Blackstone Secured Lending Fund

Previous wording

The information contained in this section should be read in conjunction with “Item 1. Financial Statements” hereto and “Part II, Item 8— Consolidated Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the year ended December 31, 2024, as updated from time to time by the Company’s periodic filings with the SEC. This discussion contains forward-looking statements and involves numerous risks, uncertainties, and other factors outside of the Company’s control including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as updated from time to time by the Company’s periodic filings with the SEC.

Current wording

The information contained in this section should be read in conjunction with “Item 1. Financial Statements” hereto and “Part II, Item 8— Financial Statements and Supplementary Data” of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated from time to time by the Company’s periodic filings with the SEC. This discussion contains forward-looking statements and involves numerous risks, uncertainties, and other factors outside of the Company’s control, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated from time to time by the Company’s periodic filings with the SEC.

Previous wording

We focus primarily on loans and securities, including syndicated loans, of private U.S. companies, which includes larger and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns. Our level of investment activity (both the number of investments and the size of each investment) varies substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

Current wording

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

Previous wording

From time to time, the Advisers, the Administrators or their respective affiliates may pay third-party providers of goods or services on our behalf. We will reimburse the Adviser, the Administrator or such affiliates thereof, the Adviser will reimburse the Sub-Adviser, the Administrator or such affiliates thereof, and the Administrator will reimburse the Sub-Administrator or such affiliates thereof, in each case, for any such amounts. From time to time, the Advisers or the Administrators may defer or waive fees or rights to be reimbursed. Pursuant to the Administration Agreement, the Company’s allocable portion of the Administrator’s rent and other occupancy costs are expenses of the Company. However, the Administrator and the Prior Administrator have not historically, and the Administrator does not currently, calculate the amount of rent and other occupancy costs allocable to the Company and the Administrator and Prior Administrator have not indicated an intention to seek reimbursement from the Company for such costs. Thus, the Company, the Administrator and the Prior Administrator, as applicable, treat any such rights to any reimbursement for rent and other occupancy costs for the three and nine months ended September 30, 2025 and 2024 as having been waived pursuant to the terms of the Administration Agreement and the Prior Administration Agreement, as applicable. Additionally, since the Company, the Administrator and the Prior Administrator treat any such right to reimbursement for rent and occupancy costs as having been waived pursuant to the terms of the Administration Agreement and the Prior Administration Agreement, as applicable, the Administrator and the Prior Administrator cannot recoup any such expenses. However, in future periods, the Administrator may choose to establish an allocation methodology to calculate these costs and seek reimbursement from the Company, in which case the Company will accrue and reimburse the Administrator for such costs for that period. All of the foregoing expenses will ultimately be borne by our shareholders.

Current wording

From time to time, the Advisers, the Administrators or their respective affiliates may pay third-party providers of goods or services on our behalf. We will reimburse the Adviser, the Administrator or such affiliates thereof, the Adviser will reimburse the Sub-Adviser, the Administrator or such affiliates thereof, and the Administrator will reimburse the Sub-Administrator or such affiliates thereof, in each case, for any such amounts. From time to time, the Advisers or the Administrators may defer or waive fees or rights to be reimbursed. Pursuant to the Administration Agreement, the Company’s allocable portion of the Administrator’s rent and other occupancy costs are expenses of the Company. However, the Administrator and the Prior Administrator have not historically, and the Administrator does not currently, calculate the amount of rent and other occupancy costs allocable to the Company and the Administrator and Prior Administrator have not indicated an intention to seek reimbursement from the Company for such costs. Thus, the Company, the Administrator and the Prior Administrator, as applicable, treat any such rights to any reimbursement for rent and other occupancy costs for prior periods as having been waived pursuant to the terms of the Administration Agreement and the Prior Administration Agreement, as applicable, including for the three months ended March 31, 2026 and 2025. Additionally, since the Company, the Administrator and the Prior Administrator treat any such right to reimbursement for rent and occupancy costs as having been waived pursuant to the terms of the Administration Agreement and the Prior Administration Agreement, as applicable, the Administrator and the Prior Administrator cannot recoup any such expenses. However, in future periods, the Administrator may choose to establish an allocation methodology to calculate these costs and seek reimbursement from the Company, in which case the Company will accrue and reimburse the Administrator for such costs for that period. All of the foregoing expenses will ultimately be borne by our shareholders.

