

 

14.26

%

 

 

 

8,856

 

 

 

 

8,229

 

 

 

0.5

%

 

 

Roll Up DIP term loan ($24,924 par)

 

4/24/2023

 

SOFR + 7.90%

 

 

12.26% PIK

 

 

 

 

24,924

 

 

 

 

22,806

 

 

 

1.5

%

 

 

Super-Priority DIP term loan ($3,988 par)

 

4/24/2023

 

SOFR + 7.90%

 

 

 

12.26

%

 

 

 

3,988

 

 

 

 

3,649

 

 

 

0.2

%

19


 

Belk, Inc. (3)

 

First-lien loan ($49,375 par, due 7/2029)

 

7/22/2024

 

SOFR + 7.00%

 

 

 

11.51

%

 

 

 

48,637

 

 

 

 

49,005

 

 

 

3.0

%

Cordance Operations, LLC (3)

 

First-lien loan ($60,781 par, due 7/2028)

 

7/25/2022

 

SOFR + 9.25%

 

 

 

13.51

%

 

 

 

59,808

 

 

 

 

61,428

 

 

 

3.8

%

Neuintel, LLC (3)(5)

 

First-lien loan ($55,038 par, due 12/2026)

 

12/20/2021

 

SOFR + 6.85%

 

 

 

11.21

%

 

 

 

54,520

 

 

 

 

55,176

 

 

 

3.4

%

PDI TA Holdings, Inc. (3)

 

First-lien loan ($18,133 par, due 2/2031)

 

2/1/2024

 

SOFR + 5.50%

 

 

 

10.09

%

 

 

 

17,854

 

 

 

 

18,241

 

 

 

1.1

%

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)

 

 

 

0.5

%

Tango Management Consulting, LLC (3)(5)

 

First-lien loan ($69,218 par, due 12/2027)

 

12/1/2021

 

SOFR + 6.90%

 

 

 

11.56

%

 

 

 

68,671

 

 

 

 

69,045

 

 

 

4.3

%

 

 

First-lien revolving loan ($2,454 par, due 12/2027)

 

12/1/2021

 

P + 6.75%

 

 

 

14.25

%

 

 

 

2,408

 

 

 

 

2,444

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

335,285

 

 

 

 

328,344

 

 

 

20.4

%

Transportation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ben Nevis Midco Limited (3)(4)

 

First-lien loan ($3,635 par, due 3/2028)

 

3/26/2024

 

SOFR + 5.25%

 

 

 

9.81

%

 

 

 

3,581

 

 

 

 

3,610

 

 

 

0.2

%

Marcura Equities LTD (3)(4)

 

First-lien loan ($33,874 par, due 8/2029)

 

8/11/2023

 

SOFR + 7.00%

 

 

 

11.33

%

 

 

 

33,030

 

 

 

 

34,189

 

 

 

2.1

%

 

 

First-lien revolving loan ($2,333 par, due 8/2029)

 

8/11/2023

 

SOFR + 7.00%

 

 

 

11.33

%

 

 

 

2,269

 

 

 

 

2,358

 

 

 

0.1

%

Project44, Inc. (3)(5)

 

First-lien loan ($54,824 par, due 11/2027)

 

11/12/2021

 

SOFR + 6.35%

 

 

 

10.75

%

 

 

 

54,087

 

 

 

 

54,824

 

 

 

3.4

%

Shiftmove GMBH (3)(4)(5)

 

First-lien loan (EUR 31,875 par, due 9/2030)

 

9/30/2024

 

E + 6.00%

 

 

 

8.68

%

 

 

 

34,509

 

 

 

32,191
 (EUR
31,088)

 

 

 

2.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

127,476

 

 

 

 

127,172

 

 

 

7.9

%

Total Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

3,388,244

 

 

 

 

3,361,439

 

 

 

209.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity and Other Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clarience Technologies, LLC (11)(12)

 

Class A Units (333 units)

 

2/12/2024

 

 

 

 

 

 

 

 

 

820

 

 

 

 

820

 

 

 

0.1

%

Business Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Artisan Topco LP (11)

 

Class A Preferred Units (2,117,264 units)

 

11/7/2023

 

 

 

 

 

 

 

 

 

2,117

 

 

 

 

1,773

 

 

 

0.1

%

Dye & Durham, Ltd. (4)(10)

 

Common Shares (126,968 shares)

 

12/3/2021

 

 

 

 

 

 

 

 

 

3,909

 

 

 

1,552
 (CAD
2,232)

 

 

 

0.1

%

Insight Hideaway Aggregator, L.P. (11)(12)

 

Partnership Interest (329,861 units)

 

3/19/2024

 

 

 

 

 

 

 

 

 

3,299

 

 

 

 

3,299

 

 

 

0.3

%

Mitnick TA Aggregator, L.P. (11)

 

Membership Interest (0.43% ownership)

 

5/2/2022

 

 

 

 

 

 

 

 

 

5,247

 

 

 

 

3,751

 

 

 

0.3

%

Newark FP Co-Invest, L.P. (11)

 

Partnership (2,527,719 units)

 

11/8/2023

 

 

 

 

 

 

 

 

 

2,532

 

 

 

 

2,254

 

 

 

0.1

%

ReliaQuest, LLC (13)

 

Class A-1 Units (637,713 units) (11)

 

11/23/2021

 

 

 

 

 

 

 

 

 

1,120

 

 

 

 

1,658

 

 

 

0.1

%

 

 

Class A-2 Units (10,611 units) (11)(12)

 

6/21/2022

 

 

 

 

 

 

 

 

 

23

 

 

 

 

35

 

 

 

0.0

%

 

 

Class A-3 Units (16,957 units) (11)

 

11/10/2023

 

 

 

 

 

 

 

 

 

36

 

 

 

 

53

 

 

 

0.0

%

 

 

Series A Preferred Stock (1,667 units) (3)

 

12/20/2023

 

SOFR + 12.00%

 

 

16.60% PIK

 

 

 

 

1,817

 

 

 

 

1,989

 

 

 

0.1

%

 

 

Warrants (90,634 warrants) (11)

 

12/20/2023

 

 

 

 

 

 

 

 

 

102

 

 

 

 

126

 

 

 

0.0

%

Sprinklr, Inc. (10)(11)

 

Common Shares (283,499 shares)

 

6/24/2021

 

 

 

 

 

 

 

 

 

2,445

 

 

 

 

2,395

 

 

 

0.1

%

Warrior TopCo LP

 

Class A Units (423,729 units)

 

7/7/2023

 

 

 

 

 

 

 

 

 

424

 

 

 

 

604

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,071

 

 

 

 

19,489

 

 

 

1.2

%

Communications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Celtra Technologies, Inc. (11)

 

Class A Units (1,250,000 units)

 

11/19/2021

 

 

 

 

 

 

 

 

 

1,250

 

 

 

 

1,250

 

 

 

0.1

%

IntelePeer Holdings, Inc. (11)

 

Series C Preferred Shares (1,816,295 shares)

 

4/8/2021

 

 

 

 

 

 

 

 

 

1,816

 

 

 

 

1,535

 

 

 

0.1

%

 

 

Series D Preferred Shares (1,598,874 shares)

 

4/8/2021

 

 

 

 

 

 

 

 

 

2,925

 

 

 

 

1,653

 

 

 

0.1

%

 

 

Series C Warrants (280,000 warrants)

 

2/28/2020

 

 

 

 

 

 

 

 

 

183

 

 

 

 

 

 

 

0.0

%

 

 

Series D Warrants (106,592 warrants)

 

4/8/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,174

 

 

 

 

4,438

 

 

 

0.3

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Astra 2L Holdings II LLC (11)

 

Membership Interest (10.17% ownership)

 

1/13/2022

 

 

 

 

 

 

 

 

 

3,255

 

 

 

 

 

 

 

0.0

%

EMS Linq, Inc. (11)

 

Class B Units (5,522,526 units)

 

12/22/2021

 

 

 

 

 

 

 

 

 

5,522

 

 

 

 

2,830

 

 

 

0.2

%

RMCF IV CIV XXXV, LP. (11)

 

Partnership Interest (11.94% ownership)

 

6/8/2021

 

 

 

 

 

 

 

 

 

1,000

 

 

 

 

1,625

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,777

 

 

 

 

4,455

 

 

 

0.3

%

20


 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AF Eagle Parent, L.P. (11)

 

Partnership Units (121,329 units)

 

11/27/2023

 

 

 

 

 

 

 

 

 

4,091

 

 

 

 

4,684

 

 

 

0.3

%

CLGF Holdings, L.P. (4)(11)

 

Warrants (334,682 warrants)

 

11/7/2023

 

 

 

 

 

 

 

 

 

183

 

 

 

 

330

 

 

 

0.0

%

Newport Parent Holdings, L.P. (11)

 

Class A-2 Units (131,569 units)

 

12/10/2020

 

 

 

 

 

 

 

 

 

4,177

 

 

 

 

12,802

 

 

 

0.9

%

Oxford Square Capital Corp. (4)(10)

 

Common Shares (1,620 shares)

 

8/5/2015

 

 

 

 

 

 

 

 

 

6

 

 

 

 

4

 

 

 

0.0

%

Passport Labs, Inc. (11)

 

Warrants (17,534 warrants)

 

4/28/2021

 

 

 

 

 

 

 

 

 

192

 

 

 

 

 

 

 

0.0

%

TradingScreen, Inc. (13)

 

Class A Units (600,000 units) (11)

 

5/14/2021

 

 

 

 

 

 

 

 

 

600

 

 

 

 

600

 

 

 

0.0

%

 

 

Class AA Units (19,093 units) (12)

 

11/1/2024

 

 

20.00

%

 

 

20.00

%

 

 

 

38

 

 

 

 

38

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,287

 

 

 

 

18,458

 

 

 

1.2

%

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Caris Life Sciences, Inc. (11)

 

Series C Preferred Shares (1,915,114 shares)

 

10/13/2020

 

 

 

 

 

 

 

 

 

3,500

 

 

 

 

8,137

 

 

 

0.5

%

 

 

Series D Preferred Shares (1,240,740 shares)

 

5/11/2021

 

 

 

 

 

 

 

 

 

10,050

 

 

 

 

9,924

 

 

 

0.6

%

 

 

Warrants (633,376 warrants)

 

9/21/2018

 

 

 

 

 

 

 

 

 

192

 

 

 

 

1,672

 

 

 

0.1

%

 

 

Warrants (569,991 warrants)

 

4/2/2020

 

 

 

 

 

 

 

 

 

250

 

 

 

 

1,321

 

 

 

0.1

%

Merative Topco L.P. (11)

 

Class A-1 Units (989,691 units)

 

6/30/2022

 

 

 

 

 

 

 

 

 

9,897

 

 

 

 

9,600

 

 

 

0.6

%

Raptor US Buyer II Corp. (11)

 

Ordinary Shares (13,176 shares)

 

3/24/2023

 

 

 

 

 

 

 

 

 

2,033

 

 

 

 

1,830

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,922

 

 

 

 

32,484

 

 

 

2.0

%

Hotel, Gaming and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRGSE Holding Corp. (6)(11)

 

Class A Units (33,790,171 units)

 

12/21/2018

 

 

 

 

 

 

 

 

 

21,842

 

 

 

 

85

 

 

 

0.0

%

 

 

Class C-1 Units (8,800,000 units)

 

12/21/2018

 

 

 

 

 

 

 

 

 

100

 

 

 

 

43

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,942

 

 

 

 

128

 

 

 

0.0

%

Human Resource Support Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Axonify, Inc. (4)(11)(13)

 

Class A-1 Units (3,780,000 units)

 

5/5/2021

 

 

 

 

 

 

 

 

 

3,780

 

 

 

 

4,848

 

 

 

0.3

%

bswift, LLC (11)

 

Class A-1 Units (2,393,509 units)

 

11/7/2022

 

 

 

 

 

 

 

 

 

2,393

 

 

 

 

5,062

 

 

 

0.3

%

DaySmart Holdings, LLC (11)

 

Class A Units (166,811 units)

 

12/18/2020

 

 

 

 

 

 

 

 

 

1,347

 

 

 

 

2,148

 

 

 

0.1

%

Employment Hero Holdings Pty Ltd. (4)(11)

 

Series E Preferred Shares (113,250 shares)

 

3/1/2022

 

 

 

 

 

 

 

 

 

2,134

 

 

 

2,819
 (AUD
4,552)

 

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,654

 

 

 

 

14,877

 

 

 

0.9

%

Internet Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bayshore Intermediate #2, L.P. (11)(13)

 

Co-Invest Common Units (8,837,008 units)

 

10/1/2021

 

 

 

 

 

 

 

 

 

8,837

 

 

 

 

10,870

 

 

 

0.7

%

 

 

Co-Invest 2 Common Units (3,493,701 units)

 

10/1/2021

 

 

 

 

 

 

 

 

 

3,494

 

 

 

 

4,297

 

 

 

0.4

%

Lucidworks, Inc. (11)

 

Series F Preferred Shares (199,054 shares)

 

8/2/2019

 

 

 

 

 

 

 

 

 

800

 

 

 

 

776

 

 

 

0.0

%

Piano Software, Inc. (11)

 

Series C-1 Preferred Shares (418,527 shares)

 

12/22/2021

 

 

 

 

 

 

 

 

 

3,000

 

 

 

 

2,400

 

 

 

0.1

%

 

 

Series C-2 Preferred Shares (27,588 shares)

 

11/18/2022

 

 

 

 

 

 

 

 

 

198

 

 

 

 

317

 

 

 

0.0

%

SMA Technologies Holdings, LLC (11)(12)

 

Class A Units (1,584 units)

 

11/21/2022

 

 

 

 

 

 

 

 

 

1,584

 

 

 

 

2,297

 

 

 

0.1

%

 

 

Class B Units (1,124,813 units)

 

11/21/2022

 

 

 

 

 

 

 

 

 

68

 

 

 

 

99

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,981

 

 

 

 

21,056

 

 

 

1.3

%

Marketing Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Validity, Inc. (11)

 

Series A Preferred Shares (3,840,000 shares)

 

5/31/2018

 

 

 

 

 

 

 

 

 

3,840

 

 

 

 

10,752

 

 

 

0.8

%

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Murchison Oil and Gas, LLC (13)

 

Preferred Units (13,355 units)

 

6/30/2022

 

 

 

 

 

 

 

 

 

 

 

 

 

2,137

 

 

 

0.2

%

TRP Assets, LLC (13)

 

Partnership Interest (1.89% ownership)

 

8/25/2022

 

 

 

 

 

 

 

 

 

8,820

 

 

 

 

7,475

 

 

 

0.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,820

 

 

 

 

9,612

 

 

 

0.7

%

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TherapeuticsMD, Inc. (4)(11)

 

Warrants (14,256 warrants)

 

8/5/2020

 

 

 

 

 

 

 

 

 

1,029

 

 

 

 

 

 

 

0.0

%

Elysium BidCo Limited (4)(11)(12)

 

Convertible Preference Shares (4,976,563 Shares)

 

12/11/2024

 

 

 

 

 

 

 

 

 

6,341

 

 

 

6,341
 (GBP
5,063)

 

 

 

0.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,370

 

 

 

 

6,341

 

 

 

0.4

%

Retail and Consumer Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Achievement, Corp. (11)

 

Class A Units (687 units)

 

3/16/2021

 

 

 

 

 

 

 

 

 

 

 

 

 

50

 

 

 

0.0

%

Copper Bidco, LLC (9)

 

Trust Certificates (996,958 Certificates)

 

1/30/2021

 

 

 

 

 

 

 

 

 

1,751

 

 

 

 

11,963

 

 

 

0.8

%

Neuintel, LLC (11)(13)

 

Class A Units (1,176,494 units)

 

12/20/2021

 

 

 

 

 

 

 

 

 

3,000

 

 

 

 

578

 

 

 

0.0

%

21


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,751

 

 

 

 

12,591

 

 

 

0.8

%

Structured Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dryden Senior Loan Fund, Series 2020-86A (3)(4)(9)

 

Structured Credit ($1,500 par, due 7/2034)

 

8/17/2022

 

SOFR + 6.76%

 

 

 

11.41

%

 

 

 

1,500

 

 

 

 

1,472

 

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,500

 

 

 

 

1,472

 

 

 

0.1

%

Total Equity and Other Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

150,909

 

 

 

 

156,973

 

 

 

9.7

%

Total Investments

 

 

 

 

 

 

 

 

 

 

 

$

 

3,539,153

 

 

$

 

3,518,412

 

 

 

218.9

%

 

 

 

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)

 

2.50%

 

SOFR + 2.17%

 

8/1/2026

 

$

300,000

 

 

$

(17,618

)

 

$

 

 

$

8,493

 

Interest rate swap (a)(b)

 

6.95%

 

SOFR + 2.99%

 

8/14/2028

 

 

300,000

 

 

 

(1,377

)

 

 

 

 

 

(6,057

)

Interest rate swap (a)(b)

 

6.125%

 

SOFR + 2.44%

 

3/1/2029

 

 

350,000

 

 

 

(5,243

)

 

 

 

 

 

(5,243

)

Total Hedge Accounting Swaps

 

 

 

 

 

 

 

 

950,000

 

 

 

(24,238

)

 

 

 

 

 

(2,807

)

Cash collateral

 

 

 

 

 

 

 

 

 

 

 

46,601

 

 

 

 

 

 

 

Total derivatives

 

 

 

 

 

 

 

$

950,000

 

 

$

22,363

 

 

$

 

 

$

(2,807

)

 

a)
Contains a variable rate structure. Bears interest at a rate determined by SOFR.
b)
Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedged item within interest expense.
(1)
Certain portfolio company investments are subject to contractual restrictions on sales.
(2)
The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(3)
Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to either Euro Interbank Offer Rate (“Euribor” or “E”), Sterling Overnight Index Average ("SONIA"), Secured Overnight Financing Rate (“SOFR”) which may also contain a credit spread adjustment depending on the tenor election, Bank Bill Swap Bid Rate (“BBSY” or “B”), 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 16.5% 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)
Under the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control,” as such terms are defined in the 1940 Act, this portfolio company, as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). Transactions during the year ended December 31, 2024 in which the issuer was an Affiliated Person of and was deemed to Control a portfolio company are as follows:

Controlled, Affiliated Investments during the year ended December 31, 2024

Company

 

Fair
Value at
December 31,
2023

 

 

Gross
Additions (a)

 

 

Gross
Reductions
(b)

 

 

Net Change
In Unrealized
Gain/(Loss)

 

 

Realized
Gain/(Loss)

 

 

Transfers

 

 

Fair
Value at
December 31,
2024

 

 

Other
Income

 

 

Interest
Income

 

IRGSE Holding Corp.

