NYSE: TSLX

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

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

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

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

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

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

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Relationship with our Adviser, and Sixth Street

Our Adviser is a Delaware limited liability company. Our Adviser acts as our investment adviser and administrator, and is a registered investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our Adviser sources and manages our portfolio through a dedicated team of investment professionals predominately focused on direct lending, which we refer to as our Investment Team. Our Investment Team is led by our Adviser’s Co-Founding Partner, Co-President and Co-Chief Investment Officer Joshua Easterly, our Co-Head of Sixth Street Direct Lending and Co-Head of Growth Robert “Bo” Stanley, Co-Head of Direct Lending Michael Griffin, and our Adviser’s Co-Founding Partner, Chief Executive Officer, and Co-Chief Investment Officer Alan Waxman, all of whom have substantial experience in credit origination, underwriting and asset management. Our investment decisions are made by our Investment Review Committee, which includes senior personnel of our Adviser and Sixth Street Partners, LLC, or “Sixth Street.”

Sixth Street is a global investment business with over $125 billion of assets under management as of December 31, 2025. Sixth Street’s direct lending platforms include Sixth Street Specialty Lending and Sixth Street Lending Partners, which are aimed at U.S. middle-market loan originations and upper middle-market loan originations, respectively, Sixth Street Specialty Lending Europe, which is aimed at European middle-market loan originations. Additional Sixth Street core platforms include Sixth Street TAO, which has the flexibility to invest across all of Sixth Street’s private credit market investments, Sixth Street Opportunities, which focuses on actively managed opportunistic investments across the credit cycle, Sixth Street Credit Market Strategies, which is the firm’s “public-side” credit investment platform focused on investment opportunities in broadly syndicated leveraged loan markets, Sixth Street Growth, which provides financing solutions to growing companies, Sixth Street Fundamental Strategies, which primarily invests in secondary credit, and Sixth Street Agriculture, which invests in niche agricultural opportunities. Sixth Street has a long-term oriented, highly flexible capital base that allows it to invest across industries, geographies, capital structures and asset classes. Sixth Street has extensive experience with highly complex, global public and private investments executed through primary originations, secondary market purchases and restructurings, and has a team of over 740 investment and operating professionals. As of December 31, 2025, seventy-eight (78) of these personnel are dedicated to direct lending, including sixty-three (63) investment professionals.

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

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

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

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

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

Under the terms of the Investment Advisory Agreement, the Adviser’s services under the Investment Advisory Agreement are not exclusive, and the Adviser is free to furnish similar or other services to others so long as its services to us are not impaired. Under the terms of the Investment Advisory Agreement, we will pay the Adviser the base management fee (the “Management Fee”), and may also pay certain incentive fees (the “Incentive Fees”). For a discussion of the Management Fee and Incentive Fee payable by us to the Adviser, see “Management Agreements—Investment Advisory Agreement; Administration Agreement; License Agreement.” Our Board monitors the mix and performance of our investments over time and seeks to satisfy itself that the Adviser is acting in our interests and that our fee structure appropriately incentivizes the Adviser to do so.

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

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

Joint Venture

On December 23, 2025, affiliates of Sixth Street, including us, and affiliates of Carlyle Group Inc. (“Carlyle”) entered into an amended and restated limited liability company agreement, as amended from time to time (the “Limited Liability Company Agreement”), to co-manage Structured Credit Partners JV, LLC (“SCP”), a joint venture focused on investing in broadly syndicated first lien senior secured loans, financed with long-term, non-mark-to-market, and predominantly investment grade rated CLO debt managed by affiliates of Sixth Street or Carlyle on a no-fee basis.

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

Investment Criteria/Guidelines

Investment Decision Process

Our investment approach involves, among other things:

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

•
substantial company-specific research and analysis; and

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

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

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

•
an evaluation of management and its economic incentives;

•
an analysis of business strategy and industry trends; and

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

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

Investment Process Overview

Origination and Sourcing

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

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

Due Diligence Process

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

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

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

•
checking management’s backgrounds and references;

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

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

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

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

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

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

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

Selective Investment Process

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

Issuance of Formal Commitment

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

Portfolio Monitoring

The Adviser monitors our portfolio companies on an ongoing basis. The Adviser monitors the financial trends of each portfolio company to determine if it is meeting its business plans and to assess the appropriate course of action for each company.

The Adviser has a number of methods of evaluating and monitoring the performance of our investments, which may include the following:

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

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

•
comparisons to other companies in the industry;

9

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

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

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

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

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

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

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

•
A rating of 5 indicates an investment is in default on its interest and/or principal payments. For these investments, our Adviser reviews the investment on a bi-monthly basis and, where possible, pursues workouts that achieve an early resolution to avoid further deterioration of our investment. The Adviser retains legal counsel and takes actions to preserve our rights, which may include working with the portfolio company to have the default cured, to have the investment restructured or to have the investment repaid through a consensual workout. Investments that carry a rating of 5 would typically indicate the position has been placed on non-accrual status (for investments that otherwise would be income producing).