Previous wording

For the three months ended September 30, 2025, we made $1,289.4 million aggregate principal amount of new investment commitments (including $411.0 million of which remained unfunded as of September 30, 2025), $1,188.4 million of which was first lien debt, $100.0 million of which was second lien debt, and $1.0 million of which was equity.

Current wording

For the three months ended March 31, 2026, we made $303.2 million aggregate principal amount of new investment commitments (including $202.1 million of which remained unfunded as of March 31, 2026), $303.2 million of which was first lien debt and $0.0 million of which was equity.

Previous wording

(1)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

Current wording

(1)Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or amortized cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

Previous wording

(2)As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at cost was 9.8% and 10.2%, respectively. As of September 30, 2025 and December 31, 2024, the weighted average total portfolio yield at fair value was 9.9% and 10.3%, respectively.

Current wording

(2)As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at amortized cost was 8.8% and 9.4%, respectively. As of March 31, 2026 and December 31, 2025, the weighted average total portfolio yield at fair value was 9.0% and 9.5%, respectively.

Previous wording

(3)Includes all private debt investments for which fair value is determined by our Board in conjunction with a third-party valuation firm and excludes quoted assets. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter end.

Current wording

(3)Includes all private debt investments for which fair value is determined by our Board in conjunction with a third-party valuation firm and excludes quoted investments and asset-based investments. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter-end.

Previous wording

(4)As a percentage of total fair value of performing debt investments. As of September 30, 2025 and December 31, 2024, performing debt investments bearing a floating rate represented 98.6% and 98.8%, respectively, of total investments at fair value.

Current wording

(4)As a percentage of total fair value of performing debt investments. As of March 31, 2026 and December 31, 2025, performing debt investments bearing a floating rate represented 95.8% and 98.4%, respectively, of total investments at fair value.

Previous wording

(5)As a percentage of total amortized cost of investments. Assets on non-accrual represented 0.1% and 0.2% of total investments at fair value as of September 30, 2025 and December 31, 2024, respectively.

Current wording

(5)As a percentage of total amortized cost or fair value of investments.

Previous wording

As of September 30, 2025 and September 30, 2024, our portfolio companies had a weighted average annual revenue of $853 million and $773 million, respectively, and weighted average annual EBITDA of $221 million and $194 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

Current wording

As of March 31, 2026 and March 31, 2025, our portfolio companies had a weighted average annual revenue of $841 million and $818 million, respectively, and weighted average annual EBITDA of $224 million and $210 million, respectively. These calculations include all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted investments and asset-based investments. Amounts are weighted based on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

Previous wording

Total investment income increased to $358.6 million for the three months ended September 30, 2025, an increase of $15.3 million, or 4%, compared to the same period in the prior year. This was primarily attributable to an increase in the average investments, partially offset by a lower weighted average yield on the portfolio compared to the same period in the prior year. Average investments at fair value increased by 16% to $13,531.2 million for the three months ended September 30, 2025 compared to $11,636.2 million for the three months ended September 30, 2024.

Current wording

Total investment income decreased to $325.5 million for the three months ended March 31, 2026, a decrease of $32.3 million, or 9%, compared to the three months ended March 31, 2025. This was primarily attributable to a decrease in weighted average yield on the portfolio, partially offset by an increase in the average investments, compared to the three months ended March 31, 2025. Average investments at fair value increased by 9% to $14,074.7 million for the three months ended March 31, 2026 compared to $12,963.4 million for the three months ended March 31, 2025.

