Sixth Street Specialty Lending, Inc.

Previous wording

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, 2026, we have originated approximately $56.0 billion aggregate principal amount of investments and retained approximately $12.0 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.

Current wording

We are a specialty finance company focused on lending to middle-market companies. Since we began our investment activities in July 2011, through September 30, 2026, we have originated approximately $57.2 billion aggregate principal amount of investments and retained approximately $12.3 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.

Previous wording

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, 2026, our core portfolio companies, which exclude certain investments that fall outside of our typical borrower profile and represent 87.0% of our total investments based on fair value, had weighted average annual revenue of $464.8 million and weighted average annual EBITDA of $137.1 million. As of June 30, 2026, our core portfolio companies had a median annual revenue of $179.9 million and a median annual EBITDA of $56.5 million.

Current wording

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 September 30, 2026, our core portfolio companies, which exclude certain investments that fall outside of our typical borrower profile and represent 88.1% of our total investments based on fair value, had weighted average annual revenue of $479.2 million and weighted average annual EBITDA of $136.2 million. As of September 30, 2026, our core portfolio companies had a median annual revenue of $181.0 million and a median annual EBITDA of $55.3 million.

Previous wording

As of June 30, 2026, the average investment size in each of our portfolio companies was approximately $24.1 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 $30.9 million based on fair value as of June 30, 2026.

Current wording

As of September 30, 2026, the average investment size in each of our portfolio companies was approximately $25.5 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 $32.2 million based on fair value as of September 30, 2026.

Previous wording

As of June 30, 2026, the largest industry represented 19.0% of our total investment portfolio based on fair value.

Current wording

As of September 30, 2026, the largest industry represented 17.9% of our total investment portfolio based on fair value.

Previous wording

Investment Structuring. We focus on investing at the top of the capital structure and protecting that position. As of June 30, 2026, approximately 89.1% of our portfolio was invested in secured debt, including 88.3% in first-lien debt investments. We carefully perform diligence and structure investments to include strong investor covenants. As a result, we structure investments with a view to creating opportunities for early intervention in the event of non-performance or stress. In addition, we seek to retain effective voting control in investments over the loans or particular class of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We also aim for our loans to mature on a medium term, between two to seven years after origination. For the three months ended June 30, 2026, the weighted average term on new investment commitments in new portfolio companies was 5.0 years.

Current wording

Investment Structuring. We focus on investing at the top of the capital structure and protecting that position. As of September 30, 2026, approximately 87.7% of our portfolio was invested in secured debt, including 86.9% 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 September 30, 2026, the weighted average term on new debt investment commitments in new portfolio companies was 5.5 years.

Previous wording

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, 2026, we had call protection on 70.3% of our debt investments based on fair value, with weighted average call prices of 108.4% for the first year, 104.6% for the second year and 101.8% for the third year, in each case from the date of the initial investment. As of June 30, 2026, 96.1% 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.

Current wording

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 September 30, 2026, we had call protection on 66.7% 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 101.8% for the third year, in each case from the date of the initial investment. As of September 30, 2026, 97.6% 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.

Previous wording

Sixth Street is a global investment business with over $135 billion of assets under management as of June 30, 2026. 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, and 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 750 investment and operating professionals. As of June 30, 2026, seventy-five (75) of these personnel are dedicated to direct lending, including sixty (60) investment professionals.

Current wording

Sixth Street is a global investment business with over $140 billion of assets under management as of September 30, 2026. 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, and 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 750 investment and operating professionals. As of September 30, 2026, eighty-one (81) of these personnel are dedicated to direct lending, including sixty-seven (67) investment professionals.