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

Investment Review Committee

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

Structure of Investments

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

Debt Investments

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

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

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

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

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

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

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

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

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

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

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

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

Equity and Other Investments

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

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Investments

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

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

December 31, 2025

Net Unrealized

($ in millions)

Amortized Cost (1)

Fair Value

Gain (Loss)

First-lien debt investments

$

2,934.2

$

2,984.4

$

50.2

Second-lien debt investments

69.6

30.7

(38.9

)

Mezzanine debt investments

61.1

61.7

0.6

Equity and other investments

159.8

172.6

12.8

Structured credit investments

98.6

97.9

(0.7

)

Total Investments

$

3,323.3

$

3,347.3

$

24.0

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

December 31, 2024

Net Unrealized

($ in millions)

Amortized Cost (1)

Fair Value

Gain (Loss)

First-lien debt investments

$

3,298.0

$

3,302.5

$

4.5

Second-lien debt investments

53.2

19.8

(33.4

)

Mezzanine debt investments

37.1

39.1

2.0

Equity and other investments

149.4

155.5

6.1

Structured credit investments (2)

1.5

1.5

0.0

Total Investments

$

3,539.2

$

3,518.4

$

(20.8

)

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

(2)
Amounts round to less than $0.1 million

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

December 31, 2025

December 31, 2024

Automotive

—

1.2

%

Business Services

13.4

%

13.3

%

Chemicals

1.2

%

0.9

%

Communications

1.5

%

3.5

%

Education

3.1

%

5.0

%

Electronics

0.8

%

0.8

%

Financial Services

3.5

%

8.6

%

Healthcare

9.0

%

7.5

%

Hotel, Gaming and Leisure

8.0

%

7.4

%

Human Resource Support Services

9.0

%

10.2

%

Insurance

—

0.2

%

Internet Services

18.3

%

16.4

%

Manufacturing

1.2

%

3.5

%

Marketing Services

0.3

%

0.3

%

Office Products

0.3

%

0.4

%

Oil, Gas and Consumable Fuels

2.8

%

2.7

%

Other

5.3

%

1.9

%

Pharmaceuticals

2.7

%

2.9

%

Real Estate (1)

0.0

%

0.0

%

Retail and Consumer Products

11.6

%

9.7

%

Transportation

8.0

%

3.6

%

Total

100.0

%

100.0

%

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(1)
Value sums to less than 0.1%.

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

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

December 31, 2025

December 31, 2024

United States

Midwest

12.5

%

14.3

%

Northeast

18.6

%

21.7

%

South

23.2

%

20.6

%

West

29.8

%

28.8

%

Australia

0.2

%

1.1

%

Canada

1.5

%

3.1

%

Finland (1)

0.0

%

0.0

%

France

1.6

%

0.1

%

Germany

3.5

%

1.7

%

Italy

0.6

%

0.6

%

Netherlands

0.4

%

0.3

%

Norway

3.3

%

2.8

%

Sweden

0.8

%

0.3

%

United Kingdom

4.0

%

4.6

%

Total

100.0

%

100.0

%

(1)
Value sums to less than 0.1%.

Investment Commitments

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

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($ in millions)

December 31, 2025

December 31, 2024

Alaska Bidco Oy - Delayed Draw & Revolver

$

0.2

$

0.2

Aledade, Inc. - Revolver

24.1

—

Alpha Midco, Inc. - Delayed Draw & Revolver

—

0.5

American Achievement, Corp. - Revolver

2.4

2.4

Apellis Pharmaceuticals, Inc. - Delayed Draw

—

5.3

Aptean, Inc. - Delayed Draw & Revolver

—

1.1

Arcwood Environmental, Inc. - Delayed Draw & Revolver

1.8

2.5

Arrow Buyer, Inc. - Delayed Draw

—

5.5

Arrowhead Pharmaceuticals, Inc. - Delayed Draw

27.7

32.0

Artisan Bidco, Inc. - Revolver

1.4

5.7

Avalara, Inc. - Revolver

—

3.9

AVSC Holding Corp. - Revolver

4.8

4.8

Axonify, Inc. - Delayed Draw

—

0.7

Azurite Intermediate Holdings, Inc. - Revolver & Equity

5.6

5.6

Babylon Finco Limited - Delayed Draw

—

0.3

Banyan Software Holdings, LLC - Delayed Draw

—

3.9

Bayshore Intermediate #2, L.P. - Revolver

2.7

3.6

BCTO Ace Purchaser, Inc. - Delayed Draw & Revolver

0.3

0.3

BCTO Bluebill Buyer, Inc. - Delayed Draw

—

4.1

Ben Nevis Midco Limited - Delayed Draw

—

1.4

BlueSnap, Inc. - Delayed Draw & Revolver

—

5.1

BTRS Holdings, Inc. - Delayed Draw & Revolver

—

3.0

Cirrus (Bidco) Ltd - Delayed Draw

0.4

0.4

Cordance Operations, LLC - Delayed Draw & Revolver

2.6

6.7

Coupa Holdings, LLC - Delayed Draw & Revolver

6.8

6.8

Crewline Buyer, Inc. - Revolver & Equity

6.1

6.1

Disco Parent, Inc. - Revolver

—

0.5

EDB Parent, LLC - Delayed Draw

5.6

5.1

Elysian Finco Ltd. - Delayed Draw & Revolver

0.8

1.9

Elysium BidCo Limited - Revolver

—

2.5

Employment Hero Holdings Pty Ltd. - Delayed Draw & Revolver

—

1.9

EMS Linq, Inc. - Revolver

5.9

4.6

Erling Lux Bidco SARL - Delayed Draw & Revolver

6.1

2.8

Eventus Buyer, LLC - Delayed Draw & Revolver

8.6

10.0

ExtraHop Networks, Inc. - Delayed Draw & Revolver

0.4

3.4

Flight Intermediate HoldCo, Inc. - Delayed Draw

32.1

37.9

ForeScout Technologies, Inc. - Delayed Draw & Revolver

—

0.8

Fullsteam Operations, LLC - Delayed Draw & Revolver

—

8.9

Galileo Parent, Inc. - Revolver

3.5

5.5

Greenshoot Bidco B.V. - Revolver

0.5

0.4

Hippo XPA Bidco AB - Delayed Draw & Revolver

9.4

1.7

HireVue, Inc. - Revolver

—

2.5

HMP Omnimedia, LLC - Delayed Draw & Revolver

9.8

—

Ingenovis Health Finance, LLC - Revolver

32.5

—

IRGSE Holding Corp. - Revolver

5.7

0.5

Kahua, Inc. - Delayed Draw

5.0

—

Kangaroo Bidco AS - Delayed Draw

4.4

4.4

Kaseware Intermediate Holding Company - Delayed Draw & Revolver

6.8

—

Kryptona BidCo US, LLC - Revolver

2.2

2.2

LeanTaaS Holdings, Inc. - Delayed Draw

12.0

18.8

LIHA Holdco B.V. - Delayed Draw & Revolver

0.8

1.0

Lynx BidCo - Delayed Draw & Revolver

6.7

0.9

Marcura Equities LTD - Delayed Draw & Revolver

1.7

9.1

14

Merit Software Finance Holdings, LLC - Delayed Draw & Revolver

—

11.8

Omnigo Software, LLC - Delayed Draw & Revolver

1.9

—

PDI TA Holdings, Inc. - Delayed Draw & Revolver

0.4

3.3

PrimePay Intermediate, LLC - Delayed Draw

—

4.0

PrimeRevenue, Inc. - Revolver

—

6.3

QSR Acquisition Co. - Delayed Draw

—

15.0

Rail Acquisitions LLC - Delayed Draw & Revolver

5.7

—

RainFocus, LLC - Delayed Draw

5.3

—

Rapid Data GmbH Unternehmensberatung - Delayed Draw & Revolver

1.2

1.4

Raptor US Buyer II Corp. - Revolver

0.6

0.7

Sapphire Software Buyer, Inc. - Revolver

3.3

3.2

Scorpio Bidco - Delayed Draw

0.6

0.5

Sediver S.p.A. - Delayed Draw

4.1

3.6

Severin Acquisition, LLC - Delayed Draw & Revolver

4.4

5.0

Shiftmove GmbH - Delayed Draw

10.2

13.6

SkyLark UK DebtCo Limited - Delayed Draw

—

6.9

SL Buyer Corp. - Delayed Draw

—

11.2

SMA Technologies Holdings, LLC - Revolver

1.0

1.0

Sport Alliance GmbH - Revolver

0.5

0.6

Tango Management Consulting, LLC - Delayed Draw & Revolver

23.8

1.5

TRP Assets, LLC - Delayed Draw

10.2

10.2

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

—

8.7

TS Imagine Inc. - Revolver

0.8

0.8

USA Debusk LLC - Delayed Draw & Revolver

2.5

2.8

Varinem German Bidco GmbH - Delayed Draw

4.9

3.6

Velocity Clinical Research, Inc. - Delayed Draw & Revolver

8.8

—

Wrangler Topco, LLC - Delayed Draw & Revolver

0.9

1.4

Total Portfolio Company Commitments (1)(2)

$

338.5

$

356.3

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

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

Other Commitments and Contingencies

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

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

15

Competition

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