Previous wording

Additionally, for the three months ended September 30, 2025, we recorded $6.2 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $1.6 million for the same period in the prior year, primarily as a result of increased prepayments. For the nine months ended September 30, 2025, we recorded $20.8 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $3.8 million for the same period in the prior year, primarily as a result of increased prepayments.

Current wording

Additionally, for the three months ended March 31, 2026, we recorded $2.5 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $12.9 million for the same period in the prior year, primarily as a result of decreased prepayments.

Previous wording

For the three months ended September 30, 2025 and 2024, PIK interest income represented 8.2% and 6.2% of total investment income, respectively, and represented 15.6% and 11.4% of net investment income, respectively. For the nine months ended September 30, 2025 and 2024, PIK interest income represented 6.9% and 6.6% of total investment income, respectively and represented 13.2% and 12.3% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers.

Current wording

For the three months ended March 31, 2026 and 2025, PIK interest income represented 6.6% and 6.0% of total investment income, respectively, and represented 12.0% and 11.3% of net investment income, respectively. We expect that PIK interest income will vary based on the elections of certain borrowers.

Previous wording

Elevated interest rates continued to favorably impact our investment income for the three and nine months ended September 30, 2025. Until September 2025, the Federal Reserve had held interest rates steady this year. Despite the interest rate reductions in September 2025 and October 2025, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. Future decreases in benchmark interest rates may adversely impact our investment income. Conversely, future increases in benchmark interest rates and the resulting impacts to cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate fluctuations occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

Current wording

Elevated interest rates continued to favorably impact our investment income for the three months ended March 31, 2026. Despite gradual decreases in interest rates during 2025, inflation has remained above the U.S. Federal Reserve’s target level, and interest rates remain elevated. Following three consecutive rate cuts in 2025, the U.S. Federal Reserve held interest rates steady since December 2025 and noted, among other matters, that it would continue to assess and monitor incoming information in considering additional adjustments. Future decreases in benchmark interest rates may adversely impact our investment income. Conversely, future increases in benchmark interest rates and the resulting impacts to cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate fluctuations occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

Previous wording

Total interest expense increased to $94.7 million for the three months ended September 30, 2025, an increase of $6.5 million or 7% compared to the same period in the prior year. This was primarily driven by an increase in our average principal of debt outstanding, partially offset by a decrease in our weighted average interest rate on our borrowings relative to the same period in the prior year. The average principal of debt outstanding increased to $7,345.8 million for the three months ended September 30, 2025 from $6,299.6 million for the same period in the prior year. Our weighted average interest rate (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 4.97% for the three months ended September 30, 2025 from 5.45% for the same period in the prior year. Our weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) decreased to 5.04% for the three months ended September 30, 2025 from 5.54% for the same period in the prior year.

Current wording

Our weighted average interest rate (including unused fees, amortization of debt issuance costs (including premiums and discounts), and the impact of the application of hedge accounting and excluding amortization of deferred financing costs) decreased to 4.83% for the three months ended March 31, 2026 from 5.01% for the same period in the prior year. Our weighted average all-in cost of debt (including unused fees, amortization of debt issuance costs (including premiums and discounts), amortization of deferred financing costs, and the impact of the application of hedge accounting) decreased to 4.90% for the three months ended March 31, 2026 from 5.09% for the same period in the prior year.

Previous wording

Management fees increased to $35.0 million for the three months ended September 30, 2025, an increase of $4.8 million, or 16%, compared to the same period in the prior year, primarily due to an increase in average quarter-end gross assets. For the three months ended September 30, 2025, our average quarter-end gross assets increased to $13,983.6 million, from $12,071.0 million for the three months ended September 30, 2024.

Current wording

Management fees increased to $36.4 million for the three months ended March 31, 2026, an increase of $2.1 million, or 6%, compared to the same period in the prior year, primarily due to an increase in average quarter-end gross assets. For the three months ended March 31, 2026, our average quarter-end gross assets increased to $14,546.5 million, from $13,720.5 million for the three months ended March 31, 2025.