Previous wording

Further contributing to economic uncertainty, the current U.S. presidential administration has signaled its intention to implement, and has implemented, significant changes to U.S. trade policy, tax policy and the enforcement of various regulations and a reduction of the size of the federal government (and government spending). These policy shifts could introduce additional market instability and reduce investor confidence. For example, the U.S. government announced tariffs on goods imported from various countries to the United States and countries subject to such tariffs have imposed, or may in the future, impose reciprocal or retaliatory tariffs and other trade measures. In February 2026, the U.S. Supreme Court ruled that many of the tariffs recently imposed by the U.S. government exceeded its authority, thereby invalidating many, but not all, of such tariffs. Subsequent to the U.S. Supreme Court’s ruling, the U.S. presidential administration raised potential alternative means through which the administration could impose tariffs. We are actively monitoring macroeconomic 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.

Current wording

Further contributing to economic uncertainty, the current U.S. presidential administration has implemented and may continue to implement, significant changes to U.S. trade policy, tax policy and the enforcement of various regulations and a reduction of the size of the federal government (and government spending). These policy shifts could introduce additional market instability and reduce investor confidence. For example, the U.S. government has introduced tariffs on goods imported from various countries to the United States and 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 macroeconomic 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.

Previous wording

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, 2026, 96.1% 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, 2026, 6.9% and 7.2%, respectively, of our total investment income was comprised of 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.

Current wording

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 September 30, 2026, 97.6% 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 nine months ended September 30, 2026, 6.4% and 6.9%, respectively, of our total investment income was comprised of PIK interest. For the three and nine months ended September 30, 2025, 6.3% and 5.3%, respectively, of our total investment income was comprised of PIK interest.

Previous wording

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, 2030 Notes and 2031 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.

Current wording

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, 2028 Notes, 2029 Notes, 2030 Notes and 2031 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.

Previous wording

As of June 30, 2026, our portfolio based on fair value consisted of 88.3% first-lien debt investments, 0.7% second-lien debt investments, 2.0% mezzanine debt investments, 4.7% equity investments, 2.7% structured credit investments and 1.6% joint venture investments. As of December 31, 2025, our portfolio based on fair value consisted of 89.2% first-lien debt investments, 0.9% second-lien debt investments, 1.8% mezzanine debt investments, 5.2% equity investments and 2.9% structured credit investments.

Current wording

As of September 30, 2026, our portfolio based on fair value consisted of 86.9% first-lien debt investments, 0.7% second-lien debt investments, 1.9% mezzanine debt investments, 5.7% equity investments, 2.4% structured credit investments and 2.4% joint venture investments. As of December 31, 2025, our portfolio based on fair value consisted of 89.2% first-lien debt investments, 0.9% second-lien debt investments, 1.8% mezzanine debt investments, 5.2% equity investments and 2.9% structured credit investments.

Previous wording

As of June 30, 2026 and December 31, 2025, 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 11.1% and 11.1%, respectively, and our weighted average total yield of debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 11.2% and 11.3%, respectively.

Current wording

As of September 30, 2026 and December 31, 2025, 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 11.4% and 11.1%, respectively, and our weighted average total yield of debt and income-producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 11.4% and 11.3%, respectively.

Previous wording

As of June 30, 2026, we had investments in 137 portfolio companies (including 33 structured credit investments, which include each series of collateralized loan obligation as a separate portfolio company investment) with an aggregate fair value of $3,302.1 million. As of December 31, 2025, we had investments in 143 portfolio companies (including 36 structured credit investments, which include each series of collateralized loan obligation as a separate portfolio company investment) with an aggregate fair value of $3,347.3 million.

Current wording

As of September 30, 2026, we had investments in 133 portfolio companies (including 30 structured credit investments, which include each series of collateralized loan obligation as a separate portfolio company investment) with an aggregate fair value of $3,393.0 million. As of December 31, 2025, we had investments in 143 portfolio companies (including 36 structured credit investments, which include each series of collateralized loan obligation as a separate portfolio company investment) with an aggregate fair value of $3,347.3 million.

Previous wording

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.

Current wording

For the three months ended September 30, 2026, the principal amount of new investments funded was $246.5 million in four new portfolio companies and six existing portfolio companies. For this period, we had $159.6 million aggregate principal amount in exits and repayments.

Previous wording

For the three months ended June 30, 2026, the principal amount of new investments funded was $136.7 million in two new portfolio companies and one existing portfolio company. For this period, we had $192.1 million aggregate principal amount in exits and repayments.

