Blackstone Secured Lending Fund

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 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.

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 nine months ended September 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 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.

Current wording

For the three months ended September 30, 2026, we made $188.0 million aggregate principal amount of new investment commitments (including $52.0 million of which remained unfunded as of September 30, 2026), $180.4 million of which was first lien debt, less than $0.1 million of which was unsecured debt and $7.6 million of which was equity.

Previous 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.

Current wording

(2)As of September 30, 2026 and December 31, 2025, the weighted average total portfolio yield at amortized cost was 9.0% and 9.4%, respectively. As of September 30, 2026 and December 31, 2025, the weighted average total portfolio yield at fair value was 9.2% and 9.5%, respectively.

Previous 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.

Current wording

(4)As a percentage of total fair value of performing debt investments. As of September 30, 2026 and December 31, 2025, performing debt investments bearing a floating rate represented 95.1% and 98.4%, respectively, of total investments at fair value.

Previous 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.

Current wording

As of September 30, 2026 and September 30, 2025, our portfolio companies had a weighted average annual revenue of $873 million and $853 million, respectively, and weighted average annual EBITDA of $222 million and $221 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 $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.

Current wording

Total investment income decreased to $315.2 million for the three months ended September 30, 2026, a decrease of $43.4 million, or 12%, compared to the same period in the prior year. The decrease was primarily attributable to a lower weighted average yield on the portfolio and a decrease in average investments. Average investments at fair value decreased by 3% to $13,155.3 million for the three months ended September 30, 2026, compared to $13,531.2 million for the three months ended September 30, 2025.

Previous wording

Total investment income decreased to $645.9 million for the six months ended June 30, 2026, a decrease of $56.6 million, or 8%, compared to the six 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 the average investments, compared to the six months ended June 30, 2025. Average investments at fair value increased by 6% to $13,837.9 million for the six months ended June 30, 2026, compared to $13,059.8 million for the six months ended June 30, 2025.

Current wording

Total investment income decreased to $961.1 million for the nine months ended September 30, 2026, a decrease of $100.0 million, or 9%, compared to the same period in the prior year. The decrease was primarily attributable to a lower weighted average yield on the portfolio, partially offset by an increase in the average investments. Average investments at fair value increased by 3% to $13,615.0 million for the nine months ended September 30, 2026, compared to $13,247.3 million for the nine months ended September 30, 2025.

Previous 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.

Current wording

Additionally, for the three months ended September 30, 2026, we recorded $5.3 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.), compared to $6.2 million for the same period in the prior year, primarily due to decreased prepayments. For the nine months ended September 30, 2026, we recorded $12.1 million of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.), compared to $20.8 million for the same period in the prior year, primarily due to decreased prepayments.

Previous 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.

Current wording

For the three months ended September 30, 2026 and 2025, Payment-in-kind (“PIK”) interest income represented 5.8% and 8.2% of total investment income, respectively, and 11.5% and 15.6% of net investment income, respectively. For the nine months ended September 30, 2026 and 2025, PIK interest income represented 6.3% and 6.9% of total investment income, respectively, and 11.9% and 13.2% 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 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.

Current wording

Elevated interest rates continued to favorably impact our investment income for the three and nine months ended September 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 raised interest rates in September 2026 and noted, among other matters, that inflation remained elevated. 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. Conversely, future decreases in benchmark interest rates may adversely impact our investment income. 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 $201.2 million for the six months ended June 30, 2026, an increase of $16.0 million, or 9%, 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.

Current wording

Total interest expense increased to $98.9 million for the three months ended September 30, 2026, an increase of $4.3 million, or 4%, compared to the same period in the prior year. The increase was primarily driven by a higher average principal amount of debt outstanding and a higher weighted average interest rate on our borrowings relative to the same period in the prior year.

Previous 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.

Current wording

The average principal amount of debt outstanding increased to $7,536.2 million for the three months ended September 30, 2026, from $7,345.8 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 4.89% for the six months ended June 30, 2026, from 5.02% 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 4.97% for the six months ended June 30, 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) increased to 5.06% for the three months ended September 30, 2026, from 4.97% 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) increased to 5.14% for the three months ended September 30, 2026, from 5.04% for the same period in the prior year.

Previous 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.

Current wording

Total interest expense increased to $300.2 million for the nine months ended September 30, 2026, an increase of $20.2 million, or 7%, 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 amount of debt outstanding increased to $8,046.2 million for the six months ended June 30, 2026, from $7,234.0 million for the same period in the prior year.

Current wording

The average principal amount of debt outstanding increased to $7,874.4 million for the nine months ended September 30, 2026, from $7,271.7 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 4.95% 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.

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 nine months ended September 30, 2026, from 5.00% 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 5.03% for the nine months ended September 30, 2026, from 5.08% for the same period in the prior year.