Previous wording

Income based incentive fees decreased to $31.3 million for the three months ended September 30, 2025, a decrease of $6.9 million, or 18%, compared to the same period in the prior year primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the three months ended September 30, 2025. Pre-incentive fee net investment income increased to $220.7 million for the three months ended September 30, 2025 from $218.1 million for the same period in the prior year.

Current wording

Income based incentive fees decreased to $2.3 million for the three months ended March 31, 2026, a decrease of $32.0 million, or 93%, compared to the three months ended March 31, 2025, primarily due to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the three months ended March 31, 2026. Pre-incentive fee net investment income decreased to $181.2 million for the three months ended March 31, 2026 from $223.1 million for the three months ended March 31, 2025.

Previous wording

We accrued no capital gains based incentive fees for the three and nine months ended September 30, 2025.

Current wording

We accrued no capital gains based incentive fees for the three months ended March 31, 2026 and 2025.

Previous wording

Total other expenses increased to $3.9 million for the three months ended September 30, 2025, an increase of $1.1 million or 39% compared to the same period in the prior year. This was primarily due to an increase in Other general and administrative expenses and Administrative service expenses.

Current wording

Total other expenses increased to $3.6 million for the three months ended March 31, 2026, an increase of $0.4 million or 13% compared to the three months ended March 31, 2025. This was primarily due to an increase in Professional fees and Administrative service expenses.

Previous wording

For the three months ended September 30, 2025 and 2024, we accrued $4.2 million and $3.9 million, respectively, of U.S. federal excise tax.

Current wording

For the three months ended March 31, 2026 and 2025, we accrued $4.1 million and $4.2 million, respectively, of U.S. federal excise tax.

Previous wording

BGSL Investments LLC (“BGSL Investments”), a wholly-owned and consolidated subsidiary that was formed in 2019, is a Delaware limited liability company which has elected to be treated as a corporation for U.S. tax purposes. As such, BGSL Investments is subject to certain U.S. federal, state and local taxes. For the three months ended September 30, 2025 and 2024, BGSL Investments recorded an income tax provision of $0.1 million and $0.0 million, respectively. For the nine months ended September 30, 2025 and 2024, BGSL Investments recorded an income tax provision of $1.9 million and $0.0 million, respectively.

Current wording

BGSL Investments LLC (“BGSL Investments”), a wholly-owned and consolidated subsidiary that was formed in 2019, is a Delaware limited liability company which has elected to be treated as a corporation for U.S. tax purposes. As such, BGSL Investments is subject to certain U.S. federal, state and local taxes. For the three months ended March 31, 2026 and 2025, BGSL Investments recorded an income tax provision of $0.5 million and $1.5 million, respectively.

Previous wording

As of September 30, 2025 and 2024, BGSL Investment recorded a deferred tax liability of $3.5 million and $0.0 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

Current wording

As of March 31, 2026 and 2025, BGSL Investments recorded a deferred tax liability of $3.5 million and $3.7 million, respectively, which is included within Accrued expenses and other liabilities in the Condensed Consolidated Statements of Assets and Liabilities.

Previous wording

For the three months ended September 30, 2025, BGSL Investments recorded a current tax benefit of $0.1 million. For the nine months ended September 30, 2025, BGSL Investments recorded a current tax expense of $0.6 million, which was substantially related to realized gains associated with the sale of an investment in a partnership interest. For the three and nine months ended September 30, 2024, BGSL Investments recorded a current tax expense of $0.0 million and $0.0 million, respectively.

Current wording

For the three months ended March 31, 2026 and 2025, BGSL Investments recorded a current tax expense of $0.0 million and $0.6 million, respectively, which was substantially related to realized gains associated with the sale of an investment in a partnership interest.