Current wording

For the three months ended September 30, 2025, the principal amount of new investments funded was $351.8 million in forty-one new portfolio companies and five existing portfolio companies. For this period, we had $302.8 million aggregate principal amount in exits and repayments.

Previous wording

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.”

Current wording

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“Note 2. Significant Accounting Policies - Interest and Dividend Recognition.”

Previous wording

Weighted average total portfolio yield at fair value was 10.5% at June 30, 2026 and 10.5% at December 31, 2025.

Current wording

Weighted average total portfolio yield at fair value was 10.8% at September 30, 2026 and 10.5% at December 31, 2025.

Previous wording

For the three and six months ended June 30, 2026 SCP declared $5.1 million and $5.7 million, respectively, in distributions, of which $1.7 million and $1.9 million, respectively, was recognized as dividend income in the Company’s Unaudited Statements of Operations. As of June 30, 2026, the daily weighted average yield on our investment in Structured Credit Partners JV, LLC was 18.7%.

Current wording

For the three and nine months ended September 30, 2026 SCP declared $9.8 million and $15.5 million, respectively, in distributions, of which $3.3 million and $5.2 million, respectively, was recognized as dividend income in the Company’s Consolidated Statements of Operations. As of September 30, 2026, the daily weighted average yield on our investment in Structured Credit Partners JV, LLC was 20.3%.

Previous wording

Operating results for the three and six months ended June 30, 2026 and 2025 were as follows:

Current wording

Operating results for the three and nine months ended September 30, 2026 and 2025 were as follows:

Previous wording

Interest from investments, which includes amortization of upfront fees and prepayment fees, decreased from $101.2 million for the three months ended June 30, 2025 to $85.2 million for the three months ended June 30, 2026. The decrease in interest from investments was primarily the result of a decrease in reference rates for the three months ended June 30, 2026 compared to the same period in 2025. Paid-in-kind interest income increased from $5.8 million for the three months ended June 30, 2025 to $6.7 million for the three months ended June 30, 2026 due to increased PIK investments. Dividend income increased from $0.4 million for the three months ended June 30, 2025 to $2.0 million for the three months ended June 30, 2026 due to increased dividend yielding investments in 2026. Other income decreased from $7.6 million for the three months ended June 30, 2025 to $4.0 million for the three months ended June 30, 2026, primarily due to decreased miscellaneous fees earned during the three months ended June 30, 2026.

Current wording

Interest from investments, which includes amortization of upfront fees and prepayment fees, decreased from $94.9 million for the three months ended September 30, 2025 to $86.6 million for the three months ended September 30, 2026. The decrease in interest from investments was primarily the result of a decrease in reference rates for the three months ended September 30, 2026 compared to the same period in 2025. Paid-in-kind interest income decreased from $6.9 million for the three months ended September 30, 2025 to $6.3 million for the three months ended September 30, 2026 due to decreased PIK investments. Dividend income increased from $0.3 million for the three months ended September 30, 2025 to $3.5 million for the three months ended September 30, 2026 due to increased dividend yielding investments in 2026. Other income decreased from $7.4 million for the three months ended September 30, 2025 to $2.6 million for the three months ended September 30, 2026, primarily due to decreased miscellaneous fees earned during the three months ended September 30, 2026.

Previous wording

Interest from investments, which includes amortization of upfront fees and prepayment fees, decreased from $207.9 million for the six months ended June 30, 2025 to $169.0 million for the six months ended June 30, 2026. The decrease in interest from investments was primarily the result of a decrease in reference rates for the six months ended June 30, 2026 compared to the same period in 2025. Paid-in-kind interest income increased from $11.1 million for the six months ended June 30, 2025 to $13.7 million for the six months ended June 30, 2026 due to increased PIK investments. Dividend income increased from $1.3 million for the six months ended June 30, 2025 to $2.4 million for the six months ended June 30, 2026 due to increased dividend yielding investments in 2026. Other income decreased from $11.1 million for the six months ended June 30, 2025 to $6.2 million for the six months ended June 30, 2026, primarily due to decreased miscellaneous fees earned during the six months ended June 30, 2026.

Current wording

Interest from investments, which includes amortization of upfront fees and prepayment fees, decreased from $302.7 million for the nine months ended September 30, 2025 to $255.6 million for the nine months ended September 30, 2026. The decrease in interest from investments was primarily the result of a decrease in reference rates for the nine months ended September 30, 2026 compared to the same period in 2025. Paid-in-kind interest income increased from $18.0 million for the nine months ended September 30, 2025 to $20.0 million for the nine months ended September 30, 2026 due to increased PIK investments. Dividend income increased from $1.6 million for the nine months ended September 30, 2025 to $5.9 million for the nine months ended September 30, 2026 due to increased dividend yielding investments in 2026. Other income decreased from $18.5 million for the nine months ended September 30, 2025 to $8.7 million for the nine months ended September 30, 2026, primarily due to decreased miscellaneous fees earned during the nine months ended September 30, 2026.

Previous wording

Operating expenses for the three and six months ended June 30, 2026 and 2025 were as follows:

Current wording

Operating expenses for the three and nine months ended September 30, 2026 and 2025 were as follows:

Previous wording

Interest expense, including other debt financing expenses, decreased from $33.6 million for the three months ended June 30, 2025 to $30.1 million for the three months ended June 30, 2026. This decrease was primarily due to a decrease in the average interest rate on our debt outstanding, which decreased from 6.3% for the three months ended June 30, 2025 to 5.6% for the three months ended June 30, 2026 due to a change in the mix of our debt financing sources and a change in SOFR rates.

Current wording

Interest expense, including other debt financing expenses, decreased from $31.4 million for the three months ended September 30, 2025 to $30.5 million for the three months ended September 30, 2026. This decrease was primarily due to a decrease in the average interest rate on our debt outstanding, which decreased from 6.3% for the three months ended September 30, 2025 to 5.7% for the three months ended September 30, 2026 due to a change in the mix of our debt financing sources and a change in SOFR rates.

Previous wording

Interest expense, including other debt financing expenses, decreased from $66.6 million for the six months ended June 30, 2025 to $58.3 million for the six months ended June 30, 2026. This decrease was primarily due to a decrease in the average interest rate on our debt outstanding, which decreased from 6.4% for the six months ended June 30, 2025 to 5.5% for the six months ended June 30, 2026 due to a change in the mix of our debt financing sources and a change in SOFR rates.

Current wording

Interest expense, including other debt financing expenses, decreased from $98.0 million for the nine months ended September 30, 2025 to $88.8 million for the nine months ended September 30, 2026. This decrease was primarily due to a decrease in the average interest rate on our debt outstanding, which decreased from 6.3% for the nine months ended September 30, 2025 to 5.6% for the nine months ended September 30, 2026 due to a change in the mix of our debt financing sources and a change in SOFR rates.

Previous wording

Management Fees (gross of waivers) increased from $12.9 million for the three months ended June 30, 2025 to $13.0 million for the three months ended June 30, 2026 due to an increase in average assets for the three months ended June 30, 2026 compared to the same period in 2025. Management Fees (net of waivers) decreased from $12.6 million for the three months ended June 30, 2025 to $12.5 million for the three months ended June 30, 2026. Management Fees waived were $0.5 million for the three months ended June 30, 2026 and $0.3 million for the three months ended June 30, 2025, pursuant to the Leverage Waiver. Any waived management fees are not subject to recoupment by the Adviser.

Current wording

Management Fees (gross of waivers) increased from $13.1 million for the three months ended September 30, 2025 to $13.2 million for the three months ended September 30, 2026 due to an increase in average assets for the three months ended September 30, 2026 compared to the same period in 2025. Management Fees (net of waivers) decreased from $12.8 million for the three months ended September 30, 2025 to $12.7 million for the three months ended September 30, 2026. Management Fees waived were $0.5 million for the three months ended September 30, 2026 and $0.3 million for the three months ended September 30, 2025, pursuant to the Leverage Waiver. Any waived management fees are not subject to recoupment by the Adviser.