Previous wording

Management fees increased to $71.6 million for the six months ended June 30, 2026, an increase of $2.7 million, or 4%, compared to the same period in the prior year, primarily due to an increase in average quarter-end gross assets. For the six months ended June 30, 2026, our average quarter-end gross assets increased to $14,293.9 million from $13,717.3 million for the six months ended June 30, 2025.

Current wording

Management fees decreased to $33.8 million for the three months ended September 30, 2026, a decrease of $1.2 million, or 3%, compared to the same period in the prior year, primarily due to a decrease in average quarter-end gross assets. For the three months ended September 30, 2026, our average quarter-end gross assets decreased to $13,515.3 million, from $13,983.6 million for the three months ended September 30, 2025.

Previous 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.

Current wording

Management fees increased to $105.4 million for the nine months ended September 30, 2026, an increase of $1.6 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 nine months ended September 30, 2026, our average quarter-end gross assets increased to $14,030.9 million from $13,852.1 million for the nine months ended September 30, 2025.

Previous 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.

Current wording

Income based incentive fees decreased to $16.8 million for the three months ended September 30, 2026, a decrease of $14.4 million, or 46%, compared to the same period in the prior year, primarily due to lower pre-incentive fee net investment income and to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the three months ended September 30, 2026. Pre-incentive fee net investment income decreased to $175.0 million for the three months ended September 30, 2026 from $220.7 million for the three months ended September 30, 2025.

Previous wording

Income based incentive fees decreased to $4.0 million for the six months ended June 30, 2026, a decrease of $65.0 million, or 94%, 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 six months ended June 30, 2026. Pre-incentive fee net investment income decreased to $356.7 million for the six months ended June 30, 2026 from $433.7 million for the six months ended June 30, 2025.

Current wording

Income based incentive fees decreased to $20.8 million for the nine months ended September 30, 2026, a decrease of $79.5 million, or 79%, compared to the same period in the prior year, primarily due to lower pre-incentive fee net investment income and to the Incentive Fee Cap, which limits the total incentive fee payable to the Adviser for the nine months ended September 30, 2026. Pre-incentive fee net investment income decreased to $531.7 million for the nine months ended September 30, 2026 from $654.4 million for the nine months ended September 30, 2025.

Previous wording

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

Current wording

We accrued no capital gains-based incentive fees for the three and nine months ended September 30, 2026 and 2025.

Previous wording

The accrual for any capital gains based incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less in the prior period. If such cumulative amount is negative, then there is no accrual.

Current wording

The accrual for any capital gains-based incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual.

Previous 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.

Current wording

Total other expenses increased to $4.2 million for the three months ended September 30, 2026, an increase of $0.2 million or 5%, compared to the same period in the prior year. This was primarily due to an increase in Other general and administrative expenses.

Previous wording

Total other expenses increased to $7.9 million for the six months ended June 30, 2026, an increase of $1.1 million or 17%, compared to the same period in the prior year. This was primarily due to increases in other general and administrative expenses and Administrative service expenses.

Current wording

Total other expenses increased to $12.0 million for the nine months ended September 30, 2026, an increase of $1.4 million or 13%, compared to the same period in the prior year. This was primarily due to increases in Other general and administrative expenses and Administrative service expenses.

Previous 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.

Current wording

For the three months ended September 30, 2026 and 2025, we accrued $3.3 million and $4.2 million, respectively, of U.S. federal excise tax.

Previous wording

For the six months ended June 30, 2026 and 2025, we accrued $8.4 million and $8.0 million, respectively, of U.S. federal excise tax.

Current wording

For the nine months ended September 30, 2026 and 2025, we accrued $11.8 million and $12.2 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 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.

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 September 30, 2026 and 2025, BGSL Investments recorded an income tax provision of $2.2 million and $0.1 million, respectively. For the nine months ended September 30, 2026 and 2025, BGSL Investments recorded an income tax provision of $2.9 million and $1.9 million, respectively.

Previous 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.

Current wording

As of September 30, 2026 and 2025, BGSL Investments recorded a deferred tax liability of $6.9 million and $3.5 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 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.

Current wording

For the three and nine months ended September 30, 2026, BGSL Investments recorded a current tax expense of $0.6 million and $0.8 million, respectively, which was substantially related to realized gains associated with the sales of investments in partnership interests and is included in the current tax expense on realized gains in the Condensed Consolidated Statements of Operations.

Previous wording

For the three and six months ended June 30, 2025, BGSL Investments recorded a current tax expense of $0.1 million and $0.7 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.

Current wording

For the three and nine months ended September 30, 2025, BGSL Investments recorded a current tax benefit of $0.1 million and a current tax expense of $0.6 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 six months ended June 30, 2026, the net change in unrealized depreciation, net of income tax provision, was $291.4 million, compared to $55.2 million for the same period in the prior year. The increase in losses was primarily driven by net unrealized losses on investments of $291.0 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 2.0% for the six months ended June 30, 2026, driven primarily by changes in certain portfolio company fundamentals and broader economic conditions.