Previous wording

For the three months ended September 30, 2025, the net change in unrealized losses on investments of $40.1 million was primarily driven by a decrease in the fair value of certain debt investments. The fair value of our debt investments as a percentage of principal decreased by 0.2% during the three months ended September 30, 2025, driven primarily by changes in portfolio company fundamentals and the economic outlook.

Current wording

For the three months ended March 31, 2026, the net change in unrealized losses, net of income tax provision, was $154.9 million, as compared to $43.9 million for the same period in the prior year. The increase in losses was primarily driven by unrealized losses on investments of $157.6 million, which were mainly attributable to declines in the fair value of certain debt investments. The fair value of our debt investments, as a percentage of principal, decreased by 1.1% for the three months ended March 31, 2026, driven primarily by changes in certain portfolio company fundamentals and broader economic conditions.

Previous wording

Partially offsetting these losses for the nine months ended September 30, 2025 were gains of $1.1 million on translation of assets and liabilities in foreign currencies, which were primarily a result of fluctuations in the EUR and CAD exchange rates vs. USD.

Current wording

In addition, we recognized unrealized losses of $0.7 million on translation of assets and liabilities in foreign currencies, primarily attributable to fluctuations in the EUR and GBP exchange rates vs. USD.

Previous wording

Partially offsetting these losses for the three months ended September 30, 2025 were gains of $3.5 million on derivative instruments, which were primarily a result of fluctuations in the CAD and GBP exchange rates vs. USD.

Current wording

Partially offsetting these losses for the three months ended March 31, 2026, were unrealized gains of $2.9 million on derivative instruments, primarily resulting from fluctuations in the CAD, GBP and SEK exchange rates vs. USD.

Previous wording

The realized gains and losses on fully exited and partially exited investments consisted of the following (dollar amounts in thousands):

Current wording

The realized gains and losses on fully exited and partially exited investments comprised of the following (dollar amounts in thousands):

Previous wording

Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public or private issuances of debt or equity securities through both registered offerings and private offerings. The primary uses of our cash and cash equivalents are for (i) originating loans and purchasing senior secured debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings and (iv) cash distributions to the holders of our shares.

Current wording

Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public or private issuances of debt or equity securities through both registered offerings and private offerings. The primary uses of our cash and cash equivalents are for (i) originating loans and purchasing senior secured debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings and (iv) cash distributions to the holders of our Common Shares.

Previous wording

To facilitate public issuances of debt or equity securities, in July 2022, we filed a shelf registration statement with the SEC that is effective for a term of three years and expired in July 2025. In July 2025, we filed a new shelf registration statement with the SEC that is effective for a term of three years and expires in July 2028. The amount of securities to be issued pursuant to the shelf registration statement filed in July 2025 was not specified when it was filed and there is no specific dollar limit on the amount of securities we may issue. The securities covered by the registration statement filed in July 2025 include: (i) Common Shares; (ii) preferred shares; (iii) debt securities; (iv) subscription rights; and (v) warrants. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.

Current wording

To facilitate public issuances of debt or equity securities, in July 2022, we filed a shelf registration statement with the SEC that was effective for a term of three years. In July 2025, we filed a new shelf registration statement with the SEC that is effective for a term of three years and expires in July 2028. The amount of securities to be issued pursuant to the shelf registration statement filed in July 2025 was not specified when it was filed and there is no specific dollar limit on the amount of securities we may issue. The securities covered by the registration statement filed in July 2025 include: (i) Common Shares; (ii) preferred shares; (iii) debt securities; (iv) subscription rights; and (v) warrants. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.

Previous wording

As of September 30, 2025 and December 31, 2024, our debt consisted of asset based leverage facilities, a revolving credit facility, unsecured note issuances and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue further 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, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of September 30, 2025 and December 31, 2024, we had an aggregate amount of $7.7 billion and $7.1 billion of senior securities outstanding, respectively, and our asset coverage ratio was 181.7% and 185.7%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we expect to be required to fund. From time to time we may also repurchase our outstanding debt. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material.