 

$

59,913

 

 

$

10,351

 

 

$

 

 

$

(5,169

)

 

$

 

 

$

 

 

$

65,095

 

 

$

13

 

 

$

9,428

 

Total

 

$

59,913

 

 

$

10,351

 

 

$

 

 

$

(5,169

)

 

$

 

 

$

 

 

$

65,095

 

 

$

13

 

 

$

9,428

 

 

(a)
Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)
Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on debt investments, as applicable. When an

22


 

investment is placed on non-accrual status, any cash flows received by the Company are applied to the outstanding principal balance.

 

(7)
As of December 31, 2024, the estimated cost basis of investments for U.S. federal tax purposes was $3,535,963 resulting in estimated gross unrealized gains and losses of $207,435 and $216,975, respectively.
(8)
In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to investments at fair value.
(9)
This investment is valued using observable inputs and is considered a Level 2 investment. See Note 6 for further information related to investments at fair value.
(10)
This investment is valued using observable inputs and is considered a Level 1 investment. See Note 6 for further information related to investments at fair value.
(11)
This investment is non-income producing.
(12)
All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $12,926, or 0.8% of the Company’s net assets.
(13)
Ownership of equity investments may occur through a holding company or partnership.
(14)
Investment is on non-accrual status as of December 31, 2024.
(15)
In addition to the principal amount outstanding and accrued interest owed on this investment, the Company is entitled to a
separate Make-Whole Amount (the “Make-Whole”) of
$13.7 million. The Make-Whole is a contractual obligation of the
borrower and accrues interest on the balance outstanding. The Make-Whole is included on the Company’s Consolidated Balance
Sheet within other assets, net of any valuation allowance. Given uncertainty relating to collectability of the Make-Whole, the
Company has applied a full valuation allowance against the amount of the Make-Whole balance outstanding.

 

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

 

23


 

Sixth Street Specialty Lending, Inc.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands, except share amounts)

(Unaudited)

 

 

Common Stock

 

 

Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par
Amount

 

 

Shares

 

 

Cost

 

 

Paid in Capital in
Excess of Par

 

 

Distributable
Earnings

 

 

Total Net
Assets

 

Balance at December 31, 2024

 

 

93,661,436

 

 

$

943

 

 

 

664,250

 

 

$

(10,459

)

 

$

1,519,337

 

 

$

97,708

 

 

$

1,607,529

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57,978

 

 

 

57,978

 

Net change in unrealized gains (losses) on investments and
   foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,860

)

 

 

(21,860

)

Net realized gains (losses) on investments and foreign
   currency transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

837

 

 

 

837

 

Dividends to stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock issued in connection with dividend reinvestment plan

 

 

302,922

 

 

 

3

 

 

 

 

 

 

 

 

 

6,437

 

 

 

 

 

 

6,440

 

Dividends declared from distributable earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49,641

)

 

 

(49,641

)

Balance at March 31, 2025

 

 

93,964,358

 

 

$

946

 

 

 

664,250

 

 

$

(10,459

)

 

$

1,525,774

 

 

$

85,022

 

 

$

1,601,283

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,840

 

 

 

50,840

 

Net change in unrealized gains (losses) on investments and
   foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,039

 

 

 

45,039

 

Net realized gains (losses) on investments and foreign
   currency transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(36,876

)

 

 

(36,876

)

Dividends to stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock issued in connection with dividend reinvestment plan

 

 

275,990

 

 

 

3

 

 

 

 

 

 

 

 

 

6,219

 

 

 

 

 

 

6,222

 

Dividends declared from distributable earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(48,862

)

 

 

(48,862

)

Balance at June 30, 2025

 

 

94,240,348

 

 

$

949

 

 

 

664,250

 

 

$

(10,459

)

 

$

1,531,993

 

 

$

95,163

 

 

$

1,617,646

 

 

24


 

 

 

Common Stock

 

 

Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par
Amount

 

 

Shares

 

 

Cost

 

 

Paid in Capital in
Excess of Par

 

 

Distributable
Earnings

 

 

Total Net
Assets

 

Balance at December 31, 2023

 

 

87,829,499

 

 

$

885

 

 

 

664,250

 

 

$

(10,459

)

 

$

1,405,173

 

 

$

100,776

 

 

$

1,496,375

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52,362

 

 

 

52,362

 

Net change in unrealized gains (losses) on investments and
   foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,969

)

 

 

(6,969

)

Net realized gains (losses) on investments and foreign
   currency transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,125

 

 

 

2,125

 

Increase (decrease) in Net Assets Resulting from Capital Share
   Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock, net of offering and
   underwriting costs

 

 

4,000,000

 

 

 

40

 

 

 

 

 

 

 

 

 

81,417

 

 

 

 

 

 

81,457

 

Dividends to stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock issued in connection with dividend reinvestment plan

 

 

292,057

 

 

 

3

 

 

 

 

 

 

 

 

 

5,921

 

 

 

 

 

 

5,924

 

Dividends declared from distributable earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49,268

)

 

 

(49,268

)

Balance at March 31, 2024

 

 

92,121,556

 

 

$

928

 

 

 

664,250

 

 

$

(10,459

)

 

$

1,492,511

 

 

$

99,026

 

 

$

1,582,006

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,143

 

 

 

55,143

 

Net change in unrealized gains (losses) on investments and
   foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,493

)

 

 

(9,493

)

Net realized gains (losses) on investments and foreign
   currency transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,751

 

 

 

1,751

 

Increase (decrease) in Net Assets Resulting from Capital Share
   Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock, net of offering and
   underwriting costs

 

 

600,000

 

 

 

6

 

 

 

 

 

 

 

 

 

11,844

 

 

 

 

 

 

11,850

 

Dividends to stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock issued in connection with dividend reinvestment plan

 

 

295,649

 

 

 

3

 

 

 

 

 

 

 

 

 

5,990

 

 

 

 

 

 

5,993

 

Dividends declared from distributable earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(48,215

)

 

 

(48,215

)

Balance at June 30, 2024

 

 

93,017,205

 

 

$

937

 

 

 

664,250

 

 

$

(10,459

)

 

$

1,510,345

 

 

$

98,212

 

 

$

1,599,035

 

 

 

 

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

25


 

Sixth Street Specialty Lending, Inc.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

 

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

Cash Flows from Operating Activities

 

 

 

 

 

 

Increase (decrease) in net assets resulting from operations

 

$

95,957

 

 

$

94,919

 

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

 

 

(59,986

)

 

 

19,547

 

Net change in unrealized (gains) losses on foreign currency transactions

 

 

36,807

 

 

 

(3,085

)

Net realized (gains) losses on investments

 

 

35,688

 

 

 

(3,863

)

Net realized (gains) losses on foreign currency transactions

 

 

41

 

 

 

(765

)

Net amortization of discount on investments

 

 

(14,125

)

 

 

(10,557

)

Amortization of deferred financing costs

 

 

3,231

 

 

 

3,446

 

Amortization of discount on debt

 

 

868

 

 

 

816

 

Purchases and originations of investments, net

 

 

(459,501

)

 

 

(458,946

)

Proceeds from investments, net

 

 

65,262

 

 

 

59,433

 

Repayments on investments

 

 

667,906

 

 

 

374,283

 

Paid-in-kind interest

 

 

(10,952

)

 

 

(16,292

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Interest receivable

 

 

5,968

 

 

 

(1,518

)

Interest receivable paid-in-kind

 

 

(191

)

 

 

(1,251

)

Prepaid expenses and other assets

 

 

(46,161

)

 

 

3,083

 

Management fees payable to affiliate

 

 

(333

)

 

 

506

 

Incentive fees on net investment income payable to affiliate

 

 

(924

)

 

 

(37

)

Incentive fees on net capital gains accrued to affiliate

 

 

(2,249

)

 

 

(2,180

)

Payable to affiliate

 

 

1,725

 

 

 

1,782

 

Other liabilities

 

 

24,087

 

 

 

408

 

Net Cash Provided by (Used in) Operating Activities

 

 

343,118

 

 

 

59,729

 

Cash Flows from Financing Activities

 

 

 

 

 

 

Borrowings on debt

 

 

739,692

 

 

 

855,943

 

Repayments on debt

 

 

(977,811

)

 

 

(905,182

)

Deferred financing costs

 

 

(7,317

)

 

 

(8,778

)

Proceeds from issuance of common stock, net of offering and
   underwriting costs

 

 

 

 

 

93,307

 

Dividends paid to stockholders

 

 

(85,841

)

 

 

(85,566

)

Net Cash Provided by (Used in) Financing Activities

 

 

(331,277

)

 

 

(50,276

)

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

 

 

11,841

 

 

 

9,453

 

Cash, cash equivalents, and restricted cash, beginning of period

 

 

27,328

 

 

 

25,196

 

Cash, Cash Equivalents, and Restricted Cash, End of Period

 

$

39,169

 

 

$

34,649

 

Supplemental Information:

 

 

 

 

 

 

Interest paid during the period

 

$

61,461

 

 

$

68,168

 

Excise and other taxes paid during the period

 

$

4,607

 

 

$

2,404

 

Dividends declared during the period

 

$

98,503

 

 

$

97,483

 

 

 

 

 

 

 

 

Non-Cash Financing Activities:

 

 

 

 

 

 

Reinvestment of dividends during the period

 

$

12,662

 

 

$

11,917

 

 

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

26


 

Sixth Street Specialty Lending, Inc.

Notes to Consolidated Financial Statements

(Unaudited)

(Amounts in thousands, unless otherwise indicated)

 

 

1. Organization and Basis of Presentation

Organization

Sixth Street Specialty Lending, Inc. (the “Company”) is a Delaware corporation formed on July 21, 2010. The Company was formed primarily to lend to, and selectively invest in, middle-market companies in the United States. The Company has elected to be regulated as a business development company (“BDC”) under the 1940 Act. In addition, for tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is managed by Sixth Street Specialty Lending Advisers, LLC (the “Adviser”). On June 1, 2011, the Company formed a wholly-owned subsidiary, TC Lending, LLC, a Delaware limited liability company. On March 22, 2012, the Company formed a wholly-owned subsidiary, Sixth Street SL SPV, LLC, a Delaware limited liability company. On May 19, 2014, the Company formed a wholly-owned subsidiary, Sixth Street SL Holding, LLC, a Delaware limited liability company. On December 9, 2020, the Company formed a wholly-owned subsidiary, Sixth Street Specialty Lending Sub, LLC, a Cayman Islands limited liability company.

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

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 13, 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.

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

27


 

between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

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

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

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

The valuation process begins with each investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team.
The Adviser’s management reviews the preliminary valuations with the investment professionals. Agreed upon valuation recommendations are presented to the Audit Committee.
The Audit Committee reviews the valuations presented and recommends values for each investment to the Board.
The Board reviews the recommended valuations and determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith based on, among other things, the input of the Adviser, Audit Committee and, where applicable, other third parties including independent third-party valuation firms engaged at the direction of the Board.

The Company conducts this valuation process on a quarterly basis.

The Board has engaged independent third-party valuation firms to perform certain limited procedures that the Board has identified and requested them to perform in connection with the valuation process of investments for which no market quotations are readily available. At June 30, 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.

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

28


 

hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC Topic 820, these levels are summarized below:

Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

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

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

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

Financial and Derivative Instruments

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

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

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

Offsetting Assets and Liabilities

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

Foreign Currency

29


 

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

cash and cash equivalents, market value of investments, outstanding debt on revolving credit facilities, other assets and liabilities: at the spot exchange rate on the last business day of the period; and
purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.

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

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

Equity Offering Expenses

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

Debt Issuance Costs

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

Interest and Dividend Income Recognition

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

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

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

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

Other Income

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

30


 

Earnings per share

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

Reimbursement of Transaction-Related Expenses

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

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

Income Taxes, Including Excise Taxes

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

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

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

For the three and six months ended June 30, 2025, the Company recorded a net expense of $1.3 million and $2.6 million, respectively, for U.S. federal excise tax and other taxes. For the three and six months ended June 30, 2024, the Company recorded a net expense of $1.2 million and $2.1 million, respectively, for U.S. federal excise tax and other taxes.

Dividends to Common Stockholders

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

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

31


 

Segment Reporting

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

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

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

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

Recent Accounting Standards and Regulatory Updates

In December 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 on the Company's consolidated financial statements.

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

3. Agreements and Related Party Transactions

Administration Agreement

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

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

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, director or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Adviser (or its affiliates) for the allocable portion of the costs of compensation, benefits, and related administrative expenses of the Company’s officers who provide operational and administrative services to the Company pursuant to the Administration Agreement, their respective staffs and other professionals who provide services to the Company (including, in each case, employees of the Adviser or an affiliate). Such reimbursable amounts include the allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s Chief Financial Officer, Chief Compliance Officer, and other professionals who provide operational and administrative services to the Company pursuant to the Administration Agreement, including individuals who provide “back office” or “middle

32


 

office” financial, operational, legal and/or compliance services to the Company. The Company reimburses the Adviser (or its affiliates) for the allocable portion of the compensation paid by the Adviser (or its affiliates) to such individuals based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company and in acting on behalf of the Company. The Company may also reimburse the Adviser or its affiliates for the allocable portion of overhead expenses (including rent, office equipment and utilities) attributable thereto. Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three and six months ended June 30, 2025, the Company incurred expenses of $0.8 million and $1.7 million, respectively, for administrative services payable to the Adviser under the terms of the Administration Agreement, which is included in other general and administrative expenses in the Consolidated Statements of Operations. For the three and six months ended June 30, 2024, the Company incurred expenses of $1.0 million and $1.9 million, respectively, for administrative services payable to the Adviser under the terms of the Administration Agreement.

Investment Advisory Agreement

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

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

For the three and six months ended June 30, 2025, Management Fees (gross of waivers) were $12.9 million and $26.0 million, respectively. For the three and six months ended June 30, 2024, Management Fees (gross of waivers) were $12.8 million and $25.4 million, respectively.

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

The Adviser intends to waive a portion of the Management Fee payable under the Investment Advisory Agreement by reducing the Management Fee on assets financed using leverage over 200% asset coverage (in other words, over 1.0x debt to equity) (the “Leverage Waiver”). Pursuant to the Leverage Waiver, the Adviser intends to waive the portion of the Management Fee in excess of an annual rate of 1.0% (0.250% per quarter) on the average value of the Company's gross assets as of the end of the two most recently completed calendar quarters that exceeds the product of (i) 200% and (ii) the average value of our net asset value at the end of the two most recently completed calendar quarters. For the three and six months ended June 30, 2025, the Adviser waived Management Fees of $0.3 million and $0.7 million, respectively, pursuant to the Leverage Waiver. For the three and six months ended June 30, 2024, the Adviser waived Management Fees of $0.3 million and $0.7 million, respectively, pursuant to the Leverage Waiver.

The Incentive Fee consists of two parts, as follows:

1.
The first component, payable at the end of each quarter in arrears, equals 100% of the pre-Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate,” the calculation of which is further explained below, until the Adviser has received 17.5% of the total pre-Incentive Fee net investment income for that quarter and, for pre-Incentive Fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-Incentive Fee net investment income for that quarter. The 100% “catch-up” provision for pre-Incentive Fee net investment income in excess of the 1.5% “hurdle rate” is intended to provide the Adviser with an Incentive Fee of 17.5% on all pre-Incentive Fee net investment income when that amount equals 1.82% in a quarter (7.28% annualized), which is the rate at which catch-up is achieved. Once the “hurdle rate” is reached and catch-up is achieved, 17.5% of any pre-Incentive Fee net investment income in excess of 1.82% in any quarter is payable to the Adviser.

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

2.
The second component, payable at the end of each fiscal year in arrears, equaled 15% through March 31, 2014 and, beginning April 1, 2014, equals a weighted percentage of cumulative realized capital gains from the Company’s inception to the end of

33


 

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

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

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

For the three and six months ended June 30, 2025, Incentive Fees were $12.5 million and $20.4 million, respectively, of which $11.1 million and $22.6 million, respectively, were realized and payable to the Adviser. For the three and six months ended June 30, 2024, Incentive Fees were $10.1 million and $20.2 million, respectively, of which $11.4 million and $22.3 million, respectively, were realized and payable to the Adviser. For the three and six months ended June 30, 2025, $1.4 million and $(2.2) million, respectively, of Incentive Fees were accrued related to Capital Gains Fees. For the three and six months ended June 30, 2024, $(1.3) million and $(2.2) million, respectively, of Incentive Fees were accrued related to the reversal of Capital Gains Fees. As of June 30, 2025, the Capital Gains Fees accrued are not contractually payable to the Adviser.