Current wording

For the three months ended September 30, 2026, the net change in unrealized appreciation, net of income tax provision, was $190.1 million, compared to $36.3 million net change in unrealized depreciation for the same period in the prior year. The net change in unrealized appreciation was primarily driven by the realization and reversal of previously recorded unrealized losses primarily related to the restructuring of investments in Medallia, Inc. This was partially offset by unrealized losses on investments during the period driven primarily by changes in certain portfolio company fundamentals and broader market conditions.

Previous wording

In addition, we recorded net unrealized losses of $1.8 million on derivative instruments, primarily resulting from fluctuations in the CAD and GBP exchange rates vs. USD.

Current wording

In addition, we recorded net unrealized gains of $0.7 million on derivative instruments, primarily resulting from fluctuations in the CAD and EUR exchange rates vs. USD.

Previous 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.

Current wording

For the nine months ended September 30, 2026, the net change in unrealized depreciation, net of income tax provision, was $101.3 million, compared to $91.5 million for the same period in the prior year. The net change in unrealized depreciation was primarily driven by net unrealized losses on investments during the period of $99.4 million, as a result of changes in certain portfolio company fundamentals and broader market conditions. This was partially offset by the realization and reversal of previously recorded unrealized losses primarily related to the restructuring of investments in Medallia, Inc.

Previous 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.

Current wording

In addition, we recorded net unrealized gains of $1.9 million on derivative instruments, primarily resulting from fluctuations in the CAD, SEK and EUR exchange rates vs. USD, partially offset by 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

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.

Current wording

For the three months ended September 30, 2026, the net realized loss, net of tax expense, was $231.4 million, compared to $20.7 million for the same period in the prior year. The increase in net realized loss was primarily driven by net realized losses on investments of $234.9 million for the three months ended September 30, 2026, compared to $9.3 million for the same period in the prior year, primarily attributable to the restructuring of debt investments, predominately related to the realization of losses on the investments in Medallia, Inc., and full or partial sales of investments.

Previous wording

Partially offsetting these losses for the three months ended June 30, 2026 were realized gains of $10.2 million and $3.6 million on foreign currency transactions and derivative instruments, respectively. The net realized gains on foreign currency transactions were primarily driven by fluctuations in the EUR exchange rate vs. USD and the net realized gains on derivative instruments were primarily a result of the settlement of foreign currency derivative transactions, mainly USD vs. CAD and GBP forwards.

Current wording

Partially offsetting these losses were realized gains of $3.9 million on foreign currency transactions, which were primarily driven by fluctuations in the EUR and SEK exchange rates vs. USD.

Previous wording

For the six months ended June 30, 2026, the net realized loss, net of tax expense, was $26.6 million, compared to $4.7 million for the same period in the prior year. The decrease was primarily driven by realized losses on investments of $40.3 million for the six months ended June 30, 2026, compared to a $7.3 million gain for the same period in the prior year, mainly driven by the restructuring of certain debt investments, the full or partial sales and repayments of investments.

Current wording

For the nine months ended September 30, 2026, the net realized loss, net of tax expense, was $257.9 million, compared to $25.4 million for the same period in the prior year. The increase in net realized loss was primarily driven by realized losses on investments of $275.2 million for the nine months ended September 30, 2026, compared to $2.0 million for the same period in the prior year, primarily attributable to the restructuring of debt investments, predominately related to the realization of losses on the investments in Medallia, Inc., and full or partial sales of investments.

Previous wording

Partially offsetting these losses for the six months ended June 30, 2026 were net realized gains of $8.5 million and $5.4 million on foreign currency transactions and derivative instruments, respectively. The net realized gains on foreign currency transactions were primarily driven by fluctuations in the EUR and GBP exchange rates vs. USD and the net realized gains on derivative instruments were primarily a result of the settlement of foreign currency derivative transactions, mainly USD vs. EUR and CAD forwards.

Current wording

Partially offsetting these losses were net realized gains of $12.4 million and $5.7 million on foreign currency transactions and derivative instruments, respectively. The net realized gains on foreign currency transactions were primarily driven by fluctuations in the EUR, SEK and GBP exchange rates vs. USD and the net realized gains on derivative instruments were primarily a result of the settlement of foreign currency derivative transactions, mainly USD vs. EUR and CAD forwards.

Previous 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.

Current wording

As of September 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 September 30, 2026 and December 31, 2025, we had an aggregate amount of $7.2 billion and $8.1 billion of senior securities outstanding, respectively, and our asset coverage ratio was 182.0% 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) 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.

Current wording

Cash and cash equivalents (excluding restricted cash) of $103.7 million as of September 30, 2026, taken together with our $2.6 billion of unused capacity under our credit facilities (subject to borrowing base availability, $2.5 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 $77.9 million of Level 2 investments as of September 30, 2026.