Previous wording

Management Fees (gross of waivers) decreased from $26.0 million for the six months ended June 30, 2025 to $25.6 million for the six months ended June 30, 2026 due to a decrease in average assets for the six months ended June 30, 2026 compared to the same period in 2025. Management Fees (net of waivers) decreased from $25.3 million for the six months ended June 30, 2025 to $24.8 million for the six months ended June 30, 2026. Management Fees waived were $0.8 million for the six months ended June 30, 2026 and $0.7 million for the six months ended June 30, 2025, pursuant to the Leverage Waiver. Any waived management fees are not subject to recoupment by the Adviser.

Current wording

Management Fees (gross of waivers) decreased from $39.1 million for the nine months ended September 30, 2025 to $38.8 million for the nine months ended September 30, 2026 due to a decrease in average assets for the nine months ended September 30, 2026 compared to the same period in 2025. Management Fees (net of waivers) decreased from $38.1 million for the nine months ended September 30, 2025 to $37.5 million for the nine months ended September 30, 2026. Management Fees waived were $1.3 million for the nine months ended September 30, 2026 and $1.0 million for the nine months ended September 30, 2025, pursuant to the Leverage Waiver. Any waived management fees are not subject to recoupment by the Adviser.

Previous wording

Incentive Fees related to pre-incentive net investment income decreased from $11.1 million for the three months ended June 30, 2025 to $8.7 million for the three months ended June 30, 2026. For the three months ended June 30, 2026, there were no Incentive Fees accrued related to Capital Gains Fees. For the three months ended June 30, 2025, $1.4 million of Incentive Fees were accrued related to Capital Gains Fees. As of June 30, 2026, these accrued Incentive Fees are not contractually payable to the Adviser.

Current wording

Incentive Fees related to pre-incentive net investment income decreased from $10.5 million for the three months ended September 30, 2025 to $8.8 million for the three months ended September 30, 2026. For the three months ended September 30, 2026, there were no Incentive Fees accrued related to Capital Gains Fees. For the three months ended September 30, 2025, $(1.1) million of Incentive Fees were accrued related to Capital Gains Fees. As of September 30, 2026, these accrued Incentive Fees are not contractually payable to the Adviser.

Previous wording

Incentive Fees related to pre-incentive net investment income decreased from $22.6 million for the six months ended June 30, 2025 to $17.1 million for the six months ended June 30, 2026. For the six months ended June 30, 2026, there were no Incentive Fees accrued related to Capital Gains Fees. For the six months ended June 30, 2025, $(2.2) million of Incentive Fees were accrued related to Capital Gains Fees. As of June 30, 2026, these accrued Incentive Fees are not contractually payable to the Adviser.

Current wording

Incentive Fees related to pre-incentive net investment income decreased from $33.1 million for the nine months ended September 30, 2025 to $25.9 million for the nine months ended September 30, 2026. For the nine months ended September 30, 2026, there were no Incentive Fees accrued related to Capital Gains Fees. For the nine months ended September 30, 2025, $(3.3) million of Incentive Fees were accrued related to Capital Gains Fees. As of September 30, 2026, these accrued Incentive Fees are not contractually payable to the Adviser.

Previous wording

Professional fees decreased from $4.5 million for the six months ended June 30, 2025 to $4.2 million for the six months ended June 30, 2026 due to lower audit related, independent third-party valuation firm and sub-agent administration costs. Other general and administrative fees were $2.6 million for the six months ended June 30, 2025 and $3.1 million for the six months ended June 30, 2026.

Current wording

Professional fees increased from $6.5 million for the nine months ended September 30, 2025 to $6.7 million for the nine months ended September 30, 2026 due to higher audit and legal related costs. Other general and administrative fees were $4.5 million for the nine months ended September 30, 2026 and $4.1 million for the nine months ended September 30, 2025.