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

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

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

4. Investments at Fair Value

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

Investments at fair value consisted of the following at June 30, 2025 and December 31, 2024:

 

 

 

June 30, 2025

 

 

 

Amortized Cost (1)

 

 

Fair Value

 

 

Net Unrealized
Gain (Loss)

 

First-lien debt investments

 

$

2,979,075

 

 

$

3,043,110

 

 

$

64,035

 

Second-lien debt investments

 

 

67,427

 

 

 

29,640

 

 

 

(37,787

)

Mezzanine debt investments

 

 

52,080

 

 

 

53,567

 

 

 

1,487

 

Equity and other investments

 

 

157,078

 

 

 

168,588

 

 

 

11,510

 

Total Investments

 

$

3,255,660

 

 

$

3,294,905

 

 

$

39,245

 

 

34


 

 

 

 

December 31, 2024

 

 

 

Amortized Cost (1)

 

 

Fair Value

 

 

Net Unrealized
Gain (Loss)

 

First-lien debt investments

 

$

3,298,006

 

 

$

3,302,504

 

 

$

4,498

 

Second-lien debt investments

 

 

53,151

 

 

 

19,844

 

 

 

(33,307

)

Mezzanine debt investments

 

 

37,087

 

 

 

39,091

 

 

 

2,004

 

Equity and other investments

 

 

149,409

 

 

 

155,501

 

 

 

6,092

 

Structured credit investments

 

 

1,500

 

 

 

1,472

 

 

 

(28

)

Total Investments

 

$

3,539,153

 

 

$

3,518,412

 

 

$

(20,741

)

 

(1)
The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

The industry composition of investments at fair value at June 30, 2025 and December 31, 2024 is as follows:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Automotive (1)

 

 

0.0

%

 

 

1.2

%

Business Services

 

 

14.9

%

 

 

13.3

%

Chemicals

 

 

1.3

%

 

 

0.9

%

Communications

 

 

1.6

%

 

 

3.5

%

Education

 

 

3.4

%

 

 

5.0

%

Electronics

 

 

0.8

%

 

 

0.8

%

Financial Services

 

 

7.1

%

 

 

8.6

%

Healthcare

 

 

8.5

%

 

 

7.5

%

Hotel, Gaming and Leisure

 

 

7.1

%

 

 

7.4

%

Human Resource Support Services

 

 

9.9

%

 

 

10.2

%

Insurance

 

 

0.2

%

 

 

0.2

%

Internet Services

 

 

17.9

%

 

 

16.4

%

Manufacturing

 

 

2.8

%

 

 

3.5

%

Marketing Services

 

 

0.3

%

 

 

0.3

%

Office Products

 

 

0.4

%

 

 

0.4

%

Oil, Gas and Consumable Fuels

 

 

3.5

%

 

 

2.7

%

Other

 

 

2.4

%

 

 

1.9

%

Pharmaceuticals

 

 

2.8

%

 

 

2.9

%

Real Estate (1)

 

 

0.0

%

 

 

0.0

%

Retail and Consumer Products

 

 

9.7

%

 

 

9.7

%

Transportation

 

 

5.4

%

 

 

3.6

%

Total

 

 

100.0

%

 

 

100.0

%

(1)
Value sums to less than 0.1%

35


 

The geographic composition of investments at fair value at June 30, 2025 and December 31, 2024 is as follows:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

United States

 

 

 

 

 

 

Midwest

 

 

14.5

%

 

 

14.3

%

Northeast

 

 

18.3

%

 

 

21.7

%

South

 

 

20.5

%

 

 

20.6

%

West

 

 

30.1

%

 

 

28.8

%

Australia

 

 

1.3

%

 

 

1.1

%

Canada

 

 

1.6

%

 

 

3.1

%

Finland (1)

 

 

0.0

%

 

 

0.0

%

France

 

 

0.8

%

 

 

0.1

%

Germany

 

 

2.2

%

 

 

1.7

%

Italy

 

 

0.7

%

 

 

0.6

%

Netherlands

 

 

0.4

%

 

 

0.3

%

Norway

 

 

3.4

%

 

 

2.8

%

Sweden

 

 

0.8

%

 

 

0.3

%

United Kingdom

 

 

5.4

%

 

 

4.6

%

Total

 

 

100.0

%

 

 

100.0

%

(1)
Value sums to less than 0.1%

5. Derivatives

Interest Rate Swaps

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

Cash flows related to the Company's derivatives are included within operating activities on the Consolidated Statements of Cash Flows. The following tables present the amounts paid and received on the Company’s interest rate swap transactions for the three and six months ended June 30, 2025 and 2024:

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2025

 

 

For the Six Months Ended June 30, 2025

 

 

 

Maturity Date

 

Notional Amount

 

 

Paid

 

 

Received

 

 

Net

 

 

Paid

 

 

Received

 

 

Net

 

Interest rate swap

 

8/1/2026

 

$

300,000

 

 

$

(4,993

)

 

$

1,875

 

 

$

(3,118

)

 

$

(9,782

)

 

$

3,708

 

 

$

(6,074

)

Interest rate swap

 

8/14/2028

 

 

300,000

 

 

 

(5,622

)

 

 

5,213

 

 

 

(409

)

 

 

(11,075

)

 

 

10,425

 

 

 

(650

)

Interest rate swap

 

3/1/2029

 

 

350,000

 

 

 

(6,063

)

 

 

5,359

 

 

 

(704

)

 

 

(11,944

)

 

 

10,719

 

 

 

(1,225

)

Interest rate swap

 

8/15/2030

 

 

300,000

 

 

 

(4,498

)

 

 

4,219

 

 

 

(279

)

 

 

(5,864

)

 

 

5,625

 

 

 

(239

)

Total

 

 

 

$

1,250,000

 

 

$

(21,176

)

 

$

16,666

 

 

$

(4,510

)

 

$

(38,665

)

 

$

30,477

 

 

$

(8,188

)

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2024

 

 

For the Six Months Ended June 30, 2024

 

 

 

Maturity Date

 

Notional Amount

 

 

Paid

 

 

Received

 

 

Net

 

 

Paid

 

 

Received

 

 

Net

 

Interest rate swap

 

11/1/2024

 

$

300,000

 

 

$

(6,032

)

 

$

2,906

 

 

$

(3,126

)

 

$

(11,932

)

 

$

5,813

 

 

$

(6,119

)

Interest rate swap

 

11/1/2024

 

 

50,000

 

 

 

(1,032

)

 

 

484

 

 

 

(548

)

 

 

(2,030

)

 

 

969

 

 

 

(1,061

)

Interest rate swap

 

11/1/2024

 

 

2,500

 

 

 

(24

)

 

 

51

 

 

 

27

 

 

 

(48

)

 

 

99

 

 

 

51

 

Interest rate swap

 

8/1/2026

 

 

300,000

 

 

 

(5,770

)

 

 

1,875

 

 

 

(3,895

)

 

 

(11,349

)

 

 

3,708

 

 

 

(7,641

)

Interest rate swap

 

8/14/2028

 

 

300,000

 

 

 

(6,398

)

 

 

5,213

 

 

 

(1,185

)

 

 

(12,656

)

 

 

10,425

 

 

 

(2,231

)

Interest rate swap

 

3/1/2029

 

 

350,000

 

 

 

(6,968

)

 

 

5,359

 

 

 

(1,609

)

 

 

(12,183

)

 

 

9,468

 

 

 

(2,715

)

Total

 

 

 

$

1,302,500

 

 

$

(26,224

)

 

$

15,888

 

 

$

(10,336

)

 

$

(50,198

)

 

$

30,482

 

 

$

(19,716

)

For the three and six months ended June 30, 2025, the Company recognized $11.6 million and $29.2 million, respectively, of unrealized gains on interest rate swaps designated as hedging instruments in the Consolidated Statements of Operations. For the three and six months ended June 30, 2025, this amount was offset by an increase of $2.8 million and $6.2 million, respectively, for a change in carrying value of the 2026 Notes, an increase of $2.2 million and $5.8 million, respectively, for a change in carrying value of the

36


 

2028 Notes, an increase of $3.3 million and $8.3 million, respectively, for a change in carrying value of the 2029 Notes and an increase of $3.3 million and $8.9 million, respectively, for a change in carrying value of the 2030 Notes.

For the three and six months ended June 30, 2024, the Company recognized $3.0 million in unrealized gains and $7.4 million in unrealized losses, respectively, on interest rate swaps designated as hedging instruments in the Consolidated Statements of Operations. For the three and six months ended June 30, 2024, this amount was offset by an increase of $3.2 million and $5.4 million, respectively, for a change in the carrying value of the 2024 Notes, an increase of $2.0 million and $0.7 million, respectively, for a change in carrying value of the 2026 Notes, a decrease of $1.0 million and $7.2 million, respectively, for a change in carrying value of the 2028 Notes, and a decrease of $1.2 million and $6.3 million, respectively, for a change in carrying value of the 2029 Notes.

As of June 30, 2025, the swap transactions had a fair value of $4.9 million, which is netted against cash collateral of $35.3 million. Cash is pledged as collateral under the Company’s derivative agreements and is included in restricted cash as a component of cash and cash equivalents on the Company’s Consolidated Balance Sheet. As of December 31, 2024, the swap transactions had a fair value of $(24.2) million, which is netted against cash collateral of $46.6 million. Cash is pledged as collateral under the Company’s derivative agreements and is included in restricted cash as a component of cash and cash equivalents on the Company’s Consolidated Balance Sheet.

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

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

6. Fair Value of Financial Instruments

Investments

The following tables present fair value measurements of investments as of June 30, 2025 and December 31, 2024:

 

 

Fair Value Hierarchy at June 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

First-lien debt investments

 

$

 

 

$

29,039

 

 

$

3,014,071

 

 

$

3,043,110

 

Second-lien debt investments

 

 

 

 

 

905

 

 

 

28,735

 

 

 

29,640

 

Mezzanine debt investments

 

 

 

 

 

 

 

 

53,567

 

 

 

53,567

 

Equity and other investments

 

 

35,636

 

 

 

12,213

 

 

 

120,739

 

 

 

168,588

 

Total investments at fair value

 

$

35,636

 

 

$

42,157

 

 

$

3,217,112

 

 

$

3,294,905

 

Interest rate swaps

 

 

 

 

 

4,922

 

 

 

 

 

 

4,922

 

Total

 

$

35,636

 

 

$

47,079

 

 

$

3,217,112

 

 

$

3,299,827

 

 

 

Fair Value Hierarchy at December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

First-lien debt investments

 

$

 

 

$

14,675

 

 

$

3,287,829

 

 

$

3,302,504

 

Second-lien debt investments

 

 

 

 

 

1,309

 

 

 

18,535

 

 

 

19,844

 

Mezzanine debt investments

 

 

 

 

 

 

 

 

39,091

 

 

 

39,091

 

Equity and other investments

 

 

3,952

 

 

 

11,963

 

 

 

139,586

 

 

 

155,501

 

Structured credit investments

 

 

 

 

 

1,472

 

 

 

 

 

 

1,472

 

Total investments at fair value

 

$

3,952

 

 

$

29,419

 

 

$

3,485,041

 

 

$

3,518,412

 

Interest rate swaps

 

 

 

 

 

(24,238

)

 

 

 

 

 

(24,238

)

Total

 

$

3,952

 

 

$

5,181

 

 

$

3,485,041

 

 

$

3,494,174

 

 

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

37


 

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 and six months ended June 30, 2025:

 

 

As of and for the Three Months Ended

 

 

 

June 30, 2025

 

 

 

First-lien
debt
investments

 

 

Second-lien
debt
investments

 

 

Mezzanine
 debt
investments

 

 

Equity
and other
investments

 

 

Total

 

Balance, beginning of period

 

$

3,144,798

 

 

$

32,301

 

 

$

52,179

 

 

$

141,952

 

 

$

3,371,230

 

Purchases or originations

 

 

252,448

 

 

 

 

 

 

 

 

 

2,366

 

 

 

254,814

 

Repayments / redemptions

 

 

(376,332

)

 

 

(3,357

)

 

 

 

 

 

 

 

 

(379,689

)

Sales Proceeds

 

 

(36,910

)

 

 

 

 

 

 

 

 

(6,641

)

 

 

(43,551

)

Paid-in-kind interest

 

 

3,453

 

 

 

1,026

 

 

 

1,143

 

 

 

 

 

 

5,622

 

Net change in unrealized gains (losses)

 

 

68,075

 

 

 

(1,540

)

 

 

212

 

 

 

(5,732

)

 

 

61,015

 

Net realized gains (losses)

 

 

(41,507

)

 

 

 

 

 

 

 

 

3,279

 

 

 

(38,228

)

Net amortization of discount on securities

 

 

7,579

 

 

 

305

 

 

 

33

 

 

 

 

 

 

7,917

 

Transfers within Level 3

 

 

(7,533

)

 

 

 

 

 

 

 

 

7,533

 

 

 

 

Transfers into (out of) Level 3

 

 

 

 

 

 

 

 

 

 

 

(22,018

)

 

 

(22,018

)

Balance, End of Period

 

$

3,014,071

 

 

$

28,735

 

 

$

53,567

 

 

$

120,739

 

 

$

3,217,112

 

 

Caris Life Sciences, Inc. was transferred out of Level 3 into Level 1 for fair value measurement purposes during the three months ended June 30, 2025, as a result of changes in the observability of inputs into the security valuation for this portfolio company.

 

 

 

As of and for the Six Months Ended

 

 

 

June 30, 2025

 

 

 

First-lien
debt
investments

 

 

Second-lien
debt
investments

 

 

Mezzanine
 debt
investments

 

 

Equity
and other
investments

 

 

Total

 

Balance, beginning of period

 

$

3,287,829

 

 

$

18,535

 

 

$

39,091

 

 

$

139,586

 

 

$

3,485,041

 

Purchases or originations

 

 

396,218

 

 

 

15,359

 

 

 

12,740

 

 

 

5,088

 

 

 

429,405

 

Repayments / redemptions

 

 

(664,222

)

 

 

(3,357

)

 

 

 

 

 

 

 

 

(667,579

)

Sales Proceeds

 

 

(36,910

)

 

 

 

 

 

 

 

 

(8,198

)

 

 

(45,108

)

Paid-in-kind interest

 

 

6,745

 

 

 

1,831

 

 

 

2,200

 

 

 

81

 

 

 

10,857

 

Net change in unrealized gains (losses)

 

 

59,751

 

 

 

(4,026

)

 

 

(516

)

 

 

(4,986

)

 

 

50,223

 

Net realized gains (losses)

 

 

(41,483

)

 

 

 

 

 

 

 

 

3,653

 

 

 

(37,830

)

Net amortization of discount on securities

 

 

13,676

 

 

 

393

 

 

 

52

 

 

 

 

 

 

14,121

 

Transfers within Level 3

 

 

(7,533

)

 

 

 

 

 

 

 

 

7,533

 

 

 

 

Transfers into (out of) Level 3

 

 

 

 

 

 

 

 

 

 

 

(22,018

)

 

 

(22,018

)

Balance, End of Period

 

$

3,014,071

 

 

$

28,735

 

 

$

53,567

 

 

$

120,739

 

 

$

3,217,112

 

 

Caris Life Sciences, Inc. was transferred out of Level 3 into Level 1 for fair value measurement purposes during the six months ended June 30, 2025, as a result of changes in the observability of inputs into the security valuation for this portfolio company.

 

38


 

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 and six months ended June 30, 2024:

 

 

As of and for the Three Months Ended

 

 

 

June 30, 2024

 

 

 

First-lien
debt
investments

 

 

Second-lien
debt
investments

 

 

Mezzanine
 debt
investments

 

 

Equity
and other
investments

 

 

Total

 

Balance, beginning of period

 

$

3,114,679

 

 

$

28,669

 

 

$

40,077

 

 

$

147,344

 

 

$

3,330,769

 

Purchases or originations

 

 

246,590

 

 

 

 

 

 

 

 

 

23

 

 

 

246,613

 

Repayments / redemptions

 

 

(282,738

)

 

 

(1,535

)

 

 

 

 

 

 

 

 

(284,273

)

Sale Proceeds

 

 

(9,109

)

 

 

 

 

 

 

 

 

 

 

 

(9,109

)

Paid-in-kind interest

 

 

7,656

 

 

 

338

 

 

 

1,111

 

 

 

76

 

 

 

9,181

 

Net change in unrealized gains (losses)

 

 

(6,705

)

 

 

481

 

 

 

1,076

 

 

 

629

 

 

 

(4,519

)

Net realized gains (losses)

 

 

(1,772

)

 

 

 

 

 

 

 

 

 

 

 

(1,772

)

Net amortization of discount on securities

 

 

6,393

 

 

 

40

 

 

 

18

 

 

 

 

 

 

6,451

 

Transfers within Level 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transfers into (out of) Level 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, End of Period

 

$

3,074,994

 

 

$

27,993

 

 

$

42,282

 

 

$

148,072

 

 

$

3,293,341

 

 

 

 

As of and for the Six Months Ended

 

 

 

June 30, 2024

 

 

 

First-lien
debt
investments

 

 

Second-lien
debt
investments

 

 

Mezzanine
 debt
investments

 

 

Equity
and other
investments

 

 

Total

 

Balance, beginning of period

 

$

2,993,786

 

 

$

35,975

 

 

$

38,865

 

 

$

140,331

 

 

$

3,208,957

 

Purchases or originations

 

 

450,028

 

 

 

2,004

 

 

 

 

 

 

4,151

 

 

 

456,183

 

Repayments / redemptions

 

 

(370,087

)

 

 

(1,535

)

 

 

 

 

 

 

 

 

(371,622

)

Sale Proceeds

 

 

(9,109

)

 

 

 

 

 

 

 

 

 

 

 

(9,109

)

Paid-in-kind interest

 

 

13,387

 

 

 

569

 

 

 

2,178

 

 

 

157

 

 

 

16,291

 

Net change in unrealized gains (losses)

 

 

(10,482

)

 

 

(9,093

)

 

 

1,200

 

 

 

3,433

 

 

 

(14,942

)

Net realized gains (losses)

 

 

(2,391

)

 

 

 

 

 

 

 

 

 

 

 

(2,391

)

Net amortization of discount on securities

 

 

9,862

 

 

 

73

 

 

 

39

 

 

 

 

 

 

9,974

 

Transfers within Level 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transfers into (out of) Level 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, End of Period

 

$

3,074,994

 

 

$

27,993

 

 

$

42,282

 

 

$

148,072

 

 

$

3,293,341

 

 

The following table presents information with respect to the net change in unrealized gains or losses on investments for which Level 3 inputs were used in determining fair value that are still held by the Company at June 30, 2025 and 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

 

 

 

June 30, 2025 on

 

 

June 30, 2024 on

 

 

 

Investments Held at

 

 

Investments Held at

 

 

 

June 30, 2025

 

 

June 30, 2024

 

First-lien debt investments

 

$

31,358

 

 

$

(4,758

)

Second-lien debt investments

 

 

(1,066

)

 

 

480

 

Mezzanine debt investments

 

 

212

 

 

 

1,076

 

Equity and other investments

 

 

(1,250

)

 

 

629

 

Total

 

$

29,254

 

 

$

(2,573

)

 

39


 

 

 

 

Net Change in Unrealized

 

 

Net Change in Unrealized

 

 

 

Gains or (Losses)

 

 

Gains or (Losses)

 

 

 

for the Six Months Ended

 

 

for the Six Months Ended

 

 

 

June 30, 2025 on

 

 

June 30, 2024 on

 

 

 

Investments Held at

 

 

Investments Held at

 

 

 

June 30, 2025

 

 

June 30, 2024

 

First-lien debt investments

 

$

30,038

 

 

$

(5,875

)

Second-lien debt investments

 

 

(3,820

)

 

 

(9,094

)

Mezzanine debt investments

 

 

(516

)

 

 

1,200

 

Equity and other investments

 

 

(2,461

)

 

 

3,433

 

Total

 

$

23,241

 

 

$

(10,336

)

 

The following tables present the fair value of Level 3 Investments and the significant unobservable inputs used in the valuations as of June 30, 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.

