Blackstone Secured Lending Fund

Previous 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.

Current wording

Our level of investment activity (both the number of investments and the size of each investment) can and will vary 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

Except as specifically provided below, all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Advisers. We bear all other costs and expenses of our operations, administration and transactions, including (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (b) our allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrators that perform duties for us; and (iii) any internal audit group personnel of Blackstone Inc. (“Blackstone”) or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.

Current wording

Except as specifically provided below, all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Advisers. We bear all other costs and expenses of our operations, administration and transactions, including (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (b) our allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrators in performing their administrative obligations under the Administration Agreements, including: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals (including information technology professionals) at the Administrators that perform duties for us; and (iii) any internal audit group personnel of Blackstone or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.

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 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.

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 and six months ended June 30, 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 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.

Current wording

For the three months ended June 30, 2026, we made $154.3 million aggregate principal amount of new investment commitments (including $13.5 million of which remained unfunded as of June 30, 2026), $151.4 million of which was first lien debt and $2.9 million of which was equity.

Previous 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.

Current wording

(2)As of June 30, 2026 and December 31, 2025, the weighted average total portfolio yield at amortized cost was 8.8% and 9.4%, respectively. As of June 30, 2026 and December 31, 2025, the weighted average total portfolio yield at fair value was 9.1% and 9.5%, respectively.

Previous 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.

Current wording

(4)As a percentage of total fair value of performing debt investments. As of June 30, 2026 and December 31, 2025, performing debt investments bearing a floating rate represented 96.3% and 98.4%, respectively, of total investments at fair value.

Previous 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.

Current wording

As of June 30, 2026 and June 30, 2025, our portfolio companies had a weighted average annual revenue of $866 million and $848 million, respectively, and weighted average annual EBITDA of $221 million and $219 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 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.

Current wording

Total investment income decreased to $320.5 million for the three months ended June 30, 2026, a decrease of $24.3 million, or 7%, compared to the three months ended June 30, 2025. The decrease was primarily attributable to a lower weighted average yield on the portfolio, partially offset by an increase in average investments, compared to the three months ended June 30, 2025. Average investments at fair value increased by 5% to $13,653.2 million for the three months ended June 30, 2026, compared to $13,043.5 million for the three months ended June 30, 2025.

Previous 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.

Current wording

Additionally, for the three months ended June 30, 2026, we recorded $4.4 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.), compared to $1.7 million for the same period in the prior year, primarily due to increased prepayments. For the six months ended June 30, 2026, we recorded $6.8 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.), compared to $14.6 million for the same period in the prior year, primarily due to decreased prepayments.

Previous 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.

Current wording

For the three months ended June 30, 2026 and 2025, Payment-in-kind (“PIK”) interest income represented 6.6% and 6.4% of total investment income, respectively, and 12.1% and 12.6% of net investment income, respectively. For the six months ended June 30, 2026 and 2025, PIK interest income represented 6.6% and 6.2% of total investment income, respectively, and 12.1% and 11.9% 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 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.

Current wording

Elevated interest rates continued to favorably impact our investment income for the three and six months ended June 30, 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 for the first half of 2026 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 $100.2 million for the three months ended March 31, 2026, an increase of $7.2 million, or 8%, 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.

Current wording

Total interest expense increased to $101.1 million for the three months ended June 30, 2026, an increase of $8.8 million, or 10%, compared to the same period in the prior year. The increase was primarily driven by a higher average principal amount of debt outstanding, partially offset by a lower weighted average interest rate on our borrowings relative to the same period in the prior year.

Previous wording

The average principal of debt outstanding increased to $8,172.9 million for the three months ended March 31, 2026 from $7,313.5 million for the same period in the prior year.

Current wording

The average principal amount of debt outstanding increased to $7,920.9 million for the three months ended June 30, 2026, from $7,155.4 million for the same period in the prior year.

Previous 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.

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 4.95% for the three months ended June 30, 2026, from 5.03% 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 5.05% for the three months ended June 30, 2026, from 5.10% for the same period in the prior year.

Previous 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.

Current wording

Management fees increased to $35.3 million for the three months ended June 30, 2026, an increase of $0.7 million, or 2%, 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 June 30, 2026, our average quarter-end gross assets increased to $14,112.6 million, from $13,839.9 million for the three months ended June 30, 2025.

Previous 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.

Current wording

Income based incentive fees decreased to $1.7 million for the three months ended June 30, 2026, a decrease of $33.0 million, or 95%, 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 June 30, 2026. Pre-incentive fee net investment income decreased to $175.5 million for the three months ended June 30, 2026 from $210.6 million for the three months ended June 30, 2025.

Previous wording

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

Current wording

We accrued no capital gains based incentive fees for the three and six months ended June 30, 2026 and June 30, 2025.

Previous 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.

Current wording

Total other expenses increased to $4.2 million for the three months ended June 30, 2026, an increase of $0.7 million or 21%, compared to the same period in the prior year. This was primarily due to an increase in other general and administrative expenses.

Previous 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.

Current wording

For the three months ended June 30, 2026 and 2025, we accrued $4.4 million and $3.8 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 March 31, 2026 and 2025, BGSL Investments recorded an income tax provision of $0.5 million and $1.5 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 June 30, 2026 and 2025, BGSL Investments recorded an income tax provision of $1.2 million and $0.3 million, respectively. For the six months ended June 30, 2026 and 2025, BGSL Investments recorded an income tax provision of $0.7 million and $1.8 million, respectively.

Previous 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.

Current wording

As of June 30, 2026 and 2025, BGSL Investments recorded a deferred tax liability of $4.7 million and $3.4 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 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.

Current wording

For the three and six months ended June 30, 2026, BGSL Investments recorded a current tax expense of $0.2 million and $0.2 million, respectively, which was substantially related to realized gains associated with the sale of an investment in a partnership interest and is included in the current tax expense on realized gains in the Condensed Consolidated Statements of Operations.

Previous 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.

Current wording

For the three months ended June 30, 2026, the net change in unrealized depreciation, net of income tax provision, was $136.5 million, compared to $11.3 million for the same period in the prior year. The increase in losses was primarily driven by net unrealized losses on investments of $133.4 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 1.0% for the three months ended June 30, 2026, driven primarily by changes in certain portfolio company fundamentals and broader economic conditions.

Previous 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.

Current wording

In addition, we recorded net unrealized losses of $0.9 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 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.

Current wording

Partially offsetting this depreciation for the six months ended June 30, 2026 were net unrealized gains of $1.2 million on derivative instruments, primarily resulting from fluctuations in the CAD, SEK and GBP exchange rates vs. USD.

Previous wording

For the three months ended March 31, 2026, the net realized gain, net of tax expense, was $1.2 million, as compared to $4.9 million for the same period in the prior year. The decrease was primarily driven by net realized gains on investments of $1.2 million for the three months ended March 31, 2026 as compared to $8.5 million for the same period in the prior year, mainly driven by the gain on the sale of an equity investment and the full or partial sales and repayments of investments.

Current wording

For the three months ended June 30, 2026, the net realized loss, net of tax expense, was $27.8 million, compared to $9.6 million for the same period in the prior year. The decrease was primarily driven by net realized losses on investments of $41.4 million for the three months ended June 30, 2026, compared to $1.2 million for the same period in the prior year, mainly driven by the restructuring of certain debt investments and full or partial sales and repayments of investments.

Previous 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.

Current wording

As of June 30, 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 June 30, 2026 and December 31, 2025, we had an aggregate amount of $7.6 billion and $8.1 billion of senior securities outstanding, respectively, and our asset coverage ratio was 178.0% 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 (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.

Current wording

Cash and cash equivalents (excluding restricted cash) of $183.4 million as of June 30, 2026, taken together with our $2.8 billion of unused capacity under our credit facilities (subject to borrowing base availability, $2.6 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 $81.5 million of Level 1 and Level 2 investments as of June 30, 2026.

Previous 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.

Current wording

As of June 30, 2026, we had $267.2 million in cash and cash equivalents (including restricted cash). During the six months ended June 30, 2026, cash provided by operating activities was $810.2 million, primarily due to proceeds from sales of investments and principal repayments of $1.2 billion and the adjustment for net unrealized depreciation of investments to net assets resulting from operations of $291.0 million, partially offset by purchases of investments of $636.6 million. Cash used in financing activities was $828.1 million during the period, which was primarily as a result of dividends paid in cash of $340.6 million and net repayments on debt of $481.8 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. 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.

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 for the six months ended June 30, 2026, other than those issued through the Company's dividend reinvestment plan (the“DRIP”). As of June 30, 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 three months ended March 31, 2026 (dollar amounts in thousands, except per share amounts):

Current wording

The following table summarizes our distributions declared and payable for the six months ended June 30, 2026 (dollar amounts in thousands, except per share amounts):

Previous wording

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

Current wording

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

Previous wording

For the three months ended March 31, 2026, the Company did not repurchase any of its Common Shares under the 10b-18 Plan.

Current wording

For the three and six months ended June 30, 2026, the Company did not repurchase any of its Common Shares under the 10b-18 Plan.

Previous 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.

Current wording

As of June 30, 2026 and December 31, 2025, we had an aggregate principal amount of $7.6 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 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.

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 June 30, 2026 and December 31, 2025, we had unfunded commitments, including delayed draw term loans and revolvers with an aggregate principal amount of $1.4 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 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.

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 June 30, 2026 and December 31, 2025, we estimate that $98.3 million and $151.8 million, respectively, of investments were committed but not yet funded.

Previous 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.

Current wording

The six months ended June 30, 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

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.

Current wording

Despite ongoing uncertainty relating to geopolitical conditions, the path of interest rates and artificial intelligence disruption in certain sectors, the economic backdrop has remained constructive. 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 for the first half of 2026 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.

Previous wording

Further contributing to economic uncertainty, the current U.S. presidential administration has taken substantial actions with respect to international trade policy, including seeking to renegotiate certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries. 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. Such uncertainty and/or tariffs or counter-measures could further increase costs, decrease margins, reduce the competitiveness of products and services offered by our portfolio companies and adversely affect the revenues and profitability of our portfolio companies whose businesses rely on imported goods. Meanwhile, substantial reductions in government spending could negatively affect certain of our portfolio companies that rely on government contracts, destabilize the U.S. government contracting market and harm our ability to generate expected returns. Additionally, changes in the regulation or enforcement of bank lending and capital requirements could have material and adverse effects on the private credit market. In light of these developments, there can be no assurances that political and regulatory conditions will not worsen and 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 taken substantial actions with respect to international trade policy, including seeking to renegotiate certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries. 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 and has imposed new tariffs in July 2026. Such uncertainty and/or tariffs or counter-measures could further increase costs, decrease margins, reduce the competitiveness of products and services offered by our portfolio companies and adversely affect the revenues and profitability of our portfolio companies whose businesses rely on imported goods. Meanwhile, substantial reductions in government spending could negatively affect certain of our portfolio companies that rely on government contracts, destabilize the U.S. government contracting market and harm our ability to generate expected returns. Additionally, changes in the regulation or enforcement of bank lending and capital requirements could have material and adverse effects on the private credit market. In light of these developments, there can be no assurances that political and regulatory conditions will not worsen and adversely affect the Company, its portfolio companies or their respective financial performance.