Previous wording

For the three and six months ended June 30, 2026, we recorded a net expense of $1.3 million and $2.5 million, respectively, for U.S. federal excise tax and other taxes. 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.

Current wording

For the three and nine months ended September 30, 2026, we recorded a net expense of $1.2 million and $3.7 million, respectively, for U.S. federal excise tax and other taxes. For the three and nine months ended September 30, 2025 we recorded a net expense of $1.4 million and $4.0 million, respectively, for U.S. federal excise tax and other taxes.

Previous wording

For the three and six months ended June 30, 2026, the Company recorded an increase in our deferred tax liability of $0.7 million pertaining to net unrealized gains. As of June 30, 2026, the balance of our deferred tax liability was $4.7 million.

Current wording

For the three and nine months ended September 30, 2026, we recorded an increase in our deferred tax liability of $0.9 million and $1.6 million, respectively, pertaining to net unrealized gains. As of September 30, 2026, the balance of our deferred tax liability was $5.6 million.

Previous wording

The following table summarizes our net realized and unrealized gains (losses) for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table summarizes our net realized and unrealized gains (losses) for the three and nine months ended September 30, 2026 and 2025:

Previous wording

For the three and six months ended June 30, 2026, we had net realized gains on investments of $0.8 million and net realized losses on investments of $38.5 million, respectively. For the three and six months ended June 30, 2026, we had net realized losses of less than $0.1 million and $0.1 million, respectively, on foreign currency transactions, primarily as a result of translating foreign currency related to our non-USD denominated investments. For both the three and six months ended June 30, 2026, we had net realized gains on foreign currency investments of less than $0.1 million. For both the three and six months ended June 30, 2026, we had net realized gains on foreign currency borrowings of less than $0.1 million. The net realized gains on foreign currency borrowings were a result of payments on our revolving credit facility.

Current wording

For the three and nine months ended September 30, 2026, we had net realized losses on investments of $9.8 million and $48.2 million, respectively. For the three and nine months ended September 30, 2026, we had net realized gains of less than $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 both the three and nine months ended September 30, 2026, we had net realized gains on foreign currency investments of $0.2 million. For both the three and nine months ended September 30, 2026, we had net realized losses on foreign currency borrowings of $0.2 million. The net realized losses on foreign currency borrowings were a result of payments on our revolving credit facility. For the three and nine months ended September 30, 2026, we had net realized gains on interest rate swaps of $0.1 million.

Previous wording

For the three months ended June 30, 2026, we had $24.4 million in unrealized gains on 68 portfolio company investments, which was offset by $27.7 million in unrealized losses on 73 portfolio company investments. Unrealized gains for the three months ended June 30, 2026 resulted from positive portfolio company specific developments and the reversal of prior period unrealized losses due to realizations. Unrealized losses for the three months ended June 30, 2026 resulted from negative credit-related adjustments, widening credit spreads, and the reversal of prior period unrealized gains due to realizations. For the six months ended June 30, 2026, we had $65.9 million in unrealized gains on 27 portfolio company investments, which was offset by $104.2 million in unrealized losses on 120 portfolio company investments. Unrealized gains for the six months ended June 30, 2026 resulted from positive portfolio company specific developments and the reversal of prior period unrealized losses due to realizations. Unrealized losses for the six months ended June 30, 2026 resulted from negative credit-related adjustments, widening credit spreads, and the reversal of prior period unrealized gains due to realizations.

Current wording

For the three months ended September 30, 2026, we had $33.4 million in unrealized gains on 61 portfolio company investments, which was offset by $33.8 million in unrealized losses on 76 portfolio company investments. Unrealized gains for the three months ended September 30, 2026 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 September 30, 2026 resulted from negative credit-related adjustments, fluctuations in EUR exchange rates, and the reversal of prior period unrealized gains due to realizations. For the nine months ended September 30, 2026, we had $77.0 million in unrealized gains on 34 portfolio company investments, which was offset by $115.6 million in unrealized losses on 116 portfolio company investments. Unrealized gains for the nine months ended September 30, 2026 resulted from positive portfolio company specific developments and the reversal of prior period unrealized losses due to realizations. Unrealized losses for the nine months ended September 30, 2026 resulted from negative credit-related adjustments, widening credit spreads, and the reversal of prior period unrealized gains due to realizations.