Current wording

As of March 31, 2026 and December 31, 2025, our debt consisted of asset based leverage facilities, a revolving credit facility, unsecured note issuances and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue further 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, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2026 and December 31, 2025, we had an aggregate amount of $8.1 billion and $8.1 billion of senior securities outstanding, respectively, and our asset coverage ratio was 175.5% and 177.1%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we expect to be required to fund. From time to time we may also repurchase our outstanding debt. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material.

Previous wording

Cash and cash equivalents as of September 30, 2025, taken together with our $2.3 billion of unused capacity under our credit facilities (subject to borrowing base availability, $2.3 billion is available to borrow), is expected to be sufficient for our investing activities and to conduct our operations in the near term. Additionally, we held $214.1 million of Level 1 and Level 2 investments as of September 30, 2025.

Current wording

Cash and cash equivalents (excluding restricted cash) as of March 31, 2026, taken together with our $2.1 billion of unused capacity under our credit facilities (subject to borrowing base availability, $2.0 billion is available to borrow) is expected to be sufficient for our investing activities and to conduct our operations in the near term. Additionally, we held $200.0 million of Level 1 and Level 2 investments as of March 31, 2026.

Previous wording

As of September 30, 2025, we had $249.9 million in cash and cash equivalents. During the nine months ended September 30, 2025, cash used in operating activities was $229.0 million, primarily due to purchases of investments of $2,227.2 million partially offset by sales of investments and principal repayments of $1,600.1 million and an increase in net assets resulting from operations of $437.3 million. Cash provided by financing activities was $260.3 million during the period, which was primarily as a result of net borrowings on debt of $499.0 million and proceeds from the issuance of our Common Shares of $274.5 million partially offset by dividends paid in cash of $507.2 million.

Current wording

As of March 31, 2026, we had $351.3 million in cash and cash equivalents (including restricted cash). During the three months ended March 31, 2026, cash provided by operating activities was $249.3 million, which reflected an increase in net assets resulting from operations of $25.2 million, adjusted for $157.6 million of net unrealized depreciation of investments. Cash provided by operating activities was further driven by proceeds from sales of investments and principal repayments of $450.9 million, partially offset by purchases of investments of $324.8 million. Cash used in financing activities was $184.2 million during the period, which was primarily as a result of dividends paid in cash of $170.5 million and net repayments on debt of $12.9 million.

Previous wording

We also access liquidity through our “at-the-market” offering program (the“ATM Program”), pursuant to which we may sell, from time to time, additional Common Shares. During the three and nine months ended September 30, 2025, we sold Common Shares for net proceeds of $21.2 million and $270.0 million, respectively, through our ATM Program. As of September 30, 2025, $578.6 million of Common Shares were available for issuance under the ATM Program.

Current wording

We also access liquidity through our “at-the-market” offering program (the“ATM Program”), pursuant to which we may sell, from time to time, additional Common Shares. No Common Shares were issued through our ATM Program for the three months ended March 31, 2026. As of March 31, 2026, $557.4 million of Common Shares were available for issuance under the ATM Program.

Previous wording

The following table summarizes our distributions declared and payable for the nine months ended September 30, 2025 (dollar amounts in thousands, except per share amounts):

Current wording

The following table summarizes our distributions declared and payable for the three months ended March 31, 2026 (dollar amounts in thousands, except per share amounts):

Previous wording

In February 2023, our Board approved a share repurchase plan, under which we were authorized to repurchase up to $250.0 million in the aggregate of our outstanding Common Shares in the open market at prices below our NAV per share for a one-year term, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act (the“10b-18 Plan”). The 10b-18 Plan was not renewed and terminated by its terms on February 22, 2024. For the three and nine months ended September 30, 2024, we did not repurchase any of our shares under the 10b-18 Plan.