 

 

 

June 30, 2025

 

 

 

 

 

Valuation

 

Unobservable

 

Range (Weighted

 

Impact to Valuation
from an

 

 

Fair Value

 

 

Technique

 

Input

 

Average)

 

Increase to Input

First-lien debt investments

 

$

3,014,071

 

 

Income approach (1)

 

Discount rate

 

6.5% — 16.3% (11.4%)

 

Decrease

Second-lien debt investments

 

 

28,735

 

 

Income approach (2)

 

Discount rate

 

13.1% — 14.8% (14.2%)

 

Decrease

Mezzanine debt investments

 

 

53,567

 

 

Income approach (3)

 

Discount rate

 

11.5% — 20.0% (11.6%)

 

Decrease

Equity and other investments

 

 

120,739

 

 

Market Multiple (4)

 

Comparable multiple

 

1.9x — 20.0x (9.2x)

 

Increase

Total

 

$

3,217,112

 

 

 

 

 

 

 

 

 

 

(1)
Includes $116.0 million of debt investments which were valued using an asset valuation waterfall.
(2)
Includes $1.5 million of debt investments which were valued using an asset valuation waterfall.
(3)
Includes $0.1 million of debt investments which were valued using an asset valuation waterfall.
(4)
Includes $11.7 million of equity investments which were valued using an asset valuation waterfall and $14.4 million of equity investments 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

 

$

3,287,829

 

 

Income approach (1)

 

Discount rate

 

7.7% — 17.7% (12.1%)

 

Decrease

Second-lien debt investments

 

 

18,535

 

 

Income approach (2)

 

Discount rate

 

14.6% — 18.1% (15.6%)

 

Decrease

Mezzanine debt investments

 

 

39,091

 

 

Income approach (3)

 

Discount rate

 

12.2% — 22.5% (12.7%)

 

Decrease

Equity and other investments

 

 

139,586

 

 

Market Multiple (4)

 

Comparable multiple

 

2.3x — 20.0x (7.8x)

 

Increase

Total

 

$

3,485,041

 

 

 

 

 

 

 

 

 

 

(1)
Includes $199.4 million of debt investments which were valued using an asset valuation waterfall.
(2)
Includes $6.0 million of debt investments which were valued using an asset valuation waterfall.
(3)
Includes $0.1 million of debt investments which were valued using an asset valuation waterfall.
(4)
Includes $13.6 million of equity investments which were valued using an asset valuation waterfall, $0.5 million of equity investments using a Black-Scholes model and $20.4 million of equity investments using a discounted cash flow analysis.

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

Significant unobservable quantitative inputs typically considered in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. If debt investments are credit impaired, an enterprise value analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. For the Company’s Level 3 equity investments,

40


 

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 Revolving Credit Facility, which is categorized as Level 3 within the fair value hierarchy, as of June 30, 2025 and December 31, 2024, approximates its carrying value as the outstanding balance is callable at carrying value.

The following table presents the fair value of the Company’s 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes as of June 30, 2025 and December 31, 2024.

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Outstanding
Principal

 

 

Fair
Value
(1)

 

 

Outstanding
Principal

 

 

Fair
Value
(1)

 

2026 Notes

 

$

300,000

 

 

$

292,631

 

 

$

300,000

 

 

$

287,911

 

2028 Notes

 

 

300,000

 

 

 

315,477

 

 

 

300,000

 

 

 

312,012

 

2029 Notes

 

 

350,000

 

 

 

358,182

 

 

 

350,000

 

 

 

354,338

 

2030 Notes

 

 

300,000

 

 

 

300,547

 

 

 

 

 

 

 

Total

 

$

1,250,000

 

 

$

1,266,837

 

 

$

950,000

 

 

$

954,261

 

 

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

Other Financial Assets and Liabilities

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

7. Debt

Revolving Credit Facility

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

As of June 30, 2025, aggregate commitments under the Revolving Credit Facility were $1.675 billion. The Revolving Credit Facility includes an uncommitted accordion feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility to up to $2.5 billion.

Pursuant to the Fifteenth Amendment dated April 24, 2024, aggregate commitments were increased to $1.7 billion. With respect to $1.505 billion of commitments, the revolving period was extended to April 24, 2028 and the stated maturity was extended to April 24, 2029. For the remaining $195.0 million of commitments, (A) with respect to $25.0 million of commitments, the revolving period ended on February 4, 2025 and the stated maturity is February 4, 2026 and (B) with respect to $170.0 million of commitments, the revolving period ends April 24, 2026 and the stated maturity is April 23, 2027.

Pursuant to the Sixteenth Amendment dated March 4, 2025, with respect to $1.525 billion of commitments, the revolving period, during which period we, subject to certain conditions, may make borrowings under the Revolving Credit Facility, was extended to March 2, 2029 and the stated maturity was extended to March 4, 2030. For the remaining $150.0 million of commitments the revolving period ends April 24, 2026 and the stated maturity is April 23, 2027.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. As of June 30, 2025, the Company had outstanding debt denominated in Australian dollars (AUD) of 63.0 million, British pounds (GBP) of 70.3 million, Canadian dollars (CAD) of 9.5 million, Swedish Krona (SEK) of 209.7 million and Euro (EUR) of 189.3 million on its Revolving Credit Facility, included in the Outstanding Principal amount in the table above. As of December 31, 2024, the Company had outstanding debt denominated in Australian dollars (AUD) of 63.0 million, British pounds (GBP) of 62.4 million, Canadian dollars (CAD) of 5.0 million, Swedish Krona (SEK) of 80.2 million and Euro (EUR) of 167.2 million on its Revolving Credit Facility, included in the Outstanding Principal amount in the table above.

41


 

The Revolving Credit Facility also provides for the issuance of letters of credit up to an aggregate amount of $75 million. As of June 30, 2025 and December 31, 2024, the Company had $19.7 million and $21.8 million outstanding letters of credit issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit issued through the Revolving Credit Facility.

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

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

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

an asset coverage ratio of no less than 2 to 1 on the last day of any fiscal quarter;
stockholders’ equity of at least $650 million plus 25% of the net proceeds of the sale of equity interests after April 24, 2024; and
a minimum asset coverage ratio of no less than 1.5 to 1 with respect to (i) the consolidated assets of the Company and the subsidiary guarantors (including certain limitations on the contribution of equity in financing subsidiaries) to (ii) the secured debt of the Company and its subsidiary guarantors plus unsecured senior securities of the Company and its subsidiary guarantors that mature within 90 days of the date of determination (the “Obligor Asset Coverage Ratio”).

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

Net proceeds received from the Company’s issuance of the 2030 Notes were used to pay down borrowings on the Revolving Credit Facility.

As of June 30, 2025 and December 31, 2024, the Company was in compliance with the terms of the Revolving Credit Facility.

2024 Notes

In November 2019, the Company issued $300.0 million aggregate principal amount of unsecured notes that matured on November 1, 2024 (the “2024 Notes”). The principal amount of the 2024 Notes was payable at maturity. The 2024 Notes bear interest at a rate of 3.875% per year, payable semi-annually commencing on May 1, 2020, 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 2024 Notes, net of underwriting discounts, offering costs and original issue discount were $292.9 million. The Company used the net proceeds of the 2024 Notes to repay outstanding indebtedness under the Revolving Credit Facility.

In February 2020, the Company issued an additional $50.0 million aggregate principal amount of unsecured notes that mature on November 1, 2024. The additional 2024 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 2024 Notes. Total proceeds from the issuance of the additional 2024 Notes, net of underwriting discounts, offering costs and original issue premium were $50.1 million. The Company used the net proceeds of the 2024 Notes to repay outstanding indebtedness under the Revolving Credit Facility.

42


 

During the year ended December 31, 2020, the Company repurchased on the open market and extinguished $2.5 million in aggregate principal amount of the 2024 Notes for $2.4 million. These repurchases resulted in a gain on extinguishment of debt of less than $0.1 million. This gain is included in the extinguishment of debt in the accompanying Consolidated Statements of Operations.

The Company's 2024 Notes matured on November 1, 2024 and were fully repaid. The corresponding swap transaction associated with the issuance of the 2024 Notes also matured on November 1, 2024.

2026 Notes

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

In connection with the issuance of the 2026 Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $300.0 million, which matures on August 1, 2026, matching the maturity date of the 2026 Notes. As a result of the swap, the Company’s effective interest rate on the 2026 Notes is SOFR plus 2.17%. The interest expense related to the 2026 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the effective hedge interest rate swaps had a fair value of $(11.4) million and $(17.6) million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2026 Notes.

2028 Notes

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

In connection with the issuance of the 2028 Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $300.0 million, which matures on August 14, 2028, matching the maturity date of the 2028 Notes. As a result of the swap, the Company’s effective interest rate on the 2028 Notes is SOFR plus 2.99%. The interest expense related to the 2028 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the effective hedge interest rate swaps had a fair value of $4.5 million and $(1.4) million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2028 Notes.

2029 Notes

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

In connection with the issuance of the 2029 Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $350.0 million, which matures on March 1, 2029, matching the maturity date of the 2029 Notes. As a result of the swap, the Company’s effective interest rate on the 2029 Notes is SOFR plus 2.44%. The interest expense related to the 2029 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the effective hedge interest rate swaps had a fair value of $3.0 million and $(5.2) million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2029 Notes.

43


 

2030 Notes

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

In connection with the issuance of the 2030 Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $300.0 million, which matures on August 15, 2030, matching the maturity date of the 2030 Notes. As a result of the swap, the Company's effective interest rate on the 2030 Notes is SOFR plus 1.53%. The interest expense related to the 2030 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of June 30, 2025, the effective hedge interest rate swaps had a fair value of $8.9 million which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2030 Notes.

For the three and six months ended June 30, 2025 and 2024, the components of interest expense related to the 2024 Notes, 2026 Notes, 2028 Notes, 2029 Notes, and 2030 Notes were as follows:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Interest expense

 

$

16,666

 

 

$

15,813

 

 

$

30,800

 

 

$

30,733

 

Accretion of original issue discount

 

 

474

 

 

 

421

 

 

 

868

 

 

 

816

 

Amortization of deferred financing costs

 

 

833

 

 

 

900

 

 

 

1,544

 

 

 

1,757

 

Total Interest Expense

 

$

17,973

 

 

$

17,134

 

 

$

33,212

 

 

$

33,306

 

Total interest expense in the table above does not include the effect of the interest rate swaps related to the 2024 Notes, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes. During the three and six months ended June 30, 2025, the Company received $16.7 million and $30.5 million, respectively, and paid $21.2 million and $38.7 million respectively, related to the settlements of its interest rate swaps related to the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes. During the three and six months ended June 30, 2024, the Company received $15.9 million and $30.5 million, respectively, and paid $26.2 million and $50.2 million, respectively, related to the settlements of its interest rate swaps, excluding upfront fees, related to the 2024 Notes, 2026 Notes, 2028 Notes and 2029 Notes. These net amounts are included in interest expense in the Company’s Consolidated Statements of Operations. Please see Note 5 for further information about the Company’s interest rate swaps.

As of June 30, 2025, the components of the carrying value of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes and the stated interest rates were as follows:

 

 

June 30, 2025

 

 

 

2026 Notes

 

 

2028 Notes

 

 

2029 Notes

 

 

2030 Notes

 

Principal amount of debt

 

$

300,000

 

 

$

300,000

 

 

$

350,000

 

 

$

300,000

 

Original issue discount, net of accretion

 

 

(459

)

 

 

(1,190

)

 

 

(2,521

)

 

 

(3,389

)

Deferred financing costs

 

 

(812

)

 

 

(2,699

)

 

 

(3,611

)

 

 

(3,838

)

Fair value of an effective hedge

 

 

(11,422

)

 

 

4,470

 

 

 

3,005

 

 

 

8,869

 

Carrying value of debt

 

$

287,307

 

 

$

300,581

 

 

$

346,873

 

 

$

301,642

 

Stated interest rate

 

 

2.50

%

 

 

6.95

%

 

 

6.13

%

 

 

5.63

%

As of December 31, 2024, the components of the carrying value of the 2026 Notes, 2028 Notes and 2029 Notes and the stated interest rates were as follows:

 

 

December 31, 2024

 

 

 

2026 Notes

 

 

2028 Notes

 

 

2029 Notes

 

Principal amount of debt

 

$

300,000

 

 

$

300,000

 

 

$

350,000

 

Original issue discount, net of accretion

 

 

(666

)

 

 

(1,357

)

 

 

(2,819

)

Deferred financing costs

 

 

(1,182

)

 

 

(3,127

)

 

 

(4,093

)

Fair value of an effective hedge

 

 

(17,618

)

 

 

(1,377

)

 

 

(5,243

)

Carrying value of debt

 

$

280,534

 

 

$

294,139

 

 

$

337,845

 

Stated interest rate

 

 

2.50

%

 

 

6.95

%

 

 

6.13

%

 

44


 

The stated interest rate in the table above does not include the effect of the interest rate swaps. As of June 30, 2025, the Company's swap-adjusted interest rate on the 2026 Notes, 2028 Notes, 2029 Notes and 2030 notes was SOFR plus 2.17%, 2.99%, 2.44% and 1.53%, respectively. As of December 31, 2024, the Company's swap-adjusted interest rate on the 2026 Notes, 2028 Notes and 2029 Notes was SOFR plus 2.17%, 2.99% and 2.44%, respectively.

As of June 30, 2025, the Company was in compliance with the terms of the indentures governing the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes. As of December 31, 2024, the Company was in compliance with the terms of the indentures governing the 2026 Notes, 2028 Notes and 2029 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 June 30, 2025 and December 31, 2024, the Company’s asset coverage was 192.5% and 182.5% respectively.

Debt obligations consisted of the following as of June 30, 2025 and December 31, 2024:

 

 

June 30, 2025

 

 

 

Aggregate
Principal
Amount
Committed

 

 

Outstanding
Principal

 

 

Amount
Available
(1)

 

 

Carrying
Value
(2)(3)

 

Revolving Credit Facility

 

$

1,675,000

 

 

$

507,117

 

 

$

1,148,178

 

 

$

490,154

 

2026 Notes

 

 

300,000

 

 

 

300,000

 

 

 

 

 

 

287,307

 

2028 Notes

 

 

300,000

 

 

 

300,000

 

 

 

 

 

 

300,581

 

2029 Notes

 

 

350,000

 

 

 

350,000

 

 

 

 

 

 

346,873

 

2030 Notes

 

 

300,000

 

 

 

300,000

 

 

 

 

 

 

301,642

 

Total Debt

 

$

2,925,000

 

 

$

1,757,117

 

 

$

1,148,178

 

 

$

1,726,557

 

 

(1)
The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements.
(2)
The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $17.0 million, $1.3 million, $3.9 million $6.1 million and $7.2 million, respectively.
(3)
The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(11.4) million, $4.5 million, $3.0 million and $8.9 million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.

 

 

 

December 31, 2024

 

 

 

Aggregate
Principal
Amount
Committed

 

 

Outstanding
Principal

 

 

Amount
Available
(1)

 

 

Carrying
Value
(2)(3)

 

Revolving Credit Facility

 

$

1,700,000

 

 

$

1,004,058

 

 

$

674,190

 

 

$

988,624

 

2026 Notes

 

 

300,000

 

 

 

300,000

 

 

 

 

 

 

280,534

 

2028 Notes

 

 

300,000

 

 

 

300,000

 

 

 

 

 

 

294,139

 

2029 Notes

 

 

350,000

 

 

 

350,000

 

 

 

 

 

 

337,845

 

Total Debt

 

$

2,650,000

 

 

$

1,954,058

 

 

$

674,190

 

 

$

1,901,142

 

(1)
The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit and asset coverage requirements.
(2)
The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes and 2029 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $15.4 million, $1.8 million, $4.5 million and $6.9 million, respectively.
(3)
The carrying values of the 2026 Notes, 2028 Notes and 2029 Notes are presented inclusive of an incremental $(17.6) million, $(1.4) million and $(5.2) million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes and 2029 Notes, each resulting from a hedge accounting relationship.

45


 

For the three and six months ended June 30, 2025 and 2024, the components of interest expense were as follows:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Interest expense

 

$

26,031

 

 

$

25,646

 

 

$

52,811

 

 

$

52,198

 

Commitment fees

 

 

895

 

 

 

1,090

 

 

 

1,519

 

 

 

2,090

 

Amortization of deferred financing costs

 

 

1,737

 

 

 

1,741

 

 

 

3,231

 

 

 

3,446

 

Accretion of original issue discount

 

 

474

 

 

 

421

 

 

 

868

 

 

 

816

 

Swap settlement

 

 

4,510

 

 

 

10,336

 

 

 

8,188

 

 

 

19,716

 

Total Interest Expense

 

$

33,647

 

 

$

39,234

 

 

$

66,617

 

 

$

78,266

 

Average debt outstanding (in millions)

 

$

1,928.8

 

 

$

1,857.8

 

 

$

1,918.5

 

 

$

1,870.9

 

Weighted average interest rate

 

 

6.3

%

 

 

7.7

%

 

 

6.4

%

 

 

7.7

%

 

8. Commitments and Contingencies

Portfolio Company Commitments

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

As of June 30, 2025 and December 31, 2024, the Company had the following commitments to fund investments in current portfolio companies:

46


 

 

 

June 30, 2025

 

 

December 31, 2024

 

Alaska Bidco Oy - Delayed Draw & Revolver

 

$

245

 

 

$

217

 

Alpha Midco, Inc. - Delayed Draw & Revolver

 

 

331

 

 

 

452

 

American Achievement, Corp. - Revolver

 

 

2,403

 

 

 

2,403

 

Apellis Pharmaceuticals, Inc. - Delayed Draw

 

 

5,263

 

 

 

5,263

 

Aptean, Inc. - Delayed Draw & Revolver

 

 

 

 

 

1,126

 

Arrow Buyer, Inc. - Delayed Draw

 

 

 

 

 

5,479

 

Arrowhead Pharmaceuticals, Inc. - Delayed Draw

 

 

29,723

 

 

 

31,961

 

Artisan Bidco, Inc. - Revolver

 

 

3,525

 

 

 

5,717

 

Avalara, Inc. - Revolver

 

 

 

 

 

3,864

 

AVSC Holding Corp. - Revolver

 

 

4,833

 

 

 

4,833

 

Axonify, Inc. - Delayed Draw

 

 

 

 

 

694

 

Azurite Intermediate Holdings, Inc. - Revolver & Equity

 

 

5,575

 

 

 

5,575

 

Babylon Finco Limited - Delayed Draw

 

 

 

 

 

287

 

Banyan Software Holdings, LLC - Delayed Draw

 

 

 

 

 

3,898

 

Bayshore Intermediate #2, L.P. - Revolver

 

 

3,199

 

 

 

3,635

 

BCTO Ace Purchaser, Inc. - Delayed Draw & Revolver

 

 

324

 

 

 

324

 

BCTO Bluebill Buyer, Inc. - Delayed Draw

 

 

4,144

 

 

 

4,144

 

Ben Nevis Midco Limited - Delayed Draw

 

 

 

 

 

1,365

 

Big Wombat Holdings, Inc. - Revolver

 

 

2,469

 

 

 

 

BlueSnap, Inc. - Delayed Draw & Revolver

 

 

2,534

 

 

 

5,069

 

BTRS Holdings, Inc. - Delayed Draw & Revolver

 

 

 

 

 

3,029

 

Cirrus (Bidco) Ltd - Delayed Draw

 

 

457

 

 

 

417

 

Cordance Operations, LLC - Delayed Draw & Revolver

 

 

4,498

 

 

 

6,719

 

Coupa Holdings, LLC - Delayed Draw & Revolver

 

 

6,809

 

 

 

6,809

 

Crewline Buyer, Inc. - Revolver & Equity

 

 

6,148

 

 

 

6,148

 

Disco Parent, Inc. - Revolver

 

 

455

 

 

 

455

 

EDB Parent, LLC - Delayed Draw

 

 

953

 

 

 

5,127

 

Edge Bidco B.V. - Delayed Draw & Revolver

 

 

1,126

 

 

 

993

 

Elysian Finco Ltd. - Delayed Draw & Revolver

 

 

1,557

 

 

 

1,881

 

Elysium BidCo Limited - Revolver

 

 

 

 

 

2,493

 

Employment Hero Holdings Pty Ltd. - Delayed Draw & Revolver

 

 

1,966

 

 

 

1,857

 

EMS Linq, Inc. - Revolver

 

 

3,689

 

 

 

4,568

 

Erling Lux Bidco SARL - Delayed Draw & Revolver

 

 

6,541

 

 

 

2,772

 

Eventus Buyer, LLC - Delayed Draw & Revolver

 

 

8,633

 

 

 

10,033

 

ExtraHop Networks, Inc. - Delayed Draw & Revolver

 

 

1,115

 

 

 

3,384

 

Flight Intermediate HoldCo, Inc. - Delayed Draw

 

 

34,608

 

 

 

37,860

 

ForeScout Technologies, Inc. - Delayed Draw & Revolver

 

 

800

 

 

 

800

 

Fullsteam Operations, LLC - Delayed Draw & Revolver

 

 

5,213

 

 

 

8,885

 

Galileo Parent, Inc. - Revolver

 

 

3,462

 

 

 

5,481

 

Greenshoot Bidco B.V. - Revolver

 

 

461

 

 

 

407

 

Heritage Environmental Services, Inc. - Delayed Draw & Revolver

 

 

2,521

 

 

 

2,521

 

Hippo XPA Bidco AB - Delayed Draw & Revolver

 

 

9,509

 

 

 

1,697

 

HireVue, Inc. - Revolver

 

 

3,394

 

 

 

2,509

 

Ingenovis Health Finance, LLC - Revolver

 

 

32,500

 

 

 

 

IRGSE Holding Corp. - Revolver

 

 

458

 

 

 

528

 

Kangaroo Bidco AS - Delayed Draw

 

 

4,375

 

 

 

4,375

 

Kryptona BidCo US, LLC - Revolver

 

 

2,165

 

 

 

2,165

 

LeanTaaS Holdings, Inc. - Delayed Draw

 

 

14,737

 

 

 

18,844

 

Lynx BidCo - Delayed Draw & Revolver

 

 

891

 

 

 

891

 

Marcura Equities LTD - Delayed Draw & Revolver

 

 

8,452

 

 

 

9,133

 

Merit Software Finance Holdings, LLC - Delayed Draw & Revolver

 

 

11,786

 

 

 

11,786

 

PDI TA Holdings, Inc. - Delayed Draw & Revolver

 

 

984

 

 

 

3,286

 

PrimePay Intermediate, LLC - Delayed Draw

 

 

 

 

 

4,000

 

PrimeRevenue, Inc. - Revolver

 

 

6,250

 

 

 

6,250

 

QSR Acquisition Co. - Delayed Draw

 

 

 

 

 

15,000

 

Rail Acquisitions LLC - Delayed Draw & Revolver

 

 

5,660

 

 

 

 

47


 

RainFocus, LLC - Delayed Draw

 

 

8,455

 

 

 

 

Rapid Data GmbH Unternehmensberatung - Delayed Draw & Revolver

 

 

1,615

 

 

 

1,425

 

Raptor US Buyer II Corp. - Revolver

 

 

682

 

 

 

682

 

Sapphire Software Buyer, Inc. - Revolver

 

 

3,243

 

 

 

3,243

 

Scorpio Bidco - Delayed Draw

 

 

574

 

 

 

506

 

Severin Acquisition, LLC - Delayed Draw & Revolver

 

 

3,805

 

 

 

5,039

 

Shiftmove GmbH - Delayed Draw

 

 

15,407

 

 

 

13,591

 

Sky Bidco S.p.A. - Delayed Draw

 

 

4,111

 

 

 

3,627

 

SkyLark UK DebtCo Limited - Delayed Draw

 

 

489

 

 

 

6,946

 

SL Buyer Corp. - Delayed Draw

 

 

 

 

 

11,234

 

SMA Technologies Holdings, LLC - Revolver

 

 

1,009

 

 

 

1,009

 

Sport Alliance GmbH - Revolver

 

 

489

 

 

 

647

 

Tango Management Consulting, LLC - Delayed Draw & Revolver

 

 

 

 

 

1,479

 

Tango Management Consulting, LLC #2 - Delayed Draw & Revolver

 

 

25,380

 

 

 

 

TradingScreen, Inc. - Revolver

 

 

435

 

 

 

768

 

TRP Assets, LLC - Delayed Draw

 

 

10,166

 

 

 

10,166

 

Truck-Lite Co., LLC - Delayed Draw & Revolver

 

 

 

 

 

8,743

 

USA Debusk LLC - Delayed Draw & Revolver

 

 

2,611

 

 

 

2,809

 

Varinem German Bidco GmbH - Delayed Draw

 

 

4,914

 

 

 

3,553

 

Wrangler Topco, LLC - Delayed Draw & Revolver

 

 

888

 

 

 

1,433

 

Total Portfolio Company Commitments (1)(2)

 

$

341,014

 

 

$

356,309

 

 

(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 June 30, 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 June 30, 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

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

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

48


 

Pursuant to the Company’s dividend reinvestment plan, the following tables summarize the shares issued to stockholders who have not opted out of the Company’s dividend reinvestment plan during the six months ended June 30, 2025 and 2024. All shares issued to stockholders in the tables below are newly issued shares.

 

 

 

For the Six Months Ended

 

 

 

June 30, 2025

 

 

 

 

 

 

 

Date

 

 

 

Date Declared

 

Dividend (1)

 

Record Date

 

Shares Issued

 

Shares Issued

 

February 13, 2025

 

Supplemental

 

February 28, 2025

 

March 20, 2025

 

 

39,839

 

February 13, 2025

 

Base

 

March 14, 2025

 

March 31, 2025

 

 

263,083

 

April 30, 2025

 

Supplemental

 

May 30, 2025

 

June 20, 2025

 

 

34,339

 

April 30, 2025

 

Base

 

June 16, 2025

 

June 30, 2025

 

 

241,651

 

Total Shares Issued

 

 

 

 

 

 

 

 

578,912

 

 

 

 

For the Six Months Ended

 

 

 

June 30, 2024

 

 

 

 

 

 

 

Date

 

 

 

Date Declared

 

Dividend (1)

 

Record Date

 

Shares Issued

 

Shares Issued

 

February 15, 2024

 

Supplemental

 

February 29, 2024

 

March 20, 2024

 

 

36,749

 

February 15, 2024

 

Base

 

March 15, 2024

 

March 28, 2024

 

 

255,308

 

May 1, 2024

 

Supplemental

 

May 31, 2024

 

June 20, 2024

 

 

34,318

 

May 1, 2024

 

Base

 

June 14, 2024

 

June 28, 2024

 

 

261,331

 

Total Shares Issued

 

 

 

 

 

 

 

 

587,706

 

(1)
See Note 11 for further information on base, supplemental and special dividends.

On August 4, 2015, the Company's Board authorized the Company to acquire up to $50 million in aggregate of the Company’s common stock from time to time over an initial six month period, and has continued to authorize the refreshment of the $50 million amount authorized under and extension of the stock repurchase program prior to its expiration since that time, most recently as of April 30, 2025 (effective May 31, 2025). The amount and timing of stock repurchases under the program may vary depending on market conditions, and no assurance can be given that any particular amount of common stock will be repurchased.

No shares were repurchased during the six months ended June 30, 2025 and 2024.

At the Market Offerings

The Company is a party to equity distribution agreements with several banks (the “Equity Distribution Agreements”). The Equity Distribution Agreements provide that the Company may from time to time issue and sell, by means of “at the market” offerings, up to $100 million of the Company's common stock. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. Under the currently effective Equity Distribution Agreements, common stock with an aggregate offering amount of $100 million remained available for issuance as of June 30, 2025.

10. Earnings per share

The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2025 and 2024:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Increase in net assets resulting from operations

 

$

59,003

 

 

$

47,401

 

 

$

95,957

 

 

$

94,919

 

Weighted average shares of common stock outstanding—basic and diluted

 

 

93,971,164

 

 

 

92,734,320

 

 

 

93,821,251

 

 

 

90,883,350

 

Earnings per common share—basic and diluted

 

$

0.63

 

 

$

0.51

 

 

$

1.02

 

 

$

1.04

 

 

49


 

 

11. Dividends

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

The following tables summarize dividends declared during the six months ended June 30, 2025 and 2024:

 

 

For the Six Months Ended

 

 

 

June 30, 2025

 

Date Declared

 

Dividend

 

Record Date

 

Payment Date

 

Dividend per Share

 

February 13, 2025

 

Supplemental

 

February 28, 2025

 

March 20, 2025

 

$

0.07

 

February 13, 2025

 

Base

 

March 14, 2025

 

March 31, 2025

 

 

0.46

 

April 30, 2025

 

Supplemental

 

May 30, 2025

 

June 20, 2025

 

 

0.06

 

April 30, 2025

 

Base

 

June 16, 2025

 

June 30, 2025

 

 

0.46

 

Total Dividends Declared

 

 

 

 

 

 

 

$

1.05

 

 

 

 

For the Six Months Ended

 

 

 

June 30, 2024

 

Date Declared

 

Dividend

 

Record Date

 

Payment Date

 

Dividend per Share

 

February 15, 2024

 

Supplemental

 

February 29, 2024

 

March 20, 2024

 

$

0.08

 

February 15, 2024

 

Base

 

March 15, 2024

 

March 28, 2024

 

 

0.46

 

May 1, 2024

 

Supplemental

 

May 31, 2024

 

June 20, 2024

 

 

0.06

 

May 1, 2024

 

Base

 

June 14, 2024

 

June 28, 2024

 

 

0.46

 

Total Dividends Declared

 

 

 

 

 

 

 

$

1.06

 

The dividends declared during the six months ended June 30, 2025 and 2024 were derived from net investment income and long-term capital gains, determined on a tax basis.

50


 

12. Financial Highlights

The following per share data and ratios have been derived from information provided in the consolidated financial statements. The following are the financial highlights for one share of common stock outstanding during the six months ended June 30, 2025 and 2024:

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

Per Share Data (8)

 

 

 

 

 

 

Net asset value, beginning of period

 

$

17.16

 

 

$

17.04

 

 

 

 

 

 

 

 

Net investment income (1)

 

 

1.16

 

 

 

1.18

 

Net realized and unrealized gains
 (losses)
(1)

 

 

(0.14

)

 

 

(0.14

)

Total from operations

 

 

1.02

 

 

 

1.04

 

Issuance of common stock, net of offering costs (2)

 

 

0.04

 

 

 

0.17

 

Dividends declared from net investment income (2)

 

 

(1.05

)

 

 

(1.06

)

Total increase/(decrease) in net assets

 

 

0.01

 

 

 

0.15

 

Net Asset Value, End of Period

 

$

17.17

 

 

$

17.19

 

Per share market value at end of period

 

$

23.81

 

 

$

21.35

 

Total return based on market value with reinvestment of dividends (3)

 

 

17.23

%

 

 

4.10

%

Total return based on market value (4)

 

 

16.71

%

 

 

3.75

%

Total return based on net asset value (5)

 

 

6.18

%

 

 

7.12

%

Shares Outstanding, End of Period

 

 

94,240,348

 

 

 

93,017,205

 

Ratios / Supplemental Data (6)

 

 

 

 

 

 

Ratio of net expenses to average net assets (7)

 

 

15.23

%

 

 

16.94

%

Ratio of net investment income to average net assets

 

 

13.53

%

 

 

13.79

%

Portfolio turnover

 

 

26.96

%

 

 

23.94

%

Net assets, end of period

 

$

1,617,646

 

 

$

1,599,035

 

(1)
The per share data was derived by using the weighted average shares outstanding during the period.
(2)
The per share data was derived by using the actual shares outstanding at the date of the relevant transactions.
(3)
Total return based on market value with dividends reinvested is calculated as the change in market value per share during the period plus declared dividends per share, assuming reinvestment of dividends, divided by the beginning market value per share.
(4)
Total return based on market value is calculated as the change in market value per share during the period plus declared dividends per share, divided by the beginning market value per share.
(5)
Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share, divided by the beginning net asset value per share.
(6)
The ratios reflect an annualized amount.
(7)
The ratio of net expenses to average net assets in the table above reflects the Adviser’s waivers of its right to receive a portion of the Management Fee pursuant to the Leverage Waiver for the six months ended June 30, 2025 and 2024. Excluding the effects of the waivers, the ratio of net expenses to average net assets would have been 15.32% and 17.03%, respectively, for the six months ended June 30, 2025 and 2024.
(8)
Table may not sum due to rounding.

13. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events, except as already disclosed, that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and six months ended June 30, 2025.

51


 

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

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

the requirement to invest at least 70% of our assets in “qualifying assets”;
source of income limitations;
asset diversification requirements; and
the requirement to distribute (or be treated as distributing) in each taxable year at least 90% of our investment company taxable income and tax-exempt interest for that taxable year.

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

Our Investment Framework

We are a specialty finance company focused on lending to middle-market companies. Since we began our investment activities in July 2011, through June 30, 2025, we have originated approximately $48.1 billion aggregate principal amount of investments and retained more than $11.2 billion aggregate principal amount of these investments on our balance sheet prior to any subsequent exits and repayments. We seek to generate current income primarily in U.S.-domiciled middle-market companies through direct investment originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds, equity securities, and other instruments.

By “middle-market companies,” we mean companies that have annual EBITDA, which we believe is a useful proxy for cash flow, of $10 million to $250 million, although we may invest in larger or smaller companies on occasion. As of June 30, 2025, our core portfolio companies, which exclude certain investments that fall outside of our typical borrower profile and represent 94.6% of our total investments based on fair value, had weighted average annual revenue of $377.5 million and weighted average annual EBITDA of $114.1 million. As of June 30, 2025, our core portfolio companies had a median annual revenue of $146.7 million and a median annual EBITDA of $46.4 million.

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

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

The companies in which we invest use our capital to support organic growth, acquisitions, market or product expansion and recapitalizations (including restructurings). As of June 30, 2025, the largest single investment based on fair value represented 2.5% of our total investment portfolio.

52


 

As of June 30, 2025, the average investment size in each of our portfolio companies was approximately $30.2 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 value between $50 million and $1 billion. When reviewing potential investments, we seek to invest in businesses with high marginal cash flow, recurring revenue streams and where we believe credit quality will improve over time. We look for portfolio companies that we think have a sustainable competitive advantage in growing industries or distressed situations. We also seek companies where our investment will have a low loan-to-value ratio.

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

As of June 30, 2025, the largest industry represented 17.9% 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 June 30, 2025, approximately 93.3% of our portfolio was invested in secured debt, including 92.4% 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 June 30, 2025, the weighted average term on new investment commitments in new portfolio companies was 6.2 years.

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

Risk Mitigation. We seek to mitigate non-credit-related risk on our returns in several ways, including call protection provisions to protect future interest income. As of June 30, 2025, we had call protection on 82.9% of our debt investments based on fair value, with weighted average call prices of 108.4% for the first year, 104.5% for the second year and 101.6% for the third year, in each case from the date of the initial investment. As of June 30, 2025, 96.5% of our debt investments based on fair value bore interest at floating rates, with 100.0% of these subject to interest rate floors, which we believe helps act as a portfolio-wide hedge against inflation.

Relationship with our Adviser and Sixth Street

Our Adviser is a Delaware limited liability company. Our Adviser acts as our investment adviser and administrator and is a registered investment adviser with the SEC under the Advisers Act. Our Adviser sources and manages our portfolio through a dedicated team of investment professionals predominately focused on direct lending, which we refer to as our Investment Team. Our Investment Team is led by our 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 $115 billion of assets under management as of June 30, 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 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 690 investment and operating professionals. As of June 30, 2025, seventy-two (72) of these personnel are dedicated to direct lending, including fifty-seven (57) investment professionals.

53


 

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

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

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

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

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

General Economic Conditions

To date, 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, and has started to implement, significant changes to U.S. trade policy, the size of the federal government, tax policy and the enforcement of various regulations. These policy shifts could introduce additional market instability and reduce investor confidence. For example, the U.S. government 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 middle-market companies domiciled in the United States.

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

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.

54


 

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 June 30, 2025, 96.5% of these investments based on fair value bore interest at a floating rate, with 100.0% of these subject to interest rate floors. Interest on debt investments is generally payable monthly or quarterly. Some of our investments provide for deferred interest payments or PIK interest. For the three and six months ended June 30, 2025, 5.0% and 4.8%, respectively, of our total investment income was comprised of PIK interest. For the three and six months ended June 30, 2024, 7.7% and 7.3%, respectively, of our total investment income was comprised of PIK interest.

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

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

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

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

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

Expenses

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

calculating individual asset values and our net asset value (including the cost and expenses of any independent valuation firms);
expenses, including travel expenses, incurred by the Adviser, or members of our Investment Team, or payable to third parties, in respect of due diligence on prospective portfolio companies and, if necessary, in respect of enforcing our rights with respect to investments in existing portfolio companies;
the costs of any public offerings of our common stock and other securities, including registration and listing fees;
the Management Fee and any Incentive Fee;
certain costs and expenses relating to distributions paid on our shares;
administration fees payable under our Administration Agreement;

55


 

costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, and the compensation of professionals responsible for the preparation of the foregoing, including the allocable portion of the compensation of our Chief Financial Officer, Chief Compliance Officer and other professionals who spend time on those related activities (based on the percentage of time those individuals devote, on an estimated basis, to our business and affairs);
debt service and other costs of borrowings or other financing arrangements;
the Adviser’s allocable share of costs incurred in providing significant managerial assistance to those portfolio companies that request it;
amounts payable to third parties relating to, or associated with, making or holding investments;
transfer agent and custodial fees;
costs of hedging;
commissions and other compensation payable to brokers or dealers;
taxes;
Independent Director fees and expenses;
the costs of any reports, proxy statements or other notices to our stockholders (including printing and mailing costs), the costs of any stockholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters;
our fidelity bond;
directors and officers/errors and omissions liability insurance, and any other insurance premiums;
indemnification payments;
direct costs and expenses of administration, including audit, accounting, consulting and legal costs; and
all other expenses reasonably incurred by us in connection with making investments and administering our business.

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

Leverage

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

Market Trends

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

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

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

56


 

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 June 30, 2025, our portfolio based on fair value consisted of 92.4% first-lien debt investments, 0.9% second-lien debt investments, 1.6% mezzanine debt investments and 5.1% equity investments. As of December 31, 2024, our portfolio based on fair value consisted of 93.9% first-lien debt investments, 0.6% second-lien debt investments, 1.1% mezzanine debt investments, 4.4% equity and other investments and less than 0.1% structured credit investments.

As of June 30, 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 11.7% and 12.3%, 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 12.0% and 12.5%, respectively.

As of June 30, 2025, we had investments in 109 portfolio companies with an aggregate fair value of $3,294.9 million. As of December 31, 2024, we had investments in 116 portfolio companies (including one structured credit investment, which include each series of collateralized loan obligation as a separate portfolio company investment) with an aggregate fair value of $3,518.4 million.

For the three months ended June 30, 2025, the principal amount of new investments funded was $208.6 million in thirteen new portfolio companies and four existing portfolio companies. For this period, we had $388.7 million aggregate principal amount in exits and repayments.

For the three months ended June 30, 2024, the principal amount of new investments funded was $163.6 million in eight new portfolio companies and five existing portfolio companies. For this period, we had $290.3 million aggregate principal amount in exits and repayments.

Our investment activity for the three months ended June 30, 2025 and 2024 is presented below (information presented herein is at par value unless otherwise indicated).

57


 

 

 

 

Three Months Ended

 

($ in millions)

 

June 30, 2025

 

 

June 30, 2024

 

New investment commitments:

 

 

 

 

 

 

Gross originations (1)

 

$

604.1

 

 

$

1,858.8

 

Less: Syndications/sell downs (1)

 

 

306.4

 

 

 

1,627.8

 

Total new investment commitments

 

$

297.7

 

 

$

231.0

 

Principal amount of investments funded:

 

 

 

 

 

 

First-lien

 

$

190.1

 

 

$

163.6

 

Second-lien

 

 

 

 

 

 

Mezzanine

 

 

 

 

 

 

Equity and other

 

 

2.3

 

 

 

 

Structured Credit

 

 

16.2

 

 

 

 

Total

 

$

208.6

 

 

$

163.6

 

Principal amount of investments sold or repaid:

 

 

 

 

 

 

First-lien

 

$

365.9

 

 

$

265.2

 

Second-lien

 

 

3.4

 

 

 

 

Mezzanine

 

 

 

 

 

 

Equity and other

 

 

3.2

 

 

 

25.1

 

Structured Credit

 

 

16.2

 

 

 

 

Total

 

$

388.7

 

 

$

290.3

 

Number of new investment commitments in
   new portfolio companies

 

 

13

 

 

 

8

 

Average new investment commitment amount in
   new portfolio companies

 

$

20.0

 

 

$

21.2

 

Weighted average term for new investment
   commitments in new portfolio companies
   (in years)

 

 

6.2

 

 

 

6.1

 

Percentage of new debt investment commitments
   at floating rates

 

 

99.7

%

 

 

100.0

%

Percentage of new debt investment commitments
   at fixed rates

 

 

0.3

%

 

 

 

Weighted average interest rate of new
   investment commitments

 

 

10.7

%

 

 

11.6

%

Weighted average spread over reference rate of new
   floating rate investment commitments

 

 

6.7

%

 

 

6.6

%

Weighted average interest rate on investments
   fully sold or paid down

 

 

12.2

%

 

 

13.4

%

 

(1) Includes affiliates of Sixth Street

As of June 30, 2025 and December 31, 2024, our investments consisted of the following:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

($ in millions)

 

Amortized Cost

 

 

Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

First-lien debt investments

 

$

2,979.1

 

 

$

3,043.1

 

 

$

3,298.0

 

 

$

3,302.5

 

Second-lien debt investments

 

 

67.4

 

 

 

29.6

 

 

 

53.2

 

 

 

19.8

 

Mezzanine debt investments

 

 

52.1

 

 

 

53.6

 

 

 

37.1

 

 

 

39.1

 

Equity and other investments

 

 

157.1

 

 

 

168.6

 

 

 

149.4

 

 

 

155.5

 

Structured credit investments

 

 

 

 

 

 

 

 

1.5

 

 

 

1.5

 

Total

 

$

3,255.7

 

 

$

3,294.9

 

 

$

3,539.2

 

 

$

3,518.4

 

 

58


 

The following tables show the fair value and amortized cost of our performing and non-accrual investments as of June 30, 2025 and December 31, 2024:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

($ in millions)

 

Fair Value

 

 

Percentage

 

 

Fair Value

 

 

Percentage

 

Performing

 

$

3,273.5

 

 

 

99.4

%

 

$

3,469.4

 

 

 

98.6

%

Non-accrual (1)

 

 

21.4

 

 

 

0.6

 

 

 

49.0

 

 

 

1.4

 

Total

 

$

3,294.9

 

 

 

100.0

%

 

$

3,518.4

 

 

 

100.0

%

 

 

June 30, 2025

 

 

December 31, 2024

 

($ in millions)

 

Amortized Cost

 

 

Percentage

 

 

Amortized Cost

 

 

Percentage

 

Performing

 

$

3,188.2

 

 

 

97.9

%

 

$

3,410.1

 

 

 

96.4

%

Non-accrual (1)

 

 

67.5

 

 

 

2.1

 

 

 

129.1

 

 

 

3.6

 

Total

 

$

3,255.7

 

 

 

100.0

%

 

$

3,539.2

 

 

 

100.0

%

 

(1)
Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when management has reasonable doubt that the borrower will pay principal or interest in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Non-accrual loans are restored to accrual status when past due principal and interest has been paid and, in management’s judgment, the borrower is likely to make principal and interest payments in the future. Management may determine to not place a loan on non-accrual status if, notwithstanding any failure to pay, the loan has sufficient collateral value and is in the process of collection. See “–Critical Accounting Estimates – Interest and Dividend Income Recognition.”

The weighted average yields and interest rates of our performing debt investments at fair value as of June 30, 2025 and December 31, 2024 were as follows:

 

 

June 30, 2025

 

 

December 31, 2024

 

Weighted average total yield of debt and income
   producing securities
(1)

 

 

11.7

%

 

 

12.3

%

Weighted average interest rate of debt and income
   producing securities

 

 

11.2

%

 

 

11.8

%

Weighted average spread over reference rate of all floating
   rate investments

 

 

7.3

%

 

 

7.7

%

(1)
Weighted average total portfolio yield at fair value was 11.1% at June 30, 2025 and 11.6% 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 of our investments, which may include the following:

assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;
periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;
comparisons to other companies in the industry;
attendance at, and participation in, board meetings; and
review of monthly and quarterly financial statements and financial projections for portfolio companies.

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

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

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An investment is rated 2 if it is performing as agreed, but, in the opinion of the Adviser, there may be concerns about the company’s operating performance or trends in the industry. For these investments, in addition to monthly reports and quarterly asset reviews, the Adviser also researches any areas of concern with the objective of early intervention with the portfolio company.
An investment will be assigned a rating of 3 if it is paying its obligations to us as agreed but a material covenant violation is expected. For these investments, in addition to monthly reports and quarterly asset reviews, the Adviser also adds the investment to its “watch list” and researches any areas of concern with the objective of early intervention with the portfolio company.
An investment will be assigned a rating of 4 if a material covenant has been violated, but the company is making its scheduled payments on its obligations to us. For these investments, the Adviser generally prepares a bi-monthly asset review email and generally has monthly meetings with the portfolio company’s senior management. For investments where there have been material defaults, including bankruptcy filings, failures to achieve financial performance requirements or failure to maintain liquidity or loan-to-value requirements, the Adviser often will take immediate action to protect its position. These remedies may include negotiating for additional collateral, modifying investment terms or structure, or payment of amendment and waiver fees.
A rating of 5 indicates an investment is in default on its interest and/or principal payments. For these investments, our Adviser reviews the investments on a bi-monthly basis and, where possible, pursues workouts that achieve an early resolution to avoid further deterioration of our investment. The Adviser retains legal counsel and takes actions to preserve our rights, which may include working with the portfolio company to have the default cured, to have the investment restructured or to have the investment repaid through a consensual workout.

The following table shows the distribution of our investments on the 1 to 5 investment performance rating scale at fair value as of June 30, 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.

 

 

 

June 30, 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

 

$

3,045.8

 

 

 

92.5

%

 

$

3,345.8

 

 

 

95.1

%

2

 

 

197.9

 

 

 

6.0

 

 

 

88.9

 

 

 

2.5

 

3

 

 

29.8

 

 

 

0.9

 

 

 

34.7

 

 

 

1.0

 

4

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

21.4

 

 

 

0.6

 

 

 

49.0

 

 

 

1.4

 

Total

 

$

3,294.9

 

 

 

100.0

%

 

$

3,518.4

 

 

 

100.0

%

 

Results of Operations

Operating results for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

($ in millions)(1)

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Total investment income

 

$

115.0

 

 

$

121.8

 

 

$

231.4

 

 

$

239.6

 

Less: Net expenses

 

 

62.9

 

 

 

65.4

 

 

 

119.9

 

 

 

130.0

 

Net investment income before income taxes

 

 

52.1

 

 

 

56.4

 

 

 

111.5

 

 

 

109.6

 

Less: Income taxes, including excise taxes

 

 

1.3

 

 

 

1.3

 

 

 

2.6

 

 

 

2.1

 

Net investment income

 

 

50.8

 

 

 

55.1

 

 

 

108.8

 

 

 

107.5

 

Net realized gains (losses) (2)

 

 

(36.9

)

 

 

1.8

 

 

 

(36.0

)

 

 

3.9

 

Net change in unrealized gains (losses) (2)

 

 

45.0

 

 

 

(9.5

)

 

 

23.2

 

 

 

(16.5

)

Net increase (decrease) in net assets resulting from operations

 

$

59.0

 

 

$

47.4

 

 

$

96.0

 

 

$

94.9

 

 

(1)
Table may not sum due to rounding.
(2)
Includes foreign exchange hedging activity.

60


 

Investment Income

 

 

Three Months Ended

 

 

Six Months Ended

 

($ in millions)

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Interest from investments

 

$

101.2

 

 

$

105.0

 

 

$

207.9

 

 

$

209.7

 

Paid-in-kind interest income

 

 

5.8

 

 

 

9.4

 

 

 

11.1

 

 

$

17.5

 

Dividend income

 

 

0.4

 

 

 

1.8

 

 

 

1.3

 

 

 

2.6

 

Other income

 

 

7.6

 

 

 

5.6

 

 

 

11.1

 

 

 

9.8

 

Total investment income

 

$

115.0

 

 

$

121.8

 

 

$

231.4

 

 

$

239.6

 

Interest from investments, which includes amortization of upfront fees and prepayment fees, decreased from $105.0 million for the three months ended June 30, 2024 to $101.2 million for the three months ended June 30, 2025. The decrease in interest from investments was primarily the result of a decrease in reference rates for the three months ended June 30, 2025 compared to the same period in 2024. Paid-in-kind interest income decreased from $9.4 million for the three months ended June 30, 2024 to $5.8 million for the three months ended June 30, 2025 due to decreased PIK investments. Dividend income decreased from $1.8 million for the three months ended June 30, 2024 to $0.4 million for the three months ended June 30, 2025 due to the timing of dividend payments in 2025. Other income increased from $5.6 million for the three months ended June 30, 2024 to $7.6 million for the three months ended June 30, 2025, primarily due to increased miscellaneous fees earned during the three months ended June 30, 2025.

 

Interest from investments, which includes amortization of upfront fees and prepayment fees, decreased from $209.7 million for the six months ended June 30, 2024 to $207.9 million for the six months ended June 30, 2025. The decrease in interest from investments was primarily the result of a decrease in references rates for the six months ended June 30, 2025 compared to the same period in 2024. Paid-in-kind interest income decreased from $17.5 million for the six months ended June 30, 2024 to $11.1 million for the six months ended June 30, 2025 due to decreased PIK investments. Dividend income decreased from $2.6 million for the six months ended June 30, 2024 to $1.3 million for the six months ended June 30, 2025 due to the timing of dividend payments in 2025. Other income increased from $9.8 million for the six months ended June 30, 2024 to $11.1 million for the six months ended June 30, 2025, primarily due to increased miscellaneous fees earned during the six months ended June 30, 2025.

Expenses

Operating expenses for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

($ in millions)(1)

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Interest

 

$

33.6

 

 

$

39.2

 

 

$

66.6

 

 

$

78.3

 

Management fees (net of waivers)

 

 

12.6

 

 

 

12.5

 

 

 

25.3

 

 

 

24.7

 

Incentive fees on net investment income

 

 

11.1

 

 

 

11.4

 

 

 

22.6

 

 

 

22.3

 

Incentive fees on net capital gains

 

 

1.4

 

 

 

(1.3

)

 

 

(2.2

)

 

 

(2.2

)

Professional fees

 

 

2.6

 

 

 

2.1

 

 

 

4.5

 

 

 

3.9

 

Directors’ fees

 

 

0.2

 

 

 

0.2

 

 

 

0.5

 

 

 

0.4

 

Other general and administrative

 

 

1.3

 

 

 

1.3

 

 

 

2.6

 

 

 

2.6

 

Net Expenses

 

$

62.9

 

 

$

65.4

 

 

$

119.9

 

 

$

130.0

 

 

(1)
Table may not sum due to rounding.

Interest

Interest expense, including other debt financing expenses, decreased from $39.2 million for the three months ended June 30, 2024 to $33.6 million for the three months ended June 30, 2025. This decrease was primarily due to a decrease in the average interest rate on our debt outstanding, which decreased from 7.7% for the three months ended June 30, 2024 to 6.3% for the three months ended June 30, 2025 due to a change in the mix of our debt financing sources and a change in SOFR rates.

Interest expense, including other debt financing expenses, decreased from $78.3 million for the six months ended June 30, 2024 to $66.6 million for the six months ended June 30, 2025. This decrease was primarily due to a decrease in the average interest rate on our debt outstanding, which decreased from 7.7% for the six months ended June 30, 2024 to 6.4% for the six months ended June 30, 2025 due to a change in the mix of our debt financing sources and a change in SOFR rates.

 

 

61


 

Management Fees

Management Fees (gross of waivers) increased from $12.8 million for the three months ended June 30, 2024 to $12.9 million for the three months ended June 30, 2025 due to an increase in average assets. Management Fees (net of waivers) increased from $12.5 million for the three months ended June 30, 2024 to $12.6 million for the three months ended June 30, 2025. Management Fees waived were $0.3 million for the three months ended June 30, 2025 and $0.3 million for the three months ended June 30, 2024, pursuant to the Leverage Waiver. Any waived management fees are not subject to recoupment by the Adviser.

Management Fees (gross of waivers) increased from $25.4 million for the six months ended June 30, 2024 to $26.0 million for the six months ended June 30, 2025 due to an increase in average assets. Management Fees (net of waivers) increased from $24.7 million for the six months ended June 30, 2024 to $25.3 million for the six months ended June 30, 2025. Management Fees waived were $0.7 million for the six months ended June 30, 2025 and $0.7 million for the six months ended June 30, 2024, pursuant to the Leverage Waiver. Any waived management fees are not subject to recoupment by the Adviser.

Incentive Fees

For the three months ended June 30, 2025 and 2024, Incentive Fees were $12.5 million and $10.1 million, respectively, of which $11.1 million and $11.4 million, respectively, were realized and payable to the Adviser. For the three months ended June 30, 2025 and 2024, $1.4 million and $(1.3) million, respectively, of Incentive Fees were accrued related to Capital Gains Fees. As of June 30, 2025, these accrued Incentive Fees are not contractually payable to the Adviser.

For the six months ended June 30, 2025 and 2024, Incentive Fees were $20.4 million and $20.1 million, respectively, of which $22.6 million and $22.3 million, respectively, were realized and payable to the Adviser. For the six months ended June 30, 2025 and 2024, $(2.2) million and $(2.2) million, respectively, of Incentive Fees were accrued related to Capital Gains Fees. As of June 30, 2025, these accrued Incentive Fees are not contractually payable to the Adviser.

Professional Fees and Other General and Administrative Expenses

Professional fees increased from $2.1 million for the three months ended June 30, 2024 to $2.6 million for the three months ended June 30, 2025 due to higher legal and audit related fees. Other general and administrative fees were $1.3 million for the three months ended June 30, 2024 and $1.3 million for the three months ended June 30, 2025.

Professional fees increased from $3.9 million for the six months ended June 30, 2024 to $4.5 million for the six months ended June 30, 2025 due to higher legal and audit related fees. Other general and administrative fees were $2.6 million for the six months ended June 30, 2024 and $2.6 million for the six months ended June 30, 2025.

Income Taxes, Including Excise Taxes

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

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

For the three and six months ended June 30, 2025, we recorded a net expense of $1.3 million and $2.6 million, respectively, for U.S. federal excise tax and other taxes. For the three and six months ended June 30, 2024, we recorded a net expense of $1.2 million and $2.1 million, respectively, for U.S. federal excise tax and other taxes.

62


 

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three and six months ended June 30, 2025 and 2024:

 

 

Three Months Ended

 

 

Six Months Ended

 

($ in millions)(1)

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Net realized gains (losses) on investments

 

$

(36.8

)

 

$

1.6

 

 

$

(35.7

)

 

$

3.9

 

Net realized gains (losses) on foreign currency transactions

 

 

0.1

 

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.8

)

Net realized gains (losses) on foreign currency investments

 

 

0.8

 

 

 

(1.7

)

 

 

0.8

 

 

 

(2.4

)

Net realized gains (losses) on foreign currency borrowings

 

 

(1.0

)

 

 

2.0

 

 

 

(1.0

)

 

 

3.2

 

Net Realized Gains (Losses)

 

$

(36.9

)

 

$

1.8

 

 

$

(36.0

)

 

$

3.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gains on investments

 

$

94.6

 

 

$

13.9

 

 

$

104.9

 

 

$

23.7

 

Change in unrealized (losses) on investments

 

 

(23.8

)

 

 

(21.8

)

 

 

(44.9

)

 

 

(43.2

)

Net Change in Unrealized Gains (Losses) on
   Investments

 

$

70.8

 

 

$

(7.9

)

 

$

60.0

 

 

$

(19.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on foreign currency borrowings

 

 

(25.8

)

 

 

(1.6

)

 

 

(36.8

)

 

 

3.0

 

Unrealized gains (losses) on foreign currency transactions (2)(3)

 

0.0

 

 

(0.0)

 

 

(0.0)

 

 

(0.0)

 

Net Change in Unrealized Gains (Losses) on Foreign
   Currency Transactions

 

$

(25.8

)

 

$

(1.6

)

 

$

(36.8

)

 

$

3.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Change in Unrealized Gains (Losses)

 

$

45.0

 

 

$

(9.5

)

 

$

23.2

 

 

$

(16.5

)

 

(1)
Table may not sum due to rounding.
(2)
Includes foreign exchange hedging activity.
(3)
Amounts round to less than $0.1 million.

For the three and six months ended June 30, 2025, we had net realized losses on investments of $36.8 million and $35.7 million, respectively. For the three and six months ended June 30, 2025, we had net realized gains of $0.1 million and net realized losses of $0.1 million, respectively, on foreign currency transactions, primarily as a result of translating foreign currency related to our non-USD denominated investments. For the three and six months ended June 30, 2025, we had net realized gains on foreign currency investments of $0.8 million and $0.8 million, respectively. For the three and six months ended June 30, 2025, we had net realized losses on foreign currency borrowings of $1.0 million and $1.0 million, respectively. The net realized losses on foreign currency borrowings were a result of payments on our revolving credit facility.

For the three months ended June 30, 2025, we had $94.6 million in unrealized gains on 77 portfolio company investments, which was offset by $23.8 million in unrealized losses on 40 portfolio company investments. Unrealized gains for the three months ended June 30, 2025 resulted from positive portfolio company specific developments, tightening credit spreads, and the reversal of prior period unrealized losses due to realizations. Unrealized losses for the three months ended June 30, 2025 resulted from negative credit-related adjustments and the reversal of prior period unrealized gains due to realizations. For the six months ended June 30, 2025, we had $104.9 million in unrealized gains on 67 portfolio company investments, which was offset by $44.9 million in unrealized losses on 57 portfolio company investments. Unrealized gains for the six months ended June 30, 2025 resulted from positive portfolio company specific developments, tightening credit spreads, and the reversal of prior period unrealized losses due to realizations. Unrealized losses for the six months ended June 30, 2025 resulted from negative credit-related adjustments and the reversal of prior period unrealized gains due to realizations.

For the three and six months ended June 30, 2025 we had unrealized losses on foreign currency borrowings of $25.8 million and $36.8 million, respectively, on foreign currency borrowings, primarily as a result of fluctuations in the AUD, CAD, SEK, GBP and EUR exchange rates. For the three and six months ended June 30, 2025, we had unrealized gains of less than $0.1 million and unrealized losses of less than $0.1 million, respectively, on foreign currency transactions.

For the three and six months ended June 30, 2024, we had net realized gains on investments of $1.6 million and $3.9 million,
respectively, primarily driven by nineteen investments and thirty-six investments, respectively. For the three and six months ended June 30, 2024, we had net realized losses of $0.1 million and $0.8 million, respectively on foreign currency transactions, primarily as a result of translating foreign currency related to our non-USD denominated investments. For the three and six months ended June 30, 2024, we had net realized losses of $1.7 million and $2.4 million, respectively, on foreign currency investments. For the three and six

63


 

months ended June 30, 2024, we had net realized gains of $2.0 million and $3.2 million, respectively, on foreign currency borrowings. The net realized gains and losses on foreign currency borrowings were a result of payments on our revolving credit facility.

For the three months ended June 30, 2024, we had $13.9 million in unrealized gains on 57 portfolio company investments, which
was offset by $21.8 million in unrealized losses on 73 portfolio company investments. Unrealized gains primarily resulted from
tightening credit spreads and positive portfolio company specific developments. Unrealized losses primarily resulted from negative
portfolio company specific developments and the reversal of prior period unrealized gains due to realizations. For the six months ended June 30, 2024, we had $23.7 million in unrealized gains on 63 portfolio company investments, which was offset by $43.2
million in unrealized losses on 89 portfolio company investments. Unrealized gains primarily resulted from tightening credit spreads
and positive portfolio company specific developments. Unrealized losses primarily resulted from negative portfolio company specific
developments and the reversal of prior period unrealized gains due to realizations.

For the three and six months ended June 30, 2024, we had unrealized losses on foreign currency borrowings of $1.6 million and
unrealized gains of $3.0 million, respectively, on foreign currency borrowings, as a result of fluctuations in the AUD, CAD, EUR,
SEK and GBP exchange rates. For the three and six months ended June 30, 2024, we had unrealized losses on foreign currency cash of
less than $0.1 million and less than $0.1 million, respectively.

Realized Gross Internal Rate of Return

Since we began investing in 2011 through June 30, 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 $8.6 billion and total proceeds from these exited investments of $11.0 billion). Ninety-two percent of these exited investments resulted in a realized gross internal rate of return to us of 10% or greater.

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

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

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

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

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

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

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

Interest Rate and Foreign Currency Hedging

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

64


 

Our current approach to hedging the foreign currency exposure in our non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under our Revolving Credit Facility to fund these investments. For the six months ended June 30, 2025 and 2024, we had $36.8 million of unrealized losses and $3.0 million of unrealized gains, respectively, on the translation of our non-U.S. dollar denominated debt into U.S. dollars; such amounts approximate the corresponding unrealized gains and losses on the translation of our non-U.S. dollar denominated investments into U.S. dollars for the six months ended June 30, 2025 and 2024. See Note 2 for additional disclosure regarding our accounting for foreign currency. See Note 7 for additional disclosure regarding the amounts of outstanding debt denominated in each foreign currency at June 30, 2025. See our Consolidated Schedule of Investments for additional disclosure regarding the foreign currency amounts (in both par and fair value) of our non-U.S. dollar denominated investments.

Financial Condition, Liquidity and Capital Resources

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

investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements;
the cost of operations (including paying our Adviser);
debt service, repayment, and other financing costs; and
cash dividends to the holders of our shares.

We intend to continue to generate cash primarily from cash flows from operations, future borrowings and future offerings of securities. We may from time to time enter into additional debt facilities, increase the size of existing facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock if immediately after the borrowing or issuance our ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. For more information, see “Key Components of Our Results of Operations — Leverage” above. As of June 30, 2025 and December 31, 2024, our asset coverage ratio was 192.5% and 182.5%, respectively. We carefully consider our unfunded commitments for the purpose of planning our capital resources and ongoing liquidity, including our financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation under the 1940 Act and the asset coverage limitation under our credit facilities to cover any outstanding unfunded commitments we are required to fund.

Cash and cash equivalents as of June 30, 2025, taken together with cash available under our credit facilities, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of June 30, 2025, we had approximately $1.1 billion of availability on our Revolving Credit Facility, subject to asset coverage limitations.

As of June 30, 2025, we had $39.2 million in cash and cash equivalents, including $35.3 million of restricted cash. During the six months ended June 30, 2025, cash provided by operating activities was $343.1 million, primarily attributable to repayments and proceeds from investments of $733.2 million and an increase in net assets resulting from operations of $96.0 million, which was partially offset by cash used in other operating activities of $26.6 million and funding portfolio investments of $459.5 million. Cash used in financing activities was $331.3 million during the period due to paydowns on our Revolving Credit Facility of $977.8 million, dividends paid of $85.9 million and deferred financing costs of $7.3 million, which was partially offset by borrowings of $739.7 million.

As of June 30, 2024, we had $34.6 million in cash and cash equivalents, including $29.5 million of restricted cash. During the six months ended June 30, 2024, cash provided by operating activities was $59.7 million, primarily attributable to an increase in net assets
resulting from operations of $94.9 million and repayments and proceeds from investments of $433.7 million, which was offset by
funding portfolio investments of $458.9 million and other operating activity of $10.0 million. Cash used in financing activities was
$(50.3) million during the period, primarily attributable to paydowns on our Revolving Credit Facility of $905.2 million, dividends
paid to stockholders of $85.6 million, deferred financing costs of $8.8 million, which was offset due to borrowings of $856.0 million
and proceeds from the issuance of common stock $93.3 million.

Equity

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

65


 

We are a party to equity distribution agreements with several banks (the “Equity Distribution Agreements”). The Equity Distribution Agreements provide that we may from time to time issue and sell, by means of “at the market” offerings, up to $100 million of the Company's common stock. Under the currently effective Equity Distribution Agreements, common stock with an aggregate offering amount of $100 million remained available for issuance as of June 30, 2025.

During the six months ended June 30, 2025 and 2024, we issued 578,912 and 587,706 shares of our common stock, respectively, to investors who have not opted out of our dividend reinvestment plan for proceeds of $12.7 million and $11.9 million, respectively.

On August 4, 2015, our Board authorized us to acquire up to $50 million in aggregate of our common stock from time to time over an initial six month period, and has continued to authorize the refreshment of the $50 million amount authorized under and extension of the stock repurchase program prior to its expiration since that time, most recently as of April 30, 2025 (effective May 31, 2025). The amount and timing of stock repurchases under the program may vary depending on market conditions, and no assurance can be given that any particular amount of common stock will be repurchased.

No shares were repurchased for the three and six months ended June 30, 2025 and 2024.

Debt

Revolving Credit Facility

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

As of June 30, 2025, aggregate commitments under the Revolving Credit Facility were $1.675 billion. The Revolving Credit Facility includes an uncommitted accordion feature that allows us, under certain circumstances, to increase the size of the Revolving Credit Facility to up to $2.5 billion.

Pursuant to the Fifteenth Amendment dated April 24, 2024, aggregate commitments were increased to $1.7 billion. With respect to $1.505 billion of commitments, the revolving period was extended to April 24, 2028 and the stated maturity was extended to April 24, 2029. For the remaining $195.0 million of commitments, (A) with respect to $25.0 million of commitments, the revolving period ended on February 4, 2025 and the stated maturity is February 4, 2026 and (B) with respect to $170.0 million of commitments, the revolving period ends April 24, 2026 and the stated maturity is April 23, 2027.

Pursuant to the Sixteenth Amendment dated March 4, 2025, with respect to $1.525 billion of commitments, the revolving period, during which period we, subject to certain conditions, may make borrowings under the Revolving Credit Facility, was extended to March 2, 2029 and the stated maturity was extended to March 4, 2030. For the remaining $150.0 million of commitments the revolving period ends April 24, 2026 and the stated maturity is April 23, 2027.

We may borrow amounts in U.S. dollars or certain other permitted currencies. As of June 30, 2025, we had outstanding debt denominated in Australian dollars (AUD) of 63.0 million, British pounds (GBP) of 70.3 million, Canadian dollars (CAD) of 9.5 million, Swedish Krona (SEK) of 209.7 million and Euro (EUR) of 189.3 million on our Revolving Credit Facility, included in the Outstanding Principal amount in the table below. As of December 31, 2024, we had outstanding debt denominated in Australian dollars (AUD) of 63.0 million, British pounds (GBP) of 62.4 million, Canadian dollars (CAD) of 5.0 million, Swedish Krona (SEK) of 80.2 million and Euro (EUR) of 167.2 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 $75 million. As of June 30, 2025 and December 31, 2024, we had $19.7 million and $21.8 million respectively in outstanding letters of credit issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit issued through the Revolving Credit Facility.

For the $1.525 billion of commitments, amounts drawn under the Revolving Credit Facility, including amounts drawn in respect of letters of credit, bear interest at either the applicable reference rate plus an applicable credit spread adjustment, plus a margin of either 1.525%, 1.65% or 1.775%, or the base rate plus a margin of either 0.525%, 0.65% or 0.775%, in each case, based on the total amount of the borrowing base relative to the sum of the total commitments (or, if greater, the total exposure) under the Revolving Credit Facility plus certain other designated secured debt. For the remaining $150.0 million of commitments, amounts drawn under the Revolving Credit Facility, including amounts drawn in respect of letters of credit, bear interest at either the applicable reference rate plus an applicable credit spread adjustment, plus a margin of either 1.75% or 1.875% or the base rate plus a margin of either 0.75% or 0.875%, in each case, based on the total amount of the borrowing base relative to the sum of the total commitments (or, if greater, the

66


 

total exposure) under the Revolving Credit Facility plus certain other designated secured debt. We may elect either the applicable reference rate or base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. We also pay a fee of 0.325% on undrawn amounts and, in respect of each undrawn letter of credit, a fee and interest rate equal to the then applicable margin while the letter of credit is outstanding.

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

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

an asset coverage ratio of no less than 2 to 1 on the last day of any fiscal quarter;
stockholders’ equity of at least $650 million plus 25% of the net proceeds of the sale of equity interests after April 24, 2024;
and
minimum asset coverage ratio of no less than 1.5 to 1 with respect to (i) the consolidated assets of our and our subsidiary's guarantors (including certain limitations on the contribution of equity in financing subsidiaries) to (ii) the secured debt of our and our subsidiary's guarantors plus unsecured senior securities of our and our subsidiary guarantors that mature within 90 days of the date of determination (the “Obligor Asset Coverage Ratio”).

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

Net proceeds received from the issuance of the 2030 Notes were used to pay down borrowings on the Revolving Credit Facility.

As of June 30, 2025 and December 31, 2024, we were in compliance with the terms of the Revolving Credit Facility.

2024 Notes

In November 2019, we issued $300.0 million aggregate principal amount of unsecured notes that matured on November 1, 2024 (the “2024 Notes”). The principal amount of the 2024 Notes was payable at maturity. The 2024 Notes bear interest at a rate of 3.875% per year, payable semi-annually commencing on May 1, 2020, 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 2024 Notes, net of underwriting discounts, offering costs and original issue discount were $292.9 million. We used the net proceeds of the 2024 Notes to repay outstanding indebtedness under the Revolving Credit Facility.

In February 2020, we issued an additional $50.0 million aggregate principal amount of unsecured notes that mature on November 1, 2024. The additional 2024 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 2024 Notes. Total proceeds from the issuance of the additional 2024 Notes, net of underwriting discounts, offering costs and original issue premium were $50.1 million. We used the net proceeds of the 2024 Notes to repay outstanding indebtedness under the Revolving Credit Facility.

During the year ended December 31, 2020, we repurchased on the open market and extinguished $2.5 million in aggregate principal amount of the 2024 Notes for $2.4 million. These repurchases resulted in a gain on extinguishment of debt of less than $0.1 million. This gain is included in the extinguishment of debt in the accompanying Consolidated Statements of Operations.

The 2024 Notes matured on November 1, 2024 and were fully repaid. The corresponding swap transaction associated with the issuance of the 2024 Notes also matured on November 1, 2024.

2026 Notes

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

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In connection with the issuance of the 2026 Notes, we entered into an interest rate swap to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $300.0 million, which matures on August 1, 2026, matching the maturity date of the 2026 Notes. As a result of the swap, our effective interest rate on the 2026 Notes is SOFR plus 2.17%. The interest expense related to the 2026 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the effective hedge interest rate swaps had a fair value of $(11.4) million and $(17.6) million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2026 Notes.

2028 Notes

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

In connection with the issuance of the 2028 Notes, we entered into an interest rate swap to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $300.0 million, which matures on August 14, 2028, matching the maturity date of the 2028 Notes. As a result of the swap, our effective interest rate on the 2028 Notes is SOFR plus 2.99%. The interest expense related to the 2028 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the effective hedge interest rate swaps had a fair value of $4.5 million and $(1.4) million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2028 Notes.

2029 Notes

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

In connection with the issuance of the 2029 Notes, we entered into an interest rate swap to align the interest rates of its liabilities with our investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $350.0 million, which matures on March 1, 2029, matching the maturity date of the 2029 Notes. As a result of the swap, our effective interest rate on the 2029 Notes is SOFR plus 2.44%. The interest expense related to the 2029 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the effective hedge interest rate swaps had a fair value of $3.0 million and $(5.2) million, respectively, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2029 Notes.

2030 Notes

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

In connection with the issuance of the 2030 Notes, we entered into an interest rate swap to align the interest rates of its liabilities with our investment portfolio, which consists of predominately floating rate loans. The notional amount of the interest rate swap is $300.0 million, which matures on August 15, 2030, matching the maturity date of the 2030 Notes. As a result of the swap, our effective interest rate on the 2030 Notes is SOFR plus 1.53%. The interest expense related to the 2030 Notes is offset by proceeds received from the interest rate swaps designated as a hedge. The swap adjusted interest expense is included as a component of interest

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expense on our Consolidated Statements of Operations. As of June 30, 2025, the effective hedge interest rate swaps had a fair value of $8.9 million which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the 2030 Notes.

Debt obligations consisted of the following as of June 30, 2025 and December 31, 2024:

 

 

June 30, 2025

 

 

 

Aggregate Principal

 

 

Outstanding

 

 

Amount

 

 

Carrying

 

($ in millions)

 

Amount Committed

 

 

Principal

 

 

Available (1)

 

 

Value (2)(3)

 

Revolving Credit Facility

 

$

1,675.0

 

 

$

507.1

 

 

$

1,148.2

 

 

$

490.2

 

2026 Notes

 

 

300.0

 

 

 

300.0

 

 

 

 

 

287.3

 

2028 Notes

 

 

300.0

 

 

 

300.0

 

 

 

 

 

300.6

 

2029 Notes

 

 

350.0

 

 

 

350.0

 

 

 

 

 

346.9

 

2030 Notes

 

 

300.0

 

 

 

300.0

 

 

 

 

 

301.6

 

Total Debt

 

$

2,925.0

 

 

$

1,757.1

 

 

$

1,148.2

 

 

$

1,726.6

 

(1)
The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit issued and asset coverage requirements.
(2)
The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $17.0 million, $1.3 million, $3.9 million $6.1 million and $7.2 million, respectively.
(3)
The carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes are presented inclusive of an incremental $(11.4) million, $4.5 million, $3.0 million and $8.9 million, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, each resulting from a hedge accounting relationship.

 

 

 

December 31, 2024

 

 

 

Aggregate Principal

 

 

Outstanding

 

 

Amount

 

 

Carrying

 

($ in millions)

 

Amount Committed

 

 

Principal

 

 

Available (1)

 

 

Value (2)(3)

 

Revolving Credit Facility

 

$

1,700.0

 

 

$

1,004.1

 

 

$

674.2

 

 

$

988.6

 

2026 Notes

 

 

300.0

 

 

 

300.0

 

 

 

 

 

280.5

 

2028 Notes

 

 

300.0

 

 

 

300.0

 

 

 

 

 

294.1

 

2029 Notes

 

 

350.0

 

 

 

350.0

 

 

 

 

 

337.9

 

Total Debt

 

$

2,650.0

 

 

$

1,954.1

 

 

$

674.2

 

 

$

1,901.1

 

 

(1)
The amount available may be subject to limitations related to the borrowing base under the Revolving Credit Facility, outstanding letters of credit issued and asset coverage requirements.
(2)
The carrying values of the Revolving Credit Facility, 2026 Notes, 2028 Notes and 2029 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $15.4 million, $1.8 million, $4.5 million and $6.9 million, respectively.
(3)
The carrying values of the 2026 Notes, 2028 Notes and 2029 Notes are presented inclusive of an incremental $(17.6) million, $(1.4) million and $(5.2) million, respectively, which represents an adjustment in the carrying values of the 2026 Notes, 2028 Notes and 2029 Notes, each resulting from a hedge accounting relationship.

As of June 30, 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 June 30, 2025 and December 31, 2024, we had the following commitments to fund investments in current portfolio companies:

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($ in millions)

 

June 30, 2025

 

 

December 31, 2024

 

Alaska Bidco Oy - Delayed Draw & Revolver

 

$

0.2

 

 

$

0.2

 

Alpha Midco, Inc. - Delayed Draw & Revolver

 

 

0.3

 

 

 

0.5

 

American Achievement, Corp. - Revolver

 

 

2.4

 

 

 

2.4

 

Apellis Pharmaceuticals, Inc. - Delayed Draw

 

 

5.3

 

 

 

5.3

 

Aptean, Inc. - Delayed Draw & Revolver

 

 

 

 

 

1.1

 

Arrow Buyer, Inc. - Delayed Draw

 

 

 

 

 

5.5

 

Arrowhead Pharmaceuticals, Inc. - Delayed Draw

 

 

29.7

 

 

 

32.0

 

Artisan Bidco, Inc. - Revolver

 

 

3.5

 

 

 

5.7

 

Avalara, Inc. - Revolver

 

 

 

 

 

3.9

 

AVSC Holding Corp. - Revolver

 

 

4.8

 

 

 

4.8

 

Axonify, Inc. - Delayed Draw

 

 

 

 

 

0.7

 

Azurite Intermediate Holdings, Inc. - Revolver & Equity

 

 

5.6

 

 

 

5.6

 

Babylon Finco Limited - Delayed Draw

 

 

 

 

 

0.3

 

Banyan Software Holdings, LLC - Delayed Draw

 

 

 

 

 

3.9

 

Bayshore Intermediate #2, L.P. - Revolver

 

 

3.2

 

 

 

3.6

 

BCTO Ace Purchaser, Inc. - Delayed Draw & Revolver

 

 

0.3

 

 

 

0.3

 

BCTO Bluebill Buyer, Inc. - Delayed Draw

 

 

4.1

 

 

 

4.1

 

Ben Nevis Midco Limited - Delayed Draw

 

 

 

 

 

1.4

 

Big Wombat Holdings, Inc. - Revolver

 

 

2.5

 

 

 

 

BlueSnap, Inc. - Delayed Draw & Revolver

 

 

2.5

 

 

 

5.1

 

BTRS Holdings, Inc. - Delayed Draw & Revolver

 

 

 

 

 

3.0

 

Cirrus (Bidco) Ltd - Delayed Draw

 

 

0.5

 

 

 

0.4

 

Cordance Operations, LLC - Delayed Draw & Revolver

 

 

4.5

 

 

 

6.7

 

Coupa Holdings, LLC - Delayed Draw & Revolver

 

 

6.8

 

 

 

6.8

 

Crewline Buyer, Inc. - Revolver & Equity

 

 

6.1

 

 

 

6.1

 

Disco Parent, Inc. - Revolver

 

 

0.5

 

 

 

0.5

 

EDB Parent, LLC - Delayed Draw

 

 

1.0

 

 

 

5.1

 

Edge Bidco B.V. - Delayed Draw & Revolver

 

 

1.1

 

 

 

1.0

 

Elysian Finco Ltd. - Delayed Draw & Revolver

 

 

1.6

 

 

 

1.9

 

Elysium BidCo Limited - Revolver

 

 

 

 

 

2.5

 

Employment Hero Holdings Pty Ltd. - Delayed Draw & Revolver

 

 

2.0

 

 

 

1.9

 

EMS Linq, Inc. - Revolver

 

 

3.7

 

 

 

4.6

 

Erling Lux Bidco SARL - Delayed Draw & Revolver

 

 

6.5

 

 

 

2.8

 

Eventus Buyer, LLC - Delayed Draw & Revolver

 

 

8.6

 

 

 

10.0

 

ExtraHop Networks, Inc. - Delayed Draw & Revolver

 

 

1.1

 

 

 

3.4

 

Flight Intermediate HoldCo, Inc. - Delayed Draw

 

 

34.6

 

 

 

37.9

 

ForeScout Technologies, Inc. - Delayed Draw & Revolver

 

 

0.8

 

 

 

0.8

 

Fullsteam Operations, LLC - Delayed Draw & Revolver

 

 

5.2

 

 

 

8.9

 

Galileo Parent, Inc. - Revolver

 

 

3.5

 

 

 

5.5

 

Greenshoot Bidco B.V. - Revolver

 

 

0.5

 

 

 

0.4

 

Heritage Environmental Services, Inc. - Delayed Draw & Revolver

 

 

2.5

 

 

 

2.5

 

Hippo XPA Bidco AB - Delayed Draw & Revolver

 

 

9.5

 

 

 

1.7

 

HireVue, Inc. - Revolver

 

 

3.3

 

 

 

2.5

 

Ingenovis Health Finance, LLC - Revolver

 

 

32.5

 

 

 

 

IRGSE Holding Corp. - Revolver

 

 

0.5

 

 

 

0.5

 

Kangaroo Bidco AS - Delayed Draw

 

 

4.4

 

 

 

4.4

 

Kryptona BidCo US, LLC - Revolver

 

 

2.2

 

 

 

2.2

 

LeanTaaS Holdings, Inc. - Delayed Draw

 

 

14.7

 

 

 

18.8

 

Lynx BidCo - Delayed Draw & Revolver

 

 

0.9

 

 

 

0.9

 

Marcura Equities LTD - Delayed Draw & Revolver

 

 

8.5

 

 

 

9.1

 

Merit Software Finance Holdings, LLC - Delayed Draw & Revolver

 

 

11.8

 

 

 

11.8

 

PDI TA Holdings, Inc. - Delayed Draw & Revolver

 

 

1.0

 

 

 

3.3

 

PrimePay Intermediate, LLC - Delayed Draw

 

 

 

 

 

4.0

 

70


 

PrimeRevenue, Inc. - Revolver

 

 

6.3

 

 

 

6.3

 

QSR Acquisition Co. - Delayed Draw

 

 

 

 

 

15.0

 

Rail Acquisitions LLC - Delayed Draw & Revolver

 

 

5.7

 

 

 

 

RainFocus, LLC - Delayed Draw

 

 

8.4

 

 

 

 

Rapid Data GmbH Unternehmensberatung - Delayed Draw & Revolver

 

 

1.6

 

 

 

1.4

 

Raptor US Buyer II Corp. - Revolver

 

 

0.7

 

 

 

0.7

 

Sapphire Software Buyer, Inc. - Revolver

 

 

3.2

 

 

 

3.2

 

Scorpio Bidco - Delayed Draw

 

 

0.6

 

 

 

0.5

 

Severin Acquisition, LLC - Delayed Draw & Revolver

 

 

3.8

 

 

 

5.0

 

Shiftmove GmbH - Delayed Draw

 

 

15.4

 

 

 

13.6

 

Sky Bidco S.p.A. - Delayed Draw

 

 

4.1

 

 

 

3.6

 

SkyLark UK DebtCo Limited - Delayed Draw

 

 

0.5

 

 

 

6.9

 

SL Buyer Corp. - Delayed Draw

 

 

 

 

 

11.2

 

SMA Technologies Holdings, LLC - Revolver

 

 

1.0

 

 

 

1.0

 

Sport Alliance GmbH - Revolver

 

 

0.5

 

 

 

0.6

 

Tango Management Consulting, LLC - Delayed Draw & Revolver

 

 

 

 

 

1.5

 

Tango Management Consulting, LLC #2 - Delayed Draw & Revolver

 

 

25.4

 

 

 

 

TradingScreen, Inc. - Revolver

 

 

0.4

 

 

 

0.8

 

TRP Assets, LLC - Delayed Draw

 

 

10.2

 

 

 

10.2

 

Truck-Lite Co., LLC - Delayed Draw & Revolver

 

 

 

 

 

8.7

 

USA Debusk LLC - Delayed Draw & Revolver

 

 

2.6

 

 

 

2.8

 

Varinem German Bidco GmbH - Delayed Draw

 

 

4.9

 

 

 

3.6

 

Wrangler Topco, LLC - Delayed Draw & Revolver

 

 

0.9

 

 

 

1.4

 

Total Portfolio Company Commitments (1)(2)

 

$

341.0

 

 

$

356.3

 

(1)
Represents the full amount of our commitments to fund investments on such date. Commitments may be subject to limitations on borrowings set forth in the agreements between us and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.
(2)
Our estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

 

Other Commitments and Contingencies

As of June 30, 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 June 30, 2025, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

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

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

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Contractual Obligations

A summary of our contractual payment obligations as of June 30, 2025 is as follows:

 

 

Payments Due by Period

 

 

 

 

 

 

Less than

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

Total

 

 

1 year

 

 

1-3 years

 

 

3-5 years

 

 

After 5 years

 

Revolving Credit Facility

 

$

507.1

 

 

$

 

 

$

 

 

$

507.1

 

 

$

 

2026 Notes

 

 

300.0

 

 

 

 

 

 

300.0

 

 

 

 

 

 

 

2028 Notes

 

 

300.0

 

 

 

 

 

 

 

 

 

300.0

 

 

 

 

2029 Notes

 

 

350.0

 

 

 

 

 

 

 

 

 

350.0

 

 

 

 

2030 Notes

 

 

300.0

 

 

 

 

 

 

 

 

 

 

 

 

300.0

 

Total Contractual Obligations

 

$

1,757.1

 

 

$

 

 

$

300.0

 

 

$

1,157.1

 

 

$

300.0

 

 

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

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 our RIC status, we must distribute (or be treated as distributing) in each taxable year dividends for tax purposes equal to at least 90 percent of the sum of our:

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

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

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

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

98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;
98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and
100% of any income or gains recognized, but not distributed, in preceding years.

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

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

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

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

Related-Party Transactions

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

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

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 13, 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 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 June 30, 2025, 96.5% of our debt investments based on fair value in our portfolio bore interest at floating rates, with 100.0% of these subject to interest rate floors. Our credit facilities also bear interest at floating rates, and in connection with our 2026 Notes, 2028 Notes, 2029 Notes and 2030 Notes, which bear interest at fixed rates, we entered into fixed-to-floating interest rate swaps in order to align the interest rates of our liabilities with our investment portfolio.

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Assuming that our Consolidated Balance Sheet as of June 30, 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

 

$

90.3

 

 

$

52.7

 

 

$

37.6

 

Up 200 basis points

 

$

60.2

 

 

$

35.1

 

 

$

25.1

 

Up 100 basis points

 

$

30.1

 

 

$

17.6

 

 

$

12.5

 

Down 25 basis points

 

$

(7.5

)

 

$

(4.4

)

 

$

(3.1

)

Down 50 basis points

 

$

(15.0

)

 

$

(8.8

)

 

$

(6.2

)

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 Revolving Credit Facility. Instead of entering into a foreign exchange forward contract in connection with loans or other investments we have made that are denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan or investment. To the extent the loan or investment is based on a floating rate other than a rate under which we can borrow under our Revolving Credit Facility, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

 

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them to material information relating to us that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

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

 

 

 

 

 

 

 

 

 

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PART II - OTHER INFORMATION

 

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, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

 

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

None.

 

Item 3. Defaults Upon Senior Securities

Not Applicable.

 

Item 4. Mine Safety Disclosures

Not Applicable.

 

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the three months ended June 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

 

 

 

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ITEM 6. Exhibits

 

Exhibit No

 

Description of Exhibits

 

 

 

3.1

 

Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Company’s Current Report on Form 8-K filed on June 19, 2020).

 

 

 

3.2

 

Second Amended and Restated Bylaws dated July 10, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K/A filed on July 17, 2023).

 

 

 

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)

 

 

 

 

76


 

SIGNATURES

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

 

SIXTH STREET SPECIALTY LENDING, INC.

 

 

 

Date: July 30, 2025

/s/ Joshua Easterly

 

Joshua Easterly

 

 

Chief Executive Officer

 

 

(Principal Executive Officer)

 

 

 

 

 

 

Date: July 30, 2025

 

/s/ Ian Simmonds

 

 

Ian Simmonds

 

 

Chief Financial Officer

 

 

(Principal Financial Officer)

 

 

 

 

 

 

 

 

 

77