Previous wording

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.

Current wording

For the three and nine months ended September 30, 2026, we had unrealized gains of $3.8 million and $15.1 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 nine months ended September 30, 2026, we had unrealized losses of less than $0.1 million and unrealized gains of less than $0.1 million, respectively, on foreign currency transactions. For both the three and nine months ended September 30, 2026, we had unrealized losses on interest rate swaps of $0.1 million. For the three and nine months ended September 30, 2026, we had unrealized losses of $0.9 million and $1.6 million, respectively, related to a deferred tax liability.

Previous wording

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.

Current wording

For the three and nine months ended September 30, 2025, we had net realized gains on investments of $0.8 million and net realized losses of $34.9 million, respectively. For the three and nine months ended September 30, 2025, we had net realized losses of $0.2 million and $0.3 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 nine months ended September 30, 2025, we had net realized gains on foreign currency investments of less than $0.1 million and $0.8 million, respectively. For the three and nine months ended September 30, 2025, we had net realized losses on foreign currency borrowings of $0.2 million and $1.2 million, respectively. The net realized losses on foreign currency borrowings were a result of payments on our revolving credit facility. For both the three and nine months ended September 30, 2025, we had net realized losses of $0.9 million, related to tax expense.

Previous wording

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.

Current wording

For the three months ended September 30, 2025, we had $14.8 million in unrealized gains on 49 portfolio company investments, which was offset by $21.8 million in unrealized losses on 100 portfolio company investments. Unrealized gains for the three months ended September 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 September 30, 2025 resulted from negative credit-related adjustments and widening credit spreads. For the nine months ended September 30, 2025, we had $112.7 million in unrealized gains on 69 portfolio company investments, which was offset by $59.6 million in unrealized losses on 96 portfolio company investments. Unrealized gains for the nine months ended September 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 nine months ended September 30, 2025 resulted from negative credit-related adjustments and the reversal of prior period unrealized gains due to realizations.

Previous wording

For the three and six months ended June 30, 2026, we had unrealized gains of $2.9 million and $11.3 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, 2026, we had unrealized gains of less than $0.1 million and $0.1 million, respectively, on foreign currency transactions. For both the three and six months ended June 30, 2026, we had unrealized losses of $0.7 million, related to a deferred tax liability.

Current wording

For the three and nine months ended September 30, 2025 we had unrealized gains on foreign currency borrowings of $0.7 million and unrealized losses on foreign currency borrowings of $36.0 million, respectively, primarily as a result of fluctuations in the AUD, CAD, SEK, GBP and EUR exchange rates. For the three and nine months ended September 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 both the three and nine months ended September 30, 2025, we had unrealized gains of $0.6 million, related to a deferred tax benefit.

Previous wording

Since we began investing in 2011 through June 30, 2026, weighted by capital invested, our exited investments have generated an average realized gross internal rate of return to us of 16.7% (based on total capital invested of $9.5 billion and total proceeds from these exited investments of $12.2 billion). Ninety-four percent of these exited investments resulted in a realized gross internal rate of return to us of 10% or greater.

Current wording

Since we began investing in 2011 through September 30, 2026, weighted by capital invested, our exited investments have generated an average realized gross internal rate of return to us of 16.7% (based on total capital invested of $9.6 billion and total proceeds from these exited investments of $12.4 billion). Ninety-one percent of these exited investments resulted in a realized gross internal rate of return to us of 10% or greater.

Previous wording

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, 2026 and 2025, we had $11.3 million of unrealized gains and $36.8 million of unrealized losses, 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, 2026 and 2025. 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, 2026. 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.

Current wording

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 nine months ended September 30, 2026 and 2025, we had $15.1 million of unrealized gains and $36.0 million of unrealized losses, 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 nine months ended September 30, 2026 and 2025. 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 September 30, 2026. 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.