Current wording

In February 2026, our Board authorized a share repurchase plan, under which we are authorized to repurchase up to $250.0 million in the aggregate of our outstanding Common Shares in the open market at prices below our NAV per share for a one-year term, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act (the“10b-18 Plan”). The timing, manner, price and amount of any share repurchases under the 10b-18 Plan will be determined by us, in our sole discretion, based upon the evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors.

Previous wording

As of September 30, 2025 and December 31, 2024, we had an aggregate principal amount of $7.7 billion and $7.1 billion, respectively, of debt outstanding.

Current wording

As of March 31, 2026 and December 31, 2025, we had an aggregate principal amount of $8.1 billion and $8.1 billion, respectively, of debt outstanding.

Previous wording

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2025 and December 31, 2024, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $2.0 billion and $1.7 billion, respectively.

Current wording

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $1.6 billion and $1.8 billion, respectively.

Previous wording

Additionally, from time to time, the Advisers and their affiliates may commit to an investment on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of September 30, 2025 and December 31, 2024, we estimate that $320.3 million and $162.3 million, respectively, of investments were committed but not yet funded.

Current wording

Additionally, from time to time, the Advisers and their affiliates may commit to an investment on behalf of the investment vehicles they manage, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective investment vehicle’s allocation may change prior to the date of funding. In this regard, as of March 31, 2026 and December 31, 2025, we estimate that $139.7 million and $151.8 million, respectively, of investments were committed but not yet funded.

Previous wording

The nine months ended September 30, 2025 have been characterized by volatility and uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, ongoing political and regulatory uncertainty, including shifts in U.S. trade policy, the imposition of new tariffs, and the potential for a prolonged U.S. government shutdown, as well as geopolitical instability stemming from the conflicts in Ukraine and the Middle East.

Current wording

The three months ended March 31, 2026 were characterized by volatility and uncertainty in global markets, driven by investor concerns over inflation, elevated interest rates, and ongoing political and regulatory uncertainty, as well as geopolitical instability stemming from the conflicts in Ukraine and Iran and escalating conflicts in other parts of the Middle East.

Previous wording

Tariff announcements in the U.S. and ongoing global trade negotiations have contributed to significant uncertainty and volatility of debt and equity markets. Although inflation generally decelerated throughout 2024 and during the first three quarters of 2025 due to central bank monetary tightening, including maintaining elevated interest rates, it remains above target levels set by central banks, including the Federal Reserve. Until September 2025, the Federal Reserve had held interest rates steady this year. Despite the interest rate reductions in September 2025 and October 2025, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. While our business model benefits from elevated interest rates which, all else being equal, correlate to increases in our net income, higher borrowing costs may strain our existing portfolio companies, potentially leading to nonperformance. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting our portfolio companies, particularly those vulnerable to economic downturns or recessions. While further interest rate hikes are not expected at this time, any renewed increases could lead to a rise in non-performing assets and decline in portfolio value if investment write-downs become necessary. Additionally, adverse economic conditions may erode the value of collateral securing some of our loans and reduce the value of our equity investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.

Current wording

The U.S. economy had demonstrated overall resilience despite geopolitical uncertainty and concerns regarding artificial intelligence disruption in certain sectors. Nevertheless, inflation has remained above the U.S. Federal Reserve’s target level and interest rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023. Following three consecutive rate cuts in 2025, the U.S. Federal Reserve held interest rates steady since December 2025 and noted, among other matters, that it would continue to assess and monitor incoming information in considering additional adjustments. While our business model benefits from elevated interest rates which, all else being equal, correlate to increases in our net income, higher borrowing costs may strain our existing portfolio companies, potentially leading to nonperformance. Rising interest rates can dampen consumer spending and slow corporate profit growth, negatively impacting our portfolio companies, particularly those vulnerable to economic downturns or recessions. While further interest rate hikes are not expected at this time, any renewed increases could lead to a rise in non-performing assets and decline in portfolio value if investment write-downs become necessary. Additionally, adverse economic conditions may erode the value of collateral securing some of our loans and reduce the value of our equity investments. It remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation.